Saturday 29th July 2017

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Relentless CBN Pumps $462m into Forex Market Nigeria not ready for industrialization, says Renaissance Capital Senate C’tee hails apex bank on moves to check Fx leakages in Customs Obinna Chima and Damilola Oyedele In line with its aggressive foray into the foreign exchange (forex) market as well as to further enhance forex flow in the economy, the Central Bank of Nigeria

(CBN) yesterday intervened in the market with the total sum of $462,336,426.74. This is coming on the heels of a report by the Chief Economist at Renaissance Capital, Mr. Charles Robertson which expressed concern that policy

makers in Nigeria were not ready for the industrialisation of the country. A breakdown of the forex intervention figures obtained from the bank indicated that the Retail Secondary Market Intervention Sales (SMIS)

received the largest allocation of $267,336,426.74. The CBN also offered $100,000,000 as wholesale interventions, while $50,000,000 was allocated to the small and medium enterprises (SMEs) forex window.

Those requiring foreign exchange for Business/Personal Travel Allowances, tuition and medical fees, among others, got a total allocation of $45,000,000. With yesterday's forex supply, the total intervention made by the CBN for the week came to

$657,336,426.74. Confirming the figures, the Acting Director of the Corporate Communications Department, Mr. Isaac Okorafor, said the leadership of the CBN was impressed Continued on page 9

Lagos to Produce 2.6m Bags of Rice/Annum, as Ambode Acquires 32 tons Mill from Switzerland.. Page 10 Saturday 29 July, 2017 Vol 22. No 8136 Price: N250

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Fashola Blinks, Apologises to Lawmakers over Budget Row I didn't intend to incite Nigerians Maintains no money released for Niger Bridge James Emejo in Abuja The war of words raging between the minister of Works, Power and Housing Babatunde Fashola and the National As-

sembly ended yesterday in a dramatic manner, with the minister tendering his apology to the law makers for his recent alleged disparaging remarks about them over their powers

to alter projects in budgets. In a humuliating clampdown, he said he had been quoted out of context by the media, confirming THISDAY's report that he's likely to blame

journalists for his ordeal with lawmakers. The minister, who appeared before the House of Representatives Investigative Committee on Breach of Privilege, Violation of

Appropriation Act and Incitement of the Nigerian Public, refused to take responsibility for what was published in newspapers, describing the reports as misrepresentation

from the interview he earlier granted. Fashola was quoted as saying legislators had stark and worriContinued on page 9

Northern Governors Set Up Committee On Restructuring Atiku: UK ban on diesel, petrol cars makes it now more urgent Says Nigeria risks being bypassed by the global economy Eastern Consultative Assembly, others threaten civil disobedience, election boycott

Onyebuchi Ezigbo in Abuja, Emmanuel Ugwu in Umuahia and John Shiklam in Kaduna The Northern States Governors Forum (NSGF) yesterday in Kaduna constituted a high-powered committee to collate views and comments on the state of the nation, with specific reference to the current agitations for the restructuring of the country. This is coming on the heels of the statement by former Vice President, Atiku Abubakar that the move by the United Kingdom and other developed countries to ban petrol and diesel cars by 2040 had given credence to his earlier warning that Nigeria must restructure now or risk being bypassed by the global economy. At the end of the Northern

governors’ meeting held at the Government House, Kaduna, the Sokoto State governor, Aminu Tambuwal was picked to head a 12 member committee to collate views on the agitation for restructuring of the country

from individuals, groups and corporate organisations in the North. The committee, according to a communique issued at the end of the meeting, is to come up with acceptable, tenable

and sustainable position for the northern region in consonance with the provisions of the 1999 Constitution, taking into cognizance, the current constitutional amendment process going on at the National Assembly.

The communique signed by the Chairman of the NSGF and governor of Borno State, Kashim Shettima, said other members of the committee include the governors of Nasarawa, Gombe, Benue, Bauchi and Kaduna states

as well as the Emirs of Kano, Zazzau (Zaria), Gummi, the Etsu Nupe and the Gbong Gwom Jos while the Deputy Governor of Continued on page 9

PDP Chairman, Makarfi AT LAST Survives Auto FREE L-R: Commissioner of Police, Lagos, Fatai Owoseni; Lagos State Deputy Governor, Mrs. Oluranti Adebule; the released Igbonla Model College students; Ondo State Deputy Governor, Alfred Crash ...Pg 53 Agboola and Governor Rotimi Akeredolu during a media briefing in Alausa, Ikeja ...yesterday 65 Days After, Kidnapped Lagos School Students Released in Ondo ... Page 10 LASEMA


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Saturday 29th July 2017 by THISDAY Newspapers Ltd - Issuu