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EFCC goes after dollar speculators, CBN slashes banks allocations

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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.

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President Tinubu ends months of rifts with Governor Sanwo-Olu in Lagos

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…..End months of political tension between them.

President Bola Tinubu has declared that he has forgiven Lagos State Governor Babajide Sanwo-Olu, putting an end to months of political tension between them.

The reconciliation happened on Sunday, June 8, 2025, at Tinubu’s Queens Drive residence in Ikoyi, Lagos, where Governor Sanwo-Olu and members of the Lagos State Governor’s Advisory Council (GAC) visited him to seek peace.

During the meeting, Sanwo-Olu prostrated before the president, lying face down in the Yoruba cultural manner of showing deep apology and respect.

The governor’s gesture was his way of asking Tinubu for forgiveness after months of strained relations.

The closed-door discussion was aimed at resolving the fallout between both men, which began after Sanwo-Olu’s political moves earlier in the year.

THE BEGINNING OF THE RIFT:

In January, it was reported that the Speaker of the Lagos State House of Assembly, Speaker Mudashiru Obasa was removed, but was eventually reinstated.

Tensions between the president and the governor became more visible in public.

At a recent event, Tinubu was seen avoiding direct interaction with Sanwo-Olu, fueling speculation that the governor could face impeachment or removal before his tenure ends in 2027.

Sanwo-Olu’s political journey is closely tied to Tinubu, who supported him to become governor in 2019 after the exit of Akinwunmi Ambode.

This background made the rift even more sensitive, with many in Tinubu’s circle reportedly disappointed with Sanwo-Olu’s actions.

In seeking reconciliation, Sanwo-Olu was accompanied by loyal APC members who also appealed to Tinubu on his behalf.

According to those present, Tinubu listened and assured the group that he had let go of any anger toward Sanwo-Olu and others involved in the disagreement.

Although details of Tinubu’s exact words were not shared, the governor’s public show of remorse was accepted, and the meeting ended with both sides agreeing to move forward.

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INSECURITY: Akume’s Aide Calls on Alia to Name Alleged Sponsors

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In response to recent comments made by Benue State Governor Hyacinth Alia regarding the security situation in the state, Mr. Terrence Kuanum, Special Adviser to the Secretary to the Government of the Federation (SGF), George Akume, has issued a statement.

Alia, who was a guest on Channels Television on Friday, criticized Akume and “his cronies” for remaining silent on the growing insecurity in the state.

Akume served as governor of Benue from 1999 to 2007.

The governor claimed that an interim report from a judicial panel he set up implicated politicians based in Abuja and within the national assembly in the orchestration of attacks in the state.

Although Alia refrained from naming those indicted, he said the report would be made public by Tuesday or Wednesday next week.

In a statement released Saturday, Kuanum countered that Akume has been actively engaged in addressing security concerns in Benue and ensures that such matters are consistently brought to President Bola Tinubu’s attention.

He argued that the governor either misunderstands the workings of government or is attempting to manipulate public opinion by demanding that Akume publicly address the media on the state’s security situation.

Kuanum called on Alia to submit the names of those implicated in the report to both President Tinubu and the federal security council.

“If the Governor of Benue State has expected that the SGF would be seen in the media discussing the efforts he has been making in that regard, then it betrays either a lack of understanding of governmental administrative procedure, or he is deliberately and unfortunately seeking to manipulate public sentiments against the SGF,” the statement reads.

“As a member of the Federal Security Council His Excellency Governor Hyacinth Alia very well understands how the Federal Executive Council functions and how it is through its channels of communication and administrative action, in which the SGF is centrally involved, that several security interventions have been made to Benue State and elsewhere towards tackling insecurity.

“It is also pertinent to remind His Excellency the Governor of Benue State that those he has persistently sought to label as cronies of the SGF in Abuja, particularly those in the National Assembly, have been most vociferous on the floor of the NASS in calling attention to issues of insecurity in Benue State.

Distinguished Senators Titus Zam and Emmanuel Udende as well as members of the House of Representatives from Benue State have been up and doing consistently in keeping the issue of attacks, killings and kidnappings by suspected herdsmen, bandits and terrorists on the front burner of discussion in both chambers of the NASS.

“Those efforts by the Benue lawmakers in the NASS have resulted in a number of motions which have gotten the attention and action of the Federal Executive Council.

“By his official designation, the SGF is permitted more of asymmetrical contributions to the scourge of insecurity in Nigeria, which yields more telling impact, than if he were to be mounting the rostrum to publicly discuss what he does regarding the matter.

“On the allegations by His Excellency the Governor that the report of his Panel of Inquiry indicts certain persons of complicity in fuelling insecurity in a part of Benue State, it is noteworthy that by administrative procedure, such reports are taken through stages of vetting and gazetting into a White Paper before their content may be deemed as a credible and official position of Government.

“But since His Excellency the Governor has chosen, perhaps as a result of how burning the issue is, to let the cat out of the bag before the administrative procedure, we urge him to make good on his word and expose those involved in the crime of aiding and abetting insecurity in his state.

His Excellency the Governor of Benue State must understand that his allegations and preemptive indictment of the persons so fingered now carry the weight of national security concern and must be treated as such.

“He should forward to His Excellency the President and to the Federal Security Council the names of those so indicted and their roles in sponsoring, aiding and abetting insecurity in Benue State as he claimed, and should also bring it publicly to the attention of the whole world who those enemies of Benue State are,” he stated.

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“The decision to prosecute the Biafra civil war was never born out of hatred” – Gowon

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……He described the civil war as the most difficult period of his life.

“The Biafra civil war was never my choice”, the Former military Head of State, Gen. Yakubu Gowon has declared.

Recall that Gowon was presiding over the affairs of Nigeria during the civil war from July 6, 1967 to January 15, 1970.

The former ruler spoke after he was honoured with a Life Time Integrity and Achievement Award at the 5th Convention of the Christian Men’s Fellowship, Abuja Anglican Diocese on Saturday in Abuja.

Gowon explained that he prosecuted the civil war due to the urgency to preserve national unity.

The former ruler called for forgiveness, reconciliation and unity across faiths and ethnicities.

He said: “I always remember the civil war. It was the most difficult period of my life.

“It was not my choice, but I had to be there, and had to do what I did in order to keep this country together.

“It was never a hatred against any people, I can assure you.”

Reflecting on life after that period, the former Head of State stressed that his decisions had often been guided by prayers and a desire to act with integrity and compassion.

“As far as this heart is concerned, everything that I do, it is through prayers.

“I ask God to help me to do the right thing the way He thinks it should be done, with love and respect for all the people.

“That is why at the end, what do we have to say? As they say: no victor, no vanquished,” he added.

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