Headline
Forex Crisis: EFCC 7,000-man Task Force Goes After Dollar Racketeers

In a move to reduce the pressure on the naira, the Economic and Financial Crimes Commission has raised a 7,000-man special task force across its 14 zonal commands to clamp down on dollar racketeers.
The spokesperson for the anti-graft agency, Dele Oyewale, in a statement on Wednesday in Abuja, said the commission had summoned the proprietors of private universities and other schools charging tuition in dollars.
The naira has been on a free fall against the dollar in the past weeks with the currency losing value against the greenback.
In the past weeks, the naira had plunged from about 900/dollar to over 1,400/dollar at the official market.
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, who appeared before the House of Representatives on Tuesday, disclosed that Nigerians spent $98bn in 10 years on foreign education, healthcare and personal travels, which had impacted the naira.
He spoke against the backdrop of the central bank’s battle to stabilise the exchange rate amid dollar shortage.
Cardoso argued that the foreign exchange market was facing increased demand pressures, causing a continuous decline in the value of the naira.
According to him, factors contributing to this situation include speculative forex demand, inadequate forex due to low remittance of crude oil earnings to the CBN, increased capital outflows, and excess liquidity from fiscal activities.
To address exchange rate volatility, he said a comprehensive strategy had been initiated to enhance liquidity in the forex market.
This includes unifying FX market segments, clearing outstanding FX obligations, introducing new operational mechanisms for Bureau De Change operators, enforcing the Net Open Position limit for commercial banks, and adjusting the remunerable Standing Deposit Facility cap.
Cardoso revealed that between 200 and 2020, foreign education expenses amounted to a substantial $28.65bn, as per the CBN’S publicly available Balance of Payments Statistics.
Similarly, medical treatment abroad incurred around $11.01bn in costs during the same period. Within the same period, Personal Travel Allowances accounted for a total of $58.7bn.
READ ALSO: Auction Excess Dollars In Former Governors’ Accounts – Fayose’s Brother Tells Tinubu [Video]
Cumulatively, Nigerians spent about $98bn on foreign trips, medical tourism and overseas education, a figure the CBN governor said was more than the total foreign exchange reserves of the central bank.
Further compounding the situation, according to Cardoso, has been the consistent decline in Nigeria’s export earnings against the backdrop of increasing imports.
In contextualising the problem, Cardoso pointed out that Nigeria’s annual imports, which require dollars for payment, amounted to $16.65bn in 1980.
Worried by the development, the Finance Minister and Coordinating Minister for the Economy, Wale Edun, had last Friday met with the CBN Governor and the EFCC Chairman, Ola Olukoyede, to proffer solutions to the naira crisis.
The meeting, according to a statement signed by the Federal Ministry of Finance, was to strategise on stabilising the beleaguered currency.
“This afternoon at Finance HQ, HM Finance & Coordinating Minister for the Economy, Wale Edun, EFCC Chairman Ola Olukoyede and CBN Governor Olayemi Cardoso, engaged in a strategic discussion focused on enhancing the efficiency of our financial system and stabilising the naira,’’ the finance ministry posted on its X handle.
To strengthen the national currency and stabilise the nation’s volatile exchange rate, the CBN directed Deposit Money Banks to sell their excess dollar stock latest February 1, 2024.
The CBN, which made the disclosure in a new circular released last week Wednesday, also warned lenders against hoarding excess foreign currencies for profit.
According to officials, the central bank believes some commercial banks hold long-term foreign exchange positions to enable them to profit from the volatile movements of exchange rates.
The new circular introduces a set of guidelines aimed at reducing the risks associated with these practices.
In continuation of the targeted measures, the EFCC revealed it had set up a special task force to enforce the extant laws against currency mutilation and dollarisation of the economy.
It explained that it arrested some perpetrators issuing invoices in dollars and mutilating the naira in Lagos and Rivers States.
READ ALSO: Why FG Chose N800/Dollar Exchange Rate For 2024 Budget – Minister
Zonal commands
Oyewale said, “The EFCC has raised a special task force in all its zonal commands for the enforcement of extant laws against currency mutilation and dollarization of the economy.
“The taskforce, inaugurated by the Executive Chairman of the commission, Ola Olukoyede, was raised to protect the economy from abuses, leakages and distortions exposing it to instability and disruption
“Already, the commission has made some arrests of perpetrators of issuance of invoices in dollars and mutilation of the naira in Lagos and Port Harcourt.
“Also, proprietors of private universities and other institutions of higher learning charging fees in dollars have been invited by the Commission.
“The commission is committed to the enforcement of all laws in place for the reflation and stimulation of the economy.”
The CBN Act, 2007, stipulates that the currency notes issued by the CBN “shall be the legal tender for the payment of any amount in Nigeria.”
Furthermore, the Act stipulates that any person(s) who contravenes this provision is guilty of an offence and shall be liable on conviction to a prescribed fine or six months imprisonment.
Meanwhile, The PUNCH findings show the EFCC special task force is operating in all its 14 commands with over 7,000 operatives or about 500 operatives in each command.
The zonal commands are Abuja, Benin, Enugu, Gombe, Ibadan, Ilorin, Kaduna, Kano, Lagos, Maiduguri, Makurdi, Port Harcourt, Sokoto and Uyo.
A source, who was not authorised to speak on the issue, revealed that all private universities and other tertiary institutions charging dollars and other foreign currencies in place of naira had been invited by the EFCC for a briefing, and sensitised on the fact that only the naira is a legal tender in Nigeria.
A second source, who declined to be named for confidential reasons, said the school proprietors would not be arrested by the EFCC unless they continued to violate the law by accepting foreign currency.
He stated, “The Special Task Force is operating in all our 14 commands, and we have about 500 operatives in each command’s task force; that equals over 7,000 operatives overall.
READ ALSO: Naira Depreciates Against Dollar, Loses N81
“We invited, quizzed, and sensitised all the proprietors of all private universities and other tertiary institutions charging dollars and other foreign currencies in place of naira.
“The aim of the sensitisation was for them to know about extant laws making only naira and kobo legal tenders in Nigeria, as opposed to dollar, pounds, or other foreign currency.
“However, none of the proprietors would be steered or prosecuted for now, unless they go ahead to keep charging in dollars or other foreign currencies.”
Foreign airlines
However, the President of the Association of Foreign Airlines and Representatives in Nigeria, Dr Kingsley Nwokoma, said there was no cause for alarm, adding that the EFCC’s action would not affect his members.
But he asked banks to repatriate the trapped funds from tickets sold in naira.
Meanwhile, reacting to the development, the Director-General of the Nigeria Employers’ Consultative Association, Mr. Wale Oyerinde, said, “From what we’ve heard as contained in the CBN Act, dollarisation is an economic offence, so they are on point. It is not whether it will salvage the economy or not. Salvaging the economy requires a multifaceted approach and efforts.”
Also speaking, a facilitator with the Nigerian Economic Summit Group, Dr. Ikenna Nwaosu, said, “The answer first would be that a doctor heal yourself. Many government agencies are still charging in foreign currency. If you look at the Nigerian Ports Authority, the Nigerian Maritime Administration and Safety Agency, most of their fees are in dollars for all their services. They issue invoices in dollars. So when your own government agencies have not stopped why are you telling individuals not to charge in dollars. So I can’t say whether it would work or not because they government is not complaint. If you want to do uniform let it get to everywhere. I want to add that if you are saying that you are promoting investment in the country, you have to lead by example.”
Also, the President, Association of Bureau De Change, Aminu Gwadabe, said it was illegal for businesses or individuals in Nigeria to demand payment in forex.
He noted that allowing such would further weaken the embattled naira.
“It is illegal to ask for payment of whatever sort in foreign currency here in Nigeria. The CBN already issued a circular to this effect. Allowing institutions to receive payment in dollars will further cause more damage to the naira which is already depreciating,” he said.
Recently, some schools have reportedly requested for tuition fees in forex. An example of such is Wigwe University, a private university reportedly owned by Group Managing Director, Access Holdings Plc, Mr. Herbert Wigwe
According to document published on its website (https://www.wigweuniversity.edu.ng/tuitionfess/) Wigwe University‘s 2024/2025 College of Arts students are expected to pay $12,000 annually as tuition fee; College of Engineering, $15,000; College of Management and Social Sciences, $15,000; and College of Science and Computing, $15,000.
SOURCE: PUNCH
Headline
Trump Threatens To Unleash ‘Hell’ On Hamas

US President Donald Trump has given Hamas until 2200 GMT on Sunday to accept his 20-point plan for peace in Gaza, warning the Palestinian militant group faced “all hell” if it did not agree to the terms.
The US leader set the deadline — which would fall at 1:00 a.m. Monday in Gaza — after an official for the Islamist movement told AFP earlier on Friday that the group still needed time to study the proposal to end nearly two years of devastating war in the Palestinian territory.
“If this LAST CHANCE agreement is not reached, all HELL, like no one has ever seen before, will break out against Hamas,” Trump posted on his Truth Social platform.
The proposal, backed by Israeli Prime Minister Benjamin Netanyahu, calls for a ceasefire, the release of hostages within 72 hours, Hamas’s disarmament and a gradual Israeli withdrawal from Gaza.
READ ALSO:Israeli Forces Strike Gaza Despite Trump’s Ceasefire Call
That would be followed by a post-war transitional authority headed by Trump himself.
“Hamas is still continuing consultations regarding Trump’s plan… and has informed mediators that the consultations are ongoing and need some time,” the official said on condition of anonymity because they were not authorised to speak publicly on the matter.
On Tuesday, Trump gave Hamas “three or four days” to accept his plan, which has been welcomed by world powers, including Arab and Muslim nations.
Mohammad Nazzal, a member of Hamas’s political bureau, said in a statement Friday that the “plan has points of concern, and we will announce our position on it soon.”
READ ALSO:Israel Strikes Hamas Leadership, Explosions Reported In Qatar’s Capital
As Hamas mulled Trump’s peace plan this week, a Palestinian source close to the group’s leadership told AFP on Wednesday that the Islamist movement wanted to amend some clauses, including the one on disarmament.
Hamas leaders also want “international guarantees” for a full Israeli withdrawal and that no assassination attempts would be made inside or outside Gaza, the source added.
Another source familiar with the negotiations told AFP that the group was split over Trump’s plan.
Structurally, the group’s leadership is divided between officials based in the Gaza Strip and those abroad, particularly in Qatar.
READ ALSO:Spain Cancels $825m Israel Arms Deal Over Gaza
Much of Hamas’s leadership has also been wiped out in Israeli attacks throughout the war.
The source told AFP that “the first (opinion) supports unconditional approval, as the priority is a ceasefire under Trump’s guarantees, with mediators ensuring Israel implements the plan”.
“The second has serious reservations regarding key clauses… They favour conditional approval with clarifications reflecting Hamas’s and the resistance factions’ demands,” the source added.
Hugh Lovatt, a senior policy fellow at the European Council on Foreign Relations, said “ultimately it’s not just about convincing Hamas leadership in Doha, but also the leadership in Gaza, as well as Hamas members and fighters in Gaza.”
READ ALSO:Israel Begins Ground Offensive In Gaza Despite International Criticism
“Additionally, Hamas must then be able to convince other factions in Gaza,” he added.
The war was triggered by Hamas’s October 7, 2023 attack on Israel, which resulted in the deaths of 1,219 people, mostly civilians, according to an AFP tally of Israeli official figures.
Israel’s retaliatory offensive has killed at least 66,288 Palestinians, according to health ministry figures in the Hamas-run territory that the United Nations considers reliable.
Their data does not distinguish between civilians and combatants, but indicates that more than half of the dead are women and children.
Headline
Israeli Forces Strike Gaza Despite Trump’s Ceasefire Call

Gaza’s civil defence agency said Saturday that Israel carried out dozens of attacks on Gaza City despite US President Donald Trump’s appeal to end bombardments after Hamas accepted a ceasefire deal.
“It was a very violent night, during which the (Israeli army) carried out dozens of air strikes and artillery shelling on Gaza City and other areas in the Strip, despite President Trump’s call to halt the bombing,” civil defence spokesman Mahmud Bassal told AFP.
Bassal, whose agency is a rescue force which operates under Hamas authority, added that 20 homes were destroyed in the overnight bombardments.
READ ALSO:Brazil Slams Israel’s Gaza Aid Interception, Demands Detainees’ Safety
“The situation is very serious in Gaza City,” Bassal said, adding that his teams were not able to reach all the casualties due to the “presence of tanks and the ongoing bombardment”.
Contacted by AFP, the Israeli military said it was “checking” reports of overnight bombardments on Gaza City.
Gaza City’s Baptist Hospital said in a statement that it received casualties from a strike on a home in Tuffah neighbourhood, including four dead and “several wounded”.
READ ALSO:Brazil Slams Israel’s Gaza Aid Interception, Demands Detainees’ Safety
Nasser Hospital in south Gaza’s Khan Yunis said two children were killed and eight people were wounded in a drone strike on a tent in a camp for displaced Gazans.
The peace plan for Gaza, presented by Trump this week and backed by Israeli Prime Minister Benjamin Netanyahu, calls for a ceasefire, the release of hostages within 72 hours, Hamas’s disarmament and a gradual Israeli withdrawal from Gaza.
Hamas said on Friday it was ready to release hostages held in Gaza under the Trump plan, but wanted negotiations on the details and a say in the future of the Palestinian territory.
AFP
Headline
Prosecutors Seek 11-year Sentence For Diddy, Citing ‘Lack Of Remorse’

Prosecutors urged a federal judge Friday to sentence Sean “Diddy” Combs to more than a decade behind bars for his conviction on two prostitution-related counts, saying the music mogul had shown a lack of remorse.
“This is not a person who has accepted responsibility,” prosecutor Christy Slavik told the New York court at Diddy’s sentencing hearing.
“His remorse was qualified. It’s as though he thinks the law doesn’t apply to him,” Slavik said in arguing for an 11-year prison sentence for the 55-year-old hip-hop innovator. ” “His respect for the law is just lip service.”
Combs’s lawyers have asked the judge for a 14-month sentence, which would effectively be time served.
Slavik said Combs had booked speaking engagements in Miami next week in anticipation of a light sentence, which she called “the height of hubris.”
READ ALSO:Jury Selection Begins In Sean ‘Diddy’ Combs Sex Crimes Trial
Judge Arun Subramanian for his part said federal sentencing guidelines suggested a prison term of between six and seven years although he has the latitude to impose more or less.
The judge also noted an apparent lack of remorse, saying Combs has “challenged his factual guilt full-throatedly.”
Combs was expected to address the court at the sentencing hearing after submitting a letter to the judge on Thursday pleading for mercy and saying he had “lost my way.”
Following two months of often searing testimony, jurors in July rejected the most serious charges of sex trafficking and racketeering against Combs, sparing him the prospect of life in prison.
Combs’s mother and six of his children were in court on Friday and have submitted letters to the judge in his support.
READ ALSO:Woman Who Accused Jay-Z, Diddy Of Rape Drops Lawsuit
In his plea to the judge, Combs apologised for his conduct, saying he was “scared to death” to be away from his family and vowing he “will never commit a crime again.”
“I lost my way,” he wrote. “I got lost in my journey. Lost in the drugs and the excess.”
Combs’s former girlfriend, Casandra Ventura, asked the judge in a letter of her own to consider “the many lives that Sean Combs has upended with his abuse and control.”
– ‘Humbled and broken’ –
Ventura, the 39-year-old singer known as Cassie, testified for days while heavily pregnant.
She described in wrenching detail physical, emotional and sexual abuse she suffered while in a more than decade-long relationship with Combs.
READ ALSO:Sean ‘Diddy’ Combs Reacts After Kanye West Calls For His Release From Prison
Ventura and another woman, identified as Jane, said they were coerced into performing so-called “freak-offs”: sexual marathons with hired men that Combs directed and sometimes filmed.
“The entire courtroom watched actual footage of Combs kicking and beating me as I tried to run away from a freak off in 2016,” Ventura wrote.
“People watched this footage dozens of times, seeing my body thrown to the ground, my hands over my head, curled into a fetal position to shield me from the worst blows,” she said, noting she has nightmares and flashbacks “on a regular, everyday basis.”
Ventura said she and her family had left the New York area for fear of “retribution” from Combs if he is released.
READ ALSO:Sean ‘Diddy’ Combs Reacts After Kanye West Calls For His Release From Prison
The defense didn’t deny Combs’s sexual activity but insisted it was consensual.
They also didn’t deny Combs’s years of violence against both romantic partners as well as employees — but they said it didn’t meet the legal threshold for the grave charges he faced.
Jurors took their side.
The conviction on lesser if still serious counts stemmed from a federal statute that makes it illegal to transport people across state lines for prostitution.
Combs has been incarcerated in Brooklyn for more than a year.
He said his time in prison has left him “reborn.”
“I have been humbled and broken to my core,” Combs wrote.
AFP
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