News
EFCC goes after dollar speculators, CBN slashes banks allocations

Deposit Money Banks are battling dollar shortage after the Central Bank of Nigeria slashed their foreign exchange allocations.
Multiple bank officials told one of our correspondents they have been unable to meet their customers’ forex demand for school fees, Personal Travel Allowance, among others.
The gap between demand and supply has become worsened. The CBN will intervene and supply more forex soon, “ a top official of a tier-1 bank.
“For some weeks now, we have not got allocation. Sometimes they delay in giving” another bank official said.
The CBN on Monday said it would introduce measures to curb the naira slide.
However, the naira gained at the parallel market on Tuesday, after the central bank said it would intervene in the continued depreciation of the local currency.
On Monday, while speaking after briefing President Bola Tinubu on what the bank was doing to halt the naira slide, the Acting Governor, CBN, Folashodun Shonubi, said the fluctuation in the parallel market was not solely driven by economic factors, but also speculative demand.
However, some Bureau de Change Operators said the naira which was earlier exchanged to the dollar at 956/$ on Monday, exchanged at 925/$ on Tuesday.
A BDC operator, Alh Alli Kareem, said, “Today, we bought and sold the naira at 915/$ and 925/$. They are saying they will pump more dollars into the economy but, we are still waiting.”
On the Investors & Exporters window, trading of the naira commenced at 785.89/$ and reached a high of 799.90/$ before closing at 774.77/$ on Tuesday; it closed at 764.68/$ on Monday.
A former President, Association of National Accountants of Nigeria, Dr Sam Nzekwe, said, the intervention announced by the CBN might be a short-term one, adding that might not be sustainable.
He said, “People don’t have confidence in naira again; when people have money, they go to the BDCs and buy the dollar and keep. The best intervention they can do is to see how they can get the economy to be productive, but now, we are importing a lot.
“If they are saying intervention, is it the dollar you have or the one you don’t have? I don’t worry that the CBN floated the naira, but it cannot defend it.”
It would be recalled that in July 2021, the CBN discontinued dollar allocation to the BDCs, but continued through the Deposit Money Banks.
Meanwhile, the Federal Government may in the coming weeks clamp down on Bureau De Change operators.
Sources close to the matter, hinted to our correspondent that the operatives of the Economic and Financial Crimes Commission might go after currency speculators whose activities have been putting pressure on the local currency.
“The Federal Government is planning to clamp down on operators of Bureau De Change across the country. Although they are businessmen, they are also part of the problem due to the rate at which they greedily hike rates to make profits. The current rates are not market driven but speculative, and that is why the government said they would intervene,” the source said.
EFCC could not verify the plan as of press time.
Business
Tanker Owners Accuse NUPENG of Extortion, Excessive Levies

… As PTD Passes Vote of No Confidence on NUPENG Leaders
The Association of Distributors and Transporters of Petroleum Products (ADITOP) has levelled serious allegations against the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG), accusing it of extortion and excessive levy collections within the downstream petroleum sector.
In a statement released on Monday in Abuja, ADITOP’s National President, Alhaji Lawal Dan-zaki, strongly dissociated the association from the purported strike action by NUPENG, declaring that ADITOP was originally established to counter what he described as the “excesses” of NUPENG, Petroleum Tanker Drivers (PTD), and other groups allegedly collecting illegal levies under NUPENG’s cover.
Dan-zaki alleged that for the past five years, ADITOP had submitted several petitions to top government agencies—including the Office of the National Security Adviser, the Department of State Services, the Inspector-General of Police, and the Secretary to the Government of the Federation—accusing NUPENG of extortion and illegal financial practices.
According to him, NUPENG and its affiliates impose unauthorized levies on petroleum product distributors, including a charge of ₦1 per litre on every product loaded at depots, and an additional ₦1 per litre by marketers, alongside loading fees ranging between ₦80,000 and ₦100,000 per truck.
“This is outright extortion and economic sabotage by NUPENG, PTD, and their affiliated unions and associations,” Dan-zaki stated.
The allegations surfaced just days after the Lagos Zone of the Petroleum Tanker Drivers (PTD) branch of NUPENG passed a vote of no confidence on the union’s national leadership. The vote targeted NUPENG National President, Comrade (Prince) Williams Akporeha, and General Secretary, Comrade Afolabi Olawale, accusing them of “greed, impunity, manipulation, and gross incompetence.”
The internal dissent follows rising tensions over reported resistance by Dangote Refinery and MRS Holdings Limited to unionize their drivers and the rollout of 4,000 Compressed Natural Gas (CNG)-powered trucks for nationwide fuel distribution.
Dan-zaki concluded that while NUPENG continues to feed off these alleged illegal levies, it remits no tax revenue to the federal government, further exacerbating challenges in the downstream sector.
News
New Seme Customs Chief Pledges Improved Trade Flow

The Nigeria Customs Service has appointed Comptroller Wale Adenuga as the new Area Controller for the Seme Command, following the redeployment of Dr. Benedict Oramalugo, who was recently promoted to Assistant Comptroller General.
The development was announced in a statement issued by the Command’s Public Relations Officer, CSC Isah Sulaiman, on Tuesday in Lagos.
Speaking during the official handover, Comptroller Adenuga commended his predecessor for laying a solid foundation and pledged to focus his leadership on trade facilitation, enhanced security collaboration, and improved stakeholder engagement.
“Trade facilitation is my keyword,” he said. “With accurate declarations from stakeholders, cargo clearance can happen quickly. When trade flows smoothly, we boost revenue and reduce smuggling activities.”
Adenuga also assured that the Command would intensify collaboration with key government agencies including the DSS, Police, Immigration, NDLEA, NAFDAC, and the military to strengthen border security and foster a more conducive environment for legitimate trade.
He emphasized the importance of stakeholder relationships, pledging open lines of communication with traditional leaders, youth groups in Badagry, and the media. He also reaffirmed his commitment to discipline and professionalism within the service.
“My doors are open. I will lead by example to ensure that officers stay focused, disciplined, and committed. Together, we will uphold the values of the Nigeria Customs Service and make the Comptroller General, Mr. Adewale Adeniyi, proud,” he stated.
Adenuga praised CGC Adewale Adeniyi, who also serves as the President of the World Customs Organisation Council, describing him as an exemplary leader whose standards will guide the Seme Command’s operations.
In his farewell address, Dr. Oramalugo expressed appreciation for the opportunity to serve at the Seme border, calling the handover a moment of “mixed emotions”—relief at a successful tenure and sadness at leaving a team he had grown fond of.
He listed some of his key achievements, including:
- Effective suppression of smuggling with major seizures
- Improved revenue collection
- Smoother trade processes for legitimate businesses
- Stronger ties with security and regulatory agencies
Oramalugo also thanked the Customs management and stakeholders for their support and encouraged continued cooperation with the new controller.
Crime
Police Investigate Body Discovered in Vehicle at National Assembly Complex

The Federal Capital Territory (FCT) Police Command has begun an investigation following the discovery of a lifeless body inside a vehicle at the National Assembly Complex in Abuja.
Preliminary reports suggest the deceased may be a 55-year-old construction worker identified as Gaddafi Iwar, although police have not officially confirmed his identity. Sources indicate the vehicle had been parked in the same location for several days before the body was found.
In a statement issued on Monday by the Command’s spokesperson, SP Josephine Adeh, the police confirmed that the body was discovered around 9:00 a.m. on Sunday inside a red Peugeot 406 parked at a construction site within the complex.
“On September 7, 2025, at about 09:00 hours, the FCT Police Command received a distress call reporting the discovery of an unidentified male, suspected to be a labourer, found lifeless at a construction site within the National Assembly Complex,” the statement read.
Officers from the National Assembly Police Division responded to the scene and found the body inside the vehicle, which bore the registration number BWR-577 BF. The body was evacuated to Asokoro General Hospital, where medical personnel confirmed it was already in an advanced state of decomposition.
The Commissioner of Police, Ajao Adewale, has directed a discreet investigation into the circumstances surrounding the incident and has instructed that efforts be intensified to identify the deceased.
Further updates are expected as the investigation progresses.
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