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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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Peller Escapes Generator Fire at Lagos Home, Recalls Earlier Lekki–Epe Scare

Published

4 hours ago

February 21, 2026

Trends Admin

Peller Escapes Generator Fire at Lagos Home, Recalls Earlier Lekki–Epe Scare

Nigerian TikTok sensation and streamer, Habeeb Hamzat, popularly known as Peller, has narrowly escaped injury following a generator fire incident at his residence.

The social media influencer disclosed the incident on Saturday via his verified Instagram page, where he shared a video capturing the early-morning blaze. In the footage, flames could be seen engulfing his generator as Peller, visibly shaken, cried out for help while neighbors and occupants rushed to contain the fire.

After sustained efforts using buckets of water, the fire was eventually brought under control. The generator was completely destroyed, but the building itself and everyone inside the house were spared, preventing what could have escalated into a major tragedy.

Shortly after the incident, fans and followers flooded his comment section with messages of relief and gratitude, praising the swift response that prevented loss of life or further property damage. The video also circulated widely across other social media platforms, where viewers raised concerns about generator safety, ventilation, and fire preparedness in residential areas.

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As of the time of filing this report, the exact cause of the fire had not been independently confirmed, though preliminary reactions online speculated about possible fuel-related or electrical issues.

Earlier Lekki–Epe Expressway Incident

The generator fire comes months after Peller survived a separate and highly publicized scare along the Lekki–Epe Expressway.

During that earlier episode, which unfolded during a widely shared livestream, the influencer was seen driving while emotionally distressed. The broadcast, titled “RIP Peller,” sparked widespread concern after he made a series of alarming remarks that unsettled viewers.

At the time, Peller appeared agitated during a phone conversation believed to involve his girlfriend, amid online speculation about personal relationship challenges. The livestream ended abruptly after the vehicle was involved in a crash, though Peller later confirmed he survived the incident.

The back-to-back scares have renewed conversations among fans and industry observers about mental health awareness, content moderation during livestreams, and personal safety, particularly for young influencers who share real-time experiences with large audiences.

Despite the incidents, Peller has continued to engage his followers and has expressed appreciation for the overwhelming support he has received.

Peller Escapes Generator Fire at Lagos Home, Recalls Earlier Lekki–Epe Scare

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Abuja Church Expels Newly Married Woman Over Refusal to Consummate Marriage

Published

5 hours ago

February 21, 2026

Trends Admin

Abuja Church Expels Newly Married Woman Over Refusal to Consummate Marriage

An Abuja-based church has expelled a newly married woman, Oyiza, after she allegedly refused to consummate her marriage with her husband, Isaac—an action that has sparked widespread debate over marital consent, religious authority, and women’s rights in Nigeria.

The couple, who were living in Ibadan, got married on September 6, 2025, following the completion of their traditional marriage rites in Okene and a court wedding in Ibadan. Oyiza is originally from Kogi State.

According to accounts presented by the husband and church officials, marital tensions began shortly after the wedding, with Oyiza reportedly declining all attempts at intimacy. She allegedly told her husband she did not love him and later accused her mother of pressuring her into the marriage.

Family members and church leaders reportedly intervened multiple times over several months in an attempt to resolve the matter. Despite repeated marriage counselling sessions, the woman was said to have maintained her position, insisting she was emotionally unprepared for the union.

Isaac claimed that prior to the wedding, Oyiza had expressed doubts about proceeding with the marriage but later reassured him and the church’s marriage committee that she was ready, leading to approval of the wedding plans.

Photos from the ceremony, later circulated on social media, showed Oyiza appearing cheerful among friends and church members. However, Isaac said the marriage quickly deteriorated after the wedding, describing the relationship as emotionally exhausting and restrictive.

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In February 2026, the controversy escalated after the church released a video on its YouTube channel announcing Oyiza’s expulsion and excommunication. The church’s International Director stated that five months of mediation had failed.

During the announcement, the cleric used strong and controversial language, accusing Oyiza of spiritual misconduct and urging members to pray against her, claiming she had disgraced the church. He also referenced traditional cultural practices, suggesting that emotional readiness should not prevent marital obligations—remarks that triggered intense backlash online.

The cleric further claimed that his wife received a spiritual revelation alleging that Oyiza was under a supernatural covenant preventing marital relations. These claims were made publicly but remain unverified.

Oyiza was not present during the announcement, and efforts to obtain her response have been unsuccessful.

The incident has since generated nationwide reactions, with many Nigerians, legal commentators, and rights advocates arguing that consent within marriage is non-negotiable and that religious institutions should not compel intimacy or publicly shame individuals over private marital disputes.

The case has reignited conversations around:

Forced marriage and family pressure
Consent and bodily autonomy
Limits of church authority in private relationships
Mental health and dignity of women

As of the time of reporting, the church has not released any further statement addressing the public criticism.

Abuja Church Expels Newly Married Woman Over Refusal to Consummate Marriage

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Pastor Sentenced to Death by Hanging for Murdering Landlord in Akwa Ibom

Published

10 hours ago

February 21, 2026

Trends Admin

Pastor Sentenced to Death by Hanging for Murdering Landlord in Akwa Ibom

Prince Emmanuel Umoh, the resident pastor of Living Faith Church Chapel, Ifa Ikot Ubo–Ifa Ikot Okpon Branch in Uyo, Akwa Ibom State, has been sentenced to death by hanging for the murder of his landlord, Gabriel Bassey, a 500‑level civil engineering student at the University of Uyo.

Umoh was found guilty by Justice Gabriel Ette of the Akwa Ibom State High Court after evidence showed he fatally stabbed Bassey on December 21, 2020, inside the estate in Ifa Ikot Ubo, a community in Uyo Local Government Area. The judgment was delivered following a trial that lasted more than five years.

The prosecution established that Bassey had moved into his late mother’s property in Ifa Ikot Ubo to secure the family estate and be closer to school. The property previously housed a nursery school his mother built before her death in December 2019.

Court records show that part of the estate — a hall connected to a two‑bedroom apartment occupied by Bassey and his younger brother, Emmanuel Bassey — was leased to Living Faith Church for worship and community use at an annual rent of ₦150,000, with permission from Bassey’s father, Emana Bassey, a retired principal. The church began using the hall before the full rent was paid.

Umoh, who was later appointed the chapel’s first resident pastor, was given a spare key to the deceased’s apartment to allow access to church property stored inside. Evidence presented in court revealed that after this arrangement, personal items belonging to the deceased’s late mother — including clothing, dishes and valuables — began to go missing.

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The father, Mr. Emana Bassey, testified that he initially approved the spare key arrangement. However, when items started disappearing, he instructed his son to return the key. The defendant claimed he had lost the key, prompting concerns over security. The church’s senior pastor, Owoidoho Akpan, who testified for the defence, gave the Bassey family ₦5,000 to replace the locks. After the locks were changed, no further items were reported missing, the court heard.

Additional tensions arose between Umoh and Bassey over the use of rent funds supposedly meant for hall renovations, with disagreements escalating in the weeks leading up to the murder.

On the day of the incident, neighbours observed Umoh entering the premises shortly before cries of “Jesus” were heard. Minutes later, he was seen wearing a blood‑stained white garment, claiming he had fallen while fixing a banner. Bassey was not seen alive again.

Five days later, on December 26, 2020, Bassey’s decomposing body was found in his room, wrapped in a mat with multiple stab wounds and a butcher’s knife beside him. Forensic evidence and witness testimony linked Umoh to the crime, with bloodstains on his clothing and the fact that he was the last person seen with the deceased.

Umoh was arraigned on December 6, 2021, on a single count of murder. He pleaded not guilty, and the prosecution called six witnesses, including members of the Bassey family and church officials, to support its case.

In his lengthy judgment, Justice Ette described the crime as deeply troubling and a betrayal of trust, particularly because it was committed by a religious leader on church grounds.

“Life is sacred, and those who represent God on earth should teach that. It is an irony and quite appalling when a man who claims to be the representative of the divine on earth stoops so low as to denigrate the very essence of his calling and take someone’s life on the premises of the church,” the judge said.

He added that individuals who violate public trust in this way threaten society and must be punished in accordance with the law.

Having found the defendant guilty beyond reasonable doubt, the court pronounced sentence:

“I hereby sentence you to death by hanging.”

The conviction brings to an end nearly six years of legal proceedings and underscores the rule of law in Akwa Ibom State, even when the accused holds a position of religious leadership.