FBI warned Nigeria about scammers, kidnappers using cryptocurrency to defraud – Report - Newstrends
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FBI warned Nigeria about scammers, kidnappers using cryptocurrency to defraud – Report

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CBN Governor, Godwin Emefiele

There are indications that the Nigerian government has been warned by the United States’ Federal Bureau of Investigation (FBI), about the activities of fraudsters using cryptocurrency to bring illegally obtained hundreds of millions of dollars into the country, mostly from the US.

This was said to have particularly targeted COVID-19 stimulus packages designed to cushion the impact of lockdown measures on businesses and working families in these countries.

The FBImis the US government’s main law-enforcement and domestic intelligence agency

A reliable source at the Presidency said, “These fraudsters remitted between $200 and $300 million to Nigeria every week, using cryptocurrencies.

“The central bank and the Federal Government were clearly alarmed by this development and had to act fast before irreparable damage is done to the economy.”

The sourced added that more disturbing was that intelligence reports indicated that kidnappers had switched to bitcoin for ransom payments, making it increasingly difficult to trace.

A cryptocurrency (or crypto) is a digital unregulated currency that could be used to buy goods and services, but uses an online ledger with strong cryptography to secure online transactions.

Much of the interest in the currency, not backed by any government, is to trade for profit, with speculators at times driving prices skyward.

In an interview at a Reuters’ online event last week Wednesday, President of the European Central Bank, Christine Lagarde said of bitcoin: “It’s a highly speculative asset that has led to some reprehensible activity, including money laundering, and any loopholes need to be closed.

“There has to be regulation. This has to be applied and agreed upon at a global level because if there is an escape that escape will be used.”

But the FBI was said to have discovered that fraudulent Nigerians, popularly known as yahoo boys, took control of large chunks of money released as stimulus in the wake of the devastating effects of the COVID-19, which has put many Americans out of jobs.

To avoid detection, the fraudsters had been reportedly sending millions of dollars to Nigeria through cryptocurrency.

This made it difficult for the authorities in both Nigeria and the US to trace the illicit money.

To prevent the use of the funds to destabilise the Nigerian economy, the Central Bank of Nigeria was prompted to wield the big stick.

In the last six months, Nigeria is said to have become the second country in the world with the biggest cryptocurrency transactions.

To make matters worse, investigations by FBI showed Nigeria did not have the underlining economic base to justify the massive flow of funds on a weekly basis.

To compound the issue was how the inflows were being routed, leaving investigators puzzled by the complicated channels in the digital money world of anonymity.

After the FBI tip-off that these funds being pumped into cryptocurrency were products of fraud, the Federal Government, acting through the CBN, had to ban cryptocurrencies in Nigeria.

The CBN had, at the weekend, directed banks and other financial institutions to immediately close any accounts dealing in cryptocurrency or facilitating payment for cryptocurrency exchange, with immediate effect.

The banking regulatory authorities directed banks to expose any individual and entity running such accounts, warning that failure to adhere to the directives would attract strict sanctions.

The CBN, in its circular on the issue, cautioned deposit money banks, (DMBs) non-bank financial institutions (NBFIs) and other financial institutions (OFIs) as well as members of the public on the risk associated with transactions in cryptocurrency.

The Director of Banking Supervision, Bello Hassan, and the Director of Payments System Management Department, Musa Jimoh, signed the circular.

It said, “Further to earlier regulatory directives on the subject, the Bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.

“Accordingly, all DMBs, NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.

“Please note that breaches of this directive will attract severe regulatory sanctions. This letter is with immediate effect.”

But the CBN’s action immediately attracted heavy criticisms from the Nigerian public, with a former Vice President, Alhaji Atiku Abubakar, advising the apex bank to reverse the decision, arguing that the country could not close its economy at this time.

In a statement personally signed, Atiku said the number one challenge facing Nigeria was youth unemployment, explaining that it was not just a challenge, but also an emergency, because it affected the economy, and exacerbating insecurity in the nation.

Speaking against the backdrop of the decision of the CBN to ban and restrict banks transactions in the cryptocurrencies, Atiku said, “What Nigeria needs now, perhaps more than ever, are jobs and an opening up of our economy especially, after today’s report by the National Bureau of Statistics indicated that foreign capital inflow into Nigeria is at a four year low, having plummeted from $23.9 billion in 2019, to just $9.68 billion in 2020.”

He said already, the nation had suffered severe economic losses from the border closure, and the effects of the #COVID19 pandemic.

Atiku stated, “This is definitely the wrong time to introduce policies that will restrict the inflow of capital into Nigeria, and I urge that the policy to prohibit the dealing and transaction of cryptocurrencies be revisited.

“It is possible to regulate the sub-sector and prevent any abuse that may be inimical to national security. That may be a better option, than an outright shutdown.

“There is already immense economic pressure on our youths. It must be the job of the government, therefore, to reduce that pressure, rather than adding to it.”

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Tinubu Has No Plan to Change Nigeria’s Name or Abolish Sharia Law – Presidency

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Tinubu Has No Plan to Change Nigeria's Name or Abolish Sharia Law – Presidency
President Bola Ahmed Tinubu

Tinubu Has No Plan to Change Nigeria’s Name or Abolish Sharia Law – Presidency

President Bola Ahmed Tinubu has reacted to a report making rounds in some quarters on the alleged plan by his government to change the name of Nigeria and abolish Sharia law in the northern part of the country. The President, in a statement issued by his spokesman, Bayo Onanuga, on Thursday night, May 21, 2026, described the report as far from the truth. The statement from the Presidency reads: “The Presidency wishes to inform Nigerians and state clearly that there is no truth whatsoever to the viral fake story claiming that President Bola Tinubu seeks to carry out constitutional amendments that will change Nigeria’s name to the ‘United States of Nigeria’ and abolish Sharia Law in the Northern region, among other claims.” According to the Presidency, the report—which cited anonymous sources—is part of a “dubious plot by some desperate politicians to create disaffection in our country, stir up a political crisis, and heat the polity ahead of the general elections.” The statement urged Nigerians to ignore the viral story in its entirety, describing the purveyors of the fake news as “agents of destabilisation and merchants of disorder.”

The statement also clarified that President Tinubu has “no plan whatsoever to send any bill code-named ‘Project True Federation’ to the National Assembly by December 15, a few weeks before the general election.” The Presidency emphasized that under Nigerian law, constitutional changes and amendments are serious matters that require legislative scrutiny, oversight, and extensive debate. “The process of amending the constitution is not at the President’s or the National Assembly’s whim. It is a task that requires a 2/3 majority in both chambers of the National Assembly and the concurrence of 24 State Houses of Assembly.” This constitutional safeguard ensures that no single individual or branch of government can unilaterally alter the nation’s founding document, a fact that makes the alleged “Project True Federation” bill not only improbable but legally impossible to execute within the claimed timeline. The rigorous amendment process, which involves extensive public hearings, legislative debates, and state-level ratification, is deliberately designed to protect Nigeria’s federal structure from arbitrary changes by those in power.

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The Presidency further stressed that President Tinubu is focused on the arduous task of entrenching and deepening the economic reforms his administration has embarked upon, with the aim of delivering more tangible dividends to Nigerians. Since assuming office, Tinubu’s administration has pursued a series of landmark economic policies, including the removal of fuel subsidies and the unification of exchange rates, aimed at stabilizing the economy and attracting foreign investment. The statement cautioned citizens against consuming fake and divisive reports, warning that misinformation is likely to proliferate as the nation begins political campaigns, a prelude to the general elections scheduled for January 2027. According to the Independent National Electoral Commission (INEC), the 2027 general elections have been scheduled to hold on Saturday, 16th January 2027 for the Presidential and National Assembly Elections, while the Governorship and State Houses of Assembly Elections will hold on Saturday, 6th February 2027. Political campaigns are expected to commence in August 2026, which the Presidency noted as a period when fake news could proliferate as desperate politicians seek to gain an advantage through misinformation and fear-mongering.

The viral report had sparked widespread concern across the country, particularly in the Northern region where Sharia law operates alongside the secular legal system in several states including Zamfara, Kano, Sokoto, Kebbi, Niger, and Kaduna. The false claims raised alarms among religious and traditional leaders, who feared the potential social and legal implications of abolishing a system that has been in operation for over two decades in some Northern states. However, the Presidency’s swift and categorical denial appears aimed at dousing any potential tensions arising from the false claims. Meanwhile, the opposition African Democratic Congress (ADC) has also weighed in on the broader political landscape, declaring that the only factor holding the ruling All Progressives Congress (APC) is political power, though this comment was made in a separate context at the launch of the Rise Up Naija Movement (RUN) in Abuja. Nigerians are advised to rely on official communications from the Presidency and verified news sources for accurate information, especially as the country heads toward the 2027 general elections. The Presidency reiterated its commitment to transparency and called on citizens to verify any sensational claims through official channels before sharing, warning that spreading unverified information could lead to unnecessary panic and social unrest.

Tinubu Has No Plan to Change Nigeria’s Name or Abolish Sharia Law – Presidency

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BREAKING: Tinubu appoints Prof Segun Aina as new JAMB registrar

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BREAKING: Tinubu appoints Prof Segun Aina as new JAMB registrar
Professor Segun Aina

BREAKING: Tinubu appoints Prof Segun Aina as new JAMB registrar

ABUJA – President Bola Tinubu has approved the appointment of 39-year-old Professor Segun Aina as the new Registrar and Chief Executive Officer of the Joint Admissions and Matriculation Board (JAMB), signaling the end of Professor Is-haq Oloyede’s decade-long tenure.

The appointment, announced in a statement issued late Wednesday by the Director of Information at the Office of the Secretary to the Government of the Federation, confirmed that Professor Oloyede’s tenure will officially expire on July 31, 2026. Professor Aina, a Professor of Computer Engineering at Obafemi Awolowo University (OAU), Ile-Ife, is set to make history as the youngest Registrar ever to lead the nation’s premier examination and matriculation body. He holds a Doctorate in Digital Signal Processing from Loughborough University, United Kingdom.

President Tinubu, in the appointment letter, tasked the new Registrar with leveraging his extensive background in engineering and information technology to build upon the transformative reforms introduced by his predecessor. Under Professor Oloyede’s watch, JAMB became globally recognized for its deployment of the Central Admission Processing System (CAPS) and biometric verification, drastically reducing admission fraud and the incidence of fake results. Observers believe Prof. Aina’s core competence in computer engineering signals the government’s intention to further digitize the admission process, enhance cybersecurity, and introduce next-generation innovations.

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Furthermore, Professor Aina is not a stranger to high-stakes examinations. He brings a wealth of practical experience from previous roles with the National Examinations Council (NECO) and the National Business and Technical Examinations Board (NABTEB). Interestingly, the new JAMB boss began his career with the very organization he is now set to lead—serving as a corps member during his National Youth Service Corps (NYSC) year.

As Professor Is-haq Oloyede prepares to leave office after two terms of five years each, he is widely celebrated for clearing the backlog of unclaimed admission spaces, blocking financial leakages that saw JAMB’s remittances to the federal purse rise from N3 million to over N50 billion, and sanitizing the system of fake ‘cut-off’ marks. Stakeholders in the education sector have described the transition as “a changing of the guard from consolidation to innovation.” Professor Aina is expected to assume office immediately following the formal handover on August 1, 2026.

BREAKING: Tinubu appoints Prof Segun Aina as new JAMB registrar

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Hajj 2026: Arafat Sermon to be Translated into Yoruba, Hausa, 33 Other Languages

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Hajj 2026: Arafat Sermon to be Translated into Yoruba, Hausa, 33 Other Languages

Hajj 2026: Arafat Sermon to be Translated into Yoruba, Hausa, 33 Other Languages

MAKKAH — As pilgrims continue to arrive in the Kingdom of Saudi Arabia ahead of the 2026 Hajj exercise scheduled to commence on Monday, the Head of Religious Affairs at the Grand Mosque and the Prophet’s Mosque, Sheikh Professor Dr. Abdulrahman bin Abdulaziz Al-Sudais, has announced that this year’s Arafat Day sermon will be translated into 35 international languages, including Hausa and Yoruba, to enable non-Arabic speaking Muslims to benefit from the sermon’s spiritual and humanitarian messages.

According to Al-Sudais, the Presidency of Religious Affairs would not only translate the sermon to be delivered by Sheikh Dr. Ali bin Abdulrahman Al-Hudhaifi, an Imam and preacher in the Prophet’s Mosque in Madinah, into the 35 languages, but also broadcast it via digital platforms and channels affiliated with the Presidency. This initiative, he said, is aimed at conveying the message of Islam and the content of the sermon to Muslims across the world, adding that the translation is an extension of efforts being made by the Kingdom of Saudi Arabia to serve Islam and Muslims. Al-Sudais described the Arafat sermon translation project as “one of the qualitative initiatives in which the Presidency has accumulated experiences over many years,” contributing to enriching religious content in various international languages. The translation of the Arafat sermon is designed to enable non-Arabic-speaking Muslims to benefit from the contents of the sermon and the comprehensive faith and humanitarian messages it carries. Al-Sudais noted that the Presidency has harnessed its technical and media capabilities, along with specialized teams, to ensure the sermon reaches the widest possible global audience with high professionalism and advanced quality standards. He emphasized that the translation project helps deliver the sermon’s themes to Muslims worldwide and convey Islam’s message of moderation. “The initiative enables non-Arabic-speaking Muslims to benefit from the sermon’s spiritual and humanitarian messages,” Al-Sudais stated.

Al-Sudais informed that the languages approved for translating the Arafat sermon include a diverse range of languages spoken across Africa, Asia, Europe, and other regions. The major global languages include English, French, Spanish, Chinese, Russian, German, Italian, Portuguese, and Swedish. Asian languages include Indonesian, Urdu, Turkish, Persian, Bengali, Hindi, Malay, Pashto, Punjabi, Tamil, Filipino (Tagalog), Uzbek, Tajik, Nepali, Sinhala, and Malayalam. African languages include Hausa, Yoruba, Swahili, Amharic, Somali, Oromo, Tigrinya, and Ugandan. European languages include Bosnian and Lithuanian. According to Al-Sudais, the Presidency of Religious Affairs has accumulated experiences over the years in the translation project, noting that the initiative is meant to enrich religious content in various languages and enable non-Arabic-speaking Muslims to benefit from the contents of the Arafat sermon.

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Al-Sudais further informed that the Arafat Day sermon this year will be delivered by His Eminence Sheikh Dr. Ali bin Abdulrahman Al-Hudhaifi, an Imam and preacher in the Prophet’s Mosque in Madinah. The sermon is scheduled to be delivered on Tuesday, May 26, 2026, corresponding to the 9th of Dhul-Hijjah 1447AH, from the pulpit of Masjid al-Namirah on Mount Arafat. Sheikh Ali Al-Hudhaifi is widely regarded as one of the most distinguished Quran reciters and influential religious personalities in the Muslim world. He has served not only as Imam of Masjid-e-Nabawi but has also previously led prayers at Quba Mosque and Masjid al-Haram. Al-Sudais described the sermon as “one of the greatest comprehensive faith messages followed by Muslims in the east and west of the earth,” noting that it enjoys wide attention because of the Sharia contents and comprehensive directives it contains that confirm the tolerance and mercy of Islam and its call for goodness, peace, and harmony among peoples.

This year’s five-day Hajj exercise will commence on Monday, when pilgrims will depart from Makkah for Mina, also known as Tent City, to begin their Hajj journey. Pilgrims will spend the 8th day of Dhul-Hijjah (Day of Tarwiyah) in Mina, praying and preparing for the central rites ahead. On Tuesday, May 26, pilgrims will converge on Mount Arafat, also known as Jabbal Rahma (Mount of Mercy), and its valley. The Day of Arafat marks the zenith of the Hajj exercise. Following the Sunnah of Prophet Muhammad (peace be upon him), pilgrims will perform the Dhuhr and Asr prayers together at noon time in the Namira Mosque. As the sun sets on Arafat, pilgrims will proceed to Muzdalifah, where they will perform the combined Maghrib and Isha prayer and spend the night until dawn of the 10th day of Dhul-Hijjah. After praying Fajr, they will proceed to Mina to begin the stoning of the Jamarat ritual. Pilgrims will spend the next three days engaging in, among other activities, stoning the Jamarat (the pillars representing Satan). The exercise will come to an end on May 29, when pilgrims are expected to return to Makkah, preparatory to their departure for their various countries.

For Nigerian pilgrims, the inclusion of Hausa and Yoruba among the 35 languages is particularly significant. Nigeria, with one of the largest Muslim populations in Africa, sends tens of thousands of pilgrims to Saudi Arabia annually. The ability to follow the Arafat sermon in their native languages will deepen their spiritual experience and understanding of the profound messages delivered on the most important day of the Hajj. According to Al-Sudais, the sermon will be broadcast live through digital platforms and channels affiliated with the Presidency of Religious Affairs. The Presidency has mobilized its technical and media capabilities to ensure the sermon reaches the largest possible segment around the world with high professionalism and advanced quality. As the 2026 Hajj season approaches, millions of pilgrims from around the world are expected to converge on the holy city of Makkah. The Presidency of Religious Affairs will continue to provide updates and guidance for pilgrims through its digital platforms and official channels. For the millions of Muslims who will not be able to make the journey this year, the translated and broadcast Arafat sermon will offer an opportunity to spiritually connect with the proceedings from their homes across the world.

Hajj 2026: Arafat Sermon to be Translated into Yoruba, Hausa, 33 Other Languages

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