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Naira Redesign: 3 Governors under watch over stashed billions – EFCC boss
• 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.
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)
Supporters of the Nigeria Democratic Congress presidential candidate, Peter Obi, and his running mate, Rabiu Kwankwaso, were reportedly attacked during a campaign activity in Warri, Delta State. HireGrant Writers
The incident was disclosed by Esther Umoh, a photographer associated with Obi, in a post on X.
Umoh alleged that politically sponsored thugs attacked members of the campaign team while they were campaigning in Warri.
According to her, those affected included members of the entourage of the Delta State governorship candidate, as well as supporters of the Obidient and Kwankwasiya movements.
“As of this morning, politically sponsored thugs reportedly opened fire on @MamaPee__, @Drmopaul, @dchrisiyovwaye, the Delta State governorship candidate, members of his entourage, and other Obidient and Kwankwasiya supporters who were out campaigning in Warri,” she wrote.
A video shared alongside the allegation showed people running amid a chaotic scene.
A voice in the video was heard saying, “Look at the thŭgs, they came to attack us. We must face them. We are fully ready for them.”
The reported attack comes as supporters of Obi and Kwankwaso continue their mobilisation ahead of the 2027 general elections.
Obi and Kwankwaso are being mobilised under the NDC platform, with members of the Obidient and Kwankwasiyya movements also involved in the wider support structure.
The Obi-Kwankwaso support movement recently announced a 59-member presidential campaign council made up of coordinators and directors from across the country.
The 30-year-old aluminium fixer and student of a polytechnic in Kwara State had spent days in police detention and prison custody following a dispute that began with an alleged N8,000 debt.
His parents had stood as sureties to perfect his bail.
He was finally home and free.
But his mother, Simiat Mohammed, said the son who returned to the family was not the same man who had left days earlier.
He barely ate. He withdrew from people. Again and again, she said, Al-Amin complained about the humiliation of being detained, taken to court and remanded in prison over an allegation he insisted was untrue.
“He kept saying that they wanted to tarnish his image because he came from a poor family and that he was sent to prison for a crime he did not commit,” the grieving mother told Saturday PUNCH amid tears.
Three days after his release, tragedy struck.
On September 17, Al-Amin ingested rat poison at his residence in Ibadan.
Before then, according to his family, he recorded a voice note expressing frustration and saying what would become his final words to his mother.
“He said the frustration was too much and asked his siblings to take care of me. He mentioned my name and apologised, telling me not to be angry with him,” Simiat recalled.
The family rushed him from one hospital to another in a desperate attempt to save his life.
His father, Habeeb Mohammed, said three hospitals rejected him before the family eventually got to the University College Hospital, Ibadan.
“We were asked to make some payments before he could be attended to. After we paid, the doctor came and told us that he was dead,” he said.
For the Mohammed family, the death brought a devastating end to a chain of events that they say should never have gone beyond a minor disagreement.
How N8,000 debt became police case
According to Simiat, her son had borrowed N23,000 from a Point-of-Sale operator identified simply as Kazeem.
Al-Amin had repaid N15,000, leaving a balance of N8,000.
But a disagreement subsequently broke out, during which Kazeem allegedly seized Al-Amin’s mobile phone over the unpaid balance.
The 30-year-old later returned to retrieve his phone, leading to a struggle.
His mother said the confrontation was minor, but it set off events that eventually took her son through vigilante detention, a police cell, a courtroom and prison custody.
After the altercation, Al-Amin was allegedly detained overnight by a vigilante said to be the father of one of Kazeem’s employees.
The following day, September 9, he was allegedly handed over to officers at the Sanyo Divisional Police Station in Ibadan.
Simiat said she received a call the next day asking her to come to the station.
Like many mothers visiting a detained child, she went there carrying food.
“When I got to the station, I went with food for my son, but they did not allow me to give it to him. After some time, they brought him out of the cell and I spoke with him,” she said.
During that brief encounter, Al-Amin maintained his innocence over another allegation that had entered the dispute that he damaged a mobile phone belonging to Kazeem.
“He told me that he did not touch the phone, let alone spoil it. He said the only money he owed Kazeem was N8,000 and that he went to retrieve his phone after it had been seized, which led to the struggle,” she added.
‘They said they would jail him’
What Simiat expected would be resolved as a dispute between two young men allegedly took a more serious turn.
She claimed that the Investigating Police Officer, identified as Adekeye, insisted that Al-Amin would be prosecuted despite the family’s appeals for a settlement.
According to her, the family was asked to provide N100,000 for bail and another N70,000 for the damaged phone.
“When Kazeem came to the station, I pleaded with him that we should settle the matter. I also pleaded with the DCO, but he later sent me out of his office.
“The IPO, Adekeye, also said she would ensure that my son was jailed. There was even a police officer pleading on our behalf,” she alleged.
The deceased’s father, Habeeb, gave a similar account.
He alleged that the matter was escalated because the complainant’s father was known to the Divisional Crime Officer.
“When I got there, I begged the DCO that the matter could be settled amicably. But because the father of the complainant was his friend, he said he would deal with my son and send him to prison,” he stated.
The family further alleged that Al-Amin complained of harsh treatment while in detention and said he was pressured to admit that he damaged the phone.
Saturday PUNCH could not independently verify those allegations.
From police cell to prison
On September 10, the family said Al-Amin was taken to court in the Mapo area of Ibadan.
His mother claimed nobody informed the family beforehand.
They only learnt that he had been taken to court after receiving a telephone call.
At the court, the family encountered a lawyer identified as Boluwatife, who, according to Simiat, offered to represent Al-Amin free of charge after hearing about the case.
The court granted him bail in the sum of N100,000 with two sureties in like sum.
But freedom did not come immediately.
Pending the perfection of his bail conditions, Al-Amin was taken to the Agodi Custodial Centre.
For four days, his parents worked to secure his release.
Eventually, Simiat and Habeeb stood as sureties, and their son walked out of custody on September 14.
Police deny charging Oyo student over ₦8,000
Meanwhile, Oyo State Police Command has disputed the account surrounding the arrest and prosecution of a student, Al-Amin Mohammed, who later died by suicide, saying he was not arrested or charged to court over an outstanding ₦8,000 debt.
The Command said Mohammed was charged with assault and malicious damage after allegedly assaulting a female Point-of-Sale operator and damaging her Airtel SIM registration machine valued at ₦177,000.
The police position differs from the account given by Mohammed’s family, which said he was arrested and taken to court following a dispute over an ₦8,000 debt owed to the POS operator.
In a statement on Saturday, the Command described a publication alleging that Mohammed was detained over the debt as “false, unfounded and misleading.”
“The Command wishes to categorically state that the narrative is false, unfounded and misleading, as it does not represent the circumstances of the case or the basis upon which the suspect was charged to court,” the statement said.
According to the police, investigation established that Mohammed approached the POS operator to collect ₦23,000 in cash, with the intention of transferring the same amount to her through a POS transaction.
“The complainant obliged and handed the suspect the said sum in cash. However, immediately after collecting the money, the suspect left the scene without effecting the intended transfer or returning the money.
“Following persistent efforts, the suspect eventually refunded ₦15,000, leaving an outstanding balance of ₦8,000, which he subsequently refused to pay. Consequently, the complainant took possession of the suspect’s mobile phone pending the refund of the outstanding ₦8,000,” the Command said. (PUNCH)
Officers of the Kogi police command have arrested Elijah Olorunsuwa, a lecturer with the University of Ilorin (UNILORIN), over allegations of cybercrime in connection with WhatsApp messages on a road project in the state.
Olorunsuwa, a social commentator, was arrested on Wednesday at his residence in Ilorin, Kwara state capital, and taken to Kogi state.
He was later released on Wednesday evening and asked to return on Thursday.
Speaking with TheCable after his release, Olorunsuwa said around 5am on Wednesday, about eight police officers arrived at his residence in Ilorin to arrest him.
Olorunsuwa said he requested that the police officers should allow him to drive his own car and follow them to the nearest area command in Ilorin.
The lecturer said when they arrived at the area command in Ilorin, there were no police officers to attend to them. Afterwards, he decided to join the police officers in their van as they agreed to take him to the Kwara police command headquarters.
According to Olorunsuwa, the police officers reneged on the agreement and drove him to Kogi.
When the lecturer got to the police station in Kogi, he was shown a petition reportedly written against him by Jerry Omodara, security adviser to the Kogi state government.
THE PETITION
In the petition dated September 11 and addressed to the Kogi police commissioner, Omodara alleged that Olorunsuwa has “consistently made false allegation and publications” against the Kogi government using social media.
The security adviser said the lecturer’s recent social media post against the Kogi government was on the award of the Kabba-Oke-Offin-Olle-lluke road project.
Omodara said the Kogi government published advertisements in newspapers for the award of the reconstruction of the road.
The security adviser said after the newspaper publications, Olorunsuwa posted on social media that the road “project was not of the state government but World Bank sponsored and the state was to pay a counterpart fund”.
Omodara said Olorunsuwa’s post is “false, malicious and with the intention to deceive unsuspecting public and discredit the government of the day”.
“This does not go down well with the government as well as myself being from that area that have consistently reminded the government on the need to reconstruct the road,” the petition reads.
“It is therefore not acceptable to the government of the State and the people the road is supposed to serve.
“Consequently, Mr. Elijah Olounsuwa is to be apprehended and to be made to tender all documents available to him from or by the World Bank to back his claim, otherwise he is to be charged for cybercrime and prosecuted.”
THE WHATSAPP CONVERSATION
Olorunsuwa told TheCable that someone posted a message on the Oke Offin community WhatsApp group that the state government was reconstructing the Kabba-Oke-Offin-Olle-lluke road.
The lecturer said he commented that the road project is sponsored by the World Bank.
Olorunsuwa said that after his comment, Omodara replied to him and asked that the post should be deleted. He added that the state security adviser threatened that he should expect legal action if the WhatsApp post is not deleted.
The lecturer said he and Omodara hail from Oke Offin in Kabba/Bunu LGA of Kogi state.
“I told him that he should feel free to take me to court. I didn’t pull down the post,” the lecturer said.
“However, some elderly men on the platform reached out to me and appealed for the need to maintain peace and decorum.”
Olorunsuwa said that after the appeal from the elderly men, he deleted his WhatsApp comments and reached out to Omodara via the phone.
The lecturer said during the phone conversation with Omodara, the security adviser told him that Usman Ododo, governor of Kogi, had directed that he should be prosecuted over the post.
Olorunsuwa said he asked the security adviser if the Kogi governor was a member of the community WhatsApp group chat.
He said Omodara asked him to publish a retraction of his WhatsApp posts about the road project, adding that he refused to do so, which led to his arrest.
OMODARA REACTS
Reacting to the development, Omodara said Olorunsuwa published a “false claim” about the funding of the road project via WhatsApp and other social media platforms.
The security adviser told TheCable that he asked the lecturer to retract his post on the WhatsApp group since the road project is being funded by the Kogi state government.
Omodara said Olorunsuwa responded that he should be mourning his late cousin rather than clamouring for the withdrawal of the post.
He added that during a telephone conversation, he informed the lecturer that the road project was solely funded by the state government and not the World Bank, as he claimed.
The security adviser said Olorunsuwa refused to retract the social media post, which prompted the state government to petition the Kogi police commissioner. Cable
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