Connect with us

news

Just IN : Naira – for-Visa : Foreign Affairs Minister Yusuf, Directs all Embassies to comply with EFCC’s directive

Published

on

Commission says some missions use N1,900 to dollar exchange rate
Demands banks’ response to enquiries within 24 hours
Foreign Affairs Minister Yusuf Tuggar has written all the foreign missions in the country to comply with the directive of the Economic and Financial Crimes Commission (EFCC) to charge payment for visa and consular services in naira instead of dollar.

Tuggar has already met with a few envoys who sought more clarifications on the EFCC’s advisory.

It was learnt that the EFCC advisory against dollar-denominated service was necessitated in part after some embassies adopted N1,800-N1,900 exchange rates to a dollar.

An embassy was found to have set up an account unit where visa applicants were paying cash in dollar for services outside the conventional banking system.

Some embassies are understood to have started implementing the EFCC’s advisory on naira policy for consular services.

It was gathered that the EFCC has entered into an understanding with the Central Bank of Nigeria (CBN) for prompt remittance of the funds generated by the embassies to their home countries at official rate.

In an April 5, 2024 advisory to the Foreign Affairs Minister, the EFCC Executive Chairman, Mr. Ola Olukoyede, had asked government to stop foreign missions in Nigeria from charging visa and other consular services in foreign denominations.

He also advised all embassies to adopt Nigeria’s regulatory regime in fixing the exchange rate of the cost of their services.

He said the commission has observed the violation of Section 20(1) of the Central Bank of Nigeria Act, 2007 which makes currencies issued by the apex bank the only legal tender in Nigeria.

A top source told The Nation that the Minister of Foreign Affairs asked all foreign missions to implement the EFCC advisory.

EFCC urges embassies not to charge visa, other services in dollar
The source said: “The Federal Government has adopted the advisory of the EFCC which is backed by the CBN Act. In line with this, the Minister, Amb. Yusuf Tuggar, has formally written all embassies to charge and accept payment for visa and consular services in naira.

“In fact, the Ambassador of one of the missions collecting dollars for consular services demanded an audience with the Minister of Foreign Affairs for clarifications on the new policy. Tuggar, who met with the affected envoy, said there is no going back on the naira policy.

“But the EFCC has also reached an understanding with the CBN for the prompt remittance of all consular fees collected at the official exchange rate to the embassies or countries. The Federal Government will not default in remitting funds.”

It was gathered that the EFCC issued the advisory following discovery that some embassies had adopted N1,800 to N1,900 exchange rates for applicants for visa and consular services.

“Some embassies went beyond official and parallel market rates in fixing exchange rate for consular services. They were charging as high as N1,800 to N1,900,” one source said.

“A foreign mission was even collecting dollars in cash from visa applicants. The practice was outside the banking system.

“From feedback, some of the embassies are already charging for consular services, including visa, in naira. We will not relent in ensuring full compliance by all missions.

“There is a desk monitoring compliance with the naira-for-visa policy. Any infraction will be reported to the Federal Government through the Ministry of Foreign Affairs.”

The advisory, signed by the EFCC Executive Chairman, Mr. Ola Olukoyede, reads in part: “…I wish to notify you about the commission’s observation, with dismay, regarding the unhealthy practice by some foreign Missions to invoice consular services to Nigerians and other foreign nationals in the country in United States Dollar ($).

“This practice is an aberration and unlawful as it conflicts ‘with extant laws and financial regulations in Nigeria. Section 20(1) of the Central Bank of Nigeria Act, 2007 makes currencies issued by the apex bank the only legal tender in Nigeria.

“It states that ‘the currency notes issued by the Bank shall be the legal tender in Nigeria on their face value for the payment of any amount’.

“This presupposes that any transaction in currencies other than the naira anywhere in Nigeria contravenes the law and is therefore illegal.”

The commission added: “The refusal by some Missions to accept the Naira for consular service in Nigeria and also comply with foreign exchange regulatory regime in fixing the exchange of the cost of their services is not only illegal but represents an affront on the country’s sovereignty symbolised by the national currency. It undermines Nigeria’s monetary policy and aspiration for sustainable economic development.

“This trend can no longer be tolerated, especially in a volatile economic environment where the country’s macroeconomic policies are constantly under attack by all manner of state and non-state actors.

“In the light of the above, you may wish to convey the commission’s displeasure to all Missions in Nigeria and restate Nigeria’s desire for their operations not to conflict with extant laws and regulations in the country.

“Please accept, as always, the assurances of my highest consideration and respect.”

Attend to enquiries on money laundering, others within 24 hours, EFCC boss tasks bankers

The EFCC boss has also urged bankers to respond to the commission’s enquiries within 24 hours to aid its investigations.

“I don’t want to be charging banks alongside suspected criminals, because doing so can wreak havoc on the economy. It will even discourage investors from coming to the country,” Olukoyede said during a roundtable with compliance officers of banks in Ilorin, the Kwara State capital.

He added: “Our intention is to use the anti-corruption fight to bolster the economy. So, we must work together to save this country.”

Represented by acting Zonal Director, Ilorin Command Harry Erin, Pastor Olukoyede said: “We need to find a common ground to work together. You have a responsibility to fight corruption.”

The EFCC chair also expressed concerns over the use of fintech (private banking) by criminals to perpetuate crimes.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

news

Just IN : Relief in Kaduna as Soldiers Rescue 31 Kidnapped Easter Worshippers

Published

on

:
Troops of the Nigerian Army have rescued 31 civilians abducted during an Easter church service in Ariko Village, Kachia Local Government Area of Kaduna State.

The rescue followed a distress call reporting that terrorists had invaded an ECWA Church in the community and abducted worshippers during the service.

In a statement posted on its X handle on Sunday, the Army said that upon receiving the information, troops swiftly mobilised to the scene and, with the support and guidance of members of the Ariko community, advanced in pursuit of the fleeing attackers.

The Army said the troops engaged the terrorists in a fierce firefight, overpowering them with superior firepower.

“Troops of the Nigerian Army, through a swift response, successfully foiled a terrorist attack, leading to the rescue of 31 civilians abducted during an Easter church service in Ariko Village, Kachia Local Government Area of Kaduna State.

“The swift response followed a distress call reporting the abduction of worshippers during an Easter service at an ECWA Church in Ariko Village. The troops, on receipt of the information, promptly mobilised to the scene. With the support and guidance of members of the Ariko community, they advanced in pursuit of the fleeing terrorists and engaged the criminals in a fierce firefight, overwhelming them with superior firepower.

“The pressure mounted by the advancing troops forced the terrorists to abandon 31 hostages, including one injured victim who is currently receiving medical attention,” the statement partly read.

However, the army disclosed that troops also recovered the remains of five victims already killed by the terrorists at the scene.

“Regrettably, the remains of five victims already killed by the terrorists were also recovered at the scene. The fleeing terrorists are believed to have sustained significant casualties, as evidenced by blood trails along their escape routes.

“Troops have since intensified pursuit operations to track the fleeing elements to their enclaves, with ongoing efforts aimed at rescuing any remaining captives and ensuring the perpetrators are brought to justice,” the statement added.

The army said additional troops had been deployed to the area to reinforce ongoing operations, enhance security presence, and prevent further threats to lives and property.

“To consolidate the gains recorded, additional troops have been deployed to the area to reinforce ongoing operations, enhance security presence, and prevent further threats to lives and property.

“The Nigerian Army reaffirms its unwavering commitment to the protection of citizens and the defence of Nigeria’s territorial integrity, in collaboration with other security agencies and local stakeholders. Troops remain resolute in sustaining offensive operations against all threats to national security.

“Members of the public are encouraged to continue supporting the Nigerian Army and other security agencies by providing timely and credible information, as collective vigilance remains vital to achieving enduring peace and stability,” the statement concluded.

Continue Reading

news

Breaking : Tinubu Moves to Fix Power Crisis with N3.3tn Debt Clearance

Published

on

President Bola Tinubu has approved a ₦3.3 trillion payment plan aimed at resolving long-standing debts in Nigeria’s power sector and boosting the reliability of electricity supply.

The plan addresses legacy debts accumulated between February 2015 and March 2025 under the Presidential Power Sector Financial Reforms Programme.

Following a comprehensive review, the government agreed on ₦3.3 trillion as a full and final settlement, ensuring transparency and fairness.

A statement issued on Sunday by the special adviser to the president on information and strategy, Bayo Onanuga, stated that implementation of the repayment plan has already begun, with fifteen power plants already signed settlement agreements totalling ₦2.3 trillion.

The statement read, “President Bola Tinubu has approved the payment plan to finally settle the outstanding debts under the Presidential Power Sector Financial Reforms Programme.

“The debt repayment plan followed the final review of the legacy debts that have beset the power sector for more than a decade.

“The long-standing debts accumulated between February 2015 and March 2025. Following verification, ₦3.3 trillion has been agreed as a full and final settlement, ensuring a fair and transparent resolution.

“Implementation has begun, with 15 power plants signing settlement agreements totalling ₦2.3 trillion. The Federal Government has already raised ₦501 billion to fund these payments. Out of the amount, N223 billion has been disbursed, with further payments underway.

“What this means for Nigerians: With payments reaching the power value chain, generation will be more stable. With power plants supported, electricity reliability will improve.”

Commenting on the development, the Special Adviser on Energy to the President, Olu Arowolo-Verheijen, explained that the settlement would improve electricity reliability by stabilising the power value chain.

“This programme is not just about settling legacy debts. It is about restoring confidence across the power sector — ensuring gas suppliers are paid, power plants can keep running, and the system begins to work more reliably,” she said.

The adviser added that the reforms are part of broader initiatives, including better metering and service-based tariffs that link consumer payments to the quality of electricity received.

Priority will also be given to supplying electricity to businesses, industries, and small enterprises to support job creation and economic growth.

“The goal is simple: more reliable power for homes, stronger support for businesses, and a system that works better for all Nigerians,” Arowolo-Verheijen said.

President Tinubu commended all stakeholders involved in resolving the legacy issues and confirmed that the next phase of the reforms, Series II, will commence this quarter.

Continue Reading

news

Easter : Senator Araraume urges Nigerians to embrace sacrifice, renewed hope, prays for Tinubu’s leadership

Published

on

..…Says Christ’s resurrection symbolises Nigeria’s rising from challenges to glory

,,,,Commends President Tinubu’s bold reforms, calls for continued prayers

As Christians across Nigeria and the world celebrate Easter, a chieftain of the All Progressives Congress (APC), Senator Ifeanyi Godwin Araraume, has called on Nigerians to embrace the virtues of sacrifice, forgiveness, and renewed hope which the resurrection of Jesus Christ symbolises.

In his Easter message, which he personally signed, the former governorship candidate of Imo State reflected on the profound significance of the season, describing Easter as a divine testament that no night lasts forever, and that after every crucifixion comes a glorious resurrection.

“Easter is not merely a festival; it is a spiritual declaration that darkness does not have the final word. As Christ rose triumphantly on the third day, I believe Nigeria, too, is rising from every challenge to meet her God-ordained destiny,” Araraume stated.

The APC chieftain used the occasion to offer fervent prayers for President Bola Ahmed Tinubu, whom he described as a courageous leader steering the ship of state through turbulent but necessary waters.

“I pray that the God who raised Christ from the dead will raise every help that President Tinubu needs to succeed. I pray for divine wisdom, physical strength, and uncommon protection over his life. Let no arrow of the wicked find its mark in his camp. May his labours for our nation yield fruits that generations yet unborn will celebrate,” Araraume prayed.

He further commended President Tinubu for his bold and far-reaching reforms, acknowledging that while the policies may demand present sacrifice from citizens, the long-term dividends will be peace, stability, and shared prosperity.

“Mr. President has shown that he has the heart of a reformer and the backbone of a statesman. These are not easy times, but great nations are forged in the furnace of difficult decisions. I call on all Nigerians, regardless of party or creed, to support this administration with patience and prayer,” the Senator added.

Senator Araraume also urged Nigerians to show love to one another, especially to the less privileged, the grieving, and the displaced, noting that the true essence of Easter is found in selfless giving and communal solidarity.

“Let us visit the orphanage, feed the hungry, and extend a hand to our neighbour in distress. That is the gospel in action. That is the Nigeria we must build together,” he said.

He wished all Christians a peaceful, joyous, and spiritually fulfilling Easter celebration.

Signed:
Senator Ifeanyi Godwin Araraume
Chieftain, All Progressives Congress (APC)

Continue Reading

Trending

Copyright © 2025 Newsthumb Magazine | All rights reserved