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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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Alleged Coup Attempt Against Tinubu, Fraud Charges: Sylva Faces Possible Arraignment in Absentia
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Former Bayelsa State Governor, Timipre Sylva, has yet to return to the country months after his Abuja residence was raided by operatives of the Defence Intelligence Agency.
It was reported that the raid was connected with investigations into the alleged coup attempt against President Bola Tinubu.
Our correspondence gathered that Sylva, who was also declared wanted by the Economic and Financial Crimes Commission over alleged $14,859,257 fraud, might be arraigned in absentia for financial crimes.
Top officers of the Department of State Services and the EFCC told one of our correspondents that the International Criminal Police Organisation and other Nigerian partners in the war against crime were currently trailing the former governor.
The Defence Headquarters had, in October 2025, dismissed reports of a coup attempt, despite the arrest and detention of 16 officers accused of sponsoring the plot.
The DHQ, in a statement by its Director of Defence Information, Brig Gen Tukur Gusau, on October 18, 2025, denied a Sahara Reporters story linking the detention of the officers to a failed coup and the cancellation of the October 1 Independence Day parade.
Gusau described the report as “intended to cause unnecessary tension and distrust among the populace.”
“The ongoing investigation involving the 16 officers is a routine internal process aimed at ensuring discipline and professionalism within the ranks. An investigative panel has been duly constituted, and its findings will be made public,” he said.
However, last Monday, the military backtracked, confirming that there was indeed a plot to topple Tinubu’s administration.
Presenting the outcome of investigations on the detained officers, the new Director of Defence Information, Maj Gen Samaila Uba, said the findings identified several officers with cases to answer over allegations of plotting to overthrow the government.
He said, “The findings identified a number of officers with allegations of plotting to overthrow the government, which is inconsistent with the ethics, values and professional standards required of members of the AFN.”
He noted that those indicted would be formally arraigned before relevant military judicial panels to face trial in line with the Armed Forces Act and other applicable service regulations.
Following the arrest of the 16 military officers, Sylva’s Abuja residence was raided on October 25, 2025, by operatives of the DIA.
Sylva was out of the country at the time his house was raided, but his younger brother, Paga, who serves as his Special Assistant on Domestic Affairs, along with his driver, was arrested during the operation.
Also, the former governor was declared wanted on November 10, 2025, over an alleged case of “conspiracy and dishonest conversion” of $14,859,257, part of funds injected by the Nigerian Content Development and Monitoring Board into Atlantic International Refinery and Petrochemical Limited for the construction of a refinery.
However, Sylva’s Special Assistant on Media and Public Affairs, Julius Bokoru, dismissed reports linking his principal to the coup plot, describing them as baseless and politically motivated.
He described the reports as the handiwork of “desperate and self-seeking politicians seeking to actualise their ambitions ahead of the 2027 elections.”
In a statement, Bokoru condemned the EFCC’s action, noting that the former minister was undergoing medical examination in the UK and would honour the commission’s invitation upon his return to Nigeria.
However, three months after being declared wanted, Sylva has yet to return to the country.
Our Findings revealed that the EFCC had alerted Interpol to facilitate the arrest of the former governor.
Although the Interpol spokesperson in Nigeria, Benjamin Hundeyin, who also doubles as the Force Public Relations Officer, neither answered calls nor responded to messages sent to his phone, top security officers, including DSS and police personnel, said Interpol was involved in efforts to apprehend Sylva.
“Interpol was contacted immediately after the former governor was declared wanted. Apart from the EFCC, the service is also after him. He can’t hide forever. He should submit himself for investigation if he is indeed innocent.
“Nnamdi Kanu was out of the country for a while, thinking he was off the radar. But where is he today? We will also get Sylva,” said a DSS operative knowledgeable about the matter.
Similarly, an EFCC officer, who spoke with our correspondence on condition of anonymity because he was not authorised to speak on the matter, disclosed that Sylva would be arraigned.
“He is still on our wanted list. We are looking for the right time to arraign him. However, investigations are ongoing. We are building our case against him and, when concluded, he will be charged,” the source said.
Asked if the commission would proceed to court before his apprehension, the source said Sylva could be arraigned in absentia.
“It is possible, and the law makes provision for it. However, we have not concluded that this is the option we will take. But legally, it is possible,” he added.
Speaking with one of our correspondents, another EFCC operative urged the former governor to turn himself in.
“When a suspect of such status is declared wanted, all our partners around the world are placed on notice. Wherever he is, he will be traced. The right thing to do is to turn yourself in,” he added.
However, when contacted last Thursday, Sylva’s spokesperson declined to comment on the matter.
“Given the confirmation by the Defence Headquarters, this is now a national security matter. I am not in a position to comment on speculations, travel or investigations. Relevant authorities are best placed to speak when appropriate,” Bokoru said in a text message.
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Nigeria and Türkiye Agree to Accelerate Trade, Energy and Defence Partnerships, Says Tinubu
President Bola Tinubu says Nigeria and Türkiye have agreed to fast-track cooperation in trade, energy and defence to boost jobs, investment and shared prosperity.
The President disclosed this on Tuesday via his official X handle during his ongoing State Visit to Ankara, Türkiye.
Tinubu said discussions with Turkish President Recep Tayyip Erdoğan focused on deepening bilateral relations and delivering tangible economic benefits for citizens of both countries.
“President Recep Tayyip Erdoğan and I reaffirmed our shared ambition, which speaks directly to jobs, investment and opportunity for our people,” the President said.
He said both leaders agreed on the need to expand trade volumes and remove structural barriers limiting business growth between Nigeria and Türkiye.
“We are creating a clear pathway to a five-billion-dollar trade volume between Nigeria and Türkiye,” Tinubu stated.
The President described the talks as practical and forward-looking, driven by mutual interests and shared regional and global responsibilities.
“Our conversations were practical and forward-looking: trade and investment, energy, education, defence cooperation, peace and security,” he said.
Tinubu announced the establishment of a Joint Economy and Trade Committee to drive implementation of agreements and attract fresh investments.
“The creation of a Joint Economy and Trade Committee will unlock new flows of capital,” the President noted.
He said the committee would also support industrial growth, technology transfer and stronger private sector participation.
Tinubu welcomed President Erdoğan’s acknowledgement of Nigeria’s ongoing reforms, especially in the energy and investment sectors.
“I welcome President Erdoğan’s recognition of Nigeria’s reform momentum, particularly in the energy sector,” he said.
The President said the renewed confidence reflected Nigeria’s commitment to transparency, stability and sustainable economic growth.
“We are determined to build an economy that works for everyone, including the most vulnerable,” Tinubu added.
On regional security, Tinubu reaffirmed Nigeria’s responsibility to promote peace and stability across Africa.
“Nigeria will continue to play its role in peace and stability in Africa,” the President said.
He said Türkiye’s expertise in counter-terrorism and defence cooperation would strengthen collective responses to emerging security threats.
“Türkiye’s experience and readiness to cooperate in training, intelligence sharing and counter-terrorism strengthen our resolve,” he stated.
Tinubu said nine bilateral agreements were exchanged at the end of the meetings between both leaders.
The agreements cover defence, education, media cooperation, diaspora policy, trade facilitation, social development and institutional collaboration.
“Nigeria remains open for serious partnership. Open to trade without barriers, ideas, skills and investment that create value and shared prosperity,” he said.
Tinubu reaffirmed Nigeria’s commitment to inclusive growth, peaceful coexistence and active global engagement.
“We are building an inclusive economy. We are strengthening peace. Nigeria will continue to engage the world with confidence and clarity,” Tinubu said.
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Strengthening Cultural Leadership to Eliminate Violence Against Women and Girls
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Op-Ed | By Maxime Houinato
As Africa stands at a crossroads in the fight against violence targeting women and girls, the continent’s traditional leaders hold a uniquely powerful key to unlocking lasting change. Their influence—rooted in culture, authority and community trust—positions them not just as custodians of heritage, but as essential partners in redefining norms, protecting rights and leading a continental shift toward safety, dignity and equality for every woman and girl.
In the coming week, traditional leaders from across Africa will meet in Lagos to explore how culture can advance dignity, safety, and equality. Their convening could not be timelier. Violence against women and girls remains widespread, underreported, and a major obstacle to achieving Agenda 2063 and the SDGs. Recent UN and WHO findings confirm that intimate partner and sexual violence persist at alarming levels, underscoring the need for strong, locally led prevention and accountability.
This important convening in Lagos is made possible through the valued support and partnership of the Ford Foundation, whose long-standing commitment to gender justice, human rights, and community-led solutions continues to strengthen efforts across Africa to end violence against women and girls.
Sub-Saharan Africa records some of the world’s highest rates of intimate partner violence, with studies showing that over 40% of women surveyed have experienced emotional, physical, or sexual abuse. Regional data platforms confirm that both lifetime and recent intimate partner violence remain alarmingly common. The effects also span generations: research across 37 African countries links mothers’ experiences of violence to higher risks of illness, undernutrition, and even death among children under five, highlighting IPV as a major threat to child survival and public health.
Where culture must evolve
Africa has made notable strides, yet harmful practices still put millions of girls at risk. West and Central Africa remain the global epicentre of child marriage: nearly 60 million women and girls in the region were married before 18, with Nigeria bearing the largest absolute numbers. These figures, drawn from UNICEF’s databases, remind us that while progress is possible, it is not guaranteed without sustained, community-anchored change.
There are bright spots. In Kenya, the latest Demographic and Health Survey shows FGM prevalence fell to about 15% in 2022, down from 21% in 2014, a testament to policy commitment and local norm change. Yet prevalence remains extremely high among several communities, and sustained vigilance is required to prevent medicalisation or cross-border practices.
Nigerian realities, African momentum
Nigeria mirrors the continental picture: national surveys and administrative data point to widespread physical, sexual and emotional violence, with thousands of cases reported to authorities each year, figures that almost certainly undercount the true burden. The Government’s National GBV Data Collation Tool is an important step toward standardising reporting and improving coordination; scaling it nationwide and linking it to survivor-centred services will save lives.
Encouragingly, the upcoming Conference of African Traditional Leaders in Lagos, already drawing commitments from eminent leaders, signals growing recognition that cultural authority can be mobilised to protect women and girls. UN Women’s work with traditional councils across Africa has shown that when custodians of culture publicly denounce harmful practices, backed by evidence and community dialogue, norms shift and laws gain legitimacy. It is why we helped catalyse platforms like the Council of Traditional Leaders of Africa to champion the abandonment of child marriage and FGM.
Law works best when culture leads
Africa’s legal architecture has advanced. The Maputo Protocol, our continental bill of women’s rights, has spurred reforms, and the African Commission recently moved to develop a Model Law to accelerate domestication and harmonisation across countries. These instruments matter: they provide standards, remedies and budgets. But their power is realised when interpreted through community values that affirm women’s dignity.
Evidence from the Spotlight Initiative, the EU-UN partnership with the African Union, shows that multi-sector, locally-led approaches can reduce harmful practices, strengthen services, and improve prevention. Traditional and religious leaders who champion public declarations, alternative rites of passage, and community bylaws help convert state law into lived practice.
A practical agenda for traditional leaders
I urge traditional leaders to make clear, practical commitments that have been proven to drive change: publicly and repeatedly denounce harmful practices such as child marriage, widowhood rites and FGM, backing declarations with community bylaws aligned with national law; promote survivor-centred justice in customary systems through strong referral pathways, bans on forced reconciliation, and proper case documentation; safeguard girls’ childhoods by ensuring birth and marriage registration, enforcing 18 as the minimum age of marriage, and supporting re-entry to school for married or parenting girls; encourage alternative rites of passage and positive models of masculinity that reject violence; and use their influence to push for stronger laws, adequate funding, and community engagement to address all forms of violence against women and girls.
Culture is not a relic; it is a living promise we renew with each generation. As guardians of that promise, Africa’s traditional leaders can be the champions of a continental transformation: from harmful silence to protective speech, from permissive norms to zero tolerance. If we act with urgency and unity, a life free from violence can become every African woman’s and girl’s lived reality.
Maxime Houinato is the UN Women Regional Director for West and Central Africa, providing strategic leadership across 24 countries to advance gender equality, strengthen women’s rights, and accelerate the elimination of violence against women and girls. In this role, he guides UN Women’s regional programmes on women’s economic empowerment, governance and political participation, humanitarian action, and the prevention and response to gender‑based violence.
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