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China to probe use of foreign currency in trade finance

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BEIJING – Chinese regulators will clamp down on banks’ and companies’ use of foreign currency for trade finance by ensuring that trade deals are authentic and by monitoring for unusual cross-border cash flows, state media reported.

The report did not specify the illegal activities targeted by the State Administration of Foreign Exchange (SAFE) in the clampdown. China is in the midst of an effort to quell currency speculation, however.

foreign currenciesBanks have not fulfilled a duty to carry out their own investigations into the use of foreign currency, prompting SAFE to carry out its assessments and punish institutions accordingly, Xinhua reported on Saturday.

According to SAFE, the authenticity and compliance of long-term trade financing will be a particular focus of the crackdown, the report said.

Penalties for any illegal activity will be increased, Xinhua said.

The foreign exchange reserves of China’s central bank recently reached their highest level since January 2008 as a result of the rising value of the renminbi, Chinese policy reforms and market expectations that the U.S. Federal Reserve will soon start curbing monetary stimulus, Xinhua said.

– REUTERS

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Court Restrains CBN, Other Agencies From Withholding Kano LG Allocations

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A Kano State High Court has ruled in favor of the 44 Local Government Areas (LGAs) in the state, issuing a perpetual injunction that restrains the Attorney General of the Federation (AGF), the Central Bank of Nigeria (CBN), the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), and other key bodies from withholding or delaying their monthly allocations.

The case, which was filed by the Chairman of the National Union of Local Government Employees (NULGE), Ibrahim Muhd, and others including Ibrahim Uba Shehu, Ibrahim Shehu Abubakar, Usman Isa, Sarki Alhaji Kurawa, and Malam Usman Imam, sought to prevent delays in the disbursement of essential funds required for local governance in Kano.

Their counsel, Bar. Bashir Muhammad, filed an ex-parte motion on November 1, 2024, arguing that the withholding of allocations would harm the functioning of the LGAs.

SEE ALSO: SERAP Orders CBN To Withdraw Illegal, Unfair ATM Transaction Fees Within 48 Hours

In his judgment, Justice Ibrahim Muhammad ruled in favor of the applicants, affirming that they had made a strong case for the disbursement of the funds.

“I resolve in the affirmative that all the reliefs sought by the applicants are granted,” Justice Muhammad stated, referring to a Supreme Court ruling in Attorney General of Abia State and 35 others (SC/CV/343/2024) as the basis for his decision.

The court emphasized that the AGF, CBN, and RMAFC must ensure that the monthly allocations are duly disbursed to the 44 Kano LGAs in line with the 2022 Kano State Local Government Council Electoral Laws.

Justice Muhammad declared that withholding these allocations would be a violation of the constitutional rights of the people living in these areas, citing sections of the 1999 Constitution of Nigeria and the African Charter on Human and Peoples’ Rights.

Counsel for the applicants, Bar. Bashir Muhammad, argued that withholding the funds would prevent the LGAs from fulfilling their duties and serving their communities effectively.

Counsel for the 44 LGAs, Ibrahim Isa-Wangida, representing Eyitayo Fatogun, SAN, expressed no opposition to the application, highlighting the importance of uninterrupted allocation disbursements.

However, CBN’s counsel, Ganiyu Ajape, filed a preliminary objection, urging the court to strike out the CBN from the case, asserting that it had no jurisdiction in the matter.

Similarly, legal representatives for United Bank for Africa (UBA), Keystone Bank, and Guarantee Trust Bank sought to have their clients’ names removed from the suit, claiming no involvement in the allocation process.

Despite these objections, Justice Muhammad ruled in favor of the applicants, reinforcing that the AGF, CBN, and RMAFC are legally bound to ensure the proper and timely distribution of funds to the 44 LGAs, marking a significant victory for local governance in Kano.

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Dangote Group Loud At 46th Kaduna Int Trade Fair

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. . . Tinubu Applauds DIL

The Federal Government has added to the Dangote Group’s loud presence at the ongoing Kaduna International Trade Fair, by declaring that the conglomerate has a pivotal role in Nigeria’s push towards industrialization.

Acting Permanent Secretary in the Ministry of Industry, Trade and Investment, Dr. Dafang I. Sule, who represented President Bola Ahmed Tinubu and the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, thanked the company for “doing a good job” in Nigeria.

Biztellers reports that the Dangote Group is one of the sponsors of the 46th Kaduna International Trade Fair, declared open by President Tinubu on Saturday.

ALSO READ: Edo Pitches EFFC Against Obaseki, PDP Leaders In N96bn LG Fraud

The Federal Government’s accolade came on the heels of numerous commendations from stakeholders around the world.

Dr. Sule also informed participants that his ministry has been partnering with the Dangote Group to drive government policies and programmes, one of which is the Backward Integration Programme.

“The quality of Dangote products is not in doubt and that is why people patronize them. You can see that the company is growing every day. I think it is doing a very good job,” he added.

Meanwhile, the Kaduna Chamber of Commerce, Industry, Mines, and Agriculture (KADCCIMA) has acknowledged its partnership with the company, describing it as the unique selling point, and a major competitive advantage of the 46th Kaduna International Trade Fair.

The Director General of the Chamber, Usman Saulawa, defined the Dangote Group as a conglomerate that is helping to drive the Nigerian economy.

According to him, the company has not only made a significant positive impact on the business community in Kaduna State but has also contributed immensely to the growth of both the Nigerian, and global economy.

He pointed out that no fewer than five countries are participating in the fair that has as its theme: Promoting Efficiency in Manufacturing, Trade, and Agriculture through Digital Transformation.

He added, “Our selling point is the joint collaboration and full involvement of Kaduna State Government, Dangote Group and other companies.”

The Director General hailed the symbiotic partnership between KADCCIMA and the Dangote Group, commending Aliko Dangote, the Group’s President, as an unwavering benefactor of Chamber.

He said through the consistent sponsorship and participation of its Strategic Business Units; the Dangote Group has supported economic development in the state.

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Shell Outlines Steps To Boost Local Content In Oil & Gas Operations

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Shell reiterates commitment to lower CO2 emissions in Nigeria

 

With the belief that strategic partnerships, capacity building and adherence to regulations would help Nigeria to derive more value from the participation of local business in such operations, Shell has identified key enablers for boosting local content in the oil and gas industry.

The remark was made by the General Manager, Nigeria Content Development of The Shell Petroleum Development Company of Nigeria Limited (SPDC) Olanrewaju Olawuyi, at a panel session on “on “Local Content Private Sector” at the ongoing Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) in Lagos.

Drawing lessons from the experience of Shell Companies in Nigeria, Olawuyi said it was necessary to encourage indigenous companies to form partnerships to deliver major work scopes. “By awarding contracts worth $1.98 billion to Nigerian businesses in 2023, Shell has bolstered the capabilities of local firms, enabling them to become regional contractors,” he said.

ALSO READ: NCDMB, Starzs Gas, Upbeat About Industrialisation At Integrated CNG Project Groundbreaking Ceremony

According to him, there is also the need to improve the expertise of local companies through training and provision of resources. “At Shell, we have implemented projects like the Nigerian Diving school to increase divers capacity in Nigeria, domestication of 3D printing technology and research work to develop synthetic base fluid for drilling. These are among many efforts to develop the capacity of suppliers.”

He said compliance with local content policies was essential as this had helped to ensure Shell’s operations benefit the local economy while at the same time fostering trust and collaboration with host communities.

Olawuyi explained that “Shell has learnt that the local content race is not a sprint, but a marathon and it makes a lot of business sense and creates value long term. As the energy sector evolves, local content strategies will shift from simple compliance to value-driven partnerships, technology adoption, and sustainable economic impact. Companies that invest in innovation, digital transformation, and workforce development will lead in shaping the next phase of local content growth.”

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