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BDC: CBN Mandates Sellers Above $10,000 to Declare Sources

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The Central Bank of Nigeria (CBN) has mandated foreign exchange sellers to Bureau De Change (BDC) of the equivalent of 10,000 dollars and above to declare their forex sources.

Haruna Mustapha, Director, Financial Policy and Regulation Department of the CBN, said this in a revised regulatory framework to curtail excesses of BDCs and check uncertainty in the foreign exchange market.

Mustapha said that such sellers would also be required to comply with all Anti-Money Laundering/Combating the Financing of Terrorism ( AML/CFT) regulations.

He said that the guidelines would significantly enhance the regulatory framework for the operations of BDCs as part of ongoing reforms of the Nigerian foreign exchange market.

According to him, the guidelines revises the permissible activities, licensing requirements, corporate governance and AML/CFT provisions for BDCs.

“It also sets out new record-keeping and reporting requirements, among others,” he said.

Reports says that the guidelines also specifies that no person shall carry on the business of BDC in Nigeria except with the prior authorisation of the CBN.

It described BDC as a company licensed by the CBN to carry on only retail foreign exchange
business in Nigeria.

It banned commercial, merchant, non-interest and payment service banks, Other Financial Institutions (OFIs), including holding companies and payment service providers from promoting BDCs.

It also precluded serving staff of financial services regulatory and supervisory agencies, serving staff of regulated financial services providers, governments at all levels, among others, from promoting BDCs.

The guidelines permitted BDCs to acquire foreign currency from authorised sources like tourists, returnees from the diaspora and expatriates with foreign exchange inflows from work, travel, investment or their domiciliary accounts.

Other permissible sources are International Money Transfer Operators (IMTOs), embassies, hotels that are authorised buyers of foreign currencies, the Nigerian Foreign Exchange Market (NFEM) and any other source that the CBN may specify.

It warned the BDCs not to engage in street-trading, maintaining any type of account for any member of the public, or accepting any asset for safe keeping/custody.

It said that the BDCs were also not permitted to take deposits from or grant loans to members of the public in any currency and in any form.

“Retail sale of foreign currencies to non-individuals, except for BTA, international outward transfers, engaging in off-shore business or maintaining foreign correspondent relationship
with any foreign establishment are also not permissible,” it said.(NAN)

NEWS

Police Say at Criminal Responsibility Age, Individuals must be Answerable for Their Actions

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The Nigeria Police Force says individuals who have attained the age of criminal responsibility must be answerable for their actions, regardless of biological age.

The Force Public Relations Officer, ACP Olumuyiwa Adejobi, in a statement on Saturday in Abuja said the provision was very clear under the Nigerian law.

He said the provision was in line with global practices, where accountability was upheld for young individuals who commit serious offenses.

Adejobi said the clarification followed public opinion over the arraignment of 76 alleged minors over terrorism, arson and treasonable felony by the Nigeria Police.

According to him, in managing the detention and arraignment of these suspects, the Nigeria Police has rigorously adhered to legal provisions to ensure fairness and accountability under the rule of law.

He said the suspects were initially presented in court, where they were formally charged, with a remand order issued by the court.

“Throughout this process, the police have worked to balance justice with compassion, ensuring that each suspect’s basic rights and privileges are respected, including access to medical care and other necessary provisions.

“An unexpected incident in court saw six of the suspects suddenly rush out and faint on Oct. 1, drawing media attention in a deliberate and scripted manner to draw negative attention.

“Medical aid was promptly provided to these individuals, demonstrating the Police Force’s commitment to the welfare of those in its custody, irrespective of the allegations they face.

“While committed to upholding justice, the Nigeria Police Force remains sensitive to the rights of all individuals, including young persons,” he said.

According to him, as seen in other jurisdictions, including the United Kingdom, age does not exempt individuals from facing legal consequences.

He said the Nigeria Police was aware of public interest in the case and assured that its officers would maintain professionalism throughout the legal process.

Adejobi enjoined the public to view the case without undue bias, adding that the force remains focused on a transparent pursuit of justice.

He said the force would remain committed to aligning with best practices, upholding both the rule of law and respect for human dignity. (NAN)

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Bells Varsity Honours 91 Students with First Class at 16th Convocation

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Bells University of Technology, Ota, Ogun,  on Saturday awarded 91 students of the institution  First Class (Honours) at its 16th Convocation Ceremonies.

The convocation ceremonies are for the 2023/2024 academic session.

Ojediran said that a total of 969 students graduated in the  academic session.

He said that they comprised the 91 students who made First Class grade, 505 who secured  Second Class (Upper Division), 313 with Second Class (Lower Division) and 60 graduating with Third Class.

The vice-chancellor said that 220 students were graduating in the post-graduate category.

Mr Sally Farouk  from the university’s Department of Architecture emerged the overall best  student with  a Cumulative Grade Point Average of 4.

94, according to Ojediran. 

He said that the institution set out to proffer best solutions from collective knowledge, shared experiences and resources, recognising that education was a lifelong activity.

The vice-chancellor lauded the staff of the university for cooperation and dedication to giving the students  quality education.

“You have joined  hands with the management of the institution to work on this fertile ground,” he  said.

The Pro-Chancellor of the institution, Prof. Bart Nnaji, said that university was the first private university of technology in Nigeria, noting that it was established in 2005.

Nnaji said that the institution had made remarkable achievements in teaching and research as part of its vision to contribute to the growth and development of Nigeria.

“Let me also congratulate the graduating students who have distinguished themselves through their hard work and discipline and are being rewarded today.” he said.

In his remarks, the Chancellor of the institution, Dr Ibrahim Dankwambo, commended former President Olusegun Obasanjo for contributions to education development in the country.

Dankwambo also congratulated a former Executive Secretary of National Universities Commission (NUC), Prof. Peter Okebukola, and the Executive Director of Sahara Group, Mr Temitope Shonubi, for  honorary doctoral degree given them by the university.

Report says that Okebukola and Shonubi were conferred with the degree for their outstanding pedigrees  and services to humanity. (NAN)

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NEWS

Endbadgovernance protest: Suspects not in Custody of NCoS, -Says Spokesman

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The Nigeria Correctional Service (NCoS) has said that  suspects arrested during the #Endbadgovernance protest in August 2024 were not remanded in any of its adult custodial centres in Abuja.

The Service Public Relations Officer (SPRO) Abubakar Umar confirmed this in a statement on Saturday in Abuja.

our correspondent gathered that the suspects arrested for treason during the #Endbadgovernance protest that held in August 2024, were on Friday, arraigned before Justice Obiora Egwuatu at the Federal High Court, Abuja Division.

Umar said that there were misleading reports making the rounds in some sections of the media purporting that the suspects were remanded in one of the adult custodial centres in Abuja.

According to the NCoS spokesman, the said report has no iota of truth.

”The service operates under the best correctional and global practices.

“To set records straight, the NCoS Act 2019 has empowered the Controllers of Corrections as well as Superintendents-in-charge of Custodial Centres not to admit juveniles in facilities meant for adults.

“The Act also mandates the service to reject more intake of inmates where it is apparent that the custodial facility in question is filled to capacity.

“The service wishes to inform the public that the said suspects were rejected and none of them were remanded in adult custodial facilities as insinuated by the said report.

“The service  assures the public that NCoS will continue to emphasise professionalism as well as respect for human rights in line with the United Nations Minimum Standard Rules for the Treatment of Juvenile offenders.

“Furthermore, the general public is enjoined to disregard the said report because it is not the true position of things,”he said.(NAN)

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