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CBN Revokes Operational Licenses of 4,173 BDCs

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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.

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Business

Entrepreneurship: “How I Made N10m Monthly From Akara Burger” – Gov Eno

The business attracted strong patronage from workers, especially those heading to ExxonMobil in the morning.

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Governor Umo Eno of Akwa Ibom State has revealed that a food business he started with akara and bread was generating at least N10 million monthly before he ventured into politics.

Eno said his experience in the business demonstrated how a modest venture could be developed into a substantial enterprise through innovation and patronage.

The governor’s disclosure during the state’s monthly covenant prayer service, was triggered by comments from First Lady Oluremi Tinubu, who had encouraged Nigerians to consider petty businesses, including akara, roasted corn and kuli kuli, as avenues for improving livelihoods.

Gov Eno , reflecting on his entrepreneurial experience before he entered public office, said that he initially sold akara and bread, which he branded “Akara Burger”, before expanding the venture into a coffee shop.

According to him, the business attracted strong patronage from workers, especially those heading to ExxonMobil in the morning.

He said customers would buy the akara and bread combination alongside coffee before proceeding to work, helping the business grow into a major source of income.

“At a point, that business was making not less than N10 million every month,” Eno said.

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Business

Forest Sector Employs 42m People Globally – FAO

According to the report, the 42 million jobs are distributed across Africa, the Americas, Asia, Europe and Oceania, highlighting the forest sector’s significant contribution to global employment and livelihoods.

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• A farmer carrying harvested banana / FAO


The global forest sector provides employment for approximately 42 million people, spanning activities within forests as well as industries, services and supply chains dependent on forest resources, a new international study has revealed.

The study was jointly conducted by the Food and Agriculture Organization of the United Nations (FAO), the International Labour Organization (ILO) and the Thünen Institute of Forestry of Germany.

According to the report, the 42 million jobs are distributed across Africa, the Americas, Asia, Europe and Oceania, highlighting the forest sector’s significant contribution to global employment and livelihoods.


FAO said the new data provides an important basis for understanding the human dimension of forests, noting that previous estimates were hampered by fragmented data and incomplete country coverage.


“Until now, however, fragmented data and incomplete country coverage have left significant gaps in the global picture – and no breakdown by gender,” FAO said.


The organisation noted that discussions about forests often focus on their products and environmental benefits, while their role as workplaces and sources of livelihoods receives comparatively less attention.


“When we talk about forests, we tend to focus on what they provide – wood, non-wood forest products, raw materials, and the foundation of a sustainable bioeconomy. Rarely do we talk about them as workplaces. And rarer still do we ask who, exactly, works in them,” FAO stated.
The agency stressed that reliable employment data is critical to the development of policies aimed at building a sustainable and inclusive green economy.
It said internationally comparable data on forest-sector employment would enable governments and policymakers to better understand the people whose livelihoods depend on forests and develop policies that protect both workers and forest resources.
Beyond employment, forests provide ecosystem services that are vital to environmental sustainability and economic development. They also supply renewable resources that form the foundation of emerging sustainable bioeconomies.

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Business

BREAKING: Uber winds down operations in Nigeria, effective September 2

“Since we first launched in Lagos in 2014, it has been an absolute privilege to be a part of your daily life connecting you with independent transportation providers.”

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• An Uber driver at work

Ride-hailing company, Uber, has shut down its operations in Nigeria.

In a statement, the company, which came into Nigeria in 2014, said its exit is effective from September 2, 2026.

“After a thorough review, we have taken the difficult decision to wind down operations in Nigeria, effective September 2, 2026.”

“Since we first launched in Lagos in 2014, it has been an absolute privilege to be a part of your daily life connecting you with independent transportation providers.

“Whether it was a morning commute, a ride to see loved ones, or exploring the city, thank you for trusting the platform to connect you to a driver to get you there safely. We know this may cause disruption to your routine, and we sincerely apologize for the inconvenience.”

Uber said said its plan is to support drivers, riders and local team members through the transition.

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