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"Synergy, Commitment Are Key to Global Energy Sustainability, Says Bounour

By Favour Ifeoluwa & Akinola Ajibade  The Chief Executive Officer, Egbin Power Plc, Mr Mohktar Bounour says global transition to cleaner energ and sustainable environment are achievable, as long as there is strong synergy and commitment among stakeholders in the value chain.  He spoke during the maiden edition of  Asharami Square in Lagos. This is an initiative introduced and implemented by the Sahara Group, in order to amplify discourse on energy sustainability through  media advocacy globally. He said: " Having analyzed the percentage of global greenhouse emissions attributed to sectors including electricity/heat production, agriculture/forestry and transportation, we are realised that there is need for synergy  and renewed commitment among stakeholders". According to him, Egbin Power has unwavering commitment to reduce carbon emissions and promotes sustainable energy sources, stressing that the need to depeening engagement and advocacy among stakeholders in
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CBN-Banks: We Are Not Tolerating Illegal Forex Deals Again


By Favour & Akinola Ajibade 

Any commercial banks, which involved in round tripping and other illicit monetary crimes, would henceforth be exposed and condemned, the Acting Governor, Central Bank of Nigeria (CBN), Mr Folashodun Shonobi has said.

This follows series of accusations levelled against the monetary financial institutions in the country, by stakeholders, especially operators and the negative consequences, which the development is having on the country. 

While delivering a lecture entitled: " Diaspora Remmittences and Nigerian Economic Development" in Abuja recently, Shonubi said  round tripping and other monetary offences are becoming a challenge, which must be outightly tackled, in order to restore sanity in the local and international financial practices.

According to him, commercial banks are culpable, adding that CBN will soon go after any one of them caught in the practices.

He said the recent plummet of the Naira exchange rate to over N950/$ in the parallel market, coupl6 with an exacerberating scarcity of foreign exchange, made the apex bank to issue a stern warning to banks, which involved in the unlawful trading of Forex.

He said the need to ensure that funds are directed through proper avenues to bolster economic growth, is key to the development of the economy.

“We will not hesitate to expose and condemn the commercial banks engaged in such illicit practices,” Shonubi declared unequivocally. Moreover, Shonubi highlighted the shortcomings of the existing remittance system" he said.

Shonubi pointed out that the cost of transferring money from the diaspora to Sub-Saharan Africa stands at approximately 9 per cent of every $100, a figure he deemed excessively high and unparalleled globally.

Despite the challenges posed by informal channels, Nigeria has still managed to attract a substantial amount of remittances, with a staggering $16.7 billion influx.

However, a significant portion of these funds bypasses the official foreign exchange market. “We are vigorously striving to incentivise individuals to route their funds through formal channels, steering clear of the convoluted informal avenues,” Shonubi said.

The CBN measures will impact currency markets in a few days time, Shonubi further said after meeting President Bola Tinubu to discuss ways to improve dollar liquidity on the official market. CBN governor Shonubi’s meeting with Tinubu comes after the bank on Friday revealed a $19 billion commitment in derivatives in 2022, nearly the size of the country’s reserves.

Nigeria is looking for ways to shore up its reserves and stem the fall of its currency, which has hit record lows on the black markets two months after trading restrictions were loosened on the official market. Shonubi did not disclose the measures to be introduced.

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