Forex Policy: CBN Must Ensure Full Compliance – Senator

ARISEFormer Chairman, Senate Committee on privatisation, Ayo Arise, has urged the Central Bank Of Nigeria (CBN) to ensure full compliance with the Forex Restriction Policy, with better attention paid to Bureau de Change.

Mr Arise on Channels Television’s Sunrise Daily on Wednesday, said the Directors of the CBN meant well for the country, as the policy would help curb money laundering.

According to him, the policy had created a challenge for  the apex bank, which it had not well managed.

He stressed that Nigeria needed to shift away from reliance on crude oil to other sectors to boost the economy.

“If a policy mandates the banks not to accept dollars, how will the banks sell dollars?” he asked.

“I think we will begin to see a better effect of the policy  if our manufacturing base grows, power supply grows and also support the local industry to grow.

“We cannot rely on oil, the country must begin to export, ” he stressed.

Talking about the debt allegation on his company, Mr Arise said that incidentally, the company in question was not owing Unity Bank.

“They had a transaction whereby the company supplied them 18 machines, they took 12 million Naira facility to clear the machines, after delivering it to the bank, the bank was owing them over 19 million Naira.

“Till date, the bank had refused to pay. There was no transaction of borrowing, the transaction was done within the bank, he said.

About his next line of action, Mr Arise said he would take the case to court,

“Although, it takes a long time and it could be frustrating. I will also report them to the National Assembly as well because it is unethical,” he stressed.

Transmission Company Set To Inject $8bn To Boost Electricity

Power plantTransmission Company of Nigeria (TCN) plans to inject $8 billion to upgrade its operations to achieve 20,000 megawatts electricity supply, its Executive Director, Mr Mohammed Shaike said in a statement on Monday.

Mr Shaike’s statement is coming days after the company received members of the Senate Committee on Privatisation, led by its Chairman, Senator Olugbenga Obadara who visited the company’s regional office in Oshogbo in continuation of their oversight visit to privatised enterprises in Osun State.

He told the Senators that in its determination to develop the technical manpower of the company, TCN’s Management Contractors-Manitoba International had trained some of the technical staff abroad to acquire technical and strategic skills.

The Executive Director said that TCN would work jointly with the Infrastructure Concession Regulatory Commission (ICRC) to achieve the target.

Also at the briefing was the TCN’s General Manager, Mr J. Lawal, who said that the company’s power lines accommodated a maximum voltage of 330kv with its transmission coverage extended to Benin and Niger Republics.

He said that despite the low power generation from the generation companies, plans were on to upgrade the transmission lines to accommodate more voltage to distribute to the distribution companies.

According tom him, some of the challenges the company is facing are poor office accommodation, lack of safety facilities and lack of training for the technical staff.

The Chairman of the Senate Committee on Privatisation, Senator Olugbenga Obadara, decried the low level of investment in power generation, which he said had resulted in unstable and unreliable power supply across Nigeria.

The Senate also visited the Nigeria Machine Tools (NMT) Limited, where its Managing Director, Mr Norbert Chukumah, gave a brief history of the company which produces spare parts based on specifications.

He said since privatisation in 2007, the company had embarked on massive rehabilitation and upgrade of its facilities to bring it to modern standards.

The Chairman of the Senate Committee on Privatisation, Senator Olugbenga Obadara urged the company to approach the Capital Market to raise more funds for its operations.