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.
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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.
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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
“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
US Lawmakers Demand Answers From Trump Administration Over Chinese Chemical Shipments To Iran

US lawmakers have called for the Trump administration to respond to reporting that Chinese firms are helping Iran rebuild its ballistic missile program in defiance of United Nations sanctions.
The call, from Representatives Raja Krishnamoorthi and Joe Courtney, follows CNN reporting last month detailing what Western intelligence sources said were several shipments of sodium perchlorate, a missile propellant precursor, from China to Iran since the end of September.
These shipments are “indispensable to Tehran’s efforts to rebuild its ballistic missile arsenal following its 12-day war with Israel last summer,” the congressmen wrote in a letter to US Secretary of State Marco Rubio and Central Intelligence Agency director John Ratcliffe.
“Beijing’s support for Tehran’s rearmament is deeply concerning and provides yet another example of the Chinese Communist Party’s (CCP) willingness to abet authoritarian aggression from Europe to the Middle East,” they said.
According to CNN’s reporting, European intelligence sources say 2,000 tons of sodium perchlorate, the main precursor in the production of the solid propellant that powers Iran’s mid-range conventional missiles, have arrived from China to the Iranian port of Bandar Abbas between late September and mid-October. The chemicals were bought by Iran from Chinese suppliers, the sources say.
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The deliveries, which analysts say could provide enough chemical for roughly 500 ballistic missiles, appear to show Iran is stepping up the rebuilding of its missile program, which was depleted by the conflict with Israel in June.
They also come as there has been increased concern in Washington about potential emerging coordination between China, Iran, Russia and North Korea. US President Donald Trump and Chinese leader Xi Jinping met last month for talks that resulted in an economic truce de-escalating their trade war.
“Beijing’s latest shipments of these critical chemical precursors indicate that US actions to date have failed to deter it from supporting Tehran’s procurement of offensive military capabilities,” Krishnamoorthi, who is the ranking member of the House Select Committee on the CCP, and Courtney, ranking member of the House Armed Services Subcommittee on Seapower and Projection Forces, wrote in their letter.
Beijing’s support “not only increases Iran’s threat to its neighbors but also assists Russia and pro-Iranian proxy groups like the Houthis whose missile programs Iran has previously supported,” the Congressmen said.
The shipments also “contravene sanctions the United Nations reinstated in September that prohibit international support for Iran’s ballistic missile program and development of nuclear weapons delivery systems,” they added.
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Krishnamoorthi and Courtney called for the Trump administration to explain what actions it was taking to “respond to the PRC’s (People’s Republic of China) continuing support to Iran’s ballistic missile program,” including in coordination with US allies and partners.
The Trump administration in April announced sanctions on a dozen entities and individuals based in Iran and China for their role procuring ballistic missile propellant ingredients on behalf of Iran’s Islamic Revolutionary Guard Corps.
Last month, more-than-a-decade-old UN sanctions on Tehran were restored by a so-called snapback mechanism – a provision for Iranian breaches of the 2015 Joint Comprehensive Plan of Action (JCPOA) deal to monitor its nuclear program.
Under the sanctions re-imposed last month, Iran shall not undertake any activity related to ballistic missiles capable of delivering nuclear weapons. UN member states must also prevent the provision to Iran of materials that could contribute to the country’s development of a nuclear weapons delivery system, which experts say could include ballistic missiles.
States are also required to prevent the provision to Iran of assistance in the manufacture of arms.
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While the shipped substance – sodium perchlorate – is not specifically named in UN documents on materials banned for export to Iran, it is a direct precursor of ammonium perchlorate, a listed and prohibited oxidizer used in ballistic missiles.
China and Iran
Experts say that the sanctions’ failure to explicitly prohibit the chemical may leave China room to argue that it is not in violation of any UN ban. China, along with Russia, opposed the reimposition of the UN sanctions, saying it undermines efforts for a “diplomatic settlement of the Iranian nuclear issue,” and may not see it bound by those rules, as such.
In response to a question from CNN last month about the recent shipments, a spokesperson for China’s Ministry of Foreign Affairs said that while he “not familiar with the specific situation,” China has “consistently implemented export controls on dual-use items in accordance with its international obligations and domestic laws and regulations.”
“We want to emphasize that China is committed to peacefully resolving the Iranian nuclear issue through political and diplomatic means and opposes sanctions and pressure,” the spokesperson said.
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CNN reporting last month followed the journeys of several cargo ships identified by intelligence sources as being involved in the latest deliveries of sodium perchlorate from Chinese ports to Iran, using ship tracking data and the social media of their crew.
Several of the cargo ships and Chinese entities involved are under sanctions from the United States.
Some of those vessels appear to have gone back and forth several times between China and Iran since the end of April. The sources say their crew seem to be employed by the Islamic Republic of Iran Shipping Lines and their regular social media posts provide a trail of their stops on the China to Iran journey.
Similar shipments had previously been reported, and entities in China, long a diplomatic and economic ally of Iran, are also known to use a network of vessels to filter US-sanctioned Iranian oil to the country.
Headline
South Africa To Investigate ‘Mystery’ Of Planeload Of Palestinians

South African President Cyril Ramaphosa says there will be an investigation into the “mysterious” arrival of a chartered plane carrying 153 Palestinians from Gaza into the country.
The group arrived at OR Tambo International Airport but were initially refused entry and were stuck in the plane for more than 10 hours as they “did not have the customary departure stamps in their passports”, local authorities said.
Most were eventually allowed in after intervention from a local charity and because of the government’s “empathy [and] compassion”, Ramaphosa said.
The circumstances of their departure from Gaza and travel to South Africa remain unclear.
South Africa has maintained strong support for the Palestinian cause throughout the war between Hamas and Israel in Gaza.
Ramaphosa said the group “somehow mysteriously were put on a plane that passed by Nairobi” and flew to South Africa, reports the News24 site.
Israeli military body Cogat, which controls Gaza’s crossings, said in a statement: “The residents left the Gaza Strip after Cogat received approval from a third country to receive them.” It did not specify the country.
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According to the Palestinian embassy in South Africa, the group left Israel’s Ramon Airport and flew to the country via the Kenyan capital, Nairobi, “without any prior note or coordination”.
A statement from the embassy said “an unregistered and misleading organization [had] exploited the tragic humanitarian conditions of our people in Gaza, deceived families, collected money from them, and facilitated their travel in an irregular and irresponsible manner”.
The BBC has asked the Kenyan government for comment.
Of the 153, 23 managed to fly on to other destinations, leaving 130 who were admitted into the country, South African authorities say.
Ramaphosa, speaking during an event in Johannesburg, said he was informed of the unfolding crisis by the home affairs minister.
In response, the president said “we cannot turn them back”, according to News24.
“Even though they do not have the necessary documents and papers, these are people from a strife-torn, a war-torn country.”
The president also told reporters the South African government would carry out a “proper evaluation” of the matter and update the public on “what is happening and how this matter came to be where it is”, according to public broadcaster SABC.
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Home Affairs Minister Leon Schreiber said that while Palestinian passport-holders qualified for 90-day visa-exempt access to South Africa, the lack of departure stamps, return tickets or accommodation addresses in some of the travellers’ documentation resulted in the initial refusal to let them into the country.
Once it was established that the absence of this information “did not indicate that the travellers wished to apply for asylum” and their accommodation was confirmed, they were granted entry.
“All of the travellers are in possession of valid passports and, at present, none of them have applied for asylum,” he said.
South African charity Gift of the Givers has said it will provide the group with accommodation in the country.
Civil societies in South Africa have called for investigations into the conditions the Palestinians had fled in Gaza and the exact route of the aircraft.
One of the Palestinians who spoke to local eNCA TV expressed his relief to be in South Africa, describing it as a country of “peace, laws and justice”.
“We came from Gaza where we’ve faced death on daily basis. We have survived a war of two years and we are lucky to be here,” said one man who had fled with his wife and two children.
READ ALSO:Palestinian-American Beaten To Death By Israeli Settlers In Occupied West Bank
Gift of the Givers has since called for Ramaphosa to investigate the home affairs ministry and border authority for the “humiliation they’ve caused” the Palestinians.
The organisation’s founder Dr Imtiaz Sooliman said this treatment included being forced to wait for hours on the tarmac at the airport, being denied food provided by the group and “using every excuse in the book to prevent these passengers from disembarking”.
South Africa has been highly critical of Israel’s military operation in Gaza.
The country’s sympathy for the Palestinian fight for an independent state goes back decades, particularly the early 1990s when anti-apartheid icon Nelson Mandela pledged support for the Palestinian cause.
Large pro-Palestinian marches have been held around South Africa since the conflict began.
Smaller pro-Israel marches and rallies have been held in the country, which hosts the largest Jewish community in sub-Saharan Africa.
In 2023, the South African government filed a case against Israel with the International Court of Justice, accusing it of genocide in Gaza. Israel has strongly rejected the South African claim, calling it “baseless”.
Headline
Trump Orders Tougher Visa Screening Regime

The Donald Trump administration has reinstated a sweeping global visa policy that can make it harder for many foreign nationals—including Nigerians—to obtain U.S. visas, as Washington revives its controversial “public charge” rule targeting those deemed likely to depend on public benefits.
A newly issued State Department cable, obtained by Fox News Digital, directed American embassies and consulates worldwide to enforce the policy immediately. The directive, which officials say restores a Trump-era standard relaxed under President Joe Biden, instructs U.S. consular officers to deny visas to anyone considered likely to rely on government assistance in the United States of America.
Under the rule, visa applicants will be assessed on a wide range of personal factors—including their health, age, English proficiency, financial stability, and potential need for long-term medical care.
Consular officers are urged to take a holistic approach, considering everything from the applicant’s visa petition and financial affidavit to their medical report and any other information uncovered during background checks.
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“You must examine all aspects of the case,” the guidance reads, “including the petition, visa application, medical report, affidavit of support, and any information uncovered in the course of screening and vetting.”
Older applicants, particularly those nearing retirement age, are expected to face extra scrutiny. The cable notes that “long-term institutionalisation (e.g., at a nursing facility) can cost hundreds of thousands of dollars per year and should be considered,” suggesting that age and health will play major roles in visa decisions.
The revived rule follows an executive order signed by President Donald Trump titled “Ending Taxpayer Subsidisation of Open Borders”. The order, according to the State Department memo, aims to ensure “that no taxpayer-funded benefits go to unqualified aliens.”
The cable further stresses that the public charge determination rests solely on the judgment of each consular officer, who must conduct a “comprehensive and thorough vetting” before issuing any visa. “There is no ‘bright line’ test,” the cable adds. “You must consider all aspects of the case and determine whether the applicant’s circumstances… suggest that he is more likely than not to become a public charge at any time.”
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A State Department official told Fox News Digital, “For years, the American taxpayer was held hostage by the Biden administration’s disastrous open borders agenda… The Trump administration has brought an end to the era of mass immigration.”
The U.S. State Department controls visa issuance at embassies abroad, while the Department of Homeland Security manages who is ultimately admitted into the country or allowed to adjust status once inside the U.S. Though both agencies operate under the same immigration laws, the new guidance grants wide latitude to consular officers overseas to reject applicants on “public charge” grounds.
Before now, the Biden administration’s 2022 version of the rule had limited the benefits considered under the policy — counting only direct cash assistance and long-term institutional care, while excluding popular social support programmes such as food stamps (SNAP), Medicaid, housing vouchers, and the Women, Infants, and Children (WIC) programme.
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The Trump administration had expanded that definition in 2019 to include a broader range of public benefits, though several U.S. courts later blocked parts of the policy before it was scrapped by President Biden in 2021.
This week’s cable now marks a full return to that broader interpretation, instructing American consular officials to “conduct a comprehensive and thorough vetting” and to verify all supporting financial documents presented by applicants.
For many Nigerians seeking U.S. visas — from students and workers to elderly immigrants joining family abroad — the revived rule could mean more rejections and lengthier processing times.
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