News
Forex Crisis: Arrest 5 Bank MDs Like Sanusi, APC Chieftain Urges Cardoso
A Chieftain of the All Progressives Congress, Ayo Oyalowo, has advised the central Bank governor, Olayemi Cardoso to be bold enough to arrest five prominent commercial bank managing directors and made them to face the full wrath of the law if he is ready to stop the free fall of the naira against the dollars, pound sterling, euros and Canadian dollars.
Oyalowo, who was on channels television current affairs programme, Politics Today, monitored in Lagos on Tuesday, said the CBN governor can not do ‘paddy paddy’ with the bank managing directors who are desirious to destroy the economy.
He said Cardoso must have the ‘balls’ to arrest at least five managing directors of the commercial banks involving in the round tripping like former CBN governor, Sanusi Lamido Sanudi did during his tenure to stem the tide.
“It’s because the bank has abdicated its responsibilities, which is why you have to go under the tree to do forex transactions.
“The under the tree Mallams are not the problem. The CBN must be ready to take on the bank executives to solve the free fall of the naira.
“What we have now is that we don’t have any board superintending the bank MDs.
“The MDs are very powerful, and the board can not control them.If the CBN is ready to take on the bank MD, they should talk to me privately. I’ll give them at least five names to arrest and prosecute,the problem will be solved.
“For instance, what economic activity is driving the value of the naira?”
“What are the banks doing now and declaring humongous profits?” He asked.
It will be recalled that a former chairman of the Peoples Democratic Party, Chief Olabode George, has also questioned the rationale behind the huge profits and stupendous wealth of some bank chief executive officers.
The PDP Chieftain said he is not convinced that the bank CEOs are doing normal commercial transactions.
By Kayode Sanni-Arewa
US President-elect, Donald Trump’s incoming administration plans to immediately order a series of deportation raids targeting illegal immigrants after his inauguration.
Chicago is expected to be the first major city targeted by Immigration and Customs Enforcement agents as part of Operation Safeguard, the New York Times reported, citing two people familiar with planning the undertaking.
The massive deportation operation is expected to target criminals and gang members in the United States illegally and run for one week.
Trump has promised to conduct the largest deportation program in U.S. history.
Up to 200 ICE agents are being sent to Chicago to help kick off the operation on Tuesday, the Wall Street Journal reported. The agency has already asked agents to volunteer for the post-inauguration raids.
“There’s gonna be a big raid across the country,” Tom Homan, who will be in charge of U.S. borders once Trump takes office, told Fox News in an interview.
Homan has previously said he will instruct ICE agents to carry out raids on illegal immigrants at their workplaces.
In addition to Chicago, the sweeping crackdown will also target other major U.S. cities with large immigrant populations.
Trump is set to take the oath of office on Monday, January 20, in an inauguration that will take place indoors.
By Kayode Sanni-Arewa
A faith-based civil society organization, CSO that monitors and reports on Hajj and Umrah activities, the Independent Hajj Reporters, IHR, has commended the National Hajj Commission of Nigeria, NAHCON, for selecting a different Saudi-based Hajj service provider for the 2025 Hajj season.
It said the decision would create healthy competition among service providers interested in efficiently, qualitatively, and satisfactorily serving Nigerian pilgrims.
The CSO, in a statement signed by its National Coordinator, Malam Ibrahim Muhammed, in Makkah, Saudi Arabia, and made available to our correspondent on Sunday in Abuja, said the quest for improved Hajj services has been a major challenge for Nigerian pilgrims owing to the repeated failure of providing satisfactory services.
”We applauded the decision to pick another service provider that will cater for the needs of pilgrims within the Masha’ir areas during the five days of Hajj,” he said
The national coordinator, who is currently in Saudi Arabia to monitor the pre-Hajj arrangements, said available information shows that the new company, Mashariq Al Dhahabia, is an experienced provider that has served top-rated Hajj countries, like Indonesia and Malaysia, and ranked among the top five Hajj service providers by the Saudi Arabia Ministry of Hajj and Umrah.
“The company served 249 706 which is the largest number of Hajj pilgrims during the 2023 hajj. They were awarded as the Best Hajj Service Providers during the 2022 Hajj by the Saudi Ministry of Hajj and Umrah,” he stated.
IHR said it further understood that NAHCON is planning to recruit another service provider to provide services for very important personalities, VIP pilgrims so as not to repeat the experience of previous years, which is also a desired step forward.
It, however, urged NAHCON to set a parameter of performance for the newly selected service providers to serve as a baseline for determining continuous patronage, advising that such criteria should be based on pilgrims’ satisfaction and adherence to contractual terms.
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