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BREAKING: CBN Lifts Forex Ban On Rice, Vegetable Oil, Cement, 40 Other Items After Eight Years

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The Central Bank of Nigeria (CBN) has finally lifted the foreign exchange restrictions it placed on importers of 43 items eight years ago.

The apex bank in a statement signed by CBN’s Director of Corporate Communications, Dr. Isa AbdulMumin, said this is a significant change to the foreign exchange market policy.

According to the central bank, this action will boost liquidity in the Nigerian Foreign Exchange Market and intervene from time to time, stating that interventions will decrease as liquidity improves.

In a circular in June 2015, the CBN published a list of imported goods and services that will not be eligible for foreign exchange in the Nigerian foreign currency market. The list which was originally 41 was updated to include two more items.

Below is the list of the items:

  1. Rice
  2. Cement
  3. Margarine
  4. Palm kernel
  5. Palm oil products
  6. Vegetable oils
  7. Meat and processed meat products
  8. Vegetables and processed vegetable products
  9. Poultry and processed poultry products
  10. Tinned fish in sauce (Geisha)/sardine
  11. Cold rolled steel sheets
  12. Galvanized steel sheets
  13. Roofing sheets
  14. Wheelbarrows
  15. Head pans
  16. Metal boxes and containers
  17. Enamelware
  18. Steel drums
  19. Steel pipes
  20. Wire rods (deformed and not deformed)
  21. Iron rods
  22. Reinforcing bars
  23. Wire mesh
  24. Steel nails
  25. Security and razor fencing and poles
  26. Wood particle boards and panels
  27. Wood fiberboards and panels
  28. Plywood boards and panels
  29. Wooden doors
  30. Toothpicks
  31. Glass and glassware
  32. Kitchen utensils
  33. Tableware
  34. Tiles-vitrified and ceramic
  35. Gas cylinders
  36. Woven fabrics
  37. Clothes
  38. Plastic and rubber products
  39. Polypropylene granules
  40. Cellophane wrappers and bags
  41. Soap and cosmetics
  42. Tomatoes/tomato pastes
  43. Eurobond/foreign currency bond/ share purchases

BIG STORY

BREAKING: Lagos Government Shuts Down Cubana Chief Priest’s Restaurant Over Environmental Violations

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The Lagos State Government has closed DONALD Restaurant, which is owned by the well-known celebrity barman Pascal Okechukwu, also known as Cubana Chief Priest. The shutdown is due to significant “environmental infractions.”

The restaurant, situated in the affluent Lekki area, was closed after two employees were caught improperly disposing of waste along the roadside. This incident happened on Durosimi-Etti Street in Lekki Phase 1 and was reported early on Saturday, May 18, 2025, by the Chairman of the Lekki Estate Residents Association.

Following the report, the Lagos Waste Management Authority (LAWMA) quickly sent its Monitoring and Compliance team to the location. The team apprehended the individuals responsible and “sealed off the restaurant” for violating the Lagos State Environmental Management and Protection Law of 2017.

Confirming the event via his official X (formerly Twitter) account, LAWMA Managing Director/CEO, Muyiwa Gbadegesin, stated that “the culprits will be prosecuted accordingly.” This indicates that legal action will be taken against those involved.

“This action underscores our zero-tolerance stance on environmental violations. No one is above the law,” Gbadegesin noted. This quote emphasizes the strict approach the state is taking regarding environmental offenses.

The shutdown serves as a clear warning as the state increases its efforts to take action against “environmental offenders” to maintain cleanliness and order in Lagos. This highlights the broader implications of the government’s action.

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BIG STORY

JUST IN: FG Drags Roosevelt Ogbonna’s Access Bank To Court Over Alleged Fraudulent Diversion Of N825 Million State Funds

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Access Bank Plc and one of its employees are facing legal action. A four-count charge has been filed against them at the Federal High Court. The charges relate to the alleged diversion of N825.9 million in state funds into what is described as a “fraudulent account.”

The charges were brought by the federal government. They are the result of an investigation conducted by the Independent Corrupt Practices and Other Related Offences Commission (ICPC). This information is based on “court documents seen by this newspaper.”

The charges, filed at the Sokoto Judicial Division, name Abdulmalik Abubakar, a relationship manager at Access Bank’s Sokoto branch, and the bank itself as defendants. They are accused of conspiracy, money laundering, and “concealment of stolen funds.”

The state counsel in the first count alleges that the defendants created a fake “Internal Revenue Service Account” with the account number 1873016763. It is claimed that they received N825.9 million through this account between May 2024 and January 2025. This is alleged to be in violation of Nigeria’s Money Laundering Act of 2022 and the Corrupt Practices Act of 2000.

The second count accuses them of allegedly concealing the same funds. This concealment is said to have occurred through the same “fraudulent account,” which was reportedly created at Access Bank’s Sokoto branch.

According to the court, the bank and Mr. Abubakar allegedly committed an offense that is contrary to section 18 (2)(a) and punishable under sections 18(3), 18 (4), 22(1), and 22(2) of the Money Laundering (Prevention and Prohibition) Act, 2022. This specifies the legal statutes that were purportedly violated.

In Count Three, prosecutors assert that the money was fraudulently received through the fake account. This action, they say, constitutes “an offence contrary to section 13 and punishable under section 68 of the Corrupt Practices and Other Related Offences Act, 2000.” This outlines another specific legal violation.

Count Four alleges that Mr. Abubakar and the bank directly concealed the laundered funds. This is claimed to be “an offence contrary to and punishable under section 24 of the Corrupt Practices and Other Related Offences Act, 2000.” This presents the final count in the charges against the defendants.

The state contends that the money was diverted without authorization and concealed in violation of anti-corruption and money laundering laws. This summarizes the federal government’s case against Access Bank and its employee.

According to a “hearing notice signed on 2 May,” the case has been moved from the General Cause List to a hearing scheduled for 19 May. The hearing will proceed on that date if the court’s schedule permits; otherwise, it will be postponed without further notification. The hearing is estimated to last up to two days.

The notice specifies that any party wishing to postpone the hearing must apply to the court promptly and provide proof if the reason involves factual matters. This sets out the procedure for seeking a postponement.

The notice also states that both parties must present all evidence at the hearing, including witnesses and documents. Evidence must be submitted during the hearing, and failure to do so may result in exclusion or the imposition of costs. This emphasizes the importance of presenting all relevant information at the scheduled time.

It further indicates that parties wanting witnesses to attend should immediately request the court to issue summons, allowing sufficient time for notification. If witnesses are required to bring documents, these must be clearly specified. This outlines the process for ensuring witness attendance and document production.

The notice clarifies that the party requesting witnesses must pay reasonable fees to cover their expenses and loss of time, as determined by the court. Attendance may be denied if these fees are not deposited. This addresses the financial responsibilities associated with witness testimony.

The notice also states that if either party intends to use documents held by the other, they must provide written notification ahead of the hearing. Failure to do so will prevent them from presenting secondary evidence related to those documents. This establishes rules regarding the presentation of documentary evidence.

The notice was officially issued by order of the court. This confirms the legal authority behind the instructions provided in the hearing notice.

When contacted for a response, the Access Bank spokesperson, Kunle Aderinokun, stated that the bank would issue an official statement regarding the matter. This indicates that the bank is aware of the charges and intends to address them publicly.

The information in this report is attributed to “Source Premium Times,” indicating the original source of this news.

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BIG STORY

Lagos To Begin Full Enforcement Of Single-Use Plastics Ban In July

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Tokunbo Wahab, the Lagos commissioner for environment and water resources, has announced that the state will commence full enforcement of the ban on “single-use plastics (SUPs)” starting from July 1, 2025. This marks a significant step in the state’s environmental policy.

“SUPs” are defined as products designed for short-term use. These items are often thrown away after only one use, contributing to environmental waste.

Styrofoam, identified as a trademarked brand of closed-cell extruded polystyrene foam (XPS), is used for building insulation on walls and roofs. It is also utilized in the production of disposable cups and plastics, falling under the category of “single-use plastics.”

In January 2024, the Lagos government implemented a ban on the use and distribution of styrofoam and other “SUPs.” This measure was taken to mitigate environmental pollution across the state.

The announcement of the ban initially led to varied reactions. Stakeholders and some residents criticized the government for what they perceived as a short period of notice before implementation.

Providing an update on the policy’s progress on Monday, Wahab stated on X (formerly Twitter) that the state government has adopted a strategic approach to the policy’s implementation over time.

The commissioner noted that over the preceding 18 months, the state government had conducted a series of engagement sessions with marketers and producers of “SUPs.” These discussions aimed to ensure a smoother transition.

“Now it’s time to act,” he asserted, indicating that the preparatory phase has concluded and the enforcement stage is imminent.

“We re-emphasized this stand during a courtesy visit by management of TETRA PAK West Africa Limited led by the Managing Director, Mr. Haithem Debbiche.” This highlights continued engagement with industry stakeholders to reinforce the upcoming enforcement.

“This is about environmental responsibility and we have given ample time to align with global best practices. What is unacceptable elsewhere cannot become standard in Lagos. We must protect our future and do what is right for the greater good.” This quote underscores the rationale behind the ban and the state’s commitment to environmental standards.

“We’re not here to score points. We’re here to do the work. Just like with the successful enforcement of the styrofoam ban, we will insist on accountability and responsibility.” This final statement emphasizes the government’s commitment to effective implementation and ensuring compliance.

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