Author: Lawbreed Limited

The Central Bank of Nigeria (CBN) has established a minimum operating capital requirement for International Money Transfer Operators (IMTOs) at $1 million for foreign entities and an equivalent amount for local IMTOs. It equally prohibited banks from directly operating International Money Transfer services. This significant development was outlined in the revised guidelines for the operation of IMTOs, which were officially released on January 31, 2024. According to the guidelines, applicants must adhere to the CBN’s anti-money laundering, combating the financing of terrorism, and countering proliferation financing of weapons of mass destruction regulations. These regulations are detailed in the CBN guidelines…

Nigeria has sharply devalued its currency for the second time in eight months, as the west African country bids to clear up its messy system of exchange rates and attract investment to its flailing economy. The naira has tumbled this week after the methodology used to calculate the official exchange rate was changed, taking the currency closer to the black market rate. The move is widely seen as part of market-friendly reforms being introduced by Bola Tinubu, who became president last May and who shortly afterwards jettisoned the years-long peg instituted by the former central bank chief that had kept…

The Central Bank of Nigeria (CBN) hit the nail on the head yesterday. It accused commercial banks of hoarding over $5 billion in foreign currencies against the threshold approved by the apex bank. CBN blamed the prevailing forex scarcity and naira’s free-fall against the dollar on the actions of the Deposit Money Banks (DMBs). The accusation came a day after the apex bank expressed concern about banks’ excessive forex exposure. At the close of the market yesterday, the naira exchanged N1,450/$ at the parallel market. It was a substantial gain (N70) against the dollar, having closed on Wednesday at N1,…

A 37-year-old security guard at Prestige International College, Nurudeen Shehu, has committed suicide over news of his ex-wife’s remarriage in Kano. The state Commissioner of Police, Usaini Gumel, who confirmed the incident on Tuesday, said it occurred inside one of the college’s classrooms on Sunday. Gumel said, “On January 28, at approximately 10.30 am, Abdullahi Abdulsalam of Rijiyar Zaki reported that Shehu was found hanging motionless in a classroom. “Policemen from Gwale Division, led by the DPO, made their way into the classroom, cut the rope, and rushed the body to the Murtala Mohammed General Hospital, where a doctor on…

Governor Nasir Idris has approved the payment of N27,500,000 as tuition and registration fees of 38 Kebbi State indigenes at the law school. This was contained in a statement signed by the Commissioner for Justice, Dr. Junaidu Bello Marshal and released to journalists in Birnin Kebbi on Monday. The statement said 28 Bar Part II students will receive the sum of N750,000 each, while the Bar Part I students will get the sum of 650,000 each. “His Excellency’s approval became necessary when the management of the Nigerian Law School increased the fees to N476,000 for Bar Part II and N353,00…

President Bola Tinubu has announced a shake-up in the oil sector to ensure transparency amid concerns about declining oil revenue and opaque practices within the NNPC. The President has directed the Central Bank of Nigeria (CBN) to take over responsibility for crude oil sales from the Nigerian National Petroleum Company Limited (NNPCL). Previously, the NNPC solely controlled crude oil sales, only submitting accounts to the federal government. Critics have long argued that this arrangement lacked transparency, allowing the NNPC to underreport earnings. The new directive requires the NNPC to submit all receipts for crude oil sales to the CBN for…

A gang of kidnappers has reportedly taken over a police checkpoint in Edo State. The State Governor, Mr. Godwin Obaseki, disclosed the incident on Monday in Benin, during a security briefing with all security chiefs in the State. He further disclosed that the daring kidnappers also attacked some policemen on patrol at the unnamed checkpoint. “We heard some kidnappers took over a checkpoint and attacked some policemen on patrol, but none lost their lives in the incident and this has prompted the government to commence a total revamp of the vigilante structure,” Obaseki said. Meanwhile, the Governor has ordered the…

The Ekiti State Government has confirmed the abduction of students, teachers, and a driver in the Emure-Ekiti area of the state. The state government confirmed the abduction in a statement on Tuesday. It also vowed to ensure the victims are rescued. Gunmen had abducted six pupils and three teachers of a private school and their bus driver while they were returning from Eporo-Ekiti on Monday night. But hours after the incident, the Ekiti State Government called on residents of the state not to despair as security has been stepped up to rescue them. The statement reads, “The Ekiti State Governor,…

Ahead of this Saturday‘s bye and re-run elections, across 26 states, the Independent National Electoral Commission (INEC) in collaboration with the Central Bank of Nigeria (CBN) is delivering materials to the affected locations. The election will hold in 80 local government areas in 26 states of the federation. The commission, however, sought the support of the Nigerian Air Force (NAF) to expeditiously deliver materials to three locations in the North East, South East and the South West geo-political zones of the country due to the size and distance of some constituencies. INEC chairman, Prof Mahmood Yakubu stated these when he…

More residents affected by the recent explosion that rocked the Bodija area of Ibadan in Oyo State have recounted their ordeals. PUNCH Online reports that five people died, 77 sustained varying degrees of injury and 58 houses were damaged during the explosion that rocked Dejo Oyelese street. The state governor, Seyi Makinde, presented the preliminary report of the explosion to President Bola Tinubu at the weekend. A resident, Olusegun Fashina, who spoke with our correspondent on Thursday narrated how buildings’ windows and doors were damaged. “Mainly, it (the explosion) affected our glasses because we have a lot of glasses here.…