News

Why operating licences of 4,173 Bureau De Change operators were revoked – CBN

Published

2 months ago

March 2, 2024

admin

The Central Bank of Nigeria (CBN) says it revoked the licences of 4,173 Bureau De Change operators over their failure to meet regulatory guidelines.

The apex bank disclosed this in a statement by its acting Director, Corporate Communications, Sidi Hakama.

With the revocation of the licences, there will now be 1,517 operational BDCs from the initial 5,690.

In the CBN statement, Hakama said the licence withdrawal was in exercise of the powers conferred on the apex bank by the Bank and Other Financial Institutions Act, 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change, 2015.

The statement read in part, “The Central Bank of Nigeria, in the exercise of the powers conferred on it under the Bank and Other Financial Institutions Act, 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change, 2015, has revoked the licences of 4,173 Bureaux De Change Operators.

READ Oil thieves escape detection by turning off vessel identification system, says NPA MD

“The list of affected BDC operators is available on the Bank’s website (www.cbn.gov.ng).”

It added that the affected institutions failed to observe at least one of the regulatory provisions.

According to the statement, the regulatory provisions include payment of all necessary fees, including licence renewal, within the stipulated period.

It added, “The affected institutions failed to observe at least one of the following regulatory provisions: Payment of all necessary fees, including licence renewal, within the stipulated period in line with the guidelines.

“Rendition of returns in line with the guidelines; compliance with guidelines, directives, and circulars of the CBN, particularly Anti-Money Laundering, Countering the Financing of Terrorism and Counter-Proliferation Financing regulations.

“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.

READ Major News Headlines In The Papers Today: CBN says it ordered N500 million of redesigned Naira

“Members of the public are hereby advised to take note and be guided accordingly.”

Recall that the CBN had recently introduced a draft guideline for BDC operations across the country.

Major provisions introduced in the guidelines include the introduction of N2bn minimum share capital for Tier-1 BDCs, limiting buying and selling of forex in cash by BDCs to $500, and $10,000-year limit for school fees, among others.

Reacting to the development, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, applauded the move to regulate the operations of the BDCs.

He said, “Definitely, revoking the licences of non-operational BDCs is the appropriate thing to do now. It is the right move because the previous number was difficult to manage and unwieldy.”

News

UPDATED: Tinubu appoints Jim Ovia as chairman of education loan fund

Published

10 hours ago

April 26, 2024

admin

President Bola Tinubu has appointed Jim Ovia as the chairman of the Nigerian Education Loan Fund (NELFUND).

Ajuri Ngelale, presidential spokesperson, announced the appointment of Ovia, chairman of Zenith Bank, in a statement on Friday.

Ngelale said Tinubu believes that Ovia will bring his immense wealth of experience to ensure that no Nigerian student suffers a paucity of funds in the quest for tertiary education.

On April 3, Tinubu signed the student loans amendment bill into law to provide Nigerians with quality and accessible education.

The law will allow Nigerian students in tertiary institutions to access low-interest loans for tuition and other academic needs.

Subsequently, the president appointed Akintunde Sawyerr as the managing director and chief executive officer (CEO) of the fund.

Tinubu also appointed Frederick Oluwafemi Akinfala as the executive director of finance and administration, while Mustapha Iyal will serve as the executive director of operations of NELFUND.

READ CBN releases $265m to prevent aviation sector’s collapse, says 'We want orderly exit of funds’

News

JUST IN: Tinubu appoints Jim Ovia as chairman of education loan fund

Published

12 hours ago

April 26, 2024

admin

President Bola Tinubu has appointed Jim Ovia as the chairman of the Nigerian Education Loan Fund (NELFUND).

Ajuri Ngelale, presidential spokesperson, announced the appointment of Ovia, chairman of Zenith Bank, in a statement on Friday.

More to follow…

READ Navy releases postings of senior officers

News

ICPC detains TETFund boss ‘over questionable N7.6bn project’

Published

16 hours ago

April 26, 2024

admin

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has detained Sonny Echono, executive secretary of the Tertiary Education Trust Fund (TETFund).

Demola Bakare, ICPC spokesperson, confirmed the development on Friday.

Bakare said that Echono was invited by the anti-graft agency on Thursday.

“The executive secretary of TETFund is here with us. He has been invited for questioning. He is still in custody. He was invited yesterday.” Bakare said.

“He was invited on Thursday. He has not been released. He’s still with us. Investigation is still ongoing.”

It was earlier reported that TETfund awarded two contracts to Fides Et Ratio Academy and Pole Global Marketing (PGM) within two months at the cost of N3.8 billion respectively without the approval of the federal executive council (FEC), which is required for the contract size.

The contract was to provide capacity building course and learning management systems to about 2 million students across higher institutions in the country.

READ National Assembly lacks power to write new constitution – Omo-Agege

In a rejoinder, TETFund said it did not award N7.6 billion contracts to two companies without due process.

The agency said it was wrong to say they were contracts, whereas they were ICT projects implemented under a memorandum of understanding (MoU) which doesn’t require competitive bidding in public procurement.

TETFund further said its disbursement guidelines were approved by the president on the recommendation of the “Fund’s Board of Trustees and concurrence of the Honourable Minister of Education in line with the TETFund Act 2011″.

In an interview with TheCable, Echono said there was no form of irregularity in the N7.6 billion project.