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

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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

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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

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“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.”

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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.

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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.

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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.

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“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

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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.”

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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.

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“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.

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SOURCE: PUNCH

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Nigerians Who Have Broken Guinness World Records

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Over the years, Nigerians have made their mark on the global stage by setting and breaking Guinness World Records across diverse fields.

Here are ten Nigerians who have earned a place in the Guinness World Records:

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1. Hilda Baci – Longest Cooking Marathon

Celebrity chef Hilda Baci captured national and international attention in May 2023 after cooking for 100 hours, setting the Guinness World Record for the longest cooking marathon by an individual. Though her record was later surpassed, Baci has remained at the forefront of culinary challenges.

At the time of writing this report, Baci is attempting to cook the largest pot of Jollof rice in collaboration with a food brand.

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2. Tunde Onakoya – Longest Chess Marathon

Chess master and founder of Chess in Slums Africa, Tunde Onakoya, etched his name in history on April 17, 2025, after playing non-stop chess for 64 hours in New York, USA. His successful attempt came a year after an earlier effort, which, though unsuccessful in breaking the record, raised over $100,000 for his charity initiative. The 64-hour duration was symbolic, representing the total number of squares on a chessboard.

READ ALSO:Drama As Hilda Baci’s Jollof Pot Falls After GWR Attempt

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3. Ojumola Bello – Longest Acting Marathon

Nollywood actress
Ojumola Bello made history in September 2024 when she completed 139 hours and 19 minutes of non-stop acting. The marathon, held at Pent View Hotel in Ikorodu, ran from September 22 to 27, making her the first Nigerian actress to secure such a feat in the global records.

4. Helen Williams – Longest Handmade Wig

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Helen Williams is a professional wig maker based in Lagos who turned her craft into a world-class achievement. At just 31, she entered the Guinness World Records in July 2023 with the longest handmade wig, measuring 351.28 metres longer than the Eiffel Tower. Her record reflects not only skill and creativity but also Nigeria’s growing influence in the global beauty and fashion industry.

5. Divine Ikubor (REMA)

Divine Ikubor, professionally known as Rema, is a Nigerian Afrobeats star whose global rise has redefined the country’s music scene. In May 2023, he made history as the first artist to top the MENA charts, earning a Guinness World Records title. His breakout hit Calm Down, released on February 11, 2022, quickly became one of the fastest songs to surpass 100 million streams on Spotify, cementing his status as one of Africa’s most influential young artists.

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READ ALSO:Guinness World Records Certifies UNILAG Graduate For Record-breaking Catwalk

6. Kafayat Oluwatoyin Shafau – Longest Dance Party

Kafayat Oluwatoyin Shafau, popularly known as Kaffy, is Nigeria’s most celebrated dancer, choreographer, and fitness coach. She rose to international fame in 2006 after leading a team to break the Guinness World Record for the longest dance party during the Nokia Silverbird Danceathon. Today, she remains a trailblazer in the entertainment industry and a role model for young African performers.

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7. Wizkid – One Billion Streams

Ayodeji Balogun, popularly known as Wizkid, one of Nigeria’s most internationally recognized musicians, came to the Guinness World Record spotlight when he featured on Drake’s hit single One Dance, which became the first track to surpass one billion streams on Spotify. The song was released on December 16, 2016.

One Dance marked a significant moment in global music, further solidifying Wizkid’s place in the international music scene. With the song, Wizkid became the first Afrobeats artist to achieve one billion streams on Spotify.

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READ ALSO:Guinness World Record Names 116-year-old Japanese World Oldest Person

8. Lucy Ejike – Heaviest Powerlifter

Lucy Ejike is a decorated Nigerian Paralympian and one of the country’s most celebrated powerlifters. She made history at the Rio 2016 Paralympic Games by lifting 142 kg in the -61 kg category, setting a Guinness World Record for the heaviest powerlift by a female athlete in that division. Her dominance in the sport stretches back to the Athens 2004 Paralympics, where her 127.5 kg lift in the -44 kg class secured gold and established a record that still stands today.

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9. Fela Kuti – Most Studio Albums Recorded By A Solo Artist

Fela Anikulapo Kuti, the legendary Afrobeat pioneer, holds a Guinness World Records title for the most studio albums recorded by a solo artist. Between 1969 and 1992, he released 46 albums over a 23-year career, leaving behind a body of work that continues to shape global music and political activism.

10. Adeoye Ajibola – Paralympic Athletes

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Adeoye Ajibola, a Nigerian Paralympic sprinter, made history at the 1992 Barcelona Paralympic Games when he ran the men’s 100 metres in 10.72 seconds. Competing in the T46 classification for athletes with limb impairments, he set a Guinness World Records mark and remains celebrated as one of Nigeria’s greatest Paralympic athletes.

11. Joy Onaolapo – Paralympic powerlifter

Joy Onaolapo was a Nigerian Paralympic powerlifter who delivered an unforgettable performance at the London 2012 Games. On September 1, she won a gold medal in the women’s -52 kg category after lifting 131 kg, a feat that secured her place in the Guinness World Records, among Nigeria’s sporting legends and inspired future generations of para-athletes.

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What To Know About Albania’s AI Minister, Diella

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Albania’s government has introduced Diella, an AI-generated virtual cabinet member tasked with public procurement. A world-first move that’s already drawing big praise and big questions.

Nigerian Tribune reports that Prime Minister Edi Rama unveiled Diella on Friday as a virtual member of the government, describing her as a cabinet member “not present physically but created virtually,” adding that she would help ensure public tenders remain free of corruption while making government operations more efficient and transparent.

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Below are ten most important, sourced facts and the key open questions to watch out for.

1. Diella as an AI

Diella is a computer system presented as an animated avatar (shown in traditional Albanian dress) and introduced by Prime Minister Edi Rama as a cabinet “member” created by AI rather than a flesh-and-blood minister.

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2. Official role and timing

The government
appointed Diella to take responsibility for public procurement when the new cabinet was presented in mid-September 2025. The announcement was made by Prime Minister Edi Rama.

READ ALSO:Israel-Palestine Conflict: Nigeria, 141 Countries Endorse Two-State Solution

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3. Where Diella came from

Diella evolved from a virtual assistant on the government e-Albania portal (AKSHI’s platform). The system was developed by Albania’s National Agency for Information Society (AKSHI) and expanded into a cabinet-level AI.

4. What the government promises

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Officials say Diella will make public procurement “100% free of corruption” by removing political discretion from awarding tenders and applying algorithmic decision-making. That is the reform pitch from PM Rama.

READ ALSO:Ghana Jails Three Nigerians For 96 Years Over Car Theft

5. Legal and constitutional controversy

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The appointment has sparked immediate debate. The presidency and opposition have expressed concern about constitutionality and who is accountable for ministerial decisions; some opposition figures have called the move political theatre.

6. Practical authority and human oversight unclear

Reports say procurement responsibilities are intended to be transferred gradually, but the government has not (publicly) published the full operational rules, human-in-the-loop safeguards, or the audit framework that would show who can override or audit Diella’s decisions.

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That lack of detail is a major practical question.

7. Tech partnerships and the avatar

News reports say Diella was developed by Albania’s AI lab at AKSHI and Associated Press reports mention collaboration with Microsoft; the avatar’s likeness and voice have also been linked to a local actress in public reporting.

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READ ALSO:Air Peace Reacts To NSIB’s Report On Drug, Alcohol

8. Innovation vs. democratic/ethical worries.

Domestic and international reaction is mixed. Supporters call it bold tech innovation to fight endemic corruption; critics warn about democratic accountability, potential for hidden biases, and the optics of “putting AI in power.” International outlets have also shown interest in how Diella will be deployed and analysts are watching closely.

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9. Top technical and governance risks to watch

Key risks flagged by observers: how decisions will be explained to losing bidders; whether procurement datasets contain historical bias; who is responsible if the system is manipulated or hacked; and whether legal frameworks allow algorithmic substitution for political decision-making.

These issues drive both legal challenges and practical audit needs.

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Israel-Palestine Conflict: Nigeria, 141 Countries Endorse Two-State Solution

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Nigeria on Friday joined 141 other countries to endorse New York Declaration on two-State solution between Israel and Palestine at the UN headquarters in New York.

Applause rang out in the UN General Assembly Hall as countries endorsed the declaration on the peaceful settlement of the question of Palestine and implementation of the two-State solution with Israel.

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The New York Declaration is the outcome of an international conference held in July at UN Headquarters, organised by France and Saudi Arabia, which resumes later this month.

The General Assembly comprises all 193 UN Member States and 142 countries voted in favour of a resolution backing the document.

READ ALSO:42 Killed In Israeli Attacks, Says Gaza’s Civil Defense

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Israel voted against it, alongside nine other countries: Argentina, Hungary, Micronesia, Nauru, Palau, Papua New Guinea, Paraguay, Tonga and the United States, while 12 nations abstained.

Prior to the vote, French Ambassador Jérôme Bonnafont recalled that the New York Declaration “lays out a single roadmap to deliver the two-State solution”.

This involves an immediate ceasefire in Gaza, release of all hostages held there, and the establishment of a Palestinian State that is both viable and sovereign.

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The roadmap further calls for the disarmament of Hamas and its exclusion from governance in Gaza, normalisation between Israel and the Arab countries, as well as collective security guarantees.

READ ALSO:Israeli Fire Kills 34 In Gaza

Speaking ahead of the vote, Israeli Ambassador, Danny Danon, said that “this one-sided Declaration will not be remembered as a step toward peace, only as another hollow gesture that weakens this Assembly’s credibility.”

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He said that “Hamas is the biggest winner of any endorsement here today” and will declare it “the fruit of 7th October”.

READ ALSO:UK PM Starmer Urges Israel To Stop Gaza Assault

The high-level international conference in July was held against the backdrop of the war in Gaza and deteriorating prospects for the two-State solution.

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In remarks to the opening segment, UN Secretary-General António Guterres, noted that two-State solution was central to a peaceful Middle East.

“The central question for Middle East peace is implementation of the two-State solution, where two independent, sovereign, democratic States – Israel and Palestine – live side-by-side in peace and security.”

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