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Don’t transact in dollar – EFCC warns schools, hotels, others
The Economic and Financial Crimes Commission (EFCC) has issued a stern warning to schools, supermarkets, hotels, and other entities operating in Nigeria, cautioning them against the practice of charging for their services in foreign currencies, particularly the dollar.
Ola Olukoyede, the Chairman of EFCC, conveyed this message in the latest edition of the commission’s monthly e-magazine, which was released on Monday. Olukoyede emphasized that the commission would not hesitate to prosecute individuals found engaging in the act of dollarizing the economy.
Olukoyede further stressed that any individual or entity found accepting payment in dollars for goods or services would face legal consequences in accordance with Nigerian laws. He asserted that the EFCC would actively pursue legal action against schools, supermarkets, hotels, real estate developers, and other businesses that transact in dollars instead of the local currency, the naira.
“We have already commenced securing convictions. Whether it’s schools charging Nigerians in dollars, supermarkets conducting transactions in dollars, real estate developers selling property in dollars, or hotels issuing invoices in dollars, we are taking decisive action,” Olukoyede stated.
He clarified that while it is permissible for foreigners to use their credit cards and dollars for transactions when entering the country, using the dollar as the primary medium of exchange within the local economy is illegal and against Nigerian law. Olukoyede emphasized the importance of proper documentation for such transactions.
“Our legal framework does not permit such practices. We have already made arrests in this regard,” Olukoyede affirmed.
Dangote Refinery has announced that it will need to export 95-97 percent of its Premium Motor Spirit (petrol) due to low interest from Nigerian marketers. The refinery, which processes 650,000 barrels per day, revealed that only 3 to 5 percent of petrol marketers are purchasing its fuel.
Devakumar Edwin, Vice President of Oil and Gas at Dangote Industries Limited, shared these details during an X Space session hosted by Nairametrics on Wednesday. He highlighted the challenges facing both the Dangote Refinery and Nigeria’s oil and gas sector.
Edwin explained, “I’m selling 2 to 3 percent to small traders who are willing to buy, while the remaining 95 to 97 percent has to be exported,” referring to the local sales of the refinery’s products.
This situation arises as the NNPCL’s deadline for adjusting the Dangote Refinery’s fuel distribution approaches without a clear plan in sight. It is worth noting that while Aliko Dangote, President of Dangote Group, has announced the refinery’s initial petrol rollout, its distribution to marketers is contingent upon NNPCL’s decisions.
The final sixteen teams for the 2024 FIFA U-20 Women’s World Cup in Colombia have been determined following the conclusion of the group stage.
In recent matches, Ghana triumphed over New Zealand with a score of 3-1, and Japan secured a 2-0 victory against Austria.
As a result, Japan has advanced to the Round of 16, joining the other 15 teams in this knockout stage.
The Round of 16 matches are scheduled for Wednesday, Thursday, and Friday.
The full lineup for the Round of 16 is as follows:
- Spain vs Canada
- Brazil vs Cameroon
- Colombia vs South Korea
- Mexico vs USA
- North Korea vs Austria
- Germany vs Argentina
- Netherlands vs France
- Japan vs Nigeria
The Nigerian Army has refuted claims of widespread resignations among its soldiers due to issues like corruption and low morale.
In a statement, Major General Onyema Nwachukwu, Director of Army Public Relations, dismissed these reports as unfounded.
A news outlet had alleged that numerous Nigerian soldiers were resigning because of corruption and low morale. However, the statement condemned these allegations as misleading and a deliberate attempt to create discontent and undermine the Nigerian Army’s reputation and the dedication of its personnel.
Major General Nwachukwu clarified that, similar to other military organizations worldwide, service in the Nigerian Army is voluntary rather than mandatory. This means that personnel have the freedom to resign following established procedures.
He explained that the resignation process allows personnel to prepare and manage their entitlements, including pensions and gratuities, as outlined in the Harmonized Terms and Conditions of Service (Officers/Soldiers).
Contrary to the report’s implications, the statement emphasized that Nigerian Army personnel are highly motivated, and their welfare is a priority under the leadership of Chief of Army Staff, Lieutenant General Taoreed Lagbaja.
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