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Breaking : EFCC’s Crackdown Target’s individuals and companies involved in Dollar speculation, hoarding, racketeering, and issuing foreign currency invoices
….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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2027: Tinubu Dares Obi, Atiku to Showcase Their Achievements in Office, Accuses Them of Abandoning Their Responsibilities
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President Bola Tinubu has criticised former Anambra State Governor Peter Obi and former Vice-President Atiku Abubakar over their political affiliations, questioning their leadership credentials ahead of the 2027 general elections.
Tinubu made the remarks on Friday during his visit to Akwa Ibom State, where he inaugurated projects executed by Governor Umo Eno’s administration and addressed supporters at a political gathering.
Although he did not mention either politician by name, he appeared to refer to Obi, the presidential candidate of the Nigeria Democratic Congress, and Atiku, who joined the African Democratic Congress after leaving the Peoples Democratic Party.
Referring to Obi’s tenure as Anambra governor, Tinubu accused him of failing to tackle erosion in the state, contrasting it with his own claim of confronting the Atlantic Ocean during his administration as Lagos governor.
“One, who said he is in one party they call NDC, who is running for president. He ran away from erosion. In Anambra State, he could not confront erosion.
“I, Bola Ahmed Tinubu, I confronted the Atlantic Ocean. I claim it for you. Umo Eno confronted the erosion in Akwa Ibom and is working for, he is stable,” the President said.
Tinubu also questioned the political loyalty of a former PDP member who moved to another party, in an apparent reference to Atiku’s defection to the ADC.
“If a man that was, once upon a time, was a baby of PDP, became a father of PDP. And because of a little inconvenience, he ran away from that party. And formed a dangerous ADC in another party. Is that a leadership trait? Is that a leadership character? And he wants you to vote for him?” he said.
Obi governed Anambra State between 2006 and 2014, while Atiku served as Nigeria’s Vice-President from 1999 to 2007 under the PDP.
Atiku contested the 2023 presidential election on the PDP platform, finishing second behind Tinubu, while Obi, who contested under the Labour Party, came third.
Obi left the Labour Party for the NDC in May 2026, while Atiku joined the ADC as part of opposition efforts ahead of the 2027 election.
Tinubu’s reference to Anambra’s erosion problem recalls his 2023 presidential campaign promise to tackle the menace in the state.
During a campaign rally in Awka in February 2023, the then APC presidential candidate promised to address gully erosion in Anambra, saying he would handle it in the same way he claimed to have tackled the Atlantic Ocean surge in Lagos.
“I have come here to promise you development. We will industrialise Nigeria and Anambra State. You know me, I am the city boy of Lagos; I caged the Atlantic Ocean in Lagos; the way I handled the Atlantic Ocean in Lagos, I will handle the erosion menace in Anambra State,” he said at the time.
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Ibom Deep Seaport Gets Presidential Approval as Tinubu Backs Project
President Bola Tinubu has approved the long-awaited Ibom Deep Seaport project in Akwa Ibom State.
Tinubu announced the approval on Friday while responding to a request by Governor Umo Eno during a reception and rally held in his honour at the Godswill Akpabio International Stadium, Uyo.
The President, who was in the state to inaugurate projects executed by the Eno administration, said the development must promote inclusive growth, create economic value and bring progress to the people.
“Now, development must be even inclusive and reasonable, must bring progress and create economic value. I heard from my friend, my governor, my pastor, on behalf of the people and leadership of Akwa Ibom, request for Ibom’s deep-sea port,” Tinubu said.
After repeating the request, the President asked the crowd, “Will you vote?”
He subsequently declared, “Okay, It’s approved.”
The approval followed a pledge by Eno that Akwa Ibom would deliver two million votes for Tinubu’s re-election in 2027 if the Federal Government delivered the seaport.
“Give us Ibom Deep Seaport, we will deliver two million votes. This deep seaport is capable of unlocking the economy of the state, the South-South region and Nigeria at large,” the governor said.
Eno described the seaport as the most important economic demand of the people of Akwa Ibom, saying it would transform the state’s maritime, industrial and employment landscape.
He said the people of the state had remained loyal to Tinubu since 2023 and were asking him to fulfil his promise to build the facility.
Tinubu had, during his 2023 presidential campaign rally at the same stadium, promised to build the deep seaport, citing the Lekki Deep Seaport, developed during his tenure as Lagos State governor, as an example of what he hoped to achieve in Akwa Ibom.
Eno said the project, conceived during the administration of former Governor Victor Attah as the Ibaka Deep Seaport and Industrial City, had remained unrealised for decades despite featuring in successive presidential campaigns.
“This seaport would serve as a major transhipment hub. It will create thousands of jobs for our people. It will open Akwa Ibom to international trade and investment,” he said.
The governor also said Akwa Ibom had aligned with the Federal Government by joining the All Progressives Congress to attract greater federal presence and development.
He assured Tinubu that the state would mobilise support for his re-election in 2027, saying the seaport would be a major dividend of his administration.
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JUST IN: Court Nullifies Atiku’s Candidacy, Sacks Mark-Led ADC NWC Ahead of 2027 Elections
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*Says ADC’s leadership that produced him, other candidates illegal
A Federal High Court in Abuja has nullified the process that led to former Vice President Atiku Abubakar’s emergence as the African Democratic Congress (ADC) presidential candidate for next year’s presidential election. FollowPolitics
In a judgment on Thursday, Justice Peter Lifu also voided the emergence of former Senate President David Mark, ex-Governor of Osun State Rauf Aregbesola, and others as ADC national officers.
Justice Lifu also voided the nominations of all ADC candidates for the 2027 general elections, holding that they emerged from the ADC’s illegal and unlawful leadership.
The judgment was delivered in a suit brought by an aggrieved ADC Deputy National Chairman, Nafiu Bala Gombe.
The judge upheld Gombe’s contention that David Mark and Rauf Aregbesola emerged as party leaders through an unlawful and illegal process.
Justice Lifu set aside all actions taken by the Mark-led leadership in the name of ADC, holding that they were unlawful.
Details shortly…
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