The identities of two Central Bank of Nigeria, CBN who were reportedly grilled by the Economic and Financial Crime Commission on Wednesday over secret deals that fell the Naira against other world major currencies have been revealed.
They are the Director of Procurement and a Special Adviser to the Central Bank Governor, Godwin Emefiele, fresh report according to Punch Newspaper revealed.
Recalls News Punch, yesterday culled the report from Punch Newspaper that two directors of CBN were held and grilled over offences bothering on forex manipulation that may have caused the recent free fall of the naira against the dollar and other world major currencies.
The Economic and Financial Crimes Commission has invited more senior officials of the Central Bank of Nigeria as part of investigations into an alleged foreign exchange scam and other sharp practices within the apex bank. Reliable sources within the anti-graft agency said the investigators probing the scam believed strongly that the activities of some officials of the bank impacted negatively on the fortunes of the naira and contributed to its drastic slump in recent months.
A top official at the anti-graft agency said the bank accounts of suspected persons were being scrutinised by security agents with a view to determining the sources of money and their trails. The source added that the agents would check if the money which passed through the accounts corresponded with the salaries and allowances of these officials.
The source said, “We actually invited about four senior CBN officials on Wednesday but only two showed up. One of them told us that he was ill and asked us to reschedule the invitation.
“We have now sent out letters to other senior officials and they will appear before us soon. You should understand that things that involve the apex bank are always sensitive.”
The source said due to the sensitive nature of the investigations, the presidency must be carried along. He added that the EFCC would send a report of the probe to President Muhammadu Buhari after investigations might have been concluded.
The commission had about four weeks ago commenced investigations into the activities of the apex bank over sharp practices that caused the naira to depreciate sharply.
However, immediately after the EFCC investigations commenced, the CBN reeled out new policies which caused the naira to appreciate. Detectives at the commission suspect that many top level officers at the CBN are part of the alleged fraud.
Speaking on Wednesday, a source at the EFCC, who wished to remain anonymous had said, “We have arrested two directors of the CBN in connection with forex manipulation. Ironically, immediately we started investigating these chaps a month ago, the CBN reeled out a new forex policy which seeks to flood the market with excess dollars to strengthen the naira.
“Already, we have searched their houses and recovered some sensitive documents. We have reason to believe that they may not have acted alone. We expect to make more discoveries as investigations continue.”
When contacted on Wednesday, the Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okoroafor, had said that no director of the apex bank had been arrested by the EFCC.
He said, “This is not true. No director of the bank (CBN) has been arrested by the EFCC. The current activities of the CBN in the forex market are a result of months of study, monitoring and planning to tackle the activities of black marketers.”
On Thursday, however, when one of our correspondents confronted Okoroafor with additional information on the probe and the designations of those grilled and briefly detained, he was less than forthcoming. Asked to respond, Okoroafor said, “You have published a false story that our directors were being detained, what do you want me to say? I have no comments. You can continue with your falsehood. I have no comment.”
The identities of two Central Bank of Nigeria, CBN who were reportedly grilled by the Economic and Financial Crime Commission on Wednesday over secret deals that fell the Naira against other world major currencies have been revealed.
They are the Director of Procurement and a Special Adviser to the Central Bank Governor, Godwin Emefiele, fresh report according to Punch Newspaper revealed.
Recalls News Punch, yesterday culled the report from Punch Newspaper that two directors of CBN were held and grilled over offences bothering on forex manipulation that may have caused the recent free fall of the naira against the dollar and other world major currencies.
The Economic and Financial Crimes Commission has invited more senior officials of the Central Bank of Nigeria as part of investigations into an alleged foreign exchange scam and other sharp practices within the apex bank. Reliable sources within the anti-graft agency said the investigators probing the scam believed strongly that the activities of some officials of the bank impacted negatively on the fortunes of the naira and contributed to its drastic slump in recent months.
A top official at the anti-graft agency said the bank accounts of suspected persons were being scrutinised by security agents with a view to determining the sources of money and their trails. The source added that the agents would check if the money which passed through the accounts corresponded with the salaries and allowances of these officials.
The source said, “We actually invited about four senior CBN officials on Wednesday but only two showed up. One of them told us that he was ill and asked us to reschedule the invitation.
“We have now sent out letters to other senior officials and they will appear before us soon. You should understand that things that involve the apex bank are always sensitive.”
The source said due to the sensitive nature of the investigations, the presidency must be carried along. He added that the EFCC would send a report of the probe to President Muhammadu Buhari after investigations might have been concluded.
The commission had about four weeks ago commenced investigations into the activities of the apex bank over sharp practices that caused the naira to depreciate sharply.
However, immediately after the EFCC investigations commenced, the CBN reeled out new policies which caused the naira to appreciate. Detectives at the commission suspect that many top level officers at the CBN are part of the alleged fraud.
Speaking on Wednesday, a source at the EFCC, who wished to remain anonymous had said, “We have arrested two directors of the CBN in connection with forex manipulation. Ironically, immediately we started investigating these chaps a month ago, the CBN reeled out a new forex policy which seeks to flood the market with excess dollars to strengthen the naira.
“Already, we have searched their houses and recovered some sensitive documents. We have reason to believe that they may not have acted alone. We expect to make more discoveries as investigations continue.”
When contacted on Wednesday, the Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okoroafor, had said that no director of the apex bank had been arrested by the EFCC.
He said, “This is not true. No director of the bank (CBN) has been arrested by the EFCC. The current activities of the CBN in the forex market are a result of months of study, monitoring and planning to tackle the activities of black marketers.”
On Thursday, however, when one of our correspondents confronted Okoroafor with additional information on the probe and the designations of those grilled and briefly detained, he was less than forthcoming. Asked to respond, Okoroafor said, “You have published a false story that our directors were being detained, what do you want me to say? I have no comments. You can continue with your falsehood. I have no comment.”
A Peoples Democratic Party (PDP) chieftain, Babatunde Gbadamosi has said he was released by the Department of State Services (DSS) without preconditions.
Gbadamosi, who was arrested last week,regained his freedom on Thursday.
“I was freed without preconditions. They just allowed me to go without filing charges,” he told Premium Times.
He also expressed his appreciation to those who spoke out after he was arrested.
“I appreciate the efforts of Nigerians and the sacrifice they made to secure my freedom.
“I will brief them extensively about what happened after briefing with my lawyers”, he added.
Watch The Video:
Before his release today, While Nigerians are still speculating the actual reason behind the sudden appreciation of the Naira over major International currencies since February 20, 2017 and Central Bank of Nigeria (CBN) sudden change of policy, Mr Babatunde Gbadamosi, a Lagos Businessman and former governorship candidate, who exposed in details the monumental organized foreign currency fraud by the Buhari government and officials of CBN was arrested and still detained by the Department of Security Services (DSS) since February 22, 2017.
In a social media video which went viral, Mr Gbadamosi frowned at the shabby practices where those that genuinely need foreign currencies for Business are not provided with any, while the President’s allies and the cronies of CBN big-wigs are receiving them at ridiculously low rates of N3/$1.
Every effort to secure Mr Gbadamosi’s release has proved abortive. The DSS has ensured that no one visits or see the incarcerated voice of the Nigerian opposition in the secret detention center he was dumped six days ago and sources close to Hope For Nigeria within the secret police headquarters in Abuja are claiming that Gbadamosi was accused of blackmailing the Central Bank of Nigeria and the Government by releasing this classified information about forex sales.
Regrettably, while Mr Babatunde Gbadamosi is languishing in DSS secret detention center for saving Nigeria from the forex mafia, Nigerians are giving the glory to the acting President Osibanjo who raised no finger in the new development where the CBN suspended forex sales to cronies and allies of President Buhari and sudden revert to the policies of the former President Goodluck Jonathan, where the Naira is protected with our external reserve.
Re-echoing the concern of Nigerians including that of the former CBN governor and the Emir of Kano, Sanusi Lamido who revealed the operation of over 20 different foreign exchange rates by the CBN and some Nigerians making billions of Naira daily from their gardens trading dollar they bought at an alarming low rates, Mr Gbadamosi demanded that these sharp practices should stop in other for the country to survive the self-induced recession.
Gbadamosi quoting various media sources in the video stated that the CBN was selling forex to some close allies of President Muhammadu Buhari for as low as N3 to $1 through what is called Bills of Collection. People were given Dollars with cold claims that their Form M was filled and submitted like 35 years ago but forex was not released. They cartel only has to claim that they made their importation in 1985 but forex was not released to you despite submitting duly completed Form M.
With all documents perfected, the forex will then be released at the prevailing rate in 1985. They will get $3 million at N5/ $1 and selling to end users at say N480/ $1. The said customer will be making about N1.425billion in one transaction. He listed transactions by some individuals that got $4,327 at the rate of N23.34 to $1 through “credit card payment” for “invisible” purpose and under “invisible sector”.
A bank also got $3,589.11 at the rate of N3.19 to $1 also for “invisible” purposes and under “invisible” sector. There was a transaction involving sales of $66.72 at the rate of N0.62 to $1. There was also a sale of $5.56 to a company at the rate of N0.61 also for “invisible” purposes. A particular transaction also involved the sale of $570.8 at the rate N3.17.
In contrast, there was a company, who purchased $1,462,480.83 at the rate of N425 to $1. The document shows that individuals and companies got foreign exchange for purposes ranging from importation, PTA, school fees, “invisible”, family maintenance allowances, mortgage payments and medical travel among others.
This video leads the Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami (SAN), to query the CBN Governor, Mr. Godwin Emefiele, demanding “prompt response” to the allegations of corruption in the CBN’s foreign exchange allocation and transactions. Multiple Petitions against the CBN indicated how some companies and individuals got a foreign exchange in US dollars at the rates as low as low as N0.61 to $1 while others got it in rates that were as high as N470 to $1.
Malami, in the letter, dated February 6, 2017, and with reference number, HAGF/CBN/2017/VOL.1/1, asked Emefiele to respond to the allegations “to enable us to advise the Presidency and take appropriate measures.” Titled ‘allegations of racketeering in the Central Bank of Nigeria; disparity in allocation of foreign exchange’, and addressed to Emefiele, the letter was delivered to the CBN governor’s office on Monday.
The allegations in the attorney general’s letter to Emefiele includes:-
1. alleged corruption in the apex bank’s “foreign exchange allocation transactions.
2. Questionable policy in CBN’s allocation and sale of foreign currency to Nigerians.
3. Arbitrary allotment of different exchange rates for same purposes. 4. Allocation of conflicting foreign exchange rates.
The DSS has not charged Mr. Gbadamosi after six days of arrest and they denied him medical attention, family visits and rejected the request for his lawyers to see him or be informed of the reason for his arrest.
It is shocking to note that Nigerians are enjoying the appreciation of the Naira over major currencies and praising the CBN and the government that oversees the foreign currency fraud that almost crippled the Nigerian economy while the man who sacrificed neck for us, is under chain and locked up in secret detention center.
A Peoples Democratic Party (PDP) chieftain, Babatunde Gbadamosi has said he was released by the Department of State Services (DSS) without preconditions.
Gbadamosi, who was arrested last week,regained his freedom on Thursday.
“I was freed without preconditions. They just allowed me to go without filing charges,” he told Premium Times.
He also expressed his appreciation to those who spoke out after he was arrested.
“I appreciate the efforts of Nigerians and the sacrifice they made to secure my freedom.
“I will brief them extensively about what happened after briefing with my lawyers”, he added.
Watch The Video:
Before his release today, While Nigerians are still speculating the actual reason behind the sudden appreciation of the Naira over major International currencies since February 20, 2017 and Central Bank of Nigeria (CBN) sudden change of policy, Mr Babatunde Gbadamosi, a Lagos Businessman and former governorship candidate, who exposed in details the monumental organized foreign currency fraud by the Buhari government and officials of CBN was arrested and still detained by the Department of Security Services (DSS) since February 22, 2017.
In a social media video which went viral, Mr Gbadamosi frowned at the shabby practices where those that genuinely need foreign currencies for Business are not provided with any, while the President’s allies and the cronies of CBN big-wigs are receiving them at ridiculously low rates of N3/$1.
Every effort to secure Mr Gbadamosi’s release has proved abortive. The DSS has ensured that no one visits or see the incarcerated voice of the Nigerian opposition in the secret detention center he was dumped six days ago and sources close to Hope For Nigeria within the secret police headquarters in Abuja are claiming that Gbadamosi was accused of blackmailing the Central Bank of Nigeria and the Government by releasing this classified information about forex sales.
Regrettably, while Mr Babatunde Gbadamosi is languishing in DSS secret detention center for saving Nigeria from the forex mafia, Nigerians are giving the glory to the acting President Osibanjo who raised no finger in the new development where the CBN suspended forex sales to cronies and allies of President Buhari and sudden revert to the policies of the former President Goodluck Jonathan, where the Naira is protected with our external reserve.
Re-echoing the concern of Nigerians including that of the former CBN governor and the Emir of Kano, Sanusi Lamido who revealed the operation of over 20 different foreign exchange rates by the CBN and some Nigerians making billions of Naira daily from their gardens trading dollar they bought at an alarming low rates, Mr Gbadamosi demanded that these sharp practices should stop in other for the country to survive the self-induced recession.
Gbadamosi quoting various media sources in the video stated that the CBN was selling forex to some close allies of President Muhammadu Buhari for as low as N3 to $1 through what is called Bills of Collection. People were given Dollars with cold claims that their Form M was filled and submitted like 35 years ago but forex was not released. They cartel only has to claim that they made their importation in 1985 but forex was not released to you despite submitting duly completed Form M.
With all documents perfected, the forex will then be released at the prevailing rate in 1985. They will get $3 million at N5/ $1 and selling to end users at say N480/ $1. The said customer will be making about N1.425billion in one transaction. He listed transactions by some individuals that got $4,327 at the rate of N23.34 to $1 through “credit card payment” for “invisible” purpose and under “invisible sector”.
A bank also got $3,589.11 at the rate of N3.19 to $1 also for “invisible” purposes and under “invisible” sector. There was a transaction involving sales of $66.72 at the rate of N0.62 to $1. There was also a sale of $5.56 to a company at the rate of N0.61 also for “invisible” purposes. A particular transaction also involved the sale of $570.8 at the rate N3.17.
In contrast, there was a company, who purchased $1,462,480.83 at the rate of N425 to $1. The document shows that individuals and companies got foreign exchange for purposes ranging from importation, PTA, school fees, “invisible”, family maintenance allowances, mortgage payments and medical travel among others.
This video leads the Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami (SAN), to query the CBN Governor, Mr. Godwin Emefiele, demanding “prompt response” to the allegations of corruption in the CBN’s foreign exchange allocation and transactions. Multiple Petitions against the CBN indicated how some companies and individuals got a foreign exchange in US dollars at the rates as low as low as N0.61 to $1 while others got it in rates that were as high as N470 to $1.
Malami, in the letter, dated February 6, 2017, and with reference number, HAGF/CBN/2017/VOL.1/1, asked Emefiele to respond to the allegations “to enable us to advise the Presidency and take appropriate measures.” Titled ‘allegations of racketeering in the Central Bank of Nigeria; disparity in allocation of foreign exchange’, and addressed to Emefiele, the letter was delivered to the CBN governor’s office on Monday.
The allegations in the attorney general’s letter to Emefiele includes:-
1. alleged corruption in the apex bank’s “foreign exchange allocation transactions.
2. Questionable policy in CBN’s allocation and sale of foreign currency to Nigerians.
3. Arbitrary allotment of different exchange rates for same purposes. 4. Allocation of conflicting foreign exchange rates.
The DSS has not charged Mr. Gbadamosi after six days of arrest and they denied him medical attention, family visits and rejected the request for his lawyers to see him or be informed of the reason for his arrest.
It is shocking to note that Nigerians are enjoying the appreciation of the Naira over major currencies and praising the CBN and the government that oversees the foreign currency fraud that almost crippled the Nigerian economy while the man who sacrificed neck for us, is under chain and locked up in secret detention center.
