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The Naira-Dollar manipulators must be banned in Nigeria, Says Onanuga

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I chanced on an X post Tuesday night by one Brother Bernard
@Mikael C Bernard who railed against what he called the order of the EFCC, NSA on Finance to set a cap on traders selling USD tokens for Naira equivalent.

He disclosed that token sellers have migrated to Telegram and were selling Naira at N1850 and above.

He did not stop there, he lashed out at the Nigerian authorities over the efforts to arrest the slide of the Naira. He wrote: “If this is how they plan to save the naira, I’m sorry but it’s going to fail woefully. Binance was only a medium. If you block Binance, people will find new ways.This whole policy is absolutely ridiculous. Naira is going to zero”.

Naira going to Zero? Is the owner of this account a Nigerian patriot? I checked Bernard’s profile. He says he is “BUIDLing something for migrants” and he is the “Chief Commander of Japa”. Bernard also posted a web link www. http://exposingagbado.com.

My curiosity has paid off. Bernard is one of those implacable supporters of President Bola Ahmed Tinubu’s opponents in the last election, still having an axe to grind; otherwise, why will any patriotic Nigerian wish that “Naira is going to Zero”.

On Tuesday, Bernard shared Naira-Dollar rates on some unidentified platforms, possibly Telegram, where Naira is being traded at N1900-N1950 to a US dollar.

He also enjoined forex traders or token holders to move their funds to “kucoin or bybit or your own cold wallet”.

Today, Bernard reported again that Binance has removed Tuesday’s cap and has now put another cap on Naira-dollar exchange. It is now N1892, he said, with a trading range of N1392 and N1892.

He was not happy about the new cap and attacked Binance: “Binance continues their games with Nigerians. Caps at 1892 when clearly the exchange rate is almost 2000/$ on other platforms. Trade elsewhere (NFA)”.

He retweeted a post by ‘Olumide capital’, who said Binance “distances itself from the forex debacle in Nigeria. Olumide reported that Binance said its platform is “market-driven and not intended to be a proxy for currency pricing in Nigeria.”

Binance which is blatantly setting exchange rate for Nigeria, hijacking CBN role, is a cryptocurrency trading platform, and suffers access limitations from multiple jurisdictions, such as the US, Singapore, Canada and the UK.

According to Data Wallet, Binance is prohibited in the United Kingdom by the Financial Conduct Authority from conducting any regulated activities. In Japan, the Financial Services Agency (FSA) banned Binance for operating without the necessary regulatory approval.

Ontario, Canada, has also suspended Binance services following its inability to meet the province’s securities regulation criteria. The Monetary Authority of Singapore also banned Singaporean investors from accessing Binance’s services.

Binance, facing regulatory showdown in many countries, and causing disruptions in the currency market, should not be allowed to dictate the value of the Naira, not on its crypto exchange platform. Other crypto platforms such as Kucoin, Bybit should be banned from operating in our cyberspace. FX platform Aboki should be re-banned.

The EFCC and the CBN should move against these platforms trying to manipulate our national currency to Ground Zero. Crypto should be banned in our country or else this bleeding of our currency will continue unabated.

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BREAKING: Tinubu Names Tunji Disu Acting Inspector General After Egbetokun’s Exit

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President Bola Tinubu has accepted the resignation of the Inspector-General of Police, Kayode Egbetokun, and approved the appointment of Tunji Disu as Acting Inspector-General of Police with immediate effect.

Our correspondent had earlier reported that Egbetokun tendered his resignation letter on Tuesday, citing pressing family considerations.

Appointed in June 2023, Egbetokun was serving a four-year term scheduled to conclude in June 2027, in line with the amended provisions of the Police Act.

In a statement issued on Tuesday by his Special Adviser on Information and Strategy, Bayo Onanuga, the President received the letter earlier on Tuesday and expressed appreciation for his service to the nation.

He also commended Egbetokun’s “decades of distinguished service to the Nigeria Police Force and the nation,” acknowledging his “dedication, professionalism, and steadfast commitment to strengthening internal security architecture during his tenure.”

“In view of the current security challenges confronting the nation, and acting in accordance with extant laws and legal guidance, President Tinubu has approved the appointment of Assistant Inspector-General of Police Tunji Disu to serve as Acting Inspector-General of Police with immediate effect.

“The President is confident that AIG Disu’s experience, operational depth, and demonstrated leadership capacity will provide steady and focused direction for the Nigeria Police Force during this critical period,” the statement read.

It added that in compliance with the provisions of the Police Act 2020, the President will soon convene a meeting of the Nigeria Police Council to formally consider Disu’s appointment as substantive Inspector-General of Police, after which his name will be forwarded to the Senate for confirmation.

The President reaffirmed his administration’s commitment to enhancing national security, strengthening institutional capacity, and ensuring that the Nigeria Police Force remains professional, accountable, and fully equipped to discharge its constitutional responsibilities.

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Breaking : Nigeria Gets New Electoral Act as Tinubu Signs 2026 Reform Bill

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President Bola Tinubu has signed the Electoral Act 2026 (Amendment) into law, days after the Independent National Electoral Commission (INEC) released the timetable for the 2027 general elections.

The signing ceremony took place at the State House, Abuja, at about 5:00pm on Wednesday, with principal officers of the National Assembly in attendance.

The National Assembly had on Tuesday passed the Electoral Act 2026 (Amendment) Bill.

The latest amendment comes amid intense public debate over the electronic transmission of election results in real time.

Last week, protests erupted at the National Assembly complex as civil society organisations and opposition figures mounted pressure on lawmakers to mandate live transmission of results from polling units directly to INEC’s central server.

The protesters argued that real-time transmission would reduce result manipulation and strengthen public confidence in the electoral process.

However, the ruling All Progressives Congress (APC) and some stakeholders have raised concerns about the technical feasibility of live transmission, particularly in communities with weak telecommunications infrastructure. They have argued for a phased or hybrid approach that would allow manual collation where electronic systems fail.

 

 

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EFCC Extends El-Rufai’s Stay in Custody Amid ₦432bn Probe

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Former Kaduna State Governor, Nasir El-Rufai, on Tuesday spent the second night in the custody of the Economic and Financial Crimes Commission, as his lawyer, A.U Mustapha (SAN), pushes for his release on bail.

There are, however, indications that the commission may seek a remand order to extend his stay in custody to enable him to respond to questions posed by investigators handling his matter.

The former governor arrived at the EFCC headquarters in Abuja on Monday around 10 a.m. for questioning in connection with an alleged N432bn corruption probe. He was, however, detained at the commission, where investigators continued to grill him.

An official of the commission who pleaded anonymity said the anti-graft agency was considering obtaining a remand order after the expiration of the hours allowed by law to enable investigators conclude questioning him.

“Forget the speculations being peddled on social media that he has been released. He has not. El-Rufai is still with us and will be spending another night in custody.

“He is very much with us and will remain so because the investigators are considering getting a remand order after the expiration of the 48 hours allowed by law.

“The investigators need some time with him to answer questions arising from his eight years as governor in Kaduna State,” the source said.

Speaking in a telephone conversation with The PUNCH on Tuesday, El-Rufai’s counsel, Mustapha, confirmed that the former governor remained with the anti-graft agency, while insisting that his client had fully cooperated with investigators.

He described his client as a responsible citizen who is not a flight risk if granted bail.

Mustapha said, “Well, as a responsible citizen, he was invited and, true to his word, he honoured the invitation.

“As we speak, he is still with the EFCC. He is cooperating to the best of his capacity, and we hope that the EFCC, given its integrity, will be kind enough to admit him to bail because he is presumed innocent, and I am sure if he is granted bail, he will not jump bail.

“He is a responsible citizen, and everybody knows him. He came to Nigeria on his own volition. He wrote a letter that he was going to honour the EFCC invitation, and he kept his word as a man of integrity. We’re hopeful that very soon he will be granted bail.”

When asked about the specific allegations against his client, Mustapha declined to offer details.

“You’re asking the right question from the wrong person. That question can only be answered by the EFCC and not by me. I would just be speculating, and lawyers don’t do that.”

Pressed further on whether he witnessed parts of the interrogation and what it was about, Mustapha responded, “That would be prejudicial. It’s a confidential matter and not meant for public consumption.”

The EFCC’s interrogation is linked to the report of an ad hoc committee of the Kaduna State House of Assembly set up in 2024 to probe finances, loans, and contracts awarded between 2015 and 2023 during El-Rufai’s administration.

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The committee, chaired by Henry Zacharia, had alleged that several loans obtained during the period were not utilised for their intended purposes.

While presenting the report, the Speaker, Yusuf Dahiru Leman, claimed that about N423bn was allegedly siphoned under the former governor’s administration.

The committee recommended the investigation and prosecution of El-Rufai and some former cabinet members over alleged abuse of office, diversion of public funds, money laundering, contract awards without due process, and reckless borrowing.

The Assembly subsequently forwarded petitions to the EFCC and the Independent Corrupt Practices and Other Related Offences Commission.

El-Rufai has denied the allegations, describing the probe as politically motivated, and insisted that loans obtained during his tenure were properly appropriated and used for infrastructure, education, healthcare, and security.

On Monday, an EFCC source said the commission had been investigating the matter for about a year, noting that suspects are usually invited after investigations have reached an advanced stage.

“The commission has been investigating him for about a year now. As a commission, we don’t just rush to invite suspects. Persons accused are always the last; that is, after we might have done our investigation to an advanced stage.

“We are investigating him on the allegations against him by the Kaduna State Assembly,” the source said.

Meanwhile, in a separate development, the Department of State Services has filed criminal charges against El-Rufai before the Federal High Court in Abuja over alleged unlawful interception of the phone communications of the National Security Adviser, Nuhu Ribadu.

The three-count charge, marked FHC/ABJ/CR/99/2026, was filed under the Cybercrimes (Prohibition, Prevention, etc.) Amendment Act, 2024, and the Nigerian Communications Act, 2003.

According to the charge sheet, El-Rufai allegedly admitted during a February 13, 2026, appearance on Arise TV’s Prime Time Programme that he and unnamed associates unlawfully intercepted Ribadu’s communications.

Count One alleged that El-Rufai “did admit during the interview that you and your cohorts unlawfully intercepted the phone communications of the National Security Adviser, Nuhu Ribadu,” an offence said to be punishable under Section 12(1) of the Cybercrimes Amendment Act.

Count Two accused him of acknowledging knowledge of an individual involved in the alleged interception without reporting it to security agencies, while Count Three alleged that he and others still at large used technical equipment that compromised public safety and national security.

The prosecution further claimed that the alleged act, reportedly admitted during the television interview, caused “reasonable apprehension of insecurity among Nigerians.”

He is yet to be arraigned.

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