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.
Ramadan: Adron Homes Felicitates Muslims, Preaches Hope and Unity
Adron Homes & Properties Limited has congratulated Muslim faithful on the commencement of the holy month of Ramadan, urging Nigerians to embrace the virtues of sacrifice, discipline, and compassion that define the season.
In a statement made available to journalists, the company described Ramadan as a period of deep reflection, spiritual renewal, and strengthened devotion to faith and humanity.
According to the management, the holy month represents values that align with the organisation’s commitment to integrity, resilience, and community development.
“Ramadan is a time that teaches patience, generosity, and selflessness. As our Muslim customers and partners begin the fast, we pray that their sacrifices are accepted and that the season brings peace, joy, and renewed hope to their homes and the nation at large,” the statement read.
The firm reaffirmed its dedication to providing affordable and accessible housing solutions to Nigerians, noting that building homes goes beyond structures to creating environments where families can thrive.
Adron Homes further urged citizens to use the period to pray for national unity, economic stability, and sustainable growth.
It wished all Muslim faithful a spiritually fulfilling Ramadan.
Ramadan Mubarak.
society
Underfunding National Security: Envelope Budgeting Fails Nigeria’s Defence By George Omagbemi Sylvester
Underfunding National Security: Envelope Budgeting Fails Nigeria’s Defence
By George Omagbemi Sylvester | Published by saharaweeklyng.com
“Fiscal Rigidity in a Time of Crisis: Lawmakers Say Fixed Budget Ceilings Are Crippling Nigeria’s Fight Against Insurgency, Banditry, and Organized Crime.”
Nigeria’s legislature has issued a stark warning: the envelope budgeting system; a fiscal model that caps spending for ministries, departments, and agencies (MDAs) is inadequate to meet the country’s escalating security challenges. Lawmakers and budget analysts argue that rigid fiscal ceilings are undermining the nation’s ability to confront insurgency, banditry, kidnapping, separatist violence, oil theft and maritime insecurity.
The warning emerged during the 2026 budget defence session for the Office of the National Security Adviser (ONSA) at the National Assembly in Abuja. Senator Yahaya Abdullahi (APC‑Kebbi North), chairman of the Senate Committee on National Security and Intelligence, decried the envelope system, noting that security agencies “have been subject to the vagaries of the envelope system rather than to genuine needs and requirements.” The committee highlighted non-release or partial release of capital funds from previous budgets, which has hindered procurement, intelligence and operational capacity.
Nigeria faces a multi‑front security crisis: persistent insurgency in the North‑East, banditry and kidnappings across the North‑West and North‑Central, separatist tensions in the South‑East, and piracy affecting Niger Delta oil production. Despite declarations of a national security emergency by President Bola Tinubu, lawmakers point to a “disconnect” between rhetoric and the actual fiscal support for agencies tasked with enforcement.
Experts warn that security operations demand flexibility and rapid resource allocation. Dr. Amina Bello, a public finance specialist, said: “A static budget in a dynamic threat environment is like sending firefighters with water jugs to a forest fire. You need flexibility, not fixed ceilings, to adapt to unforeseen developments.”
The Permanent Secretary of Special Services at ONSA, Mohammed Sanusi, detailed operational consequences: irregular overhead releases, unfulfilled capital appropriations, and constrained foreign service funds. These fiscal constraints have weakened intelligence and covert units, hampering surveillance, cyber‑security, counter‑terrorism and intelligence sharing.
Delayed capital releases have stalled critical projects, including infrastructure upgrades and surveillance systems. Professor Kolawole Adeyemi, a governance expert, emphasized that “budgeting for security must allow for rapid reallocation in response to threats that move faster than political cycles. Envelope budgeting lacks this essential flexibility.”
While the National Assembly advocates fiscal discipline, lawmakers stress that security funding requires strategic responsiveness. Speaker Abbas Ibrahim underscored that security deserves “prominent and sustained attention” in the 2026 budget, balancing oversight with operational needs.
In response, the Senate committee plans to pursue reforms, including collaboration with the executive to restructure funding, explore supplementary budgets and ensure predictable and sufficient resources for security agencies. Experts warn that without reform, criminal networks will exploit these gaps, eroding public trust.
As one policy analyst summarized: “A nation declares a security emergency; but if its budget does not follow with real resources and oversight, the emergency remains rhetorical.” Nigeria’s debate over envelope budgeting is more than an accounting dispute; it is a contest over the nation’s security priorities and its commitment to safeguarding citizens.
Rev. Mother Kehinde Osoba (Eritosin) Celebrates as She Marks Her Birthday
Today, the world and the body of Christ rise in celebration of a rare vessel of honour, Rev. Mother Kehinde Osoba, fondly known as Eritosin, as she marks her birthday.
Born a special child with a divine mark of grace, Rev. Mother Eritosin’s journey in God’s vineyard spans several decades of steadfast service, spiritual depth, and undeniable impact. Those who know her closely describe her as a prophetess with a heart of gold — a woman whose calling is not worn as a title, but lived daily through compassion, discipline, humility, and unwavering faith.
From her early days in ministry, she has touched lives across communities, offering spiritual guidance, prophetic insight, and motherly counsel. Many testify that through her prayers and teachings, they encountered God in a deeply personal and transformative way. Near and far, her influence continues to echo — not only within church walls, but in homes, families, and destinies reshaped through her mentorship.
A mother in every sense of the word, Rev. Mother Kehinde Osoba embodies nurture and correction in equal measure. As a grandmother, she remains energetic in purpose — accommodating the wayward, embracing the rejected, and holding firmly to the belief that no soul is beyond redemption. Her life’s mission has remained consistent: to lead many to Christ and guide them into the light of a new beginning.
Deeply rooted within the C&S Unification, she stands tall as a spiritual pillar in the Cherubim and Seraphim Church globally. Her dedication to holiness, unity, and prophetic service has earned her widespread respect as a spiritual matriarch whose voice carries both authority and humility.
As she celebrates another year today, tributes continue to pour in from spiritual sons and daughters, church leaders, and admirers who see in her a living reflection of grace in action.
Prayer for Rev. Mother Kehinde Osoba (Eritosin)
May the Almighty God, who called you from birth and anointed you for His service, continually strengthen you with divine health and renewed vigour.
May your oil never run dry, and may your prophetic mantle grow heavier with greater glory.
May the lives you have nurtured rise to call you blessed.
May your latter years be greater than the former, filled with peace, honour, and the visible rewards of your labour in God’s vineyard.
May heaven continually back your prayers, and may your light shine brighter across nations.
Happy Birthday to a true Mother in Israel — Rev. Mother Kehinde Osoba (Eritosin).
More years.
More anointing.
More impact.
If you want this adapted for a newspaper page, church bulletin, Facebook post, or birthday flyer, just tell me the format and tone.
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