news
Court upholds CBN’s requirements for Bureau de Change registration

Justice Evelyn Maha dismissed the suit filed by a firm, E E-Flow Bureau de Change Ltd, against the CBN for want of merit.
The plaintiff commenced the suit on October 17, 2014 seeking an order mandating the CBN to pay it over N150million in damages for the alleged unlawful reversal of the requirements for the operation of Bureau de Change in Nigeria.
But the CBN, through Dodo andAjogwu, SAN, filed an objection challenging the court’s jurisdiction to hear the matter.
They contended that the suit was instituted outside the three-month period prescribed by the Public Officers Protection Act Cap P41, LFN 2004.
They argued further that the CBN acted in good faith in issuing the new requirements for the operation of Bureau de Change in Nigeria, and as such is protected against any adverse claim as provided in the Central Bank of Nigeria Act, 2007.
To address this challenge, the CBN commenced the reform of the sub-sector and issued revised guidelines which, among others, reviewed upwards the minimum capital requirement for BDCs.
According to the CBN, this would further strengthen the institutions and reposition them to perform their statutory roles.
Justice Maha delivered the judgment on February 17, 2020.
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Tinubu Fires Back at Critics: Exploiting Insecurity Won’t Stop My Second Term
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…directs action against sponsors of violence, backs Plateau peace committee
President Bola Ahmed Tinubu on Tuesday night declared that attempts by his political opponents to exploit insecurity to force him out of office would fail, insisting that he would not only remain in office but also seek a second term.
Speaking at the State House, Abuja, while receiving stakeholders from Plateau State, led by Governor Caleb Mutfwang, the President described himself as resolute in the face of political pressure.
“You are playing to the hand of agents, including my own enemies, who want to use insecurity to get rid of me. But I’m a very stubborn politician. I just refuse to go. And I will campaign for my second term,” Tinubu said.
The President warned that the Federal Government would move decisively against individuals found to be instigating or financing violence across the country, stressing that credible intelligence would be acted upon without delay.
“If you identify and you know the name of troublemakers, agents provocateur, who want to continue killing or instigate killing, let us know. We will use the instrument of office to deal with them,” he said.
Tinubu emphasised that security agencies stand ready to confront such threats once actionable information is provided, noting that the recurring cycle of violence must end.
In a move to strengthen peace efforts in Plateau State, the President also endorsed a newly constituted peace committee comprising former governors of the state, charging them to work collectively toward lasting solutions.
He directed the committee to review existing white papers on past conflicts and harmonise recommendations for implementation.
“Call one another. Ignore the Governor’s Committee if you have to, or incorporate them. Take that white paper, go through it among yourselves and agree to implement it.
“If the ones you have chosen before now are not working, you have to mix and amend membership. Forget those committees you mentioned to me, if it’s not working, it’s not working. Consider this group as the committee until we find a lasting solution,” the President said.
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Reps Give Nod to Tinubu’s $516.33m Loan Request for Sokoto-Badagry Highway
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The House of Representatives on Tuesday approved President Bola Tinubu’s request to secure a $516.33m loan from Deutsche Bank to finance Section I of the ambitious Sokoto-Badagry Superhighway project, a key infrastructure initiative under the administration’s Renewed Hope Agenda.
The approval followed the consideration of the President’s request by the Committee of Supply during plenary presided over by Speaker Tajudeen Abbas.
In a letter read on the floor of the Green Chamber, Tinubu described the Sokoto-Badagry Superhighway as a transformative national project aimed at connecting Nigeria’s far northwest to its southwestern coastline through an approximately 1,000-kilometre dual carriageway stretching from Illela in Sokoto State to Badagry in Lagos State.
The corridor is expected to pass through Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, opening up major agricultural, commercial and industrial hubs across the country.
According to the President, the project was designed to stimulate economic growth by significantly improving the movement of goods and people across Nigeria’s northern and southern regions.
He said the highway will “improve north-south connectivity, safety and network performance on the corridor; reduce logistics costs and travel times by providing a continuous high-capacity expressway standard link to downstream markets and strengthen trade facilitation, food security and national cohesion through improved access between production zones, markets and ports.”
Tinubu further noted that the road project would “safeguard long-term intermodal flexibility by reserving the central median for future rail integration and accommodating utility corridors.”
The President explained that the funding arrangement involves a $516.33m facility from Deutsche Bank, backed by partial guarantee cover from the insurance arm of the Islamic Development Bank, while the Federal Government will provide counterpart funding of N265.54bn.
The counterpart contribution, he said, would cover land acquisition, compensation payments, and complementary infrastructure requirements.
Tinubu urged lawmakers to expedite legislative approval of the borrowing request in view of the strategic importance of the project to national development.
The Sokoto-Badagry Superhighway was conceived as one of Nigeria’s most expansive road infrastructure projects, intended to serve as an economic backbone linking the resource-rich northern corridor with major export gateways in the south.
Beyond easing transportation challenges, the superhighway is expected to boost agricultural supply chains, enhance regional trade, improve access to seaports, and attract investments in manufacturing, logistics and real estate along its route.
The project also aligns with broader government plans to modernise transport infrastructure and strengthen Nigeria’s competitiveness under the African Continental Free Trade Area framework.
Presenting the report of the House Committee on Aids, Loans and Debt Management, Abdullahi El-Rasheed, who represented the committee chairman, Abubakar Nalaraba, urged lawmakers to support the loan request, citing the project’s strategic economic value.
He said the highway would serve as a critical driver of development and improve long-term economic productivity.
Following deliberations, the House approved the borrowing request at plenary, paving the way for the commencement of the project’s first section.
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BREAKING: Faleke Obtains Tinubu’s Presidential Nomination Forms
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(L-R): Founder of Tinubu Support Group, James Faleke; APC National Organising Secretary, Suleiman Argungu; and other APC officials during the presentation of nomination and expression of interest forms to Faleke for President Bola Tinubu in Abuja on Tuesday.
The lawmaker representing Ikeja Federal Constituency, James Faleke, has picked up the All Progressives Congress Expression of Interest and Nomination forms on behalf of President Bola Tinubu ahead of the 2027 presidential election.
The APC National Organising Secretary, Suleiman Argungu, on Tuesday in Abuja, declared the process open and presented the Expression of Interest and Nomination forms to Faleke, who also serves as the founder of the Tinubu Support Groups.
Faleke’s collection and payment for the forms, valued at N100 million on behalf of the President, formally signal the commencement of Tinubu’s bid for re-election.
The Independent National Electoral Commission has scheduled the Presidential and National Assembly elections for Saturday, January 16, 2027, while governorship and State Houses of Assembly elections will hold on Saturday, February 6, 2027.
The commission also announced that party primaries, including the resolution of related disputes, will run from April 23, 2026, to May 30, 2026.
INEC further stated that campaigns for the presidential and National Assembly elections will begin on August 19, 2026, while those for governorship and state assembly elections will commence on September 9, 2026
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