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Reps Summon Emefiele Over Forex Allocation

By Modupe Gbadeyanka

Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, has been directed by the House of Representatives ad hoc committee on the review of price of petroleum to appear before it in person to answer some questions.

Mr Emefiele is needed to explain how the apex bank allocated foreign exchange to oil marketers for importation of petroleum products into the country from 2015 till date.

Giving the order on Monday, Chairman of the ad hoc committee, Mr Raphael Igbokwe, said the CBN governor must come along with details of all beneficiaries of forex allocation from 2015 to date including the banks that process the money.

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He is also to come with criteria in accessing and allocating forex to the oil marketers.

The committee explained that Mr Emefiele was needed in person because his representative, Dr Alvan Ikokun, who is the bank’s Director of Financial Market Department, was not competent to answer the question.

The questioning comes as Nigeria Navy accused importers of diverting petroleum products meant for Nigeria to neighbouring countries and bring same back to the country because of multiple charges by government agencies.

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The representative of Nigerian Navy, Director Marine at Naval Headquarters, Navy Commodore Preston Efedue, informed the lawmakers  that, “I have asked the marketers one on one why they are discharging in Lome and not in Lagos, they said it was due to various charges being charged by the supervising agencies at the port are too numerous.”

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But the committee said it was working towards ensuring that Nigerians are not paying more than what they ought to pay for the petroleum product.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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