Cardoso Accepts The Position Of CBN Governor; Emefiele Resigns

Dr. Olayemi Cardoso has assumed office as Governor of the Central Bank of Nigeria, CBN. A statement from the apex bank’s director of corporate communications, Dr. Isa Abdulmumin, announced this in a statement today, Friday.

He added that Dr. Cardoso would hold the office in an acting capacity pending confirmation of his appointment by the National Assembly.

The director confirmed the resignation of Mr. Godwin Emefiele as CBN Governor as Cardoso resumes.

Similarly, Mr. Folashodun Shonubi, who has been acting as CBN Governor since Mr. Emefiele’s suspension, has also resigned along with all the deputy governors of CBN.

FG warns Petrol Station Operators About Pump Changes

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says it will sanction fuel station operators who modify petroleum pumps.

Ahmed said petrol stations caught dispensing fuel with modified fuel pumps would face stiff sanctions. said the sanctions to be imposed include revocation of operating permits, suspension of operation or shutdown, depending on the severity of the violation.

According to him, modification of fuel pumps by gas station operators is a major concern for oil regulatory agencies and the federal government.

“What we are doing now is that we are sending some of our employees around to carry out on-the-spot checks at some petrol stations.

“When you drive into a station and drive away, you only know whether you have been scammed if you take a measurement.

“Sometimes we do a physical measurement where we go to a number of stations and buy one liter, look at that environment to see whether that one liter is really one liter.

“Then we will know whether or not they tampered with the pump,” he said.

The NMDPRA boss said the authority would continue to work with the RMAFC to generate more revenue for the federation.

“We have started the collaboration, but this is only a formal collaboration in areas where we can improve revenue generation for the federation. “There are two areas we need to look at, namely generating revenue or cutting costs,” he said.

He called on citizens to invest in the middle sector of the economy.

“For example, if you want to build a gas plant, come to us, we will give you the guidelines and policies, and you come and invest.

“The area you want to invest in will determine the investment costs; the investment opportunities are there,” he said. RMAFC Chairman, Mr Bello Shehu, said the engagement between both organizations was aimed at strengthening their partnership.

“We are here so that they can inform us about what they are doing and what we as a committee can do to help them better drive revenue generation for Nigeria.

“We are interested in what the authority is doing to enable us to better monitor and ask the right questions, which will allow us to provide the right information,” he said.

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