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CBN Set To Clampdown On Firms Involved In Illegal FX Deals

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Acting Central Bank of Nigeria (CBN) Governor, Mr. Folashodun Shonubi, has stated that the apex bank was working with commercial banks to resolve the unsettled foreign exchange (FX) backlog within the next two weeks.

Shonubi revealed this in Lagos while speaking about the role stakeholders in the FX market, particularly the Bureau De Change (BDC) segment, should play to ensure liquidity in the system.

He stated that the CBN and commercial banks in the country have been working to clear the backlog, which has been estimated to be between $2 billion and $2.5 billion.

According to him, “We have been working at the central bank with commercial banks on various structures to clear it. As a matter of fact, there’s a large amount of the obligations that the banks in Nigeria have already taken off.

“So what happened was at that maturity, they actually made the FX available for those who needed to use it, the importers and what have you. So, we are discussing with them so that we can restructure their own.

“Some customers who still have their own obligations with their banks are being addressed by the banks and our structure with the banks in Nigeria was to clear that backlog.

“It is something we’ve been discussing for a while and we expect that we will clear it within the next one or two weeks.

“Today we still intervene in the market. When you look at the volumes, the CBN today contributes less than 25 per cent to the FX market. Years ago, the CBN did not want to be a regular player but more of intervening to stabilise the rates and that is where we are going.

“There’s so much FX that people do not talk about that is being made available through the banking system that banks are sending to their customers. It does not come to the CBN and it does not appear as part of the demand that comes to us and it is significant.”

He has disclosed that the apex bank had concluded its investigations and was set to clamp down on Crown Agent, among others over involvement in illegal FX transactions.

According to him, “For the last few weeks, we have been investigating and there’ll be quite a number of players out there that have been bringing in money and selling in less than official ways.

“One of those that we have investigated recently is Crown Agents. We have reason to believe that Crown Agents have been working with international agencies who rather than bring the money through the normal system, pass through them and they will then sell to Nigerian companies rather than doing the proper thing.

“They can expect to hear from us shortly and they will not be the only ones. Also, BDCs that cannot go electronic will be fading out of the system because we do not believe that we should still be heavy into cash.”

BIG STORY

Lagos Ministry Demolishes Illegal Gatehouse After Attack On Workers [PHOTOS]

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The Lagos Ministry of Environment and Water Resources has commenced the demolition of an illegal gatehouse erected by the management of an estate on January 3, 2025.

The action follows repeated warnings from the ministry, which had earlier alerted the estate about the unlawful construction.

Sources revealed that the estate proceeded to build a soakaway system on the road immediately outside the entrance gate, despite several official warnings from the ministry.

This prompted the ministry’s task force to intervene on January 2, 2025, to dismantle the septic tank that was being constructed.

However, during the operation, workers from the ministry were reportedly attacked and locked up by the estate’s management.

In response to the harassment of its workers, the Lagos Ministry of Environment and Water Resources escalated its actions, directing the demolition of the illegal gatehouse on January 3, 2025.

The demolition is part of the ministry’s broader efforts to ensure that constructions adhere to legal and environmental standards.

Details later…

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BIG STORY

Inside Jigawa: One Dead, Groom Hospitalised As Bride Allegedly Poisons Wedding Guests

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A wedding in Jigawa State has turned tragic after a bride allegedly poisoned food served at the reception.

The incident reportedly left the groom critically ill and one of the wedding guests dead.

The incident occurred in the Jahun Local Government Area of the state.

Eyewitnesses suggested that the bride’s actions may have been driven by a personal vendetta.

Speaking on Friday, the state Police Public Relations Officer, Shi’isu Adam, confirmed the incident and stated that an investigation was underway.

“We received a report that the bride had tainted the food served at the wedding reception, leaving the groom critically ill.

“Police have arrested two suspects in connection with the alleged food poisoning incident that occurred during a wedding ceremony in the state,” Adam said.

He revealed that the two suspects are the bride and another female, adding that they are in custody and being interrogated by the Criminal Investigation Department of the command.

The police spokesperson added, “We will do everything in our power to ensure that justice is served.”

According to the police spokesman, all the wedding attendants who consumed the poisoned food have been discharged from the hospital, except for the one person who was confirmed dead.

“The command is currently investigating the circumstances surrounding the incident, and we will provide more details as soon as possible.

“For now, we can confirm that the incident occurred, and we are working tirelessly to unravel the facts. We urge the public to remain calm and assured that justice will be served,” he concluded.

The identities of the deceased, the groom, and other victims have not been disclosed by the authorities.

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BIG STORY

Peter Obi Hellbent On Inciting Nigerians Against President Tinubu, He’s A Doomsayer — APC

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The All Progressives Congress (APC) has described Peter Obi’s New Year message as “misleading and an attempt to score cheap political points.”

Obi, who was the presidential candidate of the Labour Party in the 2023 elections, used his New Year message to criticize President Bola Tinubu, expressing grave concerns over institutional corruption, mismanagement, poverty, hardship, and an escalating debt profile.

The former governor of Anambra stated that corruption has been deeply entrenched in government and nepotism has become the norm under Tinubu’s leadership.

He also demanded “vigorous, positive actions” from the administration to bring succour to Nigerians.

However, in a counter-statement on Thursday, Felix Morka, APC spokesperson, stated that Obi’s assessment contradicted all indicators showing that the nation’s economy is rebounding across various sectors.

Morka accused Obi and members of the main opposition Peoples Democratic Party (PDP) of relentlessly trying to incite public outrage against the Tinubu administration.

The APC further accused Obi of portraying himself as “a leading doomsayer, omniscient and philosopher’s stone” while failing to deliver “meaningful achievements during his eight-year tenure as governor in Anambra state.”

“In reality, 18 months later, the economy, under President Bola Ahmed Tinubu’s administration has shown a steady record of progress,” the statement reads.

“Despite these and other initial beneficial outcomes of ongoing reforms, the administration is doubling its effort to ensure their fullest benefits for the transformation of our country.

“It is a thing of irony that Obi, who now arrogates to himself to be omniscient and philosopher’s stone, when it comes to our nation’s challenges, left no record of significant achievement, let alone transformation of any kind, in his eight-year tenure as Governor of Anambra State.”

“Like his co-travellers in the PDP, Obi’s obsessive pessimism and endless but futile effort to incite public outrage against the administration is borne out of the realization that Tinubu is unwittingly cementing their political irrelevance by his visionary and full-throttle reform.”

“Under the banner of the Renewed Hope Agenda, President Tinubu is dutifully turning our nation’s fortunes around. We urge Nigerians to remain confident of better days ahead.”

The ruling party added that Tinubu’s goal is to reduce inflation from 34 percent to 15 percent in 2025.

“With the vigour in the administration’s war on corruption, evidenced by ongoing investigations and trial of well-heeled Nigerians, Obi’s pontification on the urgent need to tame corruption is a clear case of carrying coal to Newcastle,” the party added.

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