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Naira: ONSA Partners with CBN to Combat Speculative Activities in Foreign Exchange Market

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The proactive measures implemented by the Central Bank of Nigeria (CBN) to stabilize the foreign exchange market and bolster economic activities are facing significant challenges due to the disruptive activities of speculators, both domestic and international, as revealed by the Office of the National Security Adviser (ONSA).

In a statement titled ‘Joint Effort Between ONSA and CBN to Safeguard Nigeria’s Foreign Exchange Market and Combat Speculative Activities,’ Mr. Zakari Mijinyawa, Head of Strategic Communication at the Office of the National Security Adviser, underscored the need for concerted action to address the destabilizing influence of speculative activities on the Nigerian economy.

The statement elucidated, “The CBN’s commendable efforts to stabilize the foreign exchange market and stimulate economic activities are being undermined by speculators operating through various channels, exacerbating the depreciation of the Nigerian Naira and contributing to inflation and economic instability.”

To tackle this pressing issue, ONSA disclosed its collaboration with the CBN to intervene in the crisis and counter speculative activities arising in the market. This strategic partnership aims to safeguard Nigeria’s foreign exchange market and promote economic stability through coordinated efforts between relevant authorities.

Efforts by the CBN to address exchange rate volatility, such as unifying FX market segments, introducing operational mechanisms for Bureau De Change operators, and enforcing regulations for commercial banks, have been highlighted. Additionally, the Economic and Financial Crimes Commission (EFCC) has mobilized a special task force to crack down on dollar racketeers across its zonal commands.

Despite these initiatives, recent intelligence reports indicate ongoing illicit activities within the foreign exchange market. Thus, the collaborative approach between ONSA and CBN aims to address these infractions effectively. This partnership involves coordination with law enforcement agencies, including the Nigeria Police Force, EFCC, Nigeria Customs Service, and Nigeria Financial Intelligence Unit.

The primary objective of this alliance is to identify, investigate, and penalize individuals and organizations engaged in wrongful activities within the FX market systematically. By leveraging the expertise of these agencies, the partnership seeks to deter malicious practices, protect investor interests, and promote sustainable economic growth.

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Visa Fraud Scheme Uncovered in Edo, 17 Victims Identified

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By Samson Adeyanju 

At least 17 prospective travellers have been identified as victims of an alleged visa fraud scheme involving two suspects from Igbanke in Edo State, according to a press statement issued on April 19.

The suspects, Promise Alika and Innocent Ogboin, were accused of posing as agents linked to the Ministry of Foreign Affairs Nigeria to defraud unsuspecting individuals seeking visas to Australia and European countries.

The statement, signed by Chief Jude Ogbekile, alleged that Alika misrepresented himself as a consultant or government representative and collected large sums of money from victims under the pretext of facilitating visa processing, appointment scheduling and guaranteed approvals.

Payments were reportedly made through a bank account operated by one Adamu Yusuf with Access Bank, raising further concerns about the structure of the scheme.

Preliminary findings indicate that victims were charged as much as ₦8 million for visa processing to Australia and similar amounts for European destinations, with additional payments allegedly demanded at various stages of the process.

According to the statement, victims were told that visa appointments would be scheduled after initial payments and that approvals would follow within weeks after biometric capture.

However, many of those who paid have reportedly been left stranded, while attempts to contact the main suspect have failed.

Although two individuals reportedly obtained visas under unclear circumstances, the majority of clients are said to have suffered financial losses running into tens of millions of naira.

There are also unverified claims that some parties linked to the operation are disputing about ₦37 million allegedly unaccounted for.

Authorities have since been alerted, and investigations are ongoing to determine the full extent of the fraud and bring those responsible to justice.

The public has been urged to avoid dealing with unauthorized agents and to process visa applications strictly through official embassy channels or accredited service providers.

Officials also warned that no individual has the authority to guarantee visa approvals or demand unofficial payments.

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Demonstrate ‘True Love in Action’, CWOAA President Urges Women

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By Samson Adeyanju 

The President of the Catholic Women Organization Abuja Archdiocese (CWOAA), Dr. Mrs. Nnennah Mabel Ilukwe, has called on women to embody genuine love through service, sacrifice and unity, as the group marked this year’s Mother’s Day celebration.

Speaking at the event held on April 19 under the theme “True Love in Action,” Ilukwe described motherhood as a vocation rooted in selflessness, compassion and unwavering support for family and society.

“Mother’s Day is not just about celebration but about recognising the contributions of mothers and addressing the gaps that hinder true equality,” she said, noting the steady progress women have made across various sectors despite lingering challenges.

She linked the theme to the broader global push for women’s rights, referencing the ideals of equality, justice and safety for women in both public and private spaces.

According to her, true love goes beyond words and must be expressed through consistent acts of kindness, presence and sacrifice.

Drawing from biblical teachings, including 1 Corinthians 13 and Luke 6:37, Ilukwe emphasised forgiveness, patience and truth as essential virtues for building strong families and communities.

She urged women to remain committed to truth, inclusiveness and mutual support, adding that love must be demonstrated through everyday actions such as caring for others, offering forgiveness and standing for what is right.

The CWOAA leader also used the occasion to call for unity among members following the recent archdiocesan elections that produced her as president. She described the period as a time for reconciliation, healing and collective growth.

“I operate an open door policy and urge all of us to join hands in love as we build together,” she said.

Ilukwe expressed appreciation to husbands, children and the Church for their support, stressing that their roles remain vital in strengthening families and advancing the mission of women within the Church.

The Mother’s Day celebration brought together women from across the archdiocese to reflect on their roles and renew their commitment to living out love through action, guided by the example of the Blessed Virgin Mary.

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Abuja Chapel Event: CAN Slams ‘Mischief Makers’ Over False Sultan Invite Claim

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By Samson Adeyanju 

The Christian Association of Nigeria (CAN) on Saturday issued a strong rebuttal, dismissing as false and provocative claims that the Muhammadu Sa’ad Abubakar was invited to serve as “Royal Father of the Day” at the proposed Ecumenical Chapel foundation ceremony at the Nnamdi Azikiwe International Airport.

In a press statement, CAN said it viewed the circulating reports and social media posts with serious concern, stressing that no such invitation was ever extended to the Sultan.

“We state, firmly and without equivocation, that no such invitation was extended to the Sultan by CAN. This claim is false,” the association said.

The body clarified that the controversial material did not originate from its office but was released by the Office of the Secretary to the Government of the Federation, distancing itself completely from the narrative.

Beyond denying the claim, CAN accused unnamed actors of deliberately twisting facts to inflame religious sensitivities and stir unnecessary tension.

“Beyond its inaccuracy, the narrative appears deliberately framed to provoke religious sensitivities and manufacture controversy where none exists. Such distortions are reckless and unacceptable,” the statement added.

The association reaffirmed its commitment to both the sanctity of Christian worship and peaceful coexistence among Nigeria’s diverse religious groups, warning that misinformation must not be allowed to undermine national unity.

“Truth must never be sacrificed on the altar of sensationalism,” CAN said, insisting that any suggestion linking the Sultan to the ceremonial role was entirely unfounded.

It urged the media and the public to act responsibly by verifying information before dissemination.

“Verify before amplifying, question before believing, and prioritise facts over virality,” the statement advised.

Reiterating its position, CAN maintained that the report was the handiwork of mischief makers and should be disregarded in its entirety.

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