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Senate summons CBN Governor over naira fall

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Senate summons CBN Governor over naira fall

Senate summons CBN Governor over naira fall

…proceeds on annual recess till Sept. 20

Senate summons CBN Governor over naira fall

 

The Senate, on Wednesday, resolved to summon the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, to educate and inform senators in a closed session on the reasons for the rapid depreciation of the value of the naira.

It also mandated the Senate Committee on Banking, Insurance and Other Financial Institutions to assess the impact of CBN intervention funds meant to support critical sectors of the economy.

 

 

 

 

The resolutions were reached by lawmakers after the upper chamber considered a motion sponsored by Senator Olubunmi Adetunmbi (APC – Ekiti North).

The motion was entitled, “State of CBN Intervention Funds and Free Fall Of Naira.”

 

 

 

 

 

 

 

Coming under Order 41 and 51 of the Senate Standing Order, as amended, Adetunmbi bemoaned Nigeria’s economic reality amid an urgent call for “extraordinary measures”.

He noted that the CBN through its numerous multi-sectoral intervention funds, provided special funds to support critical sectors of the economy.

 

 

 

 

 

 

 

 

 

 

He explained that in view of such interventions, it had become necessary to assess the state of implementation and effectiveness of the funds deployed for the purpose.

The lawmaker, recalled that the CBN in 2021, placed an indefinite halt on forex bidding by Bureau de Change operators (BDCS) and importers over allegations of abuse and mismanagement.

 

 

 

 

 

 

 

 

 

 

 

 

 

He observed that the halt by the CBN resulted in a spike of the exchange rate.

According to Adetunmbi, “the two instruments of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) could only serve less than 20% of the total forex demand by travelers and businesses.”

 

 

 

 

 

 

 

 

He expressed worry that the import and export window meant to serve the forex needs of business giants, “has become a rare opportunity that only a privileged few can access.”

“These and a number of others have contributed to the excessive scarcity of forex in Nigeria today”, he added.

 

 

 

 

 

 

 

He noted that as at the 26th of July 2022 (yesterday), the exchange rate in the autonomous segment (BDCS) of the foreign exchange market is N670 to 1 United States Dollar and projected to end at N1000 by end of the year based on the current rate of depreciation.

He, therefore, advised the Central Bank to take new measures to curb forex scarcity and address the sliding rate of Naira exchange.

 

 

 

 

 

 

 

 

 

In his contribution, Senator Sani Musa (APC – Niger East), faulted the Central Bank’s decision to halt foreign exchange biddings, thereby cutting off the parallel market – Bureau de change operators.

According to him, the attempt by the CBN to control the value of the naira with the continuous exclusion of BDCs would only lead to its further depreciation.

 

 

 

 

 

 

 

 

 

 

 

 

 

He, therefore, advised the apex bank to rather ensure the regulation and monitoring of the parallel market.

“What CBN used to do was to give out $10,000 (USD) to each of these BDCs with a clear directive for it not to be sold above N470 as against the $419 exchange rate. It worked.

 

 

 

 

 

 

 

 

 

 

 

 

 

“But today, nobody is determining where the rate is going and I can assure you we can’t have that solution because we are only importing”, he said.

On his part, Senator representing Katsina North District, Senator Ahmad Babba-Kaita, said one way to improve the value of the naira was to encourage foreign investments to attract inflow of other currencies into Nigeria.

 

 

 

 

 

 

 

 

 

 

 

 

“The only way we can access the dollar will be determined by other economies and not ours”, he noted.

He, however, attributed the lack of foreign investments into Nigeria on the poor security situation caused by banditry, terrorism and other criminal activities.

 

 

 

 

 

 

 

 

 

 

 

 

The Senate, in its resolutions, called on the CBN to urgently intervene to stop the rapid decline in the value of the Naira vis-à-vis the Dollar and other international currencies.

It also mandated the Senate Committee on Banking, Insurance and Other Financial Institutions to conduct an assessment of CBN intervention funds and the declining value of Naira to come up with sustainable solutions.

 

 

 

 

 

 

 

 

 

 

The Senate, at the end of Wednesday’s proceedings, adjourned plenary till September 20th, 2022, for its annual recess.

Signed:

Dr. Ezrel Tabiowo, FAI, FIMC, CMC, FCP, Fsca

Special Assistant (Press) to the President of the Senate

Wednesday, July 27, 2022.

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NAPS COMMENDS OPAY DIGITAL SERVICES FOR ITS STUDENT SCHOLARSHIP INITIATIVE

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NAPS COMMENDS OPAY DIGITAL SERVICES FOR ITS STUDENT SCHOLARSHIP INITIATIVE

 

The National Association of Polytechnic Students (NAPS) acknowledges and commends Opay Digital Services for its significant commitment to the educational advancement of Nigerian students through the Opay Scholarship Program.

NAPS COMMENDS OPAY DIGITAL SERVICES FOR ITS STUDENT SCHOLARSHIP INITIATIVE

The leadership of NAPS, under the stewardship of Comrade Oyewumi Festus Ayomide, has been actively engaged in discussions with Opay Digital Services to facilitate meaningful collaborations that benefit polytechnic students across Nigeria. These deliberations have now yielded a remarkable milestone as Opay Digital Services has entered into a strategic partnership with polytechnics across the nation. The scholarship initiative, which officially kicks off today at Kwara State Polytechnic, Ilorin, marks the beginning of a nationwide rollout aimed at empowering polytechnic students for the next ten years.

This scholarship program is designed to alleviate financial burdens that hinder students from pursuing higher education, aligning with NAPS’ commitment to academic excellence, inclusivity, and student empowerment. The initiative will provide financial support to deserving students, ensuring that economic constraints do not hinder their academic and professional growth.

Key Benefits of the Opay Scholarship Program:

Access to quality education and financial assistance for students with demonstrated need.

Promotion of inclusivity by ensuring equal opportunities for all eligible students.

Enhancement of employability and future career success for scholarship recipients.

Encouragement of academic excellence and holistic student development.

Reduction of financial burdens associated with tuition fees and educational expenses.

Support for students in their career aspirations through funding for internships, research opportunities, and professional development activities.

Eligibility Criteria:

Must be an undergraduate student enrolled in a tertiary institution.

Open to students from all departments and academic levels.

Must have an active Opay account.

Scholarship Structure:

Each beneficiary will receive ₦300,000 per academic session.

20 students from each tertiary institution will be selected.

The scholarship will be extended to institutions across Nigeria’s six geopolitical zones.

During a stakeholder meeting at Kwara State Polytechnic, NAPS President, Comrade Oyewumi Festus Ayomide, commended Opay Digital Services for its leadership in the fintech sector and its dedication to student welfare. He also urged the Federal Government to support Opay’s initiative, as it aligns with the government’s Nigeria Education Loan Fund (NELFUND) policy. Additionally, he called on other fintech companies to emulate Opay’s commitment to education.

The Rector of Kwara State Polytechnic also lauded the initiative and encouraged Opay to consider further investments in student development, including projects such as Opay Farm, Opay ICT Center, Opay Library, and Opay Sports Festival, among others.

Mr. Itoro, the Manager of Corporate Social Responsibility (CSR) at Opay Digital Services, expressed his appreciation for the positive reception and collaboration from NAPS and polytechnic institutions nationwide, affirming Opay’s commitment to supporting Nigerian students.

NAPS remains dedicated to fostering impactful initiatives that elevate the educational and professional prospects of polytechnic students nationwide. We urge all students to remain engaged and supportive while rejecting misinformation or deceptive promises from external influences.

Our commitment remains unwavering—until all polytechnic students in Nigeria stand out in all aspects, Aluta Continua!

Co-Signed:
Comrade Oyewumi Festus Ayomide
National President, NAPS

Comrade Jimoh Ibrahim
Public Relations Officer, NAPS

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Milestone Achievement: LASUSTECH Mass Communication Department Secures ARCON Nod

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Milestone Achievement: LASUSTECH Mass Communication Department Secures ARCON Nod

LASUSTECH Mass COMMUNICATION DEPARTMENT EARNS FULL ARCON ACCREDITATION

 

Lagos, Nigeria – The Advertising Regulatory Council of Nigeria (ARCON) has granted the Department of Mass Communication at Lagos State University of Science and Technology (LASUSTECH) a five-year full accreditation to run advertising-related courses. This milestone achievement is a testament to the department’s commitment to excellence and its positioning for global competitiveness.

The accreditation exercise, conducted in January 2025, underscores the department’s adherence to industry standards and best practices. With this accreditation, students of the department will no longer need to write the ARCON professional examination before applying for membership in the noble council.

According to Dr. Steven Anu’ Adesemoye, Head of Department, Mass Communication, “This accreditation is a significant milestone for us, and we’re thrilled to have met ARCON’s rigorous standards. Our students will greatly benefit from this, as they’ll have a competitive edge in the industry.”

The department’s accreditation status places it at a greater advantage in marketing communication training, providing students with a comprehensive education that prepares them for the ever-dynamic media and communication workspace.

“As we continue to reculture and position ourselves for global competitiveness, this accreditation serves as a validation of our efforts,” said Adesemoye.
“We’re committed to providing our students with a world-class education that equips them for success”

The department is open to mutual collaborations, seeking to leverage partnerships with industry stakeholders to enhance its curriculum and provide students with practical, real-world experience.

“We’re excited to collaborate with industry partners to further enrich our curriculum and provide our students with the skills and knowledge required to excel in the industry,” added Dr. Adesemoye.

With this accreditation, LASUSTECH’s Mass Communication Department solidifies its position as a leading institution for media and communication education in Nigeria, offering students a globally recognised qualification that opens doors to exciting career opportunities.

The Dean, College of Applied Social Sciences (CASS), Professor Olamuyiwa Olamade felicitate the department for the academic feat, “The College extends heartfelt congratulations to the Department of Mass Communication and expresses its gratitude to the Vice-Chancellor for meeting our accreditation requirements, leading to this significant achievement.”

Milestone Achievement: LASUSTECH Mass Communication Department Secures ARCON Nod


Public Relations and Advertising, Unit,
Department, Mass Communication

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Property mogul; Dr Shakirat Ayobami floats NGO

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Property mogul; Dr Shakirat Ayobami floats NGO

In the competitive landscape of Nigeria’s real estate industry, Dr. Shakirat Ayobami emerges as a formidable leader and innovative force. As the founder and driving force behind White Rose Properties, she has successfully carved out a distinct niche for herself in a sector that has historically been dominated by men. Her journey is a testament to resilience, marked by her unwavering determination to overcome challenges and break through the barriers that often hinder women’s progress in such fields.

Dr Ayobami’s strategic mindset and sharp business acumen have been pivotal in elevating her company to unprecedented heights, allowing it to thrive despite fierce competition. Her achievements reflect not only her hard work and dedication but also serve as a powerful challenge to societal stereotypes that often discourage women from pursuing ambitious careers. Despite facing scepticism and criticism from some quarters, her success stands as a beacon for aspiring entrepreneurs, particularly women, in Nigeria. Through her leadership and commitment to excellence, Dr. Ayobami is reshaping the future of the real estate sector.

Starting her career as a property realtor, Dr. Ayobami embodies the “girl child can do spirit,” which champions resilience, determination, and hard work. With years of experience that have transformed her ideas into stunning condominiums and homes that enrich the skylines of Lagos, she has remained steadfastly connected to her humble beginnings. Her journey has been one of grit; having faced significant challenges before reaching the pinnacle of the real estate business, she now owns properties in prime locations across Lagos and has built a loyal clientele. This loyalty stems from her meticulous attention to detail and her passion for delivering exceptional quality in every project.

In her commitment to giving back to society, Dr. Ayobami recently established The White Rose Foundation, a non-governmental organization dedicated to supporting abandoned children whose families can no longer afford their educational needs. Over the years, her deep sense of social responsibility has driven her to pay school fees for vulnerable children, an effort that has cost her millions of Naira. As demand for assistance grew, she decided to channel the proceeds from her business to expand her charitable efforts, ensuring that more beneficiaries could benefit from her foundation’s initiatives. In celebration of her 40th birthday, she aims to touch more lives through educational grants, reflecting her desire to empower youth and create a brighter future.

In contrast to many of her peers who might host extravagant parties to mark such milestones, Dr Ayobami has chosen to adopt over 100 vulnerable children in each state across the nation to benefit from her scholarship scheme. This initiative is designed to empower them and offer them a more promising future. She plans to initiate the selection process in her home state of Osun and subsequently extend it to Lagos State, where she resides.

“The desire to establish a charity organization stems from my own experiences as a woman, which have shaped my perspective on life,” Dr. Ayobami explains. “I recognize that to break the cycle of adversity that I endured while growing up, I must ensure that others have access to the educational opportunities I once fought for. My educational scheme is not just about empowerment; it is about opening doors to new possibilities for these children in the future.” With her unwavering vision and commitment to social change, Dr Shakirat Ayobami is making a profound impact, one life at a time.

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