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

Naira Appreciates At Official Market

Published

3 weeks ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

Business

BREAKING: Again, Dangote Refinery Cuts Petrol Price

Published

3 weeks ago

May 22, 2025

Editor

The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.

Business

Naira Appreciates Against Dollar At Foreign Exchange Market

Published

4 weeks ago

May 17, 2025

Editor

The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.

It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.

According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.

This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.

The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.

On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.

These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.

However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.

This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.

Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.

Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.

Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.

The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.