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Dollar rise: EFCC continues crackdown on cryptocurrency platforms, others

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The Economic and Financial Crimes Commission has instituted a further crackdown on currency speculators and cryptocurrency platforms manipulating the naira, Sunday PUNCH has learnt.

Impeccable sources within the commission said the EFCC was not only going after Binance but every cryptocurrency platform and others involved in the manipulation of the Nigerian foreign exchange market.

A source said, “The EFCC is going after all currency speculators to stabilise Nigerian forex.”

Another source noted, “The commission is not only going after Binance but other cryptocurrency compliance and exchanges, this has been helping in stabilising the market.”

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Reacting to the development when contacted, the spokesperson for the EFCC, Dele Oyewale, said the commission was doing everything lawful to ensure sanity within the country’s forex market.

“The commission is doing everything within the ambit of the law to ensure that there’s sanity in Nigerian the foreign exchange market,” he said.

Meanwhile, some foreign exchange market analysts have stated that the dollar rose slightly against the naira between Wednesday and Friday due to interbank moves of the commercial banks.

A money market analyst, Agba Akin, had on Friday posted a snapshot of the P2P trading platform on X, saying, “Since Wednesday, the dollar has started increasing again at BDC, here is why. The emergency lovers of Binance are back speculating on other P2P apps.

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“They’ll keep adding N50 every day until they take it back to 2,500 which was their initial plan, and recoup their loss. CBN, act now.”

Reacting, a BDC operator identified as Yasir Arafat Jubril@oil_shaeikh said, “The problem with speculative manipulation is even if CBN keeps bidding dollars to BDC at a low rate, the prevailing speculated rate will lord over the market and you’ll be forced to sell at that price to keep afloat. CBN must crack down on all speculative platforms.

“They don’t know anything; if we talk, they’ll say we are aboki BDC behind Nigeria’s problem. Over 40 years that BDC has been operating, we never manipulated the naira by adding 50 to N100 a day till P2P ojukokoro boys came with their lack of fear of God.”

Speaking with Sunday PUNCH, the Adhoc Committee Chairman of the Association of Bureaux De Change Operators of Nigeria, Almustapha Muhammed, said while it was true that the dollar gained during the week, the BDCs were not behind the currency gaining as it resulted from certain moves of the commercial banks.

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He said, “Some people just want to put it at the BDCs. Actually what happened was that the dollar rose from the interbank rates and not from the BDCs. BDCs are parallel markets, while the banks are connected with the Federal Government’s official rate.

“CBN is giving us dollars at N1,101, but some commercial banks are doing interbank conversions. They convert from their accounts – domiciliary accounts and naira accounts. But the parallel markets are doing lower than the Federal Government.”

Speaking further, he said, “Last week, the CBN gave the dollar at N1,101, but the parallel market sold at N950. That was what even made some BDCs not bid for a collection of dollars at CBN, because when you collect that dollar from CBN, automatically you run at a loss because we sell at N950. Unfortunately for the dollar, banks are now doing their interbank.

“That was what made people rush into the parallel market and buy it (the currency) at the lower rate and then deposit it in the commercial banks, automatically making N20, N40, N60 gains, because when you deposit your dollar into your domiciliary account and ask for its conversion into naira, automatically, you are making that difference. That is exactly what happened.”

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In his reaction, an economist identified as Opeoluwa on X said, “On this issue, I reached out to a source in the relevant security agency on this matter. I was reliably informed that it has been flagged as ‘imminent danger’ and it’s being looked into.

“I am told that they (the security agency) may have to extend their hands to them, just like they did to Binance.”

When our correspondent contacted the Head of Strategic Communication at the Office of the National Security Adviser, Zakari Mijinyawa, he did not pick up calls.

Culled from PUNCH

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Edo: Impeached LG chair accuses Okpebholo of orchestrating removal

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The impeached Chairman of Esan Central Local Government Area of Edo State, Paul Iyoha, on Friday accused Edo State Governor, Monday Okpebholo, of orchestrating his removal from office.

Iyoha faulted the process leading to his impeachment, noting that neither he nor other local government chairmen in the state were given a fair hearing before being suspended by the Edo State House of Assembly.

He lamented that the council bosses were not properly investigated or given the opportunity to defend themselves.

Iyoha insisted that he had carried out his duties effectively, ensuring prompt payment of salaries and allowances to councillors and staff.

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The impeached council chair, who disclosed this to journalists in Benin City, expressed confidence that the judiciary would address the situation fairly while he continued to pursue legal redress.

Continuing, Iyoha said his “sin” was his political allegiance to Dr. Asue Ighodalo, the Peoples Democratic Party (PDP) gubernatorial candidate in the 2024 elections.

He described his ordeal as driven by political vendetta rather than legitimate governance concerns, adding, “My only offence was standing by my party candidate instead of supporting Governor Okpebholo, who hails from the same ward in Esan Central as myself.

“As a loyal member of the PDP, I was duty-bound to support my party’s candidate. It is not a crime to work for one’s party. However, the governor has taken my political stance personally and is using his office to punish me.”

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Iyoha further alleged that the governor openly vowed that he would not be reinstated as chairman, citing a video purportedly showing Iyoha campaigning against him during the election.

“The governor told people that I will never return to my position because I opposed him politically. This is unfair and undemocratic,” he added.

Continuing, Iyoha recounted the challenges he faced during the Edo governorship election, including an attack on his residence, the abduction of his brother, and threats to his safety.

He claimed these actions were part of a broader effort to suppress opposition voices in the state.

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Iyoha added, “Despite the tensions, I attended the governor’s inauguration and sent a congratulatory message as a gesture of respect for the office.”

He, however, criticised the administration for politicising governance by involving party figures in official matters.

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Governor Makinde Makes Forty-Five New Appointments

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Oyo State Governor, Engr ‘Seyi Makinde has appointed 45 new Permanent Secretaries, and three Executive Secretaries into relevant sectors of the state civil service.

Commissioner for Information and Orientation in the state, Prince Dotun Oyelade, who disclosed this on Friday, said the appointments were contained in a document signed by the Head of Service, Mrs. Olubunmi Oni.

Oyelade said out of the 45 new permanent secretaries, 16 were deployed into the mainstream; 6 were appointed Inspectors General of Education while 6 permanent secretaries were named for the health sector.

Also, 7 permanent secretaries were named for the local government, 1 new permanent Secretary/Clerk of the House of Assembly, a newly appointed Surveyor General and 9 appointed Tutors General.

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According to the Commissioner, “This new set of appointments is unique and a clear break from the norm where the mainstream civil servants enjoy the virtual monopoly of being appointed as permanent secretaries.

“This time, Governor Makinde has approved for Local Governments to have more permanent secretaries than the usual token in time past.

“As a matter of fact, seven new Permanent Secretaries have now been approved in the Local Government sector”, he added.

The Commissioner noted that the State Universal Basic Education Board (SUBEB) would now have zonal executive secretaries.

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Similarly, he said the health sector would have permanent secretaries to head their zones instead of the usual heads of hospitals.

The commissioner recalled that over 23,000 government workers have been recruited and over ₦143 billion would be paid yearly to government workers from this month which makes Oyo a frontline State in the welfare of workers throughout the Federation.

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IGP vows to deal with attackers, killers of police personnel

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The Nigeria Police Force (NPF) has issued a stern warning against any form of assault or violence towards its officers. Inspector-General of Police (IGP) Kayode Egbetokun emphasized this commitment during his official visit to the Enugu State Police Command on Friday.

Gists9ja reports that he made it clear that the Force will no longer tolerate any attack, let alone the killing of its personnel.

In his address, the IGP stated:
“An assault on a policeman is criminal and an assault on the IGP himself. We will not tolerate such acts anymore. Any act of assault or killing of our officers will be met with a collective and appropriate response. In 2025, we are saying a resounding ‘no’ to any form of violence against our men.”

Egbetokun also stressed that all police commands must respond decisively to any incident where officers are harmed.

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The IGP assured officers that the Force, in collaboration with the Federal Government, is taking significant steps to improve the welfare of its personnel. While he refrained from disclosing specific details, he hinted at ongoing initiatives to enhance the well-being of officers, which will be revealed in due course.

“The Federal Government is deeply committed to the welfare of police officers. The sacrifices you make are recognized, and we are working tirelessly to address your needs. Ignore the mischief-makers spreading falsehoods about your welfare being neglected. No IGP would neglect the welfare of his men,” he added.

Egbetokun lauded the professionalism and diligence of the Enugu State Police Command. He shared that Governor Peter Mbah had praised the officers’ dedication and achievements during his earlier meeting.

“I am proud of your accomplishments and your exemplary conduct. However, while most of you are doing an excellent job, there are a few bad eggs tarnishing the Force’s image. We will address this internally,” the IGP said.

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Looking ahead to 2025, Egbetokun outlined the Force’s priorities, which include:

Promoting professionalism and ethical conduct.
Training and retraining officers to enhance their skills.
Equipping officers with modern tools for effective policing.

He assured the officers that resources would be made available to sustain and build on their achievements.

“We will continue to pursue our vision of modern, ethical, and effective policing. Criminals chased out will not be allowed to return, and we will provide you with everything necessary to ensure the safety and security of our communities,” he asserted.

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The IGP also criticized recent falsehoods circulating on social media, including claims suggesting that he approved the public’s assault on officers who check their phones.

“Such stories are the handiwork of mischief-makers. They are intended to sow distrust and undermine the police. I urge you to remain focused and committed to your duties,” he concluded.

The IGP’s visit marks a renewed commitment to ensuring the safety and dignity of police officers while fostering professionalism and public trust. As 2025 begins, the Nigeria Police Force aims to solidify its role as a protector of lives and property through robust reforms and unwavering dedication to justice.

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