NAIJAFEED

Friday, March 1, 2024

Central Bank of Nigeria revokes licences of 4,173 exchange bureaus

Nigeria's central bank said on Friday it had revoked the licences of 4,173 exchange bureaus that failed to comply with its guidelines and directives, including rendering returns of transactions and payment of required renewal fees within the due period.

The central bank, which resumed dollar sales to exchange bureaus this week, outlawed street-trading of foreign exchange and raised minimum capital levels for exchange bureaus to at least 2 billion naira ($1.3 million) under new guidelines released on Feb. 23.

The moves are part of broader reforms to Nigeria's forex market which has been grappling with chronic foreign exchange shortages.

Central Bank of Nigeria (CBN) spokesperson Hakama Sidi Ali said the licences of the affected exchange bureaus were also revoked due to non-compliance with anti-money laundering and terrorism finance regulations.

"The CBN is revising the regulatory and supervisory guidelines for Bureau de Change operators. Compliance with the new requirements will be mandatory for all stakeholders in the sector when the revised guidelines become effective," Sidi Ali said in a central bank statement.

By Elisha Bala-Gbogbo, Reuters

Advocacy Groups Call for Halt to Shell's Planned Exit from Nigeria

Advocacy groups are calling on the Dutch oil giant Shell to halt its plans to divest assets from Nigeria's Niger Delta region unless proper cleanup and decommissioning of its infrastructure is complete.

This week, a Netherlands-based nonprofit released a report accusing Shell of trying to avoid responsibility for oil spills. The Center for Research on Multinational Corporations' report, entitled "Selling Out Nigeria — Shell's Irresponsible Divestment," said the Dutch oil giant's divestment in Nigeria must be suspended until clean-up and decommissioning of assets are complete.

The group accused Shell of trying to avoid responsibility for decades of oil spills in Nigeria's Niger Delta region that have polluted bodies of water and farmlands. It said Shell's assertion that it cleaned up polluted oil spill sites is flawed and cannot be trusted.

Faith Nwadishi, founder of Center for Transparency Advocacy, agrees with the report.

"The contract that they have signed that talks about the issue of remediation, protection of the environment and all of those things have not been done," said Nwadishi. "We should be looking at the contract and interpreting it accordingly — this is international best practice. This is what happens everywhere."

Shell operations grew controversial

Shell pioneered Nigeria's oil and gas explorations in 1937, but its operations have been subject to controversy and lawsuits from local communities.

Shell often blamed sabotage and vandalism by locals for busted pipelines, oil spills and environmental pollution.

In January, the company announced plans to sell its onshore operations to a local consortium of five companies for $2.4 billion.

Shell said the move would allow it to focus on more lucrative offshore businesses and that it was also proof that local companies are able to take on a larger share of Nigeria's oil and gas industry.

But Nwadishi said if the pollution issue is not addressed, Shell's exit could set a bad example for other multinationals operating in Nigeria.

"Once one person sets a precedent — especially the bad precedences — once they're set, you see other people following up," said Nwadishi. "When they do that, what it will mean is that they set a wrong template for other multinationals to do the same thing. And unfortunately, we have this judicial system that takes forever to take care of issues like that."

Law mandates funding for cleanup

Under Nigerian law, Shell is expected to provide funding for cleanup and decommissioning of its infrastructure before exiting.

But the report says the implementation of the law is flawed and said there is no sign that Shell is trying to comply with the law.

The company has not commented on the report but recently released a list of eight cleanup operations it plans to carry out in Nigeria this year, all for spills of less than 100 barrels of oil.

Emmanuel Afimia, founder of Enermics Consulting, said Nigerian authorities must take the Shell divestment plan seriously.

"Nigeria should implement the following measures: establish a robust regulatory framework that holds multinational corporations accountable for the environmental damage caused by their operations; ensure that affected communities are consulted and involved in the cleanup process and that their concerns and needs are addressed," said Afimia. "We need to monitor and evaluate the cleanup process regularly to ensure that it is being done properly and transparently."

VOA asked Nigeria's National Oil Spill Detection and Response Agency for comment on the Shell issue but has not received a response.

Before Shell can sell the assets in question, it must get approval from the Nigerian government. The government has not said whether it will authorize the sale.

By Timothy Obiezu, VOA

Video - Nigeria detains Binance executives

Two senior executives of Binance flew to Nigeria following the country's decision to ban several cryptocurrency trading websites. But they were detained by the office of the country's national security adviser and their passports were seized following their arrival in the country.

CGTN

Nigeria detains Binance executives in cryptocurrency crackdown

Nigeria plans clampdown on Binance, other crypto firms

Kano Conjoined Twins to Return to Nigeria After Successful Surgery in Saudi Arabia

In a landmark medical achievement, the Saudi Arabian medical and surgical team, has completed the separation surgery of Nigerian conjoined twins, Hassana and Husaina, at the King Abdullah Specialist Children’s Hospital in King Abdulaziz Medical City in Riyadh.

In a press statement by the Saudi Press Attache in Nigeria, Mohammed Alsahabi said the operation was sponsored by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al-Saud and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister.

“The Saudi Arabian Medical and Surgical team has completed the separation surgery of Nigerian conjoined twins, Hassana and Husaina, at the King Abdullah Specialist Children’s Hospital in King Abdulaziz Medical City in Riyadh.”

He said the procedure, which began on Thursday morning, marked the culmination of meticulous planning and execution by a dedicated team of medical professionals at Children’s Hospital in Saudi’s capital Riyadh.

Alsahabi further explained that the surgical intervention unfolded in nine planned stages, lasting approximately 14 hours.

“A team comprising 38 consultants, specialists, technicians, and nursing staff specializing in anesthesia, pediatric surgery, urology, orthopedics, plastic surgery, and pediatric neurosurgery collaborated seamlessly to ensure the success of this complex operation.”

“This surgical milestone marked the 60th operation undertaken by the Saudi program for separating Siamese twins, a program that has provided care for 135 conjoined twins from 25 countries over the past 34 years,” Alsahabi stated

“Before the commencement of the procedure, Dr. Abdullah Al Rabeeah, Advisor at the Royal Court, Supervisor General of the King Salman Humanitarian Aid and Relief Center (KSrelief), and head of the medical team, expressed confidence in the success of the procedure, noting a 70% success rate.”

Al Rabeeah commended the Saudi leadership for its unwavering support of the program.” The successful separation of Hassana and Husaina exemplifies the Kingdom’s commitment to advancing medical science and extending compassionate healthcare on a global scale.”

It could be recalled, that the Kano twins, who arrived in Riyadh on October 31, 2023, underwent comprehensive examinations that revealed shared areas in the lower abdomen, pelvis, lower spine, and lower spinal nerves.”

Arise News

Nigeria demands $10 billion from Binance in damages

The Nigerian government has reportedly demanded a minimum of $10 billion from Binance amid the country's crackdown on the crypto exchange and a devaluation of the country's local currency.

The news comes from Bayo Onanuga, special adviser on information and strategy to the country's president, Bola Tinubu, in an interview with the BBC. Onanuga claims Binance profited from "illegal transactions" at the country's expense.

Binance is already under investigation in Nigeria, per multiple reports. “I am confirming that the office of the national security adviser, as part of ongoing operations in the foreign exchange market with the CBN and other law enforcement and security agencies, is coordinating an interagency investigation into the operations of Binance,” Zakari Mijinyawa, head of Strategic Communication at the Office of the National Security Adviser, reportedly told Premium Times.

Binance executives were also reportedly detained by Nigeria earlier this week.

The exchange reportedly removed Nigeria's currency, the naira, from its peer-to-peer service.

The Block reached out to Binance and will update this report.

By Adam James, The Block

Nigeria plans clampdown on Binance, other crypto firms