
News
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)
News
Tinubu concludes five-day Saudi Arabia visit
President Bola Tinubu has concluded his five-day visit to Saudi Arabia, where he performed Umrah, the lesser Hajj, and prayed for Nigeria’s peace, unity and prosperity.
The President disclosed this on his verified X handle, @OfficialPBAT, on Monday, saying he used the opportunity to pray for the nation and its citizens.
Tinubu stated in a four-paragraph post: “I have concluded my visit to the Kingdom of Saudi Arabia, where, together with members of my delegation, I had the rare honour of entering the Holy Kaaba to pray, and of performing Umrah.
“I am deeply grateful to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud @KingSalman, and to Crown Prince and Prime Minister Mohammed bin Salman for extending this privilege to us, and for their gracious hospitality and brotherly care.
“It reflects the enduring bonds of faith and friendship between Nigeria and Saudi Arabia.

“In those sacred moments, I prayed for peace, unity and prosperity for our dear nation and for all Nigerians.”
The President arrived in Saudi Arabia last Thursday night through the King Abdulaziz International Airport in Jeddah, where he was received by Nigeria’s Ambassador to Saudi Arabia, Yakubu Gambo, and Saudi Arabia’s Head of Royal Protocol, Ahmad bin Thafir.
Tinubu’s visit to Makkah focused on performing the religious rites associated with Umrah and offering prayers for Nigeria’s peace, unity, stability and continued progress.
The President is expected to return to Nigeria this week following the completion of the spiritual exercise. (AriseNews TV)
News
Power Belongs To Allah, He Can Take It From Me And Give Another Person, Tinubu Says During Mecca Visit
President Bola Tinubu has said that political power belongs to Allah, who has the authority to give it to anyone and take it away, declaring that those entrusted with leadership must exercise it in accordance with God’s dictates.
Tinubu made the remarks while reflecting on his recent Umrah pilgrimage to Saudi Arabia, where he was granted access to enter and pray inside the Holy Ka’abah in Makkah.
The President said his emergence as Nigeria’s leader was an extraordinary blessing from Allah, adding that he recognised that his position as President and Commander-in-Chief was not something he could claim to have attained solely through human effort.
Speaking about his understanding of divine authority, Tinubu said Allah was the ultimate giver and taker of power and that anyone who received such a privilege must use it responsibly.
“There is no other God but Almighty Allah. He is the giver and the taker. He owns power and authority. He says, ‘If I give you, use it well. If you don’t use it in accordance with my dictates, I can take it from you and give it to another person. I am the only One who has that authority,” Tinubu said.

He described his emergence as President as a special favour from God, given the large number of people in the country.
“Out of many millions of people, to be the President and Commander-in-Chief is a favour that only Almighty God can do to a human being,” he said.
The President also expressed gratitude to Saudi Arabia’s King Salman and Crown Prince Mohammed bin Salman for granting him and members of his delegation access to the Ka’abah, describing the experience as historic.
He said the green-white-green colours on the fencing around the Ka’abah reminded him of Nigeria’s national identity.
“I want to say a big thank you for the faith, for the recognition. I can’t believe the fencing of the Ka’abah is in Green-White-Green, which reminds us of the Nigerian identity,” he said.
“I thank the Crown Prince and all the administrators of the holy land. I thank them for the hospitality and recognition given to me as the leader of the delegation and the country.
“We are all facing challenges and hostility around us. We will overcome them with faith in God Almighty. I’m grateful forever. I thank the King and the royal Crown Prince.”
Tinubu was accompanied on the pilgrimage by several members of his cabinet, governors and business leaders.
Those in the delegation included Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi; Coordinating Minister of Health and Social Welfare, Ali Pate; and governors from Borno, Sokoto, Jigawa, Kaduna, Yobe and Kwara states.
Business leaders accompanying him included BUA Group Chairman, Abdulsamad Isiaka Rabiu, and Oando Chief Executive Officer, Wale Tinubu.
The President’s remarks come amid his administration’s continued efforts to defend its policies and record in office.
News
OK Movement USA Reaffirms Independence, Clarifies Relationship with Nigerian Structure
…Highlights civic engagement, women’s empowerment, financial transparency and democratic development
OK Movement USA has reaffirmed its organisational independence and clarified its relationship with the broader OK Movement in Nigeria, stressing that cooperation between the two organisations does not automatically imply common financial control, candidate authorisation or a direct political-party relationship.
The organisation made this clarification in a press statement issued in Washington, D.C., on November 1, 2026, in which it outlined its identity, operational structure and commitment to democratic development, civic participation, good governance and community development.
According to the statement, OK Movement USA is a registered nonprofit organisation in the United States established to promote civic engagement, democratic values, responsible public participation and the welfare of Nigerians at home and in the diaspora.
The organisation explained that it operates with its own leadership, governance structure, operational responsibilities and institutional objectives.
It stressed that although it shares aspirations for a better Nigeria with the broader movement in the country, its organisational identity and responsibilities remain distinct.

Recognition of OK Movement Nigeria’s Grassroots Network
OK Movement USA acknowledged the grassroots organisational efforts of OK Movement Nigeria, noting that its network of coordinators, zonal leaders, state women leaders, volunteers and community representatives extends across Nigeria’s 36 states and the Federal Capital Territory.
The statement also highlighted the movement’s presence at the local government, ward and polling-unit levels, describing the structures as a valuable platform for promoting civic education, public enlightenment and constructive democratic engagement.
The US-based organisation said cooperation between the two structures could support initiatives aimed at strengthening public participation and raising awareness of democratic responsibilities across Nigeria.
However, it maintained that such cooperation should not be interpreted as establishing common financial control or automatically authorising either organisation to act on behalf of the other.
Addresses National Political Developments
The organisation also acknowledged the growing national conversation surrounding former Anambra State Governor Peter Obi, former Kano State Governor Rabiu Musa Kwankwaso and the wider aspirations of Nigerians seeking responsible leadership and democratic progress.
It said its engagement with these national aspirations was informed by its commitment to democratic values, accountable leadership, public transparency, economic opportunity and the welfare of ordinary Nigerians.
The statement did not establish any formal endorsement of a political candidate or party.
OK Movement USA further emphasised that its activities and financial decisions are governed by internal procedures and applicable legal requirements.
It said the organisation remained committed to lawful cooperation with grassroots structures in Nigeria on initiatives promoting good governance, civic awareness and responsible democratic participation.
Identifies Civic Education, Accountability as Priorities
Outlining its areas of focus, OK Movement USA said it would continue to promote awareness of democratic rights, civic responsibilities and electoral processes.
It also identified informed public dialogue, government accountability, lawful voter sensitisation, transparency and peaceful participation as important components of its work.
According to the statement, the organisation intends to support initiatives that strengthen public confidence in democratic processes and encourage citizens to participate responsibly in national development.
It added that its activities would be implemented in accordance with applicable laws, regulatory requirements and organisational policies.
Prioritises Women’s Empowerment, Youth Development
The organisation identified women’s empowerment, youth development, healthcare awareness, education and support for vulnerable communities among its principal areas of interest.
It said its ongoing Women Affairs Podcast Series was designed to amplify women’s voices and provide a platform for discussions involving professionals, community leaders and Nigerians in the diaspora.
The programme focuses on issues including healthcare, girl-child education, women’s empowerment, civic awareness and national development.
OK Movement USA also expressed its intention to encourage support for women-focused initiatives across Nigeria, including healthcare interventions, educational opportunities, community empowerment and good governance.
The organisation said it would provide lawful educational, organisational and logistical support for approved civic initiatives while building stronger connections between Nigerians abroad and communities at home.
Pledges Financial Transparency, Legal Compliance
On funding and financial management, OK Movement USA said it recognised the importance of responsible fundraising, transparency, proper documentation and compliance with applicable laws in the jurisdictions where it operates.
It explained that funds independently raised by the organisation were intended to support duly authorised and legally permissible initiatives, including civic education, community engagement, women’s empowerment, public enlightenment and other approved development programmes.
The organisation pledged to maintain appropriate financial oversight, responsible disbursement procedures, accurate recordkeeping and accountability to supporters and relevant regulatory authorities.
It further stated that cross-border financial support and operational collaboration would be subject to applicable legal and regulatory requirements.
The statement specifically highlighted the need to distinguish lawful civic initiatives from regulated political campaign financing.
Calls for Greater Diaspora Participation in Nigeria’s Development
OK Movement USA called on Nigerians in the diaspora to play a more active role in addressing the country’s challenges and supporting sustainable development.
It noted that Nigerians living abroad possess professional expertise, knowledge, financial resources and experience that could contribute positively to national development.
The organisation said diaspora communities should go beyond observing developments in Nigeria from a distance and become responsible participants in efforts to promote meaningful progress.
It reaffirmed its commitment to strengthening civic consciousness, building bridges between Nigerians at home and abroad, encouraging responsible public participation and supporting initiatives centred on citizens’ welfare.
According to the statement, meaningful change requires informed citizenship, institutional accountability, constructive cooperation and a shared commitment to building a better society.
The statement was signed by Patrick Esoro, Coordinator of OK Movement USA, and Victor Ben Onyeka, Director of Media and Communications.
The organisation provided its website as www.okmovementusa.org and listed secretariat@okmovementusa.org as its official email address.
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