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Forex Crisis: EFCC 7,000-Man Task Force Cracks Down Dollar Racketeers

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The Economic and Financial Crimes Commission (EFCC) has established a 7,000-man special task force across its 14 zonal commands to crack down on dollar racketeers in an effort to relieve pressure on the naira.

In a statement released on Wednesday in Abuja, the anti-graft agency’s spokesperson, Dele Oyewale, stated that the commission had called the owners of private colleges and other institutions that charge tuition in dollars.

Over the previous few weeks, the value of the naira has declined significantly in relation to the US dollar.

In the past weeks, the naira had plunged from about 900/dollar to over 1,400/dollar at the official market.

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, who appeared before the House of Representatives on Tuesday, disclosed  that Nigerians spent $98bn in 10 years on foreign education, healthcare and personal travels, which had impacted the naira.

He spoke against the backdrop of the central bank’s battle to stabilise the exchange rate amid dollar shortage.

Cardoso argued that the foreign exchange market was facing increased demand pressures, causing a continuous decline in the value of the naira.

According to him, factors contributing to this situation include speculative forex demand, inadequate forex due to low remittance of crude oil earnings to the CBN, increased capital outflows, and excess liquidity from fiscal activities.

To address exchange rate volatility, he said a comprehensive strategy had been initiated to enhance liquidity in the forex market.

This includes unifying FX market segments, clearing outstanding FX obligations, introducing new operational mechanisms for Bureau De Change operators, enforcing the Net Open Position limit for commercial banks, and adjusting the remunerable Standing Deposit Facility cap.

Cardoso revealed that between 200 and 2020, foreign education expenses amounted to a substantial $28.65bn, as per the CBN’S publicly available Balance of Payments Statistics.

Similarly, medical treatment abroad incurred around $11.01bn in costs during the same period. Within the same period, Personal Travel Allowances accounted for a total of $58.7bn.

Cumulatively, Nigerians spent about $98bn on foreign trips, medical tourism and overseas education, a figure the CBN governor said was more than the total foreign exchange reserves of the central bank.

Further compounding the situation, according to Cardoso, has been the consistent decline in Nigeria’s export earnings against the backdrop of increasing imports.

In contextualising the problem, Cardoso pointed out that Nigeria’s annual imports, which require dollars for payment, amounted to $16.65bn in 1980.

Worried by the development, the Finance Minister and Coordinating Minister for the Economy, Wale Edun, had last Friday met with the CBN Governor and the EFCC Chairman, Ola Olukoyede, to proffer solutions to the naira crisis.

The meeting, according to a statement signed by the Federal Ministry of Finance, was to strategise on stabilising the beleaguered currency.

“This afternoon at Finance HQ, HM Finance & Coordinating Minister for the Economy, Wale Edun, EFCC Chairman Ola Olukoyede and CBN Governor Olayemi Cardoso, engaged in a strategic discussion focused on enhancing the efficiency of our financial system and stabilising the naira,’’ the finance ministry posted on its X handle.

To strengthen the national currency and stabilise the nation’s volatile exchange rate, the CBN directed Deposit Money Banks to sell their excess dollar stock latest February 1, 2024.

The CBN, which made the disclosure in a new circular released last week Wednesday, also warned lenders against hoarding excess foreign currencies for profit.

According to officials, the central bank believes some commercial banks hold long-term foreign exchange positions to enable them to profit from the volatile movements of exchange rates.

The new circular introduces a set of guidelines aimed at reducing the risks associated with these practices.

In continuation of the targeted measures,   the EFCC revealed it had set up a special task force to enforce the extant laws against currency mutilation and dollarisation of the economy.

It explained that it arrested some perpetrators issuing invoices in dollars and mutilating the naira in Lagos and Rivers States.

  • Zonal Commands

Oyewale said, “The EFCC has raised a special task force in all its zonal commands for the enforcement of extant laws against currency mutilation and dollarization of the economy.

“The taskforce, inaugurated by the Executive Chairman of the commission, Ola Olukoyede, was raised to protect the economy from abuses, leakages and distortions exposing it to instability and disruption.

“Already, the commission has made some arrests of perpetrators of issuance of invoices in dollars and mutilation of the naira in Lagos and Port Harcourt.

“Also, proprietors of private universities and other institutions of higher learning charging fees in dollars have been invited by the Commission.

“The commission is committed to the enforcement of all laws in place for the reflation and stimulation of the economy.”

The CBN Act, 2007, stipulates that the currency notes issued by the CBN “shall be the legal tender for the payment of any amount in Nigeria.”

Furthermore, the Act stipulates that any person(s) who contravenes this provision is guilty of an offence and shall be liable on conviction to a prescribed fine or six months imprisonment.

Meanwhile, findings (according to The Punch) show the EFCC special task force is operating in all its 14 commands with over 7,000 operatives or  about 500 operatives in each command.

The zonal commands are Abuja, Benin, Enugu, Gombe, Ibadan, Ilorin, Kaduna, Kano, Lagos, Maiduguri, Makurdi, Port Harcourt, Sokoto and Uyo.

A source, who was not authorised to speak on the issue, revealed that all private universities and other tertiary institutions charging dollars and other foreign currencies in place of naira had been invited by the EFCC for a briefing, and sensitised on the fact that only the naira is a legal tender in Nigeria.

A second source, who declined to be named for confidential reasons,  said the school proprietors would not be arrested by the EFCC unless they continued to violate the law by accepting foreign currency.

He stated, “The Special Task Force is operating in all our 14 commands, and we have about 500 operatives in each command’s task force; that equals over 7,000 operatives overall.

“We invited, quizzed, and sensitised all the proprietors of all private universities and other tertiary institutions charging dollars and other foreign currencies in place of naira.

“The aim of the sensitisation was for them to know about extant laws making only naira and kobo legal tenders in Nigeria, as opposed to dollar, pounds, or other foreign currency.

“However, none of the proprietors would be steered or prosecuted for now, unless they go ahead to keep charging in dollars or other foreign currencies.”

  • Foreign Airlines

However, the President of the Association of Foreign Airlines and Representatives in Nigeria, Dr Kingsley Nwokoma, said there was no cause for alarm, adding that the EFCC’s action would not affect his members.

But he asked banks to repatriate the trapped funds from tickets sold in naira.

Meanwhile, reacting to the development, the Director-General of the Nigeria Employers’ Consultative Association, Mr. Wale Oyerinde, said, “From what we’ve heard as contained in the CBN Act, dollarisation is an economic offence, so they are on point. It is not whether it will salvage the economy or not. Salvaging the economy requires a multifaceted approach and efforts.

Also speaking, a facilitator with the Nigerian Economic Summit Group, Dr. Ikenna Nwaosu, said, “The answer first would be that a doctor heal yourself.  Many government agencies are still charging in foreign currency. If you look at the Nigerian Ports Authority, the Nigerian Maritime Administration and Safety Agency, most of their fees are in dollars for all their services. They issue invoices in dollars.  So when your own government agencies have not stopped why are you telling individuals not to charge in dollars. So I can’t say whether it would work or not because they government is not complaint. If you want to do uniform let it get to everywhere. I want to add that if you are saying that you are promoting investment in the country, you have to lead by example.”

Also, the President, Association of Bureau De Change, Aminu Gwadabe, said it was illegal for businesses or individuals in Nigeria to demand payment in forex.

He noted that allowing such would further weaken the embattled naira.

“It is illegal to ask for payment of whatever sort in foreign currency here in Nigeria. The CBN already issued a circular to this effect. Allowing institutions to receive payment in dollars will further cause more damage to the naira which is already depreciating,” he said.

Recently, some schools have reportedly requested for tuition fees in forex. An example of such is Wigwe University, a private university reportedly owned by Group Managing Director, Access Holdings Plc, Mr. Herbert Wigwe.

According to document published on its website (https://www.wigweuniversity.edu.ng/tuitionfess/) Wigwe University‘s 2024/2025 College of Arts students are expected to pay $12,000 annually as tuition fee; College of Engineering, $15,000; College of Management and Social Sciences, $15,000; and College of Science and Computing, $15,000.

 

Credit: The Punch

BIG STORY

Somolu Embraces Generational Shift In Line With President Tinubu’s Youth Agenda

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In the heart of Somolu, Lagos, President Bola Ahmed Tinubu’s call to “let the youth breathe” is not just a slogan it’s becoming a lived political reality. The just-concluded All Progressives Congress (APC) chairmanship primaries reflect a growing demand for generational change, transparency, and inclusive governance.

Since 2017, under the leadership of Executive Chairman Hon. Abdul Hamed Salawu (Dullar) Somolu has witnessed significant modernization and people-centered governance. Notably, his administration created opportunities for young, capable leaders with strong grassroots credibility. This laid the foundation for the emergence of Hon. Lateef Ashimi 46 years and Hon. Taiwo Ojomu 40 years as APC candidates for Chairman and Vice Chairman, respectively. Both men are deeply involved in community service and political development, with Hon.Ashimi an alumnus of Yaba College of Technology and Hon. Ojomu a graduate of the University of Lagos.

The APC primary election was conducted through indirect voting, with 27 constitutionally recognized party delegates participating. Hon. Ashimi secured an overwhelming majority, winning 23 votes. In contrast, Hon. Bowale Sosimi despite holding a strategic state appointment garnered only four votes, a result widely viewed as a reflection of his disconnect from local party structures.

Allegations of irregularities emerged post-primary but have largely been dismissed as expressions of political disappointment rather than credible claims. The process was widely regarded as free, fair, and transparent, supervised by a respected panel chaired by Barr. Babatunde Ogala (SAN). Observers praised the peaceful conduct and strict adherence to party guidelines.

Yet, elements resistant to this democratic shift remain active. Chief among them is Hon. Ademorin Kuye, current Member of the House of Representatives for Somolu Federal Constituency. Hon. Kuye has long been accused of dominating local politics, manipulating internal party decisions, and imposing loyal candidates. Notably, in 2017, despite Ashimi winning the APC councillorship primary, he was denied the ticket reportedly on Hon. Kuye’s orders an episode many still regard as emblematic of systemic injustice.

Hon. Kuye’s recent political maneuvers appear aimed more at maintaining influence than fostering growth. Allegations have surfaced that he is sowing division within the Muslim community in Somolu, reportedly leveraging personal ties being the son-in-law of the Oba of Somolu to gain undue influence within religious institutions. Tensions escalated when Grand Chief Imam of Somolu, Sheikh Boonyamin Dabiri, called for religious fairness in political appointments. His stance drew hostile reactions, including an alleged physical assault by Kuye’s loyalists. The fallout led to a sparsely attended Jum’ah service at the Somolu Central Mosque last Friday an incident that sparked concern across the community.

Despite these tensions, support for the Ashimi-Ojomu ticket is growing stronger. From Bajulaiye to Akoka, Okesuna to Onipanu, celebration has erupted among the youth and key stakeholders. Representatives from the NURTW, market unions, religious groups, community leaders, and youth organizations have visited the APC secretariat to congratulate the candidates and pledge their commitment.

A recent attempt at destabilization an alleged protest organized by disgruntled politicians was swiftly thwarted by security agencies. Hired thugs from neighboring areas including Yaba, Mushin, Bariga, and Abule Ijesha were reportedly repelled before they could attack the newly completed Somolu LG Secretariat. Internal conflict among their sponsors, reportedly Hon. Bowale Sosimi and Hon. Rotimi Olowo, led to confusion and the eventual collapse of the effort.

The people of Somolu have spoken. The Ashimi-Ojomu ticket is not only a reflection of youth inclusion but also religious harmony Hon. Ashimi is Muslim, Hon. Ojomu is Christian, and the councillorship seats are equitably distributed between both faiths.

What is happening in Somolu is not political exclusion it is a grassroots driven democratic renewal. It aligns firmly with President Tinubu’s progressive vision, empowering capable, youthful leaders to not just breathe but lead with integrity, vision, and a deep commitment to service of the people.

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BIG STORY

OAU Honors Abundish Nigeria CEO, Barr. Gboyega Adetunji, With Agribusiness Excellence Award [PHOTOS]

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The 14th Faculty Lecture of the Faculty of Agriculture at Obafemi Awolowo University (OAU) was not just an academic gathering, it was a powerful celebration of innovation, resilience, and leadership in Nigerian agriculture.

One of the event’s key highlights was the presentation of the Award of Excellence in Agribusiness to Barr. Adetunji Adegboyega, the visionary MD/CEO of Abundish Nigeria Limited. The award recognized his outstanding contributions to agricultural entrepreneurship and youth empowerment in Nigeria’s agribusiness landscape.

The lecture, titled “The Place of Smart Agriculture in ensuring Food Security” was delivered by Prof. Kolawole Adebayo, Immediate Past Vice-Chancellor (Development), Federal University of Agriculture, Abeokuta. He emphasized the urgent need for conservation strategies and forward-thinking practices to combat land degradation and food insecurity in Nigeria.

Representing Abundish Nigeria Limited were Barr. Adetunji, team members Young and Paul, who joined a diverse audience of students, academics, and stakeholders to engage in thoughtful discussions on the future of agriculture in Nigeria. The event featured a rich blend of academic insight, artistic expression, and community engagement, including a stirring spoken word performance by emerging artist Khaleda Simola (aka The Dynamic Hadja), who highlighted the struggles of Nigerian youth, food inflation, and the urgent need for reform. Some of the notable persons at the event were; Chairman of the day, Dr. Adebola Ismail Akindele, Group Managing Director, Courtville Business Solutions, Lagos, Prof. Olalekan J. Soyelu, Vice-Dean, Faculty of Agriculture, Oba (Dr.) Jesph Olubiyi Toriola (Ajibise Ogo 1), The Ogunsua of Modakeke able represented and so on.

Abundish Nigeria Limited was celebrated not just for its presence at the event, but for its growing impact in the field. Mr. Adegboyega’s recognition underscored the company’s commitment to sustainable farming and youth-led agribusiness innovation. His efforts have made agriculture more appealing, profitable, and tech-enabled for the younger generation.

Local schools and research groups also showcased their work in a vibrant exhibition segment, adding further depth and collaboration to the occasion.

Reflecting on the experience, being part of this event reaffirmed our mission. As an agri-tech innovation company, we left inspired, having witnessed firsthand the hunger for knowledge, the curiosity of students, and the call for actionable solutions.

We extended heartfelt gratitude to the OAU Faculty of Agriculture for both the recognition and the platform. This award belongs not only to our MD/CEO, but to every young farmer, every AgriPreneur, and every dreamer striving to nourish the nation and transform the land.

In his acceptance remarks, Barr. Adegboyega captured the spirit of the day:

“Agriculture is not in the past, it is now, and it is the future. With knowledge, tools, and partnerships, we will feed Africa from Africa.”

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BIG STORY

How Policeman’s Stray Bullet Killed WASSCE Candidate In Ibadan [PHOTOS]

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A stray bullet reportedly fired by a policeman has allegedly caused the death of a teenage boy. The incident occurred on Tuesday in Ibadan, the capital of Oyo State, while the boy was on his way to school to write his final year examination paper.

An eyewitness reported that the shooting of the student took place at the Ibadan Airport Junction, Alakia, located along Old Ife Road. This pinpointed the exact location of the tragic event.

According to Dauda Oseni, a commercial motorcyclist, the deceased student was in his father’s car with his twin brother. They were en route to write his final West African Secondary School Certificate Examination paper when the incident unfolded.

Oseni stated: “A team of police officers, while pursuing suspected Yahoo boys, fired gunshots, which mistakenly hit the teenager who was inside his father’s car.” This provides a direct account of the circumstances leading to the shooting.

“The father of the deceased got to know about the incident when the other twin brother raised an alarm, seeing blood gushing from his brother.” This highlights the distressing moment the father became aware of his son’s injury.

“The father subsequently packed his vehicle while onlookers reached out to them for possible assistance, but the boy died on the spot.” This details the immediate aftermath and the tragic outcome.

Another eyewitness, a vulcanizer who requested anonymity, reported that the boy, still in his school uniform, was rushed to Welfare Hospital within the area for treatment. Sadly, he was “confirmed dead” upon arrival.

“The aggrieved public, protesting the incident, carried the remains of the deceased to the State Government Secretariat, Agodi, Ibadan, attempting to see Governor Seyi Makinde,” the witness stated. This describes the immediate public reaction and their attempt to engage with the state governor.

The source also mentioned that the protesters were received by Sunday Odukoya, the Governor’s Executive Assistant on Security. Odukoya assured them that the government would “take up the matter,” indicating an official response to the incident.

According to NAN, the Oyo State Police Command’s spokesperson had not yet responded to calls and messages sent to him at the time the report was filed. This suggests a lack of immediate official comment from the police command.

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