Kano State Police Command has arrested 157 criminal suspects for various crimes in the last four weeks, the Commissioner of Police, Ibrahim Adamu Bakori, said yesterday.
Of those arrested 24 are robbers, 14 drug dealers, seven motor vehicle thieves, five motorcycle thieves, 28 thieves and 79 thugs (Yan Daba).
Among the weapons recovered are two English pistols, 19 fabricated revolver rifles, a fabricated pistol, 117 cartridges, six expended cartridges and 11 ammunition.
Other weapons recovered included 57 cutlasses, 71 sharp knives, 15 sharp irons (Dan Bida), seven scissors, two axes and a bow, among others.
Items recovered included two motor vehicles, two tricycles, three motorcycles, consignments of tramadol tablets worth N150 million, six cartons of Ampicillin tablets, 22 bottles of suck and die and 69 sachets and 260 pieces of exol tablets.
Bakori, who assumed duty on March 17, said, after obtaining briefs on the security in Kano, it became necessary to address pervasive issues of notorious thugs (Fadan Daba), drug abuse (Kwaya), armed robbery and other violent crimes.
“Over the past four weeks, the command intensified intelligence-led joint operations, round-the-clock visibility patrols and initiated strategic partnerships with community members.
“The proactive and collaborative efforts are yielding positive results and of the successes recorded are the breakthroughs that led to the dismantling of criminal networks that specialized in smuggling of firearms into the state.
“In order to ensure peace continues to prevail in the state, we have planned to conduct a series of community-based engagements and intelligence-led operations at strategic locations in the State with a view to prevent crimes and maintain law and order,” Bakori said, encouraging residents to cooperate with the police.
On the night of April 15, thousands of Nigerians were left reeling from the collapse of CBEX, a cryptocurrency investment platform that promised quick wealth through high returns. As news spread that the platform had vanished, leaving its investors penniless, a scene of chaos unfolded in Ibadan, where hundreds of victims gathered in desperate search of answers. Their faces, frozen with shock and disbelief, mirrored the heartbreak and betrayal felt across the nation. What began as a hope for financial freedom had ended in one of Nigeria’s most devastating Ponzi scheme failures, leaving a trail of broken dreams and shattered lives, report YINKA ADENIRAN and NTAKOBONG OTONGARAN.
• EFCC wades in
They were stunned—speechless, bewildered and heartbroken. Men and women, young and old, all united by disbelief and silent anguish. Some clung to the desperate hope that it was just a bad dream they would soon awaken from. Others were already burning with quiet rage, waiting for the slightest chance to exact revenge. They were the victims of a Ponzi scheme—CBEX—which reportedly collapsed on Monday night.
While some rolled on the ground, wailing in despair, others sat in stunned silence, their faces etched with confusion and betrayal. The atmosphere at the CBEX office in Oke Ado, Ibadan, was heavy with tension and heartbreak. Hundreds had gathered there, all grasping for answers—hoping against hope that what they had heard wasn’t true. But the grim reality was inescapable. These were just a fraction of the thousands of Nigerians left financially shattered by the sudden implosion of CBEX, a cryptocurrency investment platform that lured investors with the promise of impossibly high returns.
The distraught crowd that converged on the Ibadan office recounted harrowing losses—millions of naira vanished in the blink of an eye. For many, CBEX had been a lifeline, a shot at financial freedom. Now, it was a nightmare they never imagined. The collapse of CBEX, a cryptocurrency investment scheme, has left thousands of Nigerian investors reeling in disbelief and financial ruin. Many of the victims, who gathered at the company’s Oke Ado office in Ibadan, described the situation as a bitter pill they were forced to swallow. Several are still clinging to faint hope that the scheme might somehow be revived, unable to fully grasp the magnitude of their losses.
At the heart of the growing outrage is the staggering scale of the reported financial damage—estimated at over $935 million (about N1.5 trillion) in trapped or vanished funds. The investors, who were lured by the promise of doubling their money within 30 days, now say they were misled and betrayed. As of the time of filing this report, it remains unclear whether CBEX was registered with the Securities and Exchange Commission (SEC) or had the necessary approvals to operate such a financial scheme. Regardless, it managed to attract scores of Nigerians with lofty promises and slick marketing. For many, CBEX wasn’t just an investment; it was a lifeline—a means to improve their lives. Now, they are left with nothing but regrets, broken dreams, and a desperate cry for justice.
In Lagos, the scam that wore a suit
“Owo mi ti lo.” – My money is gone. That was the helpless cry of Rasheedah, a caterer from Yaba, Lagos, who had poured N2.5 million—her entire savings—into what was once hailed as Nigeria’s fastest-growing digital investment platform: CBEX. Like thousands of other Nigerians, Rasheedah believed in the promise of financial freedom, AI-powered trading, and guaranteed 100% returns in just 30 days. What she didn’t know was that CBEX was, in reality, one of the most intricately disguised Ponzi schemes Nigeria has ever witnessed—defrauding over 600,000 Nigerians and siphoning off a staggering N1.3 trillion in just nine months.
CBEX — short for Crypto Business Exchange — branded itself as a next-generation, AI-driven cryptocurrency trading and wealth-building platform. With sleek user dashboards modelled after legitimate platforms like Binance and a daily ROI promise of 3.5%, it appeared too good to ignore in a country where the average annual interest rate on savings hovers around a mere 5%.
According to a BusinessDay investigation, CBEX cemented its credibility using a strategic two-pronged approach: aggressive influencer marketing and gamified referral schemes. Social media influencers, especially in Lagos, were paid generously to flaunt “withdrawal proofs” and post flashy Instagram Reels showing off bundles of cash—convincing everyday Nigerians that CBEX wasn’t just legit, it was the future.
Behind the glossy interfaces and technical jargon, there was no trading. No AI. No blockchain innovations. Just a carefully orchestrated maze of bank accounts and crypto wallets engineered to launder money as quickly as it was collected.
In April 2024, the Hong Kong Securities and Futures Commission (SFC) raised the alarm, issuing a public warning against the fraudulent operations of CBEX Group and Bitget Pro. The signs had been there all along. Promises of 100% returns in 30 days—financially impossible. No verifiable licenses—CBEX wasn’t registered with Nigeria’s Securities and Exchange Commission. Aggressive referral schemes—eerily reminiscent of MMM’s “Bring Two to Earn More” model. And an opaque structure—no known office address, no traceable directors, no accountability.
Yet CBEX didn’t just survive—it thrived in Nigeria. From Ikeja to Lekki, Mushin to Agege, its network expanded rapidly. Recruitment hubs sprang up in restaurants, co-working spaces, and even church halls. “Team leads” earned commissions for each new investor they brought in. Hopes of doubling one’s income overtook caution. Ngozi, a 41-year-old church treasurer, told FIJ that she persuaded 13 members of her women’s group to invest N4.8 million in cooperative funds. “They trusted me,” she said, voice cracking. “Now they call me every day, crying. I can’t sleep.”
In February, CBEX hosted a promotional event at a bar in Lekki. What began as a flashy networking party ended in devastation. “We were fools,” said Tope, a photographer who lost N780,000. “That’s what I keep telling myself.” The crash came quickly. On April 7, 2025, investors began reporting withdrawal delays. CBEX claimed accounts were under review and demanded “verification fees” of $100 to $200 to unlock funds, promising $1,000 or more in return. Some paid. Most never got a dime back. By April 11, panic had set in. Wallets were frozen. On April 15, CBEX vanished—Telegram channels locked, WhatsApp groups restricted, websites wiped clean.
In Lagos, the aftermath was nothing short of chaos. Instagram was flooded with videos of distraught investors—many of them women—storming the CBEX office in Egbeda. Some collapsed in anguish. “God, oh God, what have I done?” wailed one woman in a heart-wrenching voice note shared by The Sun. “I went to the Lagos office, but it was locked,” recalled Azeez. “It felt like a bad dream.”
The human toll was staggering. Reports of suicides and mental breakdowns painted a grim picture. “So many people attempted suicide because of this Ponzi scheme,” one anonymous victim told The Sun, questioning how such a colossal scam had evaded the radar of authorities for so long. In a cruel twist, users were later asked to “re-verify” their accounts by paying fees ranging from $100 to $200—deepening the wounds for those already duped. “It was psychological warfare,” said Olumide, an accountant based in Surulere. “We weren’t just defrauded—they toyed with our minds.”
With its population of over 20 million and a thriving tech-savvy youth, Lagos was CBEX’s epicentre. The city’s economic pressures—soaring 33.1% inflation, a plummeting naira, and high unemployment—made the platform’s promises of high returns dangerously appealing. “Lagosians are natural hustlers,” said Olayimika Oyebanji, a Web3 specialist. “But that hustle makes us vulnerable to scams, especially those exploiting the crypto space.”
CBEX’s referral model weaponised trust, turning ordinary people into accidental recruiters. “I referred my brother and even my pastor,” said Chidinma Okeke, a single mother from Ikeja who lost N1.5 million. “Now they blame me.”
The lure before the crash
Before its sudden collapse, CBEX presented itself as a sophisticated investment platform leveraging artificial intelligence to generate returns with minimal risk. Sources revealed that the scheme operated under a so-called “compound interest” model, claiming that AI would trade just 1 per cent of an investor’s balance twice daily—an approach marketed as risk-averse and highly efficient. The allure was strong, bolstered by promises of rapid profits and a referral system that rewarded users with a 12 percent increase in trading signals for bringing in new investors—a textbook characteristic of a Ponzi scheme.
As confidence grew, many investors poured in not just their savings but borrowed funds, hoping for quick returns. Tragically, the scheme’s abrupt withdrawal restrictions and eventual crash left them financially stranded. For many like Olubiyi Ojewale, the crash of CBEX was more than a financial blow—it was a personal crisis. He had invested his house rent, banking on promised returns. Now, like countless others who saw CBEX as a lifeline, he faces the grim reality of broken promises, growing debts and uncertainty about how to recover from the loss.
He said, “I invested $300 on 4th of April with the hope of making first withdrawal on 9th of May but the scheme unfortunately crashed on 15th of April. I am finished; I will be homeless from next month because I have invested all the money saved to renew my annual house rent on CIBEX. I won’t lie to you it will affect me in many ways because I don’t have any other way of raising the money for now.
“I don’t know what to tell my landlord by next month after I have already begged for three months. Greed has killed me. If I had known I would have paid my house rent instead of investing the money. Where will I raise money if I am served quit notice over failure to pay the rent? I am scared I will be homeless soon; If I am permitted to stay here I will bring my belongings here to their office here in Oke Ado since I am about to be homeless due to my investment in the scheme.”
Another investor, Fola Olaoye, is now caught in a web of regret and fear after introducing his landlord and the landlord’s son to the CBEX scheme. While Olaoye invested $600 (about N1 million), his landlord put in $1,000, and his son added $600—bringing their combined loss to $1,600. None of them were able to withdraw either capital or profit before the platform crashed. Now, Olaoye says he is avoiding calls from his landlord, afraid of the fallout and the possibility of eviction. He admitted to putting his phone on flight mode just to escape the tension, as the incident has strained their relationship. With emotions running high and trust broken, Olaoye’s situation mirrors the plight of many others who not only lost money, but also risked the relationships they valued most.
One of the victims, who requested anonymity, revealed that he had invested his entire retirement benefits from the bank into the scheme. “My initial plan was to use the profits from the investment to start a business,” he said, his voice heavy with regret. “I even encouraged my wife to do the same. She invested $7,000 in the scheme. Now, we are ruined. Everything we laboured for is gone. I regret putting my life savings into this, and even more, I regret convincing my wife to do the same. We’ve lost it all.”
Another investor, Olaoluwa Adebayo, shared a similarly painful experience. He had returned to Nigeria from the United Kingdom with plans to start a business and invested $15,000 into the scheme. According to him, he was initially sceptical, especially since he had experience trading forex while in the UK. “I didn’t believe in the scheme at first,” he said. “But a friend of mine withdrew $11,000 from it right in front of me. That convinced me it was real, so I decided to invest before starting my business. Now, everything is gone.”
He said, “I invested with 15000 US dollars after my return from the United Kingdom and the money was meant to start up business here in Nigeria but I decided to invest in the scheme first before starting the business, at first I didn’t believe in the scheme because I also trade in forex but I invested in it after my friend here in Nigeria withdraw 11000 US dollars from the scheme in my presence. So, this convinced me and invested 15,000 dollars on it, I withdrew my money before investing the money back on the scheme, but sadly our money is gone.”
Early looting
Shortly after rumors of the platform’s impending collapse spread among investors, hundreds of aggrieved individuals stormed the company’s office in Oke Ado, Ibadan, looting everything in sight. Eyewitnesses said the chaos erupted earlier in the day when a group of unidentified persons forcibly entered the premises of CBEX, which occupies a floor in the two-storey building, and began carting away valuable items.
A viral video circulating on social media captures the moment people were seen hauling items out of the building while stunned bystanders looked on in disbelief. Residents described the scene as chaotic and surreal, with some saying the looting began abruptly and escalated rapidly before security operatives could arrive. “I was just returning from the market when I saw people rushing into the building and coming out with things. It felt like a scene from a movie,” recounted a local trader.
As news of the looting spread, security operatives were swiftly deployed to the scene to safeguard lives and property. At the time of this report, the police have taken full control of the CBEX office complex in Oke Ado, Ibadan, in a bid to prevent further destruction and theft by enraged investors. A police source confirmed that the action was necessary to forestall additional looting of equipment and to restore order.
Regulatory gaps
One of the affected investors, an entrepreneur who requested anonymity, described the CBEX debacle as a glaring indication of the regulatory shortcomings in Nigeria’s financial ecosystem. While acknowledging that the Securities and Exchange Commission (SEC) has repeatedly warned the public about unregistered investment platforms, he criticized the agency’s lack of aggressive enforcement.
He noted that although the newly signed Investment and Securities Act (ISA) 2025 provides the SEC with broader powers to clamp down on fraudulent schemes, the legislation has come too late for CBEX investors. He called on all relevant regulatory bodies to urgently bridge the gap between policy and enforcement, stressing that more proactive oversight could prevent future financial scams. In his appeal to the public, he emphasized the importance of financial literacy and urged Nigerians to be wary of schemes that promise guaranteed returns. “We must learn to question what looks too good to be true. Financial education is key to protecting our future,” he said.
EFCC wades in
The Economic and Financial Crimes Commission (EFCC) has since launched a full-scale investigation. Speaking on Channels Television’s Morning Brief on April 16, 2025, EFCC spokesperson Dele Oyewale said the agency had been tracking CBEX before its collapse. “We didn’t wait for Nigerians to cry out before we took action,” he said, revealing that the EFCC had been gathering intelligence on the platform for some time.
The commission is now probing what it describes as a N1.3 trillion fraud, working with Interpol to go after both local and international perpetrators. “We had our intelligence before the incident,” Oyewale reiterated. He pointed to a March 11, 2025, advisory that listed 58 suspected Ponzi schemes—though CBEX was conspicuously missing from the list.
Still, Oyewale struck an optimistic tone for victims. “Investors are going to get their money back,” he assured, citing provisions in the newly enacted Investment and Securities Act (ISA) 2025, which criminalises unregistered digital trading platforms. With the ISA 2025, it’s straightforward—we will bring them to justice,” he said, emphasising collaborations with international law enforcement, the Securities and Exchange Commission (SEC), and the Central Bank of Nigeria (CBN).
In a continent grappling with over 20 per cent of the global disease burden but just 1 per cent of healthcare resources, a bold initiative is reshaping Nigeria’s health sector. In Lagos, Avon Medical Practice has unveiled a cutting-edge 50-bed hospital—a powerful blend of vision, private-sector leadership and compassionate care. This modern facility signals a new era of healthcare delivery in Nigeria, reports Associate Editor ADEKUNLE YUSUF
The reality is sobering. Africa shoulders over 20% of the global disease burden, yet it has access to just 1% of the world’s healthcare resources. Nearly half of the continent’s population lacks access to quality healthcare, and only 3% of global health workers are available to serve them. In Nigeria, the situation is even more pressing, with chronic shortages of doctors, inadequate hospital beds and paucity of modern medical equipment—an already strained system now further weakened by the relentless brain drain of its healthcare workforce.
But beyond the grim numbers lies a powerful movement—a growing wave of innovation, commitment and private-sector leadership is beginning to reshape the continent’s healthcare narrative. Nowhere was this more evident than on a bright Monday morning in Lagos, where Avon Medical Practice, a subsidiary of Heirs Holdings, officially unveiled a state-of-the-art, 50-bed medical facility in the heart of Nigeria’s commercial capital. For many, it wasn’t just a ribbon-cutting ceremony—it was a clarion call to reimagine the future of African healthcare.
The newly opened facility—equipped with a Dialysis Centre, Diagnostics Unit, Maternity and Paediatrics Wards, and more—is more than bricks and mortar. It is a testament to what can be achieved when vision, investment, and empathy come together to address one of the most pressing challenges of our time. Commissioned by the Governor of Lagos State, Mr. Babajide Sanwo-Olu, the launch drew a crowd of government dignitaries, medical professionals, business leaders, and media representatives. Governor Sanwo-Olu, visibly impressed, described the facility as “a bold statement of what is possible when vision meets investment and commitment.”
“This is not just another building,” he said. “It is a symbol of what we can achieve when the private sector takes initiative in solving real human problems. Healthcare delivery cannot rest solely on the shoulders of the government. What Avon Medical has done here is admirable and commendable.”
From one clinic to a healthcare network
The event also featured a heartfelt keynote address by Dr. Awele Elumelu (OFR), Chairperson of Avon Medical Practice, who traced the organisation’s inspiring journey from a modest single-site clinic in 2009 to a nationwide network of hospitals and workplace clinics. She painted a vivid picture of purpose-driven growth—rooted in compassion—that has culminated in a full-service facility with a Dialysis Centre, Diagnostics Unit, and dedicated Maternity and Paediatrics Wards. “This is a particularly emotional moment for us at Avon Medical,” Dr Elumelu said. “It is a moment of pride and deep fulfilment. We started this journey 16 years ago with a simple but powerful belief: that world-class healthcare should not be reserved for the wealthy or privileged few. It should be accessible and affordable for everyone.”
She reflected on the challenges that initially inspired the founding of Avon Medical and its sister organisation, Avon HMO—Nigeria’s overstretched public hospitals, outdated medical infrastructure, and the inability of millions to access timely, quality healthcare. It was a deep concern for these systemic gaps, she explained, that sparked the vision to create accessible, modern, and compassionate healthcare solutions for Nigerians. “We could not look away. So, we decided to do something about it,” she said. “We built Avon Medical to deliver excellent care, and Avon HMO to make that care financially accessible. That combination was deliberate—because access without affordability is no access at all.”
Governor Sanwo-Olu echoed her sentiments, reaffirming his administration’s commitment to partnering with visionary organisations that share the goal of strengthening Lagos State’s health infrastructure. He highlighted recent milestones, including the construction of five Mother and Child Hospitals across the state, the soon-to-be-completed Mercy Children’s Hospital, and the ground-breaking 1,000-bed Mental Health Institute in Ketu-Ejirin—poised to become the largest facility of its kind in Sub-Saharan Africa. “We have prioritised healthcare in our budgeting. Between 8 to 10 per cent of our state budget annually goes to health, because we know that a healthy population is the bedrock of a thriving economy,” the governor noted.
He praised Avon Medical’s investment as “patient capital”—the kind that measures success not only in financial returns but also in lives saved and dignity restored. “We need more of these thinking— investors who are not just looking for what to take from the country, but what to give. We can’t solve our health challenges through public funding alone. We need the private sector to step up, and Avon Medical has done just that,” the governor said.
At the core of Avon Medical’s philosophy is Africapitalism—a development model that places the private sector at the centre of solving Africa’s biggest challenges, championed by the Heirs Holdings Group and its founder, Mr. Tony Elumelu (CFR). Located in Lagos, the facility will serve as a central hub for Avon Medical’s expanding network—a powerful embodiment of their vision to create a healthcare system that leaves no one behind. Dr. Elumelu reinforced this theme: “We believe the private sector must play a central role in solving the continent’s most pressing problems. We’re not just here to generate profit. We are here to create lasting impact.”
While Africa’s healthcare statistics are daunting, Dr. Elumelu reminded the audience that behind every data point lies a human story. “These are not just numbers. They are stories. They are lives. Far too often, they are the lives of women and children,” she said. Her voice quivered with emotion as she envisioned the mothers who would now have safe deliveries, the children who would get early diagnoses and the families who would finally receive the care they deserved. “This facility means more women will receive the maternal care they need. More children will get life-saving diagnoses. More families will have access to the care they deserve.”
Nigeria currently loses over $2 billion annually to medical tourism—a figure that Governor Sanwo-Olu described as both “painful and unsustainable.” “We must reverse that trend,” he said. “Let us build facilities we can trust. Let us create a system where our people, including our medical professionals, choose to stay—because they see hope, opportunity and dignity at home.”
Dr. Elumelu agreed, saying that one of the long-term goals of Avon Medical is to restore faith in Nigerian healthcare—faith that has been eroded over decades. “To the patients who will walk through the doors of this facility, we say this: We are here because of you. Your health matters to us.”
She concluded her remarks by applauding the dedication of the Avon Medical team and the unwavering support from public sector partners, notably the Lagos State Ministry of Health. “This day belongs to our clinical and non-clinical teams, who show up every day with steadfast commitment to our mission. We also express our gratitude to our government partners for creating an environment where such collaborations can thrive.” Addressing the patients who will soon enter the new facility, she offered a simple yet powerful promise: “We are here because of you. Your health matters to us.”
Government and private sector in sync
Chairman of Heirs Holdings, Mr. Elumelu, addressed the gathering and applauded the spirit of collaboration that brought the project to fruition. He also acknowledged the vital support provided by the Federal and State Governments, as well as by healthcare institutions, noting that their collective contributions are instrumental in strengthening the healthcare system. “In particular, I must commend the Lagos State Governor for the truly outstanding support he has extended to the health sector,” he said. “We all witnessed how the system held up during the COVID-19 pandemic—an indication of robust structures and proactive leadership.”
He also underscored the sacrifices made by public officials, noting that Governor Sanwo-Olu had just returned to Nigeria yet prioritised attending the commissioning of the hospital. “That level of commitment can only come from a governor who truly understands and values the critical role of healthcare,” Mr. Elumelu said. “Healthcare is not just about treating illness; it is foundational to creating wealth and driving sustainable progress.”
“At the helm of this response were dedicated officials, including the governor and Commissioner of Health, who gave us hope during a difficult time and have remained committed ever since. In fact, the governor just returned to the country yesterday to be here today—an act that speaks volumes.
“I also want to thank His Excellency and the State Executive Council. Despite a scheduled meeting on Monday, he adjusted his plans to be physically present here. That level of commitment can only come from a governor who truly understands and values the critical role of healthcare. Healthcare is not just about treating illness; it is foundational to creating wealth and driving sustainable progress. On behalf of all of us, I say thank you, Your Excellency.”
As guests toured the facility following the ribbon-cutting ceremony, it was evident that every detail—from the thoughtfully designed wards to the state-of-the-art medical equipment—had been meticulously planned to promote healing, comfort, and dignity. The ambience evoked a sense of care and purpose, ensuring that patients would receive treatment in a space that blends modernity with human warmth. Dr. Akinbiyi Gabriel Oke, Chief Executive Officer of Avon Medical Practice, characterised the new facility as “another bold step” in the organisation’s mission to make high-quality medical care accessible to all Nigerians. “This facility combines clinical expertise with empathy and innovation,” he declared. “It’s a modern and welcoming space where access to high-quality medical care is not a privilege but a fundamental right.”
Dr. Oke took the opportunity to reaffirm Avon Medical’s commitment to expanding its footprint across Nigeria, emphasising the organisation’s long-term vision of reaching underserved regions where access to healthcare remains a daily struggle. “Our mission is rooted in the belief that quality healthcare should not be limited by geography or socioeconomic status,” he added, urging stakeholders to consider this facility as a model for future initiatives.
While Africa continues to grapple with significant healthcare challenges, the launch of this new hospital stands as a testament to the transformative power of vision, investment and community leadership. This project, driven by an unwavering commitment to the well-being of local communities, demonstrates that sustainable solutions are not a distant dream—they are unfolding here and now. The story of this facility transcends mere bricks and budgets; it is a narrative about people. It represents a turning point in the way healthcare is delivered on the continent, rewriting the story of a region too long side-lined in global health conversations. As the crowd gradually dispersed and the first patients began to walk through the doors, it became clear that every life touched in this hospital would help write a new chapter—one defined by hope dignity, and a future where high-quality care is within everyone’s reach.
The Central Bank of Nigeria (CBN) has reported a substantial improvement in its Net Foreign Exchange Reserve (NFER) position as of the end of 2024, signalling enhanced external liquidity, a reduction in short-term obligations, and a revival of investor confidence. At $23.11 billion, the NFER is the highest it has been in over three years, providing the economy with greater resilience to withstand external shocks. Additionally, the CBN has opened multiple channels to bolster forex inflows, ensuring adequate liquidity while fostering a stable, transparent, and efficient foreign exchange market, writes Assistant Business Editor COLLINS NWEZE.
Transparency and compliance are fundamental factors that determine the success of the foreign exchange (forex) market worldwide. In the forex market, transparency is essential in ensuring effective regulation, while operators must adhere to the regulatory guidelines established by central banks.
In the case of Nigeria, these principles were effectively demonstrated when, last week, the Central Bank of Nigeria (CBN), under the leadership of Olayemi Cardoso, announced a significant improvement in the country’s foreign exchange reserves, reaching $23.11 billion by the end of the previous year. Upon assuming office in October 2023, Cardoso prioritised reforms aimed at rebuilding Nigeria’s economic buffers and bolstering its financial resilience. In the forex market, the apex bank had to confront a backlog of over $7 billion in unfulfilled commitments and a fragmented exchange rate system characterised by multiple forex rates. This situation had created an environment rife with arbitrage opportunities, undermining the market’s stability.
This fragmented forex regime hindered the inflow of much-needed foreign investment and contributed to the depletion of Nigeria’s external reserves, which fell to $33.22 billion by December 2023. “Over the past year, we have undertaken critical reforms to unify Nigeria’s exchange rate, eliminating distortions and restoring transparency. This unification has enabled us to clear the outstanding foreign exchange obligations, giving businesses—ranging from manufacturers to airlines—the confidence to plan and invest in the future. To further enhance the functionality of the foreign exchange market, we are introducing an electronic FX matching system, which has proven effective in other markets,” Cardoso said.
Surge in net FX reserve accretion
According to data from the CBN, the Net Foreign Exchange Reserves (NFER) reached $23.11 billion, marking the highest level in over three years. This represents a significant rise from $3.99 billion at the end of 2023, $8.19 billion in 2022, and $14.59 billion in 2021. The NFER, which adjusts gross reserves by accounting for near-term liabilities such as FX swaps and forward contracts, is considered a more reliable indicator of the forex buffers available to meet immediate external obligations.
Additionally, gross external reserves increased to $40.19 billion, up from $33.22 billion at the close of 2023. This surge in reserves reflects a combination of strategic measures taken by the CBN, including a deliberate and substantial reduction in short-term foreign exchange liabilities, particularly swaps and forward obligations. The strengthening of Nigeria’s foreign exchange reserves was further driven by policy actions aimed at rebuilding confidence in the FX market and boosting reserve buffers. This was complemented by a notable increase in foreign exchange inflows, particularly from non-oil sources.
As a result, Nigeria now holds a stronger and more transparent reserves position, which better positions the country to withstand external shocks. This expansion occurred while the CBN continued its efforts to reduce short-term liabilities, further improving the overall quality of the reserve position. “This improvement in our net reserves is not accidental; it is the outcome of deliberate policy choices aimed at rebuilding confidence, reducing vulnerabilities, and laying the foundation for long-term stability. We remain focused on sustaining this progress through transparency, discipline and market-driven reforms,” Cardoso commented.
Reserves have continued to strengthen into 2025. While the first-quarter figures reflected some seasonal and transitional adjustments, including substantial interest payments on foreign-denominated debt, the underlying fundamentals remain solid. As a result, reserves are expected to continue improving throughout the second quarter of this year.
Looking ahead, the CBN said it anticipates a steady increase in reserves, a projection supported by higher oil production levels and a more favourable export growth environment. This is expected to boost non-oil foreign exchange earnings and diversify external inflows. The CBN said it remains committed to prudent reserve management, transparent reporting and macroeconomic policies that foster a stable exchange rate, attract investment and build long-term economic resilience.
Sustained liquidity boost for the FX market
Last week, the Central Bank of Nigeria (CBN) injected $197.71 million into the domestic foreign exchange market. The CBN highlighted recent movements in the forex market between April 3 and 4, noting that these fluctuations reflect broader global macroeconomic shifts currently impacting several Emerging Market and Developing Economies.
Omolara Omotunde Duke, Director of the CBN’s Financial Markets Department, explained that these developments stemmed from the recent announcement by the United States government of new import tariffs on goods from multiple economies. This has triggered an adjustment period across global markets. Additionally, crude oil prices have weakened, falling by more than 12% to approximately $65.50 per barrel, introducing new dynamics for oil-exporting countries like Nigeria.
“In line with its commitment to ensuring adequate liquidity and supporting orderly market functioning, the CBN facilitated market activity on Friday, April 4, 2025, with the provision of US$197.71 million through sales to Authorised Dealers,” the CBN said.
“This measured step aligns with the bank’s broader objective of fostering a stable, transparent, and efficient foreign exchange market. The CBN continues to monitor global and domestic market conditions and remains confident in the resilience of Nigeria’s foreign exchange framework, which is designed to adjust appropriately to evolving fundamentals,” it added.
“All Authorised Dealers are reminded to adhere strictly to the principles outlined in the Nigeria FX Market Code and to uphold the highest standards in their dealings with clients and market counterparties,” it further stated.
Diversifying FX sources to strengthen inflows
Foreign capital inflows remain a crucial driver in achieving both monetary and fiscal policy stability for the domestic economy. The CBN is actively cultivating additional sources of foreign exchange to increase dollar inflows and improve access for manufacturers and retail end-users.
Through various initiatives—such as efforts to boost diaspora remittances via new product development, granting licences to new International Money Transfer Operators (IMTOs), implementing a willing buyer-willing seller FX model, and facilitating timely access to naira liquidity for IMTOs—the CBN has streamlined dollar-inflow channels for FX dealers. These measures are designed to stimulate business activity and foster broader economic growth.
Aminu Gwadabe, President of the Association of Bureaux De Change Operators of Nigeria (ABCON), commended these policy shifts, highlighting the creativity, dedication, and hard work that Cardoso has invested in ensuring that more forex flows into the economy and remains accessible to businesses. He stated that diaspora remittances to Nigeria, estimated at $23 billion annually, continue to be a reliable source of foreign exchange for the domestic economy. Additionally, the CBN is exploring other sources and policies to sustain and increase dollar inflows.
According to him, the CBN’s initiatives have facilitated continued growth in foreign exchange inflows, aligning with the institution’s goal of doubling formal remittance receipts within the year. Remittances to the economy are expected to rise, driven by the CBN’s ongoing efforts to enhance public confidence in the forex market, strengthen a robust and inclusive banking system, and promote price stability—key factors for sustained economic growth.
Charlie Bird, Director of Trading at Verto, noted that the dynamics of dollar liquidity have become more balanced, with foreign investors and airlines now able to repatriate funds with greater ease. Speaking at the Cordros Asset Management seminar titled “The Naira Playbook,” he highlighted that Nigeria has become a favored destination for foreign investors, thanks to improved dollar liquidity in the economy driven by the CBN’s positive reforms.
For example, the CBN, under the leadership of Cardoso, recently introduced two new financial products aimed at serving Nigerians living abroad and attracting more diaspora remittances. These measures, along with others such as granting licenses to new International Money Transfer Operators (IMTOs), implementing a willing buyer-willing seller FX model, and ensuring timely access to naira liquidity for IMTOs, are designed to further enhance foreign exchange inflows and strengthen the economy.
X-raying the revised IMTO guidelines
The Central Bank of Nigeria recently released revised guidelines for International Money Transfer Operators (IMTOs) in the country. These updated guidelines represent a significant shift in how IMTOs operate, reflecting the CBN’s ongoing efforts to enhance transparency and efficiency in foreign exchange transactions, while also strengthening diaspora remittances into Nigeria.
A subsequent circular titled “New Measures to Enhance Local Currency Liquidity for Settlement of Diaspora Remittances” underscored the apex bank’s commitment to improving Nigeria’s foreign exchange market infrastructure by increasing the flow of remittances through formal channels. The revised guidelines introduce measures designed to provide licensed IMTOs with access to naira liquidity from the CBN, facilitating the smooth disbursement of remittances to beneficiaries.
In a report analysing the circular, analysts at Duale, Ovia & Alex-Adedipe, a specialised law firm with experts in key areas of practice, noted that the guidelines allow IMTOs to process foreign remittance payouts through agents, designated as Authorised Dealer Banks (ADBs). These guidelines require IMTOs to formalize their relationships with ADBs by entering into contracts that outline the terms and conditions of their engagement. Moreover, IMTOs must notify the CBN whenever an ADB is appointed.
Additionally, IMTOs are required to receive foreign remittances into a designated account maintained with ADBs. The analysts explained that the designated account must be kept separate from any other accounts held by the IMTO. The guidelines mandate both ADBs and IMTOs to disburse foreign remittance proceeds to beneficiaries in naira. They clarified that payments can be made either through the beneficiary’s bank account with the ADB or in cash, with the caveat that cash withdrawals must not exceed $200. If a beneficiary does not hold an account with the IMTO’s ADB, the ADB will credit the beneficiary’s account at another bank. Importantly, the guidelines prohibit IMTOs from purchasing foreign exchange from the domestic market to settle funds for their customers.
A key significance of the circular is the introduction of measures that enhance IMTOs’ access to Naira liquidity, ensuring the timely settlement of diaspora remittances. Eligible IMTOs can now directly access the CBN window or utilise their ADB to conduct transactions involving the sale of foreign exchange in the Nigerian market. This enables IMTOs to purchase Naira directly from the CBN or through their ADBs for settling remittances, thereby improving local currency liquidity. This contrasts with what was obtainable under the guidelines as emphasised above. To ensure effective implementation of the Circular and to promote transparency and accountability in the Nigerian foreign exchange market, the CBN established that transactions executed and confirmed before noon on a trading day are eligible for same-day settlement. This aims to expedite the process for all participants, including remittance beneficiaries.
The apex bank also directed that foreign exchange will be converted at the prevailing Nigerian Autonomous Foreign Exchange Market (NAFEM) rates, as referenced by a recognised market benchmark. Also, IMTOS and ADBs must submit daily regulatory returns to the CBN, detailing all relevant information on the sources of funds while eligible IMTOs must confirm their ADBs and provide standard settlement instructions to ensure smooth implementation of the new measures.
Analysts said the circular remains a significant advancement in ensuring foreign exchange liquidity in Nigeria. By granting IMTOs direct access to obtain naira through the CBN window or through ADBs and implementing strict regulatory and reporting requirements, the CBN aims to enhance the efficiency and operations of IMTOs in the Nigerian market. These measures will streamline remittance flows, ensuring that funds move swiftly and securely through official channels.
All eyes on diaspora remittances
As part of its efforts to boost diaspora remittances and support naira stability, the CBN recently announced the introduction of two new financial products designed to serve Nigerians living abroad. The Non-Resident Nigerian Ordinary Account and the Non-Resident Nigerian Investment Account was created to streamline remittances, encourage investments, and foster financial inclusion among Nigerians in the diaspora. It said, “The Central Bank of Nigeria is pleased to inform the general public of the introduction of the Non-Resident Nigerian Ordinary Account and Non-Resident Nigerian Investment Account targeted at Nigerians in diaspora.”
The initiative is also expected to provide a secure and efficient platform for managing funds and investing in Nigeria’s financial markets. Since the beginning of this year, eligible NRNs have continued to get the opportunity to own any of the Non-resident Nigerian accounts. The Non-Resident Nigerian Ordinary Account was designed to facilitate remittances by allowing non-resident Nigerians to remit foreign earnings into Nigeria and manage funds in foreign currency or naira. Deposits from sources such as salaries, allowances, and dividends are supported, alongside spending on family maintenance, education, and healthcare.
On the other hand, the Non-Resident Nigerian Investment Account provides an opportunity for NRNs to invest in Nigeria’s financial markets, including foreign currency-denominated bonds, fixed deposits, and local assets like equities, government securities, and mortgage products. The CBN explained that both accounts offer currency flexibility, enabling holders to maintain balances in either foreign currency or naira. Account holders will also be able to convert funds between the two currencies at prevailing exchange rates through authorised dealers.
The Non-Resident Nigerian Investment Account, in particular, was structured to promote investments in Nigeria’s financial instruments, such as the Diaspora Bond, and encourage active participation in the country’s economic development. The CBN said the introduction of these accounts will harness the economic potential of Nigerians in the diaspora by boosting remittances and fostering investments in critical sectors. These and other measures, including the granting licences to new International Money Transfer Operators (IMTOs), implementing a willing buyer-willing seller model, and enabling timely access to naira liquidity for International Money Transfer Operators (IMTOs).
President, Association of Bureaux De Change Operators of Nigeria, Dr. Aminu Gwadabe, explained that diaspora remittances are a crucial source of foreign exchange for Nigeria, supplementing both foreign direct investment and portfolio investments. He CBN’s initiatives have supported continued growth in these inflows, aligning with the institution’s objective of doubling formal remittance receipts within a year. According to Gwadabe, remittances in the economy are expected to increase based on CBN’s ongoing efforts to bolster public confidence in the foreign exchange market, strengthen a robust and inclusive banking system, and promote price stability, which is essential for sustained economic growth.
In a report: “Diaspora remittances: The power behind Africa’s sustainable growth,” Regional Vice President of Africa at Western Union, Mohamed Touhami el Ouazzani, said remittances may be measured through the movement of money, but their real impact is measured in lives changed. He disclosed that in 2023 alone, $90 billion flowed into Africa from its global diaspora, an amount that rivals the Gross Domestic Product of entire nations. He said that remittances symbolise deep ties that keep communities connected across borders. “Families with a breadwinner working abroad depend on these funds to provide vital support for day-to-day needs. They also build the foundation for broader financial stability.
“Beyond their immediate impact, remittances are powerful drivers of economic change. They fuel infrastructure development, spur entrepreneurship, and promote financial inclusion – all essential for long-term economic development. Ghana’s National Financial Inclusion and Development Strategy (NFIDS) is simplifying access to remittances, while countries like Kenya, Ethiopia and Nigeria are tapping into diaspora bonds to fund infrastructure and other national projects,” he added.
For remittances to be truly transformational, it begins with understanding and meeting people’s aspirations. Ensuring individuals who strive for more can send and receive funds, regardless of their financial status, is crucial. We must cater to diverse needs. “In a continent renowned for its entrepreneurial spirit, offering multiple channels for remittance access is key. Whether through bank accounts, digital wallets, mobile money apps or cash pickups, this flexibility ensures that funds are delivered in ways that best suit local realities. Providing innovative and inclusive solutions empowers individuals to not only manage their immediate needs but also to invest in long-term growth opportunities,” he added.
According to him, every remittance is a seed of change – a deliberate investment in a future where borders blur. “The future of remittances in Africa transcends mere financial support. By strategically directing funds into sectors that need them most, Africa’s diaspora is not just sending money home; they are building resilient economies and challenging traditional models of progress. This power demands that we unite with purpose, reimagine prosperity and empower future generations. The question then becomes whether we are prepared to unlock the continent’s true potential and reshape the global narrative of success,” he stated.
The Police in Ekiti State yesterday arraigned 50-year-old Ladan Abubakar before an Ado-Ekiti Chief Magistrates’ Court over alleged unlawful cattle grazing.
The defendant of no fixed address is standing trial on a one-count charge of unlawful grazing of cattle.
The police prosecutor, Insp. Akinwale Oriyomi, told the court that the defendant committed the offence on April 1 at about 07:30am at Ewu-Ekiti.
The Bauchi State Police Command has arrested a 50-year-old man, Umar Sule, for allegedly raping and impregnating his 17-year-old biological daughter in Kurmi Ado village, Ganjuwa Local Government Area.
Spokesman of the Command, SP Ahmed Wakil, confirmed the arrest, stating that the command acted promptly upon receiving the report.
According to him, “Upon receipt of the report, a team of detectives was assigned to conduct a discreet investigation and arrest the accused.
Wakil said that during interrogation, the defendant willingly admitted his wrongdoing, adding that a medical report revealed the suspect had molested her on different occasions, culminating in her three-month-old pregnancy.
Wakil further disclosed that the victim, during her interview with the police, confirmed her father’s confession.
She narrated that the abuse occurred while her mother was away visiting her family in Burra village, Ningi Local Government Area.
Her father allegedly took advantage of the mother’s absence to repeatedly rape her.
“Upon the return of her mother, she observed that the girl was pregnant and asked her who was responsible. The victim then revealed that it was her biological father,” Wakil added.
He said the Commissioner of Police, CP Sani-Omolori Aliyu, had directed that the case be charged to court after the completion of investigation.
• Three armed robbers killed, 21 AK-47 rifles recovered
Operatives of the Kaduna State Police Command’s Anti-Kidnapping Unit, in conjunction with the Office of the National Security Adviser (ONSA), has rescued 17 victims who were abducted on March 3 at Sarkin Pawa, Niger State.
They are Williams Ubadia (15), Samuel Ezekiel (15), Duza Ezekiel (13), Ishaku Ishaya (12), Sunday Ezekiel (8), Jessy Friday (6), Rebecca Ezekiel (32), Jummai Ishaya (32), Terriza Friday (30).
Others are Alice Ezekiel (35), Victoria Ishaya (32), Blessing Ezekiel (20), Gloria Ubadia (13), Gift Ubadia (10), Charity Ezekiel (9), Alheri Ishaya (5), and, Favour Ezekiel (1).
The police said they had been taken to the Police Clinic in Kaduna for treatment.
In a statement yesterday, the Force Public Relations Officer, Assistant Commissioner of Police Olumuyiwa Adejobi said on April 9, operatives of the Kaduna State Police Command’s Anti-Kidnapping Unit, in conjunction with the Office of the National Security Adviser (ONSA), rescued the victims.
On the same day, he added, operatives intercepted a commercial Volkswagen Sharan at the Kawo Central Motor Park in Kaduna and discovered 21 AK-47 rifles in the vehicle.
A suspect, Jamilu Suleiman, a27, resident in Rafin Guza, Kaduna, was arrested. He said he was instructed by a union member to deliver the firearms to someone in Kaduna.
Also, Adeyobi added, on the same day, too, the Police Command got distress call that Doggi Farm on Kaduna–Abuja Expressway was being robbed.
The Divisional Police Officer (DPO) of Tafa Division mobilised a patrol team to the scene and engaged a gang of about 30 armed robbers, who had invaded the premises, in a gun battle. Two of the robbers were killed, while others fled.
Two of them who were injured were apprehended and taken to Umaru Musa Yar’Adua Memorial Hospital, Sabon Wuse, but one of them died.
Emmanuel Abbah, a young graduate of Physics from Ahmadu Bello University, Zaria, was on his way home from work in Abuja’s city centre when he was caught in the devastating auto crash that claimed numerous lives and left many vehicles burnt on Karu Bridge. Speaking from his hospital bed in this interview with DELE ANOFI, Abbah recalled his harrowing escape. With his wrist barely attached and a leg broken, he described his survival as nothing short of divine intervention.
How did you get involved in the accident?
I was coming from my office in the Central Area and boarded a private car at Central Mosque Junction with other passengers. It was a private car driven by someone returning from work who decided to pick up extra passengers. There were seven of us in the car, including the driver. There were two people with the driver in the front seat and four people in the back seat. We were all headed to Mararaba.
We ran into a traffic jam at the Kugbo Mechanic area, near Karu Bridge. It was a usual occurrence because of the diversion leading to Karu. In that hold-up, we heard a sound—a Dangote trailer carrying cement and bricks from behind was hitting the cars. The rest of us in the middle and front of the hold-up were thrown into panic. The drivers started looking for an escape route, and the atmosphere was chaotic.
In the midst of this, a gas tanker was in the middle of the traffic. Some cars, including the one I was in, were hit when my driver, in a bid to find a way out, ran under the tanker. That is how our vehicle was crushed. Other cars were also hit by the tanker, resulting in a fire outbreak.
Can you recall how the fire began?
Yes, my car caught fire before the tanker did. Because as our driver was trying to also find an escape route, we ran under a tanker and then we were also hit. Our car caught fire almost immediately. As the chaos subsided, our vehicle landed on one side, almost tumbling, and I struggled to get out. The car was already on fire before the tanker started burning as well. It took about five to ten minutes before the first explosion of the tanker occurred.
In the moment you were struggling to escape the fire, what was running through your mind?
Initially, I was thanking God for sparing my life, but I was terrified because I felt my life was running out. I felt the person next to me because I was in the middle. The person beside me on the left was not struggling or doing anything. He was lifeless already. The two people by my right were also not moving again; they were just there.
So, coming out, I practically fell out of the car because the door was closed. And coming out, I saw that I was the only one who came out. Then I saw the front door, the glass was broken. One person was also struggling to come out through the broken windshield. Seeing all this, I was conscious of the fact, and I was like wow, so this is how brief and how short life is; just in a twinkle of an eye, people are gone.
So the struggle was continuous until I could leave the scene. That was why I had to put a lot of energy to roll from that place, because my hand and my leg were already fractured coming out of the car, but I just did not give up. How God did it, I don’t know.
All I know is that He gave me that courage to continue to struggle to get out of the place with my broken arm and leg. Whenever I remember that our car ran under the trailer, caught fire and the truck exploded moments later, I just shudder.
That sounds horrifying. What happened next?
I finally managed to force my way out, even though my hand and leg were fractured. My broken left wrist was just hanging there. I struggled to cross the road and called for help. Passers-by eventually came, although many were reluctant due to the fire, and some were confused about who to help first.
I saw a man lying in a gutter, he was in the same car as me, and we became the only survivors in that vehicle, along with the driver. They tried to drop me in the gutter, but I begged them to help me cross the road to the other side. During that time, the first explosion occurred. They dropped me and ran for their lives.
After that, I continued to beg for help and one man eventually came to my aid and dragged me forward again. It was during this time that the second explosion occurred, and those that were running told me that one of the men that helped me earlier caught fire from the explosion and died. It was then I asked the man who was still with me to call my friends and family.
Other survivors also used my phone to make calls to their friends and families. I even heard some Muslim fellows among us begging for water to break their fast, despite the injuries and chaos.
How did you eventually get rescued?
After I managed to go over the barrier, crossing the road became another challenge. The passersby were reluctant to come around because of the fire they saw. And some who were willing to come were confused. Who do they attend to first seeing people struggling to come out of the cars and then those of us who were sitting down or lying down begging for help? But eventually, some of the passersby helped me to cross the road.
About 10 minutes later, I heard sirens and saw the fire service and road safety officials arriving. My friends eventually came, and people began identifying and rescuing victims. I was carried close to the road and put into an ambulance. In the ambulance, they prioritised the living, leaving those who were beyond help. There was a conflict about which hospital to go to—Nyanya was blocked and Customs Hospital was feared to be overcrowded. Eventually, they agreed on National Hospital, and they rushed us there.
What was your experience at the National Hospital?
The treatment at National Hospital was good overall. Doctors and nurses were kind and caring, though the process was slow due to bureaucratic protocols. They asked who would be responsible for the bills, as they heard the government might cover some costs. I was informed that the hospital would discuss with management to fix a date for my surgery. Despite the delays, I appreciate the care I received.
What would you say about the response of the first responders to the accident scene?
Well, regarding the response of the road management authorities, I would say they can do better. But I cannot totally fault them or put the entire fault on them. This is because I could see with my eyes that day that the attitude of Nigerians is just totally strange. In a scene like this, you see some Nigerians who, instead of helping, people are just making videos to post. They were just not challenged, totally unconcerned and going about their things.
Again, as some good Samaritans were trying to help me cross the road, you could see people trying to speed past because of fire. They were not even slowing down to see if they could help victims of the accident. One of them almost even hit us, though the whole road was actually jam-packed. So, even if Road Safety, Fire Service or Police were to come quickly to respond, where would they follow?
So, in a chaotic situation such as this, you would see that it is not just the problem of the institutions; it is the Nigerian attitude. But they tried that night. They tried their best. Although the response was slow, I will not totally fault them, as I have said. In all of this, I give glory to God. If not for God, something worse would have happened.
Reflecting on the incident, what advice would you give to prevent such tragedies?
Do you know that the next day (Thursday, last week), another Dangote trailer carrying rice also fell on that road? Some of the victims were rushed here that same day and by Friday, one of them died. I believe that heavy-duty trailers and equipment should only move at night when fewer people are on the road. There was a policy to ensure they move at night or park by the roadside, but it was not enforced properly.
Our road users need education on how to behave in such emergencies so that panic does not cause more harm. Agencies must strictly enforce these regulations and educate drivers to prevent such tragedies.
All I can do is give all the glory to God. Without Him, something far worse would have happened. I hope the accident can help bring about changes to prevent such tragedies in the future.
Nigerian oil firm is currently battling an energy company based in Dubai, the United Arab Emirates to recover a whopping sum of N3 billion it paid the foreign-based company for delivery of an imported petroleum product.
The deal for the importation of AGO, which Esscom Petroleum and Gas Limited owned by a Nigerian businessman, Dr. Abiola Adeworan; however turned into an alleged case of obtaining by false pretenses on the part of the international oil company.
Adeworan said although the oil vessel came to Lagos, it refused to discharge the petroleum product before returning to Europe.
It all began around February, 2024 when the Dubai-based company, Harka Energy DMCC, approached three Nigerian oil trading companies, offering them AGO to be delivered to their respective terminals at the prevailing international oil prices. It named a Nigerian based company, Pentium AG West Africa as its local subordinate in Nigeria.
The three companies issued their respective Bank Guarantees to the cumulative tune of over N50 billion to Harka Energy DMCC with the condition that upon the arrival of the vessel at the terminals, their respective banks would make payments to Harka.
In May 2024, Harka announced to the Nigerian companies that a vessel, MT CAPOEIRA, had loaded 56,000 MT of AGO from Europe and was on its way to Lomé, Togo. It said the vessel would arrive offshore Lomé on May 31, 2024.
In line with standard practice in the oil industry, the companies tracked the vessel through the AIS system and confirmed that it was truly on the way to Lomé. They then made plans to secure the storage terminals in readiness for the vessel’s arrival.
They also requested for the cargo documents to enable them notify the relevant authorities in Nigeria.
Harka provided the companies with some of the cargo documents with a promise that the rest could be obtained from the vessel upon its arrival in Nigeria.
The vessel arrived at Lomé on the expected date and Harka requested Esscom Petroleum & Gas Limited to help secure inward clearances into Lomé, which the company promptly did by nominating a shipping agent in Lomé to handle the inward clearance at a cost of about 9,000 euros.
Upon its arrival in Lomé, the shipping company notified the Nigerian companies that it needed to sell some of the product to some companies in Lomé, the capital of Togo, after which they would proceed to Lagos to discharge to the terminals as earlier agreed.
After weeks of delay in Lomé, Harka demanded another upfront payment of the sum of $200,000 to immediately take care of some of the vessel’s expenses, which it said would be deducted from the product’s cost, Hence, Esscom Petroleum and Gas Limited made another payment of N300 million at the prevailing N1,500/$ exchange rate.
Afterwards, another request for funds was made to clear the vessel out of Lomé and proceed to Lagos. Again, the Nigerian company, Esscom Petroleum and Gas Limited, promptly made another payment of 9,000 euros, with the understanding that all of these payments would be deducted from the product cost when the vessel finally arrived in Lagos.
The vessel eventually sailed to Lagos, Nigeria on June 5, 2024, after spending about four weeks in Lomé.
Upon arrival in Nigeria, Harka Energy DMCC once again requested for inward clearance in Lagos, for which one of the Nigerian companies, Esscom Petroleum and Gas Limited, once again paid- a sum in excess of $100,000 as jetty fees.
Days after its arrival in offshore Lagos, the Nigerian companies – Esscom Petroleum and Gas Limited and others – demanded that the vessel should proceed to tank, but Harka came up with another demand for funds to the tune of $300,000 to further offset some vessel costs, which it said would be deducted from the cost of the product.
Esscom Petroleum and Gas Limited was again compelled to make the payment, after paying an initial $200,000 and with bank charges already in excess of N2 billion for all the three parties. At an exchange rate of N1,500/$, the additional $300,000 amounted to another N450 million, making it a total of $500,000 (N750 million) paid in cash to Harka Energy DMCC and another $200,000 (N300 million) spent in total for all the clearances, and bank charges in excess of N2 billion for the Guarantees issued to Harka.
After another four weeks of waiting for the vessel to berth, they eventually said they were not comfortable with berthing in a Lagos jetty and would be going back to Europe. The Nigerian companies including Esscom Petroleum and Gas Limited, then demanded a refund of all the payments that had been made before the vessel would return toEurope. But no refunds were made, while the vessel has since departed Nigerian shores.
Stalled legal bid to recover money
Although the owners of the vessel and Harka Energy DMCC gave a N3 billion bank guarantee, it was said that they failed to refund the monies collected (directly and through their agents/partners) for the shipment of the petroleum product.
Exasperated at the turn of events, Esscom Petroleum and Gas Limited approached the Federal High Court sitting in Lagos to recover the more than N3 billon it lost in the controversial deal.
In the suit no: FHC/L/CS/1228/2024, Esscom Petroleum and Gas Limited was the Plaintiff while MT CAPOEIRA, Harka Energy DMCC Ltd, PENTIUM AG WEST AFRICA LTD were joined as defendants/ respondents, and Polaris International L.L.C-FZ was intervener/ respondent.
The matter assumed an intriguing dimension while the suit was ongoing as Harka Energy DMCC claimed that all the monies collected from Esscom Petroleum and Gas Limited was paid to another company in Dubai known as Zillion Energy, who claimed to be the cargo owners, and that Harka Energy DMCC was its agent.
However, in the course of the court proceedings in Lagos, Nigeria, another company known as Polaris Internatonal L.C.C-FZ came forward and said both Harka Energy DMCC and Zillion were mere agents and they (Polaris) were the real owners of the cargo. Polaris International L.C.C-FZ subsequently joined the suit as intervener/respondents.
In the Writ of Summons dated 8th July 2024, the Plaintiff (Esscom Oil and Gas Ltd) sought an order of the Court to grant a possessory lien over the supply vessel-MT CAPOEIRA sued as the 1st Defendant, chartered by the 2nd and 3rd Defendants pending the payment of the sum of N300, 000,000 (three billion naira) being the losses and expenses incurred by the plaintiff because of the breach of the contract by the 2nd and 3rd defendants.
The plaintiff also asked for the payment of the sum of N3 billion being the total sum it spent on the contract between parties leading to the suit. Esscom Oil and Gas Ltd also demanded payment of 21 per cent interest per annum till judgment debt is finally liquidated.
Counsels to the defendants, Olufemi Atoyebi (for the first defendant) and Jude Odome (for the 2nd and 3rd defendants) however urged the court to dismiss the suit on the premise that it lacked the jurisdiction to hear the case bordering on simple contractual breach.
The defendants urged the court for an order to strike out the claim of the plaintiff in its entirety for want of jurisdiction, arguing, among others, that ‘’a simple contract for the sale and supply of goods (AGO) is not an Admiralty matter cognizable under the Admiralty jurisdiction of this Honourable Court.
‘’The 2nd Defendant being a limited liability company registered in Dubai, United Arab Emirates (UAE) with a registered office at 3106, Mazaya Business Avenue, AAT, JLT, P.O Box 341883, Dubai, United Arab Emirates, clearly outside the jurisdiction of this Honorable Court.”
In his ruling on February 2, 2025, Justice Musa Kakaki struck out the suit, noting that lack of jurisdiction affected the competence of the court in handling the matter.
‘’In the light of the above, I hold that the claims of the Respondent is related to the matters of simple contract, and the failure to endorse the writ renders it incompetent. Accordingly, this Court lacks jurisdiction to hear and entertain this suit.
“I find merit in the application and it is hereby granted as prayed and the suit struck out,’’ the judge said.
Responding to an inquiry sent to the parties involved via their email addresses on Tuesday March 4, the firm said to have brokered the deal, Zillion Energy, asked the reporter to channel the inquiry through his official email address and provide his means of identification before it could offer any response.
The firm wrote: ‘’Dear Olukunle, thank you for reaching out. We are happy to provide our side of the story.
“However, we have two conditions: Kindly send us your email from your official The Nation Newspaper email address.
‘’Additionally, please provide some form of identification for verification purposes. We look forward to hearing from you. Best regards.’’
The reporter’s official email address and scanned identity card were forwarded to the firm as requested and a reminder was also sent to the company at about 3.15 pm on March 12. Yet, no response has been received from the firm to date.
However, dissatisfied with the ruling, Dr. Adeworan said the court erred by wrongly dismissing the case as a breach of contract when it was an admiralty action, and declined jurisdiction.
He has therefore vowed to fight on to prevent Harka Energy and others from fleecing him and his company, Esscom Petroleum and Gas Ltd, of his hard earned money using the instrumentality of law to get justice over the matter by appealing the ruling at higher court of competent jurisdiction.
Explains why Americans, other foreigners are embracing Yoruba culture
Says no genuine Yoruba Oba would reject traditional rites
Widely acclaimed Ifa priest, Chief Ifáyẹmi Ọ̀ṣúndàgbonù Elebuibon, is a cultural ambassador, writer, poet, author and linguist. He bares his mind in this interview with GBENGA ADERANTI on various issues, including the challenges faced by his once popular TV programme Ifa Olokun Asorodayo, the discrimination suffered by his children on account of their faith and the wide opposition to the art of divination.
For a long time now you have not been featuring in films and your popular TV programme, Ifa Olokun Asorodayo, has been in hiatus. What has been responsible for this?
In those days, in the 1980s, the Nigeria Television Authority (NTA) used to televise Ifa Olokun Asorodayo. It had an annual budget for the programme. It was an NTA-sponsored programme, but later, some people misappropriated the funds for the programme. They therefore decided that instead of the government to continue sponsoring the programme, the NTA should look for sponsors to enable them do the programme.
Ifa Olokun Asorodayo was successful like many other TV series of that time.
Because of religion, a lot of companies and individuals who had interest were discouraged, saying why would they sponsor a traditional religion programme? Eventually, the programme was put to rest. But till today, everywhere I go, people still ask about Ifa Olokun Asorodayo, even abroad. I remember when some people met me at the airport, they said, ‘Ha, Baba, we used to watch you when we were young. How are we going to see Ifa Olokun Asorodayo again?’ So, Ifa Olokun Asorodayo remains popular till today.
What efforts are you making to revive it?
Well, the effort we are making is to appeal to the people not to be ashamed of their culture. I think the foreign religions right now are making people to be confused. If you look at it, here in Africa, we have been brainwashed by the foreign religions. Africans are not original; they are artificial. It is not limited to the people of Nigeria; all the African nations are confused about their culture. That is the problem. People are still willing to bring the programme back, but some are discouraged because of the foreign religions.
It appears that only few people are interested in Ifa and traditional religion. Are you not bothered that one day traditional religion could go into extinction?
Traditional religion and Ifa have strong roots, and it is very hard to uproot. People have been saying bad things about traditional religion for the past six decades, in the newspapers, on the television. But today, a lot of people appreciate traditional religion more than before.
I remember having a discussion with Ogbeni Aregbesola when he was the governor of Osun State. That was when he sponsored people to go to Cuba. I asked Ogbeni don’t you see that traditional religion practitioners are in the minority? He laughed and said Baba, don’t say that. Everybody you see in Muslim and Christian communities, they still partake in the traditional practices. You just see them like that; some of them still come to you. I said Ogbeni, you are right, it is true. You see lots of them, both Christians and Muslims, consulting traditional religion practitioners, making sacrifices for them. Those people are hypocrites.
Traditional religion will be difficult to uproot, it is not going to diminish. The efforts we are making is to educate all and sundry, to advise people to return to their place of origin. African people need to rediscover themselves if we don’t want to lose our identity. As Africans, we must embrace our culture – clothes, language, etc.
Africans have their own religion, but because we have been brainwashed, and if we continue to bear foreign names, it will not give us good identity. When you see a Chinese, you will know he is from China. When you see an Indian, you will see he is from India. They go about with their cultures, with their costumes, their names. African people bear foreign names in the name of religion.
In one of my poems, I wrote: ‘Kaje oruko anobi kan kole fun ni ni lada. Ka je oruko isami, kole gbe ni de alujono, ise owo olukaluku ni ti onikaluku kiri’, iwa eniyan lonse sababi eniyan (bearing the name of a foreign prophet does not make one’s life better, baptismal name will not take you to heaven, your handiwork makes you prosper, your character makes way for you). We need to stop the idea of promoting foreign religions for us to have our identity.
Is any of your children taking after you?
All my male children are into Ifa divination. Even some of my daughters are Ifa practitioners. They are in the United States, Brazil and the United Kingdom.
Was there any point in time that your children were treated with contempt as a result of their belief system?
There was a time some of my children were in school, wearing the bead of Ifa. The school said they did not want the children to wear the bead, and I had to go to the school authority and told them that the bead they were wearing were for their protection, it was also for their identity. African people have no identity. I asked the owner of the school, if you don’t want the children to wear bead, where are you from? Are you not an African? That motivated me to build a school, so that Christians and Muslims will no more be chasing our children out of schools.
I understand that all your children are well read. Could there be a reason for your interest in Western education?
All my children are university graduates. Education is very important, despite that I had no privilege of attending any formal school. But I had my education at home. My father refused to send me to school during the Universal Primary Education introduced by Chief Obafemi Awolowo. The reason that my father gave was that all those who went to school did not return home. They were converted to Christianity and Islam, and he did not want me to miss my road in life, because before I was born, he knew I was a child that was going to step into his shoes.
He refused to send me to school, but eventually, or fortunately, I was able to do the correspondence course at home. I wanted my children to have the opportunity. They have their master’s, they are working in the U.S. and U. K. now. I have a lawyer, I have a doctor. I give thanks to Olodumare.
Do you have any regret not going to the university?
What kind of regret do you mean?
I mean feeling bad for not having formal education like your other siblings…
Well, life is up and down. It may be sweet today and may be bitter tomorrow. We have different experiences. You may have money today and be broke tomorrow. But there are some incidents. Take for example when I wanted to produce ‘Ifa Olokun Asorodayo’ there were lots of challenges, disappointments. I wrote synopsis for it three times before it was accepted and produced. When the programme was on there were opposition and attacks from the Christians and Muslims.
At first, Ifa Olokun Asorodayo used to be transmitted on Sunday morning, 11 am. The Christians complained; they didn’t want anything to disturb their services. In fact, there were lots of people who were coming out of church to watch ‘Ifa Olokun.’ The late Moses Olaiya a.k.a. Baba Sala told me an experience. One of his uncles came out of a taxi, Baba Sala was on the balcony of his house in Yemetu, when he saw his uncle running out of a car. The man started shouting, ‘Dejumo (Baba Sala), tan plant (Dejumo on the generator).’ His uncle wanted to watch a programme, the man left the church.
Baba Sala was later to discover that the man left the church to come and watch Ifa Olokun Asorodayo. He saw me in the show and he told his uncle that I was his friend. He said he was never aware that I was doing the programme on TV. When Baba Sala saw me, he hugged me and he was so happy. He told me that his uncle had to leave the church to come and watch ‘Ifa Olokun.’
The Christians attacked the programme. They said they didn’t want it. They moved it to Friday, the Muslims protested again; they said Friday was their day, how do you want to do anything about Ifa? That was how they moved it back to Saturday. It was on Saturday for several weeks. We produced more that 500 episodes before it was laid to rest. Those were the challenges I saw, but I counted it as part of life.
Your father sent some of your siblings to school. Did you feel bad about it?
I did not even know what it meant not to have education when I was young. I was isolated because of my brothers going to school. But later, I had an opportunity to study where I went. Later, it was much clearer to me that my father was right because of the way people were being converted to Islam and Christianity in those days. My father was right.
It seems most of our traditional rulers are gradually distancing themselves from traditional rites. Some don’t even want to go into seclusion again while some have rejected orisa in their palaces. What do you have to say to this?
Those traditional rulers, I call them modern Oba, Oba awerende, Oba igbalode. Any reasonable Yoruba Oba must not be against his culture and orisa. The crowns that Obas wear, orisas are the owner of the crowns. So any reasonable Oba cannot do that. You are in Yorubaland, you say you are a Christian, are you an Israelite? You say you are a Muslim, are you an Arab? Arabs have their own traditional ruler. They have their own culture. They have their own way of life. Does it make sense for a reasonable Oba in Yorubaland to abandon his tradition and culture? It is not reasonable. Any Oba that does that is not reasonable. They are artificial Oba.
An original Oba is different from you and I; he is an Orisa (divinity). Any Oba who refuses to go into seclusion, who does not perform all the traditional rites to become a king is just an ordinary person. That is why they are being attacked. That is why they are being molested. You cannot molest a traditional Oba. When an Oba enters this environment, you will be shaking; you will feel his presence.
When you see an Oba that went through the traditional rites, you will know that they are powerful Obas. What do they do in seclusion? They go to teach you, transform you and make you a strong person in a traditional way. So what are you afraid of? It makes you stronger. It makes you to appeal to people. They teach you how to dance. There are several rooms in the palace that are dedicated to different things. If you say you don’t need all that, it is nonsense.
At your age, you are still strong and sharp, even your voice is sharper than mine…
(Prolonged laughter) I will attribute this to Eledumare. It is my family lineage to be like this at an old age. In Lagbabyi lineage, we grow old and neat. That is my mother’s lineage. Likewise my father’s lineage, Erese Ajisola. My lineage, both maternal and paternal lineage, they are artists. I think it is in the blood.
There is this urge among young men to make money through rituals. Is it true that ritual money exists?
Well there are many factors that might be responsible for youths of today getting involved in ritual money. There are lots of things wrong in the society. First, lack of contentment. Another factor is the way some people lavish money in public. Some people match on the naira. It is very bad. When some people see these, they ask where is this money coming from? I want to make money like this. It is very bad and our society needs to correct themselves.
When you are content with what you have, we cannot all be rich the same way. That is why they say fingers are not equal, you won’t go after ritual money. The government also needs to provide employment for the youth. There are many things wrong with our education. We need to do farming.
You should understand that not everyone that goes to school will be wealthy with salary money. Let them go and ask their ori (destiny). The idea of asking for the course of life a child will take is part of our culture. We punish ourselves by not doing that. Let the parents take their children to Ifa and ask what the child has come to the world to do. You can be a carpenter and be more successful than a politician if you are on the right path.
Is it true that a babalawo (herbalist) can make someone rich through rituals?
All those that claim they do rituals are not babalawos. When you see an authentic babalawo, you will not see them getting involved in some of these things. I have spoken in several interviews about ritual money. I normally say the ogun owo (medicine for wealth) there is, is work. That is when you wake up in the morning, go to your office and do your work. If you are a farmer, go to the farm and farm. That is ogun owo (medicine for wealth).
Another ogun owo is osole. That is when you want to enhance your wealth, you do that through favour. For example, if you are a business man, you have a store where they sell fabric or cement, and you want to make more sales, let’s say you sell 10 bags of cement every day. Calculate it in a month. If you want to sell more than that, you use awure, which brings more customers, therefore you get more money.
But by the time you want something, maybe this statue brings out money, that I don’t know. That is what some people are doing. I do say there are a lot of asewo (fake babalwaos) in our midst. There are some people from Ghana, from Bida, from Badagry that have mixed with our people; even some from the Middle East countries. They have brought their ways into our culture.
I tell people about some rituals some people do, doing smelling things. But I tell them the effect it gives people is bad once you violate what has been laid on. But nowadays you see people kill their wives for oso, cut hands and cut legs, it is not our culture. So that is it the ritual money that people are doing, which violates what our ancestors agreed on. We have ogun owo, we have oso which enhances you more money, in all your enadeavours.
What were the circumstances that surrounded your birth?
What happened was that my father had six wives, my mother was the youngest wife, my sister whom I came after was an abiku (born-to-die). She used to come and go. But later she stayed. When I wanted to come, my mother had delays. She was having miscarriages. After my sister had stayed, my mother was trying to conceive, but she was unable to get pregnant. Sometimes when she got pregnant, she would have miscarriage. She encountered several problems. This made them to give her lots of herbal medicines all to avail.
That was why they consulted Ifa. Ifa revealed that a male child would come, and my mother was instructed to abandon all the herbal medicines. She must not take any medicine; that she should go to River Osun every week day, fetch water from Osun and give offering to Osun. My mother did all that and she got pregnant. That was the reason they gave me Osundagbonu (Osu rejects concoction). That is my name.
Does Osun still have the potency to heal?
Yes. One thing with Osun is that when a woman has to go to River Osun if she wants to get pregnant, but she is dishonest, she is not going to be pregnant. If a woman wants to go to Osun, she has to be faithful, and she must not sleep with any other man besides her husband. If a woman is diligent, follows the instructions of Osun, she will get pregnant. But when a woman sleeps with other people besides her husband, she is not going to get pregnant. Any woman that you see that goes to Osun for child from January to December and is still not pregnant, you know something is wrong with her.
You mentioned earlier that your sister was an abiku. Do we still have abiku?
I believe that there is still abiku. The infant abiku have reduced in our society. We still have abiku agba (elderly abiku). In those days, there used to be infant abiku. But it has reduced now. We still have abiku agba. If a person with father and mother dies, it is an abiku agba.
The woman over there (a visitor from the United States) came all the way from the United States to study Ifa divinity, yet our people are not interested. What could be responsible for this?
Those that have rediscovered themselves are those that have not allowed Western civilisation to brainwash them. I started going to America when I was 20 years of age in the 60s. I used to travel with Duro Ladipo to overseas. In the 60s, America was at a crossroads. I was one of the pioneers to give lectures.
A lot of people have rediscovered themselves; they want to know where they come from. Some white people don’t like Africans. That was what made some black people abroad to say if you don’t like me, who am I? They started to find out, do research, and they discovered that they come from Africa. If you come from Africa, what are the cultures of Africa? What are the religions of Africa? They started to study. A lot of them rediscovered themselves to know where they came from, to know who their ancestors. That is why you see them embrace culture.
How often do you go outside the country to teach African religion? How receptive are the people to African tradition and Ifa in particular?
I travel every year. I came back in December from Sao Polo, Mexico. I am going back to the United States in April. I travel three times in a year.
Can you be a good Christian or Muslim and still learn Ifa?
Don’t let us use Christian or Muslim. Let me say as an African, am I supposed to practice traditional religion? As an African, your religions, Christianity and Islam, were imported to us. If you are an African, Africa traditional religion is your religion. Once you are an African, you don’t need to be ashamed of your religion. A lot of people are ashamed. They don’t want to affiliate with the culture of their people because of modernization. Practising traditional religion should not be a thing of shame; you must be proud of it.
You can still be a Muslim or Christian and still practice your religion and culture of your forefathers, there is nothing wrong with it.
How were you introduced to Ifa divination?
Babalawos are born, not made. I was not even born when there was revelation that a male child was going to be born who would become a babalawo. His name would be known all over the world. There was an odu ifa (Ifa copus) that revealed it to my parents. That was why my mother stopped using herbal medicine. She went Osun River and it was revealed.
How do you manage polygamy?
African people are polygamist by nature. If you take a look at it, there is no religion that gives one man one wife; it is the practice of white people. The white people that decreed one man one wife, they still sneak out. They still have mistresses despite the decree of one man one wife. The number of females being given birth to is more than males. There is nothing wrong with polygamy. But you must have the capacity to take care of your wives.
With your influence and popularity, one would think that you would join politics. Why didn’t you join politics?
I don’t have to be a politician like that. But one way or the other, we are all politicians because we are the ones who vote, agitate for what we are lacking. So we are all politicians. But I may not be a politician like I want to be a councilor or a senator. I can tell the politicians to do the right thing for us.
