Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

E-Financial

CBN Moves to Check Pressure on Naira

Published

on

CBN HQ.jpg
Kindly share this post

Central Bank of Nigeria (CBN)  in a bid to check the persistent depletion in the country’s external reserves yesterday released fresh guidelines for Bureau De Change operators.

The development was confirmed by a statement issued by the apex bank signed by Isaac  Okoroafor on behalf of the Director, Corporate Communications Department.

It said the new guidelines would also help the bank check the financing of unauthorized transactions as well as the dollarisation of the Nigerian economy.

In the statement, the apex bank gave all BDC operators in the country till July 15 to raise their capital from the current N10m to N35m, adding that the amount must be deposited in a non-interest yielding account in the CBN subject to a grant of approval-in-principle

Apart from the N35m, the statement said that all BDCs applying for the new license would be expected to make an application fee of N100,000,  licensing fee of N1m and an annual renewal fee of N250,000.

It also stated that unlike in the past, multiple ownership of BDC would not be permitted adding that anyone found having more than one BDC would be severely punished.

The statement said, “In order to ensure that only genuine companies operate as BDCs in Nigeria, the CBN makes the following modifications to the BDC guidelines.

“The minimum actual requirement for the operation of BDCs in Nigeria is reviewed to N35m.

“The mandatory cautionary deposit is reviewed to N35m and shall be deposited in a non interest yielding account in the CBN upon the grant of Approval-in-Principle

“The following fees shall apply to the licensing of BDCs; application fee-N100,000; licensing fee N1m; and annual renewal fee-N250,000.

“Ownership of multiple BDCs is not permissible and would be punished if detected.

“All existing BDCs and those currently operating with a final approval letter are required to comply with the requirement on mandatory cautionary deposit by July 15, 2014 while all current applications are expected to comply with these new requirements.”

The statement stated further that the compulsory membership of Association of Bureau De Change Operators of Nigeria would no longer become a requirement for licensing of BDCs.

It explained that while the BDCs were licensed to provide access to foreign exchange to small scale end uses and assist in the fight against illegal financial activities, the apex bank had observed weak and ineffective operational structure which had made the sector to abandon the objectives for its establishment.

Other deficiencies observed in their operations are depletion of the country’s foreign reserves, in view of the unusually large number of BDCs; potential financing of unauthorized transactions with foreign exchange procured from the CBN window, and gradual dollarisation of the Nigerian economy with adverse effect on monetary policy.

It also listed inadequate minimums in paid-up capital, prevailing ownership of several BDCs by same promoters in order to buy foreign exchange multiple times from the CBN window as well as their huge interest in widening margins and profits from the foreign exchange market as some of the deficiencies on the system.

The statement noted that going forward, the expected role of BDCs following their recapitalization would be to deliver superior values and returns to the foreign exchange market.

“The CBN’s expectation is to have BDCc that are properly structured, effectively regulated, and well capitalized to meet the objectives which operators are licensed.

“In particular, the CBN envisages partnership between BDCs and renowned companies engaged in inward and outward money transfers in Nigeria, creation of robust and sustainable business franchises that are not dependent on rent seeking activities but are properly situated to compete in foreign exchange market,” it said.


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Financial

UBA Expands to More African Cities, Stamps Footprint  in Saudi Arabia

Published

on

Kindly share this post

United Bank for Africa (UBA) has announced strategic expansion into more African countries even as it plans to open a new office in Saudi Arabia, marking a significant milestone in its mission to connect Africa with key global markets.

UBA Expands to More African Cities, Stamps Footprint  in Saudi Arabia

Oliver Alawuba, GMD/CEO, UBA group,

This emerged during the Group’s Half Year Business Review held at its global headquarters in Lagos, where Oliver Alawuba, group managing director/CEO, UBA group, met with senior executives overseeing UBA’s 24-country footprint.

The meeting reaffirmed the bank’s pan-African strategy while outlining bold new steps into global markets.

Alawuba highlighted UBA’s continued growth outside Nigeria, with more than 51.7% of Group revenues now generated from its ex-Nigerian operations.

He described the Saudi expansion as a move that positions UBA to support cross-border trade, attract investment flows, and better serve the African diaspora.

“UBA’s vision is clear—we are building a truly global institution anchored in Africa, but serving customers across continents. Our entry into Saudi Arabia signals confidence in new opportunities and commitment to supporting economic connectivity between Africa and the Middle East,” he said.

The Saudi expansion adds to UBA’s international presence, which currently includes the United Kingdom, United States, France, and the United Arab Emirates. Alawuba also disclosed that the bank is upgrading its operating licence in France to further strengthen its European operations.

“In Europe, UBA has operations in the United Kingdom and is upgrading its licence in France, expanding its capacity to serve cross-border trade, investment flows, and the African diaspora, complementing our over 40-year presence in New York,” Alawuba noted.

Since launching its pan-African journey with an entry into Ghana in 2004, UBA has expanded rapidly across 20 African countries, establishing itself as a leading driver of financial inclusion, innovation, and regional integration.

 

 

 

 

 

 


Kindly share this post
Continue Reading

E-Financial

Ecobank Plans to Raise $250m Capital Through Private Placement

Published

on

Kindly share this post

Ecobank Transnational Incorporated announced its plan to raise up to $250m in Additional Tier 1 capital through a private placement of contingent convertible notes.

In a statement filed on the Nigerian Exchange Limited recently, the capital raise was approved by shareholders at the company’s Extraordinary General Meeting held in Lomé, Togo. The private placement offer was launched on July 9 and will run for ten days.

“Following the approval of the shareholders at its Extraordinary General Meeting held on May 28, 2025, in Lomé, Togo, to raise up to $250m in additional Tier 1 capital qualifying instruments via a private placement of contingent convertible notes, Ecobank Transnational Incorporated announces the launch of the AT1 effective July 9, 2025, for ten days. Renaissance Capital Africa has been appointed as the transaction adviser to ETI.”

The move is an initiative aimed at strengthening Ecobank’s capital adequacy, enhancing financial resilience, and supporting its long-term growth ambitions across its diversified pan-African banking platform.

Additionally, Madibinet Cisse, Ecobank’s Company Secretary, said, “This proposed capital raise represents a critical step in our efforts to fortify the bank’s financial foundation and support sustainable growth across Africa.”

It would be recalled that Ecobank Transnational Incorporated, the parent company of the Ecobank Group, has raised an additional $125m through a Eurobond tap, bringing the total size of its 2029 notes to $525m.

 


Kindly share this post
Continue Reading

E-Financial

EFCC Recovers Funds Lost to CBEX Fraud

Published

on

Kindly share this post

Ola Olukoyede, chairman, Economic and Financial Crimes Commission (EFCC), has announced that the body has recovered lost funds from the CBEX fraud scheme.

EFCC Recovers Funds Lost to CBEX Fraud

Olukoyede did not announce the amount recovered, but he assured Nigerians that the EFCC is taking action against the promoters of the scheme.

The EFCC Chairman emphasised that the suspects found are facing prosecution.

“We have found a lot of people culpable. Those who promoted that scheme are within our jurisdiction and have been arrested. So, at this moment, they are being prosecuted. And we can also say that money has been recovered, even though the process is still ongoing for us to finally forfeit it,” he said.

Olukoyede also urged Nigerians to exercise caution when investing their resources into online platforms.

“Ponzi schemes remain one of the most pervasive threats facing unsuspecting investors. The CBEX case is a clear example. We all remember the outcry that followed the collapse of the scheme, but these unfortunate situations are preventable. Nigerians must begin to conduct due diligence before committing their resources to such platforms,” Olukoyede said.

He also stressed that the body remains committed to fishing out the culprits and recovering the lost funds.

“It was only when the bubble burst that people wanted EFCC to perform magic and recover their money. In the case we investigated in Lagos, which we dubbed Operation Flush, we arrested a large number of foreigners involved in various cybercrimes, including CBEX. I want Nigerians to know that as of today, we have secured close to 150 convictions. Some of them are already serving their jail terms. And when they are through with that, we are going to send them back to where they came from. So we are monitoring them,” he added.

He urged the public to stay vigilant, assuring them that the body will see the case to the end.

“We are no longer the EFCC that drops cases halfway. Whatever we start, we will finish. Nigerians should trust us and believe in our capacity to do justice. Some of these cases are complex and may require cross-border investigations, but we are up to the task,” he said.


Kindly share this post
Continue Reading

Trending