
News
SINET demands probe of $2.4Bn Forex trading fraud
…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.

“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.”
News
Motorists trapped in Benin-Agbor-Asaba gridlock for days, Umahi inspects road
Motorists and travellers using the Benin-Agbor-Asaba route have been stranded for days as severe traffic congestion continues to disrupt movement between the South-South, South-East and Lagos.
The gridlock, which has reportedly persisted for about five days, has left motorists spending long hours on the road, with some travellers unable to reach their destinations.
The situation has been attributed largely to the poor condition of sections of the road, which has been further worsened by heavy rainfall in the area.

Minister of Works, Engr David Umahi and some National Assembly members inspecting Benin-Agbor road on Tuesday
The rain has reportedly made some portions of the road difficult to navigate, resulting in vehicles becoming stuck and worsening the already severe congestion.

The route is a major link for motorists travelling between Lagos and several states in the South-South and South-East, making the prolonged gridlock a major concern for travellers, transport operators and motorists.
Some motorists have reportedly been forced to spend extended periods on the road as efforts to navigate the affected sections have proved difficult.
The development has also raised concerns about the impact of the bad road on the movement of goods and passengers, particularly during the rainy season.
Travellers using the route have called for urgent intervention to restore movement and prevent further deterioration of the situation.
Meanwhile, the Minister of Works, Senator David Umahi, on Tuesday led an urgent federal intervention on the congested Benin-Agbor-Asaba Expressway following President Bola Tinubu’s order to ease the hardship faced by stranded motorists.
Umah’s arrival in Edo State was disclosed by his Senior Special Assistant on Media, Francis Nwaze, who shared a video of the minister’s on-site inspection on his official X handle.
“Umahi arrives in Benin, Edo State, to address the congestion on the Benin-Agbor-Asaba Road,” Nwaze posted, adding in a subsequent update, “Umahi arrives Benin-Agbor-Asaba Road to resolve issues surrounding the road, which was handed over to concessionaire on PPP Basis since 2025.”
In an official press statement issued on Tuesday, Nwaze confirmed that Tinubu ordered immediate corrective measures on both the Benin-Agbor-Asaba axis and the deplorable Ifaki-Kabba-Ado Ekiti road spanning Ekiti and Kogi States.
To execute the directive, Umahi reportedly deployed the Minister of State for Works alongside ministry officials to commence remedial works on the Ekiti-Kogi corridor.
“While the intervention team moved into Ekiti and Kogi States, Umahi himself headed to Benin, Edo State, alongside members of the National Assembly Works Committees, to initiate a similar coordinated intervention on the Benin-Agbor-Asaba road.
“The Benin meeting is expected to bring together key stakeholders, including representatives of the Edo and Delta State Governments and the Niger Delta Development Commission (NDDC), with the aim of finding immediate solutions to the challenges confronting motorists on the strategic corridor,” the statement partly read.
News
Police detain officers accused of N40,000 extortion in Abuja
The FCT Police Command has identified officers accused of allegedly extorting N40,000 from a resident along Wuye-Utako Road, near Salem Church, in the Federal Capital Territory.
The Command said the officers depicted in a video circulating on social media had been identified and were in custody.
The Police Public Relations Officer of the command, SP Josephine Adeh, disclosed this in a statement on Tuesday.
“The attention of the Commissioner of Police, FCT Police Command, CP Ahmed Muhammed Sanusi, PhD, FCAI, has been drawn to a video circulating on social media alleging that police officers of the FCT Police Command extorted an FCT resident of the sum of Forty Thousand Naira (₦40,000) along Wuye – Utako Road, by Salem Church, within the Federal Capital Territory.
“The officers depicted in the video have been identified and are in custody,” the statement read.

The video, which began circulating widely on social media around August 24, features a man who claimed that on August 20, 2026, a police officer in Abuja collected ₦40,000 from him even after verifying that his documents were complete.
The man shared footage showing a receipt and a conversation after he returned to the checkpoint.
Adeh said the Command had also invited the complainant to the FCT Police Command Headquarters to give an official statement on the incident to aid investigation and disciplinary action.
Entertainment
Dolly Parton, Queen of Country Music, dies at 80
Country music legend and Hollywood star, Dolly Parton, has died at the age of 80, her family has announced.
Parton’s nephew, Brian Seaver, announced her death on Tuesday in a video shared on her social media account, describing the moment as one of “absolute pride and great sadness”. The family did not immediately disclose the cause of death.
The Tennessee-born singer, songwriter, actress and philanthropist enjoyed a career spanning more than six decades and became one of the most recognisable figures in American popular culture.

Late Dolly Parton
Known as the “Queen of Country”, Parton sold more than 100 million records worldwide and earned numerous honours, including multiple Grammy Awards. Her enduring hits included “Jolene”, “I Will Always Love You”, “9 to 5” and “Coat of Many Colors”.

Her death came after a period of health challenges. In May, Parton announced the cancellation of a Las Vegas performance, revealing that she had been undergoing treatment for kidney stones and was also dealing with problems affecting her immune and digestive systems.
Just days before her death, Parton had indicated that she was still determined to work despite acknowledging that she had slowed down following the death of her husband, Carl Dean, in March 2025.
“Even though I’m still healin’, I’m still workin’!” she said, insisting that she still had many things she wanted to accomplish.
Parton was born on January 19, 1946, in Locust Ridge, Tennessee, the fourth of 12 children in a poor family. She grew up in the Appalachian region, where her mother’s love for traditional music helped nurture her passion for singing and songwriting.
She began performing as a child and moved to Nashville shortly after graduating from high school in 1964. Her songwriting talent soon earned her recognition, before she established herself as a major recording artiste.
Parton’s breakthrough included “Jolene”, which became one of her signature songs. Her composition “I Will Always Love You” later became a global hit for Whitney Houston after the singer recorded it for the 1992 film The Bodyguard.
Beyond music, Parton built a successful acting career, starring in films including 9 to 5, Steel Magnolias and The Best Little Whorehouse in Texas. She also became a prominent businesswoman through Dollywood, the theme park she established in Tennessee in 1986.
Her influence extended well beyond entertainment. Parton founded the Dollywood Foundation and its Imagination Library initiative, which provides free books to children, making childhood literacy one of the major causes associated with her name.
She also donated $1 million to coronavirus research at Vanderbilt University in 2020, funding that contributed to research that later helped in the development of Moderna’s COVID-19 vaccine.
Parton’s personal life also attracted public interest. She married Carl Dean in 1966, and the couple remained together for nearly six decades until his death in 2025. They had no children.
Despite her global fame, Parton remained closely connected to her Tennessee roots and used her success to support communities, education, healthcare and other charitable causes.
Her death brings to an end the life of an entertainer whose influence crossed generations, musical genres and national boundaries, leaving behind a vast catalogue of songs and a philanthropic legacy that extended far beyond country music.
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