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JUST IN: EFCC Arrests BDC Operators In Abuja; Recovers Over $6 Million

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EFCC has arrested a currency speculator in Abuja and also recovered over $6 million from BDC operators.

 

It was gathered that the arrest was made known by the Commission on its official Twitter handle on Wednesday, November 16, 2022. The alleged currency speculator whose picture was released by the EFCC is also known as Mustapha Naira.

 

 

The commission noted that the arrest was made as part of their effort to sanitise the foreign exchange market, and all shades of economic sabotage.

 

 

The EFCC’s statement: According to the EFCC, Mustapha was arrested on Saturday in the Wuse area of Abuja.

 

“As part of its ongoing operation to sanitise the foreign exchange market and rid it of speculators and all shades of economic saboteurs, the EFCC has arrested one Mustapha Muhammed alias Muaspaha Naira.

 

“He was picked up by operatives of the commission on Saturday, November 12, 2022, at Wuse Zone 4, the hub of parallel market operations in the Federal Capital Territory.

 

“The suspect has made a useful statement while the investigation continues.”

In a related development, News One Nigeria reports that the EFCC said that some Bureau De Change operators who were recently arrested in Lagos, Abuja, and other parts of Nigeria were in possession of over $6 million.

 

The EFCC Chairman, Abdulrasheed Bawa, who made this known while speaking on the Nigerian Television Authority’s (NTA) said that the arrests were part of efforts of the anti-graft agency to sanitise the foreign exchange sector.

 

Speaking on “Sanitizing Ungoverned Operators in the Forex Sector” Bawa who was represented by the Commission’s Director of Operations, Abdulkarim Chukkol, said that the EFCC’s arrest of BDC operators and currency speculators in the parallel market was not indiscriminate but a product of intelligence.

 

The EFCC Chairman said that “At EFCC, we work with intelligence and with other stakeholders; and when we talk of illegal forex operators you cannot just invite people on the street even though sometimes you could, but generally you do not have a choice but to make an arrest.”

 

 

“Some were arrested with excess of $6 Million (Six Million United States Dollars), others with $2 Million (Two Million United States Dollars) and we know that these huge sums were not meant to be used in buying goods but stolen monies being laundered out of the country.”

 

 

The EFCC Chairman noted that the commission did not only recover some of the monies but secured their forfeiture to the Nigerian government while the culprits were prosecuted.

 

 

Bawa also emphasized the need for active inter-agency and stakeholder’s collaboration, pointing out that many of the over 6,000 registered BDCs do not belong to the Association of Bureau De Change Operators of Nigeria and therefore out of the orbit of regulators.

 

The EFCC Chairman said that “The CBN guidelines are clear regarding returns by BDCs, but how many of them do this.”

BIG STORY

Paystack Suspends Co-Founder Ezra Olubi Over Sexual Misconduct Allegation

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Paystack, the Nigerian payments company owned by Stripe, has suspended its Co-founder and Chief Technology Officer, Ezra Olubi, following an allegation of sexual misconduct said to involve a subordinate at the firm.

The development gained public attention on Wednesday after an individual who previously had a relationship with Olubi shared personal complaints online, leading to widespread discussion across social media platforms.

The post led to renewed circulation of several tweets authored by Olubi between 2009 and 2013, many of which contained sexually suggestive remarks involving colleagues and minors, prompting intense scrutiny and criticism.

The emergence of the old tweets sparked further debate about personal responsibility, workplace conduct, and the long-term consequences of past behaviour on social media. In response to the backlash, Olubi deactivated his X account.

Among the resurfaced tweets were comments that drew particular outrage, including: “I judge my female friends by the sound of their pee make. Thanks to the audio in my bathroom,” as well as another stating: “Save water. Take a bath with your neighbour’s daughter.”

One tweet posted on May 23, 2011, also generated strong public reaction. It read: “Monday will be more fun with an ‘a’ in it. Touch a coworker today. Inappropriately.”

A report published by TechCabal on Friday confirmed that Paystack had opened a formal investigation into the matter, following internal escalation triggered by the online controversy.

In its statement to the platform, Paystack said: “Paystack is aware of the allegations involving our Co-founder, Ezra Olubi. We take matters of this nature extremely seriously. Effective immediately, Ezra has been suspended from all duties and responsibilities pending the outcome of a formal investigation.”

The company added that it would not be issuing further statements while the review continues, saying: “Out of respect for the individuals involved and to protect the integrity of the process, we will not be commenting further until the investigation is complete.”

Paystack, established in 2015 by Olubi and Shola Akinlade, has grown into one of Africa’s leading fintech companies, providing digital payment infrastructure for businesses across the continent.

The firm became the first Nigerian startup admitted into the renowned Y Combinator accelerator in 2016, a milestone that helped it attract global attention and expand its merchant base rapidly.

Its profile rose further in 2020 when global payments giant Stripe acquired the company for over US$200 million, one of the largest exits recorded in the Nigerian fintech ecosystem.

As Chief Technology Officer, Olubi was instrumental in building the systems and technological framework that enabled the company to scale across Nigeria and into other African markets.

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BIG STORY

Three Nigerians Were Arrested In Kenya, For Alleged Cyber Fraud

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At least three Nigerians have been arrested in the Mwaliko Estate, Mwea Town, Kenya, on allegations of cyber fraud.

Tuko News reported that the Directorate of Criminal Investigations apprehended them on Wednesday.

Their names are Peter Chukwujekwu, Alazor Chukulute Sunday, and Nnalue Chiagozie Samwe.

They were flushed out after the public raised concerns about suspicious late-night activities in their building.

The DCI confirmed the arrests, describing it as “a multi-agency raid targeting a cyber fraud ring.”

The DCI said: “Three Nigerian nationals nabbed in Kirinyaga multi-agency raid…” etc.

The suspects claimed they were running an online business but were found to be living in Kenya illegally and without valid work permits.

Kenyan authorities noted this is part of a broader pattern of Nigerians arrested for crimes abroad.

In June 2023, Kenyan police arrested 19 Nigerians in Nairobi for electronic fraud.

The DCI said the 19 suspects used social media to lure Kenyans, pretending to offer goods delivered from abroad.

Quoted explanation: “The fraudsters start by befriending you on social media (Facebook)… promising goodies…” etc.

 

Step 2 — Rewritten Paragraph-by-Paragraph News Report

(Headline untouched. Continuous news format. Not an editorial. No shrinking. Quotes remain exactly as they appear.)

Three Nigerians arrested for fraud in Kenya

At least three Nigerian nationals have been taken into custody in the Mwaliko Estate area of Mwea Town, Kenya, following allegations of involvement in cyber fraud.

A report published by Tuko News indicated that operatives of the Directorate of Criminal Investigations carried out the arrests on Wednesday as part of an ongoing crackdown on cyber-related offences.

The suspects, identified as Peter Chukwujekwu, Alazor Chukulute Sunday, and Nnalue Chiagozie Samwe, were apprehended after investigators traced suspicious activity to their apartment within the estate.

According to the Thursday update, members of the public alerted authorities after observing unusual late-night movements around the building, prompting the operation that eventually led to the arrests.

The DCI confirmed the incident, disclosing that the operation was conducted during “a multi-agency raid targeting a cyber fraud ring” believed to be operating from the area.

The agency was quoted as saying: “Three Nigerian nationals nabbed in Kirinyaga multi-agency raid. A well-coordinated multi-agency raid in Mwaliko Estate within Mwea town has blown the lid off a suspected cyber fraud ring operated by three Nigerian nationals.”

Investigators noted that although the men claimed they were running an online business, they were discovered to be residing in Kenya illegally and did not possess valid work permits.

Authorities added that the arrests form part of a wider pattern in which Nigerians have been intercepted in different countries over offences such as cyber fraud, drug trafficking and human trafficking.

In a related development from June 2023, Kenyan police detained 19 Nigerians in Nairobi for allegedly carrying out electronic fraud schemes targeting Kenyan residents.

The DCI explained that the group of 19, aged between 19 and 33, relied on social media platforms to initiate contact with victims, posing as individuals offering goods deliveries from overseas.

“The fraudsters start by befriending you on social media (Facebook), and once you accept the friend request, they initiate a friendly chat that promises the victim goodies to be sent through DHL at the airport,” the agency stated.

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BIG STORY

JUST IN: Tinubu Reappoints Marwa As NDLEA Chairman

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President Bola Tinubu has renewed the appointment of Brigadier-General Mohammed Buba Marwa (rtd) as Chairman of the National Drug Law Enforcement Agency for another five-year tenure, the State House announced on Friday.

Marwa, who was first appointed to the role in January 2021 by former President Muhammadu Buhari, is now set to continue leading the agency until 2031.

Before assuming leadership of the NDLEA, Marwa previously headed the Presidential Advisory Committee for the Elimination of Drug Abuse between 2018 and December 2020.

The confirmation of his reappointment came through a statement issued by Bayo Onanuga, Special Adviser to the President on Information and Strategy, dated November 14, 2025.

According to the statement, Marwa’s appointment is backed by decades of service. A graduate of both the Nigerian Military School and the Nigerian Defence Academy, he was commissioned as a second lieutenant in 1973 and later served as “brigade major of the 23 Armoured Brigade, Aide-de-Camp (ADC) to the Chief of Army Staff, Lieutenant-General Theophilus Danjuma, and academic registrar of the Nigerian Defence Academy.”

His international assignments include serving as “Deputy Defence Adviser in the Nigerian Embassy in Washington, DC, and later as Defence Adviser to the Nigerian Permanent Mission to the United Nations.”

Marwa also holds two advanced degrees: “a Master of Public and International Affairs from the University of Pittsburgh (1983–85) and a Master of Public Administration from Harvard University (1985–86).”

The presidency noted that the NDLEA under Marwa has recorded major breakthroughs. The statement cited “many drug busts, including the arrests of 73,000 drug mules and barons and seizures of over 15 million kilogrammes of various hard drugs.”

The agency has also led national efforts against drug abuse during his stewardship.

Tinubu commended Marwa’s work, saying: “Your reappointment is a vote of confidence in your onerous efforts to rid our country of the menace of drug trafficking and drug abuse. I urge you not to relent in tracking the merchants of hard drugs, out to destroy our people, especially the young ones.”

Marwa, a former military governor of Lagos and Borno States, now has an extended mandate to sustain and expand the reforms and enforcement gains achieved so far.

According to the State House, the renewed tenure “means the Adamawa-born former military officer will remain at the helm of the NDLEA until 2031.”

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