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Binance will destroy Nigeria’s economy if not stopped — Onanuga

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Binance will destroy Nigeria’s economy if not stopped — Onanuga
Bayo Onanuga
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Presidential spokesman, Bayo Onanuga, says if not stopped, cryptocurrency trading website Binance will destroy the Nigerian economy by arbitrarily fixing foreign exchange rate.

“If we don’t clamp down on Binance, Binance will destroy the economy of this country. They just fix the rate,” a displeased Onanuga said on Channels Television’s Politics Today programme on Wednesday.

“We have saboteurs. Look at what Binance is doing to our economy. That is why the government moved against Binance. Some people sit down using the cyberspace to dictate even our exchange rate, hijacking the role of the CBN.

“They just sit down and fix anything they like. It’s a sabotage and we are trying to prevent that from happening henceforth,” he stated.

The presidential aide further urged Nigerians to stop patronising the parallel market for FX rates, saying the website of the apex bank is the only legal platform.

 “The parallel market is not the real gauge of Nigeria’s economic health. The parallel market is an illegal market.

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“I don’t even know why Nigerians and the media are feeding on the parallel market. That is not where we should go; what’s the CBN rate? As at Friday, the rate for the dollar was about N1600.

“Even in the so-called parallel market, the exchange rate is stabilizing there and that is what this needs. Our economy is too much dollarised. Importers are looking at the exchange rate and using it to fix prices, some of them arbitrarily, some of them actually profiteering,” Onanuga stated.

According to him, once the CBN succeeds in stabilising the exchange rate, the prices of goods in the country will normalise. “Things are not going to get worse, they are going to get better in the next few weeks,” he noted.

Nigeria’s Wobbling FX Market

Nigeria is battling rising inflation, food inflation, forex crisis, economic hardship and high cost of living occasioned by the removal of petrol subsidy, attracting protests in parts of the country.

The Nigerian naira has seen a dip in the last nine months since the President Bola Tinubu administration collapsed the foreign exchange window. The naira experienced an all-time low, falling from about N700/$1 last May to over N1500/$1 at the moment.

The authorities have since turned their focus to cryptocurrency websites, clamping down on them through telecommunication companies.

On Tuesday, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, said illicit flows in the form crypto exchanges passed through Binance.

“We are concerned that certain practices go on that indicate illicit flows going through a number of these entities [crypto platforms] and suspicious flows at best,” Cardoso told reporters at the Monetary Policy Committee (MPC) meeting of the apex bank, the first since he assumed office in September 2023.

“In the case of Binance, in the last one year alone, $26bn has passed through Binance Nigeria from sources and users who we cannot adequately identify,” he added.

The apex bank chief said anti-corruption agencies, the police and the Office of the National Security Adviser, Nuhu Ribadu, were co-ordinating an investigation into cryptocurrency exchanges. (Channels TV)

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Oyo Abduction: Eight kidnappers arrested, others killed  —  Presidency

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After 56 days in captivity, abducted Oriire pupils and teachers in Oyo State, have regained their freedom.

The Special Adviser to the President on Information and Strategy, Bayo Onanuga, in a post on X on Friday said the victims were rescued by the security agencies.

According to him, eight of the kidnappers have been arrested and are now in the custody of the Department of State Services.

He also said that some of the terrorists were neutralised, adding that there was no quid pro quo in the rescue.

He said, “In the course of the rescue operation, eight of the kidnappers were arrested and are now in DSS custody, while some of them were neutralised.

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There was no quid pro quo in the rescue as one of the terrorists, a kingpin, that the kidnappers demanded his release, is being prosecuted for his atrocities. The security agencies will give full account soon.”

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BREAKING: Kidnapped Oyo pupils, teachers regain freedom

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The freed pupils and teacher. Photo: Bayo Onanuga
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The pupils and teachers abducted in Orire Local Government Area of Oyo State have regained their freedom.

The development was disclosed on Friday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.

In a shared post on his verified X handle, Onanuga simply announced that the victims had been released by their abductors.

The freed pupils and teacher. Photo: Bayo Onanuga

“Finally, all the kidnapped pupils and teachers in Orire, Oyo have been rescued by our security agencies,” he wrote.

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As of the time of filing this report, details surrounding their release, including whether any ransom was paid or the circumstances leading to their freedom, had yet to be disclosed.

The abductions occurred on May 15, 2026, when armed men attacked three schools; Community Grammar School, Baptist Nursery and Primary School, and L.A. Primary School, in the Esiele and Yawota communities of Oriire Local Government Area.

No fewer than 39 pupils and seven teachers, including a principal, were taken during the attacks.

During the attack, a teacher, Joel Adesiyan, was killed while attempting to escape.

Another teacher, Michael Oyedokun, was beheaded in the kidnappers’ den.

The terrorists holding the victims had reportedly made a four-point demand before agreeing to free the captives, including the release of detained terrorist commanders, payment of ransom, two Hilux vehicles and the implementation of Sharia-related law.

The Oyo State Government had consistently maintained that no ransom would be paid to secure the release of any victims.

The incident had triggered weeks of public anguish, with the Nigeria Union of Teachers embarking on a month-long strike in the state to press for the victims’ rescue before suspending the action in July.

It also drew federal intervention, with military and police authorities repeatedly assuring Nigerians that operations to secure the victims’ freedom were ongoing.

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Enugu State Forest Guard Issues Standing Operational Order

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…Harps on discipline, professionalism

The Enugu State Forest Guard has issued a new Order introducing comprehensive standards governing the dress code, operational turnout, accoutrements, corporate identity, discipline, and professional appearance of all officers and operatives of the Corps.

The new policy issued entitled Headquarters Standing Operational Order No. 178/2026 was announced by the the Commander of the Enugu State Forest Guard, Dr. Akinbayo Olasoji, in Enugu.

He said the reforms are fully aligned with the vision of the Governor of Enugu State, Dr. Peter Ndubuisi Mbah, to build a disciplined, intelligence-driven, technologically enabled, and highly professional security architecture capable of safeguarding lives, property, forests, and other critical assets across the State.

In statement issued by the Geraldine Chiagozie, an Assistant Superintendent of Forest Guard, Olasoji said the Order forms part of the ongoing institutional reforms aimed at strengthening discipline, reinforcing command and control, enhancing operational professionalism, and projecting a distinctive corporate identity for the Corps.

“As the operational activities of the Forest Guard continue to receive increasing public visibility through field operations, community engagements, television, radio, newspapers, and digital media platforms, it has become imperative to institutionalize uniform standards that reflect the discipline, professionalism, and values expected of a modern government security organization.

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“The Standing Operational Order prescribes approved uniforms and their designated days of wear, operational dress for bush-combing and other field deployments, standards for approved accoutrements, lanyards, rank insignia, footwear, and personal grooming. It also establishes special dress codes for Administrative Officers and the Provost Unit to promote uniformity, professionalism, and easy identification throughout the Corps.

“The Order further prohibits the wearing of unauthorized uniforms, civilian attire (mufti) without authorization while on official duty, unauthorized footwear, and the use or public display of improvised wooden weapons during official assignments.

‘It emphasizes that only Headquarters-approved uniforms, equipment, and accoutrements shall be worn by personnel in the discharge of official duties.

“To ensure strict compliance, Directors, Senatorial Commanders, Zonal Commanders, Heads of Departments, Unit Commanders, and Sector Officers have been directed to conduct regular inspections before office duties, patrols, bush-combing operations, ceremonial activities, media engagements, and other official assignments. The Provost Unit has also been mandated to monitor compliance and enforce the provisions of the Standing Operational Order across all Commands and Units of the Corps,” the statement explained.

Meanwhile, the Commander of the Forest Guard, has also provided more insights into the significance of the initiative.

“Discipline begins with appearance. A professional security organization must be instantly recognized by its smart turnout, uniformity, discipline, and operational readiness. This Standing Operational Order is therefore not merely about uniforms; it is about strengthening our institutional culture, promoting accountability, reinforcing public confidence, and ensuring that every officer and operative represents the Government of Enugu State with dignity, honour, and professionalism,” the statement quoted Dr. Olasoji as saying.

The Commander reaffirmed the unwavering commitment of the Enugu State Forest Guard to continuous institutional improvement, operational excellence, intelligence-led security operations, respect for the rule of law, and effective collaboration with communities and other security agencies in promoting peace, public safety, and sustainable development throughout Enugu State.

Meanwhile, the Headquarters Standing Operational Order takes immediate effect, and all Commands and Units have been directed to ensure immediate and full compliance with its provisions.

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