Business

CBN Disburses N30b To Oil Palm Sector In One Year, Edo Gulps N25bn, Says Emefiele

Published

6 years ago

December 17, 2019

The governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has said that the Apex bank disbursed over N30b to entrepreneurs in the oil palm sector in the last one year, saying almost N25b has been channeled to support companies the sector in Edo State.

Emefiele who disclosed this on Tuesday in Benin City at the formal launching of Edo Oil Palm Programme, noted that Edo State, being the largest host to number of oil palm plantation and companies in the country was given that prominent.

The CBN Governor said in the Apex bank bid to revamping oil palm sector, it decided to focus on Edo State, adding that the state government willingness to partner makes it easier.

He said, “It is no surprise because Edo State has the largest number of oil palm plantation in the country. It therefore stands to reason that if we say we want to revive the oil palm industry in Nigeria, then Edo State naturally will be the first place to start. I say this because out of about N30bn so far disbursed to entrepreneurs in this sector in the last one year, almost N25bn has been channeled to support companies that are into oil palm plantation in Edo State.

“It is imperative to categorically state that we are poised to do all in our powers to revamp this sector including not just suspending but closing and directing all the banks in Nigeria to close the accounts of any company or any person, it staff, owners, top management including their cronies and supply chain enablers involved in smuggling and dumping palm oil into Nigeria.”

CBN Governor, Mr. Godwin Emefiele (2nd left), Edo State Governor, Mr. Godwin Obaseki (3rd left) and Edo State Deputy Governor, Mr. Philip Shiabu (Right) at the launching of Edo Oil Palm Programme in Benin City on Tuesday

Emefiele noted that, the CBN, as a major stakeholder in the financial sector and indeed the economic development of the country, is set to render its unflinching support to development of oil palm, saying this would be achieved by producing affordable long term finance to growers in the sector.

He implored other stakeholders in the sector to borrow a leaf from the commitment of the CBN and play their respective roles, stressing that this will enable the bank achieve its common goals and objectives in the sector.

The CBN Governor, while warning those using and hiding under ECOWAS states liberisation scheme to sabotage the efforts of the Federal Government to desist from such act, stated that ‘the days of smuggling are over.

“We continue to appeal to those who are involved in smuggling or involved in dumping; that the days of smuggling or dumping are over, let them come and join us in this vanguard to develop oil palm and other agricultural products value chain in Nigeria. I want to appeal to other state governors to make land available speedily”, he said.

His his speech, Edo State governor, Mr. Godwin Obaseki, said the oil palm, a sub-sector in the agriculture has the tendency of driving and growing the economic of the state as it has done for countries such as Indonesia and Malysia.

The governor opined that enomous business opportunities for investors in millions of nairas for both local and exportation are imbedded in the sector, adding that more than 600, 000 jobs would created by the sector come 2030.

He noted that the programme was part of the state government’s commitment to the Federal Government’s agenda of diversifying the economy and improving the lives of the people of Edo State.

According to the governor, main purpose of the Edo Oil Palm is to laverage on what, accroding to him, the Centrak Bank of Nigeria has initiated, stressing that it is mainly to taking a critical risk in the oil palm sector, by solving the biggest challenge of plantation.

He noted that to make the programme successful, principle of Social inclusion and forestation policy have been put in place, stressing that success of the programme will largely depend on cooperation of host communities hence they must be carried along.

“Under this programme, development of all sectors of the economy is a key. The programme is intended to have measurable socio-economic impact and development on our people and our communities. Socio inclusion programme will be strictly implemented and enforced.

“Success of the programme will largely depend on support and cooperation of the local community and that is why including them is very important”, he added.

Obeseki said to make the programme a success, the state government has allocated over 1,200 hectres of land, adding that the state government is allocating land to investors in multiple.

He also disclosed that an implementation committee of stakeholders and professionals to make sure all guidlines are strictly adhere to has been set up, adding that the committee is under is office for proper supervision.

He said, “Under this programme, Edo State government has meticulously legislated and created access to about 1,200 hectres of land which we have made available strictly for oil palm production and we are doing this by a programme guided by four principles.”

Obaseki noted that the Government was giving out land free while the CBN is committed in providing the funds, saying large percent of such investment should be invested in the oil palm sector.

“The programme is a key part of our program that in every 500 hectres we give to you, at least 80% should be reserved for the small holders agroagric of whom you will offtake from so that some of this money remains in the community and help secure more investment in the community.

“The programme is a key part of our program that in every 500 hectres we give to you, at least 80% should be reserved for the small holders agroagric of whom you will offtake from so that some of this money remains in the communities and help secure more investment in the communities.

“We will give you the land, you are not paying for it. For expect that in hectres of land that will be given to you, you at least commit one hectre so that we can begin to go back to our forestry”, he noted.

Business

Full List: 82 Newly Approved, Fully Licensed BDC Operators

Published

1 day ago

December 9, 2025

Editor

The Central Bank of Nigeria (CBN) has granted final operating licences to 82 Bureaux De Change (BDC) operators under its revised regulatory framework, reinforcing warnings against transactions with unlicensed foreign exchange dealers.

In a statement on Monday, the Acting Director of Corporate Communications, Hakama Sidi-Ali, confirmed that the licences took effect on November 27, 2025, in accordance with the 2024 Regulatory and Supervisory Guidelines for BDC Operations. The guidelines require all operators to meet specified capital thresholds and regulatory conditions to qualify for licensing.

“The Central Bank of Nigeria, in exercise of its powers under the Banks and Other Financial Institutions Act (BOFIA) 2020 and the 2024 Guidelines, has granted final licences to 82 Bureaux De Change to operate with effect from November 27, 2025,” the statement read.

The apex bank emphasised that only BDCs listed on its official website are considered fully licensed, urging the public to verify the status of any operator before engaging in foreign exchange transactions.

“While the CBN will continue to update the list of Bureaux De Change with valid operating licences for public verification on our website, the Bank advises the general public to avoid dealing with unlicensed Foreign Exchange Operators,” the statement warned.

The CBN noted that operating a BDC without a valid licence constitutes an offence under Section 57(1) of the BOFIA 2020, and confirmed that legal action would be taken against non-compliant operators.

TIER 1

1 DULA GLOBAL BDC LTD

2 TRURATE GLOBAL BDC LTD

TIER 2

1 ABBUFX BDC LTD

2 ACHA GLOBAL BDC LTD

3 ARCTANGENT SWIFT BDC LTD

4 ASCENDANT BDC LTD

5 BARACAI BDC LTD

6 BERGPOINT BDC LTD

7 BRAVO MODEL BDC LTD

8 BRIMESTONE BDC LTD

9 BROWNSTON BDC LTD

10 BUZZWALLET BDC LTD

11 CASHCODE BDC LTD

12 CHATTERED BDC LTD

13 CHRONICLES BDC LTD

14 COOL FOREX BDC LTD

15 CORPORATE EXCHANGE BDC LTD

16 COURTESY CURRENCY BDC LTD

17 DANYARO BDC LTD

18 DASHAD BDC LTD

19 DEVAL BDC LTD

20 DFS BDC LTD

21 EASY CASH BDC LTD

22 ELELEM BDC LTD

23 E-LIOYDS BDC LTD

24 ELOGOZ BDC LTD

25 ENOUF BDC LTD

26 EVER JOJ GOLD BDC LTD

27 EXCEL RIJIYA FOREX BDC LTD

28 FABFOREX BDC LTD

29 FELLOM BDC LTD

30 FINE BDC LTD

31 FOMAT BDC LTD

32 GENELO BDC LTD

33 GENTLE BREEZE BDC LTD

34 GRACEFUL GLORY AND HUMILITY BDC LTD

35 GREENGATE BDC LTD

36 GREENVAULT BDC LTD

37 HAZON CAPITAL BDC LTD

38 HIGH-POINT BDC LTD

39 I & I EXCHANGE BDC LTD

40 IBN MARYAM BDC LTD

41 JOURNEY WELL BDC LTD

42 KEEPERS BDC LTD

43 KHADHOUSE SOLUTIONS BDC LTD

44 KIMMELFX BDC LTD

45 KINGSOFT ATLANTIC BDC LTD

46 M.S. ALHERI BDC LTD

47 MASTERS BDC LTD

48 MCMENA BDC LTD

49 MKOO BDC LTD

50 MKS BDC LTD

51 MR J GOLF BDC LTD

52 MUSDIQ BDC LTD

53 MZ FOREX BDC LTD

54 NEJJ BDC LTD LTD

55 NETVALUE BDC LTD

56 NEW WAVE BDC LTD

57 NOTABLE AND KINGSTON BDC LTD

58 PILCROW BDC LTD

59 RAPID BDC LTD

60 RIGHTWAY BDC LTD

61 RWANDA BDC LTD

62 SABLES BDC LTD

63 SAFETRANZ BDC LTD

64 SAMFIK BDC LTD

65 SEVENLOCKS BDC LTD

66 SHAPEARL BDC LTD

67 SIMTEX BDC LTD

68 SOLID WHITE BDC LTD

69 ST. NICHOLAS GLOBAL BDC LTD

70 TOPFIRST UNIQUE MULTICHOICE BDC LTD

71 TOPGATE BDC LTD

72 TRAVELLER’S CHOICE BDC LTD

73 TUCA GLOBAL BDC LTD

74 TURBOVA BDC LTD

75 TURN-UP BDC LTD

76 UNIGO BDC LTD

77 VICTORY AHEAD BDC LTD

78 WHITEWAY WWW BDC LTD

79 YUND GLOBAL LINK BDC LTD

80 ZAMAD FOREX BDC LTD

Business

CBN Issues 82 New BDC Licences, Moves To Curb Unregistered FX Operators

Published

1 day ago

December 9, 2025

Editor

The Central Bank of Nigeria (CBN) has granted final operating licences to 82 Bureaux De Change (BDC) under its updated regulatory framework and cautioned members of the public against engaging with unlicensed foreign exchange operators.

In a statement issued on Monday and signed by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the Bank said the licences became effective on 27 November 2025. The approvals were granted under the 2024 Regulatory and Supervisory Guidelines for BDC Operations in Nigeria.

The CBN stressed that only BDCs listed on its official website are recognised as licensed operators. It encouraged the public to verify the licensing status of BDCs before engaging in any foreign exchange transactions.

The Bank reiterated that running a BDC without proper authorisation constitutes an offence under Section 57(1) of the BOFIA 2020. It stated that enforcement actions would be taken against violators.

The licensing exercise forms part of the CBN’s broader initiative to reform the foreign exchange market and ensure that only compliant operators participate in the sector. Under the 2024 guidelines, which took effect in June 2024,
all BDCs are required to reapply for Tier 1 or Tier 2 licences.

The guidelines stipulate minimum capital requirements of ₦2 billion for Tier 1 and ₦500 million for Tier 2, along with non-refundable licensing fees of ₦5 million and ₦2 million, respectively.

The CBN said it would continue its efforts to maintain order and transparency in the foreign exchange market.

Business

JUST IN: CBN Removes Cash Deposit Limits, Raises Weekly Withdrawal To N500,000

Published

7 days ago

December 3, 2025

Editor

The Central Bank of Nigeria (CBN) has removed cash deposit limits and also increased the weekly cash withdrawal limit from N100,000 to N500,000.

The CBN made this known in a circular to all banks and other financial institutions, signed by Dr Rita Sike, Director, Financial Policy and Regulation Department.

Sike said that the revisions formed part of ongoing efforts to moderate the rising cost of cash management and address security concerns.

According to her, it will also curb money laundering risks associated with heavy reliance on cash.

She said that the cash-related policies previously issued in response to evolving circumstances were aimed at reducing cash usage and promoting the adoption of electronic payment channels.

“However, with time, the need to streamline and update these provisions to reflect present-day realities became necessary,” she said.

She said that with effect from Jan. 1, 2026, the cumulative deposit limit would be removed and the fee previously charged on excess deposits would no longer apply.

The director said that the cumulative weekly withdrawal limit across all channels has been reviewed to N500,000 for individuals and five million Naira for corporates.

“Withdrawals above these thresholds will attract excess withdrawal charges as specified,” she said. “The special monthly authorisation that allowed individuals to withdraw five million Naira and corporates N10 million once a month has been abolished.”

She said that for Automated Teller Machines (ATMs), daily withdrawal remains capped at N100,000 per customer, with a maximum of N500,000 weekly.

She said that this formed part of the overall weekly withdrawal limit applicable to all channels, including point-of-sale (POS) transactions.

Sike said that excess withdrawals above the stipulated limits would attract three per cent for individuals and five per cent for corporate customers.

According to her, this will be shared in the ratio of 40 per cent to the CBN and 60 per cent to the operating bank or financial institution.

She directed banks to load all currency denominations in ATMs, while the existing limit on over-the-counter encashment of third-party cheques remains pegged at N100,000.

Sike said that such withdrawals would be counted as part of the cumulative weekly limit.

The director said that banks were also required to render monthly returns to the relevant supervisory departments.

She listed the departments to include the Banking Supervision Department, Other Financial Institutions Supervision Department, and the Payments System Supervision Department.

Sike said that revenue-generating accounts of federal, state, and local governments were exempted from the new withdrawal rules.

She said that accounts of microfinance banks and primary mortgage banks held with commercial and non-interest banks are also exempted from the new rules.

She, however, said that the long-standing exemption previously enjoyed by embassies, diplomatic missions, and aid-donor agencies had been removed.