CBN clears Dangote, BUA for sugar imports

CBN clears Dangote, BUA for sugar imports

The Central Bank of Nigeria (CBN) has licensed three firms to exclusively import sugar into Nigeria.

The license restricts all dealers from accessing foreign exchange for sugar importation .

Equally important, the development came in the wake of efforts by Dangote, BUA, and Golden Sugar at backward integration.

All three also possess the capability to refine sugar.

In a public statement published on Friday, July 16, on its website; the CBN Director of Trade & Exchange O. S. Nnaji, said the approval of the import license is in line with the Federal Government National Sugar Master Plan.

This was to encourage and incentivize sugar refining companies in their backward integration programme for local sugar production; followed by a review of the three companies’ achievement of reasonable progress on the policy in the sector.

Consequently, the CBN said all authorized dealers shall not open Form M or access foreign exchange in the Nigerian foreign exchange market for any company, including the three companies, for the importation of sugar into the country without prior and express approval from it.

Under the Nigerian Sugar Master Plan by the Federal Government through the National Sugar Development Council, the CBN is mandated to monitor the implementation of the backward integration programmes of all the companies.

Meanwhile, a former Governor of the Central Bank of Nigeria, Professor Chukwuma Soludo has responded to his exclusion from the list of governorship candidates for the Anambra governorship election which was published by the Independent National Electoral Commission.

According to Soludo, he would participate in the polls; while being the authentic candidate of the All Progressives Grand Alliance (APGA) for the November 6 polls.

The former CBN governor also noted that his exclusion by INEC is only temporary based on a court order.

1st News had reported that the list issued by INEC did not contain the names of the candidates of the Peoples Democratic Party PDP, Mr Valentine Ozigbo, as well as that of the All Progressives Grand Alliance APGA, Prof. Chukwuma Soludo.

Also Read: NCC reveals only 50% of polling units have 3G network to transmit election result

However, in a statement issued on Friday, July 16, Soludo via his media aide, Joe Anatune, said he is confident as assured by his legal team that the current court order will be overturned; and he would contest the November 6 election as the APGA candidate.



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