
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
Enugu Lawyer rejects paternity claim after DNA Test results
A legal practitioner, Barrister Chinedu Ifeanyi Iloeje, has publicly declared that a man previously believed to be his son is not biologically related to him, following the outcome of a DNA test.
In a public notice published in a newspaper, Iloeje stated that he was allegedly misled by the man’s mother into believing that the individual, identified as Chinedu Francis Iloeje, was his biological son.
According to the notice, DNA testing conducted on the matter established “beyond any doubt” that the man is not his son.
The lawyer further clarified that he never legally adopted the individual, despite the latter bearing the name Chinedu Francis Iloeje.
Disclaimer
Barrister Iloeje explained that the man’s original name is Chinedu Francis Onwualu and stressed that he has no legal or biological relationship with him.
The notice also informed members of the public, the Greater Iloeje Family, the Umuodu Village Union, Uwani Amokwe Town Union, St. Theresa’s Catholic Church Amokwe, Udi Local Government Council, and other stakeholders of his declaration.

He stated that the disclaimer was made in good faith and while of sound mind, urging the public to take note of the clarification.
The publication has sparked discussions on paternity disputes and the increasing reliance on DNA testing to resolve questions of biological parentage.
News
Obi donates N10 million to burnt hospital in Enugu
Presidential candidate of the Nigeria Democratic Congress (NDC) in the forthcoming 2027 general election, Mr. Peter Obi, has donated N10 million to assist in the renovation of the burnt Mother of Christ Specialist Hospital, Enugu State.
The former Anambra State governor handed over the cheque for the donation to the hospital management team when he visited the hospital yesterday.
The hospital belongs to the Reverend Sisters of the Immaculate Heart of the Catholic Church.

Mr Peter Obi inspecting the burnt hospital
Addressing the hospital management team after inspecting parts of the burnt hospital, the NDC presidential candidate commended them for their efforts in contributing to healthcare delivery services.
Telling them that even though they might feel that they were not being appreciated for what they were doing, Obi, however, described healthcare delivery services and education as among the “most critical needs of society” and urged them not to relent in what they were doing.

Accompanied during the visit by his Chief of Staff, Commissioner for Housing, as well as Special Adviser on Media when he was Anambra State governor, Prof. Stella Okunna, Prof. Patrick Obi, and Dr. Valentine Obienyem respectively, Obi assured the hospital management team that he would continue to support them.
Part of the hospital gutted by the inferno and inspected by Obi was the Children’s Ward.
Expressing gratitude on behalf of the hospital management, the Chief Medical Director of Immaculate Heart Hospital, Nkpor, Anambra State, Rev. Sister Dr. Maria Nkiruka Okafor, eulogised Obi for his sacrifices and selfless contributions to humanity.
Disclosing that Obi had already credited the hospital’s accountant with the N10 million donation and that he was even the person who called her to inform her that he had received the sad news of the inferno and promised to donate towards the renovation, Rev. Sister Okafor described him as a rare politician.
She prayed that God would grant him his ambition to become President of the country and enable him to achieve his desire to transform it.
News
FG, Enugu State target direct China-Enugu Cargo flights by December – Keyamo
The Federal Government and Enugu State Government are in talks to ensure the commencement of direct cargo flight operations between Enugu and Guangzhou, China, before the end of the year.
The Minister of Aviation and Aerospace Development, Barr Festus Keyamo, disclosed this in Lagos during the launch of the United Air’s newly acquired airplanes on Thursday.
The Minister added said the FG had affected a structural management overhaul at the Akanu Ibiam International Airport, also bringing the airport under a privately run operational framework.

Enugu Airline
“One of our prides in the South is the Enugu International Airport. The Enugu governor approached Mr. President, noting that the airport was not maximising its economic potential under standard bureaucratic structures, and requested to bring in private investors to run it. Mr. President gave the green light.
“As I speak with you, Enugu is now fully privately owned and fully supported by state government, with the clear objective of also turning it into a dedicated cargo hub for the entire Southeast.”

To this effect, therefore, Keyamo said that a high-level bilateral trade negotiations were ongoing with a view to securing direct logistics flights between China and the Southeast by the end of 2026.
“Just two days ago, the Enugu governor and I were actively negotiating the first direct cargo flight from Guangzhou, China, straight into Enugu.
“We are targeting December for the maiden flight. This will allow our Southeast merchants and traders in China to consolidate their goods into unified cargo accounts twice a week, flying straight into Enugu for seamless delivery to hubs like Onitsha and Aba,” he concluded.
It is recalled that Governor Mbah had in July 2025 launched Enugu Air, a state-owned airline, as part of the administration’s integrated blueprint for a modern, multimodal transport ecosystem and the vision to make Enugu a major aviation and logistics hub.
Since then, Enugu Air has grown its fleet from three at inception to six planes with plans to further increase it as it prepares to commence operations to regional destinations like Accra, Libreville, Abidjan in next few months and long haul flight operations to various destinations around the world by the end of the year.
-
News2 days agoLondon court acquits Alison-Madueke of all corruption charges
-
International2 days ago$300bn reconstruction aid, sanctions lift’ – US-Iran MoU details emerge
-
Politics3 days agoStakeholders demand sanctions against A’Court’s Justice Lifu, as Mark warns FG on political manipulation
-
News3 days agoCourt martial: 12 soldiers face trial over alleged murder, other criminal offences
-
News3 days agoAppeal Court suspends execution of judgment against ADC, 4 others parties
-
News2 days agoMy name has been cleared, says Alison-Madueke after London Jury acquits her of corruption charges
-
News1 day agoShocking! Vandals excavate, steal 3km of Port Harcourt–Kaduna Pipeline after spending months in South-East forest
-
News5 hours agoObi donates N10 million to burnt hospital in Enugu



