Daily Watch – Fertiliser joins restricted list, JK pledges to open Lagos waterways

Following the Monday publication of a letter purportedly written by the former Chairman of Diamond Bank, Oluseyi, Bickersteth, to key shareholders and stakeholders in the industry, detailing alleged corporate governance abuse by some key elements of the bank, including the CEO, Uzoma Dozie, the shareholders have begun to panic for their investment in the financial institution. This is in addition to the recent developments surrounding the bank, including moves to allow Access Bank takeover it as also highlighted in the letter. Diamond Bank had earlier denied the take-over report. The shareholders, however, called on the relevant authorities to quickly take decisive steps to avert another loss of investment.

The CBN has added fertiliser to the list of 41 import items classified as ‘not valid for foreign exchange’ in the Nigerian forex market effective from December 7, 2018. This was stated in a circular titled ‘Inclusion of some imported goods and services on the list of items not valid for forex in the Nigerian forex market,’ released Monday by the bank. The regulator however, added that it would ensure that transaction (Form M) on fertiliser “for which payments are outstanding are settled at the appropriate settlement dates.” Recall that on July 1, 2015, the regulator restricted the availability of foreign exchange to 41 items which could be competitively produced within the economy.

The Transmission Company of Nigeria has suggested that the FG and multilateral agencies’ investment on the expansion of the country’s power transmission grid will be meaningless if DisCos, failed to adequately invest in distribution assets by recapitalising. Managing Director, Transmission Company of Nigeria, Usman Mohammed, said that only 18 customers are connected directly to the TCN network. However, the FG and multilateral agencies’ investment on electricity transmission under the Transmission Expansion Rehabilitation Programme had risen to $1.63 billion.

Candidate of the PDP in Lagos State for the 2019 governorship election, Jimi Agbaje, as part of his campaign manifesto, has promised to boost the state’s economy by attracting investment into the abundance of water that surround the state. Agbaje said he will look critically into his blue economy policy to make more money for the state and create several job opportunities for residents. Agbaje said opening the water transport system would cause a boom in the life-jacket manufacturing sector, boat-making sector, fisheries and many others businesses that have connection with water.