Business
EFCC arrests 200 BDC operators for alleged forex fraud
EFCC arrests 200 BDC operators for alleged forex fraud
The Economic and Financial Crimes Commission has arrested over 200 suspects in connection with foreign exchange scams and manipulation of the financial markets.
Sources privy to the development but were not authorised to speak to The PUNCH on Wednesday that over 200 suspected Bureau De Change operators were in EFCC custody across the country.
One of the sources revealed, “Over 200 suspects have been arrested by the EFCC for forex scam and currency speculation. Not all the arrested suspects are in Abuja or at our headquarters because they were arrested in various states across the country.”
Another source noted, “I can confirm that we have arrested over 200 people for foreign exchange scam and manipulation of the financial markets; they are all being interrogated by our investigators to determine the degrees of their involvements. Most of them were arrested in Abuja, Lagos, Rivers, and Kano States.”
Also, a third source stated, “The clampdown on the forex scammers would yield positive results. Many of them have been arrested, and they will face the consequences of their actions.”
The PUNCH reported last week that the EFCC expanded its clampdown exercise on BDC operators, arresting traders in Lagos, Kano and Port Harcourt.
The raid of the BDC operators is part of the Federal Government’s efforts to tame the free fall of the local currency.
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The government blamed the actions of speculators in the forex market and digital marketing sphere for the significant depreciation of the naira.
On Friday, May 17, operatives of the Uyo Zonal command of the EFCC arrested five suspected forex speculators at the Ama-Hausa mosque, along Hospital Road, Aba in Abia State.
The arrested suspects are: Hassan Umaru; Haruna Umar, Badamasi Abdullahi, Auwal Muhammed and Kasimu Muhammed.
The spokesperson for the EFCC, Dele Oyewale, in a statement, revealed that the suspects had different currencies in varied sums at the point of arrest.
Oyewale said, “The recovered currencies are: 23,000 Won (Korean currency), 52 (Yuan Chinese currency), $6, 500 Nippon Ginko, 40 notes of Dalawampung Piso (Philippines currency), 20 Gambian Dalasis, 20 Swaziland currency and N382,000.
“Other recovered items from them are seven mobile phones, one power bank, one air pod, and one ATM card.
“They were arrested by operatives of the command, following weeks of surveillance and credible intelligence. The suspects will be charged to court as soon as investigations are concluded.”
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In another development, Oyewale revealed that the Enugu Zonal Command of the EFCC arraigned Daniel Chukwuka Koussou, a forex broker, before Justice C. O. Ajah of the State High Court sitting in Independence Layout, Enugu State.
He was arraigned on a one-count charge bordering on criminal conversion and stealing of N112.8m.
The lone count charge reads: “That you, Daniel Chuwuka Koussou sometime in July 2022, in Enugu, Enugu State, within the jurisdiction of this Honourable Court, did commit a felony to wit: stealing by fraudulently converting to your use the sum of N112, 800, 800.00 (one hundred and twelve million, eight hundred thousand, eight hundred naira), property of Chinedu Igbokwe and thereby committed an offence.”
The offence is contrary to Section 342 of the Criminal Code Law, Cap 30 of the Laws of Enugu State and punishable under Section 353 (1) of the same Law.
The defendant pleaded not guilty when the charge was read to him and was thereafter remanded at the Enugu State Correctional facility pending the fulfilment of the bail conditions.
Oyewale disclosed, “Koussou was arrested following claims of a petitioner, who alleged that he sent $276,000 to the defendant, a supposed agent for Providus Bank, to convert into naira and return same.
“According to the petitioner, on July 6, 2022, Providus Bank paid Koussou the full money in naira but the defendant sent part-payment of N21,759,771 to him (the petitioner) and diverted the rest for his personal use. All efforts made to get him to pay up proved abortive.”
EFCC arrests 200 BDC operators for alleged forex fraud
Business
I’m honoured, excited over World Bank’s appointment – Dangote
I’m honoured, excited over World Bank’s appointment – Dangote
President and CEO of Dangote Group, Aliko Dangote, has expressed gratitude following his appointment to the World Bank’s Private Sector Investment Lab, a global initiative aimed at accelerating private investment and job creation in emerging economies.
In a statement confirming the development, Dangote described the appointment as both an honour and a reflection of his long-standing commitment to economic development through private enterprise.
“I am both honoured and excited to accept my appointment to the World Bank’s Private Sector Investment Lab, dedicated to advancing investment and employment in emerging economies,” Dangote said.
“This opportunity aligns with my long-standing commitment to sustainable development and unlocking the potential of developing economies.”
He referenced the successes of the so-called Asian Tigers, economies that experienced rapid growth through strategic investment, as a source of inspiration for advancing similar outcomes in other parts of the world.
The World Bank announced Dangote’s inclusion on Wednesday as part of a broader expansion of the Lab, which enters a new phase focused on scaling up solutions that attract private capital and generate employment in developing countries.
Other newly appointed members include Bill Anderson, CEO of Bayer AG; Sunil Bharti Mittal, Chairman of Bharti Enterprises; and Mark Hoplamazian, President and CEO of Hyatt Hotels Corporation.
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World Bank Group President Ajay Banga noted that the expanded membership underscores the institution’s focus on integrating private-sector leadership into its strategy for global job creation.
“With the expanded membership, we are mainstreaming this work across our operations and tying it directly to the jobs agenda that is driving our strategy,” Banga said.
“This isn’t about altruism—it’s about helping the private sector see a path to investments that will deliver returns, and lift people and economies alike. It’s central to our mandate.”
The lab, which was co-chaired in 2023 by Canadian Prime Minister Mark Carney, previously sought to mobilise £1 trillion in sustainable investment, particularly targeting energy transition projects in emerging markets.
Aviation
Air Peace suspends flights nationwide over NiMet strike
Air Peace suspends flights nationwide over NiMet strike
Air Peace has suspended all its flight operations across the country due to the ongoing strike by the Nigerian Meteorological Agency (NiMet).
The airline said in a statement on Wednesday that it was also suspending operations due to the unavailability of QNH (hazardous weather) reports required for safe landings.
“Due to the ongoing NiMet strike and the unavailability of QNH (hazardous weather) reports required for safe landings, Air Peace has suspended all flight operations nationwide until the strike is over,” Air Peace said.
“Your safety is our top priority. We appreciate your understanding and will share updates as the situation unfolds.”
The airline had earlier announced that the NiMet strike could lead to flight delays and cancellations across its network.
Air Peace added that it was monitoring the situation and working with relevant stakeholders to minimise the impact on customers’ travel plans.
Employees of NiMet commenced a nationwide indefinite strike over welfare issues on Wednesday.
Some of the issues raised involve “NiMet’s refusal to negotiate or implement agreed financial allowances and unresolved entitlements,” including wage awards, peculiar allowances, and outstanding payments from the 2019 minimum wage.
They also accused the management of the agency of withholding important documents, ignoring requests for inclusion of omitted staff in past payments, and neglecting key training programmes in favour of executive retreats.
Business
Nigeria’s gas production increases by 15.6% to 227,931.65 mscf
Nigeria’s gas production increases by 15.6% to 227,931.65 mscf
Nigeria’s gas output has increased 15,6 percent month-on-month, MoM, to 227,931.65 million standard cubic feet, mscf, in March 2025.
But on year-on-year, YoY basis, the nation’s gas output recorded a marginal increase to 227,931.65 mscf in March 2025, from 198,353.62 mscf, recorded in the corresponding period of 2024.
Data obtained from the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, Gas Production Status reports indicated that of the total of 227,931.65 mscf produced in March 2025, 119,552.75 mscf was associated while 108,378.90 mscf was non-associated gas.
Associated gas is extracted in the process of producing crude oil while non-associated gas is produced without crude oil after much investment, exploration and development.
The Ministry of Petroleum Resources (Gas), which is directly involved in the development of policies, targeted at increasing investment in the sector said efforts have been made to increase investment and production of gas in Nigeria.
Similarly, in its recent report obtained by Vanguard, the Nigerian LNG Limited stated: “We are fully committed to expanding our operations with the NLNG Train 7 Project, which will boost our production capacity by 35%, increasing from 22 Million Tonnes Per Annum (mtpa) to 30 mtpa. This project underscores our role as a key player in the global LNG market and positions Nigeria as a top-tier supplier of LNG, leveraging its vast proven gas reserves of 202 trillion cubic feet (the 9th largest globally).
Vanguard
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