Accounts of oil palm investments saboteurs may be suspended ─CBN

Isola Moses

The Central Bank of Nigeria (CBN) has threatened to suspend the account of any person hiding under the ECOWAS Trade Liberalisation Scheme to sabotage the Federal Government’s investment in reviving the palm oil sector of the economy.

Mr. Godwin Emefiele, Governor of CBN, made this known Tuesday, December 17, 2019, during inauguration of the Edo Oil Palm programme in Benin, Edo State capital.

News Agency of Nigeria reports Emefiele also urged that accounts of corporate entities, including their cronies and supply chain enablers involved in smuggling palm oil and its products into the country would also be suspended.

The report stated the Nigerian palm oil industry was at a crossroads, adding that the economy continued to be threatened by inadequate local production and continued reliance on imports.

He noted that the CBN under its Oil Palm Development and Expansion Initiative had so far disbursed over N30billion to the oil palm sector.

He said the disbursement was being monitored to ensure efficient and effective utilisation and maximum output while oil majors and apex associations are being encouraged to adopt the Out-Grower Scheme.

“The journey to revive the oil palm sector began with the discovery that over $500 million of our scarce foreign exchange was being expended on the importation of palm oil to meet identified unmet demand gap of 1.25million metric tonnes.

“The country’s total domestic palm oil demand and consumption stood at 2.5million with local production capacity of 1.25million metric tonnes only,” he said.