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

Published

2 years ago

February 8, 2024

Editor

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

Four Places In The World Without Traffic Lights

Published

15 hours ago

August 29, 2025

Editor

In a world where traffic lights are an essential part of road management, a few countries and regions stand out for functioning without them. These places rely on alternative systems ranging from police officers and roundabouts to cultural driving habits to manage traffic. Here’s a closer look at the nations and areas where traffic lights are absent.

Bhutan

Bhutan is famously known as the only country in the world that operates entirely without traffic lights. Even in its capital city, Thimphu, which has witnessed growing traffic due to urbanisation, automated signals have never been adopted. Instead, traffic management is handled by police officers who stand at major intersections, directing vehicles with hand signals.

In 1995, when a set of traffic lights was briefly installed in Thimphu, public complaints led to their swift removal, as locals felt the system clashed with the country’s traditions and culture of cooperation. Bhutan’s reliance on human-directed traffic reflects both its small population and strong sense of civic responsibility.

Vatican City

Vatican City, the world’s smallest sovereign nation, also operates without any traffic lights. With an area of just 44 hectares and a population of around 800 people, the city-state does not require traffic signals to regulate movement. Roads inside the Vatican are short and few, and traffic is mostly managed by signage and the Vatican’s own police force. However, just outside the Vatican’s walls, in Rome, traffic lights are abundant, highlighting the contrast between the bustling Italian capital and the tranquil governance of the Holy See.

Niue

In the South Pacific, Niue, one of the world’s smallest island nations, also has no traffic lights. With a population of less than 2,000 people and very limited vehicle traffic, there is little need for automated signals. Roads are quiet, and driving is relaxed, with motorists often waving to one another as they pass.

The absence of traffic lights in Niue is less a necessity than a reflection of the island’s lifestyle, where community trust and minimal congestion make formal traffic control unnecessary.

Tekesi County, China

A unique example of urban planning without traffic lights can be found in Tekesi County, Xinjiang, China. The county town was designed based on the ancient Bagua (Eight Trigrams) symbol from Taoist philosophy. Its distinctive circular and radiating street layout relies on roundabouts to direct vehicles.

In 1996, authorities cancelled the installation of traffic lights in order to preserve the Bagua system, making Tekesi a rare modern settlement that manages traffic without signals. The design has since become both a cultural attraction and a point of pride for residents, who see it as a symbol of harmony and balance.

Headline

Nigerian Student Wins ‘Top In World’ Cambridge IGCSE English Award

Published

15 hours ago

August 29, 2025

Editor

A Nigerian student, Kenechukwu Oluwanifemi Uba, has emerged the “Top in World” candidate in the November 2024 Cambridge IGCSE English as a Second Language (Speaking Endorsement).

Uba, a pupil of Caleb International College, Magodo, Lagos, received the Outstanding Cambridge Learners Award for her performance, which was recognised by Cambridge University Press & Assessment.

This was contained in a statement signed by the Spokesperson to the Proprietor and Founder, Caleb Group of Schools and University, Prof. Elvis Otobo, and made available to The PUNCH on Friday.

The certificate, signed by the Group Managing Director of International Education at Cambridge, Rod Smith, was presented during a ceremony organised by the British Council and Cambridge University Press & Assessment at the Civic Centre, Lagos.

Speaking on the achievement, the Proprietor/CEO of Caleb Group of Schools and University, Dr. Oladega Adebogun, said the recognition reflected the school’s values of integrity, perseverance and innovation.

“We are overjoyed by Kenechukwu’s outstanding performance.

“Her success embodies our core values of integrity, perseverance, and innovation. We invest heavily in cutting-edge teaching methods—from flipped classrooms to AI-driven language labs—so that every student can discover their potential and lead with confidence,” Adebogun said.

Uba expressed gratitude to her teachers, classmates and family, noting that preparing in the school’s language lab helped build her confidence.

“From the moment I joined Caleb, I felt inspired by teachers who challenged me to think deeply and by peers who encouraged me to persevere. Preparing for the speaking endorsement in our state-of-the-art lab sharpened my confidence. This recognition belongs to everyone—my mentors, my classmates, and my family,” she said.

Caleb International College described the award as proof of its commitment to raising globally competitive students through advanced learning facilities and strong character development programmes.

Headline

Iran Has Executed At Least 841 People This Year — UN

Published

16 hours ago

August 29, 2025

Editor

At least 841 people have been executed in Iran since the start of the year, the UN said Friday, decrying “a systematic pattern of using the death penalty as a tool of state intimidation”.

The United Nations’ human rights office said there had been a “major increase in executions” by Tehran during the first half of 2025.

“Iranian authorities have executed at least 841 people since the beginning of the year,” spokeswoman Ravina Shamdasani told reporters in Geneva.

“The real situation might be different,” she added. “It might be worse, given the lack of transparency.”

In July alone, she said, Iran had executed at least 110 individuals — twice the number of people executed in July 2024.

“The high number of executions indicates a systematic pattern of using the death penalty as a tool of state intimidation, with disproportionate targeting of ethnic minorities and migrants,” Shamdasani added.

She cited the executions of Afghan nationals, and of Baluch, Kurdish, and Arab citizens.

In the first six months of the year, at least 289 people were executed for drug-related offences.

Shamdasani said the pattern witnessed across multiple countries showed that when their governments perceive threats to their grip on public order, they become increasingly repressive and less tolerant of dissent.

– Hangings before children –

The spokeswoman in particular criticised the staging of public executions in Iran. The rights office documented seven such cases since the beginning of the year — some reportedly in front of children.

“Public executions add an extra layer of outrage upon human dignity… not only on the dignity of the people concerned — the people who are executed — but also on all those who have to bear witness,” she said.

“The psychological trauma of bearing witness to somebody being hanged in public, particularly for children, is unacceptable.”

The UN human rights office said there were serious concerns over due process in capital punishment cases.

“What we are particularly worried about is that a lot of these death sentences are imposed based on vague laws,” the spokeswoman said, such as charges of enmity against God.

Shamdasani said that 11 individuals were currently facing “imminent execution” in Iran, including six charged with “armed rebellion” due to alleged membership of the exiled opposition People’s Mujahedeen Organization of Iran (MEK).

The other five had been sentenced to death over their participation in large-scale protests in 2022, she said. Iran’s supreme court last week confirmed the death sentence against workers’ rights activist Sharifeh Mohammadi, she added.

The UN rights office was urging Iran’s government “not to implement the death penalty against these and other individuals on death row”, Shamdasani said.

“The death penalty is incompatible with the right to life and irreconcilable with human dignity,” she added.

“It creates an unacceptable risk of executing innocent people. It should never be imposed for conduct that is protected under international human rights law.”

UN human rights chief Volker Turk is calling on Tehran to impose a moratorium on the application of capital punishment, as a step towards abolition.
AFP