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CBN, EFCC Launch Investigation into Alleged Forex Racketeering by Banks

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In a significant move to address suspected irregularities in foreign exchange transactions, the Central Bank of Nigeria (CBN), led by Governor Olayemi Cardoso, has initiated a joint investigation with the Economic and Financial Crimes Commission (EFCC) into alleged forex racketeering involving banks and firms.

The investigation, prompted by concerns over questionable foreign exchange allocations and forward contracts amounting to approximately $2.4 billion, follows the conclusion of an audit conducted on $7 billion in forex debts inherited by the current CBN administration.

Governor Cardoso disclosed the ongoing probe during a press briefing held shortly after the 294th meeting of the Monetary Policy Committee in Abuja on Tuesday.

He highlighted the focus of law enforcement agencies on scrutinizing foreign exchange transactions flagged as invalid based on the audit report.

The audit, conducted by global firm Deloitte, revealed discrepancies and infractions in numerous transactions, including allocations to fictitious entities and the provision of forex without corresponding naira values.

Governor Cardoso emphasized that these irregularities, some amounting to millions of dollars, were deemed unlawful and lacked proper documentation.

While addressing journalists, Governor Cardoso reiterated the commitment of the CBN to transparency and accountability in the forex market. He emphasized that any findings contrary to the current assessment would be duly considered.

The governor also clarified that verified forex obligations had been settled by the CBN, ensuring compliance with valid transactions.

The investigation underscores the CBN’s resolve to maintain integrity and oversight in forex operations, crucial for fostering investor confidence and attracting foreign investments to Nigeria. However, the duration and outcomes of the probe remain uncertain.

In a separate development, stakeholders in the private sector have raised concerns over unmet forex requests and alleged opaque processes in the settlement of forex backlogs.

Some businesses are contemplating legal action against banks for non-honoring of forex requests, despite recent stakeholder meetings convened to address the issue.

Governor Cardoso reassured stakeholders of the CBN’s commitment to transparency and urged affected parties to utilize the open market for forex transactions.

Additionally, he reiterated the CBN’s stance on indirect interventions, emphasizing the need for collaboration with capable entities for targeted interventions.

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Crime

ICPC Recovers Alleged Wiretapping Devices from El Rufai Home, Secures 14 Day Detention Order

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By Omoniyi David

The Independent Corrupt Practices and Other Related Offences Commission said it recovered suspected wiretapping devices and sensitive security documents from the Abuja residence of former Kaduna State governor Nasir el Rufai.

The commission disclosed that a Magistrate Court in Bwari, Federal Capital Territory, granted a 14 day detention order to allow investigators conclude their probe.

According to the agency, electronic equipment capable of intercepting phone conversations was discovered during a search at el Rufai’s Asokoro home. Officials also said documents described as sensitive to national security were recovered.

The ICPC dismissed claims that the former governor was being unlawfully detained or politically targeted, insisting that due process was followed.

In filings before the Federal Capital Territory High Court, the commission urged the court to dismiss el Rufai’s suit alleging violation of his fundamental rights, maintaining that its actions were lawful and necessary for a thorough investigation.

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Crime

Police Arrest Two in Abuja Over Alleged Homicide of 16 Year Old

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By Onyeanya Ebere Immaculata

Operatives of the Nigeria Police Force, Federal Capital Territory (FCT), Command, have arrested two suspects over the alleged culpable homicide of a 16 year old boy, Chidera Benjamin, in the Byazhin area of Abuja.

The suspects, identified as Cosmos Okafor, 31, and Okechukwu Wisdom, 17, were arrested following the incident which occurred on Thursday, February 12, 2026, according to the FCT Police Public Relations Officer, SP Josephine Adeh.

Adeh said police received a distress call that Benjamin allegedly attacked his mother with a machete during a domestic dispute. Preliminary findings showed the mother had accused him of transferring money from her bank account to his Opay account without her consent.

The boy allegedly became violent during the confrontation and inflicted serious injury on her hand.

The police said two neighbours who witnessed the incident allegedly attacked the teenager in response. He sustained severe injuries and was rushed to Kubwa General Hospital, where he was confirmed dead.

The suspects are in custody and will be charged to court after investigations. The FCT Commissioner of Police, CP Miller Dantawaye, urged residents to avoid jungle justice and resolve disputes through lawful means.

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Crime

Poison Allegation: Expect DSS Invitation, NSA Office Replies El-Rufai

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By Patrick Idowu

The Office of the National Security Adviser (ONSA), has replied former Kaduna State governor, Malam Nasir El-Rufai, over his allegation that the agency imported a toxic chemical from Poland, telling him to expect an invitation from the Department of State Services (DSS), as the matter has been referred for investigation.

El-Rufai had written to the National Security Adviser, Nuhu Ribadu, claiming opposition leaders had information that ONSA procured about 10 kilograms of thallium sulphate, a highly poisonous substance.

He requested clarification on the purpose, supplier, permits, quantity, storage arrangements and regulatory oversight, including involvement of agencies such as NAFDAC and the Nigeria Centre for Disease Control.

In a response released to journalists on Sunday night, ONSA denied the allegation, stating it neither procured nor initiated any process to purchase thallium sulphate and had no intention of doing so.

The letter, signed by Brigadier-General O.M. Adesuyi on behalf of the NSA, said the allegation had been referred to the DSS for a comprehensive investigation, adding that El-Rufai and others with relevant information would be invited to provide evidence.

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