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 Revenue, Profit Soar To N5.08tn, N447bn In October

Published

2 days ago

November 29, 2025

Editor

The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.

The state-owned firm disclosed this in its monthly financial report released on Saturday.

According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.

The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.

The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.

Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.

Business

NNPCL Reveals Reason Behind N5.4trn Profit After Tax

Published

2 days ago

November 29, 2025

Editor

The Group Chief Executive Officer of Nigerian National Petroleum Company Limited, NNPCL, Bayo Ojulari, has explained that the state-owned firm’s N5.4 trillion profit after tax declaration in its 2024 financial statements indicates that the country has begun to reap the benefits of the Petroleum Industry Act.

He made this explanation in an interview released on NNPCL’s X account on Friday.

Recall that NNPCL declared a significant N5.4 trillion PAT from a total revenue of N45.1 trillion in 2024.

Reacting, Ojulari said the earnings result demonstrated the state-owned firm’s commitment to transparency.

“This earning is our first step in going out there to make ourselves more visible and demonstrate our commitment towards transparency. The profit of N5.4 trillion is quite significant. What that indicates is that we are beginning to reap the benefits of the Petroleum Industry Act.”

According to DAILY POST, since Ojulari’s appointment in April 2025, NNPCL has been consistent in making its monthly financial records public.

Business

CBN Directs Nigerian Banks To Withdraw Misleading Advertisement

Published

3 days ago

November 28, 2025

Editor

The Central Bank of Nigeria (CBN) has directed Nigerian banks, payment service banks and other financial institutions to immediately withdraw all advertisements that violate consumer-protection rules.

The directive, issued in a circular dated Thursday and signed by Olubunmi Ayodele-Oni, director of the CBN’s compliance department, followed a review of marketing practices in the financial sector.

The apex bank said the assessment revealed inconsistencies in how institutions apply disclosure, transparency and fair-marketing requirements.

The CBN ordered the removal of all non-compliant adverts and warned that future promotional materials must be factual, balanced and transparent.

It banned misleading claims, exaggerated benefits, incomplete information, unaudited financial results and comparative language that could de-market competitors.
The regulator of Nigeria’s financial sector also prohibited chance-based promotional inducements such as lotteries, prize draws and lucky dips.

Accordingly, institutions submitting adverts for prior notification must now include campaign timelines, creative materials, target audience details and written confirmation of internal legal and compliance clearance, along with proof that the underlying product has CBN approval.

The bank clarified that such notifications are only for monitoring and do not amount to approval.
All affected institutions must file a compliance attestation within 30 days, signed by the chief executive and compliance leads.

The CBN added that beginning January 2026, it will conduct a follow-up review and apply sanctions for violations under BOFIA 2020 and the Consumer Protection Regulations.