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BIG STORY

EFCC Goes After Dollar Speculators, CBN Slashes Banks Allocations

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Deposit Money Banks are experiencing dollar shortages after the Central Bank of Nigeria reduced their foreign exchange allocations.

According to The Punch, multiple bank officials said they have been unable to meet their customers’ forex demand for school fees, Personal Travel Allowance, among others.

A top official of a tier-1 bank said the gap between demand and supply has become worsened. We only hope the CBN will intervene and supply more forex soon.

“For some weeks now, we have not got allocation. Sometimes they delay in giving” another bank official said.

Other sources from banks also confirmed that the CBN has drastically reduced its forex allocations.

The CBN on Monday said it would introduce measures to curb the naira slide.

However, the naira gained at the parallel market on Tuesday, after the central bank said it would intervene in the continued depreciation of the local currency.

On Monday, while speaking after briefing President Bola Tinubu on what the bank was doing to halt the naira slide, the Acting Governor, CBN, Folashodun Shonubi, said the fluctuation in the parallel market was not solely driven by economic factors, but also speculative demand.

However, some Bureau de Change Operators said the naira which was earlier exchanged to the dollar at 956/$ on Monday, exchanged at 925/$ on Tuesday.

A BDC operator, Alh Alli Kareem, said, “Today, we bought and sold the naira at 915/$ and 925/$. They are saying they will pump more dollars into the economy but, we are still waiting.”

On the Investors & Exporters window, trading of the naira commenced at 785.89/$ and reached a high of 799.90/$ before closing at 774.77/$ on Tuesday; it closed at 764.68/$ on Monday.

A former President, Association of National Accountants of Nigeria, Dr Sam Nzekwe, said, the intervention announced by the CBN might be a short-term one, adding that might not be sustainable.

He said, “People don’t have confidence in naira again; when people have money, they go to the BDCs and buy the dollar and keep. The best intervention they can do is to see how they can get the economy to be productive, but now, we are importing a lot.

“If they are saying intervention, is it the dollar you have or the one you don’t have? I don’t worry that the CBN floated the naira, but it cannot defend it.”

It would be recalled that in July 2021, the CBN discontinued dollar allocation to the BDCs, but continued through the Deposit Money Banks.

Meanwhile, the Federal Government may in the coming weeks clamp down on Bureau De Change operators.

Sources close to the matter hinted to our correspondent that the operatives of the Economic and Financial Crimes Commission might go after currency speculators whose activities have been putting pressure on the local currency.

“The Federal Government is planning to clamp down on operators of Bureau De Change across the country. Although they are businessmen, they are also part of the problem due to the rate at which they greedily hike rates to make profits. The current rates are not market driven but speculative, and that is why the government said they would intervene,” the source said.

EFCC could not verify the plan as of press time.

 

Credit: The Punch

BIG STORY

JUST IN: FG Secures 386 Convictions In Mass Trial of Terrorism Suspects

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The Federal Government on Friday said it secured 386 convictions out of 508 terrorism-related cases prosecuted at the Abuja Division of the Federal High Court.

The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, disclosed this to journalists at the conclusion of the ninth phase of the mass trials.

The AGF added that eight defendants were discharged, two acquitted, while 112 cases were adjourned to the next phase of proceedings.

“Well, in total, we brought about 508 cases. Of these 508, we were able to secure 386 convictions. Eight discharges, two acquittals and 112 adjourned to the next session or phase,” he said.

Fagbemi noted that the next phase of the trial had already been scheduled.

“Don’t forget that this is the ninth phase. The 10th phase will come up between the 15th and the 18th of June by God’s special grace,” he added.

The trial began on Tuesday, April 7, 2026, and ended on Friday, April 10, 2026.

The AGF had earlier disclosed that over 500 suspects would be arraigned in the exercise for various offences bordering on terrorism in contravention of the Terrorism (Prevention and Prohibition) Act.

The proceedings, which marked the ninth phase of the exercise, saw defendants arraigned before 10 judges of the Abuja Division of the Federal High Court, despite the Easter vacation which commenced on the same Tuesday.

The AGF stressed that the inclusion of discharges and acquittals underscored the government’s adherence to due process and the rule of law.

“The fact that you have discharges and acquittals speaks to the fact that we have been following due process. Anybody who is not guilty will not be sent to jail,” he said.

He added that subjecting the suspects to trial reflected respect for the judiciary’s constitutional oversight role.

“The fact that we brought them to court also speaks to the fact that they recognise the oversight function of the judiciary, and this is what has taken place,” Fagbemi stated.

Expressing satisfaction with the exercise, the minister said the trials were conducted transparently, with the participation of key stakeholders, including representatives of the United Nations Office on Drugs and Crime and members of the media.

“I’m satisfied, and that’s why it’s taking place in the full glare of the public. All the representatives of critical stakeholders are here. We have people from the UNODC, you, the press, you are here, and you can speak to how the proceedings were conducted,” he said.

Fagbemi maintained that the sentences handed down by the court were meant to serve as a deterrent to terrorism and its financing.

“The type of punishment that the judges dished out is to send a clear signal to people involved in terrorism and terrorism-financing that there is no space for them here in Nigeria,” he said.

He added, “We cannot stop them from going elsewhere. But as far as the Nigerian space is concerned, there is no space. We will not be able to accommodate them. We have been able to bring them to justice.”

The AGF also commended the leadership of the court, particularly the Chief Judge, John Tsoho, and the head of the 10-member trial team, Binta Nyako, for their commitment.

“I also want to seize this opportunity once again to thank the Federal High Court under the able leadership of the Chief Judge and the leader of the 10-member team. They have done very well, and we are grateful to them for their patriotism,” he said.

He noted that the judges demonstrated exceptional dedication by sitting during a period ordinarily reserved for rest.

“These are not normal times. They are supposed to use this week, in particular, to be at home resting if they cannot travel. But they have shown great patriotism in answering the clarion call,” Fagbemi said.

He equally appreciated the media for its role in covering the proceedings and informing the public.

The minister added that, beyond sentencing, courts also ordered rehabilitation and de-radicalisation for convicted persons as part of efforts to reform offenders.

“And part of the consequential order made by judges after the sentencing is that they should go for rehabilitation and de-radicalisation,” he said.

According to him, the approach reflects the government’s broader objective of ensuring that punishment also facilitates reformation and reintegration.

“This speaks to the effort of government to ensure that the purpose of punishment is also to make offenders turn a new leaf and jettison terrorism,” Fagbemi added.

 

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BIG STORY

Oba Elegushi: Celebrating The Modern Monarch At 50 —– Temitope Oyefeso

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If true leadership is about service, sacrifice, empathy, and a commitment to the well-being of others while seeking the common good, one man who has exemplified these qualities over the years is the traditional ruler of Ikate-Elegushi land, Oba Saheed Ademola Elegushi, Kusenla, the third.

This is one traditional ruler who listens and cares deeply about the aspirations and concerns of subjects. KSE, as he is also popularly known, operates an open-door policy and is always willing to engage with the community, fostering a sense of belonging and trust – qualities that bolster the fabric of unity and loyalty among his people. Just as his leadership has been a guiding light, illuminating hope and resilience during challenging times, KSE’s ability to navigate complex societal challenges with fortitude and foresight is one for the books.

Cosmopolitan and cerebral, what has always stood out about Kabiyesi is the seamless way he has blurred the line between modernity and tradition. Perhaps because of his early intimations with royalty through the influence of his late father, Oba Yekini Adeniyi Elegushi, the 20th Oba Elegushi of Ikateland, who reigned from 1991 to 2009, KSE is deeply rooted in the traditions that formed him, yet primed and poised to shape the dynamics of the future.

As a custodian of tradition, Oba Elegushi honours the rich cultural heritage of his progenitors. His vision for progress combines with deep respect for tradition and creates legacies that will undoubtedly stand the test of time. In him, one sees a king who understands that royalty is not defined by the crown alone, but by service, vision, compassion, and the quiet powers to shape lives and transform communities.

This commitment to the future informed his decision to celebrate his 50th birthday by committing funds toward intervention projects in public schools in Ikate kingdom. A similar gesture was when he celebrated his 15th anniversary on the throne last year, where over N200 million was distributed to young entrepreneurs from within and outside the Ikate-Elegushi kingdom.

Kabiyesi continues to invest in people, recognising that the most enduring infrastructure any leader can build is human. Through his support for education and youth empowerment, KSE ensures that development in Ikate-Elegushi is not merely visible on the skyline but felt in the lives of everyday people.

Today, as he celebrates the golden jubilee of his noble birth, we also celebrate his personal virtues – integrity, wisdom, and unwavering faith in humanity. Indeed, what emerges from any honest reflection on Oba Elegushi’s five decades is a portrait shaped by integrity held firm, wisdom applied with purpose, and a faith that has remained his compass through every season.

At 50, his legacy is not only in what he has built, but also in what others are becoming because they have watched him, learned from him, and risen through the force of his example.

Kabiyesi, as you mark another year of life, we pray that the Almighty blesses you more abundantly. May He grant you good health, long life, more wisdom, and strength to continue your noble work.

We are confident that under your stewardship, Ikateland will flourish even more and remain rooted in the values of peace, unity, and progress.

Happy birthday, Your Majesty.

Temitope Oyefeso is Special Assistant on Public Affairs to Oba Elegushi

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BIG STORY

FG Warns of Possible Flooding in Ogun, Delta, 8 Other States

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The Federal Government has warned that several locations across 10 states may experience heavy rainfall, potentially leading to flooding, between April 8 and April 12, 2026.

The warning was issued by the National Flood Early Warning Centre of the Federal Ministry of Environment in a flood prediction notice dated April 8, 2026, and signed by the Director of the Erosion, Flood and Coastal Zone Management Department, Usman Bokani.

“The following locations and their environs are likely to witness heavy rainfall that may lead to flooding within the period of prediction: 8th April – 12th April, 2026,” the notice stated.

According to the ministry, communities in Ebonyi, Anambra, Ogun, Taraba, Cross River, Benue, Imo, Delta, Rivers, and Abia states are among the areas likely to witness heavy rainfall that may trigger flooding during the period.

The ministry stated that in Ebonyi State, Afikpo and Nkalagu may be affected, while in Anambra State, Atani, Iyowa Odekpe, Odekpe, and Onitsha were listed.

It also identified Ayetoro and Ilaro in Ogun State; Donga, Kwata Kanawa, Lau, Serti, Takum, and Yorro in Taraba State; as well as Edor, Ikom, and Itigidi in Cross River State.

Other locations include Igumale in Benue State; Nworievbi, Okigwe, Otoko, and Owerri in Imo State; Oko Anara in Delta State; Port Harcourt in Rivers State; and Umuahia in Abia State.

The ministry noted that the listed locations and their surrounding areas were likely to witness heavy rainfall that “may lead to flooding” within the prediction period.

 

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