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Crypto Exchanges Stop Selling USDT/USDC In Naira
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A handful of crypto companies in Nigeria will no longer allow users to buy the USDT and USDC stablecoins with Naira after renewed scrutiny from the Central Bank of Nigeria (CBN).
“There was a meeting of crypto founders on Tuesday morning, and a number of them agreed to suspend the trades on their platform,” a person at that meeting told TechCabal. A second crypto industry player confirmed the meeting but declined to share details.
At least two crypto exchanges have told their Nigerian customers about the new development.
“We are suspending the buying and selling of USDT and USDC for Naira. This means you can’t buy or sell USDT or USDC with Naira,” said a notification sent by one exchange to customers.
Binance and other exchanges have found themselves in regulatory crosshairs as regulators believe that crypto platforms encourage speculators to manipulate exchange rates. This week, users could not access the websites of crypto exchanges like Coinbase, Quidax, and Binance.
Increased volatility in Nigeria’s FX markets has triggered several policy actions, and on Tuesday afternoon, Olayemi Cardoso, the Central Bank governor, claimed “$26 billion has passed through Binance Nigeria from sources and users we cannot identify.”
An autonomous group, the Digital Currency Coalition, also claimed in a presentation seen by TechCabal that speculative trading on the Binance peer to peer offering significantly contributed to the “113.1% devaluation of the naira against USDT” since February 2023. It is unclear how the Coalition arrived at its numbers.
Unconfirmed reports claimed two executives at a crypto company were arrested on Tuesday in a move to force the company to share its KYC data.
Zakari Mijinyawa, a special adviser to Nigeria’s National Security Adviser, Malam Nuhu Ribadu, said he was unaware of any arrests and suggested that law enforcement agencies may have done them.
Crypto exchanges are treading cautiously, three people who work in the industry told TechCabal.
“The office asked us not to wear Binance t-shirts and caps and to not attend Binance-related events for now,” a Binance employee who asked not to be named told TechCabal, describing uncertainty and fear similar to last year when the Securities Exchange Commission announced that Binance was operating illegally in the country.
At least five leading leaders in the crypto space declined to comment on this story, citing regulatory fears.
“It is exactly as it was during the EndSARS protests in 2020,” an early-stage crypto investor in the country told TechCabal, adding that he has received warnings from peers to avoid attracting attention from law enforcement.
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Benue probe uncovers N139.8bn missing funds, recommends recovery
A commission of inquiry set up by the Benue State Government to investigate the state’s income and expenditure between 2015 and 2023 has uncovered N139.8 billion in unaccounted public funds.
The Chairman of the Benue State Income and Expenditure Commission of Inquiry, Justice Jubril Idrisu (retd), disclosed this on Friday while presenting the commission’s report to Governor Hyacinth Alia at the Government House, Makurdi.
Idrisu said the commission’s findings showed that the state generated more than N826.5 billion in revenue during the period under review, while expenditure stood at about N683.4 billion.
According to him, the records revealed an unaccounted balance of approximately N139.8 billion, which the commission recommended should be recovered from persons found responsible.
“The commission’s findings, contained in two volumes, revealed significant concerns in the management of public finances during the period under review.
“Records showed that the state generated over N826.5 billion in revenue, while expenditure stood at about N683.4 billion, leaving an unaccounted balance of approximately N139.8 billion,” he said.
The retired jurist explained that the commission, inaugurated in June 2025, was mandated to examine the income and expenditure of the immediate past administration and the 23 local government councils between May 29, 2015, and May 28, 2023.
He said the panel also uncovered questionable loan transactions involving some financial institutions and local government councils, including repayments that far exceeded the original loan amounts without adequate documentation.
Idrisu further disclosed that investigators identified irregular transfers of public funds to certain financial institutions without sufficient records or proof of legitimacy, recommending appropriate recoveries where necessary.
He stressed the need for stronger financial controls, including proper authorisation of online transactions by designated officers and an end to the practice of issuing blank pre-signed mandates.
According to him, such practices undermine transparency and accountability in public financial management.
Receiving the report, Alia reaffirmed his administration’s commitment to transparency, accountability and institutional reforms.
Represented by his deputy, Dr Sam Ode, Alia commended the panel for their courage and painstaking assignment undertaken in the public interest.
He said Justice Idrisu was selected to head the commission because of his reputation as a fearless jurist and a man of integrity.
Alia expressed confidence that implementation of the commission’s recommendations would strengthen institutions, curb the misuse of public resources and ensure accountability for those found culpable.
He acknowledged the challenges encountered by the commission, including difficulties in obtaining information and cooperation from some individuals and institutions, but commended members for their resilience and dedication.
He also apologised for logistical difficulties experienced by the commission, noting that the present administration inherited serious institutional and administrative challenges at the inception of its tenure.
He assured the panel that its work would serve as a critical reference point in the state’s efforts to rebuild public confidence and restore accountability in governance.
The governor added that future generations would look back at the report as evidence of the commission’s contribution to strengthening transparency and responsible management of public resources in Benue.
NAN
News
Two Soldiers Reportedly Killed In IED Attack In Sokoto.
At least two soldiers have been reportedly killed and several others injured after an improvised explosive device (IED) allegedly struck a military vehicle in Sokoto State’s Isa Local Government Area during a response operation to a bandit attack on Bargaja community.
The incident was said to have occurred in the early hours of Saturday, June 21, 2026, along the Isa–Bargaja road, as troops moved in after residents raised an alarm over an ongoing assault.
Residents told Daily Trust that armed bandits invaded Bargaja community between 12:30am and 3:00am, firing sporadically and forcing locals to seek urgent military intervention.
According to accounts from villagers, the attackers allegedly planted an explosive device along the route before the arrival of security forces.
“They were on their way to rescue us when the vehicle hit the explosive. Many soldiers were affected,” a resident said on condition of anonymity, adding that one injured soldier later stumbled into the village seeking help after the blast.
The resident said the soldier sustained severe leg injuries, while confirming that two bodies believed to be soldiers were seen in the aftermath.
There are, however, differing accounts regarding the total number of casualties.
While some residents confirmed seeing two deceased soldiers, others claimed the death toll may be higher. One source alleged that up to three soldiers, including a driver, may have been killed in the incident, with additional personnel injured.
The remains of the deceased personnel were reportedly evacuated to Sokoto.
Another resident who visited a military base in Isa town said community members travelled to condole with troops following the incident.
“We hired two vehicles from our community and went to Isa to condole with the military over the loss of their personnel,” he said.
A separate source familiar with developments in the area claimed the troops may have been caught in a coordinated ambush while responding to the distress call.
According to the account, attackers allegedly allowed an Armoured Personnel Carrier (APC) to pass before targeting a following Hilux vehicle with gunfire and an explosive device.
“The APC was at the front and was allowed to pass. The attackers then opened fire and detonated an explosive device targeting the Hilux behind it,” the source said.
The source also claimed that one security operative fled into a nearby forest during the chaos, with efforts reportedly underway to locate him.
Residents described a night of sustained gunfire and confusion as security forces and attackers reportedly exchanged fire in the area.
“We never slept yesterday because of the sound of gunfire. I can’t confirm the exact number of the casualties,” another resident said, calling for official clarification.
News
Nnamdi Kanu Expels Chika Edoziem, 9 Other Senior IPOB Members Over Alleged Betrayal, Sabotage, Power Grab
Imprisoned Indigenous People of Biafra (IPOB) leader Nnamdi Kanu has announced the indefinite expulsion of 10 senior members of the group’s dissolved third Directorate of State, headed by Chika Edoziem, accusing them of abandoning him in detention, undermining his legal battles, and attempting to hijack the separatist organisation for personal political gain.
In a statement attributed to Kanu and posted on X on Sunday by his brother Kanunta Kanu, the IPOB leader declared that the affected individuals no longer hold any authority to represent or speak on behalf of the group.
“The authority to appoint, discipline, suspend, remove, dissolve, or expel any officer or administration of IPOB is vested in the office of the Supreme Leader. The expulsions announced herein are made pursuant to that authority and in accordance with the IPOB Code of Conduct,” he said.
Those expelled are Chika Edoziem, Tony Nzurumike, Austin Agbanyim, Chukwudi Oforma, Isaiah Ubah, Colins Chinedu, Chinasa Nworu, Fidelis Ejiogu, Chidinma Nworu, also known as Juliet Edward Filatro, and Keke Uda.
Kanu said the expulsions followed what he termed repeated violations of the movement’s code of conduct.
According to him, the affected members were part of the third Directorate of State administration he appointed while being held at Kuje Prison in March 2017.
He noted that the administration’s original six-month tenure expired in September 2017 but continued to function at his discretion until it was dissolved.
Kanu stated that while the dissolution of the administration was an administrative measure, the latest expulsions were disciplinary actions stemming from the conduct of the individuals before and after the dissolution.
He accused the expelled members of abandoning him and other detained Biafrans without adequate legal, welfare, or medical support during their incarceration.
The IPOB leader further alleged that they obstructed efforts by groups including AVID, Rising Sun, and Ambassadors for Self-Determination to raise funds for his medical treatment when he was allegedly critically ill in the custody of the Department of State Services (DSS).
Kanu also accused the former officials of attacking his lawyers and collaborating with unnamed political actors in the South-East to undermine his court cases.
He claimed that they falsely blamed his brothers for his return to court after the October 13, 2022, judgment of the Court of Appeal and propagated narratives that President Bola Tinubu would only secure his release if he renounced the Biafra agitation.
“Persistent false claim that my brothers returned me to court after the Court of Appeal discharge of 13 October 2022, when in fact it was my then legal team (including Chief Mike Ozekhome and Ifeanyi Ejiofor) that went back to court instead of filing a preliminary objection to the Federal Government’s application for stay,” he said.
Kanu further alleged that the former officials spread stories that two African countries advised them to abandon him in detention and engaged in campaigns aimed at weakening his influence and taking control of the organisation.
He claimed that some of the expelled members altered the IPOB oath of office to demand personal loyalty and removed officers he had appointed, replacing them with individuals loyal to them.
Warning supporters and sympathisers, Kanu declared that any person or group associating with the expelled members would be considered as acting against the interests of IPOB and the Biafra cause.
He directed members and supporters worldwide to support the fourth Directorate of State administration headed by Chris Nwaọgụ, insisting that the movement remained united under his leadership.
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