Economy
Cardoso Introduces New FX Sales To BDCs: CBN
Cardoso Introduces New FX Sales To BDCs: CBN
Cardoso introduces new FX sales to BDCs. CBN has issued new guidelines restricting bureau de change operators to purchasing foreign exchange from a single authorised dealer per week.
The Central Bank of Nigeria has issued new guidelines restricting bureau de change operators to purchasing foreign exchange from a single authorised dealer per week.
The bank also directed the BDCs to comply with Know Your Customer (KYC) measures.
In a circular signed by W.J. Kanya, acting director of the Trade and Exchange Department, the apex bank mandated a weekly purchase cap of $25,000 per BDC from authorised dealers.
“A BDC shall approach its preferred Authorised Dealer Bank (ADB) and can only procure the said amount from only that bank of its choice in a week. Any breach of this condition will attract appropriate sanction.
“The selling rate by the Authorised Dealers to BDCs shall be the prevailing day rate at NFEM window,” it said.
CBN permitted FX cash purchased by BDCs from authorised dealer banks to be sold to end-users at a rate not exceeding one per cent margin above the buying rate.
The apex bank said the one per cent margin would be applicable to all funds to be retailed by BDCs regardless of sources of funds.
It also mandated authorised dealer banks to render weekly returns on sales to BDCs in a specified format attached to the guidelines to be addressed to the apex bank.
It urged all BDCs to render daily returns on FX purchases from authorised dealer banks and other sources and sales on the Financial Institutions Forex Reporting System (FIFX).
It further directed that funds purchased by BDCs be disbursed for specific transactions, including business travel allowance/personal travel allowance, overseas school fees and overseas medical fees.
It insisted that in all cases, the maximum disbursement per transaction should not exceed $5,000 quarterly.

CBN
“Records shall be maintained for all transactions by the BDCs showing the BVN of the end-user, including endorsement of the amount disbursed in the International Passport of the beneficiary;
“It is to be noted that Authorised Dealer Banks and BDC operators shall ensure strict compliance to the provisions of Anti-Money Laundering Laws and observance of appropriate KYC principles in the handling of these transactions,” it stated.
CBN added that authorised dealers and BDCs that divert funds or violate the provision of the guidelines would face sanctions, including suspension of their dealership licence.
Akwa Ibom
Governor Eno Assures Seplat Energy of Sustained Partnership, Investment Protection
Governor Eno Assures Seplat Energy of Sustained Partnership, Investment Protection
Akwa Ibom State Governor, Pastor Umo Eno, has assured investors of his administration’s continued support and partnership, stressing that the state remains committed to protecting investments and creating a conducive environment for businesses to thrive.
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Governor Eno gave the assurance when he received the management of Seplat Energy, led by its Chairman, Senator Udoma Udo Udoma, during a courtesy visit to the Government House in Uyo.
The Governor congratulated the company’s new Chief Executive Officer, Engr. Effiong Okon, on his appointment and assumption of office, noting that his new position carries responsibilities beyond the interests of Seplat Energy to also contribute to the development of Akwa Ibom State.
He commended Seplat Energy for its sense of responsibility and collaboration with the state government, particularly its engagement with host communities.
Governor Eno urged the company to sustain its efforts and develop more initiatives capable of improving the welfare of its host communities and contributing to the overall development of the state.
He attributed the peaceful atmosphere in Akwa Ibom to deliberate collaboration among the government, security agencies and residents, assuring Seplat Energy that his administration would continue to work with the company to sustain peace and create an enabling environment for investment.
The Governor also commended Senator Udoma, whom he described as one of the great sons of Akwa Ibom, while expressing confidence in the new management of Seplat Energy to achieve its objectives and make a greater impact across its host communities.
Earlier, Senator Udoma commended Governor Eno for what he described as visionary and impactful leadership in the state.
He explained that the delegation was at the Government House to formally introduce the company’s new CEO, Engr. Effiong Okon, to the Governor and strengthen the relationship between Seplat Energy and the state government.
In his remarks, Engr. Okon expressed delight at returning home to contribute to the development of Akwa Ibom while also discharging his responsibilities to Seplat Energy.

Umo Eno
Other members of the Seplat Energy delegation included the Director of External Affairs and Social Performance, Chioma Afe; Managing Director, Offshore Operations, Ikponwonsa Ogunwonyi; Vice President, Human Resources, Emo Udobong-Ntia; and Vice President, Joint Venture Operations, John Itsueli.
Members of the Governor’s team at the meeting included the Secretary to the State Government, Prince Enobong Uwah; Executive Assistant and Chief Delivery Advisor to the Governor, Mr. Aniefiok Johnson; members of the State Executive Council and other government officials.
Eereporter.com
Crime
How Bauchi Accountant-General Transferred State Funds to Private Company – Witness Explains
How Bauchi Accountant-General Transferred State Funds to Private Company – Witness Explains
Trial of the Accountant-General of Bauchi State, Sirajo Muhammed Jaja continued on Monday, September 21, 2026 at the Federal High Court in Abuja presided over by Justice Obiora Egwuatu with a witness revealing how Jaja diverted state funds to a private company.
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Jaja is facing prosecution by the Economic and Financial Crimes Commission, EFCC , alongside Aliyu Abubakar, Abubakar Muhammed Hafiz, Ari Manga and Muhammed Aminu Bose, for alleged corruption.
The defendants are being prosecuted by the EFCC on an amended five-count charge of money laundering, diversion of public funds, and criminal misappropriation of funds to the tune of N1,635,270,350.9 (One Billion, Six Hundred and Thirty-five Million, Two Hundred and Seventy Thousand, Three Hundred and Fifty Naira, Nine Kobo).
Prosecution counsel, Ekele E. Iheanacho, SAN told the court that the matter was for trial before calling in the first witness, PW1 to testify in the court. The prosecution witness, Williams Abimbola, a compliance officer with the United Bank for Africa, UBA, said her line of duty include among others receiving requests from law enforcement agencies, responding to enquiries and any other duty assigned to her by the bank’s Chief compliance officer.
The EFCC produced the state account statement and written statement of the bank to support its claim in the court.
It is alleged that the defendants, as signatories to Bauchi State sub-treasury accounts transferred monies from the state Sub-Treasury Accounts to JASFAD Resources Enterprises managed by the first defendant, Aliyu Abubakar.
When the prosecution counsel asked the witness to explain the transaction that happened on 29 October 2024, as well as further transactions, she said, “My Lord, on the 29 of October 2024, we have three credit transfers into the account of JASFAD from the Sub-treasury Bauchi Account. We have a transfer of N13,144,500, we also had a transfer of N17,169,300, and there is a transfer of N46,030,500.
Providing details of the transactions in the account, the UBA staff said: “On the seventh of November 2024, we had a credit transfer of N17,886,250, but the teller’s details were not captured. It just showed that transfers were made. On 15 November, we had two credit transfers transferred by order of the Sub-treasury, Bauchi Account the amount is N12,215,000 and N16,919,750 respectively.
“ On 19 November, 2024, we had another transfer by order of the sub-treasury Bauchi account for N90,373,550. On November 22,2024, we had a credit transfer from sub-treasury Bauchi account for N140,087,500. Then on 24 December, 2024, we had two credit transfers by order of sub-treasury Bauchi Account, the first one is for N24,192,000 and the second transfer is N48,892,500. On 27 December, 2024, we had two credit transfers by order of sub-treasury Bauchi account into JASFAD, the first is N335,040,000 and the second transfer is for N300,000,000.
“On the 31 December, we had two transfers by order of the Sub-treasury Bauchi Account of N14,285,527.20k. The second transfer is for N26,975,000.
“On 25 February, 2025 we had a credit transfer by order of sub-treasury, Bauchi Account to JASFAD Resources of N19,840,000, and N13,020,000. On March 3, 2025, we had a credit transfer by order of sub-treasury, Bauchi account for N16,105,223.70k. On March 5, 2025, we had a credit transfer of N56,642,500. On March 7, 2025, we had a credit transfer of N45,923,790, on March 10, 2025, we had a transfer of N11,253,500. On March 12 2025, we had two credit transfer from sub-treasury Bauchi account to JASFAD Resources Enterprises, the first transfer is for N49,280,000, the second transfer is for N30,720,000, while on March 14, 2025, we had a credit transfer by order of sub-treasury, Bauchi account of N28,262,500.”

EFCC
The witness informed the court that on 25 February, 2025, there were two credits from the Sub-treasury Bauchi account to JASFAD Resources account. According to the witness, the first transfer was of N19,840,000 while the second transfer was for N13,020,000. She said “On December 27, 2024, there were three transfers, the first one is N335,040,000, the second one is N300,000,000 while the third is N26,975,000.
Counsels to the defendants said they would take another date to cross-examine the witness.
Justice Egwuatu thereafter adjourned the matter to October 22, 2026, for continuation of cross examination of the witness and continuation of trial.
Eereporter.com
Economy
TCN Successfully Repairs Four Vandalised Power Lines in Rivers
TCN Successfully Repairs Four Vandalised Power Lines in Rivers
The Transmission Company of Nigeria has commenced the rehabilitation of four transmission tow vandalised along the Afam-IPP-Elelenwo 132kV Double-Circuit Transmission Line.
Eereporter.com
TCN disclosed this in a statement signed by its management on Monday, noting that the affected towers were discovered during an inspection by its engineers from the Port Harcourt Region.
The affected structures, identified as Towers T50 to T53, were vandalised after their tower members were removed and carted away.
The latest incident is the fifth reported vandalism attack on the same transmission line in recent times.
According to the statement, the vandalism was discovered on August 6, 2026, after the company’s engineers inspected the line.
“The Transmission Company of Nigeria (TCN) is currently rehabilitating four towers vandalised along the Afam-IPP-Elelenwo 132kV Double-Circuit Transmission Line. The incident was discovered on August 6, 2026, by the company’s lines engineers from the Port Harcourt Region,” TCN’s statement partly read.
The company identified the affected structures as Towers T50 to T53, saying their tower members had been removed and taken away.
“Towers T50 to T53 were affected, with their tower members removed and carted away,” the statement added.
“This is the fifth vandalism attack on the same line in recent times,” the company continued.
The transmission company said rehabilitation work was ongoing, while urging stakeholders to support efforts to prevent further attacks on transmission infrastructure.
“As rehabilitation work progresses, we enjoin all stakeholders to join hands to curb the menace that is threatening the stability of the national grid”, TCN concluded.

TCN
The Afam-IPP-Elelenwo line forms part of the transmission infrastructure used to move electricity within the power network in the Niger Delta region.
Damage to transmission towers can disrupt the ability of the network to safely and reliably transmit generated electricity, making the protection and maintenance of such infrastructure important to grid stability.
TCN’s latest rehabilitation effort comes amid continuing concerns over the vulnerability of electricity infrastructure to vandalism, with the company relying on inspections, maintenance and rehabilitation to restore damaged transmission facilities and sustain the reliability of the national grid.
Eereporter.com
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