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Just IN : Naira – for-Visa : Foreign Affairs Minister Yusuf, Directs all Embassies to comply with EFCC’s directive
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.
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2027 Politics: Dipo Bamisaye Speaks on Tinubu, Oyebanji, Says Ekiti North Needs Aggressive Development
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Engineer Dipo Bamisaye, a Fellow of the Nigerian Society of Engineers and a seasoned infrastructure expert, has declared his intention to represent Ekiti North Senatorial District in the National Assembly.
In this exclusive interview with Publisher of Newsthumb, Sotayo Olayinka, Engr. Dipo Bamisaye speaks on his political journey, relationship with Governor Biodun Oyebanji and Senate Leader Opeyemi Bamidele, as well as his plans for infrastructure, youth empowerment, agriculture, and security in Ekiti North. He also shares his views on President Bola Ahmed Tinubu’s Renewed Hope Agenda and the future of Nigeria.
Enjoy the interview…
Good afternoon, sir. Can we meet you?
I am Engineer Dipo Bamisaye, a native of Ijesha-Isu in Ikole Local Government Area of Ekiti State. I have been actively involved in politics for about 15 to 18 years.
This is the third time I will be showing interest in representing Ekiti North Senatorial District. I contested in 2018 and also indicated interest in 2022/2023, but at the time, former Governor Kayode Fayemi advised me to step down for Senator Adetunmbi.
I have been a loyal supporter of Asiwaju Bola Ahmed Tinubu since the days of the Alliance for Democracy while I was working with ExxonMobil. Today, I am a Fellow of the Nigerian Society of Engineers and a Fellow of the Nigerian Institution of Civil Engineers.
I have spent over 30 years in the engineering and infrastructure sector, working across virtually every state in Nigeria. I have handled projects in the North, South, South-East, and South-South, especially in rural infrastructure development.
I have also worked with the World Bank Group as a consultant on the FADAMA agricultural programme. Academically and professionally, I have trained in several countries. I studied bridge construction at the University of Florida in the United States, highway transportation in Ohio, mechanized agriculture in Gauteng, South Africa, and water treatment in China and Germany.
All these experiences have prepared me for leadership and service. My desire to contest for the Senate is to complement the efforts of President Bola Ahmed Tinubu and bring development closer to the people of Ekiti North.
Beyond politics, I run the BO Charity Trust, through which I have supported communities for over 12 years. Even without holding public office, I have facilitated boreholes, transformers, and other community projects because of my passion for helping the people.
“My Love for the People Inspired Me to Join Politics”
As a technocrat and successful businessman, what attracted you to politics?
What attracted me to politics is my passion for service. People around me kept saying, “If you can do all these things without holding office, imagine what you could achieve with a political platform.”
Over the years, I have supported students with JAMB forms and educational assistance. I have also worked closely with political leaders like the Senate Leader, Senator Michael Opeyemi Bamidele, who remains my mentor. Through him, I learned a lot about leadership and governance.
If given the opportunity to serve in the Senate, I will work closely with both the President and the Governor to deliver more dividends of democracy to our people.
“Governor Oyebanji and I Share a Cordial Relationship”
What can you tell us about your relationship with Governor Biodun Oyebanji?
Governor Biodun Abayomi Oyebanji is someone I hold in very high regard. We have a cordial relationship, and we attended the same institution, Ondo State University, now Ekiti State University, Ado-Ekiti.
I admire his humility and leadership style. During the build-up to his first-term election, when many political actors were still undecided, members of the university alumni association rallied support for him. At the time, I was President of the Alumni Association and also a member of the university council.
We strongly believed in his capacity and worked tirelessly for his emergence. I also discussed extensively with Senate Leader Opeyemi Bamidele, who supported the project as well.
To further demonstrate our support, I led a group of alumni members who contributed funds to purchase his nomination form — not because he could not afford it, but because we believed in his vision for Ekiti State.
Today, we remain proud of his achievements and hopeful for his second term.
“Ekiti North Needs More Aggressive Development”
There is already an incumbent senator in Ekiti North. What new ideas are you bringing?
The incumbent senator is our brother, and this is not about personalities. However, we believe Ekiti North can do much better. Representation goes beyond lawmaking; it also involves lobbying for development projects and attracting federal presence.
Ekiti North is in dire need of infrastructure development. Many of our roads are in terrible condition. If elected, I will actively engage federal ministries and agencies to ensure projects are facilitated to our communities.
Education is another key area. Many students still travel long distances to write CBT examinations. We intend to facilitate CBT centres across communities in Ekiti North.
Agriculture is also very important because farming remains the backbone of Ekiti’s economy. We plan to introduce modern mechanized farming, support young farmers with equipment, and encourage agro-processing and light manufacturing. For instance, products like cassava and maize can be processed locally into finished products, creating jobs and boosting the economy.
Security is equally critical. Because of our proximity to northern routes, Ekiti faces security threats. We will support efforts toward improved policing and stronger security collaboration to protect our communities.
“Youth Empowerment Will Be a Major Priority”
What is your agenda for youth employment?
Youth empowerment will be one of our top priorities. Agriculture alone can employ thousands of young people if properly modernized.
Government cannot employ everyone, so our focus will be on capacity building, entrepreneurship, and innovation. We plan to introduce “Train the Trainers” programmes, especially in technology and vocational skills.
From my experience working with the World Bank Group, I understand the templates that can help young people become self-reliant and employers of labour within a short period.
“We Are Mobilising Massive Support for President Tinubu”
What role are you playing in support of President Tinubu’s administration?
We are already mobilising support for President Bola Ahmed Tinubu across the country. I am among those coordinating the “Renewed Hope Engineers,” a platform created to highlight the achievements of the President in infrastructure and development.
By June, we plan to launch activities across the 36 states and the FCT to showcase projects such as rail development, road construction, and other engineering achievements under the administration.
As an engineer, I can confidently say the President is laying foundations that will stand the test of time.
“Student Loan Scheme Is One of Tinubu’s Biggest Achievements”
What achievements of President Tinubu stand out to you most?
One major achievement is the Student Loan Scheme. Many young Nigerians previously lacked access to quality education because of financial constraints. This initiative gives students greater opportunities and independence.
I also believe it will reduce insecurity because many youths previously became vulnerable during elections due to financial hardship.
Another major achievement is infrastructure development, especially road construction. As an engineer, I understand the importance of durable concrete pavement technology being used on major roads today. Though projects may take time, the long-term benefits will be enormous for future generations.
“I Believe in Free and Fair Primaries”
What is your position on allegations of candidate imposition ahead of the primaries?
Governor Oyebanji has made it clear that he is not interested in imposing candidates. His position is simple — if consensus is possible, fine; if not, there should be free and fair primaries.
I strongly believe in democracy and transparent elections. President Tinubu himself has always encouraged fair competition within the party.
“Policies That Benefit Nigerians Deserve Support”
Some people accuse lawmakers of being rubber stamps. What is your view?
If a policy is designed for the benefit of Nigerians, I see nothing wrong in supporting it.
For example, the removal of fuel subsidy was necessary because the system was riddled with corruption. The Student Loan Bill is another important initiative that deserves support because it helps indigent students access education.
If supporting good policies is called “rubber stamping,” then so be it. What matters most is the welfare of Nigerians.
“Nigeria Needs Stronger Community and State Policing”
Lastly, what is your wish for President Tinubu and Nigeria?
My prayer is that God grants President Tinubu wisdom, strength, and good health to continue leading Nigeria.
I also strongly support the idea of state policing and community policing. Security challenges can be addressed more effectively when local communities are actively involved in protecting themselves.
With the right leadership, commitment, and cooperation, I believe Nigeria can achieve greater progress and stability.
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NRC Boosts Workforce Development with Graduation of 86 Technical Trainees
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Dr Kayode Opeifa, presenting certificate to the best student Class of 2025, Taiwo Olamide
No fewer than 86 trainees have graduated from the Railway Technical Institute (RTI), Ebute-Metta, Lagos, after completing their technical and vocational training under the collaborative skills acquisition programme between the Nigerian Railway Corporation (NRC) and the National Directorate of Employment (NDE).
Describing the ceremony as a reflection of the Corporation’s strong commitment to youth empowerment, workforce development, and nation-building, the NRC Managing Director assured the graduands of employment opportunities. He noted that they had received intensive hands-on training required to thrive in today’s competitive labour market.
He highlighted the institute’s rich legacy, stating that since its establishment in 1924, it has remained a critical hub for developing technical manpower in Nigeria. For over a century, the RTI has trained artisans, technicians, and skilled personnel in railway operations, mechanical systems, and related technical fields.
“Today, we celebrate 86 graduands who have successfully completed rigorous training in various disciplines, including electrical installation and maintenance, electronics engineering, welding and fabrication, refrigeration and air-conditioning, and automobile mechanics,” he said.
“Other areas include carpentry and joinery, computer engineering and ICT, fashion design and tailoring, painting and decoration, as well as printing technology.”
The Managing Director reaffirmed the Corporation’s commitment to repositioning the institute into a modern, efficient, and commercially viable rail training centre capable of driving national economic integration, industrial growth, and logistics efficiency.
“We are working with relevant regulatory authorities and stakeholders to reposition the institute through curriculum enhancement, infrastructure upgrades, faculty development, and strategic partnerships with both local and international institutions,” he added.
“Efforts are also ongoing to align our training with global trends in railway technology, energy transition, and transport innovation.”
He urged the graduands to uphold excellence, professionalism, innovation, and integrity as ambassadors of both the institute and the NRC.
In her remarks, the Senior Special Assistant to the President on Technical, Vocational, and Entrepreneurship Education, Dr Abiola Arogundade—represented by the Head of Strategy, Dr Abiola Isikalu—commended the NRC for revitalising the institute. She noted that technical and vocational education remains vital for youth engagement in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu.
Also speaking, the Chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV), Barrister Ismaeel Ahmed, congratulated the NRC and RTI on the successful graduation of the 2024 and 2025 sets. He reaffirmed the initiative’s commitment to partnering with the NRC in promoting sustainable energy solutions.
“Our collaboration will continue to focus on advancing natural gas adoption, reducing fuel costs, and promoting cleaner energy, all of which require a highly skilled technical workforce,” he said.
The Vice-Chancellor of Trinity University, Yaba, Professor Clement Olusegun Kolawole, also expressed the institution’s pride in partnering with the NRC and RTI in manpower development and logistics advancement.
Earlier, the Principal of RTI, Mr Kelechi Raphael Nosike, described the graduation as a milestone event for trainees who successfully completed their three-year craft programmes across various disciplines. He noted that the training aligns with the Federal Government’s Renewed Hope Agenda, which prioritises youth empowerment through technical and vocational education.
He also appreciated the NRC management for its commitment to upgrading the institute into a higher institution of learning.
The highlight of the event was the presentation of certificates of excellence to outstanding students, including Master Fadayomi Olamide Andrew, Best Graduating Student (Class of 2024), and Master Taiwo Ayomide, Best Graduating Student (Class of 2025).
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Dangote Denies Fallout with Elumelu, Debunks Financial Support Claims
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The Dangote Group has dismissed as false and malicious claims of a rift between its President, Aliko Dangote, and the Chairman of Heirs Holdings, Tony Elumelu, and also rejected allegations that he (Dangote) solicited support for financing his refinery project.
In a statement issued on Sunday, the group described as “entirely baseless” a publication stating that Dangote had revealed why he distanced himself from Elumelu, stressing that neither the businessman nor the organisation made such remarks.
The statement, signed by the Group Chief Branding and Communications Officer, Anthony Chiejina, said the report misrepresented both personal and corporate positions and added that there was no disagreement between the two prominent business leaders.
“The Dangote Group has become aware of a publication titled ‘Aliko Dangote Speaks Out on Why He Distanced Himself from Tony Elumelu’, which is false, malicious, and baseless. At no time did the President or the Group make such statements or express such sentiments,” the statement read in part.
The company further dismissed claims that the multi-billion-dollar Dangote Petroleum Refinery & Petrochemicals was financed through personal borrowing from friends, describing such assertions as inaccurate and a deliberate misrepresentation of facts.
According to the group, Dangote does not fund projects through informal personal loans, noting that any such claims should be backed by verifiable evidence.
“As a matter of principle, Aliko Dangote neither finances his projects through personal borrowing from friends nor engages in lending arrangements of that nature. Any individual making such claims should provide verifiable evidence to substantiate them,” the statement added.
The group also clarified that there was no strain in the relationship between Dangote and Elumelu, maintaining that both men continue to enjoy a longstanding and cordial relationship despite the claims circulating in the report.
The clarification follows the circulation of a widely shared online post which alleged that Dangote fell out with Elumelu after a failed financial assistance request during the construction of the refinery.
In the post, attributed to Dangote but now disowned by the company, the author claimed that in 2021, when the refinery project was about half-completed, he ran out of funds and approached several business associates for support, including Femi Otedola, Abdulsamad Rabiu, Mike Adenuga, and Elumelu.
The post further alleged that Elumelu promised $20m but later became unreachable, while other associates reportedly raised $500m to support the project, with Otedola said to have contributed $300m.
However, the Dangote Group said such claims were fabricated and should not be attributed to its president, reiterating that the financing narrative presented in the post was false.
Beyond the disputed publication, the company raised concerns over what it described as a growing trend of fabricated statements and the unauthorised use of Dangote’s identity in digitally manipulated content.
It warned that the misuse of his name, likeness, and image in artificial intelligence-generated advertisements and other misleading materials poses reputational risks and could amount to fraud.
“Furthermore, the group notes with concern a rising pattern of fabricated statements and the unauthorised use of Aliko Dangote’s name, likeness, and image in AI-generated advertisements and other misleading content. These actions amount to reputational harm and potential fraud,” the statement said.
The company cautioned individuals, organisations, and platforms involved in creating or disseminating false information to desist immediately, warning that it would not hesitate to pursue legal action where necessary to protect its reputation and that of its leadership.
The Dangote Group reaffirmed its commitment to maintaining high standards of integrity while continuing its industrial and economic contributions across Africa, particularly in advancing self-sufficiency and sustainable development.
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