Central Bank Assures on Integrity of Valid CCIs Obinna Chima The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, yesterday allayed concerns over the sanctions meted out on MTN Nigeria and any worry by foreign investors
on the integrity of Certificates of Capital Importation (CCIs) already issued. Emefiele, who spoke to THISDAY in China, assured the investment community, both local and international, as well as all financial institutions that it would
continue to honour and maintain the integrity of all valid CCIs, except those in violation of the extant laws and regulations of the Federal Republic of Nigeria, including the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995, and the
Foreign Exchange Manual, 2006. A CCI is a certificate issued by a Nigerian bank confirming an inflow of foreign capital either in the form of cash (loan or equity) or goods. The CBN last week slammed a fine of N5.87 billion on four
banks over the violation of extant laws and regulations of the Federal Republic of Nigeria, including the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995, and the Foreign Exchange Manual, 2006. Also affected was MTN
Nigeria, which the CBN directed to immediately refund $8,134,312,397.63, which was illegally repatriated by the telecoms company, to the coffers of the bank. Continued on page 8
At FOCAC, China Unfolds Fresh $60bn Financing for Africa
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APC Governors Explain Reservations over Direct Primary “The absence of a credible register of members and time limitation make the policy unrealistic and unworkable” Segun James Contrary to general belief, All
Progressives Congress (APC) governors are not opposed to direct primary for the selection
of candidates for the 2019 general election, some of them told THISDAY yesterday.
Rather, they are of the opinion that while direct primary will entrench internal democracy and
help to mobilise the rank and file of the party for the general election, time was too short for
it to be effectively and credibly Continued on page 8
Card Reader in Jeopardy, Buhari Rejects Electoral Act Amendment Bill Again PDP urges N’Assembly to override veto Iyobosa Uwugiaren, Deji Elumoye, Omololu Ogunmade, Adedayo Akinwale in Abuja President Muhammadu Buhari has for the third time vetoed the Electoral Act Amendment Bill 2018, putting in jeopardy the mandatory use of card readers and electronic transmission of results, the alteration proposals provided to engender a more transparent electoral process for the country. The president’s decision to veto the bill was announced yesterday by his Senior Special Assistant on National Assembly Matters, Senator Ita Enang, after keeping the country in suspense for several days. Enang said in a statement that Buhari’s decision was
contained in a letter dated August 30, 2018 addressed to the National Assembly. According to him, the president withheld assent to the bill because the federal legislators failed to effect the earlier observations he asked them to review. The veto drew the ire of the main opposition Peoples Democratic Party (PDP) yesterday, which said it was obvious all along that the president would not sign the bill because some of its provisions would inhibit the capacity of the All Progressives Congress (APC) to compromise the 2019 general elections. Enang stated that Buhari in his preparedness to assent to Continued on page 6
Gunmen Kill 13, Injure 12 in Fresh Plateau Attack … Page 6
LEADING THE CHARGE… National Chairman of the Peoples Democratic Party (PDP), Prince Uche Secondus (left), and Senate President Bukola Saraki, during the inauguration of PDP National Campaign Council for the 2018 Osun governorship election in Abuja… yesterday.