SATURDAY 14TH NOVEMBER

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NACCIMA, NECA, LCCI Seek Policies to Cushion Impact of Petrol Price Hike Dike Onwuamaeze in Lagos, Chuks Okocha and Emmanuel Addeh in Abuja and Ibrahim Shuaibu in Kano Anger and condemnation greeted the directives of the Pipeline and Product Marketing Company (PPMC) advising petroleum marketers

to sell Premium Motor Spirit, also known as petrol, within the range of N168 per litre to N170 per litre with effect from yesterday. The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), The Lagos Chamber of

Commerce and Industry (LCCI), the Nigeria Employers’ Consultative Association (NECA) and the opposition Peoples Democratic Party (PDP), all expressed anger and disappointment with the rise in the price. The LCCI and NECA, in separate interviews with

THISDAY urged the federal government to accelerate the implementation of pro-poor policies that would cushion the impact of deregulation of the prices of petroleum products on Nigerian masses. The Director General of LCCI, Dr. Muda Yusuf, told THISDAY that there

is an urgent need for the government to “cushion the effects of petrol price increases by scaling up investment in mass transit systems. Moreover, the power sector recovery programme should also be accelerated to reduce the dependence of Micro, Small and Medium Enterprises

(MSMEs) on petrol powered electricity generators.” Yusuf said these two areas of intervention would reduce the adverse impact of petrol price volatility on small businesses and the welfare of the citizens. He suggested that the Continued on page 5

Lagos, Bayelsa, Other Bye-elections Hold December 5… Page 15 Saturday 14 November, 2020 Vol 25. No 9350

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In Move to Enhance Financial System, Buhari Signs 2020 BOFI Act Regulatory and supervisory framework reinforced Credit tribunal emerges to improve loan recovery Ndubuisi Francis and Omololu Ogunmade in Abuja In a move aimed at enhancing

the reliability and resilience of the Nigerian financial system for sustainable growth and development of its economy,

President Muhammadu Buhari yesterday in Abuja assented to the Banks and Other Financial Institutions (BOFI) Bill 2020.

Senior Special Assistant to the President on Media and Publicity, Malam Garba Shehu, in a statement, said the bill

which has now become an Act of the National Assembly, repealed the extant Banks and Other Financial Institutions

(BOFI) Act of 1991, as amended. Continued on page 5

South-South Governors Meet Monday over Zamfara Gold Okowa: We cannot apply laws in such a manner that it becomes discriminatory; you cannot mine solid minerals somewhere in Zamfara and you won’t allow Niger Delta manage their oil Omon-Julius Onabu in Asaba It has now been confirmed that the six governors of the South- south region will meet in Port Harcourt, Rivers State, on Monday, under the umbrella of the Forum of South-South Governors, to discuss issues around the mining of gold in Zamfara State. A source close to one of the governors told THISDAY last night that all arrangements for the meeting had been concluded and that Governor Nyesom Wike is excited hosting the crucial meeting. “The governors are looking towards taking a common decision on the Zamfara gold issue on Monday. This decision will be forwarded to President Buhari. South-south states also want ‘artisanal’ mining of oil,” added the source.

Delta State Governor, Dr. Ifeanyi Okowa, had last Wednesday expressed worry at “federal government's apparent tacit endorsement of the decision of Zamfara State to assume exclusive right to solid minerals in the state, particularly the gold deposits.” Okowa then hinted that the South-south governors were planning a meeting over the issue and that they were unanimous on the need to address the constitutionality of the alleged Zamfara government's action. In a veiled reference to the federal government's support for "artisanal mining of gold", particularly with President Muhammadu Buhari’s inauguration of the Presidential Artisanal Gold Mining Development Continued on page 5

ICPC Chairman, Afe Babalola’s Son, 70 Others Elevated to SAN... Page 8

ARISE FASHION’S 30 UNDER 30… THE HUNT BEGINS The 25-member committee that will select the top 30 young and promising new designers ready to take on a post Covid–world at the ARISE Fashion Week 2020 has commenced the process for Africa's biggest talent hunt. Their choices will be unveiled on the 16 of November ahead See story on page 14 of the showcase at Lakowe Beach and Golf Resort, Lagos, to global acclaim on December 5-12, 2020.


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SATURDAY 14TH NOVEMBER by THISDAY Newspapers Ltd - Issuu