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CBN initiates legal actions against forex defaulters
CBN initiates legal actions against forex defaulters
The Central Bank of Nigeria (CBN) has announced its intention to prosecute forex defaulters nationwide following an independent forensic review conducted by a reputable firm to investigate forex exchange issues in the country.
In a statement on Wednesday, Mrs. Sidi Ali, the Acting Director of Communication at CBN, disclosed that the review exposed serious infractions, gross abuse, and significant non-compliance with market regulations. The CBN is now poised to enforce appropriate sanctions in collaboration with relevant agencies.
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Ali affirmed that the CBN remains committed to settling legitimate foreign exchange backlogs, as demonstrated over the past three months. She stated, “The Central Bank of Nigeria, in its bid to clear the backlog of outstanding foreign exchange liabilities, has paid approximately $2 billion across various sectors, including manufacturing, aviation, and petroleum.”
The statement further noted clearing the entire liability of 14 banks and initiating settlements with foreign airlines. Despite these efforts, the CBN reiterated its commitment to address legitimate foreign exchange backlogs in the coming months consistently.
CBN initiates legal actions against forex defaulters
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Properties Razed as Yoruba, Hausa Residents Clash in Ibadan
Properties Razed as Yoruba, Hausa Residents Clash in Ibadan
Properties were set ablaze on Wednesday as violence erupted between Yoruba and Hausa residents in the Ojoo area of Ibadan, Oyo State, throwing the community into panic and disrupting commercial activities.
The clash, which reportedly started in the early hours of the day, forced residents and business owners to flee for safety as hoodlums set buildings and shops on fire.
Eyewitnesses said the violence allegedly followed the fatal stabbing of a Yoruba tricycle mechanic, an incident that triggered reprisals and heightened ethnic tensions in the area.
Several structures, including a plastic recycling facility and a scavengers’ depot popularly known as “Bolla,” were reportedly razed during the unrest, while thick smoke billowed across parts of the community.
The disturbance also caused heavy traffic congestion along the busy Ojoo axis as commuters abandoned their vehicles and sought safer routes.
Security operatives, including personnel of the Nigeria Police Force, the Nigerian Army, Operation Burst and the Oyo State Security Network Agency, codenamed Amotekun, were deployed to the area to restore order and prevent the violence from spreading.
Witnesses said security personnel fired tear gas to disperse the rampaging groups, while patrol teams took strategic positions around the affected community.
Although the situation was gradually brought under control, tension remained high as residents stayed indoors and many businesses remained shut.
As of the time of filing this report, the Oyo State Government and security agencies had yet to issue an official statement confirming the cause of the clash, the extent of damage or whether there were casualties.
Authorities urged residents to remain calm and refrain from spreading unverified information while investigations into the incident continue.
Properties Razed as Yoruba, Hausa Residents Clash in Ibadan
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PFIPC Scandal: Adeyemi Pledges Full Cooperation with ICPC, Vows to Submit Documents to DSS
PFIPC Scandal: Adeyemi Pledges Full Cooperation with ICPC, Vows to Submit Documents to DSS
The embattled self-acclaimed Director-General of the Presidential Foreign Intervention Promotion Council (PFIPC), Adeniyi Adeyemi, has declared his readiness to cooperate fully with the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and other security agencies investigating the controversial agency, insisting he will submit all documents in his possession to the Department of State Services (DSS) or the Nigeria Police Force. Adeyemi made this known on Tuesday during an Instagram interview with social media personality Martins Otse, popularly known as VeryDarkMan, just hours after President Bola Tinubu directed the ICPC to investigate the activities of the purported council and submit a comprehensive report within 30 days. He stated that he was prepared to assist any security agency or investigative panel established by the President to uncover the truth behind the controversy, adding that he had nothing to hide and was ready to allow security agencies to examine the records in his possession. According to Adeyemi, the documents in his possession should be subjected to proper verification to determine their authenticity, stating, “They should authenticate them. They should verify them. They should unravel the truth”. He promised to submit himself and all relevant documents to either the DSS or the police, saying, “In fact, any moment from now, I will go to the DSS or the police to submit all the documents I have to help them investigate and look into this matter”.
Adeyemi also questioned the Presidency’s position that the PFIPC never existed, asking how the council was captured in the 2026 Appropriation Act with a budgetary allocation of N1.3 billion. He maintained that he could not have influenced the budget process because he was in detention while the budget was being prepared. According to him, he was invited by the Nigeria Police Force on October 27, 2025, over a petition allegedly filed by the President’s Chief of Staff, Femi Gbajabiamila, questioning the activities of the PFIPC. He claimed he honoured the invitation and was interrogated about the agency and his appointment letter, and remained in detention for 23 days, from October 27 to November 19, before being charged to court on November 27. “When the Presidency, through the Chief of Staff, said the agency does not exist, I wondered how an agency that found its way into the national budget could suddenly be described as fake. I was in detention for 23 days during the period the budget was being prepared. I did not prepare or defend any budget, and nobody went to defend it on my behalf. That is why I am confused about how the agency found its way into the national budget,” Adeyemi stated.
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Adeyemi further claimed that by the time he regained his freedom, the office space used by the alleged agency had been reallocated to another government official, and he has not returned to the office since his arrest on October 27. He questioned how lawmakers and other relevant authorities failed to detect what the Presidency now describes as a non-existent agency before the budget was passed and signed into law. The Senate has since distanced itself from the allocation, with the Chairman of the Senate Committee on Media and Public Affairs, Yemi Adaramodu, stating that the budget line was neither created nor inserted by the legislature. The Senate also rejected a motion seeking an investigation into the inclusion of the PFIPC in the budget, preferring to await the outcome of the ongoing ICPC probe.
On his earlier allegations involving the President’s Chief of Staff, Femi Gbajabiamila, Adeyemi declined to make fresh accusations, saying only an independent investigation could establish the facts. “I wouldn’t say he’s lying, and I wouldn’t say he’s telling the truth. That is why I requested that Mr President set up an investigative panel to unravel the truth, so we will know those involved,” he stated. Adeyemi further alleged that he survived an attack by gunmen near Zuma Rock in September 2025 and insisted his involvement with the council was motivated by a desire to attract foreign investment into Nigeria. “I don’t really have a negative plan. It’s all about passion for the country. That agency is to bring foreign investors to Nigeria and make Nigeria a preferred destination for investment,” he said.
President Tinubu had earlier directed the ICPC to investigate the activities of the alleged council, including forged appointment letters and other government documents allegedly used by Adeyemi to seek official recognition, diplomatic support, visa facilitation, and to open multiple bank accounts in the names of government agencies. The directive followed sustained public scrutiny over claims that the PFIPC operated from the Federal Secretariat, maintained accounts with the Central Bank of Nigeria, and received a N1.3 billion allocation in the 2026 Appropriation Act despite the Presidency’s insistence that no such agency was ever created. The Presidency has reiterated that the Federal Government did not establish the PFIPC and that police forensic analysis confirmed the signature on Adeyemi’s purported appointment letter from the President’s Chief of Staff was forged. President Tinubu has ordered that all persons found culpable be treated strictly in accordance with applicable law, stressing that the integrity of the Presidency and federal institutions “must be protected against impersonation, forgery, abuse of official identity and the exploitation of weaknesses in the public service”.
PFIPC Scandal: Adeyemi Pledges Full Cooperation with ICPC, Vows to Submit Documents to DSS
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Senate Rejects Motion to Probe N1.3bn PFIPC Budget Amid Mounting Controversy
Senate Rejects Motion to Probe N1.3bn PFIPC Budget Amid Mounting Controversy
The Senate on Wednesday rejected a motion seeking a comprehensive investigation into the controversial N1.3 billion budgetary allocation to the purported Presidential Foreign Intervention Promotion Council (PFIPC), opting instead to allow the executive arm to conclude its ongoing probe into the matter.
The motion, sponsored by Suleiman Kawu (APC, Kano South), sought an urgent investigation into the budgetary allocation, operations and controversy surrounding the PFIPC, which has generated widespread public scrutiny over its inclusion in the 2026 Appropriation Act.
Raising a point of order under Order 9 and Rule 9(c) of the Senate Standing Orders (2026), Kawu argued that the controversy surrounding the council posed a direct threat to the integrity of the Senate, the credibility of the National Assembly and the legislature’s constitutional oversight and appropriation responsibilities.
Presenting the motion titled, “Urgent Need to Investigate the Budgetary Allocation, Operations, and Controversy Surrounding the Purported Presidential Foreign Intervention Promotion Council (PFIPC) to Safeguard the Integrity of the Senate and the Federal Government,” the lawmaker lamented that the public had been inundated in recent weeks with allegations, controversies, accusations and counter-accusations over the existence and activities of the council.
“The Senate notes with concern that, in recent weeks, the public space has been inundated with allegations, controversies, accusations and counter-accusations concerning an entity known as the Presidential Foreign Intervention Promotion Council (PFIPC),” he said.
Kawu urged the Senate to condemn what he described as the administrative lapses, internal collaboration or fraudulent schemes that allegedly enabled a purportedly non-existent or unauthorised entity, listed under Budget Code 0111062001, to be captured in the 2026 Appropriation Act.
He further called on the Committees on Ethics, Code of Conduct and Public Petitions, and Appropriations to conduct a comprehensive investigation into the circumstances surrounding the inclusion of the PFIPC in the national budget.
According to him, the probe should determine how the sum of N1,302,978,784 was proposed, scrutinised, justified and eventually approved; identify the ministries, departments and agencies, as well as public officials or other persons responsible for facilitating the council’s inclusion in the budget; and establish whether any funds had been released, committed or spent under the allocation, including whether any bank account had been opened or operated for the budget line.
However, after the motion was presented, the Deputy President of the Senate, Barau Jibrin, who presided over plenary, ruled against opening a Senate investigation.
Jibrin said the matter was already receiving attention from the executive arm of government, noting that Bola Tinubu had directed the Independent Corrupt Practices and Other Related Offences Commission to investigate the controversy.
He urged the Senate to await the outcome of the executive’s investigation rather than commence a parallel legislative probe.
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