Breaking News
Just In: CBN Revokes Licenses Of Over 4,000 Bureau De Change Operators
The Central Bank of Nigeria (CBN) has revoked the operational licenses of more than 4,000 Bureau De Change (BDC) operators registered under its oversight.
The apex bank indicated that the revocation was due to the failure of the affected BDCs to comply with certain regulatory guidelines.
This information was revealed in a statement signed by the Director of Corporate Communications at the bank.
The CBN invoked its powers under the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015 (the Guidelines).
According to Hakama Sidi Ali, the Acting Director of Corporate Communications at the CBN, the affected institutions failed to comply with various regulatory provisions.
These include the non-payment of necessary fees, including license renewal fees, within the stipulated period as outlined in the Guidelines. Additionally, they failed to provide the required returns in accordance with the Guidelines and did not adhere to the CBN’s guidelines, directives, and circulars, specifically those related to Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations.
To ensure better compliance and regulation of the Bureau de Change sector in Nigeria, the CBN is currently revising the regulatory and supervisory guidelines for these operations. Once the revised guidelines are implemented, all stakeholders in the sector will be obligated to comply with the new requirements.
The CBN has urged the public to take note of this development and follow the guidelines accordingly. The list of the affected Bureaux De Change operators can be found on the CBN’s website at www.cbn.gov.ng.
This move by the CBN demonstrates its commitment to enforcing regulations and ensuring the stability and integrity of the financial system. It also serves as a reminder to all financial institutions and businesses to comply with the set guidelines and regulations to maintain a secure and transparent financial environment.
Breaking News
Corruption Battle: Dangote Drags Ex-NMDPRA Boss To EFCC After ICPC Withdrawal
Aliko Dangote, Chairman of Dangote Industries, through his legal representative, has formally submitted a corruption petition to the Economic and Financial Crimes Commission (EFCC) against Farouk Ahmed, the former Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
This was disclosed in a statement made available to our correspondent by the Dangote Group media team on Friday.
Recall that Dangote had earlier petitioned the Independent Corrupt Practices and Other Related Offences Commission to investigate Ahmed for allegedly spending $5 million on his children’s secondary education in Switzerland. He withdrew the petition a few days ago, even as the ICPC vowed to continue with its investigation.
The statement on Friday said Dangote’s petition to the EFCC followed “The withdrawal of the same petition from the Independent Corrupt Practices and Other Related Offences Commission, a strategic decision aimed at accelerating the prosecution process.”
In the petition, signed by Lead Counsel Dr O.J. Onoja, Dangote urged the EFCC to investigate allegations of abuse of office and corrupt enrichment against Ahmed, and to prosecute him if found culpable.
The petition further stated that Dangote would provide evidence to substantiate claims of financial misconduct and impunity.
“We make bold to state that the commission is strategically positioned, along with sister agencies, to prosecute financial crimes and corruption-related offences, and upon establishing a prima facie case, the courts do not hesitate to punish offenders. See Lawan v. F.R.N (2024) 12 NWLR (Pt. 1953) 501 and Shema v. F.R.N. (2018) 9 NWLR (Pt.1624) 337,” the petition read.
Onoja further urged the commission, under the leadership of Mr Olanipekun Olukoyede, “To investigate the complaint of abuse of office and corruption against Engr. Farouk Ahmed and to accordingly prosecute him if found wanting.”
Breaking News
Rivers Assembly Reopens Impeachment Push Against Gov. Fubara, Deputy
The Rivers State House of Assembly formally recommenced impeachment proceedings against Governor Siminalayi Fubara and his deputy, Prof. Ngozi Odu.
This marks the second time within ten months that the state legislature has initiated such a move.
At a plenary session presided over by the Speaker, Martins Amaewhule, the Majority Leader of the House, Major Jack, formally read the notice detailing allegations of gross misconduct against Governor Fubara.
The notice, which was endorsed by 26 lawmakers, accused the governor of actions allegedly in violation of the Nigerian Constitution.
Amaewhule announced that the notice would be served on the governor within the next seven days.
During the same sitting, the Deputy Majority Leader, Linda Stewart, read the notice of allegations and gross misconduct leveled against Deputy Governor Ngozi Oduh.
Breaking News
Supreme Court: President Has Power To Declare Emergency Rule, Remove Elected Officials
The Supreme Court has reaffirmed that the President holds the constitutional power to declare a state of emergency in any state where circumstances threaten public safety or governance.
According to the ruling, this authority may be exercised to prevent a serious breakdown of law and order or to stop conditions from deteriorating into chaos or anarchy.
The court emphasized that such powers are intended to safeguard national stability and ensure the continued functioning of democratic institutions when extraordinary situations arise.
It noted that emergency measures are justified only in exceptional cases where normal governance mechanisms are unable to effectively address escalating crises.
More details later…
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