ALLEGED N4. 8BN FRAUD: APPEAL COURT ADJOURNS IBETO'S APPEAL TILL SEPT 16.(PHOTO).#PRESS RELEASE.

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 Alleged N4.8bn Fraud:  Appeal Court Adjourns Ibeto’s Appeal Till Sept 16 A three-man panel of the Court of Appeal, Lagos Division,on Tuesday, May 7, 2024, adjourned till September 16, 2024, the hearing of the appeal filed by the Chairman of Ibeto Energy Development Company, Cletus Ibeto. The case, which was initially before Justice I.O. Ijelu of the Lagos State High Court, Ikeja, had suffered several adjournments due to the absence of the defendant to take his plea with respect to the 10-count charges preferred against him by the Economic and Financial Crimes Commission, EFCC. He was charged alongside his companies, Ibeto Energy Development Company and Odoh Holdings Ltd. Justice Ijelu had, on November 3, 2023 declared Ibeto wanted based on the application moved by counsel to the EFCC, Rotimi Jacobs, SAN. He had also issued a bench warrant for his arrest. However, when the case came up on January 29, 2024, the court informed all parties involved that the case file had been returned to
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CBN REVOKES LICENSES OF 4,173 BDCs.(PHOTO). #PRESS RELEASE

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  Citing Non-observance of Guidelines, CBN Revokes Licenses of 4,173 BDCs


(PRESS RELEASE)


The Central Bank of Nigeria (CBN), in exercise of the powers conferred on it under the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015 (the Guidelines), has revoked the licenses of 4,173 Bureaux De Change Operators. The list of affected BDC operators is available on the Bank’s website (www.cbn.gov.ng).


The affected institutions failed to observe at least one of the following regulatory provisions:


  Payment of all necessary fees, including licence renewal, within the stipulated period in line with the Guidelines.

  Rendition of returns in line with the Guidelines.

  Compliance with guidelines, directives and circulars of the CBN, particularly Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and Counter-Proliferation Financing (CPF) regulations.


The CBN is revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria. Compliance with the new requirements will be mandatory for all stakeholders in the sector when the revised guidelines become effective.


Members of the public are hereby advised to take note and be guided accordingly.


 


E-SIGNED:


Sidi Ali, Hakama (Mrs.)


Ag. Director, Corporate Communications

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