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No More Excuses! CBN Exposes Banks For Forex Violations, Vows Zero Tolerance.

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5 months ago

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  • Documentation Breaches: Banks and authorized dealers processing foreign exchange transactions without sufficient documentation now face a ₦100 million penalty, plus an additional ₦10 million for each individual transaction involved.....KINDLY READ THE FULL STORY HERE▶

    • Net Open Position Violations: Graduated sanctions apply to banks exceeding approved limits: a warning for a first offense, a 10-day market suspension for a second, and a 90-day suspension for a third.

    • Reporting Obligations: Dealers must submit daily transaction returns by 10 a.m. the following day and monthly returns within five working days of month-end. Non-compliance attracts a ₦500,000 fine for late submissions, while non-rendition carries a minimum ₦5 million penalty plus ₦500,000 for each day of continued violation.

    • Unauthorized Reallocation: Banks reallocating funds without approval face heavy fines, six-month license suspensions, or total revocation.

    Import and Export Regulations

    • Import Compliance: Importers have 90 days to submit Exchange Control Documents after negotiating shipping documents. Failure to comply triggers tiered market restrictions ranging from 90 days for a first offense to a permanent ban for a fourth violation. Banks failing to report these defaults face a ₦10 million penalty per transaction.

    • Export Proceeds: Non-oil export proceeds must be repatriated within 180 days, while oil and gas proceeds must be received within 90 days. Violating exporters are fined one percent of the naira value of outstanding proceeds, with banks facing a 0.5 percent fine for failing to ensure compliance.

    Operational Reforms

    • Increased Flexibility: The allowable advance payment for imports has been raised from 15 percent to 30 percent, and a 10 percent margin (excess or shortfall) is now permitted on Cost and Freight values on Form M.

    • Process Improvements: The CBN removed processing fees for Form NXP and the mandatory Form A requirement for remittances funded through ordinary domiciliary accounts, though verification of transaction legitimacy remains mandatory.

    • Tuition Remittances: The manual allows for tuition fee remittances of up to $25,000 per semester for students studying abroad.

    According to the CBN, these reforms were developed through extensive consultations to align Nigeria’s framework with international best practices, aiming to reduce transaction friction and strengthen macroeconomic stability. CBN leadership, including Governor Olayemi Cardoso and Deputy Governor Dr. Muhammad Abdullahi, emphasized that these measures are essential for modernizing the foreign exchange market, deepening liquidity, and restoring investor confidence.

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Federal High Court Declares Christmas Break, Names Judges To Handle Cases – Full List.

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6 hours ago

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November 9, 2026

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The Federal High Court has announced that its 2026 Christmas vacation will begin on Monday, December 21, and end on Tuesday, January 5, 2027.....KINDLY READ THE FULL STORY HERE▶

The court is expected to resume regular sittings on Wednesday, January 6, 2027.

The announcement was contained in a statement issued on Monday by the Director of Information of the Federal High Court of Nigeria, Dr Catherine Oby Christopher.

According to the statement, the Chief Judge of the Federal High Court, Justice John Terhemba Tsoho, approved the vacation arrangement and the appointment of judges who will handle cases during the period.

Christopher explained that only designated judicial divisions would remain operational throughout the vacation to provide essential judicial services.

She added that the vacation judges would handle only matters involving the enforcement of fundamental human rights, the arrest or release of vessels, and other issues of urgent national importance, including the trial of pre-election cases.

The statement read:

“Pursuant to the provisions of Order 46, Rule 4(c) of the Federal High Court (Civil) Procedure Rules, 2019, the Chief Judge of the Federal High Court of Nigeria, Hon. Justice John Terhemba Tsoho, KSS, OFR, FCIArb. (UK), has approved the Christmas Vacation of the Court for the year 2026 and the roster of Judges designated to sit during the vacation period.

“The Christmas Vacation shall commence on Monday, 21st December 2026, and end on Tuesday, 5th January, 2027.

“Regular court sittings shall resume on Wednesday, 6th January 2027.

“During the vacation period, only the designated Judicial Divisions shall remain operational to provide judicial services to the litigating public.

“It is important to note that, during the vacation period, the Vacation Judges shall entertain only matters relating to the enforcement of fundamental rights, the arrest or release of vessels, and other matters of urgent national importance such as trial of pre-election cases.”

Full List Of Federal High Court Vacation Judges

The judges designated to handle cases during the Christmas vacation are as follows:

Abuja Judicial Division

  1. Justice I. E. Ekwo

  2. Justice O. A. Egwuatu

Lagos Judicial Division

  1. Justice Akintayo Aluko

  2. Justice Ogazi F. Nkemakonam

Port Harcourt Judicial Division

  1. Justice P. M. Ayua

  2. Justice A. T. Mohammed

Enugu Judicial Division

  1. Justice F. O. G. Ogunbanjo

  2. Justice M. T. Segun-Bello

The statement added that the Chief Judge extended Christmas and New Year greetings to all judges and members of the court.

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Eric Chelle Makes Surprise Exit From Nigeria U-23 Camp Ahead Of Tanzania Clash.

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6 hours ago

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November 9, 2026

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Super Eagles head coach Eric Chelle has departed Nigeria’s U-23 team camp to concentrate on the senior national team’s 2027 Africa Cup of Nations (AFCON) qualifying fixtures against Tanzania.....KINDLY READ THE FULL STORY HERE▶

Chelle, who also supervises the Olympic Eagles, will be unavailable for Nigeria’s two-legged U-23 AFCON qualifying tie against the Democratic Republic of Congo (DR Congo) because both teams have matches scheduled during the same international window.

The Olympic Eagles are scheduled to travel to Lubumbashi for the first leg against DR Congo on Friday, November 13. The encounter will take place on the same day the Super Eagles host Tanzania at the Godswill Akpabio International Stadium in Uyo.

The return leg is slated for Tuesday, November 17, in Ikenne, coinciding with Nigeria’s second meeting with Tanzania.

In Chelle’s absence, assistant coach Deniran Ortega will oversee the Olympic Eagles, working alongside Ikorodu City head coach Bright Ozebagbe.

Ortega reportedly conducted most of the team’s training sessions on Thursday and led the technical crew during their friendly victory over Grassrunners on Friday, ahead of the squad’s departure for the first leg.

Meanwhile, Chelle has selected 23 players for the Super Eagles’ AFCON qualifying matches against Tanzania. Among the notable inclusions are Brighton forward Zadok Yohanna and Molde FC midfielder Daniel Daga.

Goalkeeper Michael Atata and junior international Abdulmuiz Adeleke have also earned places in the squad. Atata will compete for the goalkeeping position alongside Samuel James of SJK FC and Clinton Andy.

Other notable selections include defenders Victory Akpe, Vince Osuji and Emmanuel Ochobi, as well as midfielders Chibuzor Nwoko and Aderemi Adeoye.

The attacking options also feature Peter Edokpolor and Umar Abubakar.

The seven home-based players in the squad are expected to depart Nigeria on Tuesday for the Olympic Eagles’ first-leg encounter against DR Congo at the Stade TP Mazembe in Lubumbashi.

Full Nigeria U-23 Squad

Goalkeepers: Samuel James (SJK FC, Finland); Clinton Andy (Rivers United); Michael Atata (Ikorodu City).

Defenders: Christian Akpan (Genk FC, Belgium); Victory Akpe (FC Basel, Switzerland); Vince Osuji (Tromsø IL FC, Norway); Emmanuel Godwin (Pardubice FC, Czechia); Odinaka Alfred (Nasarawa United); Emmanuel Ochobi (Rivers United); Aliu Sugau (Barau FC).

Midfielders: John Otomewo (Reims FC, France); Daniel Daga (Molde FC, Norway); Wilfred George (Kristiansund FC, Norway); Chibuzor Nwoko (Fulham FC, England); Aderemi Adeoye (Ikorodu City); Sadiq Saleh (FC Metta, Latvia); Victor Samuel (Pardubice FC, Czechia).

Forwards: Peter Edokpolor (SL Benfica, Portugal); Sulaiman Sani (Al-Qadsiah FC, Saudi Arabia); Umar Abubakar (FC Famalicao, Portugal); Zadok Yohanna (Brighton FC, England); Abdullahi Umar (Hradec Kralove, Czechia); Abdulmuiz Adeleke (Sporting Supreme).

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“Behave Yourself!” – Seyi Tinubu Fires Back At Isaac Fayose Over Port Harcourt ‘City Boy’ Walk.

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6 hours ago

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November 9, 2026

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Seyi Tinubu, son of President Bola Tinubu, has criticised political commentator Isaac Fayose over his remarks about the City Boy movement’s walk in Port Harcourt, Rivers State.....KINDLY READ THE FULL STORY HERE▶

Fayose had taken to social media to question the gathering, describing it as a waste of time and expressing doubts about the number of people who attended the event.

Responding in the comment section of the post, Seyi urged the businessman to conduct himself properly instead of criticising the group’s activities.

He defended the Port Harcourt walk, describing it as a successful and peaceful gathering organised by young Nigerians in support of President Tinubu and his administration.

Seyi wrote: “My content creator Egbon e behave ara yin o. You and I both know that those gallant men and women were there for the city boy walk in PH, which was a success by the way. Vote APC.”

In a related development, Fayose has alleged that he is being targeted with false accusations because of his support for the Nigeria Democratic Congress (NDC) presidential candidate, Peter Obi.

The younger brother of former Ekiti State Governor, Ayodele Fayose, made the allegation in a video shared on his verified Facebook page on Sunday.

He was reacting to a post by an unnamed blogger linking him to a rape allegation, which he denied, describing it as a fabrication intended to damage his reputation because of his refusal to withdraw support for Obi.

Fayose further alleged that individuals who turn down offers from the All Progressives Congress (APC) are often subjected to smear campaigns.

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