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Bank of Ghana Suspends Forex Trading Licenses of GTB, FBNBank

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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.

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Oseni Donates Boreholes, Transformer, Solar Streetlights to Ibadan Community

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The House of Representatives member for Ibarapa East/Ido Federal Constituency and Chairman of the House Committee on the Federal Roads Maintenance Agency (FERMA), Engr. Aderemi Oseni, has donated four boreholes, a 500KVA transformer, and solar-powered streetlights to Fatokun Itesiwaju Community, Iyana Tipa, Bako, in Ido Local Government Area of Oyo State.

The donation, made during the community’s 5th anniversary celebration last Sunday, aims to improve access to clean water, reliable electricity, and safer streets for residents. Oseni urged community leaders to strategically locate the projects to ensure that every household benefits.

Speaking through his media aide, Idowu Ayodele, the lawmaker said the gesture reflects his commitment to delivering on electoral promises and bringing tangible development to his constituents.

“This is about improving lives. Clean water, electricity, and well-lit streets are essential for the community’s growth and safety. I want every household to feel the impact of these projects,” the APC chieftain said.

Oseni, who is also the APC senatorial candidate for Oyo South, highlighted several  projects and initiatives in the constituency. These include a ₦1 million youth entrepreneurship empowerment scheme benefiting 100 youths – over 60 of whom have already benefited, programmes for traders and artisans, free WAEC and JAMB examination sponsorships for indigent students, and the construction of schools, health centres, bridges, and roads, among others.

“Development is not just about infrastructure; it’s about empowering people. Giving our youths opportunities, supporting local traders, and improving community facilities are all part of a larger vision to uplift every household in the federal constituency,” he added.

The lawmaker also commended the community for its support in the last elections, which contributed to his overwhelming victory and that of APC candidates, including President Bola Tinubu, in the federal constituency. He assured residents that ongoing road projects would be completed and other promises fulfilled before the end of his tenure, noting that many of the initiatives have been included in the approved budget.

Community leaders, speaking separately, described Oseni as a “lawmaker who listens and acts, not just talks.”

“We have seen promises made by many before, but Engr. Oseni has shown real commitment. This is not the first time, and it has earned him the title of ‘Mr. Talk and Do.’ These donations will truly change lives,” one of the leaders said.

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Adelabu family aide supplied kidnappers with intelligence on sister’s movement, twins’ abduction – Police 

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The Oyo State Police Command has alleged that a personal assistant attached to the family of former Minister of Power, Adebayo Adelabu, provided critical information that enabled the abduction of his sister, Mrs Olaide Busayo Adegoke John-Paul, and her 12-year-old twin sons.

The command said the aide, identified as Segun, allegedly fed the kidnappers with details of the family’s daily routine, movement patterns and vulnerability, which were used to execute the operation.

The Police Public Relations Officer, DSP Ayanlade Olayinka, disclosed this during an interview on Channels Television’s

The Morning Brief, where he provided updates on the ongoing investigation.
Mrs John-Paul and her twin sons, Peter and Paul, were abducted on June 3, 2026, at the Elewura axis of Ring Road, Ibadan, while she was taking them to school.

They were later rescued alive during a coordinated operation on June 6, which also led to the death of two suspected kidnappers.

Ayanlade said the rescue mission was carried out on the directive of the Inspector-General of Police and coordinated by the Oyo State Commissioner of Police in conjunction with operatives of the Force Intelligence Department’s Intelligence Response Team (FID-IRT).

He explained that one of the principal suspects, known as Ololu, had long been on the command’s watch list before his eventual arrest.

“Of course, one of the perpetrators by name popularly called Ololu has been on the command’s watch list. The operatives continued to trail him until his eventual arrest,” he said.

According to him, intelligence obtained from Ololu led investigators to another suspect, identified as Dare, also known as Solution.

Preliminary findings, he added, indicated that Shehu, who worked closely with the family, was approached and allegedly recruited to provide insider information about their movements and routine.

“The one who was with the family, who happened to be a personal assistant by name Shehu, was one of those who we picked. He was the one that was first approached to give them inside information of how the family lives, their lifestyle, their routine and all,” Ayanlade said.

The police further alleged that the kidnappers initially planned to abduct the children’s mother after monitoring the family’s pattern of movement.

However, the plan changed when they realised that a driver usually took the children to school. On the day of the incident, the mother reportedly drove them herself, prompting the abductors to strike.

“The initial plan was to kidnap the mother. However, they realised that it was the driver who usually takes them to school, and they changed their plan to go for the kids. Unfortunately, that day it was the mother who drove them to school, and they swung into action,” he added.

Ayanlade said the victims were traced to a hideout in Ibadan on June 6 at about 7:30 p.m., following sustained intelligence-led operations.

He disclosed that during the rescue attempt, a suspect identified as Kelechi, who reportedly travelled from Lagos for the operation, opened fire on operatives.

“They opened fire on the operatives, and then the operatives professionally and with tactical precision neutralised him and the second, who was also there to give a covering fire for him,” he said.

The police confirmed that arms and ammunition were recovered from the suspects, while the rescued victims were found unharmed.

Ayanlade added that investigations were still ongoing, with efforts intensified to apprehend other fleeing members of the gang.

“I would not want to preempt the investigation. The investigation is still ongoing. The suspects are in custody. We are still on the trail of the rest of them that escaped,” he stated.

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Tinubu Swears in Tegbe as Minister of Power

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President Bola Ahmed Tinubu on Monday evening officially swore in Joseph Tegbe as Nigeria’s new Minister of Power at the Exco Chambers of the Presidential Villa. The ceremony was attended by Tegbe’s wife and senior government officials.

An indigene of Oyo State, Tegbe is a seasoned fiscal and economic reform expert with over three decades of experience spanning both public and private sectors.

Until his latest appointment, he served as the Director General and Global Liaison for the Nigeria-China Strategic Partnership, coordinating critical bilateral development initiatives between the two nations. He also previously led as Senior Partner and Head of Advisory Services at KPMG Africa, driving fiscal policy reforms, governance frameworks, and institutional transformation.

Tegbe’s portfolio includes chairing the National Tax Policy Implementation Committee, inaugurated by the Federal Government in 2025 to oversee the execution of Nigeria’s revised tax policy.

He has also been involved in regulatory and institutional reforms in the power sector, collaborating with agencies such as the Nigerian Electricity Regulatory Commission and the Nigerian Bulk Electricity Trading Company.

A statement from the presidency noted that “the President expects the Minister to leverage his extensive expertise to advance critical reforms and deliver improved outcomes for Nigerians in the power sector.”

Tegbe succeeds Chief Bayo Adelabu, who resigned in March 2026 to pursue his ambition to contest the 2027 Oyo State governorship election.

Adelabu’s exit followed President Tinubu’s directive that political appointees intending to run for elective positions must step down.

Commenting on his departure, Adelabu stated that his resignation “aligns with due process and party guidelines as I prepare to return to active partisan politics ahead of the 2027 elections.”

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