Banks to Take over Electricity Bill Collections President approves cost-reflective tariffs Obinna Chima, Dike Onwuamaeze, Nume Ekeghe in Lagos and Emmanuel Addeh in Abuja The Central Bank of Nigeria
(CBN) has directed deposit money banks (DMBs) providing bank guarantees to Nigeria Bulk Electricity Trading (NBET) Plc and the Transmission Company of
Nigeria (TCN) on behalf of the Electricity Distribution Companies (Discos) to take full responsibility for collections of the Discos’ bills. In addition, the banks
are also to charge of the remittances of the Discos to both NBET and TCN. This is coming as some financial market analysts yesterday commended the
decision by the CBN to end the age-long practice of forex exchange (FX) over-invoicing. The directive on electricity bill collections, whose implementation is with
immediate effect, was contained in a letter addressed to all banks, dated August 21, 2020, that was signed Continued on page 9
Sylva: PIB to Enthrone Indigenous Control of Oil Sector... Page 8 Wednesday 26 August, 2020 Vol 25. No 9270. Price: N250
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CBN Moves to Unveil, Prosecute Companies for FX Abuse, Over-invoicing Analysts hail new measures Obinna Chima In a bid to give teeth to its new policy coup against over-invoicing and forex overpricing, the Central
Bank of Nigeria (CBN) has begun moves to unveil and prosecute “buying companies” that had been engaged in the unwholesome practice, THISDAY learnt yesterday.
Its Economic Intelligence Unit and Nigerian Financial Intelligence Unit (NFIU), THISDAY gathered, are working with Interpol and the Federal Bureau of Investigation
(FBI) to uncover companies that had been engaged in the forex fraud. According to information available to THISDAY, the forex fraud is perpetrated
by these companies buying houses that are invoiced at inflated prices abroad, which they then offer to original equipment manufacturers (OEM). The companies then
go abroad to cream off the forex often at 40 to 60 per cent of the transaction amount. Many multinational Continued on page 10
Buhari Lists Economy, Poverty, Seven Others Top Priorities in Next Three Years Omololu Ogunmade President Muhammadu Buhari yesterday in Abuja listed nine policy issues that will be the major focus of the remaining three years of his administration. According to him, between now and 2023 when he will complete his second term of four years, he will channel time, energy and resources towards growing the economy, fighting poverty, improving access to quality education, healthcare and enhancing productivity, among others. Buhari, while receiving letters of credence from Ambassadors and High Commissioners of eight countries at the State House, Abuja, said the priority areas were geared towards dictating people-focused policy directions of the federal government in the next few years. “In our efforts to achieve a realistic domestic and foreign policy, as well as national development, we
have identified the following nine priority areas to guide our policy directions over the next few years," he said. A statement by his media adviser, Mr. Femi Adesina, listed the nine priority areas to include: building a thriving and sustainable economy; enhancing social inclusion and reduce poverty; enlarging agricultural output for food security and export; attaining energy sufficiency in power and petroleum products and expanding transport and other infrastructural development. Others are: Expanding business growth, entrepreneurship and industrialisation; expanding access to quality education, affordable healthcare and productivity of Nigerians; building a system to fight corruption, improving governance and creating social cohesion and improving the nation's security. Buhari said efforts were being made to sustain Nigeria’s Continued on page 9
PRECIOUS STONES FROM ZAMFARA... Governor of Zamfara State, Alhaji Bello Matawalle (left), and President Muhammadu Buhari during the presentation of some gold bars and precious stones from the state to the president in Abuja…recently
South-west States Reject FG’s Bid to Regulate Regional Security Agencies... Page 10