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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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REA Targets 3.7GW Solar Manufacturing to Bridge Nigeria’s Power Deficit
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The Rural Electrification Agency (REA) has unveiled plans to establish 3.7 gigawatts (GW) of local solar photovoltaic (PV) panel manufacturing capacity by the end of 2027 as Nigeria intensifies efforts to expand electricity access and reduce dependence on imported renewable energy equipment.
Managing Director of the agency, Engr. Abba Aliyu, disclosed the initiative in Abuja during a benchmarking visit by officials of the Zanzibar Utilities Regulatory Authority (ZURA).
He said the agency is encouraging Chinese solar manufacturers to establish production facilities in Nigeria, noting that locally assembled solar panels are already being exported from Lagos to neighbouring Ghana.
According to him, the planned manufacturing expansion will significantly reduce imports while strengthening Nigeria’s renewable energy value chain. Aliyu attributed the rapid global growth of renewable energy to falling prices of solar panels and lithium batteries, saying technological innovation has made off-grid electricity the most cost-effective solution for millions of underserved communities.
He said Nigeria’s electricity access rate currently stands at 61.2 per cent, leaving about 80 million people without reliable power supply.
To address the challenge, REA has adopted a least-cost electrification strategy that determines the most suitable technology for each community rather than relying solely on national grid expansion.
The agency has mapped more than 700,000 communities nationwide, with plans to serve about 45 per cent through solar home systems, 31 per cent through mini-grids and the remaining 24 per cent through grid extension.
Aliyu added that REA has developed one of Africa’s most extensive geospatial electricity databases, covering more than 51,000 health facilities, 11,000 markets, thousands of schools, factories, dams, electricity feeders and existing mini-grids to support investment planning.
He noted that the agency’s interventions also target underserved communities receiving less than six hours of electricity daily. The REA boss warned that electricity demand would continue to rise sharply as Nigeria’s population grows, more sectors become electrified and emerging technologies such as artificial intelligence and data centres consume increasing amounts of power.
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Budget Office Explains PFIPC Allocation, Says Agency Emerged During Buhari Administration
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•Explains how PFIPC was allocated money in the budget.
The Budget Office of the Federation (BOF) yesterday explained that the Presidential Foreign Intervention Promotion Council (PFIPC), which the presidency declared as fake and is currently being investigated by the Independent Corrupt Practices Commission, ICPC, had its origin in the last administration of late President Muhammadu Buhari.
The Director-General of the Budget Office, Mr. Tanimu Yakubu who provided the explanation in a statement, after appearing before members of the House of Representatives, in Abuja said the PFIPC’s institutional origin was premised on the Presidential Economic Advisory Council inaugurated by President Muhammadu Buhari on October 9, 2019. He also explained how the fake agency was allocated money in the 2026 budget.
His words, “PEAC/PFIPC did not enter the 2026 Budget merely because it asked for funds. The Council had its origin in the Presidential Economic Advisory Council inaugurated during the administration of the late President Muhammadu Buhari on October 9, 2019. By the time preparation of the 2026 Budget began, official instruments had already been issued by the institutions charged with those functions.
“The Office of the Accountant-General of the Federation had assigned an administrative code to the PFIPC. The Office of the Head of the Civil Service of the Federation had approved an authorised establishment and a recruitment waiver. The applicable public-service salary structure also existed. These instruments did not come from the Budget Office. They came to it.
“The Budget Office did not create the Council. It did not assign its code. It did not approve its establishment. It did not grant its recruitment waiver. It received official instruments and did what the law required of it: it measured their fiscal effect.”
Mr. Tanimu further explained that the Council submitted a personnel estimate of N3.850 billion for the 2026 Fiscal Year and that his Office had to reduce that figure to N802.978 million, using the authorised establishment, the approved recruitment waiver, the applicable public-service salary structure and the extant costing methodology
According to the D-G, “Council later submitted a personnel estimate of N3,850,935,000.00. That estimate did not form the basis of the Budget Office’s recommendation. The Budget Office disregarded it and made an independent calculation using only the authorised establishment, the approved recruitment waiver, the applicable public-service salary structure and the extant costing methodology.
“That calculation produced N802,978,783.00. This was not a concession to the Council. It was the Budget Office’s own fiscal judgment. It was the amount placed in the Executive Budget proposal and later appropriated.
Mr Yakubu said that the Council could not receive the approved funds for personnel because its promoter, Prince Adeyemi Adeniyi could not secure Financial Clearance, an instrument that confirms that necessary fiscal and regulatory had been met.
He said, “Financial Clearance is the point at which a personnel provision may begin to acquire legal force as expenditure. It is not a routine letter. It is the confirmation that the fiscal and regulatory conditions for recruitment have been met. Until it is issued, the figure remains in the budget. It does not create staff. It does not open payroll. It does not produce salary. The Budget Office did not issue Financial Clearance for PEAC/PFIPC because the conditions were incomplete.
“The 2026 Appropriation Bill did not become law until Presidential Assent on 31 March 2026. Before that date, the Budget Office could cost the proposal. It could not grant final Financial Clearance against a bill that had not yet become law.
“After assent, a further condition remained outstanding. The National Salaries, Incomes and Wages Commission had not confirmed that the proposed staffing and remuneration arrangements complied with its prescribed template and the approved public-service compensation framework.
“The Budget Office could calculate the cost. It could not open the gate. There was therefore no Financial Clearance. There was no lawful recruitment. There was no payroll enrollment. There was no salary payment.”
The D-G added, “The personnel provision was N802,978,783.00. It represented 61.63 per cent of the total appropriation of N1,302,978,783.00. It has sometimes been described as though the Council could have received the whole amount and spent it at will. That description is false.
“Personnel appropriations are not paid to agencies as lump sums. After every legal condition has been met, salaries are paid month by month. The money moves electronically into the designated bank accounts of verified employees enrolled on the Federal Government payroll.
“The institution does not receive the annual personnel provision as cash under its control. Even in a lawful process, the Council would not have received N802,978,783.00 in one payment. The money would have gone over twelve months to individual employees. That process never began. No Financial Clearance was issued. No recruitment took place. No payroll record was created. No salary became due. Not one kobo of the personnel provision could lawfully have been drawn. Not one kobo was drawn. There is no personnel expenditure to recover because there was no personnel expenditure.”
The PFIPC controversy became public on June 11, 2026, when the Chief of Staff to the president, Mr Femi Gbajabiamila, declared the Council as fake and petitioned the law enforcement agencies.
However, at a press conference on June 26, the Director General of the PFIPC, Prince Adeniyi Adeyemi faulted the presidency’s disclaimer. He alleged that Gbajabiamila received N400 million through a proxy and demanded an additional N200 million to secure his appointment — an allegation which the Chief of Staff denied and has sued him to court claiming N15b as damages for defamation. Adeyemi is currently in custody after he was arrested by the police in connection with the PFIPC scandal and alleged forgery.
Before his arrest, Adeyemi claimed he personally approached officials of the budget office to seek the inclusion of the Council in the federal government’s budget.
Recently, Central Bank of Nigeria (CBN) confirmed that it opened two domiciliary accounts linked to the PFIPC on the directive of the Office of the Accountant-General of the Federation (OAGF).
The apex bank, however, said the accounts, one denominated in United States dollars and the other in British pounds sterling, were never funded or operated.
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BREAKING: Trump Applauds Tinubu’s Fight Against Terrorism, Pledges Continued US Backing
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United States President Donald Trump has commended President Bola Tinubu for what he described as his decisive leadership in tackling terrorism and insecurity in Nigeria, particularly attacks targeting Christian communities.
Trump conveyed the praise in a letter dated July 6, 2026, the contents of which were made public on Wednesday in a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.
In the letter, titled “President Trump lauds President Tinubu’s decisive leadership against terrorists,” the US President applauded Tinubu’s efforts to confront security challenges and reaffirmed Washington’s commitment to supporting Nigeria’s counter-terrorism operations.
“Thank you for your thoughtful letter. Your kind words mean a great deal to me, and I appreciate your decisive leadership on behalf of the Nigerian people.
“I applaud your resolve to tackle the issues plaguing your nation, especially the violence affecting Christian communities, and it is a true honour to stand with you in the fight against terrorists and to make the Federal Republic of Nigeria stronger and more prosperous,” Trump wrote.
Trump described the relationship between the United States and Nigeria as increasingly important amid growing security challenges across West Africa.
“The United States-Nigeria relationship is crucial at a time when conflict has spread across West Africa and around the world. We both share a mutual goal of confronting terrorism in all its forms, and our historic US-Nigeria 2026 Defence Cooperation Roadmap has established a robust framework to accomplish this feat,” he stated.
The US President also highlighted ongoing defence cooperation between both countries, noting that American Special Operations Forces had been deployed to assist Nigeria’s military.
“I am proud to have deployed the United States Special Operations Forces—among the most elite military units anywhere in the world—to equip the brave men and women in the Armed Forces of Nigeria with the skills, tools and intelligence they need to protect your homeland and ensure the safety and security of citizens, particularly those of faith who have been under attack.
“I look forward to our continued discussions over the course of my Presidency,” Trump added.
According to the Presidency, Nigeria and the United States have expanded security cooperation in recent months following the establishment of a Joint Working Group co-chaired by the National Security Advisers of both countries.
The collaboration has centred on intelligence sharing, military training and coordinated operations against terrorist groups.
The statement noted that one of the key outcomes of the partnership was the joint operation carried out on May 16 against ISIS hideouts in the Lake Chad region, which reportedly led to the killing of the group’s senior leader, Abubakar Al-Minoki, along with several of his lieutenants.
The Presidency also disclosed that the US Assistant Secretary of State for Africa, Frank Garcia, visited Abuja last week, where he held talks with senior Nigerian officials and pledged to deepen bilateral cooperation in security and other strategic sectors.
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