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Breaking : EFCC’s Crackdown Target’s individuals and companies involved in Dollar speculation, hoarding, racketeering, and issuing foreign currency invoices

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….Agency arrests suspects in Lagos, PH, Kaduna

The Economic and Financial Crimes Commission (EFCC) yesterday joined the battle to halt further depreciation of the naira against the dollar.

The anti-graft agency said it had raised 14 special task forces to fish out culprits.

The anti-graft agency, which announced the arrest of many racketeers in Lagos, Port Harcourt and Kaduna, said each task force will operate from the agency’s 14 zonal commands.

It has also invited for questioning some proprietors of privately run varsities and higher institutions who charge fees in dollars.

The development came on a day the Association of Bureaux De Change Operators of Nigeria (ABCON) requested that the Central Bank of Nigeria (CBN) allow its members to resume dollar sales.

The naira exchanged yesterday for N1, 490/$ at the parallel market and N1, 418/$ in banks.

In a statement by its Head of Media and Publicity, Mr. Dele Oyewale, the EFCC said the task forces will ensure “the enforcement of extant laws against currency mutilation and dollarisation of the economy.”

“The task force, 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.”

The CBN frowns at the use of foreign currency as a medium of exchange in Nigeria.

In a statement by its erstwhile Director, Corporate Communications, Ibrahim Mu’azu, the apex bank drew attention to the consequences of contravening the provisions of the CBN Act of 2007.

According to the Act, “the currency notes issued by the bank (CBN) shall be legal tender in Nigeria…for the payment of any amount.”

The statement reads: “The attention of the Bank has been drawn to the increasing use of foreign currencies in the domestic economy as a medium of payment for goods and services by individuals and corporates.

“It has also been observed that some institutions price their goods and services in foreign currencies and demand payments in foreign currencies rather than the domestic currency (the naira), which is the legal tender in Nigeria.

“For the avoidance of doubt, the attention of the general public is hereby drawn to the provisions of the CBN Act of 2007, which states inter-alia: ‘the currency notes issued by the Bank shall be legal tender in Nigeria…for the payment of any amount’.

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

“This prohibition, however, is without prejudice to foreigners, visitors and tourists who are encouraged to continue to use their cards for payments or exchange their foreign currency for local currency at any of the authorised dealers’ outposts.

“The general public is hereby advised to report any contravention of the provision of this Act to the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) for appropriate action.”

Although the EFCC was silent on the number of those arrested, it said some suspects have been undergoing interrogation.

The statement added: “Already, the commission has arrested some 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.”

In a separate statement, the EFCC said its operatives in the Kaduna Zonal Command arrested three persons in connection with suspected currency racketeering.

It listed the suspects as Musa Gideon, Abdul Seidu Adamu and Justine Musa.

They were arrested yesterday on Yakubu Gowon Way, Kaduna while trying to “sell new naira notes to an EFCC’s undercover operative”.

“The operative, a member of the special task forces set up for the enforcement of extant laws against currency mutilation and dollarisation of the economy, functioned in a sting operation carried out by the team.

“The operation yielded the arrest of the three suspects selling new and old naira notes to the tune of N1, 307,400 and in possession of many Automated Teller Machine (ATM) cards.

“The suspects would be charged to court as soon as investigations are concluded,” the EFCC statement said.

Also the Association of Bureaux De Change Operators of Nigeria (ABCON) has requested that the CBN should allow its members to resume dollar sales.

It said dollar distribution at the retail end of the market would recommence if the proposals it submitted yesterday to the CBN were approved.

The association also proposed the return of the self-regulatory status of ABCON by the apex bank. This, according to the association, will ensure compliance by its members with regulatory guidelines.

President of the Association, Aminu Gwadabe, said the BDCs would also partner with International Money Transfer Operators (IMTOs) to ensure the economy attracted more forex proceeds to deepen market liquidity.

The CBN had in July 2021 stopped forex sales and issuance of new licences to prospective BDCs after its Monetary Policy Committee two-day meeting in Abuja.

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Opeifa Defends Rail Reforms, Unveils Nationwide Expansion Roadmap

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Opeifa maintained that derailments are not peculiar to Nigeria, noting that such incidents occur across advanced rail systems globally.

“Derailments are regular occurrences in the rail sector worldwide. In February alone, there were incidents in countries like Britain and others. Around the same time we experienced one, there were multiple derailments across the world,” he said.

He disclosed that in 2025, Nigeria recorded three major derailments:
• August 26 at Asham in Kaduna State
• November 1 at Abraka on the Warri–Itakpe line
• November 8 at Agbor on the same corridor

He said the NRC responded swiftly, restoring services within 24 hours in one case, while others were resolved within 21 and 28 days respectively.

Opeifa stressed that derailments can result from factors such as weather conditions, signal glitches, human error, speeding, or aging infrastructure, but noted that in Nigeria’s recent cases, there were no fatalities.

“These incidents are preventable and efforts are ongoing to minimize them. However, they should not be seen as major setbacks to the overall progress of the railway system,” he said.

On Allegations of Mismanagement

Addressing allegations of financial mismanagement within the corporation, Opeifa declined detailed comments, citing ongoing legal processes.

“When a matter is in court, it is sub judice. Allegations of corruption or mismanagement should be handled by the appropriate authorities,” he stated.

He reiterated that his priority is to reposition the NRC in line with global best practices and ensure efficient rail services for Nigerians.

Expansion, Upgrades and National Connectivity

The NRC boss said efforts are underway to restore damaged coaches and upgrade infrastructure using local engineers and technicians.

“We are bringing back the lines and retrofitting coaches. The Warri–Itakpe line is operational. The Abuja–Kaduna line is running, and we are increasing trips from two to three,” he said.

On long-term plans, Opeifa disclosed that the NRC roadmap envisions rail connectivity across major cities nationwide, subject to funding and phased execution.

He dismissed claims of abandoned projects, explaining that rail developments are capital-intensive and implemented in phases based on available resources.

He cited progress on the Lagos–Ibadan corridor—part of the larger Lagos–Kano project—as well as ongoing work on the Kano–Maradi line linking key northern cities.

Lagos–South-East, Port Connections in View

Opeifa also highlighted plans to expand connectivity between southern ports and inland cities. These include proposed links from Warri to Abuja and from Lekki Deep Sea Port to Kajola, Benin, Onitsha, and Aba, enabling both passenger and cargo movement.

Toward Modern Signaling and Faster Trains

On modernization, he said Nigeria is gradually upgrading from older narrow-gauge systems to standard-gauge infrastructure with improved signaling technology.

He noted that metro rail projects in Kaduna, Kano, and Lagos are being developed with higher signaling standards, positioning the country for faster and more efficient train services in the coming years.

“We are not yet at the highest global level, but we are moving steadily upward,” Opeifa said.

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Ticket Reform Boosts Confidence in Lagos–Ibadan Rail Service, Says Opeifa

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A quiet transformation is reshaping the daily commute between Nigeria’s commercial hub and the historic city of Ibadan. Passengers on the Lagos–Ibadan standard gauge corridor say services have become more efficient and predictable following a clampdown on ticket racketeering led by Kayode Opeifa

The renewed confidence in the rail line linking Lagos and  is influencing residential and employment decisions among middle-income earners who once considered daily intercity commuting unrealistic.

“It is now possible to live in Ibadan and work in Lagos without the daily anxiety of securing a ticket,” said Adewale Bamidele, a financial analyst who travels three times a week. “Before, you needed connections. Now, you book, you board, you arrive.”

A Line Once Hindered by Middlemen

The Lagos–Ibadan railway, inaugurated as a flagship infrastructure project under the administration of former President Buhari was designed to ease pressure on the congested Lagos–Ibadan Expressway and deepen economic integration across the South-West.

However, in its early phases, passengers frequently complained of informal ticket rackets. Allegations included bulk-buying by intermediaries and artificial scarcity that forced travellers to pay inflated prices for seats on high-demand trains.

Industry observers say such practices undermined the railway’s credibility as a mass transit solution. “Transport systems thrive on predictability and fairness,” said a transport economist “Once access is perceived as compromised, commuters revert to road transport despite the risks and delays.”

Enforcement and Digitisation

Since assuming oversight responsibilities within the sector, Opeifa has reportedly intensified internal monitoring and strengthened digital ticketing protocols. Railway officials, speaking on condition of anonymity, said stricter verification processes and disciplinary measures against errant staff have curtailed unauthorised ticket sales.

Although the Nigerian Railway Corporation has not released detailed enforcement data, anecdotal evidence from regular commuters points to shorter queues, smoother boarding procedures and fewer last-minute cancellations.

For professionals with flexible work schedules, the improvement has been significant. The average journey time of about two to three hours—depending on the service type—now compares favourably with unpredictable road travel, which can take considerably longer during peak traffic.

Changing Urban Dynamics

Property agents in Ibadan report a modest rise in enquiries from Lagos-based workers seeking more affordable housing. Rents in many parts of Ibadan remain significantly lower than comparable neighbourhoods in Lagos, offering relief to households grappling with inflationary pressures.

“Rail reliability changes everything,” said Funke Adebayo, a real estate consultant in Ibadan. “When people trust the timetable, they are more willing to relocate.”

Economists caution, however, that long-term success will depend on consistent maintenance, adequate security along the corridor and transparent ticketing systems. Any return to informal practices could quickly erode recent gains.

The Lagos–Ibadan corridor is widely regarded as a litmus test for Nigeria’s broader rail ambitions. With additional standard gauge projects planned or underway nationwide, policymakers face mounting pressure to ensure that infrastructure investments translate into reliable public service delivery.

For now, passengers remain cautiously optimistic.

“It feels more organised,” Bamidele said while disembarking at Mobolaji Johnson Station in Lagos. “If this standard is sustained, rail can genuinely compete with road transport.”

Nigeria agree, the real challenge lies not just in laying tracks, but in sustaining public trust.

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Breaking : Finance Ministry Shake-Up: Tinubu Nominates Oyedele, Says Onanuga

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President Bola Tinubu has nominated the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Dr. Taiwo Oyedele, as the Minister of State for Finance.

Oyedele replaces Dr. Doris Anite-Uzoka, who has been redeployed to the Ministry of Budget and National Planning as Minister of State, her third portfolio in the administration.

The President on Tuesday conveyed Oyedele’s nomination to the Senate for confirmation in a letter to the Senate President, Godswill Akpabio, according to a statement by his Special Adviser on Information and Strategy, Bayo Onanuga, on Tuesday.

Until Tinubu nominated him as a minister, Oyedele from Ikaram, Akoko, Ondo State, was the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, which overhauled Nigeria’s tax system.

The 50-year-old is an economist, accountant, and public policy expert who led the comprehensive overhaul of Nigeria’s tax system through the Presidential Committee on Fiscal Policy and Tax Reforms.

The committee, inaugurated in August 2023, delivered four executive bills that consolidated over 60 taxes into fewer than 10 statutes and introduced significant reforms, including zero income tax for Nigerians earning N800,000 annually or less.

The Tax Reform Acts, which became effective on January 1, 2026, also exempted small businesses with turnover below N50m from company income tax, capital gains tax, and development levy.

Other provisions include a 50 per cent tax deduction for companies hiring new workers for three years, a 50 per cent deduction for wage increases to the lowest-paid employees, and a five-year corporate tax holiday for agricultural enterprises.

Oyedele attended Yaba College of Technology, where he obtained a Higher National Diploma in Accountancy and Finance, before proceeding to Oxford Brookes University for a BSc in Applied Accounting.

He also completed executive education programmes at the London School of Economics, Yale University, the Gordon Institute of Business Science, and the Harvard Kennedy School.

Oyedele spent 22 years at PricewaterhouseCoopers, joining in 2001 and rising to become the Fiscal Policy Partner and Africa Tax Leader before his appointment to head the tax reform committee.

He is currently a professor at Babcock University in Ogun State and a visiting scholar at the Lagos Business School.

As Minister of State for Finance, Oyedele is expected to oversee the implementation of the tax reforms he championed, particularly as the government seeks to improve revenue generation and deepen economic reforms.

Anite-Uzoka, who is being redeployed to the Ministry of Budget and National Planning, previously served as Minister of State for Industry, Trade and Investment before her appointment as Minister of State for Finance.

The Senate is expected to screen and confirm Oyedele’s nomination in the coming weeks, following which he will be sworn in to assume his ministerial duties.

The Finance Ministry, currently led by Wale Edun as substantive minister, oversees fiscal policy, revenue mobilisation, debt management, and economic planning.

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