Headline

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

Published

1 year ago

February 8, 2024

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.

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.

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.

“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

Family Of Five Killed In Iranian Missile Strike After Fleeing Ukraine For Safety In Israel

Published

5 hours ago

June 28, 2025

Editor

A Ukrainian family of five who fled Russia’s war in search of safety were killed in Israel by an Iranian missile — the very conflict they thought they had escaped.

Mariia Pieshkurova had brought her 7-year-old daughter, Anastasiia, to Bat Yam, a suburb of Tel Aviv, hoping to get lifesaving cancer treatment and refuge from the violence at home.

Along with Anastasiia’s grandmother, Olena Sokolova, and two young cousins, Illia and Kostiantyn, they had started over — believing they were finally safe.

But on June 15, an Iranian missile tore through their apartment building during a retaliatory strike on Israel, killing them all.

“I really thought they’d be safe,” said Artem Buryk, Anastasiia’s father and Mariia’s former partner. “I never thought they’d go to Israel to escape war — and find it there.”

The missile attack, part of Iran’s response to Israeli airstrikes on its territory, collapsed much of the building in Bat Yam.

It took four days to recover Mariia’s body from the rubble.

Their deaths marked a heartbreaking intersection of two wars — Russia’s invasion of Ukraine and Iran’s conflict with Israel — both of which had already tested the family’s will to survive.

Mariia had moved to Israel in late 2022 after Anastasiia was diagnosed with leukemia.

Ukraine’s hospitals were overwhelmed, and its largest children’s hospital was later destroyed in a missile strike.

In Israel, treatment began immediately. It was effective but costly. Mariia turned to Instagram, sharing photos of her daughter in treatment and videos of Artem pleading for help while serving on Ukraine’s front lines.

“Masha did everything for her little girl,” said Anastasiia’s godmother, Khrytsyna Chanysheva. “She dedicated her life to her, moved to Israel to get her full treatment.”

Despite the pain, Anastasiia always smiled at visitors.

“She was in pain, and she would close her eyes for a second,” said charity worker Lada Fichkovsi. “But every time I walked into her room, she would smile.”

Her cousins joined the family in May 2024 as the situation in Odesa deteriorated.

“The shelling made my children cry,” said Hanna Pieshkurova, Mariia’s sister. “I decided to let them go.”

Though Israel was at war with Hamas, Mariia had assured her sister that Bat Yam was calm. Air raid sirens were rare, and the Iron Dome defense system offered hope.

“Ukrainians often say, ‘This is not Ukraine, it’s not as scary,’” said Inna Bakhareva of Chance4Life, a charity helping sick children in Israel. “They felt secure due to the Iron Dome.”

That sense of security evaporated after Israel struck Iranian targets on June 12. Iran retaliated with missile attacks across Israeli cities.

“Dad, at night I saw how the missiles were falling,” Anastasiia told her father in a voice message the night before she died.

She and her mother had been scheduled to visit the hospital the next morning. The missile struck before dawn.

Mr. Buryk, who had just returned from the front lines near Sumy, received the news that same day.

“I still don’t understand what’s happening,” he said. “I still can’t believe it.”

He used to promise Anastasiia they’d go fishing together when peace returned.

“Every time I talked to her, I’d say, ‘Sweetheart, we’ll go fishing. Just us,’” he said. “And now I just don’t understand. I still don’t even grasp that she’s gone.”

“Last night,” he added quietly, “I sent her voice messages.”

(New York Times)

Headline

Militia Attack On DRC IDP Camp, Kills 10, Mostly Women, Children

Published

16 hours ago

June 27, 2025

Editor

An armed group at the centre of a long-running ethnic conflict in the Democratic Republic of Congo’s northeast attacked a camp for displaced people on Friday, killing 10, local sources told AFP.

Bordering Uganda, Ituri province has for years been the scene of pitched battles between the Lendu, a group mainly made up of settled farmers, and the Hema people, typically nomadic herders.

The fighting has led to the deaths of thousands of civilians and the mass displacement of many more.

Friday’s assault on the Djangi displaced persons camp was carried out by the self-proclaimed Cooperative for the Development of Congo (Codeco), a Lendu-aligned militia responsible for previous civilian massacres, the camp’s head told AFP.

“They were many and armed with firearms and machetes. They surprised us, they killed 10 displaced people, most of them women and children,” said Richard Likana.

An employee of the Red Cross, who asked to remain anonymous, confirmed the attack, which took place around 60 kilometres (37 miles) from Bunia.

“They were cut up with machetes while others were shot,” the humanitarian worker added.

Congolese army Colonel Ruffin Mapela, the local administrator for Djugu territory where the camp is located, gave the same toll of 10 dead and put the number of injured at 15.

According to local and humanitarian sources, Codeco was responsible for an attack on February 10 which killed 51 people in Ituri province. Most of the victims were also displaced persons.

That raid was said to be a response to a strike by the rival Hema-led Zaire militia in the same area.

Violence between the Hema and Lendu killed thousands in gold-rich Ituri from 1999-2003, which only ended after European forces intervened.

The conflict erupted again in 2017, killing thousands more.

The violence has led to more than 1.5 million people leaving their homes, according to the UN.

AFP

Headline

Israel Wants Global Action Against Iran’s Nuclear Plans

Published

16 hours ago

June 27, 2025

Editor

Israel’s foreign minister said on Friday that the world was obliged to stop Iran from developing an atomic bomb, days after Israel claimed it had “thwarted Iran’s nuclear project” in a 12-day war.

“Israel acted at the last possible moment against an imminent threat to itself, the region, and the international community,” Gideon Saar wrote on X.

“The international community must now prevent, by any effective means, the world’s most extreme regime from obtaining the most dangerous weapon.”

Israel and Iran each claimed victory in the war that ended with a ceasefire on June 24.

The conflict erupted on June 13 when Israel launched a bombing campaign, stating it aimed to stop Iran from developing a nuclear weapon—an ambition Iran has consistently denied.

Following waves of Israeli attacks on nuclear and military sites, the United States bombed three key facilities, with President Donald Trump insisting it had set Iran’s nuclear programme back by “decades”.

Israeli Prime Minister Benjamin Netanyahu, in an address to the nation after the ceasefire, announced that “we have thwarted Iran’s nuclear project”.

However, there is no consensus as to how effective the strikes were.
On Friday, Iran rejected a request by UN nuclear watchdog chief Rafael Grossi to visit the bombed facilities, saying it suggested “malign intent”.

The comments from Iran’s Foreign Minister Abbas Araghchi came after parliament approved a bill suspending cooperation with the UN watchdog.

In a post on X following the move, Saar said Iran “continues to mislead the international community and actively works to prevent effective oversight of its nuclear programme”.