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EFCC Chairman Says Naira Redesign May Strengthen Currency to N200/$1

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The Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has said the dollar may appreciate to N200 after the redesign of naira notes.....KINDLY READ THE FULL STORY HERE▶

We quoted Bawa to have said this in an interview with the Hausa service of Deutsche Welle (DW) on Wednesday.

On October 26, Central Bank of Nigeria Governor, Godwin Emefiele, had announced the plan to redesign the N200, N500 and N1,000 denomination of the country’s currency to control money supply and aid security agencies in tackling illicit financial flows.

Bawa commended President Muhammadu Buhari for approving the naira redesign policy.

“The law says the redesigning of naira notes should be done every eight years but we spent 20 years without any changes on them,” Bawa said.

“And that resulted in 85 percent of money in circulation not in banks. When CBN came up with this redesigning, the dollar moved to N880 and later dropped to N680 or thereabouts. So, you see with this redesigning, dollar may massively fall, who knows probably to N200.”

Bawa also denied reports that the action was intended to destroy opposition groups in Nigeria ahead of the 2023 general elections.
“Does just the opposition vote in elections?”
Everyone votes in elections, and there is no political motivation behind this; some people skimmed and hid public monies, which is why we want them to come out,” he stated.
“And nobody says they can’t bring them; the government says they can deposit such money in banks.”
The EFCC chief urged Nigerians to disclose anyone with concealed money to the commission and promised whistleblowers a 5% reward.
“We tell Nigerians that we are always ready to accept reports of any person with suspicious concealed money, and if the reports are verified and confirmed to be real, we would give them 5% of the money,” Bawa stated.

Meanwhile, the EFCC recently arrested an alleged currency speculator in Abuja as part of its continuing campaign to clean up the foreign exchange industry.
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Crime

EFCC Arrests 19 Suspected Internet Fraudsters in Edo State

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The Economic and Financial Crimes Commission (EFCC) has apprehended 19 individuals in Benin City, Edo State, for their alleged involvement in internet fraud activities.....KINDLY READ THE FULL STORY HERE▶

According to a statement issued on Monday via the EFCC’s official X (formerly Twitter) account, the arrests were carried out by the Benin Zonal Command on Saturday, April 12, 2025. The operation was based on actionable intelligence that linked the suspects to a series of fraudulent cyber activities.

The EFCC disclosed that several high-value items were recovered from the suspects during the operation, including five luxury vehicles and multiple smartphones believed to have been used in perpetrating the crimes.

“Operatives of the Benin Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Saturday, April 12, 2025, arrested 19 suspected internet fraudsters at different locations within Benin City, Edo State. The arrests were made based on credible intelligence connecting them to cybercrime activities,” the agency’s statement read.

Although further specifics regarding the alleged schemes have yet to be made public, the EFCC has assured that investigations are ongoing, and the suspects will be prosecuted once inquiries are concluded.

This operation is part of the Commission’s broader strategy to combat the rise in cybercrime across Nigeria, a crime trend colloquially referred to as “yahoo-yahoo.”

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Crime

Fresh Tragedy in Plateau: 40 Killed as Gunmen Storm Bassa Community

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At least 40 individuals have lost their lives in a renewed wave of violence that struck Zike, a community in Kimakpa within the Kwall district of Bassa Local Government Area, Plateau State.....KINDLY READ THE FULL STORY HERE▶

The assault, which unfolded in the early hours of Monday, left residents in terror as unidentified gunmen invaded the village, indiscriminately opening fire on civilians. Many who tried to escape were tragically caught in the barrage of bullets.

Community leader Wakili Tongwe, speaking to Channels Television, disclosed that he and security agents were patrolling a nearby area when the attack erupted.

“Despite engaging the attackers and pushing them back, the toll was already severe,” Tongwe said. “Thirty-six people died on the spot, and four others later succumbed to their injuries. Several victims are still receiving medical attention.”

This latest incident follows a disturbing trend of violence in Plateau State, coming just two weeks after a similar attack in Bokkos LGA claimed 52 lives.

Plateau’s Commissioner for Information and Communication, Joyce Ramnap, expressed strong condemnation of the act, describing it as “one attack too many” and a threat to the state’s fragile peace.

“It’s devastating to face another tragedy in Bassa, barely weeks after the Bokkos killings,” she lamented. “This appears to be a deliberate attempt to disrupt the peace we’ve been working hard to restore.”

Ramnap urged residents to stay calm and vigilant, affirming that Governor Caleb Mutfwang’s administration remains committed to bringing those responsible to justice.

“The state will deal firmly with any individual or group involved in such barbaric acts,” she assured, warning against retaliatory violence.

As of press time, security agencies had not released an official statement on the latest attack.

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Crime

Bauchi Accountant General Jaja Freed on Bail Over Alleged ₦70 Billion Scam

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The Federal High Court in Abuja has granted bail to Alhaji Sirajo Jaja, the Accountant General of Bauchi State, following his arraignment by the Economic and Financial Crimes Commission (EFCC) over allegations tied to a ₦70 billion fraud.....KINDLY READ THE FULL STORY HERE▶

Jaja was released under the condition that he returns for upcoming court hearings. His arrest and prosecution have sparked speculations of political motivation, especially due to his previous criticisms of federal government policies.

Alongside Jaja, two others were also detained in relation to the case: Aliyu Abubakar, an unregistered bureau de change operator, and Sunusi Ibrahim Sambo, a PoS operator. All are being investigated for their roles in what’s being described as a massive financial scandal.

The case has generated national attention and added to ongoing scrutiny of public officials’ handling of state funds.

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