The Caucus extends its heartfelt sympathy to the families, communities and the people and government of Ekiti state on the brutal and abominable killings of traditional rulers including the Oba of Koro in Kwara state; the horrific kidnappings of school children and their mentors and the recent violent assault on the peace, security and corporate integrity of Ekiti state, the South West and indeed all the six geopolitical zones.

We await the outcome of investigations into these reprehensible and criminally insane acts; and hold that culprits should be subjected to the wrath of law to its fullest extent

The Ooni Caucus requests the location of a Military Base to reinforce the extant security apparatus in the state, which had proven woefully inadequate

The Caucus join the urgent calls for a constitutional amendment towards the decentralisation of the Nigerian police with the specific objective of enabling the creation of state and community based policing. The decentralisation should be complemented with the cooption and collaboration of Ex-servicemen i.e. retirees from the Police, Military and Paramilitary Forces.

We call for the enhancement of the capabilities of the local law enforcement agencies domiciled in the 774 Local Government Areas through the office of the Divisional Police Officers

We commend the establishment of the Amotekun, the Pan South West Zonal security outfit and its conspicuous accomplishment in its short existence regardless of acutely inadequate resources at its disposal. We appeal to the state governments of the South West zone to double down on this initiative with the provision of ample resources and logistics support. We equally deem the activation of the Oodua Peoples Congress
OPC as of the essence and urgent imperative

Other notable pro-Yoruba communal security groups apart from OPC and Amotekun such as the one led by Chief Sunday Igboho should be equally encouraged and energised towards the strategic protection and defence of Yoruba Region.

There is the need to highlight the specific responsibilities of the government, communities and the private sector in the onerous task of securing our nation and its communities. The economic dimension to security calls for economic interventions especially skills development and job creation schemes to stem security threats arising from socioeconomic factors.

We call on the Southwest political leaders to stimulate and encourage
community-based security initiatives across every hamlet, village and town in Yoruba land. We need to protect our borders as well as identify and secure all our ungoverned spaces, especially forests and public utilities.

We urge leading lights and critical stakeholder groups from across the length and breadth of the region to snap out of their self-destructive complacency and indifference regarding the security of Yorubaland before it is too late. They should regularly liaise and consult with SW Governors to identify current security threats and articulate remedial actions.

Our royal fathers and leaders of traditional institutions should hold mandatory meetings among themselves to discuss and mutually agree actions that would promote and defend the Yoruba heritage. They need to be sensitised and alert to the risks of harmful land and property ownership practices that render Yoruba communities vulnerable to external threat and subversion.

In view of their strategic utility in the peace and security of their domains, we call for the strengthening and empowerment of the traditional rulers.
The institution must enjoy a level of autonomy commensurate with the huge responsibility they bear in the local communities.

We need to begin to ‘Name & Shame’ those individuals and institutions that have been found guilty of compromising and sabotaging Yoruba interests for parochial and selfish reasons.

It is incumbent on all our leaders to regularly embark on regular campaigns to educate citizens on security issues and the need to be vigilant and prepared
to effectively grapple with security threats and challenges.

We do not know for certain the security status of Mr Sunday Adeniyi Adeyemo, aka Sunday Igboho. We hold the view that he does not constitute a threat to the peace and stability of Nigeria in any way. He should, therefore, be accorded the freedom, rights, and privileges that are due to every Nigerian citizen. If he is not in Nigeria, he should feel free to return home at a time of his choosing

Finally, we find the need to prompt and remind President Bola Ahmed Tinubu to redeem his pledge of support towards the decentralisation and devolution of powers in Nigeria.

Balogun Akin Osuntokun (Coordinator)
Dr Yomi Layinka (Secretary General)

Kwara State Governor AbdulRahman AbdulRazaq and chairman of the Nigeria Governors’ Forum (NGF) has called for patience over the ongoing economic hardships being experienced in the country.


The governor said this during a briefing in Ilorin with different segments of the state on efforts of the government to ease things for the people.

The sessions, which lasted for hours, involved labour union leaders from the transport, artisans, market unions and students drawn from various backgrounds in the state.

In a statement signed by Rafiu Ajakaye, Chief Press Secretary to the Governor, AbdulRazaq said that different federal government committees are working round the clock to plug the spiraling fall in the value of the naira and its impacts on consumer goods.

According to him, “We (governors) held a meeting on Tuesday afternoon which I joined through zoom, and it is a continuation of previous meetings. The government is launching programmes to checkmate the rising food prices.

“Our major problem is foreign exchange. We are getting US dollars from sales of crude oil, whereas we have low sales at the moment. We used to experience pipeline vandalism.

“But since the assumption of Tinubu’s government, production of oil has increased. Not only that, the government realised recently that the crude oil we are, and will be getting in the next six months or so had been sold in advance. So, they don’t get value for whatever they are selling now. But gradually, things will change and we need your support to understand us,” he added.

AbdulRazaq said the government is immediately working to force down the cost of key staple foods by releasing grains from the strategic reserve and distributing the same to the people at intervals.

The devaluation of the naira, the Governor noted “meant that merchants from neighbouring countries are mopping up grains from Nigeria.

“This is because it is far cheaper to buy from the country and then resell at higher prices in their own countries, especially in the West African sub-region”.

Acknowledging the spike in inflation, he urged the people to be patient adding that the government’s investments in gas-powered vehicles will manifest after their distribution in the coming months.

The Bank of Industry (BOI) has been appointed by the Federal Government as the executing agency of a N200 billion fund to support businesses across Nigeria.


The Federal Ministry of Industry, Trade, and Investment (FMITI), recently established three funds totaling N200bn to support businesses across Nigeria.

The funds are the Presidential Conditional Grant Scheme (PCGS), The FGN MSME Intervention Fund and the FGN Manufacturing Sector Fund.

The BoI in a statement noted that the Presidential Conditional Grant Scheme (PCGS), is a N50bn grant scheme to support eligible Nano Business owners.

It noted that the Grant will be disbursed to a minimum of 1,000 beneficiaries (especially Women and Youths) per Local Government Area (LGA) in the 774 LGAs across the Nation and the 6 (six) Council Areas in the FCT, adding that the target nano businesses include traders, food vendors, ICT businesses, transporters, artisans, creatives, among others and beneficiaries are not required to pay back.

Last modified on Thursday, 08 February 2024 09:57

The Nigerian currency, the naira, experienced a notable depreciation at the parallel market on Wednesday, falling to N1,500 against the dollar, a 3.45 percent decrease from the rate of N1,450 per dollar observed on Monday.

This recent slide underscores the volatility in the foreign exchange market, contrasting with a slight appreciation observed at the official window.

Bureau De Change operators (BDCs) in Lagos, pivotal players in the parallel market, have set the buying rate of the US dollar at N1,490 and the selling rate at N1,500, marking a N10 profit margin per dollar.

Meanwhile, at the official trading window, the naira saw an appreciation, closing at N1,418 to a dollar on Wednesday, up from N1,433 on Tuesday, reflecting a 1.05 percent increase in value.

The foreign exchange market dynamics, as tracked by the FMDQ Exchange, indicate fluctuations with the naira trading between a high of N1,510 and a low of N896.28, alongside a daily turnover of $203.93 million.

In a significant move on February 1, 2024, the Central Bank of Nigeria (CBN) continued its efforts to reform the foreign exchange market by lifting the cap on the FX rate quoted by international money transfer operators (IMTOs).

This decision is part of a broader strategy to improve liquidity and ensure a more transparent pricing mechanism in the FX market.

CBN said, “For the avoidance of doubt, by this circular, the cap on allowable limit of -2.5% to +2.5% around the previous day’s closing rate of the Nigerian Foreign Exchange Market is hereby removed.”

CBN instructed the money transfer operators to quote exchange rates based on the prevailing market rates at the FX market.

The country’s public sector unions are experiencing a financial crisis, with some struggling to fulfil their obligations to members and employees, including salary payments.

Naija News gathered that the Federal Government had seized the check-off dues deducted at source from the salaries of members of the Nigeria Labour Congress (NLC) and its counterpart, the Trade Union Congress of Nigeria (TUC), from November 2023 until now.

It was also discovered that earlier last year, the government withheld the deducted check-off dues of these unions for several months until the NLC threatened a nationwide strike by May 20, 2023. Eventually, the Accountant-General of the Federation reluctantly released the money to the unions.

The situation appears to be repeating itself, as it has been discovered that the funds were processed for payment but later diverted before release.

Among the affected unions are the Amalgamated Union of Public Corporations, Civil Service Technical and Recreational Services Employees (AUPCTRE); Non-Academic Staff Union of Educational and Associated Institutions (NASU); Nigeria Civil Service Union (NCSU); Nigeria Union of Public Service Reportorial, Secretarial, Data Processors and Allied Workers (NUPSRAW); National Association of Nigeria Nurses and Midwives (NANNM); and Association of Senior Civil Servants of Nigeria (ASCSN).

Vanguard’s investigations revealed that despite efforts by affected unions through the Joint National Public Service Negotiating Council (JNPSNC) Trade Union Side, there have been no positive outcomes.

The matter was reportedly discussed during a recent meeting of JNPSNC in Nasarawa State, where the unions expressed grievances over the challenges resulting from the withholding of their statutory funds.

Additionally, the leadership of the trade union side of JNPSNC has petitioned President Bola Tinubu, seeking his intervention, but it has yet to be successful.

The NLC expressed strong concern over the situation and its broader implications for public sector unions. In a letter titled “Continuing Refusal To Release Check-off Dues Accruing To Public Sector Trade Union,” dated January 31, 2024, the NLC issued a warning, stating that the withholding of check-off dues accruing to trade unions constitutes interference in their activities.

The letter from the NLC, conveyed by its General Secretary, Emma Ugboaja, reads in part: “The Continuing unfortunate deliberate withholding and piecemeal release of Check-off dues accruing to public sector trade unions in the country has been brought to our notice by our affiliates in the sector.

“These unions have, therefore, accordingly expressed their grievances regarding this intentional withholding or partial release through the Integrated Personnel and Payroll Information System, IPPIS, platform. We understand that this illegal act was at the instance of the Minister of Finance.

“This practice is totally unacceptable and runs counter to the traditions and principles guiding our engagement as social partners within the nation’s Industrial Relations sphere. We have had cause to have written to the Minister of Labour last year on this, but the report reaching us speaks to its unfortunate persistence.

“We find it inconceivable that check-off dues, deducted at the source from the salaries of public sector workers, would be subject to withholding or released in a piecemeal fashion when salaries themselves are not owed or disbursed piecemeal.

“We wish to draw your attention to the fact that this worrying development deprives not only our affiliates but also national labour centres of the financial resources necessary for their effective operation as workers’ representative organisations.

“Such actions represent a fundamental threat to trade unions and trade unionism in Nigeria, given that financial stability is crucial for the functioning of our organisations. We do not want to believe that this may be part of the ongoing onslaught against workers and trade union rights in Nigeria.

“It is imperative to remind you that the withholding of check-off dues accruing to trade unions amounts to interference in the activities of these unions. This interference is explicitly condemned by Article 2 and 3 of the ILO Convention Number 87 on Freedom of Association and Protection of the Right to Organise, as well as Sections 17 and 18 of Nigeria’s Trade Union Act, LFN, CAP T14.

“We must also stress that sitting on already deducted check-off dues amounts to the impounding or illegal hijack of monies belonging to the trade unions. We may be forced to begin to see this as an intentional misappropriation of funds that rightly belong to trade unions driven by other motives if nothing is quickly done to put an end to it.

“As the supervising authority over public financial flows in Nigeria, we trust that you will act promptly to rectify this anomaly to avoid creating unsavoury workplace outcomes.

“We have followed, as always, due process in handling this and have exercised unusual patience, but allowing this to continue may put undue strain on our relationship.”

NLC demanded that “the Accountant-General immediately direct and ensure the release of all withheld check-off dues accruing to trade unions in Nigeria’s public sector.

“We understand the gravity of this situation and sincerely hope for your swift and positive action to remedy this breach of our statutes. We may not be held responsible for any negative consequences that might arise if the check-off dues of Nigerian workers continue to be held hostage by the government.”

The All Progressives Congress (APC) has unveiled the final twelve aspirants that will battle for the party’s governorship ticket for the 2024 elections in Edo State.

The list was made known in a statement released in Abuja by the APC National Organising Secretary, Suleiman Arugungu.

The statement disclosed that of the 23 persons who initially indicated interest in the APC ticket, only 12 individuals have currently acquired the Expression of Interest and Nomination documents, which are valued at fifty million naira.

The twelve persons would face the party’s screening process in preparation for the APC primary election set to take place on February 17th.

The successful aspirants are the immediate past state Chairman of APC, Gideon Ikhine; ex-Minister of State, National Economic Planning, Clem Agba; senator representing Edo Central, Monday Okpebholo; erstwhile deputy governor, Lucky Imasuen, former governorship candidate, Pastor Osagie Ize-Iyamu and lawmaker representing Etsako Federal Constituency, Anamero Dekeri.

Others are ex-Zonal Organising Secretary for South-South, Blessing Agbohmere; House of Representatives member, Dennis Idahosa, former permanent secretary in the Ministry of Agriculture and Food Security, Ernest Afolabi Umakhihe; Col. David Imuse, Major General Charles Airhiavbere (retd) and Emmanuel Momoh.

The 7-man APC screening committee for the Edo primaries will be led by a former Minister of Sports and Special Duties, Prof. Taoheed Adedoja and they will be sworn in on Thursday at the party’s national headquarters in Abuja.

Another committee will be established to serve as the review team. Senator Ibrahim Danbaba will serve as the chairperson and Smart Iheazor as the secretary of the panel.

Other members are Senator Ibrahim Oloriegbe, Adeoye Adelakun, Darlington Dick, Lawal Kenken, Margaret Duru, and Sani

Meanwhile, the Screening Appeal Committee includes members such as Bisi Odewumi, Ngozi Ononiwu, and Abubakar Sidiq.

The Nigerian government has expressed regrets over the current food crisis in the country and, in response, reassured the citizens that it will release food items from the National Food Reserves as a strategy to lower food prices.

Naija News reports that this announcement was made yesterday by the Minister of Information and National Orientation, Mohammed Idris.

Idris, who spoke following a meeting of the Special Presidential Committee in Emergency Food Intervention, which was called upon by President Bola Tinubu, said the federal government is also in talks with some major millers and major commodity traders across the country to see what is available in their stores.

The meeting, organized by the Chief of Staff to the President, Femi Gbajabiamila, and the National Security Adviser, Nuhu Ribadu, is part of the government’s efforts to address the increasing food prices in the country.

Idris further stated that the government will collaborate with major millers and commodity traders to ensure the availability of food items.

The minister said: “We just rounded off a meeting. It is a special presidential committee to address the issue of food shortage or lack of enough food on the table of most Nigerians.

“What I will tell Nigerians is that the President has directed that government needs to step in to stem this tide. The government will not fold its arms and see the way Nigerians are suffering in terms of the availability of these food items.

“Now, some of these will involve unlocking the foods that are available in most of the storage facilities (National Food Reserve) around the country. You know that the Federal Ministry of Agriculture has some food reserves. They are going to be made available to Nigerians.

“The government is also talking to major millers and major commodity traders, to also see what is available in their stores. To open it up, so the government will provide some intervention, discuss with them and provide some intervention to make this food available to Nigerians.”

He, however, alleged that some disgruntled Nigerians were taking advantage of the situation, adding that there is still food in this country.

Idris said: “What the government is noticing is that there is still food in this country. Some people are taking advantage of the situation, especially because of the high cost and the depreciation in the value of our currency that has led to the cost of these food items also going up.

“All these issues were discussed; the Governor of the Central Bank of Nigeria (Yemi Cardoso) was at the meeting. The Minister of Finance and the Coordinating Minister for the Economy (Wale Edun) were there, and of course, the Chief of Staff and the National Security Adviser were there. The NSA was there because of some national security implications.

“All these have been discussed and like I said, this conversation or discussion is going to continue.”

Assuring that the Federal Government would continue to take steps to ameliorate the current situation, the Minister said: “This is just the beginning of that meeting. It is going to continue tomorrow (today) and the day after tomorrow. The government is very concerned about what Nigerians are going through, especially what happened in Minna yesterday (Monday). The government is taking some action to ensure that Nigerians have some relief in terms of the availability of food on their tables. Of course, this meeting is not by itself exhaustive. It’s just like I said, the beginning.

“I want to plead with you to understand with the government. By the time these meetings are concluded, we’ll be able to issue a definite statement on what the position of government is in this regard. But all I can say is that discussions are ongoing, and very soon, a solution will be in sight.”

Idris mentioned that certain actions are contingent upon the subsequent meeting regarding this challenging situation. He reiterated that the government is taking significant measures to ensure that Nigerians receive relief.

Naija News reports that the federal government’s decision is coming after the House of Representatives decried the state of hunger currently in Nigeria, appealing to the Federal Government to promptly unlock the food reserves and allocate grains to impoverished citizens.

Doing so, the lawmakers believe, will address the prevailing hunger crisis in the country.

The call was after the approval of a motion of utmost national significance, put forth by the elected representative of Ifo/Ewekoro Federal Constituency in Ogun State, Ibrahim Isiaka.

Isiaka, taking charge of the discussion, highlighted the challenging nature of the cost of living for Nigerians.

He expressed his concern over the escalating price of cement, despite having access to all the necessary raw materials for its production.

The Federal High Court in Lagos on Wednesday ordered the Federal Government to fix the prices of goods and petroleum products within seven days.

Justice Ambrose Lewis-Allagoa specifically ordered the government to fix the price of milk, flour, salt, sugar, bicycles, and their spare parts, matches, motorcycles and their spare parts, motor vehicles and their spare parts as well as petroleum products, which includes diesel, Premium Motor Spirit and kerosene.

The judge gave the order while delivering judgment in a suit No FHC/L/CS/869/2023, filed by human rights activist, Mr. Femi Falana, against the Price Control Board and the Attorney-General of the Federation, listed as the first and second defendants.

Falana had approached the court to determine whether by virtue of Section 4 of the Price Control Act., the first respondent is carrying out its duty to impose a price on any goods that are of the kind specified in the First Schedule to the Price Control Act.

“A declaration that the failure or refusal of the respondents to fix the prices of bicycles and spare parts; flour; matches; milk; motorcycles and spare parts; motor vehicles and spare parts; salt; sugar and petroleum products including diesel, petrol motor spirit, and kerosene is illegal as it offends the provision of Section 4 of the Price Control Act, Cap., Laws of the Federation of Nigeria, 2004,” Falana said.

At the hearing of the case on Wednesday, the plaintiff, Falana informed the court that the motion on notice was premised on Section 4 (1) of the Price Control Act, Laws of the Federation of Nigeria, 2004.

He also told the court that the defendants in the suit have been served with the processes since it was filed in May 2023, but refused and failed to file any response or counter to it.


Falana consequently urged the court to grant all the reliefs sought since there is no counter from the respondents.

Justice Lewis-Allagoa, after listening to Falana’s submission, observed that the respondents did not file any counter to the suit.

The judge citied decided cases and held that, “all the reliefs contained in the motion paper are hereby granted as prayed.”

Falana, in the affidavit in support of the motion deposed to by a lawyer in his chambers, Taiwo E. Olawanle, stated that the first defendant, the Price Control Board, was established by the Price Control Act, and it is saddled with the responsibility to fix a price on goods to stabilise the general price level, prevention of hoarding of goods, protection of customers from exorbitant prices, among others.

The second defendant is the Chief Law Officer of the country.

He also stated that the plaintiff has been involved in the defence and promotion of human rights in Africa for over three decades and that on account of his human rights works, the plaintiff has been honoured by many local and international organisations.

The deponent averred that on January 3, 2023, he was informed by the plaintiff “that the following commodities are listed in the Price Control Act: bicycles and its spare parts, flour, matches, milk, motorcycles and spare parts, motor vehicles and spare parts, petroleum products, salt and sugar.


“The Act basically gave the first respondent powers to fix the prices of the wide array of commodities listed above.

“Though the price of the commodities listed above is supposed to be imposed by the first respondent, the only petroleum products that are fixed to a certain amount are not being enforced.

“That the price of a bag of rice which was formerly N8,000 has risen to N45,000 in the market.

“The situation in the market is by each passing day is becoming unbearable for consumers as prices of goods kept rising daily.

“Sellers are not always sincere as they are so desperate to make excessive profits at the expense of the buyers.

“Food prices which human beings should not be deprived of are on the high side due to lack of price fixing by the first defendant. And that buyers are at the receiving end when the prices of goods are increased as they tend to suffer for it more.”

In a move to reduce the pressure on the naira, the Economic and Financial Crimes Commission has raised a 7,000-man special task force across its 14 zonal commands to clamp down on dollar racketeers.

The spokesperson for the anti-graft agency, Dele Oyewale, in a statement on Wednesday in Abuja, said the commission had summoned the proprietors of private universities and other schools charging tuition in dollars.

The naira has been on a free fall against the dollar in the past weeks with the currency losing value against the greenback.

In the past weeks, the naira had plunged from about 900/dollar to over 1,400/dollar at the official market.

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, who appeared before the House of Representatives on Tuesday, disclosed that Nigerians spent $98bn in 10 years on foreign education, healthcare and personal travels, which had impacted the naira.

He spoke against the backdrop of the central bank’s battle to stabilise the exchange rate amid dollar shortage.

Cardoso argued that the foreign exchange market was facing increased demand pressures, causing a continuous decline in the value of the naira.


According to him, factors contributing to this situation include speculative forex demand, inadequate forex due to low remittance of crude oil earnings to the CBN, increased capital outflows, and excess liquidity from fiscal activities.

To address exchange rate volatility, he said a comprehensive strategy had been initiated to enhance liquidity in the forex market.

This includes unifying FX market segments, clearing outstanding FX obligations, introducing new operational mechanisms for Bureau De Change operators, enforcing the Net Open Position limit for commercial banks, and adjusting the remunerable Standing Deposit Facility cap.

Cardoso revealed that between 200 and 2020, foreign education expenses amounted to a substantial $28.65bn, as per the CBN’S publicly available Balance of Payments Statistics.

Similarly, medical treatment abroad incurred around $11.01bn in costs during the same period. Within the same period, Personal Travel Allowances accounted for a total of $58.7bn.

Cumulatively, Nigerians spent about $98bn on foreign trips, medical tourism and overseas education, a figure the CBN governor said was more than the total foreign exchange reserves of the central bank.

Further compounding the situation, according to Cardoso, has been the consistent decline in Nigeria’s export earnings against the backdrop of increasing imports.


In contextualising the problem, Cardoso pointed out that Nigeria’s annual imports, which require dollars for payment, amounted to $16.65bn in 1980.

Worried by the development, the Finance Minister and Coordinating Minister for the Economy, Wale Edun, had last Friday met with the CBN Governor and the EFCC Chairman, Ola Olukoyede, to proffer solutions to the naira crisis.

The meeting, according to a statement signed by the Federal Ministry of Finance, was to strategise on stabilising the beleaguered currency.

“This afternoon at Finance HQ, HM Finance & Coordinating Minister for the Economy, Wale Edun, EFCC Chairman Ola Olukoyede and CBN Governor Olayemi Cardoso, engaged in a strategic discussion focused on enhancing the efficiency of our financial system and stabilising the naira,’’ the finance ministry posted on its X handle.

To strengthen the national currency and stabilise the nation’s volatile exchange rate, the CBN directed Deposit Money Banks to sell their excess dollar stock latest February 1, 2024.

The CBN, which made the disclosure in a new circular released last week Wednesday, also warned lenders against hoarding excess foreign currencies for profit.

According to officials, the central bank believes some commercial banks hold long-term foreign exchange positions to enable them to profit from the volatile movements of exchange rates.


The new circular introduces a set of guidelines aimed at reducing the risks associated with these practices.

In continuation of the targeted measures, the EFCC revealed it had set up a special task force to enforce the extant laws against currency mutilation and dollarisation of the economy.

It explained that it arrested some perpetrators issuing invoices in dollars and mutilating the naira in Lagos and Rivers States.

Zonal commands

Oyewale said, “The EFCC has raised a special task force in all its zonal commands for the enforcement of extant laws against currency mutilation and dollarization of the economy.

“The taskforce, inaugurated by the Executive Chairman of the commission, Ola Olukoyede, was raised to protect the economy from abuses, leakages and distortions exposing it to instability and disruption

“Already, the commission has made some arrests of perpetrators of issuance of invoices in dollars and mutilation of the naira in Lagos and Port Harcourt.

“Also, proprietors of private universities and other institutions of higher learning charging fees in dollars have been invited by the Commission.

“The commission is committed to the enforcement of all laws in place for the reflation and stimulation of the economy.”

The CBN Act, 2007, stipulates that the currency notes issued by the CBN “shall be the legal tender for the payment of any amount in Nigeria.”

Furthermore, the Act stipulates that any person(s) who contravenes this provision is guilty of an offence and shall be liable on conviction to a prescribed fine or six months imprisonment.

Meanwhile, The PUNCH findings show the EFCC special task force is operating in all its 14 commands with over 7,000 operatives or about 500 operatives in each command.

The zonal commands are Abuja, Benin, Enugu, Gombe, Ibadan, Ilorin, Kaduna, Kano, Lagos, Maiduguri, Makurdi, Port Harcourt, Sokoto and Uyo.

A source, who was not authorised to speak on the issue, revealed that all private universities and other tertiary institutions charging dollars and other foreign currencies in place of naira had been invited by the EFCC for a briefing, and sensitised on the fact that only the naira is a legal tender in Nigeria.


A second source, who declined to be named for confidential reasons, said the school proprietors would not be arrested by the EFCC unless they continued to violate the law by accepting foreign currency.

He stated, “The Special Task Force is operating in all our 14 commands, and we have about 500 operatives in each command’s task force; that equals over 7,000 operatives overall.

“We invited, quizzed, and sensitised all the proprietors of all private universities and other tertiary institutions charging dollars and other foreign currencies in place of naira.

“The aim of the sensitisation was for them to know about extant laws making only naira and kobo legal tenders in Nigeria, as opposed to dollar, pounds, or other foreign currency.

“However, none of the proprietors would be steered or prosecuted for now, unless they go ahead to keep charging in dollars or other foreign currencies.”

Foreign airlines

However, the President of the Association of Foreign Airlines and Representatives in Nigeria, Dr Kingsley Nwokoma, said there was no cause for alarm, adding that the EFCC’s action would not affect his members.


But he asked banks to repatriate the trapped funds from tickets sold in naira.

Meanwhile, reacting to the development, the Director-General of the Nigeria Employers’ Consultative Association, Mr. Wale Oyerinde, said, “From what we’ve heard as contained in the CBN Act, dollarisation is an economic offence, so they are on point. It is not whether it will salvage the economy or not. Salvaging the economy requires a multifaceted approach and efforts.

Also speaking, a facilitator with the Nigerian Economic Summit Group, Dr. Ikenna Nwaosu, said, “The answer first would be that a doctor heal yourself. Many government agencies are still charging in foreign currency. If you look at the Nigerian Ports Authority, the Nigerian Maritime Administration and Safety Agency, most of their fees are in dollars for all their services. They issue invoices in dollars. So when your own government agencies have not stopped why are you telling individuals not to charge in dollars. So I can’t say whether it would work or not because they government is not complaint. If you want to do uniform let it get to everywhere. I want to add that if you are saying that you are promoting investment in the country, you have to lead by example.”

Also, the President, Association of Bureau De Change, Aminu Gwadabe, said it was illegal for businesses or individuals in Nigeria to demand payment in forex.

He noted that allowing such would further weaken the embattled naira.

“It is illegal to ask for payment of whatever sort in foreign currency here in Nigeria. The CBN already issued a circular to this effect. Allowing institutions to receive payment in dollars will further cause more damage to the naira which is already depreciating,” he said.

Recently, some schools have reportedly requested for tuition fees in forex. An example of such is Wigwe University, a private university reportedly owned by Group Managing Director, Access Holdings Plc, Mr. Herbert Wigwe

Last modified on Thursday, 08 February 2024 08:54

The House of Representatives has taken a significant step forward in the amendment of the Electoral Act 2022 by passing a bill through its second reading on Wednesday.

Titled “A Bill for an Act to amend the Electoral Act, 2022 and for Related Matters,” the bill was introduced by Mr. Francis Waive, the representative of Ughelli North/Ughelli South/Udu Federal Constituency, Delta State.

As presented by the sponsor, the explanatory memorandum accompanying the bill outlines its objectives, including provisions for the pre-registration of voters, implementation of same-day elections, electronic transmission of results, and penalties for frivolous election petitions.

This move underscores the legislature’s commitment to enhancing the electoral process and ensuring transparency, efficiency, and fairness in Nigeria’s electoral system.

Last modified on Thursday, 08 February 2024 10:24