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CBN revokes operational licenses of 4,173 BDCs

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CBN uncovers $2.4bn foreign exchange scam
•CBN Governor Yemi Cardoso
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The Central Bank of Nigeria (CBN) has revoked the licenses of 4,173 Bureaux De Change Operators.

A statement issued this Friday evening, March 1, 2024 said the action is “in exercise of the powers conferred on it 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)”.

Signed by Sidi Ali, Hakama (Mrs.) Ag. Director, Corporate Communications, CBN, the statement said that the affected institutions failed to observe at least one of the following regulatory provisions:

a. Payment of all necessary fees, including licence renewal, within the stipulated period in line with the Guidelines.

b. Rendition of returns in line with the Guidelines.

c. Compliance with guidelines, directives and circulars of the CBN, particularly

Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and Counter-Proliferation Financing (CPF) regulations.

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The CBN is revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria. Compliance with the new requirements will be mandatory for all stakeholders in the sector when the revised guidelines become effective.

“Members of the public are hereby advised to take note and be guided accordingly,” CBN said, adding that the list of affected BDC operators is available on the Bank’s website (www.cbn.gov.ng).

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Akani Landlords in Enugu raise alarm over alleged encroachment, urge buyers to exercise caution

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The Akani Ancestral Layout Landlords Association has issued a public warning to prospective land buyers and investors over alleged encroachment issues involving parts of the Akani Land Layout Planning Scheme located in Emene-Nike, Enugu.

In a public notice released on Monday, the association said its attention had been drawn to videos circulating online concerning individuals allegedly involved in controversial land transactions within sections of the Akani Ancestral Layout.

According to the association, one of the videos featured a female investor who allegedly paid for plots of land in New Enugu Estate and Dolphine Estate but was yet to receive allocation of the purchased plots.

While sympathising with the investor over the development, the association stated that its members had reviewed the location and size of the land reportedly belonging to Dolphine Estate and now suspect that parts of the estate may have encroached on the area officially known as the Akani Land Layout Planning Scheme.

The association explained that the layout was approved through a Public Notice issued under the Urban and Regional Planning Law, 2012, and signed on August 16, 2012, by the then Commissioner for Lands and Urban Development in Enugu State, Dr. Chukwuemeka Ujam.

Raising what it described as a “red flag” to the public, the association urged intending land buyers to conduct proper due diligence before purchasing land in the area, stressing the importance of ensuring that any property being acquired does not violate the boundaries of the Akani Layout Planning Scheme.

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The group also disclosed that many members of the Akani Layout Landlords Association had already completed verification processes and payments for their title documents with relevant authorities in the Enugu State Government.

The association noted that the notice was aimed at preventing future disputes and helping prospective investors avoid costly mistakes.

“Forewarned is forearmed,” the statement concluded.

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Tinubu congratulates Rangers International after ninth NPFL title win

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Victorious Rangers International FC
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…Lauds Gov Mbah’s investment in youth, sports

President Bola Ahmed Tinubu has congratulated Rangers International FC on winning the 2025/2026 Nigeria Premier Football League (NPFL) title, describing the club’s triumph as a remarkable achievement and a testament to its enduring football legacy.

Rangers secured the league crown for a record ninth time after finishing the season with 68 points from 38 matches, ahead of closest rivals Rivers United.

In a statement issued on Monday by his Special Adviser on Information and Strategy, Bayo Onanuga, President Tinubu congratulated the management, players and supporters of the Enugu-based side for their successful campaign.

The President recalled the club’s dominance in Nigerian football during the 1970s and 1980s, highlighting its historic exploits on the continental stage.

He specifically referenced Rangers’ run to the final of the African Cup of Champions Clubs in 1975 and their triumph in the African Cup Winners’ Cup in 1977.

President Tinubu also praised the Governor of Enugu State, Peter Mbah, for supporting youth and sports development in the state, saying the club’s success reflected the impact of such investments.

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“I must also congratulate Governor Peter Mbah of Enugu State on the victory of Rangers International FC. This victory is an obvious fruit of his administration’s investments in youth and sports in the state. I commend him,” the President said.

He further noted that Rangers, as one of Nigeria’s oldest football clubs, has produced several players who brought honour to the country on the global stage.

The President equally commended Rivers United for their impressive performance throughout the season and for displaying sportsmanship during the competition.

Tinubu wished both Rangers International FC and Rivers United success as they prepare to represent Nigeria in next season’s CAF Champions League.

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INEC appeals ruling against Election Guidelines

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INEC Chairman, Professor Joash Ojo Amupitan (SAN)
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The Independent National Electoral Commission (INEC) has asked the Abuja Division of the Court of Appeal to set aside the judgement of the Federal High Court, Abuja, which nullified part of the the election guidelines put in place by the commission for the conduct of the 2027 general election.

Justice Muhammed Umar of the Federal High Court sitting in Abuja, had last week nullified guidelines issued by the INEC directing political parties to submit their membership registers and databases by May 10, 2026, as a condition for participation in the 2027 general election.

A political party, the Youth Party, had filed a suit challenging the legality of the electoral body’s directive or guidelines.

The court said in its judgement that INEC could not lawfully shorten the timeline already provided under Section 29(1) of the Electoral Act 2026 for the submission of party membership records and candidates’ particulars.

But, in the appeal notice dated May 25, 2026, filed by INEC, through its Counsel, Chief Alex Izinyon, SAN, the electoral umpire prayed the court to set aside the judgement of the lower court.

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