Vice President Yemi Osinbajo has denied calling for the devaluation of the naira due to the artificial low exchange rate.
Osinbajo explained that he only called for measures that would increase the supply of foreign exchange in the market rather than simply managing demand, which opens up irresistible opportunities for arbitrage and corruption.
He pointed out that the current Naira exchange rate benefits only those who are able to obtain the dollar at N410.
In a statement by his spokesman, Laolu Akande, the Vice President said those who buy the dollar at N410 turns around at sell at N570.
He stressed that his argument was aimed at setting up measures to stop the huge arbitrage of over N160 per dollar.
The Vice President also disclosed how to improve the value of naira against the dollar.
The statement reads: “Our attention has been drawn to statements and reports in the media mis-characterising as a call for devaluation, the view of Vice President Yemi Osinbajo, SAN that the Naira exchange rate was being kept artificially low.
“Prof. Osinbajo is not calling for the devaluation of the Naira. He has at all times argued against a willy-nilly devaluation of the Naira.
“For context, the Vice President’s point was that currently the Naira exchange rate benefits only those who are able to obtain the dollar at N410, some of who simply turn round and sell to the parallel market at N570. It is stopping this huge arbitrage of over N160 per dollar that the Vice President was talking about. Such a massive difference discourages doing proper business, when selling the dollar can bring in 40% profit!
“This was why the Vice President called for measures that would increase the supply of foreign exchange in the market rather than simply managing demand, which opens up irresistible opportunities for arbitrage and corruption.
“It is a well known fact that foreign investors and exporters have been complaining that they could not bring foreign exchange in at N410 and then have to purchase foreign exchange in the parallel market at N570 to meet their various needs on account of unavailability of foreign exchange. Only a more market reflective exchange rate would ameliorate this. With an increase in the supply of dollars the rates will drop and the value of the Naira will improve.”
The Vice President also revealed the major issues confronting the Nigerian economy.
He noted how to improve supply of foreign exchange is the major challenge facing the country’s economy.
Osinbajo explained that allowing the window of import and export would help improve the value of naira.
“The real issue confronting the economy on this matter is how to improve the supply of foreign exchange, but this will not happen if we do not allow mechanisms like the Importers and Exporters window to work. If we allow this market mechanism to work as intended, we will find that the Naira will appreciate against the dollar as we restore confidence in the system,” he added.
CAN reacts to attack on Jos custodial centre
The Plateau chapter of the Christian Association of Nigeria, CAN, has condemned the recent attack on Jos custodial centre by gunmen yet to be identified.
Chairman of the association in the state, Rev. Fr Polycarp Lubo, made the condemnation on Thursday in Jos in an interview with the News Agency of Nigeria (NAN).
DAILY POST had reported that gunmen invaded the custodial centre on Sunday evening, killing a personnel of the Nigerian Correctional Service (NCoS) and nine inmates. They also set about 252 inmates free.
Deputy Controller General of NCoS, in charge of Operations, Mr Mohammed Tukur had blamed the incident on paucity of modern equipment and other gadgets.
The CAN Chairman described the attack as “sad, unfortunate and frightening”, adding that the attack was a bad omen for Nigerians.
According to him, with the huge number of inmates that have fled, the security situation of the country is under threat.
“The attack on the Jos custodial centre is a sad one; CAN on the Plateau condemns it in totality.
“With the huge number of inmates that have escaped, it is clear that our security situation is still under threat.
“This is because there are hardened criminals among inmates that fled; they will go back into the society and continue to unleash evil.
“So, I wish to strongly call on the government to provide modern and adequate equipment to the Service in order to avert a similar situation in the future,” he said.
Lubo called on residents of the state to be security conscious, particularly as yuletide approaches and report any suspicious activity within their vicinity to security agencies.
The Chairman appealed to residents of the community to eschew violence and embrace peace for the overall development of the state.
He also advised them against reprisals and urged them to live in peace at all times.
Alleged N4.5b loot: EFCC, others get 14-day ultimatum to prosecute Buhari’s Minister, Akume
Youths in Benue State, under the umbrella of Benue Youths Forum, BYF, have issued a 14-day ultimatum to the Economic and Financial Crimes Commission, EFCC, and other anti graft agencies in the country to begin the prosecution of the Minister of Special Duties and Inter-governmental Affairs, Senator George Akume over alleged N4.5 billion loot.
DAILY POST recalls that the state government petitioned anti-graft agencies in the country to investigate the former lawmaker over alleged financial impropriety amounting to about N4,556,899,632.9 billion naira when he served as Governor of the state.
According to the petition, the alleged financial fraud which ranges from misappropriation of public funds, abuse of office, approvals above limit also include sale of 33,440,818 units of shares at the Benue Investment and Property Company, BIPC, also valued at billions of naira without recourse to due process.
The state government claimed that the alleged financial crime was generated from an audit report spanning 1999 – 2007 during the tenure of Akume as the state governor.
Following the allegation, Benue Youths, during a press conference on Wednesday, lauded Governor Samuel Ortom on his courageous move to unearth the alleged financial crime.
President of the group, Terrence Kuanum, who addressed the press, urged the state governor not to rely on anti graft agencies alone but involve legal actions by seeking redress in court.
He said, “We received with relief, the news that the Benue State Government, after a thorough audit, has taken steps to seek justice by inviting the Economic and Financial Crimes Commission (EFCC) to investigate the looted funds of the State Government during Senator George Akume’a tenure as Governor.
“We salute the courage of Governor Samuel Ortom for standing with the people of Benue once again to recover what rightfully belongs to them, especially at this time of dwindling funds from the federation account.
“In 1999 when Akume became Governor, the Naira was exchanging with the Dollar at N21.89 only. Imagine the value of N4.5 billion at that time and what impact such a large amount of money would have had on the Benue economy now, if it had not been diverted by the Akume administration.
“State funds are public funds that belong to all of us and any one who presides over our public funds should be willing to be accountable for his actions.
“We are all aware of the damage corruption has done to the economy of Nigeria. When criminal acts such as the one the Akume administration is being accused of are allowed to go unpunished, the society suffers the dire consequences.
“When Akume was willfully accusing Governor Ortom the other day, he thought that we had forgotten all about the financial atrocities he committed during his time. Now is that time of reckoning we warned him about. He who comes to the table of equity must come with clean hands.
“We advise the Benue State Government to take the matter further to the courts and not limit it to EFCC investigation. This is a very serious corporate malfeasance against Benue State which must be redressed.
“We also want to warn that we not going to accept anything short of justice on this matter. We won’t also accept plea bargain or a political solution of any kind.
“Akume has insulted Benue people for too long. Let him have his day in court to prove his innocence.
“We urge the EFCC to immediately swing into action and get to the root of the matter so that justice will be done to the people of Benue State, bearing in mind that no one is above the law.
“Benue Youth Forum assures the people of the State that it will stop at nothing to ensure that we get justice in this case on behalf of our people so that the looted funds will be brought back into our treasury to enhance the development of the state.
“Consequently, we hereby give EFCC a 14-day ultimatum with effect from Tuesday November 30, 2021, to invite Senator George Akume for questioning and thereafter commence his prosecution;
otherwise, we youths of Benue State will occupy the Commission’s premises and demand for justice.
“We support Governor Samuel Ortom and his administration and will support any just cause his administration initiates to enhance the development of our state.
“Benue is the only state we have as our heritage. We will therefore not allow saboteurs to get away with their acts of treachery, corruption and impunity”.
Idoma billionaire businessman, Ochacho, Sen Abah Moro meet Ortom on Benue development
A billionaire businessman and philanthropist, Mohammed Adah, popularly known as Ochacho, on Wednesday, met with the Benue State Governor, Samuel Ortom to discuss ways of developing the state.
Ochacho and his entourage were led to the Benue Peoples House in Makurdi, the state capital, by the Senator representing Benue South Senatorial District, Comrade Patrick Abba Moro.
Governor Ortom, while addressing the press after meeting with Ochacho, acknowledged the infrastructural developmental strides of the Ochacho Foundation particularly in the construction of roads in Benue South.
He said although Ochacho is not into politics, he is a Benue son who is adding value to the development of the state and needs collaboration.
Ochacho’s younger brother, Alex Enokela Ogbe, who is the CEO of the foundation, in a remark, expressed gratitude to God for making the Ochacho Foundation representative of good works.
He urged his supporters to remain calm as they will soon hear from him on the way forward.
Other members of the delegation included the State Chairman of the Peoples Democratic Party, PDP, Sir John Ngbede, members of the Benue State House of Assembly from Zone C, and Chairman of Ado local government council, Hon. James Oche.
Others are Prof. Agbo Madaki, Hon. Chris Aba, Hon Mrs. Abeje Egwa, PDP state Woman leader, Hon Egli Johnson Ahubi, former Deputy Speaker BNSHA, Hon Mike Audu, House of Assembly Member, Adoka/Ugboju among many others.
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