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Naira Redesign: 3 Governors under watch over stashed billions – EFCC boss

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• EFCC Chairman Abdulrasheed Bawa

Three serving state governors are being monitored over their moves to launder stashed billions of naira through table payment of salaries to workers, Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, told Daily Trust in an exclusive interview on Thursday.

He said raid on Bureau De Change operators will be sustained, urging Nigerians to support the system, for the benefit of all.

The Central Bank of Nigeria (CBN) had on October 26 announced that the country’s currency would be redesigned to address many issues that have negative effects on the economy.

While the re-designed notes would be released on December 15, Nigerians have up to January 31, 2023, to deposit the old notes in banks.  However, the mad rush by top politicians, traders, investors and other members of the public to cut corners and convert stashed funds into dollars, property and others, has created tension in the economy.

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CBN Governor, Godwin Emefiele, had said the move was to counter-terrorism financing and hoarding of banknotes by members of the public. The apex bank is to redesign the N200, N500 and N1, 000 notes.

Checks by this paper showed that a dollar was selling at N882 in Abuja on the black market yesterday, despite several raids by the operatives of the EFCC in Lagos, Kano and Abuja.

Sources told this paper that BDC operators are mopping up dollars from states as the scarcity of the currency bites harder.

3 governors under EFCC watch

In an exclusive interview with this paper yesterday, the EFFCC chairman disclosed that some governors are all out devising means to launder money they stashed in houses. He said so far, they are closely monitoring three of them.

Bawa, who refused to disclose the identity of the three governors, however, said two of them are from the North, while the 3rd one is from the southern part of the country.

He said intelligence at the disposal of the commission, showed that the three governors have concluded plans to inject the money into the system through table payment of their state workers’ salaries.

“Let me tell you something, the Intel that I have yesterday and I would want you to take this thing very seriously. Already, some state governors have some of this cash stashed in various houses and the rest are now trying to pay salaries in cash in their state,” he said. Asked whether the commission would summon the governors, the EFCC chair said they are closely monitoring them.

He added that “I don’t know how they want to achieve that but we have to stop them from doing that. Well, we are working, they have not paid the salaries in cash yet but it is a very serious thing”, saying the move is against section 2 of the Money Laundering Prohibition Act.

“The law is very clear regarding cash transactions. Anybody that is to consummate any cash transaction as an individual, if it is not through a financial institution must not be above N5million and if it is above that it is criminal for you to engage in such transaction. And for corporate entities it is N10million.

“Yes, I agree the salaries are not up to that but why are you all of a sudden, and all along you have been paying people salaries through their bank accounts and now you want to pay them in cash, what are you trying to do? They will come under a lot of guises, they are trying to do verification of officers, that is what we have gotten,” he said.

Disposing of stashed funds through property

The EFCC boss also confirmed the mad rush by some people to dispose of their stashed funds by buying property.

“We are aware of that. Even if you dispose of your property and you receive cash, for that cash to be of value to you after January 31, 2023, you have to take it to the bank; so what happened, are you coming to the bank with those millions? That is why we are working with the bankers and if you have this information let us know about it,” he said.

Raids of BDCs to continue

He said the raids of BDC operators would continue. This he said, is very important to protect the system against the laundering of stashed funds.

“They (BDCs) are very important in the sense that a lot of people that have this naira cash, will want to convert them to USD or other foreign currencies, that is why they are very important.

“And based on the known gullibility of these people (BDCs), they are willing to accept this cash from the owners of these monies and they are willing to depart with the foreign currencies that they have and so that is why they are very important and very critical to us in this project that we said to ourselves that we are going to do,” he said.

When Bawa’s attention was drawn to the fact that the dollar was rising despite the EFCC raids, he said it is a function of demand and supply.

“The truth of the matter here is just a simple function of demand and supply, people are rushing this commodity not that they are going to use it for any meaningful business engagement but they are just rushing for it, just a store of value, that is what is happening.

“And what they say in economics is the higher the demand, the higher the price; so people are just seeing USD or other hard currencies just the way that they are seeing gold, to get it exchanged and store their value,” he said.

Why I met chief compliance officers of banks

On why he met chief compliance officers of banks in Lagos recently, he said the parley was part of efforts to properly monitor the system and to seek their collaboration in respect of the likelihood of people bringing in their illegitimate funds back to the system.

“We knew a lot of people are hoarding these funds, it is with them and they will always find a way of trying to bring it back to the system.

“So, irrespective of what they use their cash for, whether they exchange it for dollars, whether they use it to purchase houses for those that are willing to accept cash, it has to eventually come back to the financial institution. So, irrespective of what you do, the banks are very important and critical in the sense that they are the end recipients of this cash.

“The owner of BDC must deposit the money he exchanged for the currency he did, the owner of real estate must also do the same and all of that. So, we sat down, we deliberated and we agreed on what to do. Everybody is happy about it,” he said.

No need for panic 

He, however, urged Nigerians to be calm, saying “this (naira redesign) is just a routine thing that ordinarily CBN ought to have done after every eight years, the monies are going to be taken.

“All that the government is saying is come and deposit the money at no cost to you; that is just what is happening, nothing more than that.  “How can you have an economy where you have 85 per cent of your currency out there when you are calling for a cashless society when we have a lot of means by which people can consummate their transactions? What are you hiding? These days, people hardly go to the banks, you can transfer your money here using your app, and you can transfer your money through ATM, POS, and all of that, so why keep the money? Why are you scared of going to the bank to say that you want to deposit your money? He queried.

In the last few days, videos of stashed naira denominations being brought out are common on social media.

Also, BDC operators in Abuja, Kano and Lagos said they have run out of US dollars as a result of increased demand.

“We don’t have the dollars anymore even though the buyers are increasing in number. Some of them are willing to buy it at N900/1$,” one of the BDC operators at Zone 4, in Abuja, said.

Asked if they were being harassed by EFCC operators, he said, “Not really, of course, there was this fear when they first came but they later explained to us that they needed our support to track unpatriotic Nigerians who want to launder proceeds of corruption.” (Daily Trust)

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Peter Obi to Umahi: Become presidential candidate before challenging me to debate

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David Umahi and Peter Obi
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Nigeria Democratic Congress (NDC) presidential candidate, Peter Obi, has dismissed Works Minister Dave Umahi’s invitation to a public debate, saying the minister must first become a presidential candidate before challenging him.

Obi made the remark during an interview with media entrepreneur Chude Jideonwo while responding to questions about Umahi’s call for a debate following his criticism of the condition of some federal roads.

The former Anambra State governor argued that the issue had already been resolved, noting that his criticism of a deteriorating road had prompted the government to begin repairs.

“First of all, I already started the debate by standing on that road and saying the road was bad. The only reply should have been that the road was good. But I thank him because he is now repairing the road, so the debate is closed. There is nothing else to debate.”

Obi maintained that if Umahi intended to challenge him in his capacity as a presidential candidate, the minister would first have to qualify for that position.

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“If he is inviting me to a debate as a presidential candidate, then he has to become a presidential candidate first.”

Explaining his position, Obi likened the situation to a football team that failed to qualify for the FIFA World Cup attempting to challenge one that had already earned its place in the tournament.

“The World Cup is going on now. You cannot stay outside and invite a team that qualified for the World Cup to come and play against you simply because you think you are good. No. There is a qualification process.”

He added that presidential debates are traditionally reserved for candidates seeking the nation’s highest office, insisting that such engagements should be between presidential contenders rather than ministers or other public office holders.

“I am a presidential candidate. Around the world, not all presidential candidates participate in debates. It is usually the leading candidates. It is like someone in Division One asking a Premier League team to play a match. No. You compete within your own level. When he becomes a presidential candidate, then he can debate with those who are in that category,” he added.

Umahi had earlier dismissed Obi’s criticism of the Tinubu administration and challenged him to a debate on the Federal Government’s performance, insisting that President Bola Tinubu’s infrastructure projects and appointments had transformed the South-East.

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Peter Obi slams arrest of Prof Aghaji, urges authorities to uphold Rule of Law

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Labour Party knocks Middle Belt movement for allegedly gagging Peter Obi
Peter Obi
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Former Labour Party presidential candidate, Peter Obi, has criticised the arrest and detention of Professor Martin Aghaji, describing the incident as troubling and a sign of what he called a growing disregard for citizens’ rights and human dignity in the country.

Obi reacted on Saturday after reports emerged that operatives of the Department of State Services (DSS) had arrested the renowned cardiothoracic surgeon before later releasing him and reportedly apologising for the action.

Professor Aghaji, a respected medical expert and former university administrator, is said to be one of the doctors linked to detained Indigenous People of Biafra (IPOB) leader, Nnamdi Kanu.

In a statement shared on his X account, Obi expressed concern over the circumstances surrounding the professor’s arrest.

He alleged that security operatives arrived at Aghaji’s residence in Enugu in the early hours of the morning and took him away without prior invitation or notification.

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According to Obi, the 74-year-old surgeon was arrested in the presence of his daughter, who was visiting him at the time.

He argued that such an operation should have been handled in a more professional manner, especially considering the status and reputation of the medical practitioner.

The former Anambra State governor described Aghaji as a globally recognised surgeon, accomplished academic and respected elder statesman who has spent decades contributing to the development of Nigeria’s healthcare sector.

Obi further claimed that after being taken from Enugu to Lagos, the professor was held for about three days before regaining his freedom. He said the authorities later apologised to him, allegedly admitting that his arrest was a mistake.

The former presidential candidate said the development raises concerns about the conduct of security agencies and the treatment of citizens, particularly professionals who have dedicated their lives to serving the country.

He warned that incidents of this nature could discourage skilled Nigerians from remaining in the country and contribute further to the migration of professionals abroad.

Obi noted that Nigeria is already facing serious challenges in the health sector due to the increasing departure of doctors and other healthcare workers. According to him, actions that appear to humiliate respected professionals only worsen the situation.

“The practice of treating highly regarded, ethical professionals – and indeed any Nigerian – like common criminals sets a dangerous precedent that undermines the rule of law across all sectors. Therefore, we must conduct ourselves with civility in the discharge of our public duties. A superior and renewed Nigeria is indeed Possible,” Obi said.

He stressed that all Nigerians, regardless of their profession, status or political affiliation, deserve to be treated in accordance with the law and with respect for their fundamental rights.

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Benin Catholic Archbishop Akubeze dies at 69

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The late Archbishop of the Catholic Archdiocese of Benin City, Most Rev. Augustine Akubeze.
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The Catholic Archdiocese of Benin City has announced the death of its Archbishop, Most Rev. Augustine Akubeze.

Akubeze died on Thursday at the age of 69, according to a statement issued by the Chancellor of the Archdiocese, Rev. Fr. Michael Oyanoafoh, on behalf of the Consultors of the diocese.

The statement described the late archbishop as a humble and committed servant of God who touched many lives through his ministry.

It read, “On behalf of the Consultors of the Catholic Archdiocese of Benin City, we announce, with profound sorrow, yet with a firm hope in the resurrection, the passing of our dearly beloved father and Archbishop, Most Rev. Augustine Obiora Akubeze, Archbishop of the Catholic Archdiocese of Benin City, who was called home to the Lord on Thursday, July 9, 2026.

“Archbishop Augustine Obiora Akubeze lived a very simple and humble life in faith and obedience to the will of God. He impacted the lives of so many people. He was a complete gentleman and a father to us all.”

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The Catholic Secretariat of Nigeria also confirmed his death in a statement signed by its Secretary-General, Rev. Fr. Michael Banjo.

The secretariat described Akubeze as a “unique shepherd” whose leadership combined spiritual growth with the development of the church and the welfare of its members.

The statement read, “Archbishop Akubeze was a unique shepherd who understood that the true development of the church embraces both spiritual renewal and the holistic growth of God’s people.

“Under his care, the Archdiocese of Benin City has witnessed significant developmental strides. He was deeply committed to the welfare of his priests with the conviction that the future of the church depended on well-formed shepherds.”

The Catholic Secretariat also recalled his contributions as a former President of the Catholic Bishops’ Conference of Nigeria, describing him as a defender of the church’s teachings.

“As an erstwhile President of the Bishops’ Conference of Nigeria, he firmly stood as a pillar of orthodox truth. His voice did not tickle ears but fed souls, bringing to light his episcopal motto: ‘Ut Testimonium perhibeam veritati’ (That I may bear witness to the Truth),” the statement added.

The secretariat praised his leadership style, noting that he demonstrated humility and service throughout his episcopal ministry.

“His patient listening and selfless generosity embodied a compassionate shepherd who knew the smell of his flock.

“He demonstrated always by his gentleness and quiet disposition that genuine authority in the church is not measured by power but by service,” it stated.

Born in 1956, Akubeze was ordained a Catholic priest on October 3, 1987.

He was appointed the pioneer Bishop of Uromi Diocese on December 14, 2005, and consecrated on February 25, 2006.

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