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.
News
A Review of Akwa Ibom State Government’s July Delivery Meeting
Stakeholders at the meeting delivered goodwill messages, commending Governor Umo Eno for institutionalising the Delivery Meeting as a platform for transparency, accountability, and inclusive governance.
Image: Governor Umo Eno
- The Akwa Ibom State Government’s Monthly Delivery Meeting concluded its two-day July session, with Governor Umo Eno presiding over an extensive review of the administration’s strategic projects across key sectors.
- Hon. Aniekan UmanahCommissioner for Information, reported that the meeting forms part of ongoing efforts to monitor implementation, evaluate progress, and ensure the timely delivery of projects under the ARISE Agenda.
- In his opening remarks on Day Two, Governor Eno reiterated that the Delivery Meeting has become a vital accountability mechanism for tracking the performance of government projects and ensuring that every initiative delivers measurable value to the people of the State.
- He stressed that the sessions provide an opportunity for honest appraisal, collective problem-solving, and improved coordination among implementing agencies as the administration continues to deliver on its commitments under the ARISE Agenda. Quoting the Greek philosopher Socrates, the Governor said, “An unexamined life is not worth living.”
- Before the commencement of the Day Two session, Governor Eno paid an unscheduled visit to the ARISE Palm Resort, an audacious tourism project built on a 73-hectare gully reclamation site, to verify claims made during the previous day’s presentations and assess firsthand the level of progress on the facility, which is scheduled for commissioning later in the year.
- The meeting received comprehensive presentations on key projects across multiple sectors of the state’s development programme, including agriculture, trade and investment, maritime and transportation, health, internal security, housing, tourism, local government administration, direct labour projects, and other flagship initiatives.
- Under the agricultural sector, presentations were made on the Ibom Model Farm, Agric Equipment Leasing Company, Distribution of Oil Palm Seedlings Programme, Dakkada Global Oil Palm Project, and the Akwa Ibom Agricultural Development Programme (AKADEP), with emphasis on mechanised farming, food security, and job creation.
- The Ministry of Trade and Investment presented updates on the International Market, Ikot Ekpene, highlighting its role in boosting commerce, attracting investment, and strengthening regional trade.
- The meeting noted the significant progress recorded on the project and urged the contractors to sustain the pace of work.
- In the maritime and transport sector, updates were presented on the Oron Maritime Infrastructure Project, which is aimed at improving maritime transportation, boosting commerce, and stimulating economic growth as part of the administration’s broader Blue Economy development initiatives.
- The health sector presentation covered the Ibom International Hospital, General Hospitals in Ukanafun, Ibiono Ibom, Ikot Ekpene, Iquita-Oron, Ikot Ekpene Udo, and other State of Emergency Health Projects, reinforcing the government’s commitment to providing accessible, affordable, and quality healthcare services.
- The Ministry of Internal Security and Waterways presented progress on the Counter Terrorism Unit Base, aimed at strengthening security infrastructure and enhancing public safety across the state.
- The Ministry of Housing provided updates on the Doctors’ Residence and the Executive and Legislative Quarters, projects aimed at providing decent accommodation while supporting urban renewal and improving living standards.
- In the tourism sector, progress on the Ibom International Hotel at the Convention Arena was reviewed, with emphasis on repositioning the facility to boost tourism, hospitality, and investment opportunities.
- Updates from the Ministry of Local Government and Chieftaincy Affairs covered the Chairmen’s Lodges, with an assurance that all 31 lodges will be completed by December 2026 to strengthen administrative efficiency at the grassroots level.
- The Direct Labour Committee reported progress on the Youth Development Centres, the One Project Per Local Government Area (Phase II), the Judiciary Village, and the House of Assembly Complex, all aimed at strengthening governance infrastructure and promoting youth development.
- Other strategic projects reviewed included the ARISE Shopping City, ARISE Park Beach Villas, AKBC Project, Model Secondary School, Senior Citizens Centre, and the Nigeria Formr Women Project, reflecting the administration’s broad development agenda across multiple sectors.
- Stakeholders at the meeting delivered goodwill messages, commending Governor Umo Eno for institutionalising the Delivery Meeting as a platform for transparency, accountability, and inclusive governance.
- Senator Effiong Bob commended the Governor for consistently engaging stakeholders in the governance process, noting that the ARISE Agenda is making measurable progress while praising the administration’s openness and transparency. Senior Advocate of Nigeria, Assam Assam, described the meeting as the most impactful yet, citing visible progress across sectors, particularly in healthcare infrastructure and service delivery.
- The Speaker of the Akwa Ibom State House of Assembly, Rt. Hon. Udeme Otong, lauded the Governor’s leadership and assured him of the continued support and collaboration of the State House of Assembly.
- The Oku Ibom Ibibio and President-General of the Supreme Council of Traditional Rulers, His Eminence, Ntenyin Dr. Solomon Etuk, JP, expressed pride in the administration’s developmental strides and commended Governor Eno’s inclusive approach to governance.
- In his closing remarks, Governor Umo Eno appreciated all participants, Heads of Ministries, Departments and Agencies (MDAs), Delivery Advisors, stakeholders, and contractors for their contributions to the two-day review exercise, noting that the sessions were rigorous but necessary in strengthening governance and ensuring accountability.
- The Governor stated that the administration is entering its “harvest season” as it gradually winds down its first term, adding that observations from the meeting would be used to further improve service delivery and implementation efficiency.
- He reaffirmed the government’s commitment to completing all ongoing projects within set timelines and urged implementing agencies to sustain the momentum and maintain high standards in project execution for the benefit of the people of Akwa Ibom State.
- At the conclusion of the Delivery Meeting, Governor Eno led stakeholders on an inspection visit to the Ibom Convention Arena to assess ongoing work on the 200-bed Ibom International Hotel project, which is billed for commissioning later in the year.
News
Explosion rocks Apapa tank farm; NPA, NIMASA move to curtail spread
Following the outbreak the fire service departments of both the Nigerian Ports Authority (NPA) and the Nigerian Maritime Administration and Safety Agency (NIMASA) moved in to curtail the spread of the inferno.
Panic erupted at the Lagos tank farm cluster at Ibafon, Apapa, on Friday morning after a fire broke out at the Bono Tank Farm, located within the Best Energy Tank Farm complex.
The inferno sent residents and workers in the area fleeing for safety as emergency responders moved in to contain the blaze.
Following the outbreak the fire service departments of both the Nigerian Ports Authority (NPA) and the Nigerian Maritime Administration and Safety Agency (NIMASA) moved in to curtail the spread of the inferno.
Efforts to obtain comments from the management of Bono Tank Farm and Best Energy Tank Farm were unsuccessful, as phone calls and text messages sent to their representatives were neither answered nor acknowledged.
News
FG slams 8-count charges on Adeyemi over fake agency ” I’m not a criminal”, he defends
It was learned that the alleged ‘‘fake’’ Presidential Economic Advisory Council/Presidential Foreign Intervention Promotion Council was allocated N1.302 billion in the 2026 Budget of the Federal Government.
Photo: Gbajabiamila, and Adeyemi
The Federal Government has filed an 8-count charges against Adeniyi Adeyemi, convener of a purported Presidential Foreign Intervention Promotion Council, PFIPC, over the controversy trailing the agency.
Adeyemi, however, fought back claiming that he was given an appointment letter.
Adeyemi, during an appearance on Channels Television claimed that the Chief of Staff to the President, Mr. Femi Gbajabiamila gave him an appointment letter, insisting that he is not a criminal.
However, it was learned that the alleged ‘‘fake’’ Presidential Economic Advisory Council/Presidential Foreign Intervention Promotion Council was allocated N1.302 billion in the 2026 Budget of the Federal Government.
In a statement on Wednesday, Bayo Onanuga, presidential spokesperson, said the charges were filed by the Police on November 27, 2025, against Adeyemi and two accomplices at the Federal High Court in Abuja.
Onanuga said Adeyemi is expected to appear in court on July 27, 2026.
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