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CBN Threatens To Prosecute Forex Policy Defaulters 

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4 years ago

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Banks have warned that defaulters of the new foreign exchange policy may face criminal prosecution by the Central Bank of Nigeria (CBN). 
The banks in emails to their customers said that defaulters of the new foreign exchange policy may face sanctions such as being barred from accessing Forex from the official Forex market, restrictions on their bank accounts as may be determined by the CBN as well as criminal prosecution.
In a syndicated email to customers, the banks said: “In line with the Central Bank of Nigeria’s policy to improve access to foreign exchange for legitimate transactions, we are committed to providing you with foreign exchange for your personal and business travel as well as payment for overseas education, medical and other eligible invisible transactions.
“As our valued customer, you have a role to play to ensure the success and integrity of the policy. To enable us to serve you better, you are reminded to note the following rules when applying for FX for personal and business travel.
“FX shall be sold for legitimate travel purposes only. Always have a clear intention and legitimate purpose to travel. You are required to provide a valid Nigerian passport and a valid visa to an international destination.
“Only valid travel documents shall be accepted. Your ticket must be to an international destination outside of West Africa and Cameroon. You are required to provide an international return ticket, with a travel date not more than 14 days from the date of PTA/BTA purchase.”
The banks added that customers could only apply for PTA and BTA once every quarter, and were liable to $4,000 and $5,000 per quarter per applicant respectively.
The banks said, “Customers are required to return purchased PTA/BTA to their bank within two (2) weeks from the date of purchase if not utilised for the intended purpose or if for any reason the scheduled trip is cancelled.
“Do not apply on behalf of a third party. FX will only be sold directly to applicants who shall be Nigerians who are 18 years and above and have a valid Bank Verification Number. False application and use of fake documents to purchase PTA/BTA is strictly prohibited and is a financial crime punishable under the applicable laws in Nigeria.
“Defaulters of this FX policy may face sanctions that include being barred from accessing FX from the official FX market in the future, restrictions on their bank account(s) for such periods as may be determined by CBN as well as possible criminal prosecution.”
The Tide learnt that Guaranty Trust Bank Plc, United Bank for Africa Plc, Zenith Bank Plc, Stanbic IBTC, and First Bank of Nigeria Limited had sent the emails to their customers.

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Kenyan Runners Dominate Berlin Marathons

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2 days ago

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September 22, 2025

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Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

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NIS Ends Decentralised Passport Production After 62 Years

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2 days ago

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September 22, 2025

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The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
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FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

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2 days ago

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September 22, 2025

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The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
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