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Naira redesign: EFCC goes after governors *Hoarders can run, they can’t hide – Bawa

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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, has been quoted as saying.

Daily Trust, quotes him as saying in an exclusive interview on Thursday that said raid on Bureau De Change operators would be sustained, urging Nigerians to support the system, for the benefit of all.

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, adding that the re-designed notes would be released on December 15, while Nigerians would 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, after CBN Governor, Godwin Emefiele, had explained that 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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Against the backdrop of a dollar selling at N882 in Abuja on the black market on Wednesday, despite several raids by the operatives of the EFCC in Lagos, Kano and Abuja, the paper quoted sources as saying that that BDC operators were mopping up dollars from states as the scarcity of the currency bites harder.

Bawa, who disclosed that some governors now all out devising means to launder money they stashed in houses, were closely monitored, refused to disclose their identities, but said two of them were from the North, while the third one was from the southern part of the country, adding that intelligence at the disposal of the commission, showed that the three governors had 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.

“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. 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.”

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The EFCC boss also confirmed the mad rush by some people to dispose of their stashed funds by buying property, saying: “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 maintained that raids of BDC operators would continue, as it was very important to protect the system against the laundering of stashed funds, stressing: “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.”

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.

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“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.

“Nigerians should be calm. 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. 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?”

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Mike Adenuga @73: Salute to the icon who changed the story!

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By Sunny Igboanugo

“If you woke me up today and put the question – who is the most patriotic businessman in Nigeria in recent history – the answer will pop-up out instantly – Mike Adenuga! I won’t even have enough time to wipe my drowsy eyes or clear my head out of the sleepiness. It is an answer that has lived in my sub-conscious for years.”

These were my exact words last year. I wrote those words out of a thankful heart to celebrate the multibillionaire, whom, I have just learnt, also goes by the sobriquet – The Chairman or The Great Guru – thanks to Uche Nworah – Ezeudo Ozonmkpu of Enugwu-Ukwu na Umu-Nri – a guru himself in many respects – who has just delivered a heartwarming dissertation on the telecommunications magnate from an insider’s perspective.

I also wrote those words out of great pains and immense regrets that The Great Guru doesn’t own a refinery – just yet – because if he did, Nigerians would not be subjected to the hellish, harrowing and nightmarish experience they are forced to undergo today by the present-day shylocks playing in that field. I won’t name names. Take your tongue and count your teeth.

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Just as I commented on Uche’s emotion-laden essay on his ex-boss, if Mike Adenuga owned a refinery today, Nigerians might not be buying petrol above N300 per litre. Reason is he would have found some magic to get around all the arguments offered by the shylocks that have made them continue to see shege banza as the cost of the product, which has remained central to their very existence continue to soar.

You might dismiss this as foolhardiness or ignorance. But I have my reasons. As I wrote last year – Mike Adenuga, has done what I have never seen any other Nigerian do in my long years on earth – sacrifice profit for the benefit of the masses. The introduction by GLO of per second billing in Nigeria, years ago, is the reason you and me are not swimming in the pool of our own tears today.

It was the game-changer that actually put telephony in the hands of the ordinary people – the reason that you could be calling your mother in the village from as far as the UK, US and even China, outside Nigerian cities of Sokoto, Osogbo or Umuahia.

Else, were it not for this move, GSM, would still remain a big luxury like the days of the 090 – naught nine naught – days – telephony will still be a status symbol in Nigeria today – not because of the actual global cost implications – of course neighbouring countries like Togo, Ghana and Benin Republic – far less endowed – had been using it for years – but simply because the shylocks had cornered it.

Remember all the excuses they had offered on why per second billings were impossible in Nigeria. Don’t they sound similar the arguments being made about fuel today. Aren’t they same as the reason for why the cost of owning and maintaining DSTV is higher in Nigeria than any other country the services exist?

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Now don’t get it twisted. I was one of the highly privileged here. For one, I wasn’t subjected to some of the hard experiences some people went through. Sampler! Less than a week GSM came into Enugu, I was sitting at 23 Edinburg Street, office of The Guadian, when some gentlemen walked in and handed me a package containing a GSM handset, SIM card package and scores of N1.500 recharge cards.

This was at a time anyone who wanted to key into the new status symbol would go to the courts to swear affidavits, return to the banks to pay a whopping N25,000 – close to N1million in today’s reckoning before being allowed to purchase a GSM SIM card. I didn’t go through the riguours. That was even long before GLO made it to the scene.

So, as a typical Nigerian, I ought to be grateful having a place in the “I better pass my neighbour” list in this regard. But the sheer thievery that followed would not allow that. You know in those days, these shylocks configured their billing to the model that if you generated a call you paid and if you received a call you also paid. This was the level the got. That was until the advent of GLO that changed those thieving models.

I had been wondering why Adenuga chose that game-changer model, which had been declared IMPOSSIBLE before then. Recall that it took the other networks some months to adjust to the per second billing which they must have taken more out of the force of business losses than compassion for the people or change in their original business environment to adjust. For all the variables and excuses they had cited for their shylock behaviour were still in place when they began to copy GLO.

So, I could relate with Uche when he wrote these words: “The Guru is the most kind and greatest benefactor that I know. He gifts, gives, and ‘dashes’ staff, friends, associates and others cash in naira and foreign currency, cars, watches, jewelries, choice drinks and other items. No wonder Dele Momodu uses the phrase ‘the spirit of Africa’ to describe him.

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“I am a great beneficiary of his magnanimity as a staff. Not only does he pay above market salaries, he also gives staff money ‘under the table’. The special word for this is in Globacom is ‘stoning’. It is common to hear staff saying; “Mr Chairman ‘stoned’ A & B’. When you are ‘stoned’, you are not expected to tell the other person. It is frowned at in the system to avoid unsettling those who were not ‘stoned.’

Mr Chairman is famous for giving people gifts, even people he doesn’t know, but reaching him to thank him becomes impossible. He does not expect a thank you and also usually doesn’t expect any return favours. He once told us a story during a meeting, of how when he started making money newly, he started buying Rolls Royce cars and other luxury cars.

“He said after sometime he began to realize the vanity in such purchases, so he distributed the whole collection among traditional rulers nationwide. It is a known fact that many people have become multimillionaires just from Mr Chairman’s stoning alone.”

Who else could have chosen that route rather than teaming up with the shylocks to make mega bucks than a man with such a large heart. Without him, Nigerians would probably still be paying as much as N300,000 for SIM cards and cost of calls would still be hitting the rooftops for such mundane, obtuse and criminal reason(s) like – telephony is an international business.

Or haven’t you heard so in DSTV, in petrol and other commodities – as if Nigeria is a different world! So, thank you Uche Nworah. Now we know! I hear it is The Chairman’s birthday, Today, Wednesday, April 29, 2026. May I join the world in saying to the The Great Guru: Hhappy 73rd! We won’t forget.

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My name is Sunny Igboanugo, I’m The Tiny Voice!

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Media: Enabling instrument in death of Nigerian democracy

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All over the world the media are always among the first line of victims whenever and wherever democracy dies and dictatorship or autocracy is enthroned. Through the emasculation and asphyxiation of free speech and or freedom of speech, the media become the immediate target in such circumstances.

From the look of things, I don’t think Nigerian journalists are at home with this reality. No! Not just yet! I don’t know why it seems so. But I could hazard some guesses and build up some scenarios which I believe could suffice in assessing the situation.

Perhaps, it is because many of those who lived this reality in the last days of military dictatorship in Nigeria, have since exited the profession, climbed to higher grounds or just receded to the background, as consequences of natural sequence of events where the old is supposed to give way to the new.

Perhaps, it could be the direct result of the evolution in the profession – one of them – the introduction of electronics – if not the substantial or even total reliance on it as news-gathering instrument, which has made the job less cumbersome – thus introducing a pattern of ease in this regard.

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Perhaps, it could be the direct consequences of the dearth, diminished impact and even subdued relevance of the print media, which led in the past, now taking a back stage in the new reality of the dominance of the electronic media.

Most probably, the influence of the social media has played a fast one in determining the direction of the industry to the extent that it is now the main source of news even for the traditional outfits, as much as it serves substantially as a distracting, if not distabilising factor.

But whatever it is, either singularly or by a collection of these factors, there is evidence of a demonstrable detour or bypass of the traditional role the media played in Nigeria that helped to shape its history – including dragging it out of the dungeon of military rule into the globally-acceptable arena of what is supposed to be democratic ethos.

Tempered by the new realities of the current generation, the Nigerian media have not only lost the fight in them but had their fangs and claws so smoothened that they now end up as instruments for caressing the patrons and purveyors of bad behaviour the tore at and clawed deeply in the past.

In other words, they have lost the plot. Otherwise, how could the media watch Nigeria suffer this level of degeneration after its chequered history of practically fighting with a million dark spirits and other anti-democratic forces to extricate itself from the vice grip of military rule?

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It takes the Nigerian media which has degenerated into an insufferable degradation and complacency to watch the country gravitate towards a one-party state and pretend that they have no role in stopping the drift. Such never happened in the past.

Before 1999, the Nigerian media fought a bloody war against the military, beginning with the brutal era of the late Muhammadu Buhari, who after emerging the Head of State in 1983, launched the most draconian rule that had journalist caught in the crossfire, accentuated by the infamous Decree 2 of 1984, emblematised by the ugly fate of Tunde Thompson and Nduka Irabor.

Then came the eight years of Ibrahim Badamasi Babangida (IBB) nicknamed Maradona fashioned after the immense dribbling skills of the Argentine legend, Diego Maradona, which ended with the disastrous June 12, 1993 presidential election saga. Again, the Nigerian media marked the gap-toothed General, man to man and never allowed him breathing space.

Then came the most brutal of them all – the Abacha era, where the war assumed a cataclysmic dimension with Sani Abacha, the merciless military despot that took over from IBB, receiving an equal amount of blitzkrieg as he unleashed on the media even with the clear mismatch of the arsenals on both sides.

It was this media that made Abdulsalami Abubakar, who took over from Abacha to bail with his feet, completing the transition programme that in chaos after 12 years in just one year and handed over to Olusegun Obasanjo, rather than share in the experience of his predecessors.

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Even Obasanjo, throughout his eight years, had his feet under fired by a watchful media, culminating in another internecine war that saw the third term agenda, one of the features of that era, crumbling under its own weight and by the force of massive onslaught launched against it.

Today, where are the same media? They have turned out – at best – some beggarly, acquiescing and insipid entities – and at worst – some undiluted, unapologetic and rabid enablers of the same anti-people, anti-democratic forces they fought in the past at the risk of tears and blood. How tragic!

What do you see today? Rather than attacking the bad behaviour that threaten the polity, it is rationalisation. So, in 2023 when a totally staggered nation was reeling in pain as the courts churned out some of the wackiest, basest and most confusing reasons to support the mindless heist against the people’s mandate, it was a that told his bemused audience – public opinion is kilometres away from law.

Today, victim-blaming has become the answer to the clearly dangerous and life-threatening crisis of Nigeria’s drift to a one-party state where President Bola Tinubu could even emerge as a monarch, with limitless powers, if not limitless tenure.

Now, where is the agenda-setting function of the media? It is the function of the media to ferret out malfeasance, maladministration, and bad behaviour, without which governance will degenerate into an irresponsible cabal or a syndicate that perpetrates its actions in darkness. Unfortunately, that is where Nigeria is today. Else, when the media launched the fierce battle against the military, was it for the absence of the mistake on the opposite side. When the media joined the National Democratic Coalition (NADECO) in its battle to revalidate the June 12 election and enthronement of full-blown democracy led by Moshood Abiola, was it that the patrons of that war were all blameless.

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Yes! In spite of the large baggage Abiola, an acolyte of the military, this ugly record was pushed to the background in the interest of the bigger good – democracy. Going by today’s standard, Nigerian media would have focused on the Abiola’s association with the military and other faultlines as a basis to blame him.

Had that happened, where would Nigeria have been today? But because the media were focused on the larger picture, they in the realization that whatever touches the nose is already close to the mouth, they fought relentlessly. That is how we got here. Could that be said of the situation today.

Joseph Pulitzer once admonished: “There is not a crime, there is not a dodge, there is not a trick, there is not a swindle, there is not a vice which does not live by secrecy. Get these things out in the open, describe them, attack them, ridicule them in the press, and sooner or later public opinion will sweep them away.”

How much has compromise – imbued by pecuniary, ethnic, religious and other primordial sentiments allowed this work? For how long do you blame INEC and the judiciary without blaming the media? There you find the danger – the TRAGEDY.

My name is Sunny Igboanugo, I’m the Tiny Voice!

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Tinubu secures Reps approval for $516 million foreign loan

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President Bola Tinubu, on Tuesday, secured the nod of the House of Representatives to borrow $516,333,700 million in syndicated financing from Deutsche Bank AG.

The approval was consequent upon the presentation of a report by Abdullahi Rasheed, Deputy Chairman of the House Committee on Aids, Loans, and Debts Management, who said that the loan is expected to fund the construction of sections of the Sokoto–Badagry Super Highway.

Tinubu in a letter to the National Assembly, last week, seeking the $516.3 million loan from Deutsche Bank to support the construction of the road, had said the facility, to be sourced from a syndicated financing facility, would fund sections 1, 1A, and 1B of the project, which covers about 120 kilometres.

Tinubu requested a resolution in line with Sections 16 and 21 of the Debt Management Office (Establishment) Act, 2011, to enable the Federal Government to secure the financing for Sections 1, Phase 1A, and Phase 1B of the project.

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The project is a flagship initiative of Tinubu’s Renewed Hope Agenda and is targeted at enhancing national connectivity, improving the movement of goods across key economic corridors, and drastically shrinking travel time.

The 1,000-kilometre road will link Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, connecting Illela in the northwestern state to Badagry.

According to him, the financing arrangement will be backed by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).

He said the Federal Government will provide counterpart funding of over ₦265 billion for land acquisition, compensation, and related infrastructure.

The former Lagos governor said the loan is structured for nine years and includes a three-year grace period.

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It has an interest rate pegged at the Chicago Mercantile Exchange SOFR plus 5.3 per cent per annum.

Already, the Federal Executive Council (FEC), Nigeria’s apex decision-making and advisory body to the president on policy, has approved the financing plan.

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