House to Summon Emefiele over Restrictions on Domiciliary Accounts

Governor of the CBN, Mr. Godwin Emefiele

To quiz DPR over tank farm licensing
Damilola Oyedele in Abuja 

The House of Representatives has invited the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, to provide clarification on the apex bank’s recent policy which places restriction on the acceptance of dollar deposits by commercial banks in the country.

The House has also scheduled as session to quiz the Department of Petroleum Resources (DPR) on the issue of tank farm licensing.

The lawmakers at plenary, on Tuesday resolved to summon Emefiele to properly explain the apex bank’s  policy directing commercial banks to reject foreign currency deposits by Nigerians.

A motion sponsored by Hon. Emmanuel Ekon (Akwa Ibom, PDP) noted that the policy is already causing hardship for Nigerians.

He expressed worry that the CBN had not created alternative avenues to address the fears of parents who wish to remit money abroad for their children’s education or for manufacturers placing orders for goods abroad.

The lawmaker recalled that THISDAY, on August 4, 2015 had reported that “some manufacturers and financial market analysts have expressed divergent opinions on the Central Bank of Nigeria’s foreign exchange policy as well as the decision of commercial banks to reject foreign currency deposits.”

The lawmakers also waded into the seemingly insurmountable traffic situation in Apapa, Lagos, with its resolution to summon the Department of Petroleum Resources (DPR) to explain why the condition for grant of licenses which included that tank farms are located outside the metropolis was not adhered to.

It accused oil marketers of flouting the criteria under which they were granted licenses by citing their oil tank farms within the locality, and not providing adequate parking spaces for their articulated vehicles within the ports.

The resolution, which includes constituting an adhoc committee on the matter, followed a motion sponsored by Hon. Ayodeji Adebayo Joseph (Lagos APC) at plenary on Tuesday.

Joseph noted that the deplorable condition of the road leading to the port, combined with the recklessness of the drivers of the articulate vehicles who park carelessly along the road, worsens the already chaotic traffic situation in the area. This, he added, results in loss of productive time by people stuck in the gridlock.

The lawmaker noted that the proximity of the Apapa Port to Mile 2, Ijora and its environs has heightened commercial activities in the areas,leading to the gridlock.

The lower chamber therefore urged the Federal Ministry of Works to rehabilitate the road, and as a long term strategy, construct a dedicated bridge for cars and buses only, and restrict trucks and trailers to a dedicated lane to reduce traffic congestion.

It also urged the Federal Ministry of Transport to prioritise the construction of cargo rails to reduce the use of trailers in haulage of goods.

The House of Representatives also expressed concern at the deplorable condition over the Kabba-Obajana road in Kogi State, which has drastically slowed down vehicular movement on the road, leaving travelers prone to attacks by armed bandits. It therefore urged the federal government to expedite action on reconstructing the road, and beef up security to protect the lives and properties of the travellers and the communities.

This followed a motion sponsored by Hon. Tajudeen Yusuf (Kogi PDP) who added that the condition of the road has made the transportation of human and material resources to and from the Obajana Cement Factory, cumbersome.