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EFCC halts dollar transactions, asks embassies to charge in naira
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The Economic and Financial Crimes Commission has read the Riot Act to foreign missions based in Nigeria, banning them from transacting in foreign currencies, and mandating the use of Naira in their financial businesses.
The EFCC has also mandated Nigerian foreign missions domiciled abroad to accept Naira in their financial businesses.
The move, the EFCC noted, is to tackle the dollarisation of the Nigerian economy and the degradation of the naira
The anti-graft commission, in an advisory to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, titled: “EFCC Advisory to Foreign Missions against Invoicing in US Dollar,” expressed reservations and displeasure “regarding the unhealthy practice by some foreign missions to invoice consular services to Nigerians and other foreign nationals in the country in United States dollar(s).”
In a letter dated April 5, 2024, which was addressed to the Minister of Foreign Affairs, Ministry of Foreign Affairs, the EFCC Chairman, Ola Olukoyede expressed dismay over the invoicing of consular services in Nigeria by foreign missions in dollars.
The EFCC cited Section 20(1) of the Central Bank of Nigeria Act, 2007, which makes currencies issued by the apex bank the only legal tender in Nigeria.
The letter read, “I present to you the compliments of the Economic and Financial Crimes Commission, and wish to notify you about the commission’s observation, with dismay, regarding the unhealthy practice by some foreign missions to invoice consular services to Nigerians and other foreign nationals in the country in United States dollar ($).
“This practice is an aberration and unlawful as it conflicts with extant laws and financial regulations in Nigeria. Section 20(1) of the Central Bank of Nigeria Act, 2007 makes currencies issued by the apex bank the only legal tender in Nigeria.
“It states that ‘the currency notes issued by the Bank shall be the legal tender in Nigeria on their face value for the payment of any amount’.
“This presupposes that any transaction in currencies other than the naira anywhere in Nigeria contravenes the law and is, therefore, illegal.”
The commission added that the refusal by some missions to accept the naira for consular service in Nigeria and also comply with the foreign exchange regulatory regime in fixing the exchange of the cost of their services is not only illegal but represents an affront to the country’s sovereignty symbolised by the national currency.
Such a situation, EFCC added, undermines Nigeria’s monetary policy and aspiration for sustainable economic development.
The letter continued, “This trend can no longer be tolerated, especially in a volatile economic environment where the country’s macroeconomic policies are constantly under attack by all manner of state and non-state actors.
“In light of the above, you may wish to convey the commission’s displeasure to all missions in Nigeria and restate Nigeria’s desire for their operations not to conflict with extant laws and regulations in the country.”
When contacted for comments, the spokesperson for the EFCC, Dele Oyewale declined comments.
Meanwhile, the EFCC had resumed raiding in a bid to stabilise the naira.
Operatives of the EFCC had on Tuesday arrested some Bureau De Change operators at the popular Wuse Zone 4 market in the Federal Capital Territory, Abuja.
However, traders also said some BDC operators resisted the arrest during a sting operation.
The operatives had embarked on routine raids to sanitise the market of street traders and eliminate arbitrary trading.
But this move was resisted on Tuesday, leading to gunshots and damage to the operatives’ vehicles.
Penultimate week, the commission arrested over 35 suspected currency speculators for alleged foreign exchange fraud.
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Just in: Kwara traditional ruler reportedly dies in kidnappers hideout after demand of N21m ransom
The traditional ruler of Olayinka community in Ifelodun Local Government Area of Kwara State, Oba Salman Olatunji Aweda, has been confirmed dead after his abductors reportedly demanded ₦21 million, two new motorcycles and a jerrycan of petrol for his release.
The monarch’s death was confirmed in an emotional voice message obtained by Sahara Reporters from a member of a committee involved in efforts to secure his freedom.
In the message, the committee member announced the development to residents of Olayinka community, saying several efforts made by family members, residents, community leaders and religious figures to rescue the monarch were unsuccessful.
The committee member described the death as the will of God and urged residents to accept the development.
He said, “Allah in His mercy said in the Holy Qur’an that we all human beings on earth belong to Him, and to Him we shall return, whether when we expect it or when we do not expect it.
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HoR move to address security challenges, strengthen military architecture
By Ojomah Austin.
The House of Representatives on Monday commenced a two-day public hearing on a series of defence-related bills aimed at strengthening Nigeria’s military architecture, improving the welfare of service personnel and retirees to combat security challenges.
Speaking at the opening of the hearing at the National Assembly Complex, Speaker of the House of Representatives, Abbas Tajudeen, described the proposed legislation as a direct response to Nigeria’s evolving security challenges and a key component of the 10th House Legislative Agenda.
Abbas noted that the country continues to grapple with insurgency in the North-East, banditry and kidnapping in the North-West, farmer-herder conflicts in the North-Central, separatist agitations in the South-East, as well as emerging threats such as maritime piracy, cyber warfare, and organised crime linked to terrorism.
“We cannot pretend that our nation is at ease. Our Armed Forces are stretched, yet they remain our first and last line of defence,” the Speaker said.
He explained that the bills under consideration seek to strengthen the legal and institutional frameworks governing the military, making it more resilient, accountable, inclusive and capable of responding to modern security realities.
Among the bills before the committee are proposals for the establishment of an Armed Forces Farms and Ranches Scheme to promote food security in conflict-prone agricultural areas, legislation to improve gender representation in the Armed Forces, a comprehensive repeal and replacement of the Armed Forces Act through a new Nigerian Military Force Bill, and a bill to establish a Veterans’ Federation of Nigeria to improve support for retired military personnel.
The Speaker stressed that the hearing was not intended as a “rubber stamp” exercise but a platform for robust and evidence-based engagement.
“I give you my word every memorandum will be read, every oral presentation will be noted, and all relevant contributions will be considered and, where applicable, incorporated into the final reports and bills,” Abbas assured stakeholders.
He urged serving and retired military personnel, civil society organisations, gender advocates, legal experts and ordinary citizens to actively participate in the process, emphasizing that legislative innovation was necessary to address the country’s complex security challenges.
Abbas also commended the House Committee on Defence for organising the hearing and expressed confidence in its ability to conduct a transparent and fair process.
“We are here to serve the Nigerian people and to produce legislation that will make our Armed Forces more professional, more accountable, more gender-sensitive, and more effective in protecting lives and property,” he said.
In his welcome address, Chairman of the House Committee on Defence, Babajimi Benson, described the public hearing as a critical democratic exercise designed to ensure stakeholder participation in the lawmaking process.
According to Benson, defence legislation directly impacts national sovereignty, military effectiveness, operational readiness and the safety of Nigerians, making public input essential.
“The importance of public participation becomes even more significant when dealing with matters of defence and national security,” he said.
He explained that the bills address key areas including military education and professional development, joint operational effectiveness, medical training and healthcare support, strategic research and doctrine development, military governance reforms, food security initiatives, veterans’ welfare and inclusiveness within the Armed Forces.
“Collectively, these proposals represent an important effort to build a stronger, more professional, innovative and future-ready military institution,” Benson stated.
The lawmaker encouraged stakeholders to make oral presentations and submit memoranda, assuring them that all submissions would be carefully reviewed by the committee.
He also paid tribute to officers and soldiers of the Armed Forces of Nigeria for their dedication and sacrifices in safeguarding the nation despite difficult operating conditions.
The hearing also witnessed strong reactions from some veterans who expressed reservations about aspects of the proposed Veterans’ Federation of Nigeria Bill.
Supporters of the proposed (VFN) Bill urged lawmakers to adopt a framework they said aligns with international best practices for veterans’ welfare and representation.
In a policy brief submitted to the Committee, G.A Olonisakin speaking on behalf of veteran stakeholders argued that the debate surrounding the bill should focus on facts, global standards and the welfare of Nigerian veterans rather than on institutional sentiments or nomenclature.
The memorandum noted that in countries such as the United States, the United Kingdom, Canada and Australia, veterans’ organisations such as the American Legion, the Royal British Legion and the Royal Canadian Legion operate as non-governmental charitable associations rather than statutory government bodies.
According to the submission, responsibility for veterans’ welfare in those countries rests with dedicated government agencies, including the United States Department of Veterans Affairs, Veterans Affairs Canada, the United Kingdom’s Office for Veterans Affairs and Australia’s Department of Veterans Affairs.
The stakeholders further argued that Nigeria’s current arrangement, in which the Nigerian Legion combines the roles of both an association and a statutory government body, is uncommon internationally.
They maintained that the proposed VFN model would bring Nigeria closer to global standards by creating a government-driven umbrella body for veterans while preserving the identities of existing associations.
“The proposed Veterans Federation of Nigeria follows international practice by creating one umbrella body for all veterans and veterans’ associations, ensuring inclusiveness across Army, Navy and Air Force veterans, strengthening welfare coordination and improving engagement with government,” the memorandum stated.
The submission also sought to allay fears that the bill would undermine the Nigerian Legion, stressing that the federation would not erase the Legion’s history, traditions or identity.
Rather, it said, the Nigerian Legion would continue to exist as one of the recognised constituent bodies within the proposed federation alongside other veterans’ associations.
The position contrasted with concerns raised by some retired personnel who argued that the bill concentrates leadership positions in the hands of senior officers and called instead for the establishment of a standalone Ministry of Veterans Affairs headed by veterans.
The differing perspectives highlighted the intense interest among stakeholders in shaping the future structure of veterans’ welfare and representation in Nigeria, one of the key issues under consideration during the two-day public hearing.
Also a retired non-commissioned officer and legal practitioner, Sadiqe Nwabuezeh who identified himself as a former sergeant in the Nigerian Army, argued that the draft legislation was overly tilted in favour of senior military officers and failed to adequately accommodate the interests of rank-and-file veterans.
According to him, provisions of the bill appeared to reserve key leadership positions for retired senior officers, including the office of the Director-General, which he said was proposed to be occupied by a retired major general.
He urged lawmakers to reject the bill in its current form and instead consider the establishment of a dedicated Ministry of Veterans Affairs that would be managed by veterans themselves.
“The bill was not properly prepared. It was rushed and concentrates power in the hands of senior officers. We want a level playing ground where all veterans, regardless of rank, can participate in leadership and decision-making,” he told the hearing.
The retired soldier further questioned the involvement of serving military personnel and civilians in handling veterans’ affairs, arguing that retired personnel were best positioned to manage issues affecting former service members.
He maintained that veterans should have greater control over institutions established for their welfare and called for reforms that would guarantee broader representation across all ranks of retired military personnel.
The submission added to a range of perspectives presented by stakeholders as lawmakers continued deliberations on proposals aimed at reforming military administration, strengthening veterans’ welfare and enhancing the effectiveness of Nigeria’s defence sector.
The two-day hearing is expected to produce recommendations that will guide the House Committee on Defence in finalising the bills before their consideration by the House of Representatives.
News
Just in: Nigeria’s inflation rises in three consecutive months
By Ojomah Austin.
Nigeria’s inflation rose for the third consecutive month to 15.93 percent in May 2026 from 15.69 percent recorded in April.
The National Bureau of Statistics disclosed this in its Consumer Price Index and inflation data released on Monday.
This means that in May, the country’s inflation rose on a month-on-month basis by 1.75 percent.
Also, the report showed that food inflation also skyrocketed to 16.96 percent in May, up from 16.06 percent recorded the previous month.
“In May 2026, the headline inflation rate on a month-on-month basis was 1.75 percent, which was 0.39 percent lower than the rate recorded in April 2026 (2.13 percent).
On a year-on-year basis, the headline inflation rate rose to 15.93 percent, up from 15.69 percent in April 2026 and down from 26.06 percent in the same month of the preceding year May 2025.
The Food inflation rate in May 2026 on a month-on-month basis was 2.98 percent, down by 0.65 percentage points from April 2026 (3.63 percent). On a year-on-year basis, it was 16.96 percent and stood at 24.55 percent in the same month of the preceding year, May 2025”.
Recall that the headline inflation rate dropped in March and April, respectively.
Recall the Central Bank of Nigeria retained the country’s interest rate 26.50 percent in its 305th Monetary Policy meeting.
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