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Customs officials seek alternative income streams amid a decline in imports

Tosin Ranks
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Customs officials seek alternative income streams amid a decline in imports

Numerous impediments are hampering the ease of conducting business in the maritime sector, including the high cost of clearing goods due to exchange rate fluctuations.

This concerning situation has left licensed customs agents disheartened, unsure of their next steps to provide for their families.

Some agents have become unemployed, while others, unable to cope, have opted to relocate to their villages to reduce living costs.

Research indicates that the extensive list of prohibited items in Nigeria is another challenge affecting practitioners in the maritime sector, limiting the variety of goods that can be imported.

A significant 60% of licensed customs agents in the maritime industry have transitioned to alternative professions, such as commercial motorcycling (okada riding), due to the adverse effects of the fluctuating exchange rate.

These operators believe that the Central Bank of Nigeria achieved greater stability during Godwin Emefiele’s tenure as the governor compared to the current administration.

Lucky Amiwero, the founder of the National Council of Managing Directors of Licensed Customs Agents, acknowledges the impact during Emefiele’s administration but emphasizes that the sector is now facing even more significant challenges.

Amiwero explains that the exchange rate under Emefiele was more stable for an extended period before experiencing gradual increases, unlike the current drastic fluctuations affecting both import and export.

Nnadi Ugochukwu, Deputy President of the National Association of Government Approved Freight Forwarders, notes that over 60% of licensed agents have left the job due to excessive taxation and challenges with the import prohibition list.

Despite these challenges, there are alternative avenues for licensed agents to explore. Ship chandelling, providing supplies for ships and seafarers, is a lucrative but overlooked sector.

Additionally, a shift towards exporting goods, trucking consultancy, assisting in car purchases, and car delivery services are viable alternatives for agents seeking stability and income.

These diversifications not only offer income for displaced agents but also contribute to revenue generation for the government.

 

Rest assured, Nigerians, your funds are secure in banks, as guaranteed by the Central Bank of Nigeria

Tosin Ranks
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Rest assured, Nigerians, your funds are secure in banks, as guaranteed by the Central Bank of Nigeria

The Central Bank of Nigeria has reaffirmed the security of funds within Nigerian banks, underscoring the robust stability of the country’s banking sector.

In an official statement, the apex bank urges the public to maintain their routine banking activities and not be swayed by unverified reports, not originating from the CBN, that have caused unnecessary alarm regarding the health of Nigerian banks.

According to the CBN’s communication, it is fully equipped to fulfill its statutory duty of ensuring a stable financial system in Nigeria.

The acting Director, Corporate Communications, Hakama Sidi-Ali, emphasized, “Nigerian banks remain safe and sound.” The CBN encourages the public to dismiss concerns arising from reports not originating from them and assures the safety of funds in Nigerian financial institutions.

Speculations fueled by a report suggested the possibility of the CBN taking over Titan Trust Bank (formerly Union Bank) and Keystone Bank. Special investigator Obazee, appointed in July 2023, submitted the final report titled ‘Report of the Special Investigation on CBN and Related Entities (Chargeable Offenses)’ to the Presidency on December 20, 2023.

 

Why I remain unattached at the age of 41, as shared by Ini Edo

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Why I remain unattached at the age of 41, as shared by Ini Edo

Renowned Nigerian actress Iniobong Edo Ekim, popularly known as Ini Edo, shared insights into her single status at the age of 41 during a recent social media interview.

Emphasizing her desire for genuine love, she clarified the distinction between mere affection and true commitment in a relationship.

Ini Edo highlighted the importance of a partner who not only cares but also earns her respect, emphasizing that her criteria extend beyond financial considerations to encompass a person’s ability to navigate situations and interact kindly with others.

Ultimately, for Ini Edo, the key lies in finding someone who can offer both love and a foundation of mutual respect.

 

The chairman of Ecobank states that economic growth will receive a significant boost through the empowerment of women

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The chairman of Ecobank states that economic growth will receive a significant boost through the empowerment of women

The Chairman of Ecobank Nigeria Limited, Mrs Bola Adesola, emphasized the significance of women’s economic empowerment for national economic growth during the 40th anniversary of the Association of Professional Women Bankers in Lagos.

Adesola highlighted women’s progress in the banking and financial services industry, stressing that a nation aiming to unlock its economic potential must prioritize women’s empowerment.

She mentioned the substantial economic cost of women’s limited access to their contributory potential, both in Nigeria and globally.

Adesola also pointed out that of the 133 million multidimensionally poor Nigerians, over 100 million were women and girls.

Dr Ken Okpara, President/Chairman of the Council, Chartered Institute of Bankers of Nigeria, noted the increasing number of women in the banking sector, with Deloitte’s report indicating progress towards gender equality.

Okpara urged APWB to seize opportunities to enhance the capacity of its members.

During a ‘fireside chat’ with Tony Elumelu, Chairman of Heirs Holdings, Funke Ladimeji, Chairperson of APWB, and Elumelu discussed crucial success factors, including execution, excellence, and enterprise.

Elumelu emphasized the importance of transformation not only for profitability but also for improving lives.

He underscored that leadership revolves around executing strategies through people and assembling the right team.

In her welcome address, Funke Ladimeji acknowledged the founding leaders of APWB for their commitment to enhancing female participation in the banking sector.

Ladimeji recognized the rapid and broad pace of change across various dimensions, foreseeing positive trajectories for female representation.

 

AXA Mansard receives prestigious accolade

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AXA Mansard receives prestigious accolade

AXA Mansard, a prominent insurance and asset management firm, has earned the prestigious title of General Insurance Company of the Year at the 2023 Almond Insurance Industry Awards.

The awards aim to spotlight excellence in corporate management, leadership, governance, innovation, and sustainable growth within the insurance sector, annually recognizing exceptional accomplishments.

Expressing gratitude for the recognition, AXA Mansard Insurance’s Chief Security Officer, Adekunle Akinbowale, emphasized that the award validates the company’s unwavering commitment to embody AXA’s mission of contributing to human progress in the lives of every Nigerian.

Kunle Ahmed, the Chief Executive Officer of AXA Mansard Insurance Plc, shared his thoughts on the award, stating that it will inspire the company to consistently surpass customer expectations and provide exemplary leadership, especially during uncertain times.

Receiving the accolade as the General Insurance Company of the Year, Ahmed remarked, “We are once again humbled by this award, as it reflects the high level of confidence our customers have in us.

It serves as another testament to our customer-centric approach, signifying their preference for us.

We recognize this as a challenge to do more, and we do not take their trust for granted. Instead, we embrace the challenge to excel across all our business lines – General, Life, Health, and Investments.

WFE advocates for rigorous regulations in cryptocurrency trading

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WFE advocates for rigorous regulations in cryptocurrency trading

The World Federation of Exchanges emphasizes the need for stringent regulations on Crypto-Asset Trading Platforms, aligning them with existing regulated exchanges, as highlighted in their recent report, “Good Markets for Good Outcomes – the Role of Governance in the World’s Exchanges.”

While the Central Bank of Nigeria recently lifted a ban on cryptocurrency transactions, the WFE underscores the importance of subjecting crypto trading platforms to similar rules as traditional exchanges due to observed failures in the crypto market.

The WFE supports a technology-neutral regulatory approach and encourages governments to apply existing exchange laws to crypto-asset platforms.

Despite the global cryptocurrency market exceeding $1 trillion in market capitalization, concerns arise from failures in the crypto space, often attributed to governance issues, lack of controls, and potential fraud.

Meanwhile, the Securities and Exchange Commission, responding to the 2021 crypto ban, has introduced regulations for digital assets and is exploring the possibility of tokenized coin offerings on licensed digital exchanges.

In a broader context, blockchain research firm Chainalysis reports a nine percent year-over-year growth in crypto transactions in Nigeria, reaching $56.7 billion between July 2022 and June 2023.

David Akande’s Movie Asa Wins at Best of Nollywood Awards

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David Akande’s Movie Asa Wins at Best of Nollywood Awards

In a resounding victory, the versatile actor, writer, and producer David Akande has once more claimed the spotlight, this time at the esteemed Best of Nollywood Awards. His latest cinematic gem, “Asa,” not only captivated audiences but also secured the prestigious award for the Best Movie with a Social Message at the ceremony.

Akande, known for his exemplary storytelling and commitment to thought-provoking narratives, delivered yet another compelling and socially impactful production with “Asa.” The film’s win in the category underscores Akande’s dedication to weaving stories that resonate deeply with audiences while addressing pertinent societal issues.

 

“Asa” stands as a testament to Akande’s creative prowess, featuring a powerful narrative that touches upon relevant social themes, leaving a lasting impression on viewers. This recognition at the Best of Nollywood Awards reaffirms Akande’s position as a visionary storyteller whose work transcends entertainment to provoke meaningful conversations within society.

In addition to his recent triumph with “Asa,” Akande’s illustrious career has been adorned with numerous accolades, including previous wins and nominations at various prestigious ceremonies such as the Africa Magic Viewers’ Choice Awards and the Africa Movie Academy Awards. His dedication to the craft of filmmaking and his ability to deliver narratives with depth and impact continue to solidify his standing as a prominent figure in the Nigerian film industry.

 

With each production, David Akande consistently demonstrates an unwavering commitment to pushing the boundaries of storytelling, using his platform to address pertinent societal issues. His latest achievement with “Asa” at the Best of Nollywood Awards not only celebrates his talent and dedication but also reinforces the influential role of cinema in advocating for social change.

 

As audiences eagerly await his next cinematic endeavor, David Akande remains an emblem of inspiration, using his creative prowess to shine a light on compelling stories that resonate far beyond the silver screen.

 

Emeka Ike’s son declares, “My father considers me nonexistent

Tosin Ranks
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Emeka Ike’s son declares, “My father considers me nonexistent

Michael, the son of veteran actor Emeka Ike, has revealed that he considers himself estranged from his father and no longer seeks anything from him.

In an interview with Chud on a podcast, Michael expressed his reaction to his father’s video discussing family matters.

Reflecting on the video, Michael questioned whether he wanted to reconcile with someone portraying such behavior.

Despite attempts to mediate, he expressed dissatisfaction with his father discussing private family matters publicly.

Michael confronted his father about the disrespectful portrayal in the media and highlighted his displeasure.

Michael further condemned his father’s negative attitude, recounting instances of insults and discouragement.

Despite his father’s discouraging words about his music career, Michael asserted that he no longer seeks anything from his father.

Emeka Ike’s marriage to Suzanne Emma faced allegations of battery, leading to its dissolution by a Lagos Island Customary Court in 2015.

Emeka Ike later revealed the impact of his marital struggles on his life, including the closure of his secondary school and the loss of properties.

He attributed these challenges to his ex-wife’s actions and discussed the difficulties he faced in various aspects of his life, including clashes with fellow Nollywood actors.

 

Prominent Lagos nightlife hotspot, Quilox, closed due to safety violations

Tosin Ranks
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Prominent Lagos nightlife hotspot, Quilox, closed due to safety violations

On Sunday, the Lagos State Government took action by closing Quilox Club, Victoria Island, due to violations related to environmental and safety standards.

The government also issued a stern warning to Sol Beach, the Good Beach, Landmark Beach, and other social centers across the state, emphasizing the importance of prioritizing the safety and well-being of residents during the festive season.

The Lagos State Safety Commission, in a statement, disclosed that a collaborative effort between the Lagos State Environmental Protection Agency and the Lagos State Safety Commission led to the closure of Quilox nightclub.

The joint statement issued on Saturday had already cautioned social centers to ensure their operations did not compromise the safety of citizens, with potential sanctions for violators.

The Director General of the Safety Commission, Mr. Lanre Mojola, and the General Manager of LASEPA, Dr. Babatunde Ajayi, jointly signed the warning statement.

Additionally, the Lagos State Environment Update shared a tweet on Sunday morning, showcasing the current state of Quilox Club and hinting at imminent government decisions regarding the traffic and environmental disruptions caused by the club’s activities.

The attached video depicted heavy traffic attributed to the club’s event.

 

Ijaduade Shooting: Ogun Commissioner of Police Condemns Incident, Pays Visit to Injured Actor in Hospital

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Ijaduade Shooting: Ogun Commissioner of Police Condemns Incident, Pays Visit to Injured Actor in Hospital

Ogun State Police Commissioner, Abiodun Alamutu, paid a visit to Azeez Ijaduade, the actor who reportedly suffered a gunshot wound from a police officer in Iperu, Ikenne Local Government Area.

Alamutu arrived at Babcock University Teaching Hospital’s In-Patient Wards around 11 am on Sunday, finding Ijaduade admitted to the male surgical ward.

Following discussions with the victim’s colleagues, Alamutu shared in an exclusive interview that the officer responsible for the incident is undergoing disciplinary actions.

Explaining the situation, the commissioner clarified that the officer had fired a warning shot into the air to disperse threatening thugs near the person he was guarding.

Despite labeling the incident as unfortunate, Alamutu expressed relief that the actor’s condition was stable and indicated that Ijaduade would be discharged upon medical certification.

“It was indeed an unfortunate incident, but based on my observations of the victim, it wasn’t a direct hit.

Some individuals were attempting to intimidate the principal the policeman was safeguarding, prompting him to fire shots to deter them.

Unfortunately, the victim happened to be in that vicinity, and it was the shell that hit him.

“From all indications, he is improving. The implicated policeman is already undergoing disciplinary procedures.

Our priority is to ensure no lives are lost.

“As far as I can see, he is recovering, although he needs careful observation to confirm no vital part of his body is affected.

Based on my assessment, it seems none is affected, but that can only be certified by medical experts,” Alamutu stated.

While acknowledging that there are situations where officers may need to use force to disperse crowds, Alamutu emphasized that the current incident cannot be justified.

He criticized the lack of professionalism displayed by the involved officer, stating that disciplinary actions were necessary.

 

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