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JUST IN: CBN Commences Sales Of $20,000 Each To Eligible BDCs

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The Central Bank of Nigeria (CBN), has announced its decision to sell foreign exchange worth $20,000 to each eligible Bureau De Change (BDCs) operator across the country.

This is coming more than two years after the suspended former CBN governor, Godwin Emefiele, stopped the sales of foreign exchange to BDC operators in that segment of the forex market.

The apex bank disclosed this in a new circular issued and signed by the Director, Trade and Exchange Department, Hassan Mahmud, on Tuesday.

The circular titled, “Sale of Foreign Exchange to Bureau de Change Operators to meet retail demand for eligible invisible transactions” said the move aimed at rectifying the persisting distortions in the retail segment of Nigeria’s foreign exchange market and bridging the widening gap in the exchange rate.

It said the allocation will be sold at a rate of N1,301/$, reflecting the lower band rate of executed spot transactions at the Nigerian Autonomous Foreign Exchange Market as of the previous trading day, dated February 27, 2024.

The circular read, “Following the ongoing reforms in the foreign exchange market, aimed at achieving an appropriate market-determined exchange rate for the Naira, the Central Bank of Nigeria has observed the continued price distortions at the retail end of the market, which is feeding into the parallel market and further widening the exchange rate premium.

“To this end, the CBN has approved the sale of foreign exchange to eligible Bureau De Change to meet the demand for invisible transactions. The sum of $20,000 is to be sold to each BDC at the rate of N1,301/$- (representing the lower band rate of executed spot transactions at NAFEM for the previous trading day, as of today, 27th February 2024).

“All BDCs are allowed to sell to end-users at a margin NOT MORE THAN one per cent (1 per cent) above the purchase rate from CBN.”

It further directed eligible BDCs to make Naira payments to the designated CBN Foreign Currency Deposit Naira Accounts and submit confirmation of payment, with other necessary documentation.

“All eligible BDCs are directed to make the Naira payment to the designated CBN Foreign Currency Deposit Naira Accounts and submit confirmation of payment, with other necessary documentation, for disbursement at the appropriate CBN Branches ABUJA, AWKA, LAGOS and KANO,” it added.

The CBN in frantic efforts to save the free fall of the naira has made a number of significant reforms towards addressing Naira depreciation, such as probing and clearing FX backlog, limiting forex for foreign education and medical tourism, increasing BDCs’ minimum share capital, and curbing FX speculators, among others.

 

More to come…

BIG STORY

FG Rescues Daughter Of Actress Jumoke George, Arrives From Mali Today

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Adeola, the daughter of the well-known actress Jumoke George, is expected to arrive in Nigeria from Mali on Monday (today). This marks the end of a long period of separation.

The Federal Government’s rescue of Adeola George from Mali was initiated after actress Biola Adebayo brought her situation to light through her podcast. Adebayo’s platform played a crucial role in uncovering Adeola’s plight.

During an episode of her podcast, titled “Talk to B,” Adebayo featured Jumoke George, who shared her difficult circumstances. The podcast served as a platform for the actress to voice her concerns.

The prominent Nollywood actress revealed that she had been residing in a church for over six years and had been ill since January 2025. Additionally, her daughter Adeola had been “missing for over four years,” leaving her to care for her two other children alone.

In a further development, Adebayo, who is also a Nollywood actress, made contact with Adeola. Adeola disclosed that she had been in Mali for the past four years. This contact provided crucial information about Adeola’s whereabouts.

Adeola expressed her desire to return home but explained that she was unable to because she no longer possessed valid travel documents. This lack of proper documentation was a significant barrier to her return.

In a subsequent action, Adebayo reached out to the Nigerian Embassy in Mali and the Nigeria in Diaspora Commission, which is headed by Hon. Abike Dabiri-Erewa as Chairman/Chief Executive Officer. This intervention involved official channels to facilitate Adeola’s return.

As of Friday, all necessary arrangements had been finalized for Adeola to return to Nigeria. This indicates that the efforts to bring her back were successful.

She was initially expected to arrive on Sunday (yesterday). However, due to the fact that the journey from Mali to Nigeria is being undertaken by road, her arrival in Nigeria is now expected later. The mode of transportation affected the initial arrival timeline.

According sources within NiDCOM informed The Eagle Online that Adeola would be received at the Lagos Office of NiDCOM by Dabiri-Erewa. This highlights the official reception planned for her arrival.

Recall that NiDCOM has previously facilitated the return of numerous stranded Nigerians from various parts of the world. This underscores the commission’s ongoing efforts to assist Nigerians abroad.

The most recent instance was the return of 13 women from Ghana and Mali last week Thursday. This recent repatriation effort highlights NiDCOM’s continued work in this area.

Adebayo has received praise and commendation for her role and intervention in the case of Adeola, who had been away in Mali for four years. Her actions were instrumental in bringing about Adeola’s return.

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BIG STORY

BREAKING: Lagos Government Shuts Down Cubana Chief Priest’s Restaurant Over Environmental Violations

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The Lagos State Government has closed DONALD Restaurant, which is owned by the well-known celebrity barman Pascal Okechukwu, also known as Cubana Chief Priest. The shutdown is due to significant “environmental infractions.”

The restaurant, situated in the affluent Lekki area, was closed after two employees were caught improperly disposing of waste along the roadside. This incident happened on Durosimi-Etti Street in Lekki Phase 1 and was reported early on Saturday, May 18, 2025, by the Chairman of the Lekki Estate Residents Association.

Following the report, the Lagos Waste Management Authority (LAWMA) quickly sent its Monitoring and Compliance team to the location. The team apprehended the individuals responsible and “sealed off the restaurant” for violating the Lagos State Environmental Management and Protection Law of 2017.

Confirming the event via his official X (formerly Twitter) account, LAWMA Managing Director/CEO, Muyiwa Gbadegesin, stated that “the culprits will be prosecuted accordingly.” This indicates that legal action will be taken against those involved.

“This action underscores our zero-tolerance stance on environmental violations. No one is above the law,” Gbadegesin noted. This quote emphasizes the strict approach the state is taking regarding environmental offenses.

The shutdown serves as a clear warning as the state increases its efforts to take action against “environmental offenders” to maintain cleanliness and order in Lagos. This highlights the broader implications of the government’s action.

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BIG STORY

JUST IN: FG Drags Roosevelt Ogbonna’s Access Bank To Court Over Alleged Fraudulent Diversion Of N825 Million State Funds

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Access Bank Plc and one of its employees are facing legal action. A four-count charge has been filed against them at the Federal High Court. The charges relate to the alleged diversion of N825.9 million in state funds into what is described as a “fraudulent account.”

The charges were brought by the federal government. They are the result of an investigation conducted by the Independent Corrupt Practices and Other Related Offences Commission (ICPC). This information is based on “court documents seen by this newspaper.”

The charges, filed at the Sokoto Judicial Division, name Abdulmalik Abubakar, a relationship manager at Access Bank’s Sokoto branch, and the bank itself as defendants. They are accused of conspiracy, money laundering, and “concealment of stolen funds.”

The state counsel in the first count alleges that the defendants created a fake “Internal Revenue Service Account” with the account number 1873016763. It is claimed that they received N825.9 million through this account between May 2024 and January 2025. This is alleged to be in violation of Nigeria’s Money Laundering Act of 2022 and the Corrupt Practices Act of 2000.

The second count accuses them of allegedly concealing the same funds. This concealment is said to have occurred through the same “fraudulent account,” which was reportedly created at Access Bank’s Sokoto branch.

According to the court, the bank and Mr. Abubakar allegedly committed an offense that is contrary to section 18 (2)(a) and punishable under sections 18(3), 18 (4), 22(1), and 22(2) of the Money Laundering (Prevention and Prohibition) Act, 2022. This specifies the legal statutes that were purportedly violated.

In Count Three, prosecutors assert that the money was fraudulently received through the fake account. This action, they say, constitutes “an offence contrary to section 13 and punishable under section 68 of the Corrupt Practices and Other Related Offences Act, 2000.” This outlines another specific legal violation.

Count Four alleges that Mr. Abubakar and the bank directly concealed the laundered funds. This is claimed to be “an offence contrary to and punishable under section 24 of the Corrupt Practices and Other Related Offences Act, 2000.” This presents the final count in the charges against the defendants.

The state contends that the money was diverted without authorization and concealed in violation of anti-corruption and money laundering laws. This summarizes the federal government’s case against Access Bank and its employee.

According to a “hearing notice signed on 2 May,” the case has been moved from the General Cause List to a hearing scheduled for 19 May. The hearing will proceed on that date if the court’s schedule permits; otherwise, it will be postponed without further notification. The hearing is estimated to last up to two days.

The notice specifies that any party wishing to postpone the hearing must apply to the court promptly and provide proof if the reason involves factual matters. This sets out the procedure for seeking a postponement.

The notice also states that both parties must present all evidence at the hearing, including witnesses and documents. Evidence must be submitted during the hearing, and failure to do so may result in exclusion or the imposition of costs. This emphasizes the importance of presenting all relevant information at the scheduled time.

It further indicates that parties wanting witnesses to attend should immediately request the court to issue summons, allowing sufficient time for notification. If witnesses are required to bring documents, these must be clearly specified. This outlines the process for ensuring witness attendance and document production.

The notice clarifies that the party requesting witnesses must pay reasonable fees to cover their expenses and loss of time, as determined by the court. Attendance may be denied if these fees are not deposited. This addresses the financial responsibilities associated with witness testimony.

The notice also states that if either party intends to use documents held by the other, they must provide written notification ahead of the hearing. Failure to do so will prevent them from presenting secondary evidence related to those documents. This establishes rules regarding the presentation of documentary evidence.

The notice was officially issued by order of the court. This confirms the legal authority behind the instructions provided in the hearing notice.

When contacted for a response, the Access Bank spokesperson, Kunle Aderinokun, stated that the bank would issue an official statement regarding the matter. This indicates that the bank is aware of the charges and intends to address them publicly.

The information in this report is attributed to “Source Premium Times,” indicating the original source of this news.

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