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SINET demands probe of $2.4Bn Forex trading fraud

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SINET demands probe of $2.4Bn Forex trading fraud
• CBN Governor, Mr. Olayemi Cardoso
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…asks CBN to honour Forward Contracts

The Social Integrity Network, (SINET) has demanded further clarification concerning a statement credited to the Central Bank of Nigeria, CBN Governor, Mr. Olayemi Cardoso, on issues regarding the alleged and well-publicized revelations of a $2.4 billion forex trading fraud.

The group also urged President Ahmed Bola Tinubu and the leadership of National Assembly to compel the Governor, to order and reconsider honouring the forward contracts that are genuinely backed up with proper compliant documents for utilisation against each Letters of Credit (LCs) opened by the commercial banks using the forwards as a hedge.

In a statement on Monday, SINET national coordinator, Ibrahim Issah, SINET recalled that “On February 5, 2024, the governor of CBN made this declaration in both his interactions with Senate committees and his interview on a national television, following the engagement of Deloitte Management Consultant to conduct a forensic investigation where he claimed that the said amount was uncovered.

Issah, disclosed that “On the contrary, we wish to unequivocally state that these claims lack merit and do not take into account the consequences they will have on businesses, public perception, or the economy of our cherished nation and its implication on forex both at home and abroad.”

He said further, “Without sentiment, the claim is completely falsehood and unacceptable as he, the CBN governor, failed to consider its economic implications. It is pertinent to state that genuine businessmen and women across the country, borrowed Funds from commercial banks, some with interest rates as high as 30 per cent to secure forex from the CBN through their respective commercial banks since CBN does not sell the dollars to individuals directly.

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“The same funds have been deposited with CBN for the past one and half years for forwards allocated for which the Apex Bank is now claiming were fraudulent transactions. May we remind Mr. Governor that while the CBN allocated the forwards after collecting the naira for each forward allocated, the commercial banks used these same forward contracts as a hedge and issued Letters of Credit (LCs) to their various customers against their offshore credit lines and also as a sovereign guarantee to their offshore banks which stand unpaid till today as a result of the failure of CBN to honour the various forward contracts.

“May we also remind our CBN Governor that as a result of their failure to honour these contracts, the outstanding foreign loans continue to accrue interest (post-negotiation charges), which the commercial Banks are passing to their customers: the same customers you say do not have a genuine claim.”

The statement further stressed that, “The public would like to ask Mr. Governor the following questions: What will happen to the foreign bank that is expecting their payment to be paid back? What will happen to the businessmen and women who had borrowed Naira from commercial Banks and paid the same into the CBN account for the purchase of forex for over eighteen months? Who will bear the interest charged on borrowed funds locally? Who will bear the charges running against the offshore lines used in establishing Letters of Credit? What will happen to the businesses? What will happen to the employees that are dependent on the survival of the businesses that CBN is trying to kill?

“We call upon the senate president and, in fact, the president and Commander In-Chief of the Federal Republic of Nigeria to call the CBN governor to order and reconsider honouring the forward contracts that are genuinely backed up with proper compliant documents for utilisation against each Letters of Credit (LCs) opened by the commercial banks using the forwards as a hedge.

“Let us state categorically that the CBN is killing businesses by cancelling the forward contracts that were sold to them about 18 months ago at the rate of N450/dollar and now selling the same funds to the commercial banks and directing the bank to sell the money at the rate of 1,500/dollar to the same businesses who initially had a forward contract at the rate of N450/dollar.

“May we also remind Mr. Governor, that failure to honour these forward contracts is taking commercial banks longer time to clean the offshore lines already used for establishing Letters of Credit against which shipments have been done and payment made to LC beneficiaries by the offshore banks. The delays of the commercial banks to settle their Forex obligations to their offshore banks is making our country risk to be very high.

“Lastly, the public will like to call on the coordinating minister for the economy, Mr. Wale Edun to engage the CBN regarding this issue of undelivered forward contracts because at present in Nigeria, almost 60% of companies in the manufacturing sector have been closed due to the volatility of Forex in Nigeria in order to avoid the other 40% from also closing down.

“This will go a long way to help the few remaining manufacturing companies still in operation in Nigeria and also encourage the new investors that the president and commander in-chief of the federal republic is trying woo to bring their investments to Nigeria.”

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Terrorists Abduct Sunday Igboho’s Iru Ekun Security Group Members in Kwara

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Tension has gripped parts of Kwara State following the reported abduction of members of the Iru Ekun Security Group, a security outfit spearheaded by Yoruba nation agitator Sunday Adeyemo, popularly known as Sunday Igboho.

The assailants reportedly abducted the security operatives and forced them to renounce their activities of protecting communities in the state.

According to reports, the abducted members pleaded for their release and were compelled to renounce their community protection activities.

The Iru Ekun Security Group was established to protect Yoruba communities in Kwara State against terrorist attacks and kidnappings.

The reported abduction has sparked fear among residents who rely on the group for protection against insecurity in their communities.

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As of the time of filing this report, Igboho had yet to issue a statement on the reported abduction of the security group members.

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Ifeanyi Ubah’s Elder Sister, Fidelia Chigbogu, Dies Suddenly at 61

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Late Mrs Fidelia Ezinwanne Chigbogu
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Fidelia Ezinwanne Chigbogu, the immediate elder sister of the late Senator Ifeanyi Ubah, has died at the age of 61.

Mrs Chigbogu, fondly called “Darling” by her husband, reportedly slumped and died on Sunday morning in Lagos while preparing to attend church.

Her husband, Chudi Chidinma Chigbogu, a native of Nnewi in Nnewi North Local Government Area of Anambra State, described her death as a devastating shock, saying she had shown no signs of illness before the incident.

“It was like a shock to me because, even as I am talking to you now, I never believed it,” he said.

Narrating the circumstances surrounding her death, Mr Chigbogu said the family had experienced an electrical incident the previous Thursday when their electricity meter exploded and burnt their changeover room.

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He said they had contacted officials of the electricity distribution company, who promised to visit on Monday to replace and relocate the meter.

“We were busy waiting for them. My wife said she would give testimony in church on Sunday, and we were preparing for that,” he said.

According to him, his wife woke up on Sunday morning without any apparent health complaints and was preparing to leave for church when the incident occurred.

“That Sunday morning, she woke up. There was nothing like a headache, nothing like fever, nothing. She finished bathing and was preparing to go to church. She usually leaves home between 7 a.m. and 7:30 a.m. because of the roles she plays in the church,” he said.

Mr Chigbogu explained that he was washing his car because of dust when he became concerned that his wife had not come downstairs.

“I went to wash the car because of dust. Around 8 a.m., I called my son and said, ‘Why has mummy not come down? Go and check.’

“Only for the boy to go and start screaming that he called his mummy and she did not answer. He lifted her hand, and her hand dropped,” he recounted.

He said he immediately rushed upstairs and found his wife lying unresponsive on the bed.

“I called her names, no way. I alerted neighbours, and we carried her to six hospitals. Anywhere we went, they would take me aside and say I didn’t bring her on time, that she had passed on.

“I said no, it was not possible, until we got to Navy Hospital, where they refused to admit her,” he said.

Mr Chigbogu said prayers continued at their home for several hours as the family struggled to come to terms with the tragedy.

He recalled that around 4 p.m., someone told him she had seen his wife in a vision, moving swiftly without looking back, which she interpreted as a sign that the deceased had made it to heaven.

“That was when I changed my mind and allowed an ambulance to come. She left here after 6 p.m. and got to the village around 7 a.m. the next day,” he said.

Describing his late wife, Mr Chigbogu said she was a natural leader, peacemaker and philanthropist who played a significant role in her family, church and community.

“Aside from calling her Darling, I called her many names because she was a leader. No matter the case in the family, she would settle it.

“She is the founder of a women’s group, played a very big role in the church and was known for her charitable work. Before her passing, she was working on her orphanage.

“Even though she is no more, I will not let her down. I will make sure that project comes to pass,” he said.

On her family background, Mr Chigbogu said her parents had seven children—three boys and four girls—and that his late wife was the second daughter.

He added that she was also one of the trustees of the Ubah family.

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Mbah Vows to Sign Bill Curbing Excessive Agency, Lawyers’ Fees in Enugu

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Enugu Governor, Dr Peter Mbah
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By Tony Edike

Enugu State Governor, Dr Peter Ndubuisi Mbah, has pledged to sign into law a proposed amendment to the state’s Landlord and Tenant Law aimed at curbing excessive agency and legal fees imposed on prospective tenants.

Mbah gave the assurance while speaking at a recent town hall meeting, where he outlined his administration’s plans to address housing challenges in the state through legislative reforms and increased housing supply.

Enugu Housing scheme

Enugu Housing scheme

The governor said his administration was working with the Enugu State House of Assembly to ensure the proposed legislation was passed within four weeks, promising to sign it as soon as it was transmitted to him.

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He said the government could effectively regulate charges imposed by property agents and lawyers but warned against imposing rent controls that could discourage investment in the housing sector and worsen accommodation shortages.

“One thing that government can regulate effectively is controlling the cost an agent charges as commission, controlling the legal fees. You can clearly make laws to guide that,” Mbah said.

The  Enugu Smart City

He explained that fixing a ceiling on the rent landlords could charge might discourage people from investing in residential property, potentially reducing housing supply and pushing rental prices even higher.

“It is extremely difficult to make laws to cap the fee the rent a landlord charges because once you do that, what you’re going to see is scarcity,” he said.

The governor added that his administration was adopting a supply-driven approach to addressing the housing crisis by expanding the city, developing new residential areas and increasing the availability of housing units.

Proposed structures at the Enugu Smart City

“So what we do as government is to try and push supplies in the market to see that we build new houses to ensure that there are enough homes so that that supply would drive down the rent,” he stated.

Mbah said his administration was working with the legislature to regulate tenancy-related fees while protecting residents from excessive charges.

“I’m committing to you that we’re going to work with the House of Assembly to ensure that within the next four weeks we’ll ensure that bill is passed into law, and I’ll be in a hurry to sign it so that we can protect Ndi Enugu,” the governor added.

Housing units ready for relocation of slum residents

The proposed amendment to the Landlord and Tenant Law, Cap. 101, Revised Laws of Enugu State, 2004, was disclosed by the Speaker of the House of Assembly, Rt. Hon. Uche Ugwu, in a Facebook post on Monday, October 26, 2026.

According to Ugwu, the executive bill seeks to establish clearer rules for tenancy transactions, regulate estate agents, limit agency and legal fees, and provide a structured mechanism for handling caution fees and refunds.

The proposed legislation also seeks to reduce disputes between landlords and tenants over property damage through joint inventories and professional valuations where necessary, check arbitrary rent increases and create a more transparent framework for tenancy-related charges.

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The executive bill comes after an earlier bill sponsored by the member representing Nkanu East State Constituency, Hon. Okey Mbah, which had passed its first and second readings, with a public hearing also conducted by the House.

While advocating the earlier bill in March 2025, Okey Mbah raised concerns about the high costs prospective tenants were required to pay, including agency commissions, legal fees, caution fees and other charges.

He argued that the absence of effective regulation had created opportunities for exploitation, with some individuals allegedly posing as property agents to collect money from unsuspecting accommodation seekers without providing the promised services.

The earlier proposal sought to limit agency and legal fees to a maximum of 10 per cent of the rent, prohibit caution fees and introduce safeguards against irregular and fraudulent evictions. However, the final provisions will depend on the version of the legislation passed by the House.

Ugwu said the renewed legislative effort aligned with Mbah’s vision of making Enugu a preferred destination for business, investment, tourism and residential living.

The proposed amendment comes amid persistent complaints about the rising cost of accommodation in Enugu, where prospective tenants often face substantial additional charges beyond the rent demanded by landlords.

If passed and signed into law, the legislation could introduce greater transparency into tenancy transactions and provide a regulatory framework for the activities of property agents, while helping to protect tenants from excessive fees.

However, the effectiveness of the proposed reforms will depend on the final provisions of the law, the establishment of appropriate enforcement mechanisms and compliance by landlords, estate agents and legal practitioners.

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