Business
CBN Revokes Operational Licenses of 4,173 BDCs

By Ohibaba.com
The Central Bank of Nigeria (CBN) has revoked the licenses of 4,173 Bureaux De Change Operators across the country.
In a statement signed by Sidi Ali, Hakama (Mrs.)Ag. Director, Corporate Communications, said : ” the apex bank 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), revoked the operational licenses of affected BDC operators .
Read Also: MAN Charges CBN To Reduce 5,690 BDCs Nationwide
” The affected institutions failed to observe at least one of the following regulatory provisions:
a. Payment of all necessary fees, including licence renewal, within the stipulated period in line with the guidelines.
b. Rendition of returns in line with the guidelines.
c. 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.”
The apex bank advices members of the public to take note and be guided accordingly.
Business
June Tax Returns: FIRS Extends Office Hours to Weekends
“As you are aware, the month of June marks the peak of the annual Companies Income Tax (CIT) filling season, with many taxpayers whose financial year ends 31st December expected to file their tax returns by June 30.“

THE Chairman of the Federal Inland Revenue Service (FIRS), Zaacheus Adedeji, has directed the extension of tax office operations to weekends for the month of June.
In a statement on Monday, Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, explained that the directive is part of Adedeji’s commitment to matching the agency’s customer-centric policy with tangible action.
The statement reads: “The weekends service, which started on June 14, will end on Sunday, June 29, “and it is aimed at helping companies who are mandated by law to file their tax returns by the end of the month meet up with the deadline.”
“With the directive, tax offices are expected to open for business from 10:00 a.m. to 4:00 p.m. on Saturday and 12:00 p.m. to 4:00 p.m. on Sunday throughout the month of June.”
Consequent upon Adedeji’s approval, the Coordinating Directors of Large Taxpayers Group (LTG), Government and Medium Taxpayers Group (GMTG) as well as Emerging Taxpayers Group (ETG), Ms Amina Ado, Dr Dick Irri and Mr Kabir Abba respectively have conveyed the decision of the management to all staff in the tax offices in the three groups.
“As you are aware, the month of June marks the peak of the annual Companies Income Tax (CIT) filling season, with many taxpayers whose financial year ends 31st December expected to file their tax returns by June 30.“
To ease the process for taxpayers, enhance service delivery, and maximize tax collection during this critical period, management has approved extension of tax office operations to weekends for the month of June 2025,” a directive jointly signed by the three Coordinating Directors said.
The FIRS chairman, on assumption of office, reorganized tax operations for ease of tax payment, leading the transformation of the agency from merely being a tax-collecting entity to a service-providing body.
Business
Dangote Expands Sugar Refinery Business To Ghana
The Dangote Group say that the investment will reduce Ghana’s $162 million annual sugar import bill and boost local industrial growth.

Africa ‘s richest industrialist- Aliko Dangote, is constructing another sugar refinery in Ghana
,
The Dangote Group say that the investment will reduce Ghana’s $162 million annual sugar import bill and boost local industrial growth.
The expansion is also part of Dangote’s broader goal to expand integrated agriculture across Africa.
The factory, located at Kwame-Danso Bono East Region as part of the government’s “One District, One Factory” initiative, has the capacity to crush 12,000 tons of sugarcane per day throughout a 25,000-hectare irrigated sugarcane plantation.
It will also produce byproducts like molasses and ethanol.
In a LinkedIn post, the Dangote Group described the project as more than just a factory, calling it “a catalyst for self-sufficiency, employment, and continental transformation.”
Meanwhile, Dangote Sugar Refinery Plc – its Nigerian operation is already the country’s largest sugar producer, with a crushing capacity of 1.44 million tonnes.
Business
Israel-Iran conflict sharply drives Nigerian petrol prices up as crude oil hits $74pb
According to Petroleumprice.ng, the depot prices of petroleum products would continue to rise in the coming weeks, due to instability of the global oil market.

The ongoing Israeli-Iran conflict has triggered an upward adjustment in petrol prices by 10 marketers as crude oil rose 8.8 per cent to $74 per barrel from $68 per barrel.
The 10 oil marketers that adjusted depot prices included Aiteo, Pinnacle, Dangote, MENJ, Swift, Rainoil, First Royal, Emadeb, First Fortune and Ever.
EMADEB made the highest adjustment to N845 from N827 per litre, indicating an increase of 2.18 percent while Ever implemented the least adjustment to N870 from N866 per litre, showing a marginal increase of 0.46 percent.
Also, Aiteo adjusted its depot price to N840 per litre from N835 per litre; Pinnacle adjusted to N845 per litre from N829 per litre while Dangote Petroleum Refinery adjusted to N840 per litre from N830 per litre.
MENJ, Swift and Rainoil (Lagos) adjusted prices to N850 from N810 per litre, N845 from N830 per litre and to N850 from N840 per litre, respectively.
First Royal and First Fortune also adjusted their depot prices to N838 from N826 per litre and N860 from N850 per litre, respectively.
According to Petroleumprice.ng, the depot prices of petroleum products would continue to rise in the coming weeks, due to instability of the global oil market.
Crude prices are expected to rise further should Iran carry out its threat to block the Straight of Hormuz, which is responsible for the shipment of more than 20 per cent of global oil and gas.
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