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Naira Records N100 Gain, Now N840/$ In Parallel Market
The Naira yesterday made a massive gain of N100, closing at N840/$ at the parallel market in Lagos.
It, however, closed lower at N850/$ in Abuja markets, representing a 9.57 per cent appreciation compared with Tuesday’s rate.
At the Investor and Exporter (I&E) window – the official market – the naira closed at N759 to the dollar, creating around N81 premium between the official and parallel markets. There was a $61 million turnover at the I&E window.
According to Bureau De Change operators in Wuse Zone 4, Abuja, the naira started the day at N940/$ and gradually increased to the current rate.
One of the traders, Ibrahim Bakori, told our reporter that he was surprised by the naira’s appreciation.
Asked what he thought was responsible, Bakori said it was “the result of the meeting between President Bola Tinubu and the Acting CBN Governor Folashodun Shonubi”.
Another Forex dealer, Nura, expressed shock at what he described as the “big fall” of the dollar at the parallel market.
Just like Bakori, Nura said the meeting between President Tinubu and Shonubi had sent signals of something significant about to happen in the Forex market.
Reacting to the news that the CBN might flood the market dollars in the coming days to check the fall of the Naira, a financial expert, Dr. Victor Adoji, cautioned against the planned release of dollars into the system by the CBN.
He said: “The money outside the Deposit Money Banks (DMBs), supposedly over N2 trillion, will swallow the ‘flood’ especially because of the rational appetite of Nigerians for holding dollar”.
He urged the CBN to “take a look at the outstanding demand portfolio for the dollar” before releasing more.
A Bureaux De Change (BDC) trader based in Marina, central Lagos, Garuba Sarki, said many forex dealers are not ready to buy dollars at present because of fears they might lose money.
“Many speculative dealers are taking the back seat.
“We expect the naira to continue to rebound until convergence between the official and parallel market rates occurs.
“Many traders are being cautious about losing funds in the coming days,” he said.
He said funding for BDCs or getting the banks to sell dollars to retail-end buyers will bring greater mileage to the naira.
President of the Association of Bureaux De Change Operators of Nigeria (ABCON), Dr. Aminu Gwadabe, advised the Federal Government to enhance financial intelligence by tracking people with proceeds of corruption to sanitise the market.
He said many of the people with proceeds of corruption are the ones putting pressure on the forex market through their manipulative actions.
“The naira is depreciating not by forces of demand and supply, but by the collective action and impact of the people with illicit funds,” he said.
Former Executive Director of Keystone Bank Limited, Richard Obire, said Nigeria’s heavy and skewed outward-oriented consumption of goods and services as seen in decades of substantial bills for food and energy imports remains a hindrance to naira stability.
Another factor, he said, is the massive corruption-driven capital outflows which in turn severely damages Nigeria’s capacity to produce at scale.
On ways to strengthen the naira, he advised that in the short-term, there is a need to find non-market damaging ways to increase the supply of hard currencies and reduce the demand for same.
According to Obire, the right pricing for remittances and frictionless processes for their use by recipients should see the volumes growing again.
He said that insecurity hampering food production needs to be tackled with a sense of urgency and effectiveness.
“Priority should be given through deploying pragmatic incentive programmes to drive up the volume of food products for domestic consumption and industrial use to reduce our food import bill.
“All government consumption expenditures requiring the use of hard currencies should be suspended indefinitely, starting now,” he advised.
Obire said the turnaround maintenance (TAM) status of refineries in Port Harcourt and Warri should be appraised immediately.
“Effort should be focused on the one which can begin producing quicker. The other one should be made to be up and running, not long after. This should reduce the required forex for fuel imports.
“In the long term, only a strong economy will produce a stable currency. To achieve this will require addressing the fundamental structural defects in our political economy hampering an accelerated transition from an outward consumption-oriented economy into a mainly balanced production-driven one,” he said.
The CBN had in June unified the exchange rate and abolished multiple exchange rates.
The exercise led to a 40 per cent drop in the naira rate at the official market.
Dollar supply has remained a challenge, making it difficult for official and parallel market rates to converge.
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Makinde Only In PDP Because He’s Not Seeking Re-election – Otitoju
Babajide Kolade-Otitoju, the Director of News at TVC News, recently stated that Oyo State Governor Seyi Makinde would likely have defected from the People’s Democratic Party (PDP) if he was still serving his first term.
Otitoju stated this on Friday on TVC’s ‘Breakfast Show’.
He described the National Convention of the Peoples Democratic Party, PDP, in Ibadan last November as a mere waste of time.
“People must show good judgment at a critical phase. What was the point of having that convention? Two courts told you not to go ahead but you went ahead.
“I may not be a fan of former Senate President Bukola Saraki but if he says something that makes sense, I will be the first to admit it. He made sense when he said let’s go for caretaker. What’s the point of not listening to him?
“Later you will be shouting that the ruling party is behind your crisis, meanwhile you are the architect of your own misfortunes. You created this problem.
“If Makinde were in his first term, he would have fled like the dancing governor because his second term would have been in danger,” Otitoju said.
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Corruption Probe: Court Grants ICPC Access To Data On El-Rufai’s Seized Gadgets
The Federal High Court in Abuja has granted the Independent Corrupt Practices and Other Related Offences Commission (ICPC) permission to access and forensically examine about 14 sets of electronic devices seized from the residence of former Kaduna State Governor, Nasir El-Rufai.
Justice Joyce Abdulmalik issued the order yesterday while ruling on an ex-parte motion filed by the ICPC and moved by its lawyer, Dr. Osuobeni Akponimisingha.
The commission said it needed to access the devices for inspection, forensic examination and extraction of data in furtherance of its ongoing investigation of the former governor.
The devices include a Sony HD-EGS storage device, an ITB Transcend storage device, a Toshiba storage device, a Samsung mobile phone, a Nokia mobile phone – N958GB, a Blackberry mobile phone device and a Google IDEOS phone.
Others are a Samsung storage device – SPO802N, a Remarkable tablet, an Apple MacBook Pro – black, a Seagate FreeAgent Desk external drive, a ZTE mobile phone, 10 pieces of flash drives and a Microcell memory card.
Justice Abdulmalik, in the ruling, granted the commission access to the gadgets “for inspection, forensic examination and forensic extraction of data, including public documents, WhatsApp conversations, text messages, pictures, call logs and related information, and to analyse same forensically or otherwise from the said electronic devices which were seized in the course of investigation for the purpose of investigation activity.”
El-Rufai is currently before the same court challenging the search of his house and seeking, among others, N1 billion in compensation.
Listed as respondents in the suit, marked FHC/ABJ/CS/345/2026, are the ICPC; the Chief Magistrate at the Magistrate’s Court of the FCT, Abuja; the Inspector-General of Police (IGP); and the Attorney-General of the Federation (AGF).
El-Rufai is challenging the propriety of the recent search of his Asokoro, Abuja residence by agents of the ICPC, during which some items were recovered.
The former governor, who is seeking a number of reliefs, wants the court to declare that the search warrant issued on February 4 by the Chief Magistrate of the Magistrate’s Court of the FCT (2nd respondent), authorising the search of his residence and seizure of items, was invalid, null and void.
He also wants a declaration that the search warrant is “null and void for lack of particularity, material drafting errors, ambiguity in execution parameters, overbreadth and absence of probable cause, thereby constituting an unlawful and unreasonable search in violation of Section 37 of the Constitution.”
El-Rufai is urging the court to declare that the alleged invasion and search of his residence at House 12, Mambilla Street, Aso Drive, Abuja, on February 19 at about 2 pm by agents of the ICPC and the IGP, who were armed with the said warrant, amounted to a gross violation of his rights to dignity of the human person, personal liberty, fair hearing and privacy under Sections 34, 35, 36 and 37 of the Constitution.
He is also asking the court to award N1,000,000,000.00 (one billion naira) “as general, exemplary and aggravated damages against the respondents jointly and severally for the violations of the applicant’s fundamental rights, including trespass, unlawful seizure and the resultant psychological trauma, humiliation, distress, infringement of privacy and reputational harm.”
He contends that the search warrant was fundamentally defective, lacking specificity in the description of items to be seized, containing material typographical errors, ambiguous execution terms, overbroad directives and no verifiable probable cause.
He argued that the lack of specificity in the warrant contravenes Sections 143–148 of the Administration of Criminal Justice Act 2015, Section 36 of the ICPC Act 2000 and constitutional protections against arbitrary intrusions.
According to him, Section 143 of the ACJA requires that an application for a search warrant be supported by information in writing and on oath, setting forth reasonable grounds for suspicion, which he said was absent in this case, as evidenced by the incomplete initiating clause.
He said Section 144 mandates particular descriptions of the place to be searched and the items sought to prevent general warrants, adding that the search was conducted without legal justification and in a manner that inflicted humiliation and distress.
El-Rufai further argued that execution of the said invalid warrant on February 19 resulted in an unlawful invasion of his premises, constituting violations of the rights to dignity (Section 34), personal liberty (Section 35), fair hearing (Section 36) and privacy (Section 37) of the Constitution.
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Beyond My Wildest Dreams: Disu Opens Up During Handover From Egbetokun
The Inspector-General of Police, Olatunji Disu, on Thursday paid glowing tribute to his predecessor, Kayode Egbetokun, recalling their early professional relationship while serving under President Bola Tinubu during his tenure as governor of Lagos State.
During the pulling-out ceremony held in honour of Egbetokun at the Force Headquarters in Abuja, marking the retirement of the former police chief, the new Inspector-General of Police (IGP), Olatunji Disu, reflected on his unexpected rise to the position, stating that he “never dreamed” of becoming the IG.
In his remarks, Disu described Egbetokun’s career as one marked by dedication, professionalism and strong leadership, noting that a defining chapter in the former IG’s career was his service as Chief Security Officer to the Lagos State Governor at a time when Tinubu was in office.
He said it was during that period that their professional paths first intersected.
“A defining chapter in his professional life was his service in Lagos State Government House, where he served as Chief Security Officer to the Governor of Lagos State, at a time when His Excellency, Senator Bola Tinubu, now President of the Federal Republic of Nigeria, was Governor.
“It was during that period that our professional paths intersected in a most memorable way.
“While IGP Egbetokun (retd.) served as Chief Security Officer to the governor, I had the honour of serving as Aide-de-Camp to the same governor.
“Working together under demanding circumstances, we shared the responsibility of ensuring the safety and security of the Governor and the Government of Lagos State,” Disu said.
The police chief said neither of them could have imagined at the time that years later, Egbetokun would rise to become the Inspector General of Police and that he would eventually succeed him in the same office.
According to him, the development reflected how years of service and dedication sometimes align in unexpected ways.
“At that time, neither of us could have imagined that years later, destiny would place him at the helm of the Nigeria Police Force as Inspector General of Police, and that I would have the honour of succeeding him in that office.
“It is indeed one of those remarkable coincidences of history that reminds us how the threads of service sometimes weave themselves across time in unexpected ways,” he said.
Disu noted that throughout his career, Egbetokun rose steadily through the ranks, serving in various command, operational and training capacities across the country.
He highlighted Egbetokun’s leadership roles, including commanding the Rapid Response Squad in Lagos, Police Mobile Force operations, and serving as Area Commander in Osogbo and Gusau.
The IGP also commended Egbetokun’s contributions to police training and capacity development, citing his service as Commandant of the Police Training School, Ikeja, and later as Deputy Commandant of the Police College, Ikeja.
He said Egbetokun’s tenure as Inspector General was guided by a vision to build a professionally competent, service-driven, rule-of-law-compliant and people-friendly police force.
According to him, the former police chief implemented reforms to strengthen operational efficiency, enhance professionalism, improve personnel development, and deepen public trust in policing.
Disu added that Egbetokun emphasised intelligence-driven policing, strengthened training and reinforced institutional values such as discipline, accountability and service.
He further noted that Egbetokun’s leadership style, characterised by calmness, intellectual depth, and strategic foresight, helped guide the Nigeria Police Force through complex security challenges during his tenure.
In his speech, Egbetokun highlighted key reforms and institutional improvements achieved during his tenure as the Inspector-General of Police.
According to him, his administration pursued reforms to reinforce professionalism, promote merit-based advancement, and strengthen intelligence-led policing.
He noted that as part of the reforms, the Intelligence Bureau was expanded and upgraded to a full department headed by a Deputy Inspector-General of Police, while the Legal and Medical units were elevated to directorate status to improve institutional efficiency and service delivery.
Egbetokun also said the Force further developed its cybercrime centre into a sophisticated facility capable of monitoring Nigeria’s cyberspace and supporting modern investigations.
He added that investigative and operational capacity was strengthened through improvements to the National Criminal Database and enhanced professional training for operators across commands up to the divisional level.
The former police chief said operational presence was expanded through the establishment of additional Police Mobile Force squadrons, new Area Commands and Divisions, as well as the creation of the Special Intervention Squad, which he said had recorded notable successes across the country.
He also said progress was made in improving police infrastructure, including the completion of barracks redevelopment projects in Kano and Kaduna and the commissioning of modern state command headquarters in Ogun and Adamawa states.
Egbetokun, who was appointed on June 19, 2023, by President Tinubu, resigned on February 24, paving the way for the appointment of Disu.
In 2024, the IG’s continued stay in office sparked widespread controversy after Egbetokun officially reached the mandatory retirement age of 60 on September 4.
However, his stay in office was extended following the amendment to the Police Act.
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