Naira Redesign: 3 governors under EFCC watch for Stashed Cash - Newstrends
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Naira Redesign: 3 governors under EFCC watch for Stashed Cash

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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.”

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Publisher arraigned over alleged false reports claiming Gov Soludo disowned son

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July 13, 2026

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Publisher arraigned over alleged false reports claiming Gov Soludo disowned son

Publisher arraigned over alleged false reports claiming Gov Soludo disowned son

The Anambra State Police Command has arraigned Ejike Ofoegbu, the alleged owner and publisher of Igbo Times Magazine and iNews, before a competent court over allegations of publishing false and defamatory reports targeting Anambra State Governor Chukwuma Soludo and his family.

The suspect was arraigned on Monday, July 13, after the police concluded investigations into a petition accusing him of disseminating fabricated information capable of damaging the governor’s reputation and inciting public disaffection.

According to the Police Public Relations Officer (PPRO), SP Tochukwu Ikenga, the suspect was handed over to the police by the Department of State Services (DSS) in Awka after preliminary investigations before the matter was transferred to the police for further action.

The police said the case centred on a series of viral social media posts allegedly published by Ofoegbu, which falsely claimed that Governor Soludo had publicly disowned his son, Ozonna (Ozo) Soludo, while also attributing several fabricated statements to both father and son.

Among the posts cited by investigators was one that falsely quoted Governor Soludo as saying, “I will arrest anyone who calls Ozo my son. He is not my son. I disowned him years ago, and he is no longer a member of the Soludo family.”

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Another publication falsely alleged that Ozonna described his father as “a drunkard” who abused his mother during his childhood, while a separate post claimed the governor jokingly said his son was “ordered from Temu” and was “Chinese-made” rather than his biological child.

Investigators also referenced another publication that falsely attributed a statement to Ozonna claiming his father could defeat the Minister of the Federal Capital Territory, Nyesom Wike, in a drinking competition because of his alleged drinking capacity.

The Anambra State Police Command described the publications as fabricated, malicious and capable of misleading members of the public while causing reputational damage to the governor and his family.

During police investigations, the suspect reportedly admitted responsibility for the publications, retracted the statements and issued a public apology to Governor Soludo.

Despite the apology, the police said the alleged offences had already been committed, making prosecution necessary in line with existing laws governing false publications, cyber-related offences and defamation.

SP Ikenga disclosed that the court subsequently ordered that the defendant be remanded in a correctional centre pending the next hearing in the case.

The police reiterated their commitment to combating fake news, cybercrime and other offences involving the deliberate spread of false information capable of undermining public peace, damaging reputations or inciting unrest.

The command also advised journalists, bloggers, digital publishers and social media users to verify information before publication, stressing that freedom of expression must be exercised responsibly and within the limits of the law.

The case highlights growing efforts by law enforcement agencies to curb online misinformation and hold individuals accountable for the publication of false and defamatory content on digital platforms.

Publisher arraigned over alleged false reports claiming Gov Soludo disowned son

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Dalung visits family of lynched Kaduna Islamic teacher, demands justice beyond sympathy

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July 13, 2026

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Dalung visits family of lynched Kaduna Islamic teacher, demands justice beyond sympathy
Former Minister of Youth and Sports Development, Solomon Dalung

Dalung visits family of lynched Kaduna Islamic teacher, demands justice beyond sympathy

Former Minister of Youth and Sports Development, Solomon Dalung, has called for swift justice over the killing of Malama Ummulkhairi Usman Aliyu, the Islamic teacher who was lynched by a mob in Mararaban Jos, Igabi Local Government Area of Kaduna State, insisting that justice for the deceased must extend beyond condolences and government promises.

Dalung made the call after paying a condolence visit to the bereaved family, where he met with the deceased’s husband, Mallam Aliyu Muhammed, and their four children.

In a statement shared on his Facebook page on Monday, the former minister described the incident as a heartbreaking tragedy that has left a family devastated and raised serious concerns about the growing menace of mob justice in Nigeria.

“I paid a condolence visit to the family of the late Malama Ummulkhairi Usman Aliyu, the innocent Islamic teacher whose life was brutally cut short by a mob in Mararaban Jos, Kaduna State,” Dalung said.

He added that he spent time listening to the deceased’s husband recount the painful events surrounding the incident and also interacted with their children, who are now left to cope with the loss of their mother.

Malama Ummulkhairi was reportedly attacked and killed on June 21, 2026, after she was falsely accused of attempting to kidnap children while asking for directions to an Islamic lesson in Mararaban Jos.

Eyewitness accounts indicated that despite repeatedly explaining her mission and pleading for mercy, an angry mob allegedly beat her, stoned her and eventually set her ablaze before security operatives could intervene.

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The killing sparked nationwide outrage, with religious organisations, human rights advocates and civil society groups condemning the attack as a grave violation of the rule of law and calling for justice for the deceased.

Among those that condemned the incident was Jama’atu Nasril Islam (JNI), which described the killing as one of the darkest examples of lawlessness and urged authorities to ensure that those responsible are prosecuted.

Following investigations by security agencies, Kaduna State Governor Uba Sani disclosed that 71 suspects have been arraigned in connection with the killing.

According to the governor, 41 suspects are facing charges of culpable homicide, while another 30 suspects have been charged with unlawful assembly over their alleged involvement in the mob attack.

Governor Sani also announced that the Kaduna State Government would provide welfare support for the deceased’s husband and sponsor the education of her four children, describing the killing as barbaric and unacceptable.

He reaffirmed his administration’s commitment to ensuring that everyone found culpable is brought to justice.

While acknowledging the Kaduna State Government’s support for the bereaved family, Dalung maintained that sympathy alone cannot substitute for justice.

“While I acknowledge the steps already taken by the Kaduna State Government, including its commitment to support the welfare and education of the children, justice cannot stop at sympathy alone.

“The prosecution of those responsible must be pursued diligently until its logical conclusion. Anything less would diminish the value of human life and embolden those who believe they can act with impunity,” he said.

He urged prosecutors and the judiciary to ensure that the criminal trial proceeds without unnecessary delays, stressing that accountability would serve as a deterrent against future acts of mob violence.

The former minister also appealed to the Kaduna State Government to explore all lawful avenues available to provide justice and relief to the deceased’s family, including the consideration of diyya (blood compensation) where applicable under Nigerian law and recognised Islamic principles.

According to him, while financial compensation cannot replace a wife or mother, it could provide some support for the family left behind.

“No amount of compensation can replace a wife or restore a mother to her children, but acknowledging this responsibility would provide some measure of justice and relief to a family whose loss can never truly be quantified,” he said.

Dalung warned that the increasing cases of mob justice across Nigeria pose a serious threat to human rights, public safety and confidence in the country’s justice system.

He stressed that every Nigerian, irrespective of religion, ethnicity or social status, is entitled to a fair hearing under the Constitution.

“The moment we permit the mob to become judge, jury and executioner, we place every innocent citizen at risk,” he stated.

He called on governments, traditional rulers, religious leaders and community groups to intensify public enlightenment campaigns against jungle justice while strengthening public confidence in lawful dispute resolution mechanisms.

Dalung prayed for Allah to forgive the late Malama Ummulkhairi, grant her Aljannatul Firdaus, and comfort her husband, children and other family members.

He concluded by reiterating that “justice delayed must not become justice denied.”

Dalung visits family of lynched Kaduna Islamic teacher, demands justice beyond sympathy

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Dangote offers N500,000 reward for reporting illegal haulage involving company trucks

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July 13, 2026

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Dangote offers N500,000 reward for reporting illegal haulage involving company trucks
Dangote-branded trucks

Dangote offers N500,000 reward for reporting illegal haulage involving company trucks

Dangote Industries Limited (DIL) has launched a nationwide whistleblower programme offering a N500,000 cash reward to individuals who provide credible information leading to the arrest of persons involved in illegal haulage or the interception of unauthorised goods transported using Dangote-branded trucks.

The initiative is part of the company’s renewed efforts to protect the integrity of its nationwide logistics network, prevent the misuse of its branded vehicles and strengthen compliance across its supply chain.

In a statement issued in Lagos, Dangote Industries urged members of the public, transport unions, customers, host communities and security agencies to support the campaign by reporting any suspicious use of the company’s trucks.

The company explained that the whistleblower programme is designed to eliminate the activities of individuals who illegally use Dangote trucks to transport unauthorised goods or engage in commercial haulage outside the approved operations of the company’s subsidiaries.

According to the company, such activities not only violate corporate policies but also expose road users to safety risks, undermine regulatory compliance, damage the company’s reputation and compromise the integrity of its logistics operations.

To eliminate any ambiguity, Dangote Industries outlined the categories of products that each subsidiary is authorised to transport.

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It stated that Dangote Cement trucks are permitted to haul only cement, limestone, clinker, coal and high-grade gypsum. Trucks belonging to Dangote Sugar Refinery are authorised to transport only sugar products, while vehicles operated by NASCON Allied Industries are restricted to conveying Dangote Salt and DanQ Seasoning products.

Similarly, trucks belonging to Dangote Packaging are designated exclusively for bags and packaging materials. Vehicles operated by Dangote Petroleum Refinery and Petrochemicals are authorised to transport polypropylene products, while trucks belonging to Dangote Fertiliser Limited are permitted to haul only urea fertiliser.

The company warned that any Dangote-branded truck found transporting unauthorised goods would be treated as engaging in illegal haulage, regardless of the owner of the cargo.

It added that both the driver and the owner of the unauthorised goods risk arrest, confiscation of the cargo and prosecution in accordance with applicable laws.

As part of the whistleblower initiative, the company said anyone whose information leads to the arrest of offenders or the recovery of unauthorised goods being transported on Dangote trucks will receive a cash reward of N500,000.

To support investigations, the company urged whistleblowers to provide detailed information, including the truck type, registration plate number, cab number, current location, colour of the vehicle, description of the goods being transported and, where possible, photographs of both the truck and its cargo.

Dangote Industries disclosed that dedicated reporting hotlines have been established across its operations, particularly for trucks operating from the Obajana, Okpella and Gboko plants, to enable prompt reporting and swift action by security agencies.

The company further revealed that the Nigeria Police Force and other relevant law enforcement agencies have been authorised to arrest any driver found using company trucks for unauthorised commercial haulage or transporting prohibited goods.

Reaffirming its zero-tolerance stance against logistics-related fraud, Dangote Industries said the initiative forms part of broader measures to improve transparency, accountability and operational efficiency across its nationwide distribution network.

The company stressed that public participation remains critical to the success of the campaign, assuring whistleblowers that credible information will be treated confidentially while appropriate rewards will be paid to eligible informants.

It added that the campaign aligns with its commitment to safeguarding company assets, protecting customers, promoting road safety and ensuring that only authorised products are transported using Dangote-branded trucks across Nigeria.

Dangote offers N500,000 reward for reporting illegal haulage involving company trucks

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