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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

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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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The Great Leap Forward: Tinubu Orders Immediate Funding for Regional Development Commissions

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President Bola Tinubu has directed the Secretary to the Government of the Federation, George Akume, to ensure the release of all funds approved for the regional commissions.

Tinubu gave the directive on Monday at the North Central Development Commission Summit, themed “The Great Leap Forward: A 20-Year Economic Infrastructure and Social Development Plan for the North Central Region.”

Akume, who represented the President at the summit, said the creation of regional development commissions was part of the administration’s Renewed Hope Agenda to accelerate development across the country.

“Government will continue to give the NCDC and other Regional Development Commissions the political and financial backing to embark on key projects that will unlock the economic and industrial potentials of the nation.

“I therefore direct the Secretary to the Government of the Federation to ensure that all funds accruable to the Commissions are released as and when due,” he said.

The President, however, said the commissions should not rely solely on government funding, urging them to explore public-private partnerships, donor funding and development financing for transformative projects.

He said the commissions were expected to focus on major projects in rail, air transportation, industrialisation, security, investment, human capital development, education and health.

Tinubu also warned the boards and management of the commissions against corruption, marginalisation, politicisation and misuse of government resources.

“Such actions will not be tolerated, and government will not hesitate to sanction anyone found culpable,” he said.

The President said the regional commissions were not established to replace or duplicate the functions of state and local governments or existing federal institutions.

He said the North Central Development Commission should support efforts to address the security challenges in the region, stressing that development could only take place in a stable environment.

Meanwhile, the Nasarawa State Governor and Chairman of the North Central Governors’ Forum, Abdullahi Sule, said the region possessed the human and natural resources needed to drive economic development.

Sule said the region had demonstrated its capacity in agriculture, mining and industrial production, stressing the need to move from the extraction of raw materials to processing and value addition.

“When you are mining in North Central, you must also process in North Central,” the governor said.

He cited the establishment of a cement factory in Kogi State as an example of how local processing could transform Nigeria’s economy.

The governor said Nasarawa State, which had more than 400 steel licences when he assumed office in 2019, previously had no processing plant despite its mineral resources.

He said the state had since become home to the country’s largest and second-largest lithium processing plants.

“The North Central is the home of Benue cement. The North Central is the home of rice production. The North Central is the home of sesame production. So we have it all. Whatever it is that we are looking for, we have it,” Sule said.

He said what the region needed was leadership capable of developing and implementing long-term plans.

“What do we need more? We need thinkers. We need implementers. We need people who understand what it means to lead,” he said.

Sule also commended the Tinubu administration’s economic reforms, saying the policies had increased revenues available to the federal, state and local governments.

“Today, we are paying salaries without borrowing money from the bank. Even if you hate him, you cannot hate his policies. Even if you disagree with him, you cannot disagree with his policies. And that is the only way we can build,” he said.

Earlier, the Chief Executive Officer of the North Central Development Commission, Cyril Tsenyil said the commission’s role was to coordinate regional development and mobilise resources and partnerships rather than replace the six state governments and the Federal Capital Territory.

He said the commission’s 20-year plan would focus on developing regional economic corridors, processing agricultural and mineral resources, improving infrastructure and creating opportunities for young people.

He said the region should aspire to become one of Africa’s most competitive agricultural regions rather than merely being known as Nigeria’s agricultural hub.

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Railway Revamp Will Open New Frontiers for Trade, GDP Growth, Says Opeifa

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The Managing Director/Chief Executive Officer of the Nigerian Railway Corporation (NRC), Dr. Kayode Opeifa, has said an efficient railway system will boost Nigeria’s GDP, strengthen trade and food security, reduce transportation costs and improve the general standard of living.

Speaking on TVC’s This Morning Show, Opeifa said the Corporation is focused on optimising existing railway assets while encouraging greater participation by state governments, regional development commissions and the private sector.

“The NRC is not doing badly, but we could do better. We should have been better than where we are today if not for many years of inaction,” he said.
He explained that Nigeria inherited an extensive railway network linking major parts of the country, but decades of inadequate investment and the abandonment of the narrow-gauge system during the modernisation drive created major setbacks.

According to him, the present administration is correcting past mistakes by rehabilitating existing lines, expanding the standard-gauge network and strengthening partnerships with states.

Opeifa said moving railway matters from the Exclusive Legislative List to the Concurrent List has opened fresh opportunities for states and private investors.

He cited the Lagos Red Line as a successful example of what he described as “Railing with the States,” adding that similar initiatives are being pursued in Plateau and Zamfara states.

He also disclosed that regional development commissions and state governments across the South West, South East, North East and North Central are engaging the NRC on railway development.

“Every state and region is now showing interest, and the national government is ready,” he said.

On freight development, Opeifa said the Federal Government had completed the connection of the Lagos-Ibadan Standard Gauge Railway to the port, while goods are also being moved from Apapa towards Ilorin on the narrow gauge.
It
He added that arrangements had been concluded to move freight from Lagos to Kano, Kaduna and Minna, stressing that the Corporation is determined to keep existing railway corridors commercially active.

The NRC boss said the Port Harcourt-Aba section of the Eastern corridor had also been completed and was operational.

He identified poor road links to railway stations as a major challenge to intermodal transportation and urged state governments to provide efficient connections between railway stations, cities and public transport networks.

According to him, railway remains a major driver of industrial development, supporting factories, agriculture, mining, petroleum distribution and inland container movement.

He said completion of rehabilitation works on the Western Line would create opportunities for increased movement of petroleum products and other freight by rail, thereby reducing pressure on roads.

Opeifa also disclosed that the NRC is exploring opportunities in livestock and agricultural transportation, including the use of refrigerated wagons for perishable goods.

On regional connectivity, he said Nigeria’s railway links with neighbouring countries would strengthen trade and give landlocked countries access to Nigerian seaports.

He expressed optimism that the Kaduna-Kano railway project could be completed by December 2026, paving the way for rail movement from Abuja to Kano.

Speaking on the suspended Warri-Itakpe Train Service, Opeifa apologised to passengers and said safety remained the Corporation’s priority.

He explained that although track rehabilitation and a test run had been completed, passenger operations would not resume until safety audits of the track, equipment and personnel were concluded.

Opeifa also said the NRC had completed a proof of concept for the use of Liquefied Natural Gas in railway operations and remained committed to tackling ticket racketeering.

“If we get the railway system right, our GDP will increase, farmers and small businesses will benefit, inflation will continue its downward movement and the general standard of living will improve,” he said.

He urged state and local governments, regional development bodies and private investors to take advantage of opportunities in the railway sector.

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Fake Agency Scandal Deepens as Ministers, DGs Face Foreign Travel Hurdles

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The Federal Government has barred ministers, heads of ministries, departments and agencies and other government appointees from embarking on official foreign trips without prior approval from the Office of the Secretary to the Government of the Federation.

The government also directed the Ministry of Foreign Affairs to make evidence of valid approval from the Office of the Secretary to the Government of the Federation a mandatory requirement for processing official travel documents, including official, diplomatic and service visas for government appointees.

The directive was contained in a circular signed by the Secretary to the Government of the Federation, George Akume, and addressed to top government officials and heads of major Federal Government institutions.

The move comes amid heightened scrutiny of government agencies and individuals claiming to represent the Federal Government, following the controversy surrounding the self-styled Director-General of the purported Presidential Foreign Intervention Promotion Council, Prince Adeniyi Adeyemi.

The controversy has raised questions about how individuals claiming official status can undertake engagements in the name of Nigeria, including foreign engagements, without clear evidence of government authorisation.

However, the latest directive is broader and applies to Federal Government appointees generally.

The circular, titled “Non-Compliance by Government Appointees with the Requirement for OSGF Approval for Official Foreign Trips and the Mandatory Inclusion of OSGF Approval in the Processing of Official Visas,” said the government had observed that some officials continued to embark on official foreign trips without obtaining the required clearance.

It stated, “It has been observed with concern that some Federal Government Appointees continue to embark on official foreign trips without obtaining prior approval from the Office of the Secretary to the Government of the Federation (OSGF), contrary to extant government directives and established administrative procedures regulating official travels outside the country.”

The SGF recalled that the government had issued several circulars over the years to regulate official foreign travel by ministers, heads of ministries, departments and agencies, boards, committees and other public officials.

According to the circular, these directives were issued “with a view to promoting accountability, fiscal discipline and effective coordination of Government business.”

The circular listed a September 18, 2023, circular on “Guidelines for Official Travels by Cabinet Members, Heads of Agencies and Public Officials”, a March 31, 2015, circular on “Guidelines for Official Trips by Chairmen of Federal Government Committees, Boards of Corporations and Government-Owned Companies” and a September 27, 2017, circular on “Additional Cost Control Measures to Guide Foreign Trips by Ministers and Senior Government Officials.”

It also referenced a March 8, 2018, circular on “Observed Indifferent Adherence to Extant Regulations Guiding the Conduct of Foreign Trips by Public Officials” and a November 20, 2012, circular on “Further Cost-Cutting Measures and Fiscal Prudence on Travel by Cabinet Members.”

Despite the previous directives, the SGF said cases of non-compliance had persisted.

The circular stated, “Despite these directives, instances of non-compliance continue to be recorded.”

It warned that the development had broader implications for government administration, stating, “This trend undermines Government’s efforts to ensure proper coordination, accountability, transparency, prudent management of public resources and effective monitoring of official foreign engagements undertaken on behalf of the Federal Government of Nigeria.”

The government consequently reaffirmed the requirement for prior clearance.

The circular stated, “Accordingly, all official foreign trips undertaken by Federal Government appointees shall continue to require prior approval from the Office of the Secretary to the Government of the Federation before such trips are undertaken, except where otherwise expressly provided by law or by specific Presidential directive.”

It added, “This requirement is consistent with the principles of due process, centralised coordination of government business and prudent management of public resources, as reflected in the Public Service Rules, 2021 Edition, the Financial Regulations (Revised Edition, January 2009) and other extant Government directives.”

As part of the immediate measures to strengthen compliance, the Ministry of Foreign Affairs has been directed to ensure that evidence of OSGF approval forms part of the documentation required for official foreign travel.

The circular directed that “The Ministry of Foreign Affairs shall include evidence of valid OSGF approval, where applicable, as a mandatory requirement in the processing of requests for official Notes Verbales, diplomatic facilitation and all applications relating to official foreign travel by Government Appointees.”

The ministry was further directed to communicate the requirement to foreign missions and embassies operating in Nigeria.

It stated, “The ministry is further requested to formally communicate this requirement to all Foreign Missions and Embassies accredited to the Federal Republic of Nigeria, advising that applications for Official, Diplomatic or Service Visas by Government Appointees should, where applicable, be accompanied by duly issued OSGF travel approval as part of the mandatory supporting documentation.”

The new measure therefore gives foreign missions an additional means of verifying whether a Nigerian government official travelling on official business has received the required authorisation.

The Office of the Auditor-General for the Federation was also assigned responsibility for checking compliance with the directive during audit exercises.

According to the circular, “The Office of the Auditor-General for the Federation shall require every government appointee who undertook an official foreign trip at public expense to produce evidence of the requisite OSGF approval during audit exercises.”

The government further warned that public funds spent on unauthorised foreign trips would be subject to scrutiny.

It stated, “Any expenditure incurred in respect of official foreign travel undertaken without the required approval shall be reported appropriately in accordance with extant Financial Regulations and applicable audit procedures.”

The directive also places a direct responsibility on accounting officers and heads of Federal Government institutions to prevent the processing of public funds for unauthorised trips.

It stated, “Accounting Officers, Permanent Secretaries, Chief Executive Officers and Heads of Federal Government Agencies shall ensure that no expenditure relating to official foreign travel by government appointees is processed unless the requisite OSGF approval has first been obtained.”

The SGF consequently directed all ministers, permanent secretaries, accounting officers and heads of ministries, departments and agencies to ensure compliance.

The circular stated, “All Honourable Ministers, Permanent Secretaries, Accounting Officers and Heads of Ministries, Departments and Agencies are hereby directed to ensure strict compliance with the provisions of this Circular.”

It further stated that the directive was effective immediately, declaring, “This circular takes immediate effect and supersedes any administrative practice inconsistent with its provisions, without prejudice to existing extant regulations governing official foreign travel.”

The circular was addressed to the Chief of Staff to the President; Deputy Chief of Staff to the Vice President; all Honourable Ministers and Ministers of State; Head of the Civil Service of the Federation; National Security Adviser; Economic Adviser to the President; Special Advisers and Senior Special Assistants.

It was also addressed to the Chief of Defence Staff, Service Chiefs and Inspector-General of Police; Governor of the Central Bank of Nigeria; Chairman, Federal Civil Service Commission; Chairman, Police Service Commission; Chairman, Code of Conduct Bureau; Chairman, Code of Conduct Tribunal; Chairman, Federal Character Commission; Chairman, Revenue Mobilisation, Allocation and Fiscal Commission; Chairman, Federal Inland Revenue Service; Chairman, Independent National Electoral Commission; Chairman, National Population Commission; Chairman, Independent Corrupt Practices and Other Related Offences Commission; Chairman, Economic and Financial Crimes Commission and Chairman, National Drug Law Enforcement Agency.

Other recipients listed in the circular were all permanent secretaries and Heads of Extra-Ministerial Departments; Clerk of the National Assembly; Chief Registrar of the Supreme Court of Nigeria; Accountant-General of the Federation; Auditor-General for the Federation; and Directors-General and Chief Executives of Parastatals, Agencies and Government-Owned Companies.

The breadth of the recipients means the directive covers ministers, senior political appointees, permanent secretaries, security chiefs, heads of regulatory and anti-corruption bodies, electoral institutions, financial institutions, government agencies and government-owned companies.

The development is coming against the backdrop of the controversy over the purported PFIPC, which has drawn attention to the need for stronger verification of individuals and organisations claiming to represent the Federal Government.

The purported PFIPC and its self-styled Director-General, Adeyemi, have been at the centre of investigations into alleged impersonation and the use of questionable government documents.

The matter has also raised concerns about how purported government officials could engage public institutions and foreign entities while claiming to represent Nigeria.

The latest directive, however, does not single out the purported PFIPC or Adeyemi.

Instead, it establishes a general requirement that government appointees must obtain central approval before undertaking official foreign engagements.

By directing the Ministry of Foreign Affairs to demand evidence of OSGF approval, the government is also creating a formal verification mechanism for foreign missions processing travel documents for Nigerian officials.

The financial provisions of the circular further link official travel approval to accountability for public expenditure, as accounting officers have been directed not to process expenses relating to foreign trips unless the required approval has been obtained.

The measures are expected to strengthen the Federal Government’s control over official foreign engagements, reduce unauthorised travel and ensure that persons travelling abroad in the name of the government have the necessary approval to represent Nigeria.

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