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EFCC Chairman Olukoyede Hails Nigerians, Says Naira Not Abused Like Before Anymore

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Ola Olukoyede, the chairman of the Economic and Financial Crimes Commission (EFCC), has commended Nigerians for treating the naira a lot better lately.

The EFCC has stepped up its campaign against abuse of the naira since the turn of the year.

Recently, the agency secured the conviction and imprisonment of Idris Okuneye, popularly known as Bobrisky, for abusing the naira.

In April, Cubana Chief Priest, a socialite and nightlife promoter, was similarly arraigned for abusing the naira.

Speaking on EFCC radio in Abuja on Monday, Olukoyede, who was represented by Dele Oyewale, spokesperson of the agency, said the commission is working to ensure that extant laws are obeyed.

The EFCC chair said the naira is the country’s symbol and all hands should be on deck to safeguard it.

“If you go to parties, nobody is abusing the naira as it used to be because people know that it is no longer business as usual, people are now paying attention to what they have taken for granted, they now study the law of the land,” Oyewale said.

“So, we should applaud the courage of the executive chairman for choosing to restore the sanctity of our identity.

“We are carrying out this mandate by ensuring that laws that are already in place are duly obeyed and it takes courage to do this because attacks are coming left, right and centre.

“You can see that we are ahead, people are beginning to come to terms with the laws. Right now, we have got close to 50 convictions in this regard.”

Asked about what law backed the commission to prosecute anyone who abuses the naira, Olukoyede said section 7 (2) of the EFCC law empowers it to coordinate and enforce all laws regarding economic and financial crimes.

“Section 21 of the CBN Act also forbids currency abuse and the Central Bank of Nigeria has come out to advise Nigerians against the stapling, counterfeiting, selling, buying, spraying, writing, tearing, and mutilation of the naira note,” he said.

“In fact, even if you reject the naira, it is a crime and the likely penalty is stated in the CBN act: an imprisonment of nothing less than six months or a fine of N50,000 or both. So, ignorance of the law is not an excuse.”

The EFCC chair added that the agency is enlightening the public about these laws.

BIG STORY

EFCC Detains El-Rufai Over N432bn Probe, DSS Reopens Dadiyata’s 2019 Disappearance Case

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Former Kaduna State Governor, Nasir El-Rufai, was detained at the headquarters of the Economic and Financial Crimes Commission in Abuja on Monday night after hours of interrogation over an alleged N432 billion corruption probe.

El-Rufai, a chieftain of the African Democratic Congress, is also expected to face criminal prosecution over the alleged bugging of the National Security Adviser, Nuhu Ribadu’s phone.

Multiple sources within the anti-graft agency confirmed to journalists that the former governor, who arrived at the commission’s Jabi headquarters around 10 am in response to an invitation, was grilled over allegations arising from the 2024 report of the Kaduna State House of Assembly, which accused his administration of misappropriating loans, violating due process in contract awards and plunging the state into heavy debt.

“The commission has been investigating him for about a year now. As a commission, we don’t just rush to invite suspects. Persons accused are always the last; that is, after we might have done our investigation to an advanced stage.

“We are investigating him on the allegations against him by the Kaduna State Assembly,” a senior EFCC source told one of our correspondents.

Asked late Monday night whether El-Rufai would regain his freedom, the source responded bluntly, “He is still in our custody and wouldn’t be released today (Monday).”

The EFCC spokesman, Dele Oyewale, confirmed that the former governor honoured the commission’s invitation but declined further comments on the nature of the interrogation or the next line of action.

The detention marks a dramatic escalation in the legal troubles confronting the outspoken former Minister of the Federal Capital Territory, whose recent public criticism of the Federal Government and security agencies has triggered fresh political tensions.

Alleged N423bn Misappropriation

The EFCC interrogation is rooted in the report of the Kaduna State House of Assembly’s ad hoc committee constituted in 2024 to investigate finances, loans, and contracts awarded between 2015 and 2023 under El-Rufai’s administration.

Presenting the committee’s report during plenary last year, the committee chairman, Henry Zacharia, alleged that most of the loans obtained by the El-Rufai administration within the eight years were not utilised for the purposes for which they were secured.

While receiving the report, the Speaker of the House, Yusuf Dahiru Leman, alleged that about N423bn was siphoned under the El-Rufai administration, leaving Kaduna State with heavy financial liabilities and a rising debt profile.

The committee recommended the investigation and prosecution of the former governor and several members of his cabinet over alleged abuse of office, award of contracts without due process, diversion of public funds, money laundering, and reckless borrowing.

The Assembly subsequently endorsed a petition to the EFCC and the Independent Corrupt Practices and Other Related Offences Commission, urging them to take up the matter.

Beyond the headline N423bn allegation, the legislative report also referenced disputed cash payments and contracts amounting to over N155m, as well as the alleged diversion of N1.37bn earmarked for a light rail project. It also cited the purported laundering of N64.8m by senior aides.

El-Rufai has consistently denied the allegations, describing the probe as politically motivated and insisting that all loans obtained during his tenure were duly appropriated and applied to infrastructural development, education reforms, healthcare upgrades, and security interventions.

However, Monday’s detention suggests that anti-graft agencies have moved beyond preliminary review to active interrogation.

Dadiyata Case Reopened

In a parallel development, the Department of State Services has reopened investigations into the 2019 disappearance of Abubakar Idris, popularly known as Dadiyata, and has begun probing El-Rufai and his sons over the case.

Dadiyata, a lecturer at the Federal University Dutsinma, Katsina State, was declared missing on August 1, 2019, after gunmen reportedly took him from his residence in Kaduna. His whereabouts remain unknown nearly seven years later.

A security source told The PUNCH that the DSS recently seized El-Rufai’s passport at the Nnamdi Azikiwe International Airport, Abuja, to prevent him from travelling abroad while investigations are ongoing.

“The DSS has reopened the case of the 2019 disappearance in Kaduna of a renowned government critic, Abubakar Idris, better known as Dadiyata, and several other cases of missing persons.

“El’Rufai is fully aware that the DSS is investigating him and his two sons for Dadiyata’s kidnapping. That was why he rushed to the ARISE news channel to cook up stories about (Umar) Ganduje and the confessions of a ghost police officer, all in a bid to divert attention.

“He is aware of the security implications of seizing his passport. He knows he can’t officially leave the country, which is very bad for him. Several laws place a responsibility on citizens to assist with crime reporting and prevention.

“Section 123 of the Criminal Code Act prohibits the willful destruction or concealment of evidence, while the Criminal Code Act and the Penal Code, applicable to Kaduna State, deals with covering up treason, destroying evidence, or aiding suspects,” the source said.

Another source said investigators were examining social media posts made by El-Rufai’s sons, Bello and Bashir, following Dadiyata’s disappearance.

“Former governor El’Rufai claimed that until Dadiyata’s disappearance, he didn’t know that anybody with such a name existed. However, social media posts by his sons, Bello and Bashir, suggest otherwise. Posts by his sons on ‘X’ clearly showed that Dadiyata was a problem for their family.

“That is why Bello and Bashir will be invited along with their father to help in our investigations,” the source added.

El-Rufai has maintained publicly that he neither knew Dadiyata personally nor had any reason to target him, insisting that the missing lecturer was a critic of the Kano State Government at the time.

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BIG STORY

Tinubu To Ribadu: We’ll Defeat Bandits and Terrorists, You’re Doing An Excellent Job

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President Bola Tinubu says Nuhu Ribadu, the national security adviser (NSA), is doing an “excellent job” in coordinating the fight against banditry and terrorism.

Speaking on Monday in Yola, while inaugurating projects completed by the Adamawa state government, Tinubu said he is proud of Ribadu.

The president said the country would overcome terrorism and banditry under Ribadu’s leadership.

“I must say clearly here that you are doing an excellent job, and we have seen the results. With you, we will defeat the bandits and terrorists. You are a good national security adviser, honest, bold, courageous and committed to the job. I believe the state of Adamawa is strongly proud of you, because I am too,” Tinubu told the NSA, who hails from the north-east state.

Tinubu’s commendation of Ribadu comes amid the allegations levelled against the NSA by Nasir el-Rufai, former governor of Kaduna.

Last month, el-Rufai accused the office of the national security adviser of procuring about 10 kilogrammes of thallium sulphate, a highly toxic, colourless and odourless compound that can kill humans in small doses.

The ONSA denied the allegation and asked him to supply any evidence he has to the Department of State Services (DSS) for a thorough investigation.

Last Thursday, security operatives attempted to arrest el-Rufai at the Nnamdi Azikiwe International Airport, Abuja, when he touched down from Cairo, the capital of Egypt.

El-Rufai would later allege that the Independent Corrupt Practices and Other Related Offences Commission (ICPC), at Ribadu’s instruction, asked DSS officials to arrest him upon arrival.

On Saturday, during an interview on Prime Time, an Arise Television programme, el-Rufai said “someone wiretapped” Ribadu’s phone, allowing him to listen to the NSA directing security operatives to effect his arrest.

The DSS has filed a three-count charge against el-Rufai for allegedly intercepting the NSA’s telephone conversation.

 

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BIG STORY

BREAKING: Nigeria’s Inflation Rate Drops To 15.1%

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The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate has dropped to 15.1 percent in January, down from the 15.15 percent recorded in December 2025.

The NBS announced the increase in its consumer price index (CPI) on Monday.

More to follow…

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