News
Reps discover 5 banks withholding $5bn in forex
Reps discover 5 banks withholding $5bn in forex
On Wednesday, the House of Representatives discovered that five banks were withholding $5 billion in currencies.
Worried about the country’s foreign exchange market instability, the House directed the joint Committees on Banking Regulations and Banking Institutions to hold an investigative hearing into banks and financial institutions’ failure to comply with CBN directives on Net Open Position Limits.
The resolution was passed after the adoption of a motion on a Matter of Urgent National Importance regarding the need for banks to implement the CBN’s policies on holding excess long foreign exchange and net open position limits, sponsored by Chairman of the House Committee on Defence, Hon. Babajimi Benson.
In his lead debate, Hon. Benson, who observed that the apex bank is tasked with regulating the monetary policies of the country as provided for by the CBN Act, frowned upon the blatant disregard for extant financial regulations.
According to him, “Records show that GTB, Zenith Bank, UBA, and First Bank have a cumulative excess holding of over $5 billion as of January 2024. The only fully compliant bank is Stanbic IBTC, which has made all FX in its reserve available to their clients.
“It is important to note that these banks often obtain foreign exchange either through purchase, borrowing, or allocation from the CBN at the official rate of N461.5 to a dollar for their various customers but hoard them as part of their bank balances or reserves. They eventually sell at higher rates to make extra profit.
“It is this speculative practice that has prompted the CBN to issue a fresh directive centered around the Net Open Position (NOP) for all commercial banks. Simply put, the NOP measures the difference between a bank’s foreign currency assets (what it owns) and foreign currency liabilities (what it owes). Investigations have shown that banks hold far more forex than they require, thereby creating artificial scarcity and an increase in the exchange rate.
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“The new CBN directive will help limit how much foreign exchange banks can hold and for how long. The aim is to discourage hoarding of forex, thereby making it available for intended users at reasonable rates.
“Despite measures adopted by CBN in the past and based on previous experiences with CBN policies directives, many banks are in default of its implementation. This explains why eight banks currently hold a huge NOP of over $6 billion while there is a biting scarcity. This motion will provide the legislative impetus for the required action to compel them to fully comply with the directive.”
Hon. Benson observed that Section 8 (4) and (5) of the CBN Act require that the CBN Governor is expected to brief the relevant Committees of the National Assembly during the semi-annual hearings as well as provide periodic reports on the performance of the economy to the National Assembly.
While frowning upon the non-compliance to the extant law, Hon. Benson lamented that: “there has been a steady rise in the rate of the dollar in comparison to the naira. It rose to N1,520 to the dollar last week.
“The House is also concerned that this astronomical rise has been caused by diverse market forces and certain economic policies adopted by the government, including the liberalization of the dollar.
“The House is further concerned, however, that commercial banks and certain financial institutions in Nigeria usually hold back a large part of forex they obtain either through purchase, borrowing, or allocation from the CBN rather than lending to their customers with a view to selling it when the exchange rate is high.
“The House is worried that this speculative activity by commercial banks and certain financial institutions has further exacerbated the harsh economic situation in the country and led to difficulty by legitimate businesses to obtain forex for their business transactions.
“The House is aware that the CBN has intervened by introducing new monetary policies to check the rise in the rate of the dollar, among which are the Net Open Position Limits and holding excess long foreign exchange.
“The House is also aware that commercial banks and certain financial institutions are reluctant to implement the monetary measures put in place by the apex bank to check these unwholesome practices by banks and other financial institutions in the country.
“The House is concerned that unless drastic legislative measures are taken to enforce the implementation of these directives, the country will continue to experience dire economic hardship as a result of the continuous rise in foreign exchange rates,” he warned.
To this end, the House mandated its Committee on Legislative Compliance to ensure full implementation.
Reps discover 5 banks withholding $5bn in forex
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News
Chatham House Protest: UK-Based Lawyer Alleges Anti-Amupitan Demonstrators Were Paid Actors
Chatham House Protest: UK-Based Lawyer Alleges Anti-Amupitan Demonstrators Were Paid Actors
LONDON — Fresh controversy has emerged over the protest against the Chairman of the Independent National Electoral Commission (INEC), Professor Joash Amupitan, outside Chatham House in London, following allegations by a United Kingdom-based Nigerian lawyer, Otunba Dayo Babalola, that the demonstrators were allegedly paid to stage the confrontation.
Babalola dismissed the demonstration as an attempt by a small group of individuals to create a misleading impression about the position of Nigerians living in the United Kingdom on the leadership of the electoral commission.
The controversy followed Amupitan’s engagement at Chatham House, where he reportedly discussed electoral reforms and measures being considered by INEC to strengthen the credibility and integrity of Nigeria’s electoral process ahead of the 2027 general elections.
However, shortly after the engagement, a group of protesters reportedly confronted the INEC chairman outside the venue, surrounding his vehicle, chanting slogans and demanding his resignation over allegations of compromised electoral integrity.
The demonstrators, estimated by eyewitnesses to number between 10 and 15, reportedly attempted to block the chairman’s movement as they expressed dissatisfaction with his leadership of the electoral commission.
Reacting to the incident, Babalola argued that the demonstration should not be presented as the collective position of Nigerians in the United Kingdom.
According to him, nearly 200 Nigerian stakeholders and members of the diaspora attended the formal engagement inside Chatham House, making it misleading to portray the actions of a relatively small group outside the venue as representative of the wider Nigerian community.
The lawyer further alleged that the protesters were not necessarily acting out of genuine civic concerns but had allegedly been mobilised and paid to disrupt the event and attract public attention.
He also reportedly drew attention to political memorabilia worn by some of the demonstrators, suggesting that their appearance raised questions about possible political affiliations and the motivation behind the protest.
Babalola maintained that the formal engagement inside Chatham House and the demonstration outside the building were two separate events which should not be conflated.
He warned against using the actions of a handful of protesters to suggest that the wider Nigerian diaspora had collectively rejected the INEC chairman.
The allegations, however, have not been independently established, and the protesters’ account of the circumstances surrounding the demonstration remains important to a complete understanding of the incident.
The confrontation comes amid growing political disagreements over the preparedness of INEC for the 2027 general elections, particularly concerning the credibility of the voters’ register, electoral transparency, institutional independence and the security of the voting process.
Opposition figures and other critics have continued to scrutinise the commission’s activities, while INEC and its supporters have maintained that the electoral body should be allowed to carry out its constitutional responsibilities without undue political interference.
The London protest has consequently added another dimension to the debate over public confidence in Nigeria’s electoral institutions.
As of the time of filing this report, no independent evidence had been presented to establish Babalola’s allegation that the demonstrators were paid, while no formal response from the protest organisers addressing the claim was available.
The incident has also generated renewed discussions about the role of Nigerians in the diaspora in holding public institutions accountable and the need to distinguish genuine civic protests from demonstrations allegedly organised for political purposes.
Chatham House Protest: UK-Based Lawyer Alleges Anti-Amupitan Demonstrators Were Paid Actors
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News
Tinubu-Aregbesola Rift: ‘They Still Have Deep Affection for Each Other’ — Adeyeye
Tinubu-Aregbesola Rift: ‘They Still Have Deep Affection for Each Other’ — Adeyeye
ABUJA — A chieftain of the All Progressives Congress (APC), Professor Sola Adeyeye, has disclosed that President Bola Ahmed Tinubu and former Osun State Governor, Rauf Aregbesola, have met about three times since their political relationship deteriorated.
Adeyeye, who is the Director of Electioneering Planning of the APC 2027 Presidential Campaign Council in the South-West, said efforts were ongoing to reconcile the two former political allies, expressing optimism that their relationship could eventually be restored.
The former senator made the disclosure in an interview published by The Punch on Sunday, November 15, 2026.
According to him, Tinubu and Aregbesola had enjoyed a close personal and political relationship before their disagreement, making the breakdown of their relationship particularly painful.
“I know that they’ve met about three times since the rift between them started,” Adeyeye said.
He added that the two men must take responsibility for resolving their differences, although he remained hopeful that reconciliation was possible.
Adeyeye, however, declined to disclose further details about the meetings or the circumstances surrounding the former allies’ disagreements.
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He said he did not know exactly what went wrong between Tinubu and Aregbesola, but maintained that both men had previously shared a strong personal bond.
“Honestly, I don’t know. They both liked each other. I just pray that the time will come when they will be together again. That’s my prayer,” he said.
When asked about his efforts to reconcile them, the APC chieftain replied that he had done everything expected of him but would not reveal further details.
He also dismissed suggestions that a conspiracy might be frustrating the reconciliation process, saying the responsibility ultimately rested with Tinubu and Aregbesola.
According to Adeyeye, disagreements between close friends can produce deeper emotional wounds, but he believes time could help heal their differences.
The political disagreement between Tinubu and Aregbesola has attracted considerable attention within the APC, particularly in Osun State, where their political camps have remained divided.
Aregbesola, who served as Osun governor from 2010 to 2018 and later as Minister of Interior, was previously a key political ally of Tinubu. Their relationship subsequently deteriorated amid disagreements over the control and leadership of the APC in Osun.
Adeyeye’s disclosure of three meetings between the two politicians offers a fresh indication that communication has continued despite their publicly known political differences. However, he did not disclose when the meetings took place or whether they produced any concrete agreement.
The professor also discussed efforts to bring other influential South-West politicians into the APC’s 2027 re-election campaign.
He disclosed that he met former Ogun State Governor Ibikunle Amosun on Wednesday, November 4, and former Ekiti State Governor Kayode Fayemi the following day.
Adeyeye described Fayemi as a brilliant politician and said personal disagreements should not overshadow the larger political contest ahead.
He expressed confidence that the APC would work towards securing victory in the January 16, 2027 election, stressing the importance of defending the party’s right to seek the people’s mandate through a free and fair electoral process.
The APC chieftain also defended Tinubu’s political strategy, including his adoption of a broad-based coalition involving politicians from different backgrounds, arguing that building alliances was necessary to win elections and form a government.
He maintained that political differences should not prevent politicians from working together when they share common objectives.
Tinubu-Aregbesola Rift: ‘They Still Have Deep Affection for Each Other’ — Adeyeye
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News
Troops Rescue 119 Kidnap Victims, Eliminate Terrorists in Nationwide Crackdown – DHQ
Troops Rescue 119 Kidnap Victims, Eliminate Terrorists in Nationwide Crackdown – DHQ
ABUJA — Nigerian troops have rescued 119 abducted civilians and neutralised several terrorists during a week-long series of military operations across the country, the Defence Headquarters (DHQ) has announced.
The operations, conducted between November 6 and November 12, reportedly dealt significant blows to insurgents, kidnappers and other criminal groups operating in different parts of the country.
The latest military breakthrough comes amid growing concerns over insecurity, particularly attacks on motorists, abductions and terrorist activities along major highways and communities.
According to updates from the military high command, troops recorded significant successes across several operational theatres, with Borno State emerging as one of the major areas where security forces disrupted terrorist activities.
In one of the operations, soldiers reportedly intercepted insurgents attempting to ambush motorists and abduct travellers along major transportation routes in the state.
The intervention prevented the planned abductions and further demonstrated the military’s efforts to secure vulnerable highways and protect commuters.
The DHQ disclosed that 119 kidnapped civilians, including women and children, were rescued during the period under review.
The military also reported the elimination of several terrorists during offensive engagements targeting criminal hideouts, operational bases and suspected supply networks.
Beyond the rescue operations and neutralisation of insurgents, troops recovered eight operational vehicles allegedly seized by terrorists, alongside assorted weapons, ammunition and other logistical equipment.
Security operations were also intensified outside the North-East, with troops and other security agencies carrying out intelligence-led raids, disrupting kidnapping attempts and confronting criminal elements in the Federal Capital Territory, Plateau and Kwara states.
Watch: Nigerian Military Operations Against Terrorists and Rescue of Kidnap Victims
For additional context on the military’s ongoing anti-terrorism campaign and rescue operations, watch the video below:
The military’s nationwide operations were aimed at dismantling criminal networks, preventing further attacks and restoring confidence among residents and travellers using vulnerable routes.
The Defence Headquarters reaffirmed its determination to sustain pressure on terrorist groups and other criminal elements until lasting peace and security are restored across the country.
The latest operational figures represent another major effort by the Nigerian military in its ongoing campaign against terrorism, banditry and kidnapping.
Troops Rescue 119 Kidnap Victims, Eliminate Terrorists in Nationwide Crackdown – DHQ
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