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
Nigeria’s non-oil exports climbed by 24.7% to $1.79 billion in Q1 – NEPC

The Nigerian Export Promotion Council, NEPC, has said Africa’s most populous country’s non-oil exports increased by 24.75 percent to $1.791 billion in the first quarter of 2025.
The executive director of NEPC, Nonye Ayeni, disclosed this on Monday in Abuja.
According to her, the increase in non-export showed increased commitments and efforts towards improving the sector in the period under review.
“This year, the Nigerian Export Promotion Council (NEPC) reported the highest value of export since it was established 49 years ago, with a year-on-year increase of 20.77 percent, from $4.517 billion in 2023 to $5.456 billion in 2024.
“Nigeria’s non-oil products exported in the first quarter of 2025 were valued at US$1.791 billion.
“This is a 24.75 percent increase over and above the $1.436 billion reported in the first quarter of 2024″, Ayeni stated.
Business
Petrol price drop pushing cooking gas costs downwards – IPMAN

The Independent Petroleum Marketers Association of Nigeria has explained how the reduction in the price of Premium Motor Spirit pushed the price of liquefied petroleum gas, popularly known as cooking gas, down.
This comes after due observation that the cost of refilling a 12.5-kilogramme cylinder of cooking gas reduced to N16,250 from N17,500 in some retail outlets in the Federal Capital Territory, Abuja.
This means that 1kg of cooking gas is now sold for N1,300, from N1,400 last month in Abuja.
Meanwhile, in filling stations or gas stations, 1kg of cooking gas is sold between N1,050 and N1,150, compared to N1,200 and N1,400 in previous months, depending on the location in Abuja.
In Lagos State, the price of cooking gas fell to approximately N13,750.00 as of April 2025, depending on the area, from N17,283.58 for 12.5kg in November last year, according to National Bureau of Statistics data.
The downtrend in the price of LPG is also experienced in Edo, Delta, Niger, and other states in Nigeria, with consumers having to save at least N1,000 for refilling either a 12.55kg cylinder or a smaller quantity.
The development follows the recent drop in the price of petrol to between N910 and N950 per litre from N940 and N970 by Nigerian National Petroleum Company Limited retail outlets, petrol retailers, and retail partners of Dangote Refinery.
According to the Nigerian Midstream Downstream Petroleum Regulatory Authority, NMDPRA, the country consumes 1.4 million metric tonnes of LPG annually.
Accordingly, this translates to 1.4 billion kilogrammes. At the current average price of N1.4 billion per kilogramme, consumers will spend N1.82 trillion yearly, a reduction from N1.96 trillion.
While Nigeria produced 600,000 tonnes of cooking gas locally, the country imported 800,000 tonnes to meet the 1.4 million metric tonnes total yearly demand.
Reacting to the development, the spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said in an interview that the marginal drop in the price of LPG is expected following the reduction in the price of petrol.
According to him, alternative energy sources in the country’s downstream sector have impacted the price of competing products.
“When the petrol price was high, liquefied petroleum gas was used as an alternative to fuel for some generators.
“Now that the price of petrol is going down, the LPG marketers and producers have dropped their prices in line with the international factor and exchange rate.
“The alternative choice of energy in the downstream sector has impacted the prices of competing petroleum products. The pricing of petroleum products affects the behaviours of consumers.
“That is the beauty of deregulation.
“The price may drop further in the coming month depending on the international and domestic market matrix,” he said.
Business
FIRS Orders Banks to Close All Unauthorised Tax Collection Accounts

The Federal Inland Revenue Service (FIRS) has directed banks to immediately identify and close any FIRS tax and levy collection accounts not authorized under the TaxPro Max system.
The FIRS Chairman, Zacch Adedeji, in the entitled Directive to Close Unauthorised FIRS Tax Collection Accounts,’ said “effectively immediately, all tax and levy collections on behalf of FIRS must be processed exclusively under an assessment raised on the TaxPro Max platform.
The TaxPro Max is a homegrown tax administration platform that facilitates tax-related activities, including registration, filing, payment, and issuance of tax clearance certificates, among others .
The decision was part of the ongoing efforts to boost efficiency and transparency in tax collection as well as ensure uniformity and seamless reconciliation of tax payments.
It said : ” All banks participating in the FIRS Collection, Remittance and Reconciliation Scheme are hereby advised to comply with this directive within the stipulated period.
“We count on your cooperation to ensure a smooth transition to this centralised system, thereby contributing to a more transparent and efficient tax collection process.”
FIRS urged taxpayers and other stakeholders to reach out to the Revenue Accounting and Refund Department (RAAD) in FIRS for any clarifications or support regarding the directive.”
-
Business3 days ago
What You Should Know About Boats Building And Why It’s Profitable
-
News2 days ago
Sanwo-Olu praises Elegushi’s visionary leadership on 15th anniversary
-
News3 days ago
Mysterious Kano ditch of death “swallows” boys amid fear of supernatural forces
-
Sports1 day ago
Remo Stars win Nigerian champions for the first time
-
Crime2 days ago
Police arrest 16-year-old boy with pistol in Lagos
-
Business2 days ago
How Lagos Smart City Projects Are Transforming Real Estate Investment Opportunities in 2025 by Dennis Isong
-
Crime3 days ago
JUST IN: US: FBI arrests 22 Nigerians
-
Politics17 hours ago
Why Sanwo-Olu is Angry with Peter Obi •What Peter Obi Says At Johns Hopkins University