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10 unforgivable sins committed by Emefiele

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Godwin Emefiele

10 unforgivable sins committed by Emefiele

Emefiele has been suspended by President Tinubu with immediate effect and the possibility of him returning to the CBN is almost non-existent.

Emefiele finally met what might appear to be his waterloo on Friday, June 10, 2023, when the presidential hammer landed on his ever-shining, but delicate head.

In a not-so-shocking development, President Bola Tinubu dropped the axe on Emefiele who had caught the figure of a pariah in some sort, largely due to the excruciating effects of his many ill-thought-out, poorly-executed fiscal and monetary policies on Nigerians.

The reactions that have trailed the controversial CBN governor’s suspension so far suggested that President Tinubu may jolly well have ended the reign of economic terror and wanton financial servitude most Nigerians were subjected to in the last decade.

When the news broke on Friday night, you could hear a national sigh of relief, so silent, but still audible enough to reverberate across the country. It was one of such very rare occasions when Nigerians collectively agreed on a course of action.

Such was the kind of impact Emefiele had on the nation. He was not only one of the longest-serving government appointees but also held a position that was crucial to the economic prosperity and survival of Africa’s most populous country and its citizens.

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But, his stint will be etched in the annals of history as the one that ushered Africa’s biggest economy into the worst economic phase in its over 60 years of nationhood.

Having been privileged to serve under three different presidents, one would imagine that Emefiele will exit office amid pumps and pageantry, but the reverse is clearly the case.

1 Naira plunged to an all-time low: Under Emefiele’s watch, the nation’s currency suffered a great deal. The naira, which was exchanging for ₦190 to one United States dollar before he assumed office in 2014, sank to an all-time low, trading at over ₦750 at the parallel market as of Friday.

2 Encouraged forex arbitrage and round-tripping: Against advice by experts, including the International Monetary Fund (IMF) and the World Bank, that the naira should be allowed to find its true value, the suspended CBN governor spent trillions of naira trying to defend the currency but to no success.

He also created a window for Importers and Exporters to access dollars at subsidised rates in a bid to keep inflation at bay. While the answer to whether the intervention was successful or otherwise is still blowing in the wind, what is in no doubt is the price discrepancy it created in the market.

As a result of this, some unscrupulous elements who are opportune to access forex in the I&E window smiled to the banks at the expense of the Nigerian masses by profiting heavily from currency arbitrage and round-tripping.

3 Banned Crypto trading: Arguably, the biggest blow Emefiele dealt the young population was his decision to prohibit banks from dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges in Nigeria in 2021.

Justifying his decision to ban cryptocurrency-related transactions in the country, he claimed that digital currency was being used for money laundering and terrorism, adding that the use of cryptocurrencies in Nigeria is a direct contravention of existing law.

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Though the apex bank promised to bring up a regulatory policy framework for the implementation of cryptocurrencies in the country, not much has been heard about that since.

4 Accused a website of causing naira devaluation: Perhaps the most ridiculous act from an apex bank governor anywhere in the world. Frustrated by his failure to rescue the falling naira, in September 2021, Emefiele accused AbokiFX of economic sabotage.

The online platform is famous for publishing daily foreign exchange rates in the parallel market and is a popular reference point for traders. But, the suspended CBN governor said, by publishing speculative black market rates, the platform and its founder, Oniwinde Adedotun, were influencing the naira value.

5 Dabbled into politics: If his sins were to be ranked, this particular one will take the top spot. In a very surprising move and against the rules of his office, Emefiele decided in his wisdom that he wanted to succeed President Muhammadu Buhari as Nigeria’s president.

Even though he never came out to declare this ambition, pictures emerged online of campaign vehicles painted with his image on them. Also, a group of All Progressives Congress (APC) supporters purchased the party’s presidential expression of interest and nomination forms in his name.

As criticisms grew about his inordinate ambition, Emefiele approached the court to seek clarification on whether he is eligible to contest for president without resigning his position as the CBN governor. The court ruled against him.

6 Introduced Naria re-colouration and cashless policy: Reeling from his failed presidential bid, Emefiele decided to get back at the politicians who he believed thwarted his dream and sold the dummy of naira redesign and cashless policy to the former President.

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Against the expectations of many Nigerians, the purported naira redesign later turned out to be a mere recolouration as the affected notes still retained their old designs with just a little colour variation.

However, his intention became clearer as we approached the last general elections. What was meant to be a cash swap later turned to cash confiscation as Nigerians were denied access to their money, leading to protests and chaos in several states across the country.

7 Alleged Terrorism financing: While this still remains in the realm of speculation, several reports have alleged that the Department of State Services (DSS) has established a link between the embattled banker and terror financing in the country. He was accused of funding the activities of the proscribed pro-Biafra group, IPOB and other such groups in the country.

8 Refused to pay Paris Club refund: Emefiele has a pending case before Justice Inyang Ekwo of the Abuja Federal High Court over his refusal to effect payment of $53 million judgement debt arising from the Paris Club refunds.

The suspended CBN governor was initially invited to appear before the court on January 18, 2023, to explain his refusal to obey a valid order for payment of a $70m debt.

Emefiele has only released $17 million, leaving $53 million in unpaid debt.

9 Failed to tame raging inflation: Despite spending trillions of naira in form of interventions to bring down inflation, Emefiele successfully failed in this singular task as inflation surged to an 18-year high from 9% in 2014 to 22% in 2023.

10 Illegally printing money: Emefiele was also accused of printing money for the federal government to the tune of ₦22 trillion, an action considered to be illegal for an apex bank.

10 unforgivable sins committed by Emefiele

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Seven Polytechnic Students Abducted in Zamfara

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Seven Polytechnic Students Abducted in Zamfara

Maiduguri, June 4 — Suspected bandits have abducted at least seven students of a polytechnic in Zamfara State, underscoring the persistent security challenges facing northwestern Nigeria.

According to the Zamfara State Police Command, the incident occurred in the early hours of Tuesday, June 3, when armed men invaded an off-campus student residence located on the outskirts of the Low-Cost area in Kaura Namoda Local Government Area.

The attackers reportedly stormed the rented accommodation at about 4:00 a.m., overpowering occupants before whisking away seven students to an undisclosed location.

In a statement issued on Thursday, police authorities said joint security operatives, including tactical police units and military personnel, were immediately deployed to the scene following reports of the attack. However, the abductors had already escaped before security forces arrived.

The command disclosed that intensive search-and-rescue efforts are currently underway, with security agencies working to secure the safe release of the victims and apprehend those responsible for the abduction.

The latest incident adds to a growing list of kidnappings and violent attacks linked to armed bandit groups operating across Zamfara and other states in Nigeria’s northwest region. The criminal gangs have been notorious for raiding rural communities, abducting residents for ransom, and carrying out attacks that have disrupted economic and social activities in affected areas.

Authorities have assured residents that all necessary measures are being taken to rescue the students and restore security in the area.

Source: Reuters.

 

Seven Polytechnic Students Abducted in Zamfara

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Schoolchildren Abductions: Pastor Ibiyeomie Drops Bombshell, Names Sponsors

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Schoolchildren Abductions: Pastor Ibiyeomie Drops Bombshell, Names Sponsors
Pastor David Ibiyeomie

Schoolchildren Abductions: Pastor Ibiyeomie Drops Bombshell, Names Sponsors

The founder of Salvation Ministries, Pastor David Ibiyeomie, has dropped a bombshell allegation that politicians are actively sponsoring the kidnapping of schoolchildren across Nigeria, as the nation grapples with a worsening abduction crisis that has seen over 600 students and teachers taken from their classrooms since 2024.

Speaking during a fiery church service that has since gone viral across social media platforms, the outspoken cleric did not hold back as he tackled the growing insecurity head-on, questioning why security agencies—particularly the Department of State Services (DSS) —have been unable to apprehend those responsible despite possessing advanced tracking technologies. Ibiyeomie made the explosive claim amid a recent wave of abductions involving students and teachers in states such as Sokoto and Oyo, which has sparked nationwide outrage and renewed calls for urgent school safety reforms.

Standing confidently in his signature white attire before his congregation, Ibiyeomie declared that the kidnappers could not possibly be carrying out such large-scale operations without the backing of powerful and influential individuals. He argued that the brazen nature of the abductions—where victims are publicly displayed and ransom demands are widely circulated—points to the involvement of high-profile sponsors who operate with impunity. “They are not just picking these children without sponsors. Politicians must be behind it; they cannot abduct children and publicly display their pictures without support from powerful people,” Ibiyeomie declared to his congregation. The pastor’s comments have since ignited intense debate across Nigeria, with many citizens demanding that security agencies investigate his allegations while others call for concrete evidence to back the claims against political figures.

The clergyman directed sharp criticism at the Department of State Services (DSS) , questioning why the agency has failed to track and arrest the perpetrators despite its technological capabilities and legal mandate. He argued that modern surveillance, phone tracking, and geolocation technologies should make it possible to locate anyone making calls or sending messages in connection with these crimes, yet no arrests have been made. “Do you know that even the DSS can track people and know where they are, so how come they are not tracking these kidnappers?” Ibiyeomie queried during his sermon. The pastor further suggested that the continued success of kidnappers—who operate freely across multiple states—points to the strong possibility of hidden forces actively aiding their operations and shielding them from arrest. “There must be an invisible hand behind it because if you are calling from anywhere, they would know the spot where you are, so how come in Nigeria nobody is ever caught?” he added.

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The pastor’s allegations come against the backdrop of alarming statistics that reveal the true scale of Nigeria’s school abduction crisis under the current administration. According to a media tally compiled from verified reports, no fewer than 603 students and teachers have been kidnapped in seven mass abductions across schools in Nigeria between March 2024 and May 2026 under President Bola Tinubu’s administration. These figures represent only the major incidents and do not account for smaller, unreported abductions in remote communities. The repeated attacks have raised serious questions over the effectiveness of the N145 billion Safe Schools Initiative, a fund introduced after the 2014 Chibok schoolgirls’ abduction to protect educational institutions across the country. Stakeholders have repeatedly blamed weak implementation, lack of basic infrastructure such as perimeter fencing and guard posts, poor security presence in rural schools, and insufficient coordination between federal and state governments for the continued vulnerability of Nigerian schools.

On March 7, 2024, armed men on motorcycles attacked LEA Primary and Secondary School in Kuriga, Kaduna State, abducting 137 schoolchildren in one of the largest mass abductions of the year. Just two days later, on March 9, 2024, gunmen stormed a Tsangaya (Islamic) school in Gidan Bakuso, Sokoto State, abducting 15 students in a raid that highlighted the vulnerability of non-formal education institutions. In November 2025, a deeply troubling incident saw 25 schoolgirls abducted from Maga Comprehensive Girls’ Secondary School in Kebbi State, raising fresh fears about the safety of female students in northern Nigeria. Later in 2025, a staggering 303 students and 12 teachers were abducted from St. Mary’s Catholic School in Papiri, Niger State, marking one of the largest single abductions in recent memory. On May 15, 2026, armed men attacked three schools in Oriire Local Government Area of Oyo State, abducting 39 students and seven teachers. Two teachers—Michael Oyedokun, who reportedly died while in captivity, and Adesiyan Adegboye, who lost his life during the attack—were killed, along with one pupil. Just two days after the Oyo attack, on May 17, 2026, 42 students were abducted after suspected Boko Haram fighters invaded a school in Mussa, Askira-Uba Local Government Area of Borno State, underscoring the persistent threat of Islamist insurgent groups targeting educational institutions.

Switching from political criticism to spiritual warfare, the fiery cleric turned to the Bible to declare divine judgment on all those involved in the criminal enterprise of kidnapping schoolchildren. Quoting Ezekiel 35:6, Ibiyeomie prayed passionately over his congregation: “Everyone sponsoring this evil in Nigeria, let them and their children die by blood,” warning that the sword of judgment would never depart from the wicked. His imprecatory prayer has since sparked heated debate online, with some applauding his boldness while others question the appropriateness of praying for death upon alleged perpetrators. This is not the first time the Salvation Ministries founder has made such dramatic declarations against kidnappers. In a November 2025 video shared on his official Facebook page, Ibiyeomie declared that any kidnapper who abducts a member of his church would die within seven days. “Any kidnapper who dared you before will die in seven days. Anyone that dares any member of Salvation Ministry or any of our loved ones, by Sunday this week, I pronounce them dead,” he had said in the viral video that attracted millions of views.

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Meanwhile, members of the Oyo State House of Assembly have firmly rejected calls for the state government to negotiate with kidnappers over the rescue of pupils and teachers abducted in Ogbomoso on May 15. The lawmakers insisted that the focus must remain on intensified rescue operations, intelligence-led security action, and sustained pressure on the abductors until all victims are freed unharmed. Speaking during plenary, the Speaker of the Assembly, Adebo Ogundoyin, warned that negotiating with kidnappers would set a dangerous precedent that could encourage further attacks and strengthen criminal networks across the state and beyond. “We cannot reward criminality with negotiation. That will only embolden them to strike again,” Ogundoyin was quoted as saying.

The abduction crisis has sparked nationwide protests coordinated by the Nigeria Union of Teachers (NUT) across the Federal Capital Territory and multiple states including Edo, Rivers, Cross River, Benue, Adamawa, Taraba, Anambra, Akwa Ibom, Abia, Osun, Lagos, Niger, and several others. Teachers wearing red armbands have taken to the streets in major cities, demanding immediate government action to secure the release of abducted colleagues and students and to implement lasting safety measures in all schools. In the National Assembly, the Senate resumed plenary after the Sallah recess and observed a one-minute silence in honour of the victims of school abductions. Senate President Godswill Akpabio described the Oyo incident as an attack on Nigeria’s collective humanity, stating: “We resume our work under the mournful shadow of a tragedy that has shaken our nation. The abduction of schoolchildren and teachers in Oyo State is not merely an attack on innocent citizens; it is an assault on our collective humanity.” In the House of Representatives, lawmakers called on the Federal Government and security agencies to immediately secure the release of abducted schoolchildren across the country. They also demanded the urgent implementation of a comprehensive national Safe Schools Security Framework to protect educational institutions nationwide, with specific timelines and accountability measures.

At the time of filing this report, the Department of State Services (DSS) had not issued any official response to Pastor Ibiyeomie’s allegations regarding political sponsorship of school abductions or his questioning of the agency’s tracking capabilities. The agency has historically maintained a policy of not commenting on operational matters or public accusations. However, civil society organizations and concerned citizens have continued to demand transparency and accountability from security agencies as the wave of abductions shows no sign of abating. As Nigeria continues to grapple with this deepening crisis, all eyes remain on security agencies to track down the perpetrators, rescue the remaining captives, and bring an end to the nightmare that has seen hundreds of innocent children torn from their classrooms and held in captivity for weeks and months.

Schoolchildren Abductions: Pastor Ibiyeomie Drops Bombshell, Names Sponsors

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Band A Users to Get Relief as NERC Orders DisCos Compensation Plan

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Band A Users to Get Relief as NERC Orders DisCos Compensation Plan

Band A Users to Get Relief as NERC Orders DisCos Compensation Plan

The Nigerian Electricity Regulatory Commission (NERC) has approved a compensation framework for eligible Band A electricity customers affected by prolonged power shortages across Nigeria, following widespread generation and transmission constraints within the Nigerian Electricity Supply Industry (NESI).

According to a public notice issued on Thursday, the regulator said the decision covers service disruptions recorded between February and March 2026, during which several Distribution Companies (DisCos) failed to meet the minimum supply threshold required under the Band A service-based tariff regime.

The affected DisCos include major operators such as Abuja Electricity Distribution Company (AEDC), Ikeja Electric, Eko Electricity Distribution Company (EKEDC), Ibadan Electricity Distribution Company (IBEDC), Port Harcourt Electricity Distribution Company (PHED), Kano Electricity Distribution Company (KEDCO), Kaduna Electricity Distribution Company (KAEDCO), and Benin Electricity Distribution Company (BEDC).

NERC attributed the shortfall in electricity supply to a combination of inadequate gas supply to thermal power plants, grid constraints, and vandalism of critical gas and transmission infrastructure, which significantly reduced available generation capacity during the review period.

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Under the approved compensation arrangement, feeders that supplied between 18 and 20 hours of electricity daily will still qualify for partial relief under the existing regulatory framework covering both Maximum Demand (MD) and Non-Maximum Demand (Non-MD) customers.

However, customers on Band A feeders that received less than 18 hours of supply daily during the affected months will receive additional compensation. NERC clarified that such feeders will not be downgraded for the period under review despite failing to meet the required service standard.

For Non-MD customers, compensation will be calculated at 20 per cent of the approved February 2026 energy cap applicable to their feeders, while MD customers will receive compensation equivalent to 20 per cent of their average billed energy for February 2026.

The commission directed that prepaid customers should receive compensation through token credits, while postpaid customers will benefit from bill adjustments reflecting the value of the shortfall.

NERC further instructed that DisCos must complete compensation payments for February 2026 by May 31, 2026, while March 2026 compensation must be implemented no later than June 30, 2026.

It also warned DisCos against using compensation credits to offset customer debts, stressing that customers must be clearly informed of the value, period, and basis of the compensation.

The regulator said the intervention is part of ongoing efforts to strengthen consumer protection under Nigeria’s electricity market reform programme, ensuring that tariff increases under the Band A structure are matched with measurable service delivery.

Industry stakeholders have long criticised inconsistent power supply under the Band A classification, arguing that many customers continue to receive less than the promised 20 hours of electricity per day despite paying higher tariffs.

NERC said it will closely monitor compliance by all DisCos and conduct verification exercises to ensure affected customers receive full entitlements, warning that further regulatory sanctions may apply in cases of non-compliance.

 

 

Band A Users to Get Relief as NERC Orders DisCos Compensation Plan

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