Headline

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

Published

3 years 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

Judge Orders Trump White House To Restore Access To Banned Media Outlets

Published

7 hours ago

September 25, 2026

Editor

A US federal judge has ordered the Trump administration to temporarily restore White House access to journalists from CNN, MS NOW and Politico after the three news organisations challenged their exclusion from the presidential complex.

US District Judge Timothy Kelly issued a 14-day temporary restraining order early Thursday, directing the White House to immediately return, reinstate and restore the press credentials of journalists from the three outlets.

The ruling followed a lawsuit filed on Monday by CNN, MS NOW and Politico, which challenged President Donald Trump’s decision to bar their reporters from the White House.

Trump announced the ban on September 18, accusing the outlets of repeatedly publishing what he described as “FAKE NEWS” and negative coverage of his administration.

The three organisations argued that the administration’s action violated their First Amendment rights and deprived their journalists of due process under the Fifth Amendment.

In his ruling, Kelly said the outlets were likely to succeed in showing that their press credentials had been revoked without constitutionally adequate due process.

The judge also rejected the administration’s argument that national security concerns justified the restrictions.

“The record lacks factual support for defendants’ contention that the revocation of plaintiffs’ hard passes will in fact protect national security or that national security will be endangered if the court orders their passes reinstated while this litigation proceeds,” Kelly wrote.

He also noted that Trump had focused on the outlets’ reporting when announcing the ban rather than national security concerns.

“Certainly, that is not what President Trump said when he announced that he was ‘banning’ plaintiffs from the White House—instead, he focused on the alleged lack of truthfulness and negativity of plaintiffs’ reporting,” the judge wrote.

The administration had argued in court that access to the White House was a privilege rather than a right and that the outlets’ reporting raised concerns about national security and professionalism.

The Justice Department is expected to appeal the ruling.

Trump had previously said he would probably allow the three organisations back into the White House if a court ruled against his decision.

The dispute began when reporters from CNN, MS NOW and Politico were turned away from the White House after their press credentials were revoked.

The decision also affected the White House television pool. CNN had been scheduled to travel with Trump to New York for the United Nations General Assembly as part of the pool, but its removal led the other participating television networks to suspend the pool in solidarity.

Other media organisations also joined the legal challenge indirectly by filing a friend-of-the-court brief supporting the three outlets.

The case now moves forward with the temporary restraining order in place for 14 days. During that period, the court is expected to consider whether longer-lasting relief should be granted.

The ruling comes as Trump faces a series of high-profile events at the White House, including his scheduled meeting with Chinese President Xi Jinping.

The administration and the three news organisations are expected to continue their legal arguments as the court considers the broader dispute over press access and the constitutional rights of journalists covering the president.

(TimeMagazine)

Headline

Man Charged After Fatal Southall Collision

Published

7 hours ago

September 25, 2026

Editor

A 20-year-old man has been charged after a fatal road collision in Southall, west London, which claimed the life of a 17-year-old passenger.

The Metropolitan Police said officers were called at about 1:04 a.m. on Saturday, September 19, following reports of a collision involving a Ford Mustang on South Road, Southall.

Officers attended the scene alongside paramedics from the London Ambulance Service and firefighters from the London Fire Brigade.

Despite efforts by emergency responders, 17-year-old passenger Ranbir Singh died at the scene.

His next of kin have been informed and are being supported by specialist officers.

Another passenger, a 26-year-old man, sustained serious injuries in the collision and remains in hospital, according to police.

The driver of the vehicle, Sukhveer Singh, 20, of Townsend Road, Southall, was arrested at the scene.

He was subsequently charged on Sunday, September 20, with causing death by dangerous driving, aggravated vehicle taking and dangerous driving.

He was also charged with driving otherwise than in accordance with a licence and using a vehicle without insurance.

Singh appeared before Uxbridge Magistrates’ Court on Monday, September 21, and was remanded in custody.

He is due to appear at the Old Bailey on Monday, October 19.

Detective Inspector Fiaz Janjua, from the Serious Collision Investigation Unit, said: “This is a truly tragic incident in which a young man has lost his life and another remains in hospital with serious injuries.

“Our deepest sympathies remain with Ranbir’s family and friends, who continue to be supported by specially trained officers. during this extremely difficult time.

“While a man has now been charged in connection with this collision, our investigation remains ongoing and we are continuing to establish the full circumstances leading up to the incident.

“I would ask anyone who witnessed the collision, the manner of driving beforehand, or the movements of the Ford Mustang in the Southall area during the early hours of Saturday, 19 September, to come forward.”

Police are particularly appealing to anyone who may have CCTV footage, doorbell recordings, mobile phone footage or dashcam recordings that could assist the investigation.

The Met urged anyone with information to contact police on 101, quoting reference 01/8080469/26.

The force said the investigation remains ongoing as detectives work to establish the circumstances leading up to the collision.

(MetPolice)

Headline

Four Nations Back Permanent African Seat On UN Security Council

Published

10 hours ago

September 25, 2026

Editor

Four nations, Brazil, Germany, India and Japan, have backed a permanent African seat on the United Nations Security Council (UNSC), calling for urgent reform of the Council to reflect contemporary geopolitical realities.

The four countries, under the Group of Four (G4), made their position known in a joint statement issued after their foreign ministers met in New York on Tuesday on the margins of the 81st session of the UN General Assembly.

The ministers said reform of the Security Council had become more necessary than ever, given the increasingly challenging global geopolitical environment.

They said the Council was currently unable to effectively discharge its core responsibility of maintaining international peace and security, with its representativeness, legitimacy, credibility and efficacy in question.

According to them, the Council’s eight-decade-old structure was “not reflective of contemporary geopolitical realities” and had become an impediment to addressing present and future challenges to international peace and security.

The ministers stressed that expansion of the Security Council in both the permanent and non-permanent categories was central to meaningful reform.

They called for greater representation of under-represented and unrepresented regions and groups, particularly Africa, Asia-Pacific, and Latin America and the Caribbean.

The four nations also welcomed the reform model presented by the African Group during the Inter-governmental Negotiations (IGN) on Security Council reform in the 80th session of the General Assembly.

They reaffirmed their support for Africa’s case for enhanced representation on the Security Council, including in the permanent category.

The ministers, however, expressed concern over the slow pace of negotiations, noting that the IGN process had produced no concrete outcome towards substantive Security Council reform despite 18 years of discussions.

They also expressed reservations over the presentation of what they described as a “bridging proposal” before the commencement of text-based negotiations.

According to them, the proposal failed to take into account the position of a clear majority of UN member states in favour of expansion in both permanent and non-permanent categories.

The ministers further maintained that consensus should not be the benchmark for decision-making on Security Council reform, citing the UN Charter and the mandate of the IGN.

They said Brazil, Germany, India and Japan would work with other reform-oriented groups to develop a consolidated model that reflects the views of the majority of UN member states.

The four countries said commencing text-based negotiations should be treated as a priority towards achieving substantive reform of the Security Council.

They said this would help restore the Council’s representativeness, legitimacy, credibility and effectiveness, while strengthening the multilateral system with the UN at its centre.

The ministers also said discussions on reform should not be restricted to the IGN, expressing willingness to engage the wider UN membership through other platforms, including the General Assembly.

They pledged to continue coordinating closely during the 81st session of the General Assembly and directed their officials to follow up on the discussions.

Progress on the issue is expected to be reviewed at the next Director General-level meeting in New Delhi.