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Naira Redesign: 3 governors under EFCC watch for Stashed Cash

Published

4 years ago

November 4, 2022

Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa

Three serving state governors are being monitored over their moves to launder stashed billions of naira through table payment of salaries to workers, Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, told Daily Trust in an exclusive interview on Thursday.

He said raid on Bureau De Change operators will be sustained, urging Nigerians to support the system, for the benefit of all.

Daily Trust reports that the Central Bank of Nigeria (CBN) had on October 26 announced that the country’s currency would be redesigned to address many issues that have negative effects on the economy.

While the re-designed notes would be released on December 15, Nigerians have up to January 31, 2023, to deposit the old notes in banks. However, the mad rush by top politicians, traders, investors and other members of the public to cut corners and convert stashed funds into dollars, property and others, has created tension in the economy.

CBN Governor, Godwin Emefiele, had said the move was to counter-terrorism financing and hoarding of banknotes by members of the public. The apex bank is to redesign the N200, N500 and N1, 000 notes.

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Checks by this paper showed that a dollar was selling at N882 in Abuja on the black market yesterday, despite several raids by the operatives of the EFCC in Lagos, Kano and Abuja.

Sources told this paper that BDC operators are mopping up dollars from states as the scarcity of the currency bites harder.

In an exclusive interview with this paper yesterday, the EFFCC chairman disclosed that some governors are all out devising means to launder money they stashed in houses. He said so far, they are closely monitoring three of them.

Bawa, who refused to disclose the identity of the three governors, however, said two of them are from the North, while the 3rd one is from the southern part of the country.

He said intelligence at the disposal of the commission, showed that the three governors have concluded plans to inject the money into the system through table payment of their state workers’ salaries.

“Let me tell you something, the Intel that I have yesterday and I would want you to take this thing very seriously. Already, some state governors that have some of this cash stashed in various houses and the rest are now trying to pay salaries in cash in their state,” he said. Asked whether the commission would summon the governors, the EFCC chair said they are closely monitoring them.

He added that “I don’t know how they want to achieve that but we have to stop them from doing that. Well, we are working, they have not paid the salaries in cash yet but it is a very serious thing”, saying the move is against section 2 of the Money Laundering Prohibition Act.

“The law is very clear regarding cash transactions. Anybody that is to consummate any cash transaction as an individual, if it is not through a financial institution must not be above N5million and if it is above that it is criminal for you to engage in such transaction. And for corporate entities it is N10million.

“Yes, I agree the salaries are not up to that but why are you all of a sudden, and all along you have been paying people salaries through their bank accounts and now you want to pay them in cash, what are you trying to do? They will come under a lot of guises, they are trying to do verification of officers, that is what we have gotten,” he said.

Disposing of stashed funds through property

The EFCC boss also confirmed the mad rush by some people to dispose of their stashed funds by buying property.

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“We are aware of that. Even if you dispose of your property and you receive cash, for that cash to be of value to you after January 31, 2023, you have to take it to the bank; so what happened, are you coming to the bank with those millions? That is why we are working with the bankers and if you have this information let us know about it,” he said.

Raids of BDCs to continue

He said the raids of BDC operators would continue. This he said, is very important to protect the system against the laundering of stashed funds.

“They (BDCs) are very important in the sense that a lot of people that have this naira cash, will want to convert them to USD or other foreign currencies, that is why they are very important.

“And based on the known gullibility of these people (BDCs), they are willing to accept this cash from the owners of these monies and they are willing to depart with the foreign currencies that they have and so that is why they are very important and very critical to us in this project that we said to ourselves that we are going to do,” he said. When Bawa’s attention was drawn to the fact that the dollar was rising despite the EFCC raids, he said it is a function of demand and supply.

“The truth of the matter here is just a simple function of demand and supply, people are rushing this commodity not that they are going to use it for any meaningful business engagement but they are just rushing for it, just a store of value, that is what is happening.

“And what they say in economics is the higher the demand, the higher the price; so people are just seeing USD or other hard currencies just the way that they are seeing gold, to get it exchanged and store their value,” he said.

Why I met chief compliance officers of banks

On why he met chief compliance officers of banks in Lagos recently, he said the parley was part of efforts to properly monitor the system and to seek their collaboration in respect of the likelihood of people bringing in their illegitimate funds back to the system.

“We knew a lot of people are hoarding these funds, it is with them and they will always find a way of trying to bring it back to the system.

“So, irrespective of what they use their cash for, whether they exchange it for dollars, whether they use it to purchase houses for those that are willing to accept cash, it has to eventually come back to the financial institution. So, irrespective of what you do, the banks are very important and critical in the sense that they are the end recipients of this cash.

“The owner of BDC must deposit the money he exchanged for the currency he did, the owner of real estate must also do the same and all of that. So, we sat down, we deliberated and we agreed on what to do. Everybody is happy about it,” he said.

No need for panic

He, however, urged Nigerians to be calm, saying “this (naira redesign) is just a routine thing that ordinarily CBN ought to have done after every eight years, the monies are going to be taken.

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“All that the government is saying is come and deposit the money at no cost to you; that is just what is happening, nothing more than that. “How can you have an economy where you have 85 per cent of your currency out there when you are calling for a cashless society when we have a lot of means by which people can consummate their transactions? What are you hiding? These days, people hardly go to the banks, you can transfer your money here using your app, and you can transfer your money through ATM, POS, and all of that, so why keep the money? Why are you scared of going to the bank to say that you want to deposit your money? He queried.

Daily Trust reports that in the last few days, videos of stashed naira denominations being brought out are common on social media.

Also, BDC operators in Abuja, Kano and Lagos said they have run out of US dollars as a result of increased demand.

“We don’t have the dollars anymore even though the buyers are increasing in number. Some of them are willing to buy it at N900/1$,” one of the BDC operators at Zone 4, in Abuja, said.

Asked if they were being harassed by EFCC operators, he said, “Not really, of course, there was this fear when they first came but they later explained to us that they needed our support to track unpatriotic Nigerians who want to launder proceeds of corruption.”

Related Topics:EFCC Featured governors Naira redesign

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EFCC Wins ₦132m Money Laundering Case as Court Orders Forfeiture of Lagos Properties

Published

6 hours ago

October 10, 2026

Trends Admin

Lagos-based businessman Onatayo Pelumi

EFCC Wins ₦132m Money Laundering Case as Court Orders Forfeiture of Lagos Properties

The Economic and Financial Crimes Commission (EFCC) has secured the conviction of Lagos-based businessman Onatayo Pelumi over alleged money laundering involving approximately ₦132 million, with the Federal High Court in Lagos ordering the forfeiture of two properties and ₦8 million to the Federal Government.

Justice Osiagor of the Federal High Court, Lagos, convicted Pelumi on five counts relating to the retention of proceeds of unlawful activities in bank accounts maintained with Guaranty Trust Bank (GTBank) and Zenith Bank.

According to the EFCC, the charges covered various sums allegedly retained in the accounts between January 2023 and June 2026, despite the defendant’s knowledge that the funds were proceeds of unlawful activities.

The commission did not provide further details about the specific unlawful activities from which the money was allegedly derived.

In his judgment, Justice Osiagor sentenced Pelumi to three years’ imprisonment, with an option of a ₦300,000 fine, on the first count.

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For each of the remaining four counts, the court imposed five years’ imprisonment, with an option of a ₦300,000 fine per count.

However, the judge directed that all the prison terms run concurrently, meaning they are served at the same time rather than consecutively.

The court also ordered the forfeiture of two half-plots of land in Lagos and ₦8 million held in Pelumi’s Zenith Bank account to the Federal Government of Nigeria.

The properties covered by the forfeiture order are a half-plot of land at No. 23 Michael Ayorinde Street, Abule-Egba, and another half-plot at No. 1 Yisa Street, Meiran, both in Lagos State.

In addition to the prison sentences and forfeiture orders, Pelumi was directed to undertake seven days of community service.

The conviction followed prosecution by the EFCC’s Lagos Zonal Directorate 1 as part of its efforts to investigate and prosecute financial crimes involving the retention of funds linked to unlawful activities.

The case also highlights the commission’s use of asset-forfeiture proceedings to recover money and property connected to financial crime cases.

The EFCC did not disclose additional details about the source of the funds beyond the allegations contained in the five-count charge.

EFCC Wins ₦132m Money Laundering Case as Court Orders Forfeiture of Lagos Properties

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Hardship: ACF Gives Tinubu Three Months to Deliver Relief, Demands Clear Timelines

Published

6 hours ago

October 10, 2026

Trends Admin

ACF’s Publicity Secretary, Professor Tukur Mohammed-Baba

Hardship: ACF Gives Tinubu Three Months to Deliver Relief, Demands Clear Timelines

The Arewa Consultative Forum (ACF) has urged President Bola Ahmed Tinubu to introduce measures to ease the economic hardship facing Nigerians within three months, while demanding clear timelines and measurable targets for improving living conditions.

The forum said the Federal Government should move beyond repeated assurances that economic conditions would improve and provide specific commitments showing when Nigerians could begin to experience meaningful relief.

The ACF’s Publicity Secretary, Professor Tukur Mohammed-Baba, made the call during an interview with ARISE News on Thursday, October 8, 2026, according to media reports.

Mohammed-Baba said the administration needed to be more transparent about the effects of its economic reforms and acknowledge areas where the outcomes had fallen short of expectations.

He argued that government policies should be assessed not only by their stated objectives but also by their effects on households, businesses and the wider population.

The ACF spokesman cited the rising cost of living, declining purchasing power, increasing rents, higher transportation expenses and electricity bills as some of the pressures confronting Nigerians. He also identified poor road infrastructure and persistent insecurity as challenges affecting citizens’ welfare.

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According to him, the government should explain how it intends to address these problems and establish clear benchmarks against which its performance can be measured.

Mohammed-Baba called on the Tinubu administration to outline what it expects to achieve within one, two and three years, arguing that measurable targets would enable Nigerians to assess progress rather than rely solely on official assurances.

He also urged the government to acknowledge the difficulties associated with its economic policies and communicate more openly with citizens about the challenges and expected outcomes.

The ACF spokesman maintained that the government should not expect Nigerians to endure prolonged hardship without a clear indication of when relief measures would take effect.

He said three months should be enough for the administration to introduce measures capable of reducing some of the immediate pressures on households, even if broader economic recovery would require more time.

The forum also called for greater accountability from political leaders, arguing that the sacrifices demanded of citizens should be matched by a commitment from public officials to responsible governance and improved service delivery.

Mohammed-Baba’s comments add to the ongoing debate over the impact of the Tinubu administration’s economic reforms, particularly the pressure that higher living costs have placed on households and small businesses.

The government has defended its reforms as necessary to address longstanding economic challenges. However, the ACF’s position underscores the need for clear communication about the expected benefits of the policies and practical measures to cushion their immediate effects.

On the 2027 general elections, Mohammed-Baba said the ACF would assess political parties and candidates based on their commitment to good governance, accountability, anti-corruption, equity and fairness.

He said the forum’s position would be guided by the quality of leadership and the ability of political actors to promote responsible governance rather than automatic support for any particular political party.

The ACF’s central demand is for the Federal Government to establish clear deadlines, measurable objectives and practical steps for reducing hardship, enabling Nigerians to judge progress by tangible improvements in their daily lives.

Hardship: ACF Gives Tinubu Three Months to Deliver Relief, Demands Clear Timelines

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Adamawa Mourns as Fufore Loses Second Council Chairman in 18 Months

Published

6 hours ago

October 10, 2026

Trends Admin

Late Chairman of Fufore Local Government Area of Adamawa State, Dr Yahaya Sa’idu

Adamawa Mourns as Fufore Loses Second Council Chairman in 18 Months

The Chairman of Fufore Local Government Area of Adamawa State, Dr Yahaya Sa’idu, has died less than three months after assuming office, in a development that has plunged the council and its residents into mourning.

Sa’idu reportedly died at a hospital in Kaduna following a brief illness. According to Ahmed B. Yusha’u, the council’s Information Officer, the chairman died at about 1 a.m. on Saturday, October 10, 2026.

His death came approximately 18 months after his predecessor, Shuaibu Babas, also died while serving as chairman of the council, making the latest development another significant loss for the Fufore community.

The news of Sa’idu’s death was confirmed in a condolence message by Aliyu Boya Wakili, the member of the House of Representatives representing Fufore/Song Federal Constituency.

Wakili expressed sadness over the death, describing it as a major loss to the people of Fufore and Adamawa State. He prayed for Allah to forgive the deceased’s shortcomings, accept his good deeds and grant him Aljannatul Firdaus.

He also extended condolences to the late chairman’s family, associates and constituents, urging them to find strength and comfort during the difficult period.

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The Adamawa State chapter of the Association of Local Governments of Nigeria (ALGON) also mourned Sa’idu’s death. The association’s state chairman, Titus Obadiah, described him as a committed leader who served his community.

Obadiah sympathised with the bereaved family, friends, political associates and residents of Fufore, praying for comfort and strength for everyone affected by the loss.

The Adamawa State Police Command also expressed condolences to the deceased’s family, the Fufore community and the state government. The condolence message was signed by the command’s Police Public Relations Officer, SP Suleiman Yahaya Nguroje.

Other political figures who reportedly mourned Sa’idu included Senator Aminu Iya Abbas, representing Adamawa Central Senatorial District, and Ahmad Lawan, a senior special assistant on security to Governor Ahmadu Umaru Fintiri.

Sa’idu was sworn in as Fufore local government chairman on July 15, 2026, on the platform of the Peoples Democratic Party (PDP). His death occurred less than three months after he began his tenure.

His predecessor, Shuaibu Babas, died on April 23, 2025, while in office. Babas’s death was followed by a succession process that eventually led to his deputy, Peace Samson Audu, being sworn in as substantive chairman in May 2025.

The successive deaths have prompted fresh expressions of grief among political stakeholders and residents of Fufore, who are mourning the loss of two council leaders within approximately 18 months.

As tributes continue to emerge, details of Sa’idu’s funeral arrangements were yet to be formally confirmed in the reports available at the time of publication.

The circumstances surrounding his reported brief illness have not been publicly detailed beyond the information provided by the council’s Information Officer.