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Naira Redesign: 3 governors under EFCC watch for Stashed Cash

Published

3 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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Fresh Boko Haram Attack Leaves Colonel, Six Soldiers Dead in Borno

Published

5 hours ago

April 14, 2026

Trends Admin

Commanding Officer of the 242 Battalion, Monguno, Col. I.A. Mohammed

Fresh Boko Haram Attack Leaves Colonel, Six Soldiers Dead in Borno

Less than a week after the death of Brigadier General Oseni Braimah, the Nigerian military has confirmed the killing of another senior commanding officer alongside six soldiers in a fresh terrorist ambush in Monguno, Borno State.

The incident occurred during an operation under Operation Hadin Kai, the ongoing counter-terrorism campaign in the North-East.

According to a statement by the Media Information Officer, Headquarters Joint Task Force (North-East), Lieutenant Colonel Sani Uba, troops of Sector 3 came under attack in the late hours of April 12, 2026, during what was described as an isolated terrorist encounter.

The Army said the commanding officer was killed after his vehicle struck an Improvised Explosive Device (IED) while he was moving to assess frontline troops following initial contact with insurgents.

Six soldiers also lost their lives in the attack, while several others reportedly sustained injuries. The military confirmed that the insurgents were eventually repelled and the location secured after intense exchange of fire.

“The terrorists were put to flight, with troops maintaining control of the location,” the statement said, adding that the fallen officer displayed “exceptional courage and selfless service” while responding to the battlefield situation.

Although the Army did not officially release his identity, earlier reports identified the slain officer as Colonel I.A. Muhammad.

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The latest killings have triggered nationwide outrage, with Nigerians expressing concern over the rising toll on security personnel engaged in the fight against insurgency in the North-East.

Security analysts say the attack highlights the continued use of IEDs and ambush tactics by Boko Haram and ISWAP fighters, who remain active in remote parts of Borno despite sustained military operations.

The incident also comes amid renewed international attention on Nigeria’s security situation. The United States Department of State recently issued a travel advisory allowing voluntary departure of non-essential personnel from its embassy in Abuja and warning against travel to several Nigerian states due to insecurity.

The advisory cited threats including insurgency in the North-East, banditry in the North-West and North-Central, and communal violence in other regions. However, the Nigerian government has downplayed the warning, insisting that most parts of the country remain stable and that security challenges are being contained.

In a related development, concerns over civilian casualties have also grown following recent military operations in Borno State, including airstrikes targeting suspected insurgent positions in the Jilli axis. The Nigerian Air Force maintained that such operations are aimed at terrorist targets, though investigations into reported civilian casualties are ongoing.

The Presidency has defended ongoing military actions, arguing that some targeted locations have been used as operational hubs by insurgents, while insisting that efforts are being made to minimise civilian harm.

Meanwhile, calls are increasing for a review of Nigeria’s counter-insurgency strategy, with experts urging greater investment in intelligence, surveillance technology, and troop welfare to reduce battlefield casualties and improve operational success.

The latest attack underscores the persistent security challenges in the North-East, where military personnel continue to face deadly encounters despite years of counter-terrorism operations.

Fresh Boko Haram Attack Leaves Colonel, Six Soldiers Dead in Borno

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2027: MURIC Demands Muslim Governorship Candidates in South-West

Published

19 hours ago

April 13, 2026

Trends Admin

MURIC’s Executive Director, Professor Ishaq Akintola

2027: MURIC Demands Muslim Governorship Candidates in South-West

The Muslim Rights Concern (MURIC) has called on major political parties in Nigeria to ensure the emergence of Muslim governorship candidates in South-West states ahead of the 2027 general elections, warning that parties that ignore the demand may lose support from Muslim voters.

The organisation made the call in a statement signed by its Executive Director, Professor Ishaq Akintola, where it directly addressed leading political parties including the All Progressives Congress (APC), Peoples Democratic Party (PDP), African Democratic Congress (ADC), Social Democratic Party (SDP) and other registered parties.

MURIC specifically urged political parties to consider Muslim candidates in Oyo, Lagos, Ogun, Ekiti, and Ondo States, insisting that Muslims should not be excluded from the race for governorship positions in the South-West geopolitical zone.

The group argued that Muslims constitute a significant population in the South-West and deserve fair representation in elective offices, particularly at the governorship level. It maintained that there are qualified Muslim politicians capable of leading the affected states and contributing to good governance.

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MURIC also alleged that the current political arrangement in the South-West reflects what it described as religious imbalance, noting that governors in Lagos, Ogun, Oyo, and Osun States are currently Christians. According to the group, this situation highlights what it considers limited political inclusion of Muslims in top leadership positions in the region.

The organisation claimed that since the 2023 general elections, Muslims in the South-West have been largely excluded from governorship positions. In its statement, MURIC said, “Although Muslims constitute the majority in Yorubaland, the political leadership space of the region has been hijacked by Yoruba Christians since 2023.” It added that Muslims have been reduced to political spectators in key electoral outcomes, stressing the need for what it described as equitable political participation and inclusion.

MURIC further stated that none of the 17 Southern states in Nigeria currently has a Muslim governor, describing the development as politically significant. The group argued that this reality contradicts claims of religious domination narratives in Nigeria’s political space. It also dismissed allegations of Islamisation of the country, describing such claims as “false and baseless propaganda.”

The statement has added to ongoing political conversations ahead of the 2027 general elections, especially around issues of zoning arrangements, religious balance, and power-sharing agreements. Political analysts say such debates often intensify during election cycles, particularly in diverse regions like the South-West where both Islam and Christianity influence voter behaviour and party strategies. Political parties are expected to consider factors such as electoral strength, internal zoning arrangements, and demographic realities as they prepare for candidate selection.

2027: MURIC Demands Muslim Governorship Candidates in South-West

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Jilli Strike: Anyone Doing Business With Terrorists Is a Target — Presidency Aide

Published

21 hours ago

April 13, 2026

Trends Admin

Special Assistant to the President on Social Media, Dada Olusegun

Jilli Strike: Anyone Doing Business With Terrorists Is a Target — Presidency Aide

The Special Assistant to the President on Social Media, Dada Olusegun, has defended the Nigerian military following public outrage over the recent airstrike on Jilli village market near the Borno–Yobe border, insisting that individuals engaging in transactions with terrorists may be treated as legitimate military targets.

Olusegun made the remarks in a post on X (formerly Twitter) on Monday while responding to comments questioning whether images circulating online actually showed a functioning market. He wrote: “Anyone who is doing business with terrorists are legitimate military targets for our nation’s armed forces and not civilians.”

The statement comes amid growing controversy surrounding the air operation conducted under Operation Hadin Kai, led by the Nigerian Air Force, which targeted Jilli village in Gubio in Borno State on Saturday.

According to military authorities, the strike was carried out based on intelligence indicating that the location served as a terrorist logistics hub linked to fighters of the Islamic State West Africa Province (ISWAP). The Defence Headquarters said surveillance data showed movement of motorcycles and armed vehicles believed to be converging for operational purposes.

Military spokespersons under Operation Hadin Kai maintained that the strike followed “rigorous targeting procedures” and was informed by sustained intelligence, surveillance, and reconnaissance operations in the area. They added that preliminary post-strike assessments suggested that several insurgents were neutralised and logistics assets destroyed.

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However, the operation has sparked conflicting accounts from local authorities and emergency responders. The Yobe State Emergency Management Agency confirmed that civilians were among those affected, describing the incident as an accidental strike with unintended casualties.

Preliminary local reports suggested that more than 40 people may have been killed, though official figures remain unverified due to ongoing assessments and conflicting field data.

The Defence Headquarters has defended the operation, stating that Jilli and surrounding areas had long been identified as insurgent logistics corridors frequently used for movement, supply, and regrouping by armed groups. Officials also referenced past attacks on Nigerian troops in the region, including a deadly incident earlier in 2026 that reportedly killed soldiers during insurgent assaults.

The spokesperson for Operation Hadin Kai, Sani Uba, said the strike was conducted after careful intelligence validation and aerial monitoring, insisting that the target area had been under surveillance due to repeated militant activity.

Despite the military’s justification, the Babagana Zulum has previously acknowledged that Jilli and surrounding locations are areas with known insurgent activity but has urged caution in military operations to avoid civilian harm and ensure proper identification of targets.

The controversy has intensified debate over civilian protection during counter-insurgency operations in Nigeria, with human rights observers and local stakeholders calling for clearer rules of engagement and improved intelligence accuracy to reduce the risk of civilian casualties.

As of the time of filing this report, the military maintains that the operation targeted terrorist infrastructure, while emergency agencies continue to assess the humanitarian impact of the strike.

Jilli Strike: Anyone Doing Business With Terrorists Is a Target — Presidency Aide