Business
Terrorists Brandish New Notes In Viral Video [Watch]

A notorious terrorist leader, Kachalla Baleri, has been seen in a viral video displaying wads of new naira notes amid a scarcity of the naira.
Investigation revealed that banking halls across various commercial banks in Lagos, Osun, Ekiti, and other parts of the country witnessed minimal activity as frustrated customers resorted to alternative means of cash withdrawal following the scarcity of naira notes in the banks.
Checks revealed that while most banking halls were empty due to the paucity of funds in bank vaults, large crowds had formed outside some of the few banks that were rumoured to be preparing to load their Automated Teller Machines.
But the bandit leader, in an unverified video released online on Wednesday, claimed that he had enough of the new naira notes.
READ ALSO: JUST IN: CBN Directs Banks To Pay New Notes Over The Counter
Baleri, who spoke in the Hausa language in the two minutes 20 seconds video clip, claimed he had up to N10 million of the new naira notes.
He also claimed he had enough new naira notes to purchase more weapons. The new naira notes in his possession were ransom he allegedly received from relatives of abductees, according to some defence blogs.
The PUNCH reports that Kachalla was one of the 19 bandits/terrorists kingpins that were declared wanted by the Defence Headquarters in November 2022.
The military high command also placed a N5m bounty on each of them to encourage Nigerians to volunteer information that could lead to their arrest.
A former Director, Defence Information, Major General Jimmy Akpor, confirmed the authenticity of the list to our correspondent in November. Also, the DHQ urged the public to provide information that could lead to the arrest of Kachalla and others.
However, in the viral video seen by our correspondent on Thursday, Kachalla and his gang members who spoke in the Hausa language, could be seen displaying some currency notes.
Posting the video on Thursday morning, a defence blogger, with the Twitter handle @Edrees4P, tweeted, “Short video clip of a terrorist leader Baleri displaying new naira notes claiming that he has more than enough to buy more weapons.”
Also, posting a photo of Baleri, a defence blog, @DefenceTimesNG tweeted, “Scarcity of Naira: Notorious bandit leader Kachalla Baleri release video clip displaying new naira notes he received from N10million naira ransom in N200, N500, N1000 denominations.”
READ ALSO: Gunmen Attack INEC Office, Police Station, Residential Building In Anambra
Daily Trust had on January 26 reported that some bandits rejected a N5.3 million ransom which was paid to them with the old naira notes, saying the deadline for their usage was fast approaching.
The newspaper learnt that the leader of the bandits, who raided Azara, Janjala and Kadara communities in Kaduna State on December 12, 2022, and kidnapped 37 people, asked the relatives of the victims to return the old naira notes when they brought them for ransom payment.
Instead, he requested foodstuff, drugs and wine before freeing two nursing mothers and three men among the abducted 11 people from Azara community in Kachia LGA.
The PUNCH reports that operatives of the Independent Corrupt Practices and Other Related Offences Commission stormed two banks in Bauchi State on Tuesday to monitor the cash disbursement exercise, as the agency noted that the operation would spread across the country.
It was gathered that the operation which was still ongoing was being carried out by a joint task force comprising operatives of the ICPC and its sister anti-graft agency, the Economic and Financial Crimes Commission, and staff members of the Central Bank of Nigeria.
The raids came a few days after the CBN Governor, Godwin Emefiele, said the apex bank would collaborate with law enforcement agencies such as the ICPC and the EFCC, to track heavy withdrawals.
The PUNCH reports that the CBN had extended the deadline for the validity of the old N200, N500 and N1,000 notes from January 31 to February 10.
On Wednesday, on Wednesday, the ICPC arrested an Abuja-based Twitter user, Oluwadarasimi Omoseyin, with the handle @SimisolaGold and Twitter name Simisola of Lala, for offering new naira notes for sale on social media.
READ ALSO: NNPCL Takes Over Addax Petroleum Production Sharing Contract Assets
The EFCC on Tuesday disclosed that it had arrested members of a syndicate of currency racketeers trading in the redesigned naira notes at Zone 4, Wuse and Dei-Dei axis of the Federal Capital Territory, Abuja.
Also, the DSS revealed on Monday that its operatives arrested some currency traders who had turned the sale of newly redesigned notes into brisk business.
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Business
Fixed Income: CBN Announces Fresh Regulations To Control Nigerian Market

The Central Bank of Nigeria has announced sweeping regulations to take control of the Nigerian fixed income market.
The regulations expected to begin in November are aimed at boosting transparency across Nigeria’s financial sector.
The apex bank disclosed this in a recent statement.
CBN noted that the intervention is a key part of broader financial market reforms.
READ ALSO:CBN Establishes New Unit To Tackle Financial Crime
Accordingly, it said its core objective is to enhance regulatory oversight and strengthen the market’s ability to effectively support the transmission of monetary policy and, ultimately, foster economic growth.
“This transition will enable the CBN to assume direct responsibility for the management of the trading platform and handle end-to-end settlement activities under the bank’s established settlement system for financial market transactions,” the statement read.
According to DAILY POST, Fixed income securities refer to investments which provide a return in the form of fixed periodic interest payments and the eventual return of the principal at maturity.
Business
Confusion Over Euro-Africa CCI’s $250m Investment In Edo

The $250m investment deal Governor Monday Okpebholo claimed to have secured during his recent trip to Scotland is generating ripples over capacity of the European African Chamber of Commerce and Industry (EACCI) to make such a huge investment.
The EACCI, headed by a Drector General, Dr. Kingsley Obasohan, is not known to have made any prior investment in Edo State or any part of the country.
Obasohan, who attended the Edo State Global Investment Summit virtually, announced the $250m investment.
He said the investment would be made for a period of three years.
An online search was launched to unravel the EACCI as well as the man Obasohan.
READ ALSO:Okpebholo Warns Companies Against Fuelling Edo–Delta Boundary Dispute
A number on the site was answered by a lady who claimed not to understand English language.
Several foreign partners were listed on the site as board members and advisory council.
Some closed associates of Obasohan said he would have to get clearance from the Board members before talking to journalists on the issue.
Spokesman for the Edo Peoples Democratic Party, Daniel Noah Osa-Ogbegi, said the party would hold Governor Okpebholo accountable to Edo people and demanded clarity on the $250m investment from Glasgow.
Osa-Ogbegi said the proposed investment has become a source of embarrassment to Edo people because of unfolding information about EACCI.
READ ALSO:JUST IN: Okpebholo Nominates Another 5 Persons As Commissioner-designates
He said the party would shine light on fiscal management practices that appeared to ignore transparency and responsibility.
Secretary to the State Government (SSG), Umar Musa Ikhilo, had earlier said those that attended the Glasgow summit were interested in keying into the SHINE agenda of Governor Okpebholo.
“One of the chambers of commerce that attended, the European African Chamber of Commerce and Industry signed an MoU with the Edo State Government to invest a sum of $250 million over the next three to five years.
“Last year, diaspora remittances were the second-highest source of foreign income in Nigeria after crude oil, over $20 billion, but only 2% of that went into investment. We are creating a vehicle to help convert more of that into direct investments.”
He added that a delegation from Scotland was expected to visit Edo State in the coming months to explore specific investment projects as a follow-up to the summit.
Business
Dangote Hits Out At PENGASSAN, Says Union ‘Serial Saboteurs, Serving Oligarchs’

The management of Dangote Petroleum Refinery has berated the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), accusing the union of decades-long sabotage of Nigeria’s oil and gas sector and serving the interests of its leaders rather than ordinary Nigerians.
In a statement issued at the weekend, the refinery described PENGASSAN’s latest directive to cut crude oil and gas supplies to the facility as another act of economic sabotage designed to inflict untold hardship on Nigerians.
“Indeed, over time, the Association has consistently proved itself as serving interests other than those of Nigerians and Nigerian workers,” the statement declared.
Dangote recalled that in 2007, when the Federal Government sold its moribund Port Harcourt and Kaduna refineries to Blue Star Consortium, led by the Dangote Group, for $750 million, it was PENGASSAN and its ally, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), that sabotaged the deal. “It is now obvious to everyone that the FGN’s decision at the time was the right one and that PENGASSAN and NUPENG ignominiously wrote their names on the wrong pages of history,” the company said.
READ ALSO:Dangote Fuel Sells Cheaper In Togo Than In Nigeria – Falana Laments
The refinery also faulted the union’s role in the much-publicised rehabilitation of the Port Harcourt Refinery, describing it as a “ruse” which PENGASSAN “knowingly celebrated despite being a scam on Nigerians.” The statement further accused the union of opposing amendments to the Petroleum Industry Act (PIA) that would have freed up federal liquidity and attracted private-sector funding into Nigeria’s upstream oil ventures.
Beyond policy obstruction, Dangote Refinery accused the association of mismanaging billions of naira in annual check-off dues to allegedly bankroll the “lavish lifestyles” of its leaders, without accountability to members. By contrast, the refinery highlighted its own record of economic contributions within a short period, citing road construction, worker training, the creation of thousands of Nigerian jobs, and a compensation structure that “outdistances the best in the Nigerian oil and gas industry.”
“The Dangote Group is the highest employer of labor in Nigeria and the highest contributor to the tax revenues of Nigeria and its sub-nationals. What comparable social responsibility has PENGASSAN, with its billions of Naira in annual check-off dues and subscriptions, lived up to?” the statement queried, challenging the union to publish its audited accounts for the past ten years. “Can it publish publicly its account for the last 10 years and list out its corporate responsibility activities within that timeframe?”
READ ALSO:Dangote Refinery Reduces Fuel Price Nationwide, Provides Update On Petrol Distribution
The refinery insisted that PENGASSAN’s recent directive to withdraw services and cut off essential fuel supplies, including but not limited to petrol, diesel, kerosene, cooking gas and aviation fuel was reckless, lawless and dangerous. It said the order is not about protecting Nigerian workers, but it is about a cabal of oligarchs weaponising hardship against over 230 million Nigerians.
“In the process, it (PENGASSAN) cares little if at all about the unbearable hardship and terror it would thereby inflict on all Nigerians, including but not limited to the provision of essential services in our hospitals and medical facilities, schools (nursery and right up to tertiary and research institutions), emergency services, communications facilities, transportation systems, etc,” it said.
Dangote Refinery called on the Federal Government and security agencies to step in immediately to protect the facility and the nation’s energy security, stressing that the union must not be allowed to “bully Nigerians into chaos and economic sabotage.”
According to Tribune Online, the federal government has announced readiness to broker peace between Dangote Refinery and PENGASSAN, inviting both to a meeting scheduled for Monday.
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