News
Bank of Ghana Suspends Forex Trading Licenses of GTB, FBNBank
Published
2 years agoon
By
admin
In a decisive move to address multiple violations of foreign exchange market regulations, the Bank of Ghana has announced the suspension of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN) trading licenses for one month, effective March 18, 2024.
“This prompt action is in reaction to many violations of regulations governing the foreign exchange market, including instances of fake documentation in their foreign exchange operations,” stated the Bank of Ghana.
The central bank emphasises its commitment to preserving the integrity and stability of the foreign exchange market, citing Section 11(2) of the Foreign Exchange Act 2006 (Act 723) as the basis for the suspension.
“The suspension highlights the central bank’s zero-tolerance approach towards regulatory non-compliance and is a direct result of the banks’ failure to adhere to existing standards,” the statement continued.
Provided GTB and FBNBank implement efficient procedures ensuring strict compliance with foreign currency market laws, the suspended licenses may be reactivated after the one-month suspension period, as outlined by the Bank of Ghana.
This move serves as a warning to other participants in the foreign currency market, underlining the central bank’s readiness to impose regulatory measures to protect market integrity. The Bank of Ghana stresses the significance of rigorous adherence to all applicable forex market regulations and guidelines.
The development underscores the Bank of Ghana’s active oversight of the banking industry, enforcing compliance to promote a stable and transparent financial system.
“The activities of GTB and FBNBank in the upcoming weeks will be critical in deciding their readmission into the forex trading scene; thus, stakeholders in the financial and foreign currency markets will be keenly watching the situation,” concludes the statement.
Related
You may like
News
Kano Assembly Moves to Impeach Deputy Governor Gwarzo Over ₦1.6bn Alleged Fraud
Published
1 day agoon
March 5, 2026By
adminThe Kano State House of Assembly has initiated impeachment proceedings against Deputy Governor Aminu Abdussalam Gwarzo over allegations of gross misconduct, abuse of office, and breach of public trust.
The notice was presented yesterday during plenary by the Majority Leader, Lawan Hussaini Dala, who said the action follows Section 188 of the 1999 Constitution of the Federal Republic of Nigeria.
Dala said the allegations stem from Abdussalam’s tenure as Commissioner for Local Government (2023–2024) and his current role as deputy governor. He accused the deputy governor of diverting funds meant for the 44 local government councils.
According to the majority leader, Abdussalam allegedly received N1.5 million monthly from each council between June 2023 and January 2024, totaling N462 million. Between February and July 2024, he allegedly collected N3.255 million monthly from each council under the guise of special assignments, amounting to N726 million.
Dala also accused the deputy governor of abuse of office, claiming he facilitated payments of N10 million from each council to NovoMed Pharmaceuticals Limited, totaling N440 million, in violation of state procurement laws.
“The misuse of official capacity to confer undue advantage constitutes abuse of power and undermines public trust,” Dala told lawmakers, adding that the allegations amount to gross misconduct under the Constitution.
The impeachment notice was reportedly endorsed by 38 lawmakers, meeting the constitutional threshold to proceed. The Speaker has acknowledged receipt, and the House is expected to serve the allegations on the deputy governor.
If approved, a panel may be constituted by the state Chief Judge to investigate the claims.
As of filing, Abdussalam had yet to respond publicly to the allegations.
Related
News
IGP Inaugurates State Police Committee, Gives Four-Week Deadline
Published
2 days agoon
March 4, 2026By
adminThe Inspector-General of Police, Tunji Disu, on Wednesday inaugurated a seven-member committee on the establishment of state police, giving it four weeks to submit its report.
The inauguration was held during his maiden conference with senior police officers at the Peacekeeping Conference Centre, Force Headquarters, Abuja.
Charging members of the panel to discharge their duties with professionalism and objectivity, Disu described the assignment as “both significant and timely,” noting that it would shape the framework through which state policing may operate in Nigeria.
“In carrying out this assignment, your deliberations must be guided by professionalism, objectivity, and a clear appreciation of the unique complexities of policing a diverse nation such as our own,” the IGP said.
He stated that if properly designed and effectively implemented, state policing holds significant potential benefits for the country.
“By bringing law enforcement closer to communities, state police institutions can deepen local knowledge of security dynamics and enable quicker and more targeted responses to emerging threats,” he added.
The committee is expected to review existing policing models within and outside Nigeria, assess community security needs and emerging risks, and propose an operational framework for the establishment and coordination of state police structures.
It will also address issues relating to recruitment, training, standards and resource allocation, as well as develop accountability and oversight mechanisms to ensure professionalism and public trust.
The panel is chaired by Olu Ogunsakin, with Bode Ojajuni as secretary. Other members are Emmanuel Ojukwu, Okebechi Agora, Suleyman Gulma, Ikechukwu Okafor and Tolulope Ipinmisho.
Disu said the committee had about four weeks to conclude its assignment and submit a comprehensive report.
The move marks one of the first major steps taken by the new police chief since his appointment and confirmation a few days ago.
The development comes amid rising security concerns across the country, with several stakeholders advocating state policing as part of measures to tackle insecurity.
President Bola Tinubu had earlier asked the National Assembly to commence the process of amending relevant laws to pave the way for the creation of state police.
Related
News
Tinubu swears in Disu as IGP, inaugurates RMAFC, FCSC commissioners
Published
2 days agoon
March 4, 2026By
adminPresident Bola Tinubu on Wednesday swore in Olatunji Disu as the Inspector-General of Police (IGP).
Disu took the oath of office at the Council Chamber of the Presidential Villa, Abuja, shortly before the commencement of the Federal Executive Council (FEC) meeting.
The President also administered the oath of office to six commissioners of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) and two commissioners of the Federal Civil Service Commission (FCSC).
The ceremonies were witnessed by ministers, senior government officials and family members of the appointees.
The council meeting began shortly after the swearing-in.
In attendance were Vice President Kashim Shettima; the Secretary to the Government of the Federation, Senator George Akume; the Chief of Staff to the President, Femi Gbajabiamila; the National Security Adviser (NSA), Nuhu Ribadu; and the Head of the Civil Service of the Federation, Mrs EsthMrs.Walson-Jack.
Disu was appointed acting IGP on February 25, 2026, by President Tinubu, following the resignation of former IGP Kayode Egbetokun.
His appointment was subsequently endorsed by the Nigeria Police Council (NPC).
The former Assistant Inspector-General of Police assumed office last Wednesday.
He previously served as Assistant Inspector-General in charge of the Force Criminal Investigation Department (FCID) Annex, Alagbon, Lagos, after his promotion to the rank last year.
A former head of the Lagos Rapid Response Squad (RRS), Disu has pledged to deliver accountable, modern and professional policing.
Related
Advertisement
Entertainment
Adekunle Gold, Simi welcome twins
Ayefele drops new album, Reflections
Reggae Legend, Jimmy Cliff, Dies At 81
Photos: Davido blows $3.7m on lavish Miami white wedding for Chioma
FAAN probes K1 for spilling alcohol on airport officer during boarding
Odunlade Adekola loses father
MegaIcon Magazine Facebook Page
MEGAICON TV
Advertisement
Trending
-
Politics3 days agoIbarapa East Assembly Hopeful, Ramon Congratulates Ajiboye, Says Emergence Good for Oyo APC
-
Politics1 week agoMakinde: My Successor Must Be Loyal to Oyo, Not Me
-
Politics3 days ago2027: Former Oyo Deputy Governor Adeyemo Emerges APC Chairman (See Full List)
-
Politics1 week agoFintiri Dumps PDP for APC, Moves with Cabinet, 14 Adamawa Lawmakers