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Fayemi Hands Over Ekiti Cargo Airport To Contractor

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Minister Congratulates Fayemi On 57th Birthday

Ekiti State Governor, Dr. Kayode Fayemi, has handed over the site of the Ekiti Agro-Allied Cargo Airport to the main contractor to commence the construction of its 3.2 kilometres runway.

While handing over the site to the contractor, CCECC Nigeria Limited late on Monday, the governor described the project as a promise made and kept for the overall development of the state.

Governor Fayemi had earlier on Monday, presented checks totalling N500 million to about 700 land owners whose land was acquired for the airport project. The event held at the Conference hall of the Governor’s office.

He said the construction of the airport’s runway pavement would be completed within fifteen months, in line with the timeline agreed with the contractors.

Represented by the deputy Governor, Otunba Bisi Egbeyemi at the handover of the site, the governor said the payment of compensation to farmers and owners of economic trees on the land acquired for the airport project would continue until all affected land owners received their compensation.

Describing the project as a milestone for his administration and the people of Ekiti, Dr. Fayemi noted that the importance of agro-allied cargo airport to serve as the fastest movement of agricultural products to international market could not be overemphasized.

He explained that Ekiti, an agrarian state, was blessed with hardworking farmers and investors who were ready to produce in commercial quantities, once there was an assurance that their goods would reach both local and international markets without delay.

He said: “No doubt, Ekiti is a landlocked state that borders with other landlocked states like Kwara, Osun, Edo, except Ondo that has sea. The situation has made it difficult for our people in Ekiti State and the neighbouring states to transport goods, most especially agricultural products to both local and international markets.

READ ALSO: CBN, NCC Approve New USSD Fee For Banks

“The establishment of this Agro-allied Cargo Airport will not in small measure improve the socio-economic development of our dear state, when completed.

The governor canvassed the support of Ekiti people at home and in the diaspora for the completion of the project while also charging the contractor to execute the job with utmost professionalism.

According to the Technical Adviser on the Airport Project, Air Vice Marshal Adeniyi Ojuawo (rtd), the airport is a legacy project of the Fayemi administration and one that would change the face of Ekiti economy.

AVM Ojuawo said: “This project is a game changer and we need the cooperation of those who gave us the land. The people will be happy that JKF has brought the airport project to Ekiti. There cannot be a better time than now.”

The Commissioner for Works and Transportation, Mr. Adesola Adebayo said the design and bill of engineering measurement of the airport project were expertly scrutinised in accordance with the requirement and standard of International Civil Aviation Organisation (ICAO).

The brief ceremony was witnessed by representatives of communities like Ago Aduloju, Aso Ayegunle, Ijan and Igbemo on whose land the project is located. Mr Wang Williams led a team of CCECC Nigeria Limited’s representatives at the event.

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BREAKING: CBN Increases Weekly Cash Withdrawal Limits

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BREAKING: CBN Increases Weekly Cash Withdrawal Limits

The Central Bank of Nigeria (CBN) on Wednesday reviewed upwards the maximum weekly limit for cash withdrawal across all channels by individuals and corporate organisations to N500,000 and N5 million respectively.

The apex bank stated this in a circular issued Wednesday evening.

In an earlier circular it issued on December 6, the CBN had said that with effect from January 9, 2023, the maximum cash withdrawal over the counter by individuals and corporate organisations per week, will be N100,000 and N500,000 respectively, adding that withdrawals above these limits would attract processing fees of 5 per cent and 10 per cent respectively.

READ ALSO: New CBN Policy Imposes Penalties On Withdrawal Above N100,000, N500,000

It further stated that maximum cash withdrawal per week via Automated Teller Machines (ATMs), from January 9, will be N100,000 subject to a maximum of N20,000 cash withdrawal per day.

The apex bank also directed banks to load only N200 and lower denominations into their ATMs.

In addition, the CBN announced that maximum cash withdrawal via Point of Sales (PoS) terminals), from January 9, will be N20,000 daily.

 

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Buhari To Borrow N1tr From CBN, Seeks N819.5b Supplementary Budget

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Buhari To Borrow N1tr From CBN, Seeks N819.5b Supplementary Budget

President Muhmmadu Buhari has informed the House of Representatives that the government will take another N1 trillion loan from the Central Bank of Nigeria (CBN) through ways and means.

He said the additional N1 trillion would take the total obligation to CBN to N23 trillion which the government seeks to convert to bonds.

The letter was referred to Committees on Finance, Banking and Currency, Loans, Aid and Grant.

Buhari also asked the House of Representatives to approve N819.5 billion supplementary budget for 2022.

In a letter read by Speaker Femi Gbajabiamila on Wednesday, President Buhari said the budget would be financed with new domestic borrowing.

READ ALSO: Debt Profile Under Buhari Worrisome – CBN

He noted that if the supplementary budget was approved, it would take a total deficit in 2022 to N8.17 trillion.

Buhari explained that the country decided to explore a supplementary budget because of the impact of flood and the need to complete major roads that were at 85% completion.

“The president writes that 2022 has witnessed the worst flood incident in recent history which has caused massive destruction of farmlands at a point already close to harvest season, this may compound the situation of food security and nutrition in this country,” the letter reads.

He added that “The flood also devastated the road infrastructure across the 36 states and the FCT. It has affected several sections of major roads and bridges nationwide that are critical to the movement of goods and services. The water sector was equally affected by the flood, and there is a need to complete some ongoing projects that have achieved 85% completion across the country.”

The letter was referred to the House Committee on Appropriation for further legislative action.

 

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Why We May Withdraw Banks’ Foreign Exchange Dealership Licences – CBN

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Emefiele Sick, Can't Meet With Reps - CBN

Miffed by the violation of its diaspora remittance rules, the Central Bank of Nigeria (CBN) has threatened to revoke banks’ foreign exchange dealership licenses.

The CBN’s warning was contained in a circular by the Director, of the Trade and Exchange Department, Ozoemena Nnaji, that waa published on Monday.

In a bid to boost diaspora remittances, especially through the banking system, the CBN, in November 2020 circular to banks, had directed that beneficiaries of such remittances should be paid in dollars through the designated banks of their choice.

However, the apex bank, noted that some International Money Transfer Operators (IMTOs) engage in illegal activities through banks in violation of this directive, by paying diaspora remittances in Naira.

The circular stated: “The attention of the CBN has been drawn to the increasing illegal activities by Money Transfer Operators in Nigeria, through banks, by terminating payments in Naira contrary to extant regulations.

‘This unwholesome practice has some banks partnering with unlicensed international money transfer operators who disguise their transactions and terminate the same via local inter-bank transfers.

“Henceforth, any bank found to be aiding and abetting any IMTO or unlicensed operator in this activity would be appropriately sanctioned.

READ ALSO: New CBN Policy Imposes Penalties On Withdrawal Above N100,000, N500,000

“We also wish to remind all banks that it is their responsibility to not only Know their Customers (KYC requirements) but also Know their customers’ business (KYCB. requirements).

“For the avoidance of doubt, all banks and IMTOs are to pay out proceeds of diaspora remittance only in US Dollars and comply with the guidelines on International Money Transfer Operations published by the Bank.

“Any bank found to be aiding/collaborating with IMTOs in terminating remittances in naira will have their authorised dealership licence withdrawn.”

 

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