STATEMENT BY DR CHARLES DIOHA, CHAIRMAN, NIGERIAN BAR ASSOCIATION, ANAOCHA BRANCH: EFCC HAS NO GENERAL STATUTORY POWER TO REGULATE LEGAL PRACTITIONERS’ PROFESSIONAL FEES
My attention has been drawn to a statement attributed to the Economic and Financial Crimes Commission (EFCC), warning legal practitioners against charging their clients professional fees in foreign currencies and threatening prosecution for doing so. The statement was reportedly made following a meeting between officials of the EFCC Lagos Zonal Directorate 2 and the NBA Lagos Task Force on Illegal Practice of Law. As Chairman of the Nigerian Bar Association, Anaocha Branch, I consider it necessary to state that the EFCC must distinguish its…
CBN DEMANDS STRONG GOVERNANCE FOR BANK RECAPITALISATION AS PROF. ESOIMEME WARNS OF FINANCIAL CRIME RISKS, CLINCHES PRESTIGIOUS MALAYSIAN RESEARCH FELLOWSHIP.
LAGOS— The Central Bank of Nigeria (CBN) has asserted that robust corporate governance and strict risk discipline are the ultimate determinants of success for the country’s ongoing banking recapitalisation programme, warning that capital injection alone cannot guarantee financial stability. This assertion was made by Dr Blaise Ijebor, Director of the Risk Management Department and Chief Risk Officer at the CBN (represented by Director Olabanji Samuel), during a virtual risk management roundtable organised by the Association of Enterprise R…
CBN RESTRICTION OF BVN MODIFICATIONS AND ITS IMPLICATIONS UNDER THE NIGERIA DATA PROTECTION ACT 2023 | Lydia E. Ohonsi, Esq.
Legal expert Lydia Ehisuoria Ohonsi, Esq., has released a critical analysis regarding the Central Bank of Nigeria’s (CBN) recent Addendum to the BVN regulatory framework, warning of significant compliance risks under the Nigeria Data Protection Act 2023 (NDPA). The analysis examines the CBN’s directive, issued on 12 March 2026 and effective from 1 May 2026, which introduces sweeping changes to how Bank Verification Numbers (BVN) are managed in Nigeria. Key Modifications to the BVN Framework The CBN Addendum introduces four substantive c…
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CBN CIRCULAR ON FURTHER LIBERALIZATION OF FOREIGN EXCHANGE MARKET.
The Central Bank of Nigeria (CBN), in its efforts to further develop the Nigerian Foreign Exchange (FX) market, continues to embark on initiatives that serve to improve the FX market structure. Consequently, further to the CBN Circular referenced FMD/DIR/CIR/GEN/08/007 dated April 21st, 2017 on the establishment of the Investors' & Exporters' (I&E) FX Window, the CBN hereby issues the following directives... To read the directives, click the link below. https://drive.google.com/file/d/1grwnmmYjGse-XaDIUIJO-Bi3zIFM2L5q/view?usp…
CBN LISTS 45 FAILED NIGERIAN BANKS AND DATES OF CLOSURE.
The Nigerian banking industry has been subject to a significant number of bank closures over the past three decades, with approximately 46 commercial and merchant banks having closed their doors for various reasons. These closures have had a profound impact on the country’s financial landscape and have raised questions about the stability and sustainability of the banking sector. According to available data, the Central Bank of Nigeria has been the primary regulator responsible for revoking the licenses of banks that have failed to meet the re…
CBN DEMONETISATION POLICY: NBA PRESIDENT WRITES CBN GOVERNOR, MEETS MINISTER OF FINANCE, APPEALS FOR URGENT REVIEW OF POLICY, SAYS PRESIDENT BUHARI MAY HAVE BEEN WRONGLY ADVISED, INSISTS THE LAW ALLOWS NIGERIANS TO DEMAND CBN TO REDEEM OLD NOTES AFTER THE JANUARY 31ST DEADLINE.
PRESS RELEASE In reaction to the demonetisation policy of the Central Bank of Nigeria (CBN) which directs that the old naira notes (N100, N200, N500 and N1000) will cease to be legal tender in Nigeria from February, 2023, the Nigerian Bar Association (NBA) has insisted that the law allows Nigerians to redeem their old naira notes at the CBN even after the January 31st, 2023 deadline set by the apex bank. The NBA has also appealed for the urgent review of the demonetisation policy of the CBN. The NBA’s appeal is contained in a letter signed by …
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AN OPEN LETTER TO THE CBN BOARD OF DIRECTORS.
Mr. Godwin Emefiele (CON) (Chairman, Board of Directors) , The Governor, Central Bank of Nigeria, Plot 33, Abubakar Tafawa Balewa Way, Central Business District, Cadastral Zone, Abuja, Federal Capital Territory, Nigeria. P.M.B. 0187, Garki Abuja. Nigeria. Mrs. Aishah N. Ahmad (Board Member) Deputy Governor, Financial Systems Stability Directorate Mr. Edward L. Adamu (Board Member) Deputy Governor, Corporate Services Directorate Mr. Folashodun Adebisi Shonubi (Board Member) Deputy Governor, Operations Directorate Dr. Kingsley Obiora (Board Memb…
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CBN, NIBSS, AND BANKERS COMMITTEE LAUNCH NATIONAL DOMESTIC CARD SCHEME.
The Central Bank of Nigeria (CBN) in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) and the Bankers Committee yesterday disclosed a plan to implement a National Domestic Card Scheme effective January 16, 2023. Also, it was revealed that the central bank’s RT200 FX policy which aims to raise $200 billion from foreign exchange (FX) earnings from non-oil proceeds over the next three to five years, has continued to yield dividends as it has recorded $1.2 billion in repatriation, $870 million sold through the Investors and Expo…
