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BREAKING: CBN To Prosecute Forex Defaulters
Published
2 years agoon
By
Editor
The Central Bank of Nigeria has said it is set to prosecute forex defaulters in the country.
The CBN Acting Director of Communication, Mrs. Sidi Ali, disclosed in a statement in Abuja on Wednesday.
Nigeria has nearly $7 billion in forex forwards that have matured which is a major concern for investors, but the CBN promised to pay up to boost confidence in the foreign exchange markets.
Sidi explained that the apex bank commissioned an independent forensic review by a reputable firm to look into the forex exchange issues in the country.
READ ALSO: CBN Decongests Dead Office, Moves Departments To Lagos
According to her, “the review revealed grave infractions, gross abuse, and significant non-compliance with market regulations, and :appropriate sanctions would be enforced in collaboration with relevant agencies”
She also said the CBN will continue to settle the legitimate foreign exchange backlog as it has consistently been doing in the last three months.
Nigeria’s foreign currency shortages have been worsened by declining oil production, which is the country’s largest export, accounting for more than 90 per cent of dollar inflows.
The statement read, “The Central Bank of Nigeria in its bid to clear the backlog of outstanding foreign exchange liabilities, has paid approximately $2 billion across various sectors, including manufacturing, aviation, and petroleum.
READ ALSO: BREAKING: CBN Sacks Boards Of Union, Titan Trust, Keystone, Polaris Banks
“The Bank has also cleared up the entire liability of 14 banks and started settlements with foreign airlines.”
Explaining that the bank had commissioned an independent forensic review by a reputable firm, she also disclosed that payment of the forex backlog for qualified transactions had commenced.
She, however, noted that the review revealed grave infractions, gross abuse, and significant non-compliance with market regulations, and appropriate sanctions would be enforced in collaboration with relevant agencies.
Sidi stressed the CBN’s resolve to sanitise the financial services sector and foster trust among all market participants, as well as internal and external stakeholders, in the Nigerian economy.
“Nevertheless, the CBN will continue to settle the legitimate foreign exchange backlog as it has consistently been doing in the last three months,” the statement added.
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News
DSS Issues Warning, Arrests Man For Circulating Fake Recruitment Materials
Published
5 hours agoon
August 24, 2025By
Editor
The Department of State Services (DSS) has disclosed the arrest of one Mr. Eze Ezenwa Benard, who was recently apprehended for circulating fake DSS recruitment past questions and answers on Facebook.
The agency, while warning the public in a statement on Saturday, said the suspect operated through a page known as “Jobs and Education”, where he advertised the fraudulent materials and charged unsuspecting members of the public one thousand naira (N1,000) for access.
“The public is hereby cautioned to disregard any materials, as the DSS does not sell or distribute recruitment questions, answers, or examination guides through private individuals or social media pages. Recruitment into the Service, when necessary, follows specialised procedure in accordance with extant laws and due process,” the statement reads.
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Continuing, DSS said Ezenwa’s arrest underscores the Service’s determination to safeguard Nigerians from the fraudulent schemes of unpatriotic elements. “Citizens are therefore encouraged to remain vigilant, verify information from official sources and report suspicious recruitment adverts or individuals attempting to extort money under false pretense.”
The agency assured that it will continue to protect the integrity of its recruitment process while ensuring that perpetrators of fraud face the full weight of the law.
News
‘Na Only People You Gave Work Love You,’ Singer Speed Darlington Tells Tinubu
Published
5 hours agoon
August 24, 2025By
Editor
Singer Speed Darlington has told President Bola Tinubu that public admiration cannot be bought, warning that only those who received appointments or jobs from the government truly support him.
In a video posted on Saturday, August 23, the singer said, “Everything isn’t about the economy! There is more to leadership than the economy. See as everybody dey call your name, dey complain. Nobody loves you. Na only the ones you gave work, na them love you. Even your own tribe dey complain about you.”
READ ALSO:Before You Leave Office, Reform The Police — Speed Darlington Urges Tinubu
Darlington, an Igbo man, urged Tinubu to focus on police reform and respect for human rights. “The Nigerian police is an oppressive agency rooted in human rights violation. As a matter of fact, if they do not violate you, it’s as if they are not even doing their job.
“The idea of arrest before investigation is a pure human rights violation. You arrest and hold a person before you dey investigate. Please, before you leave office, please speak to your Yoruba brother IGP man,” he added.
News
Before You Leave Office, Reform The Police — Speed Darlington Urges Tinubu
Published
5 hours agoon
August 24, 2025By
Editor
Popular controversial singer Speed Darlington has called on President Bola Tinubu to reform the Nigerian Police Force, urging the government to prioritise citizens’ rights alongside economic growth.
In a video posted on Saturday, the entertainer criticised what he described as the police’s systemic human rights violations and oppressive practices.
“Mr President, before you leave office, whether you secure a second term or not, try your best to improve Nigeria. Everything isn’t about the economy!
“There is more to leadership than the economy. See as everybody dey call your name, dey complain. Nobody loves you. Na only the ones you gave work, na them love you. Even your own tribe dey complain about you,” he said.
READ ALSO:Obi Blames Tinubu For 70% Investment Crash
The singer, who identifies as Igbo, urged Tinubu to engage with the Inspector-General of Police and implement reforms.
“As an Igbo man, the advice I can give you so people will know your name and remember you for something good is to reform the police. Reform the police.
“The Nigerian police is an oppressive agency rooted in human rights violation. As a matter of fact, if they do not violate you, it’s as if they are not even doing their job.
“The idea of arrest before investigation is a pure human rights violation. You arrest and hold a person before you dey investigate,” he added.
READ ALSO:Tinubu Subsidises Kidney Dialysis Cost By 76% In Federal Hospitals
Darlington also recounted his personal ordeal with law enforcement, highlighting the system’s abuse of power.
“I was held for two months after the judge had ordered my release. FID held me for two months. According to my lawyer, the Nigerian law gives only 28 days for investigation.
“They held me for two months. What is the extra month for? Because they can. If you give them money, they oppress your enemy. I have experienced it,” he said.
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