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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.
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Just In: Customs Intercepts Massive Arms, Ammunition In Lagos

The Nigeria Customs Service (NSC) has intercepted a highly disturbing number of arms and ammunition smuggled into the country.
The values of the large arms and ammunition are yet to be disclosed.
The Comptroller-General of Customs, Adewale Adeniyi, is already in Lagos to address journalists at the Federal Operation Unit (FOU) Zone “A”, Ikeja, Lagos.
Details Shortly…
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Full List: House Of Reps Committee Proposes Creation of 31 New States

The House of Representatives Committee on Constitution Review on Thursday proposed the creation of 31 new states in the country.
If the proposal scales through, the Nigerian state will be made up of 67 sub-national governments.
The proposal for new states was contained in a letter read during Thursday’s plenary session by the Deputy Speaker, Benjamin Kalu, who presided over the session in the absence of the Speaker, Mr Tajudeen Abbas.
The committee chaired by Kalu proposed six new states for North Central, four in the North East, five in the North West, five in South East, four in South-South and seven in South West.
The letter read in part, “The committee proposes the creation of 31 new states. As amended, this section outlines specific requirements that must be fulfilled to initiate the process of state creation, which include the following:
1. New state and boundaries
“An act of the National Assembly for the purpose of creating a new state shall only be passed if it requires support by at least the third majority of members.
2. The House of Representatives, the House of Assembly in respect of the area, and the Local Government Council in respect of the area are received by the National Assembly.
“Local government advocates for the creation of additional local government areas are only reminded that Section 8 of the Constitution of the Federal Republic of Nigeria, as amended, applies to this process.
“Specifically, in accordance with Section 8 (3) of the Constitution, the outcome of the votes of the State Houses of Assembly in the referendum must be forwarded to the National Assembly for fulfilment of state demands.
“Proposals shall be resubmitted in strict adherence to the stipulations. Submit three hard copies of the full proposal of the memoranda to the Secretariat of the Committee at Room H331, House of Representatives, White House, National Assembly Complex, and Abuja.
“Sub-copies must also be sent electronically to the Committee’s email address at info.hccr.gov.nj. For further information or contact, please contact the Committee Clerk at 08069-232381.
“The committee remains committed to supporting the implementing efforts that align with the Constitutional provisions and would only consider proposals that comply with the stipulated guidelines. This is coming from the Clerk of the Committee on Constitutional Review.”
The proposed new states are Okun, Okura and Confluence states from Kogi; Benue Ala and Apa states from Benue; FCT state; Amana state from Adamawa; Katagum from Bauchi states and Savannah states from Borno and Muri State from Taraba.
Others are New Kaduna and Gujarat from Kaduna State; Tiga and Ari from Kano, and Kainji from Kebbi State; Etiti and Orashi as the 6th state in the South East Adada from Enugu, Orlu and Aba from the South East.
Also included are Ogoja from Cross River State, Warri from Delta, Ori and Obolo from Rivers; Torumbe from Ondo; Ibadan from Oyo, Lagoon from Lagos, Ogun, Ijebu from Ogun state as well as Oke Ogun/Ijesha from Oyo/Ogun/Osun States.
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Breaking: First Lady Meets IBB, Abdulsalami In Minna

The wife of the president, Oluremi Tinubu, met on Tuesday with former Military President, General Ibrahim Badamosi Babangida and the former Head of State, General Abdulsalami Abubakar, at their uphill residences in Minna.
Mrs. Tinubu arrived in a private aircraft at the Bola Ahmed Tinubu International Airport in Minna at about 10.30 am.
She was received at the airport by the Niger state Governor, Dr Umaru Mohammed Bago and his wife, Hajiya Fatima Bago.
The wife of the president proceeded directly from the airport to the Uphill residence of former Military President Ibrahim Babangida, where she held a closed-door meeting with him for about 35 minutes.
Afterward, she visited the nearby residence of former Head of State, General Abdulsalami Abubakar, for another meeting that was still ongoing at the time of filing this report.
Journalists, except those in the Niger State Governor’s press crew, were not informed about the meetings. When asked, officials described the visits as private.
Details shortly…
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