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Naira Redesign: 3 governors under EFCC watch for Stashed Cash

Published

4 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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Heavy rainfall triggers deadly landslides in Cross River, five confirmed dead

Published

50 minutes ago

July 12, 2026

Trends Admin

Heavy rainfall triggers deadly landslides in Cross River, five confirmed dead

At least five people, including four children, have been confirmed dead after devastating landslides triggered by 48 hours of torrential rainfall struck the Ikot Anwatim community in Calabar Municipality, Cross River State, destroying homes, injuring residents and displacing several families.

The tragic incident, which has thrown the community into mourning, also left two other residents injured and destroyed two residential buildings, according to the Cross River State Emergency Management Agency (CR-SEMA).

The agency confirmed the casualties during a rapid assessment of the affected area conducted on Saturday by its Director-General, Efa Nyong, alongside officials of the disaster management unit of the Nigerian Red Cross Society.

Speaking during the assessment, Nyong conveyed the condolences of the Cross River State Government to the bereaved families and described the deaths—particularly those of the four children—as heartbreaking.

He assured victims that the state government would provide humanitarian support while working with relevant agencies to assist affected families and reduce the impact of future disasters.

“This assessment will document the disaster’s impact to guide government decisions on emergency assistance and long-term disaster risk reduction,” Nyong said.

He urged residents living in communities vulnerable to landslides and erosion to promptly report visible land cracks, monitor changes in the terrain and comply with evacuation directives whenever issued by emergency authorities.

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According to him, climate-related disasters are becoming increasingly frequent and severe, making it necessary for governments, communities and humanitarian organisations to strengthen disaster preparedness, early warning systems and public awareness.

Nyong noted that the rapid assessment reflected CR-SEMA’s commitment to proactive disaster response, coordinated emergency management and the protection of lives and property across the state.

The assessment team recommended the immediate provision of relief materials, temporary shelter and humanitarian assistance for affected families, as well as continued medical care for the injured survivors.

It also called for a comprehensive geotechnical assessment of the affected area to determine the stability of the terrain and recommend long-term engineering solutions to prevent similar disasters.

In addition, the team advocated intensified public sensitisation on the dangers of landslides, improved environmental management and the possible relocation of residents living in high-risk areas as the rainy season continues.

An affected resident, Bassey Patrick, commended the emergency response team for arriving promptly despite the difficult conditions.

He appealed for urgent government intervention, saying many families had not only lost loved ones but also their homes and means of livelihood.

“We have lost our children, our neighbours and our homes. We need urgent assistance because many families have nowhere to stay,” he said.

The tragedy comes as the Nigerian Meteorological Agency (NiMet) has repeatedly warned of above-normal rainfall and increased risks of flooding, landslides and erosion in several parts of the country during the 2026 rainy season. Emergency management experts have urged residents in vulnerable communities to remain alert and heed official weather advisories to minimise casualties.

Environmental experts say uncontrolled development on fragile hillsides, poor drainage systems, deforestation and the effects of climate change have increased the frequency of landslides in parts of southern Nigeria. They have called for stricter enforcement of environmental regulations, improved urban planning and sustained investment in erosion-control infrastructure.

The latest disaster adds to a growing list of weather-related emergencies recorded across Nigeria this year, underscoring the urgent need for stronger disaster preparedness, climate resilience and coordinated emergency response at all levels of government.

Heavy rainfall triggers deadly landslides in Cross River, five confirmed dead

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Former okada rider excretes 100 wraps of methamphetamine after arrest at Lagos airport

Published

2 hours ago

July 12, 2026

Trends Admin

Former okada rider excretes 100 wraps of methamphetamine after arrest at Lagos airport

The National Drug Law Enforcement Agency (NDLEA) has arrested a former commercial motorcyclist, popularly known as an okada rider, after he allegedly excreted 100 wraps of methamphetamine he swallowed in Uganda in an attempt to smuggle the illicit drug into Nigeria.

The arrest, described by the anti-narcotics agency as another breakthrough in its fight against transnational drug trafficking, was disclosed in a statement issued on Sunday by the NDLEA’s Director of Media and Advocacy, Femi Babafemi, and shared on the agency’s official X account.

According to the agency, the suspect had worked as an okada rider in Lagos for about 15 years before allegedly joining an international drug trafficking syndicate in search of better financial opportunities.

The NDLEA said intelligence gathered by its operatives led to the suspect’s interception shortly after he arrived at the Murtala Muhammed International Airport (MMIA), Ikeja, on a commercial flight from Uganda.

Preliminary investigations revealed that the suspect allegedly ingested 100 wraps of methamphetamine before boarding the flight to Nigeria, hoping to evade airport security and anti-drug screening procedures.

Following his arrest, the suspect was placed under medical observation by NDLEA officers, where he reportedly excreted all 100 wraps of the suspected illicit substance over a monitored period. The agency said the recovered exhibits have been secured while forensic examination and further investigations continue.

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Investigators believe the suspect was working for a transnational drug trafficking network operating across East and West Africa. The NDLEA said efforts are ongoing to identify and apprehend other members of the criminal syndicate, including those who recruited him and those expected to receive the drug consignment in Nigeria.

Reacting to the incident, the NDLEA said the suspect’s attempt to improve his financial status through drug trafficking ended in failure.

In a post on its official X account, the agency stated:

“After 15 years of working as an okada rider in Lagos, this individual decides he needed to forcefully upgrade and change his social status by joining a transnational drug trafficking organisation.”

“That dream has not only crumbled now but is ending in premium tears following his arrest at the Lagos airport by NDLEA officers after excreting a whopping 100 wraps of methamphetamine he ingested in far away Uganda.”

The anti-narcotics agency also released a video showing aspects of the arrest and recovery process, describing the operation as evidence of its sustained intelligence-led strategy against international drug trafficking.

The latest arrest comes amid intensified surveillance by the NDLEA at Nigeria’s airports, seaports and land borders as the agency continues to dismantle drug trafficking syndicates using the country as a transit route or destination for illicit narcotics.

The agency has repeatedly warned Nigerians against participating in drug trafficking, noting that criminal organisations often lure unsuspecting individuals with promises of quick financial gains, only for them to face arrest, prosecution and possible imprisonment.

Security experts say the use of human couriers who swallow illicit drugs remains one of the most dangerous methods employed by international drug traffickers because of the significant health risks involved, including poisoning, internal injury and death if the drug packages rupture inside the body.

The suspect is expected to be charged in court after investigations are concluded in accordance with the provisions of the NDLEA Act and other applicable laws governing drug-related offences in Nigeria.

Former okada rider excretes 100 wraps of methamphetamine after arrest at Lagos airport

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Notorious Bandit Leader Kachalla Sani Yellow Killed in Zamfara

Published

5 hours ago

July 12, 2026

Trends Admin

Notorious bandit leader Kachalla Sani Yellow

Notorious Bandit Leader Kachalla Sani Yellow Killed in Zamfara

Notorious bandit leader Kachalla Sani Yellow has been killed in Zamfara State in what marks another significant development in the fight against banditry in Nigeria’s North-West.

The feared gang leader, who was linked to a series of deadly attacks, kidnappings and cattle rustling operations across parts of Zamfara State, was reportedly killed in Anka Local Government Area.

However, conflicting accounts have emerged over the circumstances surrounding his death.

One report claimed that Sani Yellow was ambushed and shot dead at Dan Jibga Market by gunmen allegedly loyal to rival bandit kingpin Dogo Gide. The incident is believed to be connected to the growing power struggle among criminal gangs operating in the state, as rival factions continue to battle for dominance.

Another account attributed his death to a coordinated offensive by Nigerian security forces, supported by members of the Maiduguri Special Vigilantes deployed to reinforce ongoing counter-banditry operations in Zamfara. The operation was said to be part of sustained efforts to dismantle armed groups and eliminate high-profile criminal commanders.

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Kachalla Sani Yellow was widely regarded as one of the most influential bandit commanders in the Anka, Bukkuyum and Maru axes of Zamfara State. He was allegedly responsible for numerous attacks on rural communities, mass abductions for ransom, cattle rustling and violent raids that displaced thousands of residents.

His death is expected to weaken the operational capacity of his network, although security analysts have warned that splinter groups may launch reprisal attacks or seek to reorganise under new leadership.

As of the time of filing this report, Nigerian security agencies had yet to issue an official statement confirming the exact circumstances surrounding the bandit leader’s death.

Security operations have, however, continued across Zamfara and neighbouring states as authorities intensify efforts to dismantle remaining criminal networks and restore peace to communities affected by years of armed violence.

Notorious Bandit Leader Kachalla Sani Yellow Killed in Zamfara