Emefiele Stops Dollar Sales To Nigerian Banks, See Why
Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says it will stop the sale of dollars to banks.
Emefiele said this on Thursday at a press conference in Abuja after consultation with the Bankers’ Committee.
He also announced the introduction of the bank’s RT200 FX program to boost the country’s foreign exchange inflow through non-oil exports.
The RT200 FX policy stands for the ‘Race To $200billion in FX Repatriation into Nigeria’.
According to reports that when asked about the roles banks will play in the new policy, Emefiele said the banks would support the programme, adding that CBN will end the era of dollar sales by this year.
He said banks should generate export proceeds from exporters to give their customers (importers).
“The era is coming to an end when, because your customers need $100 million in foreign exchange or $200 million, you now want to pack all the dollars and pass it to CBN to give you dollars,” he said.
“It is coming to an end before or by the end of this year. We will tell them don’t come to the Central Bank for foreign exchange again go and generate their export proceeds.
“When those export proceeds come, we will fund them at 5 percent for you, and they will earn rebait. Then you can sell those proceeds to your customers that want 100 million dollars. But to say you will continue to come to the Central Bank to give you dollars, we will stop it.
He said the new policy will be driven by five key anchors, including value-added export facility, non-oil commodities expansion facility, non-oil FX rebate scheme, dedicated non-oil export terminals, and a bi-annual non-oil export summit.
The policy announced by the CBN governor is coming days after he was heavily criticized by Reform Nigeria Now (RNN) for allegedly dishing out policies that are not for the interest of the State.
The RNN group alleged that Emefiele is plotting to increase his political capital in the ruling party, the All Progressives Congress (APC), with policies driven by partisan considerations and designed to grant exclusive favours to the governors under the ruling party.
“We frown at this reduction of our CBN into another APC office, in which case states like Benue with the brightest agriculture prospect are consistently overlooked in purported agric-support schemes, while Mr. Emefiele fixes his gaze permanently on APC states with no real prospect, all for partisan benefits”, the group said in its press statement. READ MORE HERE
Oando, Lagos Begin Operation Of Electric Mass Transit Buses
Oando Clean Energy Limited, the renewable energy subsidiary of Oando, in partnership with the Lagos Metropolitan Area Transport Authority, on Tuesday, marked the formal commencement of operations of Oando’s electric mass transit buses at the Lagos Bus Services Limited Head Office, Ilupeju, Lagos.
A statement from Oando stated that the initiative aimed at transitioning the Lagos State public transport system through the development of a pathway to a carbon free mobility ecosystem within the state.
It stated that the buses would provide a viable, competitive, and environmentally friendly alternative to the current internal combustion engine mass transit buses.
The Managing Director, LAMATA, Abinbola Akinajo, highlighted the importance of public-private-partnerships, by stating that “this initiative is a major aspect of our vision for transportation in Lagos State, we are desirous of having a clean and efficient transportation system.
“Today’s event is proof of our desire to involve the private sector in our activities to give the average Lagosian the ability to meet their mobility needs. LAMATA is a multi-fuel transport regulatory agency for Lagos, hence the partnership with OCEL for the use of EV buses in passenger operations.
“From LAMATA’s perspective we are open to do business with the private sector while ensuring that these partners are aligned with the vision of Lagos state. I am elated that in just over a year that Oando Clean Energy came to us to discuss the possibility of working with us in the deployment of electric buses we have signed an MoU with a key deliverable being the implementation of a PoC that would allow us finally include electric buses in our ecosystem.”
On his part, the commissioner for Energy and Mineral Resources, Lagos State, Engr Olalere Odusote , said “We had identified transportation as a major cause of pollutants and health problems in the State. For us, this initiative is another step we’re taking as a Government to ensure we clean up the environment in addition to ongoing initiatives in the energy sector.”
Speaking at the event, the president/CEO of OCEL, Dr. Ainojie ‘Alex’ Irune noted that it was an opportunity for Oando and Lagos State government to revolutionise transport in the country, especially Lagos.
“In the very near future, we will have a multitude of locally trained engineers who are capable of operating, maintaining, and servicing these buses and other renewable energy assets,” he added.
‘Our Electric Buses can travel up to 280km on a Full Battery Charge’- Oando Group tells Lagos Residents
‘Be the start of something that is good, revolutionary and powerful. Everything after that is a bonus!’
The OANDO group and its team of experts must have had the above quote by Carlos Wallace in mind when they embarked on the journey to revolutionise motoring in Nigeria and introduced the first set of fuel less vehicles into system.
Determined to be part of the revolution to end air pollution which ultimately has been made worse by the emission of toxic elements destroying our planet, the Oando Clean Energy Limited (OCEL) made history with its inroad into the transportation business in Lagos State.
The organisation, in April 2023 acquired and took delivery of an undisclosed number of electric vehicles from Chinese carmaker, Yutong Bus.
OCEL is the clean energy arm of Oando Plc, largely owned by Wale Tinubu. His company had earlier signed a Memorandum of Understanding (MoU) with the Lagos State Government through the Lagos Metropolitan Area Transport Authority (LAMATA) on April 28, 2022.
Following the delivery of the vehicles to OCEL, curious Nigerians have been asking questions about the viability of electric vehicles in the country. Expectedly, this elicited a robust response from the company when it took to its twitter handle express its readiness to kick-start the novel project.
The company said: “Following our recent announcement about introducing electric mass transit buses in Lagos State, we noticed many questions about the viability of electric vehicles in our terrain, battery lifespan, and more. But don’t worry; we have got you covered!
“So, let us challenge ourselves to reach new heights, to discover new horizons, and to achieve greatness.
“For it is through our willingness to dream big and take bold action that we can create a better tomorrow for ourselves and those around us.
“Great ideas have the power to transform the impossible into the possible. They inspire us to see the world in a new light and to push beyond our boundaries.”
The company also took time to explain how the fuelless vehicles would be put to use in Nigeria. “Our electric buses can travel up to 280km on a full battery charge, which is equivalent to a round trip from Ajah to Ibadan!
“Additionally, the regenerative braking system helps the battery to last longer and reduces maintenance costs.”
Meanwhile, commenting on the acquisition and deal between the state and his firm, Wale Tinubu, who is the Chairman of OCEL, said: “The arrival of our electric mass transit buses and development of an EV infrastructure ecosystem is a reminder that the only way to remain ahead of the curve is by being unafraid to break new ground and consistently looking for opportunities to leapfrog.
“Public-Private Partnerships have been critical to getting the project to this point and will continue to fuel our expansion across the entire country.
“The commencement of this project gives us a platform to showcase to other States what is possible and open the door for engagements on bespoke solutions to suit their local needs as well as act as a model to be adopted by other organizations looking to venture into sustainable transportation.”
REA CEO Salihijo Denies Wrongdoing In Contract Award
The Director General and Chief Executive Officer of the Rural Electrification Agency (REA), Mr. Ahmad Salihijo Ahmad, has denied allegation that bothers on “breach of contract code”, raised by Donnington Nigeria Limited.
Salihijo, while responding to a petition to the Code of Conduct Bureau (CCB) by the firm denied any wrong doing.
The allegation had claimed that the MD/CEO, was a Director in Velocity Logistics and Marine Services Ltd (Velocity) while equally serving as the MD/CEO of the Rural Electrification Agency.
In providing clarification on the issue, Salihijo, said, “It became necessary to respond to this claim as it is untrue and defamatory. For the sake of clarity, I want to emphasize that my employment history had been thoroughly vetted and approved by the appropriate authorities, upon my assumption to the role of MD/CEO at the Rural Electrification Agency (REA) on the 29th of December, 2019.”
Continuing, he said, “Prior to taking on this critical role at the Agency, I had been in the private sector and had equally relinquished my position as one of the Directors of Velocity as far back as 25th of April, 2019, long before I was appointed MD/CEO of the REA.”
These details, he affirmed, are accessible and available at the Corporate Affairs Commission (CAC).
In addition, he said, as an administrator committed to serve while upholding the mandate of the Agency, he acted with the highest ethical standards and has never engaged in any behavior conflict with the interest of my position as the MD/CEO of REA.
“I am in no way privy to any and all business dealings between Donnington Nigeria Limited and Velocity as I have had no connection whatsoever with Velocity since 25th of April, 2019. It is unfortunate that this publication was made and directed to harm my reputation, defame my character and that of the agency I lead.
“I hereby demand that, the publisher and the petitioner retract this unfounded allegation, publish a rejoinder to set the records straight, and desist from further defamatory publications.
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