Connect with us

news

Court upholds CBN’s requirements for Bureau de Change registration

Published

on

Federal High Court in Abuja has struck out a suit challenging the Central Bank of Nigeria (CBN)’s June 23, 2014 guidelines for the operation and registration of Bureau de Change in Nigeria.

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 judge upheld the CBN’s argument canvassed by its counsel Mr Damian Dodo and Professor Fabian Ajogwu, both Senior Advocates of Nigeria (SANs).

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.

They noted, among others, that the guidelines followed some deficiencies observed by the CBN in the operational effectiveness of BDCs which militate against the achievement of their objectives.

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.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

news

Tinubu Commends APC Primaries, Describes Exercise as Victory for Internal Democracy

Published

on

…President expresses satisfaction with governors’ handling of exercise

…Says party members’ support places greater responsibility on him

President Bola Ahmed Tinubu on Saturday described the ongoing presidential primaries of the All Progressives Congress (APC) as a demonstration of internal democracy and grassroots participation, expressing satisfaction with the conduct of the exercise across the country.

The President spoke with journalists after participating in the primary election at Ward L2, Ikoyi, Lagos, where he commended state governors and party officials for managing the process.

President Tinubu, who arrived at the venue alongside the First Lady, Senator Oluremi Tinubu, was received by Lagos State Governor, Babajide Sanwo-Olu, Lagos APC Chairman Pastor Cornelius Ojelabi, Minister of Industry, Trade and Investment Dr. Jumoke Oduwole, former Minister of Finance Wale Edun, and other party leaders.

According to him, the exercise has so far reflected the democratic ideals of inclusiveness and orderly participation within the ruling party.

“This is a demonstration of internal democracy and it has been going very well according to plan.

“This is politics, grassroots politics, where every member of the party has a right to participate and be involved. It’s to ensure that we have an internal democracy and it’s peaceful and well-organized”, Tinubu said.

Responding to questions on whether he was satisfied with the manner governors had handled the process in their respective states, the President said the conduct of the primaries had met expectations.

“Today, I am very satisfied, very, very satisfied that these governors have done well in their various states.

“In fact, from the ward congresses to local government congresses, to the delegate accreditation, validation, members register, and certification of the electoral process, it has been all very well. At least, you will score democracy at a high level”, he said.

The President also reacted to the large turnout and expressions of support from party members and supporters at the venue, saying the show of confidence increased the responsibility on him.

“I’m just excited. They challenge me more,” Tinubu said.

Tinubu reiterated that the APC remained committed to transparent and inclusive democratic processes that allow party members at the grassroots to freely determine their leaders and representatives.

He further commended electoral officials, party leaders and security agencies for ensuring a peaceful and credible exercise, while urging Nigerians to continue supporting democratic institutions and national unity.

The President also reaffirmed his administration’s commitment to democratic ideals, good governance and policies aimed at improving the welfare of Nigerians while strengthening political stability across the country.

Continue Reading

news

Truck Loaded With Stolen Rail Materials Trapped in Jos, Exposes Growing Sabotage

Published

on

Concern is mounting over the persistent vandalism of railway infrastructure across Nigeria following another disturbing incident in Jos, Plateau State.

A truck reportedly conveying stolen railway materials was said to have become stuck along the Kuru axis, drawing attention to the activities of vandals sabotaging critical transportation infrastructure in the country.

The incident has renewed calls for urgent government intervention as experts warn that continued attacks on railway facilities could negatively affect national development and public safety.

Railway tracks and related materials are regarded as essential national assets designed to support economic activities, improve transportation and boost regional connectivity. Their destruction, analysts say, amounts to economic sabotage and a setback to Nigeria’s infrastructure development goals.

There are growing fears that criminal networks are increasingly targeting railway installations in parts of North Central and North East Nigeria, threatening train operations and exposing commuters to danger.

Stakeholders are now urging authorities to intensify monitoring, deploy advanced security systems and strengthen enforcement measures to curb the menace.

Continue Reading

news

Ekiti APC: Controversy Trail Cyril Fasuyi’s Second-Term Ticket as Fayemi, Oyebanji Alliance Sparks Debate

Published

on

There are growing political discussions within the Ekiti State chapter of the All Progressives Congress (APC) following allegations surrounding the emergence of Senator Cyril Fasuyi for a second term ticket.

Some party members and political observers in the state have alleged that Governor Biodun Oyebanji and former Governor Dr. John Kayode Fayemi remain politically aligned despite public perceptions suggesting otherwise. According to the claims, the relationship between Governor Oyebanji and Fayemi remains cordial and influential in the state’s political structure.

Critics further alleged that Senator Cyril Fasuyi was advised to reconcile with Fayemi in order to secure support for his return bid, a move they claim eventually strengthened his chances of getting the ticket.

The development has reportedly generated concerns among some APC stakeholders, who believe certain political interests are working behind the scenes to shape the future direction of Ekiti politics ahead of upcoming political contests.

The allegations also claim that internal power struggles within the party may affect relationships with key figures at the national level, particularly supporters loyal to President Bola Ahmed Tinubu.

However, no official statement has been issued by Governor Oyebanji, Dr. Fayemi, or Senator Fasuyi regarding the allegations.

Continue Reading

Trending

Copyright © 2025 Newsthumb Magazine | All rights reserved