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CBN To Eliminate Forex Black Market

The Central Bank of Nigeria (CBN) is set to eliminate the foreign exchange black market in Africa’s biggest economy, the Minister of Finance, Mrs. Kemi Adeosun, said Tuesday. The naira trades, sometimes 40 per cent below the official rates, against the dollar. Commenting on the wide gap, Adeosun said the CBN has been mandated to scrap the damaging market, reported AFP. The central bank “has been directed to do this and CBN has promised to do something by putting a system in place to eliminate the black market because it’s damaging the economy”, Adeosun told a conference. A CBN spokesman, Isaac Okorafor, said the central bank was working towards “ensuring that the forex market operates as effectively as we would envisage”. He said the aim was to “ensure there is no black market” but did not give details of how this would be achieved. THISDAY, WEDNESDAY 21, DECEMBER, 2016. FRONTPAGE

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Sani Dangote Elected President Of NABG

The newly elected President of the Nigeria Agribusiness Group(NABG), Sani Dangote, said they are working on innovative financing and market price stabilization mechanisms to resolve the issues of supply security in the tomatoes sector. Speaking at the just concluded AGM of the body in Abuja recently, he said they are doing that to meet the market demands of food and beverage processors in Nigeria. Dangote said that was the reason the vice president, Prof Yemi Osinbajo, the Executive Director of Kano State and the Minister of Industries, Trade and Investments visited their out-grower farmers in Kano recently. Dangote, who is the Chairman of the NABG Executive Leadership Group(ELG) of the group was elected President, with Chief Emmanuel Ijewere, the CEO of Best Foods elected as Vice President. VANGUARD, WEDNESDAY 21, DECEMBER, 2016. PAGE 25

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Dangote Cooperative Records N134.95m Gross Earnings

The Staff Cooperative Multi-purpose Society Limited of the Dangote Group has reported N134.95m gross earnings for the 2015 financial year. The body recorded N188.82m gross earnings for 2014. It, thus, declared a total dividend of N41.8m to its shareholders for the financial year ended December 31, 2015. The President of the Co-operative, Mr. Afolabi Kamoru declared this to shareholders during its Annual General Meeting held in Lagos recently, saying that operating expenses, increased by 107.24 per cent to N50.4m, from N24.32m. THE PUNCH, WEDNESDAY 21, DECEMBER, 2016. PAGE 27