RE: MISLEADING CLAIMS REGARDING EXTORTION OF MOTORISTS BY LAGOS STATE TASKFORCE – YET-TO-BE-IDENTIFIED SECURITY OPERATIVES: ANOTHER CASE OF MISTAKEN IDENTITY. (PHOTO). #PRESS RELEASE.

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 RE: MISLEADING CLAIMS REGARDING EXTORTION OF MOTORISTS BY LAGOS STATE TASKFORCE – YET-TO-BE-IDENTIFIED SECURITY OPERATIVES: ANOTHER CASE OF MISTAKEN IDENTITY The Lagos State Taskforce wishes to address a misleading narrative circulating on social media, particularly in a viral video shared by protesters and concerned groups who recently demonstrated at the Lagos State House of Assembly. The protest was in response to the alleged extortion of motorists by security operatives, yet to be identified, who are not officials of the Lagos State Environmental and Special Offences Unit. We categorically state that the Lagos State Taskforce had no involvement in the said incident. Our enforcement teams are led by seasoned, well-trained, and highly disciplined senior officers who are far too professional and educated to jeopardise their ranks, integrity, and years of service for personal gain. For clarity, our agency does not operate on BRT corridors, nor were any of our personnel deployed to...
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BANK OF GHANA SUSPENDS FX LICENCES OF GTB, FIRST BANK FOR ONE MONTH. (PHOTO).

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 In a statement on Monday, the Ghanaian regulator said the suspension will become effective from March 18, 2024, for one month.


“Bank of Ghana has suspended the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN), effective 18th March 2024, for a period of one (1) month, in accordance with section 11 (2) of the Foreign Exchange Act 2006, (Act 723),” the statement partly read.


“This is a result of various breaches of the foreign exchange market regulations, including fraudulent documentation in their foreign exchange operations which have come to the attention of Bank of Ghana.

“The licence will be restored at the end of the one-month suspension period once the Bank of Ghana is satisfied that they have put in place effective controls to ensure strict adherence to the foreign exchange market regulations.”

The regulator cautioned foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines.


Last Friday, the Central Bank of Nigeria (CBN) revoked the licences of 4,173 Bureaux De Change Operators, accusing the affected institutions of failing to observe regulatory provisions.


The move is expected to curb arbitrage, racketeering and profiteering as the naira suffers an all-time low against the dollar, from about $/700 last May to over $/1500 at the moment.

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