Business

CBN FX Scam: How Emefiele Ordered My Arrest, Detention For 101 Days, Says Whistleblower

Published

2 years ago

June 12, 2023

A human rights organisation, under the aegis of George Uboh Whistleblowers Network, on Monday advised President Bola Tinubu to direct law enforcement agencies to collaborate with whistleblowers in solving crimes and recovering stolen funds.

The organisation highlighted the significance of whistleblowers in exposing corruption and wrongdoing and emphasized the need to shield them from retaliation.

The Chairman of GUWN, Dr George Uboh, who canvassed the views during a press conference held at the Abuja council of the Nigeria Union of Journalists, also revealed how he was arrested and detained for 101 days in 2019 after he exposed the Forex scam by the embattled former Governor of the Central Bank of Nigeria, Godwin Emefiele.

He, therefore, suggested the implementation and strengthening of the whistleblower policy, with the establishment of an independent office to safeguard and compensate whistleblowers.

Uboh commended President Bola Tinubu for his courage in arresting a partisan CBN governor whose unprecedented crimes against humanity, the Nigerian masses were many.

The activist also highlighted the importance of appointing a person with prior experience in whistleblowing to lead the office and protect whistleblowers from any adverse treatment.

Uboh said, “While the media is replete with reports of Emefiele’s corruption post-arrest, pre-arrest, however, no Nigerian dared criticise the Almighty Emefiele. George Uboh Whistleblowers Network (hereinafter GUWN) exposed Emefiele’s corruption regarding forex fraud of over US$3 billion via letters written to Emefiele on or about April 1, 2019.

“On May 15, 2019, the day Emefiele appeared before the Senate for screening and clearance for his second tenure, I was arrested in my Maitama office. I was detained for 101 days for defamation of Emefiele’s rotten character. The then Chief Judge, FCT, Ishaq Bello refused to hear my bail application. DIG Mike Ogbizi verbally denied me bail after I fulfilled the administrative bail granted to me by his men at Force CID.

“We humbly request that President Bola Ahmed Tinubu, GCFR direct law enforcement agencies to work with whistleblowers in order to solve crimes swifter, trace and recover mind-boggling funds stolen or trapped.

“Whistleblowers play a vital role in the fight against corruption, and it is crucial to protect them from adverse treatments and compensate them.”

Business

NNPCL Increases Fuel Price

Published

17 hours ago

August 5, 2025

Editor

The Nigerian National Petroleum Company Limited, NNPCL, has increased the pump price of premium motor spirit across its retail outlets.

It was gathered that NNPCL retail outlets in Abuja have adjusted their fuel pump price to N955 per litre from N890.

This is the case in NNPCL retail outlets along Kubwa Expressway, Wuse and other parts of Abuja.

Similarly, the pump price hike has been implemented at filling stations in Kogi and Nasarawa.

This means that the petrol pump price was increased by N65.

This comes after independent petroleum product marketers and filling station owners in Abuja increased petrol pump prices to between N950 and N971 per litre at the weekend. Their decision followed an upward review of the ex-depot petrol price by Dangote Refinery to N858 per litre, up from N820.

Business

Naira Appreciates Against Dollar As External Reserves Swell

Published

18 hours ago

August 5, 2025

Editor

The naira appreciated against the dollar at the official foreign exchange market on Monday to begin the week on a bullish note amid swelling external reserves.

According to the Central Bank of Nigeria’s exchange data, the naira appreciated to N1,531.95 against the dollar on Monday from N1,533.74 traded last week Friday.

This showed that the Naira strengthened by N1.79 when compared to the N1,533.74 exchanged at the close of work last week.

Meanwhile, at the black market, the naira remained stable at N1560 per litre, the same exchange rate traded on Friday.

The development comes as Nigeria’s external reserves had maintained a modest rise to $39.54 billion as of August 1st, 2025, up from $39.36 billion on July 30th.

Business

Naira Continues To Appreciate Against Dollar On Official Market

Published

4 days ago

August 1, 2025

Editor

The naira continued its appreciation against the dollar at the foreign exchange market on Tuesday.

Accordingly, the naira strengthened further to N1,533.18 against the dollar on Tuesday, from N1,534.21 traded the previous day.

This represents a gain of N1.03 against the dollar on a day-to-day basis and marks the second consecutive day of appreciation at the official FX market.

Meanwhile, on the black market, the naira depreciated further to N1,545 per dollar on Tuesday from N1,537 traded on Monday.

Recall that the naira had similarly closed Monday’s trading session with mixed sentiments, recording gains at the official market but depreciating at the parallel market.