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House of Fraud : Buhari’s Supporters To Stage 7-day Protest Against Central Bank Governor, Emefiele Over E-Naira, Bad Economy and N500Billion Scandal
A pro-Muhammadu Buhari group, Nigeria First Movement has called for the resignation or sacking of the governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele.
According to the supporters of the President, doing so will save the nation from further economic meltdown.
Group Coordinator, Augustine Richard in a statement said the latest introduction and subsequent launch of the digital currency, eNaira by Emefiele is the “final nail in the country’s already doomed economy.”
Since the release of the eNaira, the app has received negative reviews from Nigerians, who were disappointed with the tedious registration processes as part of the requirements.
The group also urged the CBN Governor to resign over his alleged inability to stabilise the country’s bleeding economy.
It threatened to mobilise over 200 other pro-Buhari groups across the globe for a ‘mother of all protests’ that would hold simultaneously in Abuja, Lagos and London, UK against Nigeria’s poor economic posture if Emefiele failed to resign or get sacked.
“Emefiele may have made history as the only governor to be re-appointed for a second term in office since the nation’s return to a democratic rule, however, he is best known for surrendering much of the bank’s independence, running a monetary policy that had record negative impact on the economy,” Richard said.
“The introduction and subsequent launch of the digital currency, eNaira, is perceived as the final nail in the country’s already doomed economy.
“We are ready to champion the call for Emefiele’s removal by staging a one-week protest that could potentially cripple economic activities in Abuja. We’re also ready to mobilise over 200 other pro-Buhari groups across the globe in the ‘mother of all protests’ that would hold simultaneously in Abuja, Lagos and London against the nation’s poor economic posture.
“Emiefele played a pivotal role in the collapse of the economy since his appointment as the CBN chief and before his arrival, the economy was said to be one of the fastest growing in the world. Shortly after his reappointment in 2019, Emefiele announced a five-year plan that targets double-digit growth in one of Africa’s largest economies.
“His approach to policy implementation, however, has left many in doubt, raising questions on how his key policy move, especially in the context of management of the exchange rate, benefits the economy, and the naira he sought to protect.
“On July 24, 2020, the CBN launched a series of non-intrant loan schemes under the AGSMEIS, MSMEDF, AADF and other loan schemes. The program attracted a lot of Nigerians, with millions of them seeking to join the program through all due process. For more than a year now, nothing has been done. The CBN under Emefile has shirked its primary responsibility of ensuring price stability and has embraced a more developmental role, in the hopes of naira stability.
“As confirmed by the Chairman of the House of Representatives Committee on Finance, Rt. Hon. James Faleke, the CBN has failed to submit its Audited Account to the Office of the Auditor General (OAGF) for review, from 2010 to date.
“According to Kalu Ajah, chief executive officer at AfriSwiss Capital Assets Management Limited in Abuja, the CBN has pursued a strong naira policy and had sought to dampen imports. Well, imports have not declined and the naira is far from strong. One wonders if the import restrictions on items and capital controls were necessary or if the CBN should have devalued the naira earlier. I will say Nigeria did not benefit from the capital controls regime.
“The regulatory bank’s aggressive lending policy has been called into question as well, causing some concerns over the bank chief’s stewardship of the banking sector. The CBN is forcing banks to lend, and penalising non-lenders. These are shareholders funds being deployed via fiat.
“In October last year, the Central Bank fined 12 banks, including Citibank, First Bank of Nigeria, Guaranty Trust Bank, and Standard Chartered Bank N499 billion for failing to meet lending targets. It is another move that attracted criticism across the board.”
Richard added that the N500 billion which was stolen in a private Dubai investment towards the end of 2018 should be investigated by the President as well as other funds that went missing during Emefiele’s administration.
Our correspondent had in May 2019 made public a phone conversation of Emefiele; his deputy, Edward Lametek Adamu; Director for Finance, Dayo M. Arowosegbe and one of the Special Advisers to the CBN Governor, Emmanuel Ukeje discussing how to cover up the loss of over N500 billion stolen from the CBN in a private investment that collapsed.
CAUGHT ON TAPE some years back: CBN Gov Emefiele And Top Officials Discuss How To Cover-Up N500bn They Stole -Part1
CAUGHT ON TAPE: How Central Bank Governor Emefiele, Deputy Adamu And Top Officials Discussed How To Cover-Up N500bn Which They Stole From The CBN.
Two audio files, exclusively obtained by our correspondent revealed how the governor and top officials of the apex bank discussed plots to conceal the loss of huge sums of money in a Dubai investment.
The CBN claimed the audio conversation was genuine but no money was missing from the bank.
Isaac Okoroafor, the then Director of Corporate Communications had said: “The selective conversation being circulated was simply a discussion to ascertain why the auditors took that position and next steps to resolve it. Obviously, it soon became clear that a state government’s loan cannot be classified as ‘bad’ or ‘irrecoverable’ when the state still exists and getting FAAC allocations.”
However, in a petition written by Emefiele to the Inspector General of Police, he confirmed that the audio was authentic and this time raised the alarm that his phone had been bugged and that there was a breach of security at the apex bank.
He also asked the Inspector General of Police to investigate the audio lea.
Agency summons product manufacturers to explain pricing methodology, others
CEMENT PRICES
Kenya N7,344
Tanzania N6,528
Togo N9,180
Nigeria N15,000
Cement manufacturers are under the searchlight of the Federal Competition and Consumer Protection Commission (FCCPC) over rooftop prices of cement, the agency has confirmed.
It said the probe followed an extensive industry-wide investigation that suggested possible manipulation of product prices in the Nigerian market.
The FCCPC stated that findings from a three-month cross-border study by its Anti-competitive Practices Department (ACP), undertaken in response to widespread public complaints over the high cost of cement, provided reasonable ground for probe of the cement manufacturers.
According to the commission, subsequent to the findings, it has issued “Notices of Commencement of Investigation and Summons to Producer” to the key players in the sector.
With the summon, the companies are required to provide information and records relating to, among other matters, their pricing methodologies, production and capacity utilisation, exports and relevant commercial relationships.
Three companies account for more than 90 per cent of Nigeria’s cement production. They are: Dangote Cement Plc, HMB Nigeria Plc, formerly known as Lafarge Africa Plc. and BUA Cement Plc.
FCCPC stated that its actions were sequel to concerns raised over the comparatively high retail price of cement in the local market compared with other markets, despite the country’s substantial limestone deposits, significant domestic production capacity and reported surplus installed capacity relative to domestic consumption.
The commission explained that, beyond Nigeria, its investigations extended to markets in sub-Saharan Africa like Kenya, Tanzania and South Africa as well as Egypt, Morocco and Algeria, using metrics such as availability of limestone, the basic raw material for cement production, as well as other variables such as population, production capacity and consumption.
The commission’s survey indicated that Nigeria has installed cement production capacity of more than 60 to 65 million metric tonnes annually, while estimated domestic consumption is approximately 25 to 30 million metric tonnes.
Nigeria is also a net exporter of cement to neighbouring markets, a statement signed by its Director of Corporate Affairs, Ondaje Ijagwu, stated.
The FCCPC statement reads: “Of particular concern to the Commission is that this level of production capacity has not resulted in the downward pressure on domestic prices that might ordinarily be expected in a competitive market with substantial excess capacity.”
Executive Vice Chairman and Chief Executive Officer (EVC\CEO) of the commission Mr. Tunji Bello said the investigation reflected the commission’s responsibility to examine market conditions that have significant consequences for consumers and the wider economy.
FG charges bakers, operators on production process, right labelling
He said: “Cement occupies a strategic place in the Nigerian economy. Its price affects the cost of building a home, developing commercial property, delivering public infrastructure and, ultimately, the cost of doing business. When concerns persist about how such an important market is functioning, the Commission has a duty to look beyond assumptions and establish the facts.” DownloadingInteractive Geographic Maps
He explained that the scrutiny is not intended to dictate the commercial decisions of businesses, rather, it is to determine whether the market is functioning competitively and whether consumers are receiving the benefits that effective competition should provide.
Bello said: “Businesses are entitled to make legitimate commercial decisions and earn returns on their investments. Competition law does not prevent that. Its purpose is to protect the competitive process, so that prices, output and other market outcomes are determined by genuine competition rather than conduct that unlawfully restricts it. That distinction is important to the work we are undertaking”.
The FCCPC spokesman provided additional details on the findings from the ACP investigation.
He said: “For instance, Kenya with 58.6 million population, 76 per cent lower than Nigeria’s population, had domestic cement demand of approximately 9.3m metric tonne per annum (MTPA) in 2025. Retail price in Nairobi is $5.40 or N7,344. Kenya is endowed with limestone. DownloadingInteractive Geographic Maps
“Tanzania, with population of 66.3 million, 72 per cent lower than Nigeria’s population, had domestic cement demand of 9.3m MTPA by 2025 with a bag of cement selling for $4.80 or N6,528.
“In Togo, which does not have limestone deposit, a bag of cement sells for $6.75 or N9,180.
“However, in Nigeria, with its huge limestone deposit and installed capacity, market intelligence reviewed by the commission showed that the retail price of a 50kg bag of cement rose significantly during the first half of 2026. DownloadingInteractive Geographic Maps
“A cement bag selling for between N9,300 and N9,700 in January was selling for between N10,500 and N13,000 by mid-year and by July, prices had risen to between N13,000 and N15,000 in some parts of the country.”
The commission noted that information provided by industry participants had identified energy costs, depreciation of the naira and its effect on imported machinery and spare parts, as well as transportation and logistics costs, among the factors contributing to cement prices.
It said: “The Commission is testing these explanations against verified information on costs, production, pricing and market conditions. However, the weight of preliminary findings provides sufficient grounds for the investigation to continue.
“Next is to determine whether prevailing cement prices can be explained by legitimate costs and market conditions, or whether there is evidence of coordinated conduct, abuse of market power, restriction of domestic supply, anti-competitive distribution practices or other conduct contrary to the provisions of the FCCPA.”
Social Media influencer, Afolabi Kazeem Michael, popularly known online as KC Luxury. Credit: NDLEA
Social Media influencer, Afolabi Kazeem Michael, popularly known online as KC Luxury. Credit: NDLEA
The National Drug Law Enforcement Agency has dismantled an international cocaine trafficking cartel that allegedly used Nigeria as a transit hub for moving illicit drugs to the United Kingdom, other parts of Europe and Asia.
The agency also arrested the alleged Nigerian arrowhead of the syndicate, a self-styled luxury goods dealer and social media influencer, Afolabi Michael, popularly known online as “KC Luxury,” as he attempted to flee the country.
A statement by the agency spokesman, Femi Babafemi, on Tuesday, said the Chairman and Chief Executive Officer of the NDLEA, Brig. Gen. Mohamed Marwa (retd.), disclosed this while addressing journalists in Lagos on Tuesday.
Marwa described the operation as one of the most significant narcotics investigations undertaken by the agency in recent times, saying it led to the seizure of 184.50kg of cocaine, the largest cocaine seizure made through a courier company in Nigeria.
According to him, the operation began with the interception of the cocaine consignment concealed for onward export through a courier logistics channel in Lagos.
He said following the seizure, he directed the constitution of a Special Investigation Team to trace the entire network behind the shipment, from the couriers to the masterminds.
Marwa said the cartel hoped to realise as much as N39bn from the consignment through its international distribution network.
“The operation began with the interception of a consignment of 184.50 kilograms of cocaine concealed for onward export through a courier logistics channel in Lagos. Given the scale of the seizure.
“I immediately directed the constitution of a Special Investigation Team, with a mandate to trace the entire network behind the shipment, from the couriers to the masterminds.
“The cartel was hoping to realise as much as N39 billion from the consignment through their international distribution network, ” the statement quoted Marwa as saying.
Working with the management of the courier company involved, Marwa said NDLEA operatives unravelled a network of intermediary companies and individuals used to process the consignment, leading to the arrest of two key suspects, among others.
“The first, Lawal Mujab Kehinde, a staff member of the logistics firm through which the cocaine was processed, was found to have a direct and sustained relationship with the cartel’s Nigerian coordinator. Investigation also established that he packages and processes consignments for the syndicate, routes them to the United Kingdom, other parts of Europe and Asia, while he was paid in cash.
“The second and more prominent suspect is Afolabi Kazeem Michael, popularly known online as “KC Luxury,” whom investigations identified as the Nigerian arrowhead of the cartel. Parading as a social media influencer and businessman dealing in gold, jewellery, and luxury goods, Afolabi used his glamorous public image to disguise a criminal enterprise moving cocaine along a pipeline stretching from South America, through Nigeria, to the United Kingdom, other parts of Europe and Asia,” Marwa said.
Marwa said Afolabi was arrested at the boarding gate of the Murtala Muhammed International Airport, Lagos, on August 13, 2026, after intelligence indicated that he planned to flee the country on a business-class flight to Paris.
He said the suspect was found in possession of €7,750, £2,800 and N100,000 cash, as well as expensive jewellery.
A subsequent search of his luxury apartment on Banana Island, Ikoyi, Lagos, also led to the recovery of exotic vehicles, according to the NDLEA boss.
Marwa said investigations further showed that the cartel used false identities to conceal the true consignors of its shipments and relied on financial facilitators who moved billions of naira on its behalf.
He added that the syndicate maintained criminal contacts in the UK, some of whom had been arrested by British authorities in connection with the same cartel.
The NDLEA boss linked the operation to recent successes against transnational drug networks, including the dismantling of the Switzerland-based Simon Amadi drug cartel, which allegedly laundered millions of dollars through dark web marketplaces, as well as the takedown of two Nigerian-Mexican methamphetamine syndicates operating clandestine laboratories in forests in Ogun and Oyo states.
Marwa said the latest operation demonstrated that drug traffickers could no longer hide behind luxury lifestyles, forests, ports or courier companies.
“These operations send an unmistakable signal that this Agency’s reach extends into the ports, the forests, the luxury apartments, and the departure lounges alike, and that no sanctuary exists anywhere in Nigeria for those who traffic in poison,” he said.
He noted that drug trafficking organisations had recently shifted from seaports and airports, where scrutiny had intensified, to courier and logistics companies, which they allegedly considered less monitored channels for moving narcotics across international borders.
Marwa said the dismantling of the cartel, from the interception of the cocaine consignment to the arrest of its alleged Nigerian coordinator, demonstrated the agency’s capacity to detect traffickers wherever they operated.
“There is no alternative route into or out of Nigeria for illicit drugs that this Agency cannot police,” he stated.
The NDLEA chief also described the operation as a product of international cooperation, noting the near-simultaneous arrests of suspected cartel members in Nigeria and the UK.
He commended the agency’s international partners and members of the Special Investigation Team, coordinated by the Director of Operations and General Investigation, for their professionalism in unravelling the syndicate.
Marwa warned individuals who use luxury brands, glamorous lifestyles and social media personas to conceal drug trafficking activities that the agency would track them down.
“To those who believe they can hide behind luxury brands, glamorous lifestyles, and social media personas while trafficking poison into our communities and across our borders, this Agency will find you,” he said.
Results from the 30 local government areas in the 2026 Osun State governorship election show that Governor Ademola Adeleke of the Accord Party (AP) recorded victories in 19 councils, ahead of the All Progressives Congress (APC) candidate, Asiwaju Munirudeen Bola Oyebamiji (AMBO), who won 11 local government areas.
The local government results indicate that Adeleke polled a cumulative 511,067 votes, while Oyebamiji secured 444,815 votes across the state.
The African Democratic Congress (ADC) candidate, Najeem Salaam, garnered 17,180 votes from the 30 local government areas.
Adeleke won Boluwaduro, Ede South, Ife North, Ilesa West, Ifedayo, Ife Central, Orolu, Osogbo, Oriade, Odo-Otin, Ife East, Ifelodun, Iwo, Ede North, Ila, Aiyedire, Egbedore, Aiyedaade and Ejigbo local government areas.
Oyebamiji emerged victorious in Ilesa East, Boripe, Irepodun, Obokun, Atakunmosa West, Irewole, Atakunmosa East, Isokan, Ola Oluwa, Ife South and Olorunda local government areas.
Based on the collated local government results, Adeleke leads with victories in 19 of the state’s 30 local government areas, while the APC candidate secured 11 councils.
Accord won 19 out of the 30 LGAs: (Boluwaduro, Ede South, Ife North, Ilesa West, Ifedayo, Ife Central, Orolu, Osogbo, Oriade,
Odo-Otin, Ife East, Ifelodun, Iwo, Ede North, Ila, Aiyedire, Egbedore, Aiyedaade, Ejigbo)
APC won the remaining 11 LGAs (Ilesa East, Boripe, Irepodun, Obokun, Atakunmosa West, Irewole, Atakunmosa East, Isokan, Ola Oluwa, Ife South, Olorunda).
Here are the Osun 2026 Governorship Election Results of the 30 LGAs: GeographicReference
Boluwaduro LG
Accord: 7,118 votes
APC: 7,050 votes
ADC: 179 votes
Ede South LG
Accord: 26,188 votes
APC: 6,219 votes
ADC: 390 votes
Ife North LG
Accord: 13,879 votes
APC: 9,613 votes
ADC: 333 votes
Ilesa West LG
Accord: 16,196 votes
APC: 12,756 votes
ADC: 673 votes
Ifedayo LG
Accord: 7,427 votes
APC: 6,836 votes
ADC: 115 votes
Ilesa East LG
APC: 16,208 votes
Accord: 12,280 votes
ADC: 504 votes
Ife Central LG
Accord: 21,171 votes
APC: 15,913 votes
ADC: 747 votes
Boripe LG
APC: 19,963 votes
Accord: 12,448 votes
ADC: 379 votes
Irepodun LG
APC: 15,713 votes
Accord: 14,504 votes
ADC: 249 votes
Obokun LG
APC: 16,120 votes
Accord: 12,023 votes
ADC: 205 votes
Orolu LG
Accord: 12,352 votes
APC: 10,622 votes
ADC: 236 votes
Osogbo LG
Accord: 36,480 votes
APC: 30,474 votes
ADC: 1,503 votes
Oriade LG
Accord: 21,343 votes
APC: 14,863 votes
ADC: 423 votes
Odo-Otin LG
Accord: 18,003 votes
APC: 15,435 votes
ADC: 377 votes
Ife East LG
Accord: 27,201 votes
APC: 18,600 votes
ADC: 935 votes
Ifelodun LG
Accord: 21,107 votes
APC: 18,396 votes
ADC: 509 votes
Atakunmosa West LG
APC: 10,037 votes
Accord: 7,479 votes
ADC: 213 votes
Iwo LG
Accord: 27,085 votes
APC: 19,660 votes
ADC: 588 votes
Ede North LG
Accord: 35,427 votes
APC: 10,283 votes
ADC: 307 votes
Ila LG
Accord: 16,211 votes
APC: 12,934 votes
ADC: 259 votes
Irewole LG
APC: 29,972
Accord: 10,934 votes
ADC: 275 votes
Aiyedire LG
Accord: 11,073 votes
APC: 9,910 votes
ADC: 148 votes
Atakunmosa East LG
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APC: 9,936
Accord: 7,872 votes
ADC: 333 votes
Egbedore LG
Accord: 19,278 votes
APC: 11,194 votes
ADC: 363 votes
Aiyedaade LG
Accord: 16,681 votes
APC: 15,719 votes
ADC: 331 votes
Isokan LG
APC: 14,063 votes
Accord: 13,765 votes
ADC: 384 votes
Ola Oluwa LG
APC: 10,782 votes
Accord: 10,063 votes
ADC: 213 votes
Ife South
APC: 14,678 votes
Accord: 13,507 votes
ADC: 290 votes
Ejigbo LG
Accord: 18,458 votes
APC: 16,195 votes
ADC: 5,053 votes
Olorunda LG
APC: 24,671 votes
Accord: 23,514 votes
ADC: 666 votes.
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