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Breaking : Naira would have crashed massively if 300 accounts were not frozen, one of the accounts traded over $15bn recently, Says EFCC Chairman, Olukoyede
The Economic and Financial Crimes Commission may prosecute 300 forex racketeers trading on a peer-to-peer platform outside the financial regulations.
The EFCC Chairman, Ola Olukoyede, who gave this indication during an interactive programme with editors and bureau chiefs in Abuja on Tuesday, revealed that the accounts were frozen following a court order on Monday.
He disclosed that one of the accounts traded over $15bn in the past year.
Recently, the Federal Government through the Nigerian Communications Commission blocked the online platforms of Binance and other crypto firms to avert what it considered continuous manipulation of the forex market and illicit movement of funds.
It also detained two senior executives of Binance, a cryptocurrency exchange amidst efforts by the government to rein in speculation on the naira by cracking down on cryptocurrency exchanges.
The government also sent EFCC operatives to arrest Bureau De Change operators at the popular Wuse Zone 4 in Abuja.
While the websites of Binance, Coinbase, and Kraken have been inaccessible in the country, reports said crypto traders now use alternatives like Bybit, Bitget, Kucoin, and Coincola and messaging platforms like Telegram which comes with an in-app wallet to make transactions.
But highlighting the measures being taken to protect the naira and stimulate the economy, Olukoyede explained that the forex accounts were frozen to ensure the safety of the foreign exchange market and protect the economy.
He stated that the efforts had helped the value of the naira and the forex market.
He pointed out that the commission needed the support of Nigerians to succeed as he emphasised that if the agency failed, Nigeria had failed.
Olukoyede stated, “We observe due process in whatever we do. Do you know that the Binance case we are currently handling now has helped us to bring down the madness in the forex market?
‘’Suddenly, we discovered that there are people in the system who are even doing worse than Binance. They called them P2P and all of that. We noticed in the last two days ago that dollars have started appreciating. There was stability for 24 hours, then the naira was devalued again by N20 and N25. I don’t know whether you noticed that.
“It was due to the activities of some of these guys on P2P platforms like coolcoin. Some of you must have seen them on social media. To shock you; just yesterday (Monday), I asked them to freeze over 300 accounts. We found that one of those guys (account owners), had traded over $15bn last year.’’
Continuing, the lawyer said 300 illicit accounts would have led to a crash of the naira in the next week if the EFCC hadn’t moved against them.
He added, ‘’Our job is serious. We work 18 hours per day. We are not saying that Nigerians should praise us because that was what we signed for but where we deserve, we should be given. We are humans like Nigerians.
“Over 300 accounts in illicit forex trading that would have led to another crash in the next one week if we didn’t move yesterday. Some people just want to see this country go from bad to worse. We must find a way to work together. We got an order to freeze those accounts; Imagine what would have happened if we didn’t seize those accounts.’’
The EFCC boss said his agency was focusing on illegal mining which he described as an economic crime.
He stated that EFCC operatives had recently intercepted 40 trucks of illegally mined lithium, promising to prosecute the perpetrators.
He also shed light on the current moves to arrest a former Kogi State Governor, Yahaya Bello, vowing to pursue the case to its logical conclusion.
Olukoyede vowed to resign as EFCC chairman if Bello was not prosecuted even as he declared that he would bring to book those who obstructed the arrest of the former governor.
The EFCC chairman vowed that everyone involved in obstructing Bello’s arrest from his Abuja residence would face the full wrath of the law.
He hinted that the incumbent Kogi State governor, Usman Ododo, accused of helping his predecessor to escape arrest, may be investigated for obstructing a lawful operation.
The EFCC is seeking to arraign Bello on 19 counts bordering on alleged money laundering, breach of trust and misappropriation of funds to the tune of N80.2bn.
Olukoyede said that no matter what anyone did or the amount of attack against the anti-graft agency, he and his men would not relent in helping to sanitise the country.
He revealed how he put a phone call across to Bello following the allegations of corruption brought against him.
Olukoyede said, “I called Yahaya Bello, as a serving governor, to come to my office to clear himself. I shouldn’t have done that. But he said because a certain senator had planted over 100 journalists in my office, he would not come.
“I told him that he would be allowed to use my private gate to give him a cover, but he said my men should come to his village to interrogate him.”
Olukoyede noted that the EFCC did not violate any law while trying to arrest the former governor from his residence.
“Rather, we have obeyed the law. I inherited the case and I didn’t create it. Why has he not submitted himself to the law?” he asked.
He added, “I have arraigned two past governors who have been granted bail now — Willie Obiano and Abdulfatah Ahmed.”
Speaking further, he said, “We would have gone after him since January but we waited for the court order. As early as 7 am, my men were there; over 50 of them. They mounted surveillance. We met over 30 armed policemen there. We would have exchanged fire and there would have been casualties.
“My men were about to move in when the governor of Kogi drove in and they later changed the narrative.”
He vowed that all those who had dipped their hands in the nation’s coffers would be investigated and prosecuted.
“If I can do (Ex-Anambra governor Willie) Obiano, (Ex-Kwara governor) Abdulfatah Ahmed and Chief Olu Agunloye, my kinsman, why not Yahaya Bello?” Olukoyede noted.
He further revealed how the former governor withdrew $720,000 from the state’s coffers to pay his child’s school fees in advance.
Olukoyede noted that Bello wired the $720,000 from the state’s coffers through a Bureau de Change operator.
The EFCC boss, while expressing his dissatisfaction with the ex-governor for failing to honour the EFCC summons, said, “A sitting governor, because he knew that he was going, he removed money directly from government’s account to bureau de change, and used it to pay his child’s school fee in advance. Dollars, $720,000 in advance, in anticipation that he was going to leave the government house.”
He expressed dismay over the activities of internet fraudsters which he said was enjoying the support of some unscrupulous Nigerians.
According to him, banks in the country lost over N8 billion to internet fraud in 2022.
He said more than 71 per cent of companies operating in Nigeria were victims of cybercrime in 2022, adding that the anti-graft agency’s fight against internet fraud is about saving the nation’s future.
Olukoyede disclosed that the commission has created a cybercrime research centre where convicted internet fraudsters, known in local parlance as Yahoo Yahoo boys, will be trained to channel their knowledge to positive aspects of society.
The EFCC chair also said the agency is prosecuting two of its operatives for violating the agency’s code of conduct.
He said the commission has implemented some reforms to enhance its fight against corruption, including creating a directorate of fraud risk assessment/control and ethics/integrity.
Meanwhile, ex-governor Bello was on Tuesday served his charges through his counsel, Abdulwahab Muhammad (SAN) after Justice Emeka Nwite of the Federal High Court, Maitama, Abuja, ruled that the defendant should be served through his counsel, especially as he failed to appear before the court, yet again.
This was contained in a statement on Tuesday by the EFCC spokesman, Dele Oyewale.
The EFCC is prosecuting Bello alongside his Ali Bello, Dauda Suleiman and Abdulsalam Hudu on 19-count charges bordering on money laundering to the tune of N80.2bn
The commission’s attempt to arrest him last Wednesday at his Abuja residence failed as Bello refused to grant the operatives access to his residence or give himself up, leading to a stand-off which lasted for several hours.
He subsequently managed to escape the dragnet as he was allegedly helped by Governor Ododo who took him away in his car.
The EFCC declared him wanted while the Nigeria Immigration Service put him on its watchlist.
At Tuesday’s sitting, Bello’s counsel, Adeola Adedipe (SAN) prayed the court to quash the arrest warrant granted the commission against Bello, arguing that Tuesday’s substituted service to the defendant through Muhammad has invalidated the arrest warrant.
“The court is expected to do justice at all times. A warrant of arrest cannot be hanging on Bello’s neck when we are in this court. It appears to us that the defendant will not get justice because the court granted a warrant of arrest before service,” he said.
However, prosecution counsel, Kemi Piniero (SAN) in response, urged the court to decline hearing on any motion from Bello’s legal team until the defendant is physically present in court for his arraignment.
“The stage we are in now is to determine the whereabouts of the defendant. He cannot be in his house while the trial proceeds without him coming here to take his plea. My Lord, this is a criminal matter not a civil matter, he must come and take his plea.
‘’It is a matter of over N80 billion. All these applications by the defendant are to prevent his arraignment and frustrate the commencement of trial,” he said.
After hearing both counsels, Justice Nwite adjourned ruling on the defence’s application, seeking a revocation of the arrest warrant on Bello till May 10.
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BREAKING: Security Forces Rescue Kidnapped Pupils, Teachers in Oyo Forest Operation
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Eight kidnappers arrested
Ibadan, Oyo State – Nigerian security agencies have successfully rescued a group of kidnapped pupils and teachers following a coordinated operation in Orire Local Government Area of Oyo State.
Photos circulating after the operation show the rescued victims gathered in a rural forest location alongside security personnel shortly after they regained their freedom.
According to available information, the victims were abducted by suspected kidnappers before security operatives launched an intensive search-and-rescue mission. The operation, carried out through coordinated efforts by security agencies, led to the safe recovery of the pupils and their teachers.
The rescued victims have since been reunited with security officials and are expected to undergo medical examinations and trauma counselling before being reunited with their families.
Authorities have not yet disclosed whether any arrests were made during the operation or if a ransom was paid. However, investigations are ongoing to identify and apprehend those responsible for the abduction.
The successful rescue has been welcomed by residents of the area, who commended the swift response of the security agencies while calling for increased security around schools and rural communities to prevent similar incidents.
The incident once again highlights the persistent security challenges facing some parts of the country, particularly the threat of school-related kidnappings, which have raised concerns among parents, educators, and community leaders.
Security agencies have assured the public that efforts are continuing to track down the perpetrators and strengthen measures aimed at protecting schools and vulnerable communities across the country.
Further official details are expected as the authorities provide updates on the operation.
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BREAKING: Tinubu Picks Shettima Again, APC Completes INEC Nomination Process
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…party predicts landslide victory at the poll
The ruling All Progressives Congress (APC) on Friday formalised its presidential ticket for the 2027 general election, as President Bola Ahmed Tinubu officially retained Vice President Kashim Shettima as his running mate. ExecutiveBranch
Displaying absolute confidence ahead of the polls, party leadership declared that its victory is already “assured,” citing a rock-solid foundation of over 12 million registered members and the visible milestones of the current administration.
The duly completed nomination forms for both President Tinubu and Vice President Shettima were submitted to the APC National Chairman, Prof. Nentawe Yilwatda, at a colourful ceremony at the Ladi Kwaki International Conference Centre of Abuja Continental Hotel for onward transmission to the Independent National Electoral Commission (INEC) portal.
Alhaji Ibrahim Masari, the Special Adviser to the President on Political Matters, submitted the documents on the President’s behalf.
The high-profile ceremony drew heavyweights from across the party, including members of the Progressive Governors’ Forum (PGF) led by Imo State Governor Hope Uzodimma, representatives from the National Assembly, the Federal Executive Council (FEC), and state party chairmen.
Welcoming dignitaries to the brief but solemn ceremony, APC National Organising Secretary Sulaiman Muhammad Argungu noted that the event was the natural climax of a highly transparent internal process.
“The presidential flag bearer emerged through a thoroughly transparent primary process,” Argungu said, while praising President Tinubu’s “positive strides” and urging party faithful to remain united, prayerful, and steadfast.
The ceremony culminated in the presentation of the completed nomination forms for the President and his running mate by the Presidential Adviser, Masari, who was accompanied by all the governors in attendance, members of the National Assembly and the Federal Executive Council (FEC).
Reinforcing the governors’ total commitment to the ticket, PGF Chairman Governor Hope Uzodimma stated that the transparent nature of the primaries had made marketing the candidates seamless.
“We are delighted that this event is coming after a well-organised and thoroughly supervised primary process,” Uzodimma said. “We reiterate our commitment to continue supporting President Tinubu and the party.” ExecutiveBranch
Uzodimma described the APC as a beacon of internal democracy and inclusiveness, promising that the governors would spearhead a total clean sweep at the polls.
“We will continue to support him in the larger interest of Nigerians and to take the country to greater heights. Together, we are going to deliver victory for President Tinubu and ensure the party wins all elective positions, including the National and State Assemblies,” Uzodimma added.
Receiving the nomination forms, APC National Chairman Prof. Nentawe Yilwatda stated that the revalidation of the Tinubu-Shettima ticket represents the authentic heartbeat of the party’s grassroots.
“Today is a reflection of the wishes of over 12 million members of our party who supported the President’s candidature,” Yilwatda remarked. “We are proud of the support already in the kitty of President Tinubu, and we are convinced that many more Nigerians will vote for him.” ExecutiveBranch
Yilwatda pointed to key initiatives such as the student loan scheme—which he noted has already benefited over 1.5 million students—alongside targeted agricultural interventions and nationwide infrastructure projects as verifiable proof of performance.
He urged party members to return to their local communities armed with facts rather than rhetoric to dismantle opposition narratives.
“While others are busy spreading propaganda, let us counter them with facts. Nigerians have seen governance that touches lives across the six geopolitical zones,” Yilwatda stated. GeographicReference
The National Chairman emphasised that the APC holds a distinct institutional advantage over its rivals, being the only political platform in the country backed by a fully digitalised and verified membership database.
“We already have about 12 million verified members. We are going round the country to mobilise support for the President. I am also confident that our governors will compete among themselves to deliver the highest number of votes,” Yilwatda said.
Sending a clear message to the President, the APC Chairman told Masari: “Go and tell the leader of our party (President Tinubu) that our members and Nigerians will vote for him to continue the excellent work he is doing. As a party, we are proud to be presenting the best candidate. There is no shaking at all. Come 2027, our victory is assured.”
Asked on the sidelines of the ceremony to confirm the party’s presidential running mate, as no name was mentioned throughout the ceremony, APC National Publicity Secretary Felix Morka said, “The presidential candidate of the party is President Bola Ahmed Tinubu GCFR, the Commander in Chief of the Armed Forces of the Federal Republic of Nigeria, and our Vice Presidential candidate is Senator Kashim Shetima.” ExecutiveBranch
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Tinubu Cracks Down on Fake Presidential Council, Mandates ICPC Probe Within 30 Days, Says Onanuga
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…directive follows discovery of forged appointment letters, fake Presidency documents
President Bola Ahmed Tinubu has directed the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to carry out a comprehensive investigation into the activities of the fictitious Presidential Foreign Intervention Promotion Council (PFIPC), ordering the anti-graft agency to submit its report within 30 days.
The latest directive marks a significant escalation in the Federal Government’s response to the alleged fraud involving one Adeniyi Adeyemi Matthew, who allegedly posed as the Director-General of the non-existent council while claiming to be a presidential appointee.
The Presidency had in recent days disclosed that Matthew allegedly forged the signature of the President’s Chief of Staff, Hon. Femi Gbajabiamila, and used counterfeit State House letterheads and other official documents to create the impression that the council was an authentic Federal Government institution.
It also emerged that the Office of the Secretary to the Government of the Federation had, as far back as October 2025, formally disowned the PFIPC, describing it as an unrecognised body with no legal basis, while presidential officials also called for an investigation into possible collaborators within government who may have facilitated the scheme.
In a statement issued on Tuesday by his Special Adviser on Information and Strategy, Bayo Onanuga, President Tinubu said the investigation should uncover the full extent of the alleged fraud and identify all individuals and institutions involved.
According to the statement, the PFIPC was never established by the Federal Government and has no foundation in any law, presidential instrument, executive approval or any other lawful act of government.
Among the issues listed for investigation are the alleged forgery of appointment letters and other official government documents, the use of a false claim of presidential appointment to obtain official recognition and diplomatic support, including visa facilitation, and the opening of multiple bank accounts in the names of purported government agencies using allegedly forged documents.
The President also directed the ICPC to investigate not only the activities of the principal suspect and his collaborators but also the broader circumstances that enabled the fictitious organisation and false presidential appointment to acquire an appearance of legitimacy.
The commission is expected to examine the origin and use of the forged official documents, the processes through which official recognition or diplomatic support may have been sought or obtained, the opening and operation of related bank accounts, the source and movement of funds connected to the alleged scheme, and the roles played by any public officials, private individuals, financial institutions or intermediaries who may have facilitated the operation.
President Tinubu further instructed the anti-corruption agency to identify weaknesses in government procedures that may have been exploited and recommend immediate measures to prevent similar incidents in the future.
He also directed all Ministries, Departments and Agencies of the Federal Government to cooperate fully with the ICPC by providing all relevant records, information and assistance required for the speedy conclusion of the investigation.
Reaffirming his administration’s commitment to accountability and institutional integrity, the President said the integrity of the Presidency and Federal Government institutions must be protected against impersonation, forgery, abuse of official identity and exploitation of weaknesses within the public service.
He added that anyone found culpable at the end of the investigation should be dealt with strictly in accordance with the law.
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