A destroyed refinery By Favour Ifeoluwa & Akinola Ajibade The Nigerian National Petroleum Company Limited( NNPCL) says it has destroyed 134 illegal refineries in the last few weeks. Also, the company said 63 illegal pipeline connections were uncovered during the the weeks . The corporation, In a visual report, stated that at about 2 am on Sunday, a joint team of security agents discovered a large wooden boat illicitly loading stolen crude oil from Barge AGS01 within the OML 18 operating area, noted intelligence report a large wooden wooden boat was caught receiving crude oil from the barge. According to the state-owned oil firm, while the barge was towed away with a tugboat in custody, five speedboats used in towing the large wooden boat to the illegal loading site were also detained and the particulars of the tugboats and barge used for the operation were reportedly seized for further investigation. It further said that two large boats, which involve
By Favour & Akinola Ajibade
The Central Bank of Nigeria (CBN) says Bureau De Change( BDC) operators henceforth are back in the Nigerian Foreign Exchange Market to promote its growth.
The apex banking regulatory body said this recently, while introducing changes in the operations of the Bureau De Change (BDC) segment of the industry.
In its circular dated August 17, 2023 and made available to the media, CBN outlines key measures aimed at streamlining and improving BDC operations.
The measures include ensuring the spread on buying and selling of BDC operators, a development, which would allow them to operate between the range of range of -2.5% to +2.5% in the forex market window, that is weighted on average rate from the previous day.
Explaining the rationale behind these measures, the apex bank said it would provide more stability and transparency to exchange rate fluctuations, thereby benefiting both BDC operators and the general public.
Also, the changes would pave way for the mandatory submission of periodic financial reports by BDC operators.
These reports include daily, weekly, monthly, quarterly, and yearly ones, which are going to be submitted through the upgraded Financial Institution Forex Rendition System (FIFX), a system, that is talored to meet the specific requirements of each operator in order to enhance oversight their oversight functions.
Also, the circular lays emphasis on sanctions for operators, who fail to submit accurate returns within the specified timeframe. These include withdrawal of the operating licenses of affected BDCs operators.
In cases where BDC operators have had no transactions during a given period, they are required to submit nil returns, thereby fostering a culture of compliance and thorough record-keeping.
All BDC operators and the public are therefore urged to familiarize themselves with these new guidelines and adhere to them meticulously, the circular added.
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