Breaking News
BREAKING NEWS: Central Bank of Nigeria (CBN) Grants License To 82 BDCs
The Central Bank of Nigeria (CBN) has granted Final Licenses to 82 Bureau De Change (BDCs) to operate, effective from November 27, 2025, marking the conclusion of a major recapitalisation and re-licensing exercise in the foreign exchange market.....TAP TO CONTINUE READING
The CBN confirmed the development in a statement signed by Hakama Sidi Ali, the Acting Director of Corporate Communications, warning the public to deal only with the newly authorised operators.
The re-licensing was carried out under the powers conferred on the apex bank by the Bank and Other Financial Institutions Act (BOFIA) 2020 and the Regulatory and Supervisory Guidelines for Bureaux De Change Operations in Nigeria 2024.
The move follows the CBN’s decision in May 2024 to withdraw all existing BDC licenses, directing operators to re-apply for fresh permits under a new tiered structure designed to strengthen the sector and boost liquidity.
Under the new guidelines, BDC operators were required to re-apply for either of two categories: Tier one’ or ‘Tier two’ with a minimum capital requirement of N2bn and N500m respectively.
Existing operators were given a six-month window from the effective date of the Guidelines to meet the minimum capital requirements for their chosen license category.
The CBN stressed that only the 82 Bureau De Change listed on its official website are authorised to operate from the effective date, November 27, 2025.
The apex bank issued a stern warning against patronising unapproved forex dealers, stating that it will continue to update the list for public verification.
“For the avoidance of doubt, operating a Bureau De Change business without a valid licence is a punishable offence under Section 57(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020. Members of the public are hereby advised to note and be guided accordingly,” the statement read.
Breaking News
Kwankwaso Breaks Silence, Reveals Why Nigeria Can Never Forget General Danjuma
According to our findings, former presidential candidate Rabiu Kwankwaso has stirred fresh national conversations after praising General Theophilus Danjuma in a way many say captures the retired general’s true influence on Nigeria. In a message marking Danjuma’s 87th birthday, Kwankwaso described him as a man who didn’t just serve long, but served with....TAP TO CONTINUE READING
Breaking News
BREAKING NEWS: Newly Elected President of AGN, Abubakar Yakubu Arrested in Lagos – FULL DETAILS
The newly elected President of the Actors Guild of Nigeria (AGN), Abubakar Yakubu, who won the election by a narrow margin of 116 votes to 113 against Rita Daniels, with three votes declared invalid, has reportedly been involved in a fatal motor accident in Surulere, Lagos.....TAP TO CONTINUE READING
Preliminary reports indicate that the crash resulted in the death of an individual.
Yakubu has been taken into police custody at the Barracks Police Station in Surulere, where investigations into the circumstances surrounding the accident are ongoing.
Authorities are yet to issue an official statement on the cause of the crash or the progress of the investigation.
Further details will follow as the news develops…
Breaking News
Why Gov Fubara Joined APC Before Nyesom Wike
Governor Siminalayi Fubara of Rivers State officially defected from the Peoples Democratic Party (PDP) to the ruling All Progressives Congress (APC) on Tuesday, a strategic move reportedly executed to pre-empt his estranged predecessor, Nyesom Wike, and take control of the APC structure in the oil-rich state.....TAP TO CONTINUE READING
The defection, which Fubara lannounced at a stakeholders’ meeting in Port Harcourt, was confirmed to be a calculated political maneuver following his closed-door meeting with President Bola Tinubu in Abuja on Monday.
Governor Fubara, while announcing his defection, publicly acknowledged President Tinubu’s intervention as the sole reason he survived the political turmoil, which saw his government briefly suspended.
He said: “I know you have been waiting to hear from me. I have to arrange this meeting so urgently. I know it will end on a good note
“You are aware that I went to see Mr President yesterday, and the reason I went for that visit is not just personal, but a state interest consultation.
“I don’t want to make any mistakes this time around. I also don’t want to step on any landmine that anyone is laying for us. So I was with Mr President yesterday to brief him on the situation of things in our state, which I believe he has taken note of, and he is going to act swiftly on it.
“The most interesting part of the meeting is what you all have been waiting for, and you have been asking me, the signal has finally arrived.
“We have the full support and the positive nod to leave where we are because we didn’t get any protection, to go to where the reason we are still standing is because of that place.
“The truth is, without Mr. President, there won’t be any His Excellency Sir Siminalayi Fubara; it would have been the former governor.
“So, we have every reason. Let no one be fooled in this State, we have the people and the supporters as well as the numbers. Our only thank you to Mr. President is to support him. We can’t support Mr. President in isolation, and we can’t show that support if we don’t fully identify with him, not backyard support.
“So, we have taken that decision today, since we have got the pass. Everyone here who has followed and suffered with me, our decision today, we are all moving to APC.“
Sources in Governor Fubara’s camp revealed to The Whistler that the defection was based on counsel from political strategists who urged him to join the APC before Wike, despite the FCT Minister’s alignment with the federal ruling party.
The main objective was to secure control of the APC’s political structure in Rivers State ahead of the 2027 general elections.
The strategy banked on Wike’s ongoing internal battles within the PDP, which reportedly led to him being isolated and without access to President Bola Tinubu for the last two months.
The source said Fubara was initially reluctant to make the move, concerned that it would be viewed as disrespectful to Wike and re-ignite the crisis that had just been resolved.
“The governor was reluctant at first. He felt it would be disrespectful to join the APC before his former boss and political benefactor. He was also concerned about reigniting the crisis that had just been resolved. He didn’t want to be seen as betraying Wike or repeating the same pattern that caused their problems in the first place,” the source told The Whistler.
The source explained: “Governor Fubara agreed with the calculation to join the APC first. They (his advisers) convinced him that this was the best way to secure his political future.”
Fubara’s camp asserts that his supporters and loyalists across the state are expected to follow his lead, effectively positioning him as the new leader of the APC in Rivers State.
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