Skip to main content

CBN Freezes 15 Textile Smugglers Accounts


 The Central Bank of Nigeria (CBN) has frozen the accounts of 15 textile smugglers across the country.

Deputy Governor Corporate Services of the CBN Mr. Edward L. Adamu made this disclosure at a stakeholders meeting of Cotton, Textile and Garment (CTG) associations in Abuja on Thursday.

Adamu noted that CBN’s intervention in the Cotton, Textile and Garments (CTG) industry is in full swing and has recorded significant progress.

Some of the achievements, he said, include: over ₦120billion invested across CTG value chain; over 320,000 farmers financed between 2018-2020 and expected output for seed cotton in 2020 is projected to be over 300,000 metric tons.

All these, he said, is expected to enhance the production capacity of the ginneries in producing over 102,000 metric tons of cotton lint which in turn will meet and surpass the cotton lint requirement of the Textile Industries.

Currently, Nigeria’s domestic demand for cotton he said: “is met through local production, thereby halting importation of cotton for the textile industry, Increase in capacity utilization of ginneries as the ginneries now operate throughout the year, compared to six (6) months in recent past.”

In addition, he said 19 ginneries have been resuscitated across the country; and more are expected to join this year.

Speaking to journalists at the meeting Mr. Philip Yusuf Yila, Director Development Finance of the CBN, said the apex bank is “working with the textiles through the Bank of Industry to see how we can retool them and take the ginneries to the textile”

He revealed the “CBN is really collaboration with all the agencies and the Customs. The biggest challenge is people smuggling textiles and garments. As you are aware a lot of them have had their accounts blocked. As restitution, we are telling them to go patronize the local textile factories”.

With regards to uniform services patronizing local textiles, Yila stated the CBN is “working with them. We have taken them to all the textile companies to see that the quality meets their standard.

“This year we are looking at over 300,000 tonnes of seed cotton that will be ginned into lint that will be taken to the textile companies and then we will work with the uniformed services to off take them.”

Comments

Popular posts from this blog

EndSARS: Protesters In New York Want SARS Operatives Sacked

 Hundreds of young anti-SARS protesters on Sunday stormed the Nigeria House in New York demanding transparency in the disbandment of the police unit back home. The protesters said operatives of the Special Anti-Robbery Squad found wanting should be sacked and not redeployed. Among them was Stephen “Papi” Ojo, the artist, model, and choreographer who stole the show as the ‘blue-guy’ in Beyoncé’s “Already” music video. The protest started shortly after the Inspector-General of Police, Mohammed Adamu, announced the dissolution of the Federal Special Anti-Robbery Squad. Adamu also announced plans for a new arrangement to address anticipated policing gaps following the disbandment, and the constitution of an investigative team to probe the alleged cases of rights violations, among others. But the protesters, who bore placards with different inscriptions including, “We no want audio ban”, said they were not buying it. They argued that previous commitments announced by the force to change...

Open grazing ban in South irreversible, Akeredolu replies Malami

  The Ondo State Governor, Rotimi Akeredolu, has tackled the Attorney General of the Federation and Minister of Justice, Mr Shehu Malami, for faulting the ban placed on open grazing in the Southern part of the country. The Southern Governors had at a meeting in Asaba last week banned open grazing and asked the President, Major General Muhammadu Buhari (retd.), to address the nation over the increasing rate of insecurity in the country. However, Malami who appeared as a guest on Channels Television on Wednesday faulted the ban, arguing that the governor had no right to do that. Akeredolu, who is the Chairman of Southern Governors’ Forum, spoke in a statement he personally signed on Thursday, titled, ‘ Our decision is irreversible and will be enforced ’. He asked the AGF to challenge the governor’s position on open grazing in court, adding that Malami’s comments were “ unfortunate and wicked ”. Part of the statement read, “I have just read the press statement credited to the Attorney...

Biden Announces Purchase Of 200M Vaccine Doses

  President Joe Biden announced a series of measures on Tuesday aimed at ramping up coronavirus vaccine allocation and distribution, including the purchase of 200 million more vaccine doses and increased distribution to states by millions of doses next week. With those additional doses, Biden said there would be enough to fully vaccinate 300 million Americans -- nearly the entire US population -- by the end of summer or early fall. He described efforts to combat Covid-19 as a "wartime undertaking." We now have a national strategy to beat Covid-19. It's comprehensive. It's based on science, not politics. It's based on truth, not denial, and it is detailed," he said. As part of the new efforts announced Tuesday, the US will buy 100 million more doses from Pfizer/BioNTech and 100 million more from Moderna -- the two-dose vaccines that have been granted emergency use authorization by the US Food and Drug Administration. Pfizer and Moderna are working to step up p...