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CBN Tackles FX Transactions abuses in clearing Liabilities Backlog

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.…to continue settlement of verified FX backlog

The Central Bank of Nigeria (CBN), in its bid to clear the backlog of outstanding foreign exchange liabilities, has paid approximately USD 2.0 billion across various sectors, including manufacturing, aviation, and petroleum. The Bank has also cleared up the entire liability of 14 banks and started settlements with foreign airlines.The CBN Acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali, disclosed this in Abuja on Wednesday, January 17, 2024, explaining that the Bank had commissioned an independent forensic review by a reputable firm. She also disclosed that payment of the forex backlog for qualified transactions had commenced.

She, however, noted that the review revealed grave infractions, gross abuse, and significant non-compliance with market regulations, and appropriate sanctions would be enforced in collaboration with relevant agencies.Mrs. Sidi Ali stressed the CBN’s resolve to sanitize the financial services sector and foster trust among all market participants, as well as internal and external stakeholders, in the Nigerian economy. Nevertheless, she said the CBN will continue to settle the legitimate foreign exchange backlog as it has consistently been doing in the last three months.

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Governor AbdulRazaq inspects ongoing Kwara’s Indoor Sports Hall project

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Kwara State Governor Abdulrahman Abdulrazaq visited the Kwara Stadium Complex to evaluate the progress of the ongoing revival of the indoor sports hall.The rehabilitation and upgrade of the indoor sports complex began a few months ago after the Governor’s administration approved the project. The facility, which was last upgraded in 1991, is undergoing significant renovations awarded to Messr Disscom Ltd.Once completed, the indoor sports hall will join a number of other previously dilapidated sports facilities that Governor Abdulrazaq’s administration has successfully rehabilitated in the past five years. Additionally, the administration has completed the construction of a modern table tennis hall and a squash court complex. Notably, the squash court complex is highly regarded in Nigeria and West Africa for hosting the highest number of modern squash courts in one location.

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Ekiti Governor Honours Primate Ayodele’s Late Father, Names Street After Him

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The governor of Ekiti state, Biodun Oyebanji has honoured the Primate Elijah Ayodele’s late father by naming a street after him in Ikere-Ekiti.The street which used to be ‘Area One’ where the prophet’s church in Ekiti is located has now been registered as Ayomate Avenue.According to reports, the renaming took the combined efforts of the Ogoga of Ikere-Ekiti, Oba Samuel Alagbado, his chiefs, the local government chairmen, and ultimately, the governor of Ekiti state, Biodun Oyebanji.According to the governor, the street was named in recognition of the good works done by the late father of Primate Ayodele and the continuation of the good works by the prophet. He also recognized the efforts of the prophet to drive economic growth in the community.Primate Ayodele embraced the development while expressing appreciation to the governor for honouring God in such a manner. The prophet applauded the governor for his efforts towards bringing development to Ikere-Ekiti and promised that the presence of his church will in turn lead to more economic development in the local government.Furthermore, Primate Ayodele promised that he would begin by sinking boreholes across the local government to support the government in solving the water crisis.‘’I appreciate the governor for the magnanimous development of naming this vicinity after our church, it’s indeed marvellous in God’s sight. This is a testament to his love for God and the people of Ekiti state.”“I also want to appreciate him for the development he started in Ikere-Ekiti local government, the people are happy with him and above all, God is happy with him for all he is doing”“I want to promise His Excellency that our presence here will bring a new dawn to this vicinity, we will also assist the government. We will be sinking boreholes across the local government to solve the water crisis.’’History has it that Primate Ayodele’s father was one of the most respected individuals in Ikere-Ekiti who brought good tidings to the community and provided succour for individuals who needed help.Consequently, Primate Ayodele has been engaging in humanitarian activities on a large scale across the country. Since he opened a branch in Ikere-Ekiti, Primate Ayodele has organized charitable programmes thrice which involved selling a bag of rice for N20,000, scholarships for youths, empowerment for widows, to mention but a few.

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BREAKING: Gov Abdulrazaq approves bonus for Kwara workers to ease economic burden

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Kwara State Governor Abdulrahman Abdulrazaq has approved a financial bonus that is equivalent to the monthly PAYE obligation for every civil servant in the state, including local government workers.

The emergency support measure will last for at least three months, according to a statement by the Commissioner for Finance Dr. Hauwa Nuru.

“This bonus has been approved as a buffer to bridge the gap that the correct PAYE deduction may have wrought on the newly implemented mininum wage. It is meant to serve as a soothing balm as workers adjust to the PAYE that was just correctly implemented in line with the Personal Income Tax Act,” she said.

“The payment of the bonus is effective from October and will run till December 2024. This is a significant step by His Excellency to support workers.”

The statement added that workers who have not registered with the Kwara State Residents’ Registration Agency (KWSRRA) should do so immediately because anyone without it will not get the bonus for November and December.

The statement said labour unions have also agreed to a refund of the special levy deducted from workers’ salary and suspension of deductions of same until further notice.

“Governor AbdulRazaq’s directive to deliver this relief speaks volumes about his humanity and his commitment to the welfare of Kwara workforce,” Dr. Nuru stated.

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