CBN Unveils Stricter Guidelines for Bureau De Change Operations
In response to the ongoing economic challenges, the Central Bank of Nigeria (CBN) has unveiled comprehensive reforms affecting Bureau de Change (BDC) operations across the country. The new guidelines, outlined in a statement by the Financial Policy and Regulation Department, aim to address the economic crisis and enhance regulatory measures. 1. Capital Requirements Restructured Under the revised guidelines, BDCs are now divided into two tiers, each with distinct capital requirements. Tier 1 BDCs must maintain a minimum capital of N2 billion, while Tier 2 BDCs face a capital threshold of N500 million. This represents a significant increase from the previous uniform capital requirement of N35 million. 2. Ownership Restrictions for Financial Institutions The CBN circular explicitly prohibits banks, NGOs, government agencies, and other financial institutions from holding ownership stakes in BDCs, either directly or indirectly. This includes commercial banks, merchant banks, non-interest banks, payment service banks, as well as holding companies and payment service providers. 3. Limited Activities for BDCs While BDCs are authorized for specific activities like buying and selling foreign currencies, issuing prepaid cards, and serving as cash points for money transfer operators, they are now restricted from accepting deposits, extending loans, trading in gold, or engaging in capital market activities. 4. Forex Sourcing and Sale Guidelines BDCs are permitted to source forex from authorized channels, including dealers, travelers, hotels, and embassies. The sale of foreign currencies is regulated, with specified limits per customer annually for purposes such as travel, medical bills, and school fees. Additionally, BDCs are barred from engaging in offshore business and financing political activities. 5. Emphasis on Electronic Transactions The CBN emphasizes a shift towards electronic transactions, mandating that at least 75 percent of sales be conducted through electronic transfers. For beneficiaries of Basic Travel Allowance (BTA) or Personal Travel Allowance (PTA), 25 percent of the foreign currency can be received in cash, with the remaining 75 percent electronically transferred to the customer’s Nigerian domiciliary account or prepaid card. 6. Disclosure Requirements for High-Value Transactions Customers selling $10,000 or more to BDCs must disclose the source of the foreign exchange, complying with Anti-Money Laundering and Counter Financing of Terrorism regulations. Payments for cash purchases of forex below $500 may be made in cash, while transactions exceeding this limit are subject to electronic transfers.
Community Leader Murdered By Gunmen In Anambra
The President-General of Umuoji Community in Anambra State, Silas Onyima, fell victim to a ruthless attack by yet-to-be-identified hoodlums. Approximately 15 assailants invaded Onyima’s home on Friday evening, fatally shooting him and sending shockwaves through the community. Onyima, recently elected to lead the community, presided over a local election before meeting his untimely demise. A source revealed, “He was killed when masked men visited his home and shot him dead.” The Anambra State Police Spokesman, DSP Tochukwu Ikenga, confirmed the tragic incident, stating, “The police are aware of the development. Our men have been deployed to the area, found the victim in a pool of blood, and recovered the body. “We are collaborating with eyewitnesses and community members to track the perpetrators, and the investigation is ongoing.” The deceased’s body has been deposited at the morgue with the assistance of family members.
Former NBA President, Akpata Clinches Edo LP Governorship Ticket
The Labour party in Edo State has announced a former president of the Nigerian Bar Association (NBA) Olumide Akpata, as the winner of the party’s primary election for the September 2024 governorship election in the State. Akpata scored 316 votes to clinch the party ticket at the exercise held at the Bishop Kelly Pastoral Centre, Airport Road in Benin City, Edo State capital on Friday. His victory comes months after he declared interest in the Edo State governorship race under the Labour Party. Akpata, had in October visited the Edo LP secretariat in Benin City to formally declare his interest in the governorship race, stating that his decision is influenced by his love for the people. “My interest is for the people of Edo State. And what I find out about politics and governance in Nigeria today is that the people have been taken out of the equation. Nobody cares about the people,” Akpata told the mammoth crowd that welcomed him.
Tinubu Not Responsible For Nigeria’s Economic Hardship
Yoruba Nation agitator, Sunday Adeyemo, popularly known as Igboho, has exonerated President Bola Tinubu from being responsible for hardship in the country. According to Igboho, former President Muhammadu Buhari, should be held responsible for destroying the Nigerian economy, saying Buhari handed over a bad economy to President Bola Tinubu. Speaking on Friday while ddressing his followers in Oyo State, the freedom fighter insisted that Tinubu has not destroyed the Nigerian government. “Tinubu didn’t destroy the government; my pain with Yorubas is that while Buhari was in power, I was shouting that we should unite and free ourselves from this suffering. Buhari has nothing to offer us. “I said we should divide from Fulani because one Nigeria can’t work but they refused to listen to me. Buhari now handed over a government he had destroyed to Tinubu. Igboho, urged Yorubas to unite and liberate the Southwest from armed Fulani herders terrorising the South West region of the country. “Now some Yorubas are crying that they are hungry, have you seen Igbos crying? They have sent all Fulanis out of their lands and they are farming, doing what they want with their lands. “Why can’t Yorubas unite and liberate the Southwest from Fulanis so that our fathers and mothers can return to their farmlands?”
CJN Swears-in 11 New Supreme Court Justices, Monday
The Chief Justice of Nigeria (CJN) Justice Olukayode Ariwoola will be administering the oath of allegiance to the 11 newly appointed Justices of the Supreme Court, Monday, February 26. With the confirmation of the 11 justices, the Supreme Court now has the complete statutory requirement of 21 justices on its bench. This was contained in a statement signed by the Director of Press, Dr Featus Akande, Friday. He said, “The newly appointed 11 Justices of the Supreme Court will be sworn-in by the Chief Justice of Nigeria, Justice Olukayode Ariwoola on Monday at 10.00am at the Main Courtroom of the Supreme Court.” On December 21, the Senate confirmed the appointment of 11 Supreme Court justices submitted by President Bola Ahmed Tinubu to fill the vacancies on the apex court bench. The confirmation followed the consideration and adoption of a report by the Senate Committee on Judiciary, Human Rights, and Legal Matters during Thursday’s plenary. Tinubu had asked the Senate to confirm the nominees, who were recommended by the National Judicial Council to fill the vacant positions following the death and resignations of some justices. The nominees confirmed are Justice Haruna Tsammani (Northeast), who chaired the Presidential Election Petition Court, Justice Moore Adumein (South-South), Justice Jummai Sankey (North-central), Justice Chidiebere Uwa (South-east); and Justice Chioma Nwosu-Iheme (South-east). Others are Justice Obande Ogbuinya (South-East), Justice Stephen Adah (North-Central), Justice Habeeb Abiru (South-West), Justice Jamilu Tukur (Northwest), Justice Abubakar Umar (Northwest) and Justice Mohammed Idris (North-Central). The chairman of the committee, Senator Tahir Monguno (APC, Borno), while presenting his panel report, said the nominees possessed the requisite qualifications and experience to occupy the position and that there was no petition against them. He, therefore, recommended their confirmation.
Pro Tinubu Rally Holds In Abuja
A solidarity rally in support of President Bola Ahmed Tinubu and his administration is taking place in Abuja. The rally was organized by youths from the Nigeria Civil Society Forum (NCSF). The event, held at the Unity Fountain in the Business District Centre, saw participants donning white T-shirts and face caps with the inscription “Jagaban is working” as they displayed placards. Among the messages conveyed was a critique of the Nigerian Labour Congress’s planned nationwide strike, with placards stating “NLC Stop Faking To Be Fighting For Nigerians.” The rally organizers highlighted their motivation to counter misleading narratives about the country’s situation and reaffirmed Tinubu’s commitment to his programmes and policies.
Edo APC Governorship Candidate Emerges
Senator Monday Okpebholo has emerged as the winner of the All Progressives Congress (APC) governorship primaries in Edo State. The re-run election, prompted by the inconclusive initial result, witnessed Okpebholo securing a notable 12,433 votes, surpassing 11 other aspirants in the race. The results were officially declared in Benin by the newly appointed Chairman of the election committee and Governor of Cross River State, Bassey Otu. The announcement followed meticulous collation of results from all 18 Local Government Areas, solidifying Okpebholo’s position as the preferred candidate. Notably, Senator Okpebholo was among the three winners who emerged from last Saturday’s canceled shadow poll, further underscoring the significance of his victory. Governor Hope Uzodinma of Imo State was replaced by Otu, who, in line with APC’s indication, expressed his unavailability for the re-run election.
INEC Releases Report On 2023 General Elections
The Independent National Electoral Commission (INEC) has unveiled a detailed report on the conduct of the 2023 general elections. The statement, signed by Sam Olumekun, the national commissioner in charge of Information and Voter Education, revealed that the report was reviewed and approved for publication during the Commission’s weekly meeting on Thursday, February 22, 2024. In adherence to a tradition of transparency, INEC announced the release of the official report, a 526-page document organized into 13 chapters. Enriched with 60 tables, 14 boxes, and 10 graphs, the report offers a thorough analysis of key processes, achievements, and challenges of the 2023 General Election. Highlighting the election’s diversity in party representation, the report notes significant democratic progress. Gubernatorial races saw victories for four political parties, while seven parties secured senatorial seats, eight in federal constituencies, and nine in State legislatures, indicating a broad shift in political representation across Nigeria. The report emphasized the pivotal role of technological advancements, particularly the Bimodal Voter Accreditation System (BVAS), in enhancing electoral integrity and reducing fraud. Addressing public concerns, it provided insights into the technical issues faced during the upload of polling unit results for the presidential election on the INEC Result Viewing (IReV) portal. Logistics, security arrangements, staff recruitment and training, inclusivity measures, and the electoral framework are among the various aspects covered in the comprehensive report. INEC encouraged the public to access the document on their website (www.inecnigeria.org) and social media platforms, welcoming feedback to shape future electoral reforms and improvements.
Former Kwara Governor Arraigned In Court For Fraud
The Economic and Financial Crimes Commission (EFCC) has brought forward charges against the immediate past Kwara State Governor, Abdulfattah Ahmed. Ahmed was arraigned on Friday at the Federal High Court in Ilorin, the state capital. The anti-graft agency alleged that Ahmed misappropriated the sum of N1,610,730,500.00, originally designated for the security and running costs of the state, to charter private jets during his tenure. The charges include an alleged N10 billion fraud, with Ahmed facing a total of 12 counts. One of the counts accused Ahmed of converting N400 million from a N1 billion short-term loan received by the Kwara State Government from Ecobank Nigeria Limited. The EFCC contended that this conversion was done fraudulently, diverting funds intended for ongoing state projects. The EFCC’s document stated, “Ahmed (while being the Governor of Kwara State) between 2015 and 2019 in Ilorin within the jurisdiction of this honourable court used an aggregate sum of N1,610,730,500, property of Kwara State Government, meant for the security and running cost of the Government of Kwara State, to charter private jets through Travel Messengers Limited on different occasions for your local travels and which sum you reasonably ought to have known formed part of the proceeds of your unlawful act, to wit: criminal breach of trust or theft.” Abdulfattah Ahmed, who served as the state finance commissioner during Dr. Bukola Saraki’s governorship, succeeded Saraki in office and governed Kwara from 2011 to 2019.
Botched 2023 Census: Court asks NPC to release detail spending
Justice Inyang Ekwo of the Federal High Court, Abuja, has ordered the National Population Commission (NPC) to release details of spendings on the aborted 2023 Population Census to an Abuja based lawyer, Opatola Victor within seven days. The judge declared that the refusal by the NPC to release the information or records of spendings on the aborted census as requested by the lawyer on March 30, 2023, was illegal and unconstitutional. On the strength of Section 4 of the Freedom of Information Act, (FOI) the court held that the refusal of the commission to provide the plaintiff with information on the companies that provided due diligence report on the technology to be deployed for the ill-fated census was a gross violation of the right of the plaintiff. The court, however, refused to grant N500,000 in favour of the plaintiff as he requested in the suit. In the judgment, the judge granted an order of mandamus compelling the NPC, its servants, agents privies and officials to furnish the lawyer with comprehensive and detailed information concerning the Quality Test Assurance Report on the devices and technology to be deployed for the postponed 2023 population census. Justice Ekwo rejected the claim by the defendant that bureaucracy and the absence of its executive chairman at the time was responsible for the refusal to make the requested records available to the plaintiff adding that the claim was untenable. The judge also dismissed the claim by the NPC that some of the requested information was classified which prompted the refusal to make the records available to the plaintiff, adding that from the definition of classified information, there was nothing secret on the issue of population census. Justice Ekwo also said that the position of the commission that the record sought by the plaintiff was already in the public domain was not tenable because the request of the plaintiff was on record at the disposal of the NPC and not the one in the public domain. The Abuja lawyer had in the suit marked FHC/ABJ/CS/ 503/2023 prayed the court for an order that the refusal of the population commission to make the record of spendings on the aborted population census among others, available to him was a breech of his rights under Section 4 of the FOI Act 2012. He has prayed the court for an order of mandamus compelling the population commission to make the requested records of the aborted 2023 population census available to him in line with the provisions of the FOI Act. Although the plaintiff requested for a compensation of N500,000 for the breach of his rights by NPC under FOI, Justice Ekwo turned down the request on the grounds that the commission was not convicted for any offense.