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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.
…….GDP rose 4.43 per cent in Q2
President Bola Ahmed Tinubu yesterday assured Nigerians that his administration would intensify efforts to translate improving economic indicators into better living conditions. NigerianBusiness Directory
He declared that the economy is now on an “irreversible path” towards growth that households will feel at their dining tables and in their pockets.
The President said the Federal Government would, within the next few weeks, introduce measures targeted at vulnerable Nigerians, including cheaper means of transportation, increased food production and relief programmes designed to directly reach people at the grassroots.
Tinubu gave the assurances in his reaction to the latest Gross Domestic Product (GDP) figures released yesterday by the National Bureau of Statistics (NBS).
The report shows that the Nigerian economy grew by 4.43 per cent in the second quarter of 2026, compared with 4.23 per cent recorded in the corresponding quarter of 2025. NigerianBusiness Directory
The President welcomed the figures as further evidence that the economic reforms undertaken by his administration since May 2023 were yielding results, according to a statement by his spokesman, Bayo Onanuga.
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“Under our watch, the economy is on the irreversible path to experience even more growth that all homes will feel at the dining table and in their pockets. We are not resting on our oars.
“We are fully committed to translating consistent, stronger economic performance into better microeconomic outcomes for our citizens. We must stay vigilant by ensuring the sustainable progress we are recording remains irreversible,” Tinubu said.
According to the NBS report, growth was recorded across agriculture, manufacturing, oil and gas, and services, with the services sector maintaining its position as the largest contributor to aggregate GDP.
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In nominal terms, Nigeria’s aggregate GDP rose to N119.27 trillion in the second quarter, representing an 18.43 per cent increase from the N100.7 trillion recorded in the corresponding period of 2025.
Tinubu said his administration had spent the past three years taking difficult decisions necessary to stabilise the economy.
“In the past three years, we tried to do the hard part by implementing the necessary reforms to stabilise the economy.
“Now the economy is stabilised, and we have laid the foundation for a prosperous nation. We didn’t do the reforms to create challenges, but to ensure prosperity reaches all our people,” he said.
The President said the latest growth figures were among a series of indicators showing that his Renewed Hope Agenda was working, pointing to improvements in the country’s external reserves, trade position, credit ratings, infrastructure development and oil and gas production.
“The results of the efforts are becoming very clear to all: The Renewed Hope Agenda is working. Because of those tough decisions, today Nigeria has trade surpluses. Our foreign reserves are at their highest in 17 years. Our credit rating has moved up several notches.
“We are building roads, railways and superhighways that will last for a long time. Investors who left are returning. Oil and gas production is increasing,” Tinubu said.
He also cited developments in the education sector as evidence of progress, saying Nigerian universities had enjoyed stability while the Nigerian Education Loan Fund (NELFUND) was expanding access to tertiary education.
“And in our universities, for the first time in a long time, there are no strikes. Our children are in class. And through NELFUND, student loans are putting education within reach, and affordable credit is going to our civil servants through Creditcorp,” he said.
The President said the next phase of the administration’s intervention would place greater emphasis on alleviating pressures confronting vulnerable Nigerians and ensuring that improving macroeconomic indicators translate into tangible benefits. NigerianBusiness Directory
“In the next few weeks, we are addressing some of the challenges being faced by our vulnerable population by providing cheaper means of transport, ramping up food production and implementing various relief programmes that will touch lives at the grassroots,” he said.
Tinubu also took a swipe at the opposition, saying the latest economic figures had come at a time when opposition elements were attempting to diminish the achievements of his administration and promising to reverse some of its reforms if elected.
He maintained that the policies undertaken since the beginning of his administration were not intended to impose hardship on Nigerians, but to correct structural weaknesses and create the foundation for sustainable prosperity. NigerianBusiness Directory
The President pledged that his administration would remain focused on consolidating the gains recorded so far.
Economy expands further on broad-based growth across sectors
The NBS report, which shows 4.43 per cent growth in the second quarter, indicates that the growth outperformed both the first quarter of 2026 and the corresponding second quarter of 2025.
The report highlighted a broad-based economic expansion driven by significant improvements in the agricultural segment, non-oil sector, services and sustained growth in the oil sector.
The agricultural sector almost doubled its performance, with a growth of 4.39 per cent in the second quarter of 2026 compared with 2.82 per cent in the corresponding period of 2025.
The non-oil sector, which accounted for about 96 per cent of the economy, grew by 67 basis points to 4.31 per cent in the second quarter of 2026, compared with 3.64 per cent recorded in the second quarter of 2025. Non-oil sector growth was 3.94 per cent in the first quarter of 2026.
Non-oil sector performance was driven by growth across various segments, including crop production, telecommunications, real estate, trade, financial institutions, cement manufacturing and construction, among others.
The oil sector grew by 7.31 per cent in the second quarter of 2026, higher than the 2.57 per cent recorded in the first quarter of 2026, but lower than the 20.46 per cent recorded in the second quarter of 2025.
The industrial sector also grew by 3.96 per cent in the second quarter of 2026, as against 7.46 per cent recorded in the comparative period of 2025.
Average daily crude oil production rose to 1.72 million barrels per day (mbpd) in the second quarter of 2026, outperforming both the preceding quarter and the comparable period of 2025.
Crude production in the second quarter of 2026 was the highest since 2022. Oil production stood at 1.68 mbpd in the second quarter of 2025 and 1.55 mbpd in the first quarter of 2026.
The oil sector thus contributed 4.16 per cent to total real GDP in the second quarter of 2026, a sustained improvement on the 4.05 per cent recorded in the corresponding period of 2025 and 3.92 per cent recorded in the first quarter of 2026.
In nominal terms, total GDP rose by 18.43 per cent from N100.73 trillion in the second quarter of 2025 to N119.29 trillion in the second quarter of 2026.
In terms of GDP share, the services sector remained the dominant driver, contributing 56.62 per cent to aggregate GDP in the second quarter of 2026, as against 56.53 per cent recorded in the comparable period of 2025.
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The non-oil sector contributed 95.84 per cent to aggregate real GDP in the second quarter of 2026, as against 95.95 per cent in the second quarter of 2025 and 96.08 per cent in the first quarter of 2026.
Experts were unanimous that the latest GDP report showed a positive outlook for the economy.
Analysts at SCM Capital stated that the second-quarter 2026 GDP report underlined improved macroeconomic conditions and broad-based policy support, which have continued to anchor economic performance.
They said the report showed broad-based resilience, with an uptick in oil output reflecting gradual operational improvements and sustained field activity across major production basins, alongside a non-oil sector gaining stronger momentum.
Analysts at Coronation Group and Cordros Capital Group stated that the GDP performance outpaced their expectations, noting that the economy had shown resilience and steady growth.
sustained economic resilience, with growth anchored by the services sector alongside gradual improvement across non-oil activities.
“The outturn affirms our broader expectation of a steady, non-oil-led growth trajectory through the rest of the year,” Coronation Group stated.
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Update : NRC Releases Preliminary Report on Warri-Itakpe Train Crash, Says Wheel Defect May Have Triggered Derailment
……NRC Suspects Wheel Defect, Rules Out Track Vandalism
The Nigerian Railway Corporation (NRC) has released its preliminary report on the June 8, 2026 derailment involving the Warri–Itakpe Train Service (WITS), revealing that a possible sudden bogie or wheel defect may have triggered the accident.
The incident occurred at about 4:17pm near the Outer Home signal of the Goodluck Jonathan Railway Station at kilometre 177, Owa-Oyibu, Agbor, Delta State.
According to the NRC, the train had departed Itakpe at 12 noon with 482 people on board, comprising 442 passengers and 40 operational personnel, when the derailment occurred.
Five coaches, one locomotive and a power car were affected, with three coaches and the power car overturning.
The Corporation said emergency response operations were immediately activated with support from the Delta State Government, the Nigeria Police Force, Federal Road Safety Corps (FRSC), National Emergency Management Agency (NEMA), local authorities and medical teams.
All passengers were evacuated within two hours of the incident.
However, the accident resulted in four confirmed deaths — three adults and one child — while 64 people sustained various injuries.
The NRC said 28 injured passengers were treated and discharged at the Railway Hospital, Owa-Oyibu, while another 36 were transferred to hospitals in Owa-Oyibu, Owa-Alero and Agbor.
Most of those admitted were discharged within 72 hours, while three people, including an NRC employee who required surgery, remained under specialist medical care. Two of the affected persons subsequently underwent surgical procedures.
The Corporation also clarified that its initial report of five fatalities was later revised to four following verification with the Delta State medical team responsible for the deceased.
Possible wheel defect identified
The NRC said its internal investigation involved site inspections, evidence gathering, examination of operational records and communication data, technical assessments of the locomotive and rolling stock, as well as interviews with train crew, operations and maintenance personnel, witnesses and emergency responders.
The investigation also examined the track infrastructure, turnout arrangements, communication systems and the effectiveness of the emergency response and evacuation operations.
Based on the preliminary findings, the NRC said investigators identified the possible sudden development of a bogie/wheel defect while the train was in motion as a potential primary factor in the derailment.
According to the Corporation, such a defect could have resulted in abnormal wheel-rail interaction, excessive impact loading and loss of running stability.
The investigators also identified the possible manner in which the train’s brakes were applied as a factor that may have contributed to the severity of the accident.
However, the NRC stressed that both issues remain working hypotheses and that the definitive cause of the derailment would only be established after further technical analysis.
No evidence of track vandalism
The Corporation said its inquiry team found that the railway points at the accident location were intact and that there was no evidence of track vandalism.
This finding distinguishes the June 8 incident from two previous accidents involving the same Warri–Itakpe service on November 1 and November 8, 2025, which the NRC said were attributed to track vandalism.
The independent Nigerian Safety Investigation Bureau (NSIB) has also commenced its statutory investigation into the accident.
The NRC said it was cooperating fully with the NSIB and would be guided by the findings and recommendations contained in its final report.
NRC announces safety measures
Following the preliminary findings, the Corporation recommended comprehensive safety inspections and audits of rolling stock, railway tracks and infrastructure before equipment is returned to service.
It also called for stronger maintenance and condition-monitoring programmes, timely replacement of defective components and improved availability of critical spare parts.
The NRC further recommended a review of operational safety procedures, improved emergency preparedness and rescue capabilities, enhanced staff training and competency assessments, as well as sustainable funding for railway modernisation.
The Corporation also proposed improvements to its insurance and compensation framework to ensure adequate protection for passengers and staff in cases involving medical treatment, disability and fatalities.
WITS service yet to resume
The NRC said the affected track has been fully recovered and restored, while the locomotives involved have also been recovered and are currently undergoing reconditioning.
However, the Corporation said the Warri–Itakpe service would not resume until a detailed safety audit of the track and equipment has been completed.
The NRC expressed condolences to the families of those who lost their lives in the incident and apologised for the delay in releasing the preliminary report, explaining that additional time was required to properly verify the casualties and notify the affected families.
The Corporation said it remained committed to implementing recommendations arising from both its internal accident inquiry and the independent NSIB investigation, with the aim of strengthening railway safety and restoring public confidence in train transportation.
I’m
Veteran Yoruba actor Taiwo Hassan, popularly known as Ogogo, has died at 66.
His daughter, Kira Taiwo, confirmed his passing during an Instagram Live session on Sunday.
The news comes days after Kira and her sister, Lima Taiwo, made public appeals on Monday, August 17, 2026, for medical advice for their father, who was battling stage-four cancer.
Kira said doctors had stopped chemotherapy because of his condition, and the family was seeking alternative treatments, including specialised procedures and traditional remedies.
She clarified that the family was not asking for financial donations, but for information on possible treatment options.
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