10 unforgivable sins committed by Emefiele - Newstrends
Connect with us

metro

10 unforgivable sins committed by Emefiele

Published

on

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.

READ ALSO:

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.

READ ALSO:

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.

READ ALSO:

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

Pulse

Loading

metro

DJ Chicken Released From Kirikiri Detention After Meeting ₦1 Million Bail Conditions

Published

on

DJ Chicken Released From Kirikiri Detention After Meeting ₦1 Million Bail Conditions
Content Creator Ademola Abiodun, better known as DJ Chicken

DJ Chicken Released From Kirikiri Detention After Meeting ₦1 Million Bail Conditions

Lagos, Nigeria – Controversial social media influencer and content creator Ademola Abiodun, better known as DJ Chicken, has been released from the Kirikiri Correctional Centre after fulfilling the stringent bail conditions imposed by a Lagos magistrates’ court. His release, confirmed on Tuesday, July 22, 2026, marks the latest turn in a high-profile case that has ignited fierce debate over free speechcybercrime laws, and political dissent in Nigeria.

DJ Chicken’s legal representative, Rotimi Stephen, announced the development via an Instagram Story, posting a brief but celebratory message: “All glory to God. DJ Chicken.” The post was quickly screenshotted and shared across multiple social platforms, triggering waves of relief among his fans and followers. His release came just four days after the court ordered his remand on Friday, July 18, 2026. The magistrate, B.A. Sonuga, had set bail at ₦1 million—a figure that legal observers described as steep for a first-time cyber offender—alongside two sureties in the same amount.

The charges against DJ Chicken stem from a viral livestream in which he made remarks that authorities interpreted as threatening toward Seyi Tinubu, son of President Bola Ahmed Tinubu. He also suggested that the president would not secure re-election in the 2027 general elections. The Lagos State Police Command subsequently filed three criminal charges against him: cybercrime violations under Nigeria’s Cybercrimes (Prohibition, Prevention, etc.) Act, breach of public peace, and making threats to kill. Although DJ Chicken later claimed the comments were a prank intended to boost his online engagement and follower count, and issued a public apology, the court proceeded with the case. He entered a not guilty plea during his arraignment.

READ ALSO:

The bail terms imposed by the court were among the most rigorous seen in recent cyber-related cases. The magistrate required one surety to be a civil servant with verifiable employment records, while the second surety had to be a community leader with landed property in Lagos State. Both sureties were also ordered to provide three years of tax clearance certificates, recent utility bills such as electricity or water statements, their National Identification Number (NIN) details, and Lagos State Residents Registration Agency (LASRRA) registration. Additionally, at least one surety must be a blood relative of the defendant. Human rights advocates have questioned the proportionality of these conditions, noting that they effectively criminalize poverty and may disproportionately affect young, self-employed content creators who lack formal documentation or property.

Prominent human rights activist and Sahara Reporters publisher Omoyele Sowore confirmed DJ Chicken’s freedom in a post on X (formerly Twitter), writing that the content creator is now reunited with his family, friends, and loved ones. Sowore added that no one should suffer oppression while others watch in silence, especially at the hands of powerful and corrupt forces, and reaffirmed his commitment to standing up for the weak and fighting against injustice wherever it occurs. His statement has been widely shared, with many Nigerians using the opportunity to critique what they perceive as the criminalization of dissent under the current administration.

Shortly after regaining his freedom, DJ Chicken went live on Instagram from inside a vehicle. In the video, he was seen smiling, waving at the camera, and engaging with followers in real time. His lawyer, Rotimi Stephen, was also visible in the vehicle, confirming his client’s emotional and physical well-being. The livestream was later screen-recorded and reposted across platforms, drawing thousands of supportive comments. Fans used hashtags such as #FreeDJChicken and #JusticeForAdemola to express their solidarity.

While DJ Chicken is now out on bail, his legal battle is far from over. The magistrates’ court in Ogba, Lagos, has adjourned the case to August 3, 2026, when substantive hearings are scheduled to begin. If convicted on any of the three counts, he could face significant penalties under the Cybercrimes Act, including finesimprisonment, or both. Legal analysts note that the case could set a precedent for how Nigerian courts handle online speech involving public figures and political commentary.

This case has reignited conversations about the delicate balance between freedom of expression and national security in Nigeria’s digital space. With the 2027 elections approaching, many observers are watching closely to see whether the government will intensify its scrutiny of online content creators, journalists, and activists. Critics argue that the use of the Cybercrimes Act to prosecute perceived political threats could have a chilling effect on public discourse. Supporters of the prosecution, however, maintain that no citizen—regardless of fame—is above the law when public safety is at stake.

This report is based on confirmed statements from legal representatives, court documents, and credible Nigerian media houses. For continuous updates, refer to Premium TimesThe CableVanguard NewsSahara Reporters, and Channels TV. DJ Chicken’s release has been met with both celebration and caution. While his supporters view it as a victory against state overreach, legal experts urge restraint, noting that the trial itself will ultimately determine his fate. For now, the content creator is reunited with his family—but the gavel has not yet fallen.

DJ Chicken Released From Kirikiri Detention After Meeting ₦1 Million Bail Conditions

Loading

Continue Reading

metro

Reps investigate xenophobic attacks, seek compensation for Nigerians in South Africa

Published

on

Reps investigate xenophobic attacks, seek compensation for Nigerians in South Africa

Reps investigate xenophobic attacks, seek compensation for Nigerians in South Africa

The House of Representatives has resolved to investigate the human and economic losses suffered by Nigerians during recurring xenophobic attacks in South Africa, while urging the Federal Government to pursue compensation for victims and strengthen diplomatic efforts to safeguard Nigerians living in the country.

The resolution followed the adoption of a motion sponsored by the member representing Ikorodu Federal Constituency, Lagos State, Babajimi Benson, who called for a comprehensive assessment of the lives lost, properties destroyed and businesses affected by repeated anti-foreigner violence in South Africa.

The House mandated its relevant committees to investigate the extent of the damage suffered by Nigerians over the years and recommend measures to secure justice, compensation and improved protection for citizens living and working in South Africa.

Speaking during the debate, Benson recalled Nigeria’s historic contribution to South Africa’s liberation from apartheid, noting that the country committed enormous diplomatic, political and financial resources to support the anti-apartheid struggle.

He lamented that despite Nigeria’s longstanding support, Nigerians residing legally in South Africa have continued to face xenophobic attacks for nearly two decades.

According to the lawmaker, the attacks have been marked by killings, mob violence, physical assaults, looting of businesses, arson, destruction of homes and commercial properties, forced displacement and organised hate campaigns targeting African migrants.

Benson cited major outbreaks of xenophobic violence in 2008, 2015, 2017, 2019 and 2021, saying the incidents strained diplomatic relations between Nigeria and South Africa and forced the evacuation of hundreds of Nigerians.

He also expressed concern over renewed anti-immigration campaigns by groups such as Operation Dudula, which have intensified fears among foreign nationals living in South Africa.

The lawmakers stressed that while Nigeria remains committed to maintaining cordial relations with South Africa, the safety and welfare of Nigerians abroad must remain a national priority.

READ ALSO:

Meanwhile, the President of the Nigerian Citizens Association in South Africa (NICASA), Frank Onyekwelu, said South African communities are beginning to experience the economic consequences of attacks on foreign-owned businesses.

Speaking on Channels Television, Onyekwelu said repeated attacks have forced many foreign entrepreneurs to shut down their businesses, slowing commercial activities and reducing cash circulation in affected communities.

He noted that many South Africans who previously supported anti-foreigner campaigns are beginning to realise the economic value of migrant-owned businesses, particularly neighbourhood stores that provide affordable goods and essential services.

“The reality is beginning to catch up with them. It’s one thing to demand that foreigners leave; it’s another to face the consequences afterwards. We have seen South Africans asking foreign business owners to return because they can no longer access affordable goods nearby,” he said.

According to him, the closure of many businesses has disrupted local economies, with several communities now experiencing reduced access to essential goods and declining commercial activities.

Onyekwelu disclosed that NICASA continues to receive reports of threats and attacks against Nigerians through its provincial leadership structures across South Africa’s nine provinces.

He said many Nigerians have lost homes, businesses and investments built over several years after fleeing violent attacks, while others remain displaced or live in fear of renewed violence.

The NICASA president revealed that the Nigerian Consulate in Johannesburg and the Nigerian High Commission in Pretoria have directed affected Nigerians to register their losses to facilitate proper documentation and possible future compensation claims.

He cited the July 5 attack on a Nigerian-owned mechanic workshop, where more than 25 vehicles were reportedly destroyed by fire, as one of the latest incidents highlighting the dangers faced by Nigerians in the country.

Onyekwelu maintained that Nigerians should not be collectively blamed for the actions of a few individuals, insisting that nationality should never be used as a basis for discrimination or violence.

He also accused some politicians of exploiting anti-foreigner sentiments for electoral gains, alleging that migrants, including Nigerians, have become convenient targets during political campaigns.

The House of Representatives urged the Federal Government to intensify diplomatic engagement with South African authorities to ensure better protection for Nigerians and prevent future xenophobic attacks.

Lawmakers also called for stronger bilateral cooperation between both countries to prosecute perpetrators, protect legitimate businesses and strengthen confidence among investors operating across both economies.

Analysts believe the latest intervention by the House reflects growing concern over the safety of Nigerians abroad and the need to preserve the strategic relationship between Nigeria and South Africa, two of Africa’s largest economies.

They note that both countries maintain substantial investments in telecommunications, banking, retail, manufacturing, aviation and entertainment, making lasting solutions to xenophobic violence essential for regional integration and economic cooperation under the African Continental Free Trade Area (AfCFTA).

Reps investigate xenophobic attacks, seek compensation for Nigerians in South Africa

Loading

Continue Reading

metro

NSCDC busts alleged fake university in Lagos, rescues 106 students

Published

on

NSCDC busts alleged fake university in Lagos, rescues 106 students

NSCDC busts alleged fake university in Lagos, rescues 106 students

The Nigeria Security and Civil Defence Corps (NSCDC) has uncovered an alleged fake university operating from a three-bedroom apartment in Ilado, within the Olorunda Local Council Development Area (LCDA) of Lagos State, rescuing 106 young people believed to have been lured into a fraudulent admission scheme.

The operation, carried out by the NSCDC Badagry Area Command in the early hours of Monday, also led to the arrest of the suspected proprietor, who allegedly deceived prospective students from different parts of Nigeria and neighbouring West African countries with promises of admission into a foreign university.

According to the NSCDC, the raid followed several days of intelligence gathering and covert surveillance after security operatives received credible information about suspicious activities at the location.

Speaking after the operation, the Badagry Area Commander, Chief Superintendent Gbenga Ekunola, said investigators closely monitored the premises before moving in to dismantle the operation.

“We got reliable intelligence about the activities going on there. Our officers monitored the place for days before moving in. We have arrested the proprietor, who is assisting with our investigation, while the students have been taken into our protective custody,” Ekunola said.

Preliminary investigations revealed that the institution allegedly had no official name, registration, signboard or recognised campus, yet it presented itself online as a distance-learning centre affiliated with a foreign university.

READ ALSO:

Investigators believe the operators used digital platforms and social media to attract unsuspecting admission seekers by promising internationally recognised academic qualifications.

The NSCDC disclosed that most of the rescued youths, aged between 19 and 24, travelled from states including Kogi, Oyo and several northern states after responding to online advertisements promoting the programme.

The investigation also revealed that some of the victims came from neighbouring countries, including Niger, Cameroon and Togo, believing they were enrolling in a legitimate foreign-affiliated tertiary institution.

According to investigators, the victims allegedly paid between ₦200,000 and ₦1.5 million as admission and processing fees, while some foreign nationals reportedly paid between $400 and $500 to secure admission into the purported institution.

The corps further alleged that participants were encouraged to recruit additional students in exchange for commissions, with the recruitment model operating in a manner similar to a Ponzi or multi-level marketing (MLM) scheme.

One of the rescued students reportedly told investigators that after paying $400 to join the programme, he persuaded his brother in Kogi State to enrol and had already started receiving referral commissions.

Investigators also alleged that some participants earned additional income by marketing unidentified products online while receiving commissions from product sales and recruitment activities.

Ekunola said many parents and guardians were unaware of the true nature of their children’s activities in Badagry.

“We have started contacting their families. One parent told us her child informed the family that he came to Badagry to learn a trade, not to attend a university. That shows many of these parents were completely unaware,” he said.

The area commander disclosed that all 106 rescued youths would undergo profiling, counselling and other necessary procedures before being reunited with their families after investigations are concluded.

He warned individuals and groups operating illegal educational institutions to stop exploiting admission seekers, stressing that anyone found culpable would face prosecution in accordance with the law.

The NSCDC also announced that investigations have been expanded to identify other members of the alleged syndicate, trace financial transactions linked to the operation and determine whether similar fraudulent admission schemes are operating in other parts of the country.

The corps urged parents, guardians and prospective students to verify the accreditation status of any tertiary institution through relevant regulatory agencies before paying admission or processing fees.

Education experts have repeatedly warned that enrolling in unaccredited institutions could expose students to financial losses and certificates that are not recognised for employment, professional licensing or further academic studies.

The latest operation underscores the ongoing efforts by security agencies to dismantle illegal educational institutions and protect unsuspecting Nigerians from admission-related fraud.

NSCDC busts alleged fake university in Lagos, rescues 106 students

Loading

Continue Reading

Trending