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Reckitt Benckiser to Open Africa Largest Redistribution Centre in Ogun



The Vice President, Africa Reckitt Benckiser, Mr Ata Sadfar has hinted that the company would soon open its largest Africa redistribution centre in Ogun state, following the prevailing conducive environment for doing business in the state.

The Vice President made this disclosure during a courtesy visit to the state governor, Sen. Ibikunle Amosun, as part of activities commemorating the World Health Day celebration in Abeokuta, at the weekend.

Sadfar, who was apparently responding to the request of the governor on creating more presence of the company in the state, said Africa remained one of the major strategic continents that it is willing to invest in.

To him, “We are committed to changing the lives of the people here we are working very closely with the government in the area of health and hygiene.

“Reckitt Benckiser is a global pioneer health and hygiene that operates in 80 countries of the world and its products are present in over 200 countries of the world.

“Africa is one of our major strategic continents that we like to invest in. We are committed to changing the lives of the people here and we are working very closely with the government in the area of health and hygiene.

Sadfar noted that “The greatest significance for us here is that we see Nigeria as the number one country in Africa. We believe that Nigeria will certainly shine as the number one country in Africa. With this we have been focusing proportionately in Nigeria and I think one of the key things here is that Ogun State critically important for us because our factory is based in the State and the business-friendly policies and the pioneering policies of the State have reached far and wide in the world and we really appreciate the leadership of the Governor, Senator Ibikunle Amosun.

“As we speak we are building the largest distribution centre in Africa in our factory in Ogun State,” he said.

The Group Managing Director (GMD), Rahul Murgai said the company had touched the lives of over five million mothers and five million school children in the last few year, saying, “We go to schools and we meet expectant mothers with a message of good health and hygiene and we are talking to them about basic things like washing their hands, ensuring that they maintain good sanitation around their schools and toilet hygiene.

Our larger objective is to ensure that this nation becomes more hygiene and healthier and the nation is able to prosper even more. We have partnered with the Ministries of Health of several States. We use these children to pass across our message of hygiene.

The company chairman, Chief Olu Falomo said the company was proud of the achievements of the State, “mostly we are proud of the support you are giving to industries. One day other states will act like this for this country to develop.

“We have been in Ogun State for quite some time. We are very responsible but quite corporate organisation and we have been playing our role very creditably. We will always cooperate with the government.”

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Naira Crashes, Now Exchanging At N412 For A Dollar



The Nigerian Naira plunged further in value on Monday March 30, as it exchanged at N412 for a dollar following a temporary suspension of sale of forex to the Bureau De Change operators in the country by the Central Bank of Nigeria.

Recall that the apex bank had pegged the exchange rate of the Naira at N380 to the dollar, a move it insisted was not a devaluation of the Nigerian currency.

The CBN however granted the Association of Bureaux De Change Operators of Nigeria its request of going on holiday due to challenges in the local and global economies over the coronavirus pandemic.

While the Naira has crashed in its value due to the low price of crude oil in the international market in recent times, BDC operators have disclosed that there has been a drastic decline in demand for forex due to the impact of coronavirus on the economy. The financial market stakeholders also disclosed that businesses are down and many people are not travelling.

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Naira Crashes In Value, Dollar Sells For N420



On Thursday, the naira exchanged between N405 and N420 to a dollar in the Bureau De Change segment of the market, Punch reports

The President, Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, said the crude oil price which fell drastically in the international market to as low as $35 per barrel, raised speculations among the BDC operators and Nigerians in general.

He said this caused speculations in the market which were not necessary.

Gwadabe said, “With the fall in oil crude oil prices on Monday, we witnessed a lot of foreign investors portfolio dropping their assets, most especially to convert to cash.

“The movement was as a result of recklessness on the side of the operators, when they want to speculate, but there is no reason for such because the Central Bank of Nigeria had continued to maintain support for liquidity to the BDC sub-sector.”

While noting that the dollar sold for as high as N400, he said sanity was gradually returning to the sector as it sold for N375 by the close of the day.

According to him, the CBN had maintained stability at N360 in more than three years.

He said in its meeting with the CBN on Thursday, the regulator warned the BDCs against contraventions.

The ABCON president disclosed that the CBN wanted to revoke the licences of some BDCs for various infractions but fined over 100 BDCs over N5m for various offences.

Another BDC operator who spoke with our correspondent said, “When we woke up on Monday, the exchange was still about N360, but all of a sudden, because of the fall in crude oil price, people were panicky.

“Today, we still sold for up to N420 but the price was fluctuating.”

The CBN also expressed its displeasure on the issue in a statement, saying the speculative activities of unscrupulous players in the foreign exchange market was borne out of the impression that the CBN was on the verge of devaluing the Naira, and triggering panic in the FX Market.

“These rumours are false, unwarranted and calculated to serve their dubious and selfish ends,” it stated.

It added, “We have begun a robust and coordinated investigation in collaboration with the Nigerian Financial Intelligence Unit and related agencies to uncover the unscrupulous persons and FX dealers who are creating this panic, and the full weight of our rules and regulations will be meted out to them, including, but not limited to, being charged for economic sabotage.”

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N2.5trn Financing For One million Farmers On The Way



Commodities Exchange Limited has initiated moves to raise N2.5 trillion for 1 million farmers in the next five years.

Addressing journalists at the Memorandum of Understanding (MoU) signing ceremony in Abuja on Wednesday, Chief Executive Officer of AFEX, Ayodeji Balogun said “AFEX is on a path to building Africa’s second commodities derivative market,

The MoU was signed between AFEX, FMDQ and Dubai Gold and Commodity Exchange (DGCX).

Ayodeji Balogun noted that this partnership sets the tone for that journey.

He noted that AFEX develop product innovations that will unlock a wider range of products that are able to be traded within Nigeria’s capital markets to promote broad-based wealth creation that’s accessible to every Nigerian.

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