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Exchange rate: EFCC goes after more crypto traders, speculators

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Exchange rate: EFCC goes after more crypto traders, speculators

The Economic and Financial Crimes Commission has instituted a further crackdown on currency speculators and cryptocurrency platforms manipulating the naira, Sunday PUNCH has learnt.

Impeccable sources within the commission said the EFCC was not only going after Binance but every cryptocurrency platform and others involved in the manipulation of the Nigerian foreign exchange market.

A source said, “The EFCC is going after all currency speculators to stabilise Nigerian forex.”

Another source noted, “The commission is not only going after Binance but other cryptocurrency compliance and exchanges, this has been helping in stabilising the market.”

Reacting to the development when contacted, the spokesperson for the EFCC, Dele Oyewale, said the commission was doing everything lawful to ensure sanity within the country’s forex market.

 “The commission is doing everything within the ambit of the law to ensure that there’s sanity in Nigerian the foreign exchange market,” he said.

Meanwhile, some foreign exchange market analysts have stated that the dollar rose slightly against the naira between Wednesday and Friday due to interbank moves of the commercial banks.

A money market analyst, Agba Akin, had on Friday posted a snapshot of the P2P trading platform on X, saying, “Since Wednesday, the dollar has started increasing again at BDC, here is why. The emergency lovers of Binance are back speculating on other P2P apps.

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“They’ll keep adding N50 every day until they take it back to 2,500 which was their initial plan, and recoup their loss. CBN, act now.”

Reacting, a BDC operator identified as Yasir Arafat Jubril@oil_shaeikh said, “The problem with speculative manipulation is even if CBN keeps bidding dollars to BDC at a low rate, the prevailing speculated rate will lord over the market and you’ll be forced to sell at that price to keep afloat. CBN must crack down on all speculative platforms.

“They don’t know anything; if we talk, they’ll say we are aboki BDC behind Nigeria’s problem. Over 40 years that BDC has been operating, we never manipulated the naira by adding 50 to N100 a day till P2P ojukokoro boys came with their lack of fear of God.”

Speaking with Sunday PUNCH, the Adhoc Committee Chairman of the Association of Bureaux De Change Operators of Nigeria, Almustapha Muhammed, said while it was true that the dollar gained during the week, the BDCs were not behind the currency gaining as it resulted from certain moves of the commercial banks.

He said, “Some people just want to put it at the BDCs. Actually what happened was that the dollar rose from the interbank rates and not from the BDCs. BDCs are parallel markets, while the banks are connected with the Federal Government’s official rate.

“CBN is giving us dollars at N1,101, but some commercial banks are doing interbank conversions. They convert from their accounts – domiciliary accounts and naira accounts. But the parallel markets are doing lower than the Federal Government.”

Speaking further, he said, “Last week, the CBN gave the dollar at N1,101, but the parallel market sold at N950. That was what even made some BDCs not bid for a collection of dollars at CBN, because when you collect that dollar from CBN, automatically you run at a loss because we sell at N950. Unfortunately for the dollar, banks are now doing their interbank.

“That was what made people rush into the parallel market and buy it (the currency) at the lower rate and then deposit it in the commercial banks, automatically making N20, N40, N60 gains, because when you deposit your dollar into your domiciliary account and ask for its conversion into naira, automatically, you are making that difference. That is exactly what happened.”

In his reaction, an economist identified as Opeoluwa on X said, “On this issue, I reached out to a source in the relevant security agency on this matter. I was reliably informed that it has been flagged as ‘imminent danger’ and it’s being looked into.

“I am told that they (the security agency) may have to extend their hands to them, just like they did to Binance.”

When our correspondent contacted the Head of Strategic Communication at the Office of the National Security Adviser, Zakari Mijinyawa, he did not pick up calls.

Exchange rate: EFCC goes after more crypto traders, speculators

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U.S. Congress Submits Report to Trump on Alleged Christian Persecution in Nigeria

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U.S President Donald Trump
U.S President Donald Trump

U.S. Congress Submits Report to Trump on Alleged Christian Persecution in Nigeria

The United States House Committees on Appropriations and Foreign Affairs have formally submitted a comprehensive report to President Donald Trump detailing their findings and recommendations on the alleged persecution of Christians in Nigeria and ongoing security challenges in the country.

The report follows President Trump’s redesignation of Nigeria as a “Country of Particular Concern” (CPC) under U.S. religious freedom criteria and was the result of months of investigation led by Congressman Riley Moore and House Appropriations Committee Chairman Tom Cole. The investigation involved hearings, expert testimonies, and bipartisan fact-finding missions to Nigeria.

Congressman Moore confirmed the submission on his X handle (@RepRileyMoore), noting that the report draws on on-the-ground assessments, interviews with internally displaced persons, meetings with government officials led by National Security Adviser Nuhu Ribadu, and consultations with religious leaders.

During the Nigeria visit, congressional delegates visited IDP camps in Benue State, assessed the impact of terrorist attacks, and observed first-hand the security risks facing Christian communities. Moore emphasized that the findings provide a clear picture of the threats in Nigeria, including attacks by Boko Haram, ISWAP, and armed militias, which have led to killings, abductions, and widespread displacement.

“This report underscores the urgent need for Nigeria to address these pressing security challenges and protect vulnerable communities,” Moore said. He also urged the Nigerian government to strengthen ties with the United States to jointly combat violence and ensure the safety of civilians.

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Key Recommendations in the Report

The report contains specific recommendations aimed at protecting civilians and promoting security, including:

  • Establishing a bilateral U.S.–Nigeria security agreement to safeguard Christian communities and dismantle jihadist networks.
  • Conditioning U.S. aid on measurable actions by the Nigerian government to prevent violence against civilians.
  • Implementing sanctions and visa restrictions on individuals or groups responsible for religious persecution.
  • Providing technical and strategic support to Nigerian security forces to counter attacks by Fulani militias and other armed groups.
  • Encouraging reforms of restrictive laws, including Sharia and blasphemy statutes, that may contribute to discrimination.
  • Collaborating with international partners such as France, Hungary, and the United Kingdom to coordinate security and humanitarian responses.

Moore described the report as a blueprint for action, reflecting firsthand observations and expert consultations. “We hope this report will guide policy to protect innocent civilians, strengthen bilateral relations, and promote long-term stability in Nigeria,” he said.

The report has drawn attention to the complex security landscape in Nigeria, where religious and ethnic tensions, terrorism, and armed banditry continue to threaten communities, particularly in the northern and central regions.

The Nigerian government has previously rejected allegations of genocide or targeted persecution of Christians, describing such claims as misinformation, while reaffirming its commitment to combating terrorism and ensuring the security of all citizens.

U.S. Congress Submits Report to Trump on Alleged Christian Persecution in Nigeria

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Tinubu to Governors: State Police Must Begin Now

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President Bola Ahmed Tinubu
President Bola Ahmed Tinubu

Tinubu to Governors: State Police Must Begin Now

President Bola Ahmed Tinubu has declared that the establishment of state police in Nigeria can no longer be delayed, stressing that urgent action is required to tackle rising insecurity, banditry, terrorism and kidnapping across the country.

The President spoke on Monday night after breaking the Ramadan fast (Iftar) with state governors at the Presidential Villa, where he said all levels of government must work together to reclaim ungoverned spaces being exploited by criminal groups.

“What I promised you will not be postponed. We will establish state police to combat insecurity. Start looking around you,” Tinubu told the governors, emphasising that Nigeria’s security challenges had reached a point where decentralised policing could no longer be ignored.

He reminded the governors that they had all, through deliberations at the National Economic Council (NEC), agreed on the need to create state police as a strategy to curb insecurity and protect communities. According to him, the consensus underscored the urgency of addressing widespread criminality that has disrupted livelihoods and instilled fear across many parts of the country.

Tinubu, however, acknowledged that critical issues such as funding, command structure, oversight, accountability and coordination with the Nigeria Police Force and other security agencies were still being worked out. He noted that these modalities must be carefully designed to ensure professionalism, prevent abuse and guarantee effective collaboration.

The President also urged governors to intensify grassroots development, saying neglect, unemployment and poverty at the local government level often fuel criminal activities. He appealed to state leaders to embrace inclusiveness and ensure that development opportunities reached the most vulnerable.

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“Be all-encompassing. Let’s spread development opportunities to the grassroots and embrace the downtrodden, the young ones and all our supporters,” he said.

Describing the coincidence of the Muslim Ramadan fast and the Christian Lenten season as symbolic, Tinubu said the period reflected shared values of discipline, sacrifice and unity, urging Nigerians to continue to pray together and support one another.

Addressing internal political tensions, the President advised members of his party to exercise tolerance during ongoing congresses, stressing that unity and harmony were essential for national stability.

“Tolerate everybody. Let the young ones breathe. Build structures anchored on unity, harmony and sacrifice,” he said.

Acknowledging that criticisms and commendations would continue to trail his administration, Tinubu expressed optimism about Nigeria’s trajectory, saying the country was emerging from economic uncertainty.

“We are out of the dark tunnel of uncertainty. The economy is picking up. Let’s help those who are unemployed,” he added.

Responding on behalf of the governors, Imo State Governor Hope Uzodimma described the gathering as a symbol of religious harmony, unity and partnership between the federal and state governments. He praised the President for fostering political stability and strengthening collaboration with governors, pledging continued support for ongoing reforms.

The dinner was attended by Vice President Kashim Shettima, members of the Federal Executive Council, several state governors and senior government officials, including Chief of Staff to the President, Femi Gbajabiamila.

Tinubu to Governors: State Police Must Begin Now

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U.S. Court Orders ICE to Release Nigerian Detained Since 2012

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Immigration and Customs Enforcement (ICE)

U.S. Court Orders ICE to Release Nigerian Detained Since 2012

A U.S. District Court in Minnesota has ordered U.S. Immigration and Customs Enforcement (ICE) to release Michael Opeoluwa Egbele, a Nigerian national who entered the United States illegally in 2003 and had been held under immigration detention since his arrest in 2012. The court ruled that his detention was unlawful due to prolonged enforcement delays and lack of proper legal notice.

Senior U.S. District Judge John M. Gerrard delivered the ruling on February 18, 2026, giving ICE until February 20 to free Egbele and file a status report confirming his release. The judge highlighted that ICE had no legal grounds to hold him, noting the unique circumstances of his long-standing supervision arrangement.

Egbele’s legal troubles began in 2012 after his arrest on a drug-related offence, which triggered deportation proceedings. At the time, he applied for asylum and requested that his removal be withheld, but his claim was denied, and he was issued a final deportation order in July 2012. However, ICE did not enforce the removal, and Egbele did not appeal.

Instead, he was released on supervision in December 2012, under which he was required to report regularly to ICE. This arrangement continued for more than a decade until January 2026, when ICE detained him during a routine check-in.

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Egbele argued in court that he was never notified of any revocation of his pre-existing order of supervision and was not given a legal explanation for his detention. ICE claimed the supervision was revoked partly because Egbele failed to obtain a travel document to Nigeria, as required under his supervision.

Following his arrest, Egbele was unable to contact his wife, a U.S. citizen, or his lawyer for several days. He was initially held at an ICE facility in Montana and later transferred to a detention center in New Mexico, with his location undisclosed for days.

The federal government argued that the Minnesota court lacked jurisdiction because Egbele was held outside the state, but the judge rejected this, stating that ICE could not unilaterally terminate a decades-long supervisory arrangement without due process. The court emphasized that Egbele’s right to proper notice and legal protections had been violated.

Judge Gerrard ordered that Egbele be released immediately under the conditions of his original supervision and directed ICE to file a compliance report by February 20, 2026.

Legal experts say the ruling highlights broader concerns about long-term immigration detention, due process rights, and the enforcement of removal orders in the U.S., particularly when individuals have established long-term ties or arrangements with immigration authorities.

U.S. Court Orders ICE to Release Nigerian Detained Since 2012

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