society
Naira redesign: EFCC Reveals three governors on watch-list over hidden billions
Naira redesign: EFCC Reveals three governors on watch-list over hidden billions
Abdulrasheed Bawa, chairman of the commission disclosed this in an interview with Daily Trust on Thursday.
According to him, the raid on Bureau De Change operators will 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
While the re-designed notes would be released on December 15, Nigerians have up to January 31, 2023, to deposit their existing 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.
On Thursday, a dollar was selling at N882 in Abuja on the black market, despite several raids by the operatives of the EFCC in Lagos, Kano and Abuja.
According to sources, BDC operators are mopping up dollars from states as the scarcity of the currency bites harder.
In an exclusive interview with Daily Trust,, 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 aw 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.
“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.
“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.
PROFESSIONAL PROFILE OF CHINEDU NSOFOR (CEO, WORK WHILE IN SCHOOL GROUP)
Chinedu Nsofor is a dynamic and seasoned technocrat, a visionary social worker, an International Development Expert, and an accomplished programmes development and management expert with over 15 years of diverse professional experience. He is a trailblazer in youth empowerment, job creation, and social innovation, renowned for his creative problem-solving skills and unmatched ability to transform challenges into sustainable opportunities.
With a strong academic foundation—holding a B.Sc. in Social Work from the University of Nigeria, Nsukka, and an M.Sc. in Social Work (Industrial Social Welfare) from Ladoke Akintola University of Technology, Ogbomoso—he combines intellectual depth with practical expertise. His distinguished career reflects his unwavering commitment to tackling unemployment in Nigeria, a mission he has pursued through pioneering initiatives such as the Work While in School Programmes, the IMOFINTEC project for 5,000 youths, and several other impactful programmes across tertiary institutions, government bodies, and international organizations.
Recognized as a versatile project management expert, innovative business development strategist, creative writer, professional biographer, media consultant, and Wikipedian, Nsofor’s influence extends across social, economic, and academic spheres. His professional track record includes leadership roles in reputable organizations such as the Nigeria Association of Economists, Global Coalition for Sustainable Environment, Iwuanyanwu Foundation, the Imo State Government Committee on Science and Technology Roadmap (2020–2030), and Asia Pacific Sports International, where he has served as Nigeria’s Programmes Director.
Heiss is also currently the Country Director (Nigeria), RapidHeal International, a health intervention firm with its global headquarters in Malaysia. Beyond his rich portfolio, he is celebrated for his divine wisdom, inspirational leadership, and Midas touch in wealth and job creation, having directly empowered over 50,000 youths across Nigeria with life-transforming skills. Passionate, resourceful, and impact-driven, Chinedu Nsofor stands out as a nation-builder whose contributions continue to shape lives and institutions to the glory of God.
Customs at the Crossroads: When Lawmakers Look Away and the Executive Looks Aside
By Dr. Bolaji O. Akinyemi
In a democracy, legislative oversight is the scalpel that cuts through deceit, inefficiency, and corruption in public institutions. It is the people’s last institutional shield against abuse of power. But what happens when that shield becomes a shelter for the very rot it is meant to expose? And what happens when the Executive arm, whose duty is to supervise its agencies, pretends not to see?
The unfolding drama between the National Assembly and the Nigeria Customs Service (NCS) reveals more than a policy dispute. It exposes a dangerous triangle of confusion, complicity, and economic sabotage. At stake is not only the rule of law but the survival of an economy already gasping under inflation, a weak naira, and suffocating costs of living.
The House Talks Tough
In June 2025, Nigerians saw a glimpse of legislative courage when the House of Representatives Committee thundered at Customs:
> “Nigerian Customs Service, by June 30, must not collect CISS again. You are to collect only your 4% FOB assigned by the President. Even the 7% cost of collection you currently take is illegal—it was an executive fiat of the military, not democratic law. Any attempt to continue these illegal collections will be challenged in court. The ‘I’s have it.”
The voice was firm, the ruling decisive. Nigerians expected a turning point.
But the righteous thunder of the House was quickly muffled by the Senate’s softer tone, which suggested not the enforcement of the law but a readiness to bend it.
Senate: Oversight or Escape Route?
At a Senate Customs Committee session, Senator Ade Fadahunsi admitted openly that Customs has been operating illegally since June 2023. Yet rather than demand an end to illegality, he extended a lifeline to Comptroller-General Bashir Adeniyi:
> “If we come back to the same source… the two houses will sit together and see to your amendment so you will not be walking on a tight rope.”
But should Adeniyi be handed a loose rope while Nigeria’s economy hangs by a thread?
Instead of accountability, the Senate Customs Committee floated adjustments that would make life easier for Customs. The nation was given hints about fraudulent insurance and freight data, but instead of sanctions, what we saw was a search for escape routes. This is not oversight—it is overlook.
Smuggling and Excuses
The Senate Committee also lamented cross-border smuggling—Nigerian goods like cement flooding Cotonou, Togo, and Ghana at cheaper prices than in Nigeria. Senator Fadahunsi blamed the Central Bank’s 2% value deposit for encouraging the practice.
But where are the Senate’s enforcement actions—compliance checks, stiffer sanctions, cross-border coordination? None. The result is predictable: smugglers prosper, reserves bleed, and ordinary Nigerians pay more for less.
A Bloated Customs Budget
The Service’s 2024 capital allocation ballooned to ₦1.1 trillion from ₦706 billion. Instead of channeling these resources into modern trade systems, Customs is expanding empires of frivolity—such as proposing a new university despite already having training facilities in Gwagwalada and Ikeja that could easily be upgraded.
Oversight is not an afterthought; it is the legislature’s constitutional duty. To see waste and illegality and yet propose amendments that would legalise them is to turn oversight into overlook.
Customs has about 16,000 staff, yet many remain poorly trained. Rather than prioritise capacity building, the Service is busy building staff estates in odd locations. How does Modakeke—an inland town with no border post—end up with massive Customs housing projects, while strategic border towns like Badagry, Idiroko, and Saki remain neglected? Is Bashir Adeniyi Comptroller-General of Customs—or Minister of Housing?
The 4% FOB Levy: A Policy Blunder
The central controversy is the Federal Government’s plan to replace existing port charges with a new 4% Free-On-Board (FOB) levy on imports.
Nigeria is an import-dependent nation. This levy will instantly hike the costs of cars, spare parts, machinery, and raw materials—crippling industries and punishing consumers.
Already, the consequences are biting:
A 2006 Toyota Corolla now costs between ₦6–9 million.
Clearing agents who once paid ₦215,000 for license renewal must now cough out ₦4 million.
New freight forwarder licenses have jumped from ₦600,000 to ₦10 million.
Customs claims the revenue is needed for its modernisation programme, anchored on a software platform called B’Odogwu. But stakeholders describe this so-called “Odogwu” as epileptic—if not comatose. Why commit trillions to a ghost programme that will be obsolete by January 2026, when the Nigerian Revenue Service is set to take over Customs collections?
Industry Raises the Alarm
The Manufacturers Association of Nigeria (MAN) has warned that the levy will worsen inflation, disrupt supply chains, and hurt productivity.
Lucky Amiwero, President of the National Council of Managing Directors of Licensed Customs Agents, calls the levy “economically dangerous.” His reasoning is straightforward:
The 4% FOB levy is much higher than the 1% CISS it replaces.
Peer countries like Ghana maintain just 1%.
The new levy will fuel inflation, raise the landed costs of goods, and destabilise the naira.
He also revealed that the Customs Modernisation Act, which introduced the levy, was passed without Senate scrutiny or meaningful stakeholder consultation. He estimates that the levy could add ₦3–4 trillion annually to freight costs—burdens that will be transferred directly to consumers.
Who Is Behind the “Odogwu” Masquerade?
The haste to enforce this levy, despite its looming redundancy, raises disturbing questions. Who benefits from the “Odogwu” project draining trillions? Why the rush, when NRS will take over collections in a few months?
This masquerade must be unmasked.
The Price Nigerians Pay
For ordinary Nigerians, this policy translates into one thing: higher prices. Cars, manufactured goods, and spare parts are spiraling beyond reach. A nation struggling with inflation, unemployment, and a weak currency cannot afford such reckless experiments.
So, while the Senate looks away, the Executive cannot look aside.
The Executive Cannot Escape Blame.
It is easy to focus on the failings of the legislature. But we must not forget: the Customs Service is an agency of the Federal Ministry of Finance, under the direct supervision of the Honourable Minister of Finance, Mr. Wale Edun.
If Customs is breaking the law, wasting resources, or implementing anti-people policies, the buck stops at the Executive’s table. The Minister of Finance is Chairman of the Customs Board. To fold his hands while the Service operates in illegality is to abdicate responsibility.
History gives us a model. In 1999, the Minister of State for Finance, Nenadi Usman, was specifically assigned to supervise Customs and report directly to the President. Meanwhile, Ngozi Okonjo-Iweala focused on broader fiscal and economic policies. That division of responsibility improved accountability. Today, the absence of such an arrangement is feeding impunity.
President Tinubu and his Finance Minister must act decisively. Oversight without executive will is a dead letter.
A Call to Accountability
The truth is stark:
Customs has been operating illegally since June 2023 to the Senate’s own confession.
The 4% FOB levy will deepen inflation and worsen economic hardship.
The Ministry of Finance bears ultimate responsibility for Customs’ conduct.
Until importing and consuming, Nigerians demand accountability—of the Comptroller-General, the Senate, and above all, the Finance Ministry—this bleeding will continue.
Nigerians deserve better. They deserve a Customs Service that serves the nation, not a privileged few. They deserve a House that enforces its resolutions, not one that grandstands. They deserve a Senate that upholds the law, not one that bends it. And above all, they deserve an Executive that does not look aside while illegality thrives under its ministry.
Only public pressure can end this indulgence. If Nigerians keep silent, we will keep paying the price—in higher costs, weaker currency, and a sabotaged economy.
Citizens’ Charge: Silence is Not an Option
Fellow Nigerians, the Customs crisis is not a drama for the pages of newspapers—it is a burden on our pockets, our businesses, and our children’s future. Every illegal levy is a tax on the poor. Every abandoned oversight is an open invitation to corruption. Every silence from the Executive is an approval of impunity.
We cannot afford to fold our arms. Democracy gives us the power of voice, the duty of vigilance, and the right to demand accountability. Let us demand that:
The Senate and House of Representatives stop playing good cop, bad cop, and enforce the law without compromise.
The Ministry of Finance takes full responsibility for the Customs Service, supervising it in the interest of Nigerians, not vested interests.
The President intervenes now, before the Service crosses the dangerous line of turning illegality into policy.
History will not forgive a people who suffered in silence when their economy was bled by recklessness. Silence is complicity. The time to speak, to write, to petition, to protest, and to demand is now.
Customs must serve Nigeria—not sabotage it.
Dr. Bolaji O. Akinyemi is an Apostle and Nation Builder. He’s also the President of Voice of His Word Ministries and Convener Apostolic Round Table. BoT Chairman, Project Victory Call Initiative, AKA PVC Naija. He is a strategic Communicator and the CEO, Masterbuilder Communications.
Email:[email protected]
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Apostle Johnson Suleman: Firebrand of Faith, Prophet to the Nations, Voice to a Generation
By Femi Oyewale
In the beginning, there was just one man with a burning vision. Today, that man has become a global force whose voice thunders across continents, whose prayers ignite miracles, and whose mission is transforming destinies worldwide. He is Apostle Johnson Suleman, the fiery Restoration Apostle, the humanitarian preacher, and the global trailblazer reshaping the Christian faith for a new generation.
From Auchi to the World
Born in Auchi, Edo State, Nigeria, Apostle Suleman’s rise from humble beginnings to international prominence is nothing short of remarkable. What started as a divine calling has now evolved into a global mandate, reaching millions through Omega Fire Ministries International (OFM).
His story is the classic tale of vision meeting conviction—of a man who dared to believe God not just for himself, but for nations. From a modest congregation, OFM has spread like wildfire, with branches in Africa, Europe, Asia, the Americas, and beyond.
The Man & The Mission
To know Suleman is to understand passion—passion for God, for people, and transformation. He lives by one mantra: populate Heaven, depopulate Hell.
His pulpit is a battlefield, his voice a trumpet, his words a sword. Through his fiery sermons, prophetic declarations, and healing crusades, countless men and women testify of divine encounters—cancers healed, destinies restored, impossibilities overturned.
But beyond the pulpit lies the heart of a humanitarian. Suleman’s mission has always extended beyond preaching. He funds scholarships for the underprivileged, empowers widows with homes, sets up businesses for struggling families, and supports countless orphans. In times of crisis, he has sent relief materials across regions, proving that true ministry is not only heard—it is seen.
The Impact
Step into one of his crusades, and the atmosphere tells its own story. Stadiums overflow. Multitudes gather, hungry for hope. From London to Houston, Dubai to Johannesburg, crowds testify to healings, deliverance, and restoration.
Through Celebration TV and other digital platforms, Suleman’s voice penetrates homes, villages, and cities, giving access to millions who may never step into a physical church. His boldness in confronting social ills and speaking truth to power has also established him as a fearless voice beyond the church walls.
The Global Moves
Apostle Suleman is not just a Nigerian voice—he is a global phenomenon. His recent international crusades draw audiences in their tens of thousands, breaking barriers of race, culture, and language.
From prophesying to presidents to laying hands on ordinary citizens, his message is universal: God still speaks, God still heals, God still restores.
Each global tour solidifies his place as one of the most influential Christian leaders of the 21st century. He is as comfortable commanding a crowd in Chicago as he is in Accra, as bold in Paris as he is in Abuja.
The Legacy in Motion
Apostle Johnson Suleman is more than a preacher—he is a movement. A man consumed by vision, driven by compassion, and equipped with an anointing that refuses to be confined by borders.
From Auchi to America, from pulpits to palaces, from widows to world leaders, his impact is undeniable. And as the Restoration Apostle continues to blaze trails across nations, one thing is certain: his legacy is still unfolding, and his global moves have only just begun.
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