Economy
Forex Manipulation: EFCC Invites More Top CBN Officials
By Modupe Gbadeyanka
The Economic and Financial Crimes Commission (EFCC) has invited more senior officials of the Central Bank of Nigeria (CBN) as part of investigations into an alleged foreign exchange scam and other sharp practices within the apex bank.
Reliable sources within the anti-graft agency said the investigators probing the scam believed strongly that the activities of some officials of the bank impacted negatively on the fortunes of the Naira and contributed to its drastic slump in recent months.
The PUNCH had exclusively reported on Thursday that the EFCC detained and grilled two directors on Wednesday.
It was, however, learnt on Thursday that the officials were released late on the same day after writing statements on oath.
A reliable source within the agency had earlier assured our reporter that the CBN senior officials were being grilled as of the time this paper was going to bed on Wednesday.
Additional findings by The PUNCH on Thursday revealed that the senior officials grilled by the EFCC were the Director of Procurement and a Special Adviser to the Central Bank Governor, Mr Godwin Emefiele.
A top official at the anti-graft agency said the bank accounts of suspected persons were being scrutinised by security agents with a view to determining the sources of money and their trails.
The source added that the agents would check if the money which passed through the accounts corresponded with the salaries and allowances of these officials.
The source said, “We actually invited about four senior CBN officials on Wednesday but only two showed up. One of them told us that he was ill and asked us to reschedule the invitation.
“We have now sent out letters to other senior officials and they will appear before us soon. You should understand that things that involve the apex bank are always sensitive. ”
The source said due to the sensitive nature of the investigations, the presidency must be carried along. He added that the EFCC would send a report of the probe to President Muhammadu Buhari after investigations might have been concluded.
The commission had about four weeks ago commenced investigations into the activities of the apex bank over sharp practices that caused the naira to depreciate sharply.
However, immediately after the EFCC investigations commenced, the CBN reeled out new policies which caused the naira to appreciate. Detectives at the commission suspect that many top level officers at the CBN are part of the alleged fraud.
Speaking on Wednesday, a source at the EFCC, who wished to remain anonymous had said, “We have arrested two directors of the CBN in connection with forex manipulation.
“Ironically, immediately we started investigating these chaps a month ago, the CBN reeled out a new forex policy which seeks to flood the market with excess dollars to strengthen the Naira.
“Already, we have searched their houses and recovered some sensitive documents. We have reason to believe that they may not have acted alone. We expect to make more discoveries as investigations continue.”
When contacted on Wednesday, the Acting Director, Corporate Communications Department, CBN, Mr Isaac Okorafor, had said that no director of the apex bank had been arrested by the EFCC.
He said, “This is not true. No director of the bank (CBN) has been arrested by the EFCC. The current activities of the CBN in the forex market are a result of months of study, monitoring and planning to tackle the activities of black marketers.”
On Thursday, however, when one of our correspondents confronted Mr Okorafor with additional information on the probe and the designations of those grilled and briefly detained, he was less than forthcoming.
Asked to respond, Mr Okorafor said, “You have published a false story that our directors were being detained, what do you want me to say? I have no comments. You can continue with your falsehood. I have no comment.”
By Adedapo Adesanya
The United Kingdom via the British High Commission in Abuja has launched two flagship economic reform programmes – the Nigeria Economic Stability & Transformation (NEST) programme and the Nigeria Public Finance Facility (NPFF) -as part of efforts to support Nigeria’s economic reform and growth agenda.
Backed by a £12.4 million UK investment, NEST and NPFF sit at the centre of the UK-Nigeria mutual growth partnership and support Nigeria’s efforts to strengthen macroeconomic stability, improve fiscal resilience, and create a more competitive environment for investment and private-sector growth.
Speaking at the launch, Cynthia Rowe, Head of Development Cooperation at the British High Commission in Abuja, said, “These two programmes sit at the heart of our economic development cooperation with Nigeria. They reflect a shared commitment to strengthening the fundamentals that matter most for our stability, confidence, and long-term growth.”
The launch followed the inaugural meeting of the Joint UK-Nigeria Steering Committee, which endorsed the approach of both programmes and confirmed strong alignment between the UK and Nigeria on priority areas for delivery.
Representing the Government of Nigeria, Special Adviser to the President of Nigeria on Finance and the Economy, Mrs Sanyade Okoli, welcomed the collaboration, touting it as crucial to current, critical reforms.
“We welcome the United Kingdom’s support through these new programmes as a strong demonstration of our shared commitment to Nigeria’s economic stability and long-term prosperity. At a time when we are implementing critical reforms to strengthen fiscal resilience, improve macroeconomic stability, and unlock inclusive growth, this partnership will provide valuable technical support. Together, we are laying the foundation for a more resilient economy that delivers sustainable development and improved livelihoods for all Nigerians.”
On his part, Mr Jonny Baxter, British Deputy High Commissioner in Lagos, highlighted the significance of the programmes within the wider UK-Nigeria mutual growth partnership.
“NEST and NPFF are central to our shared approach to strengthening the foundations that underpin long-term economic prosperity. They sit firmly within the UK-Nigeria mutual growth partnership.”
By Aduragbemi Omiyale
A strategic partnership aimed at accelerating the growth, digital capacity, and sustainability of Nigeria’s 40 million Micro, Small and Medium Enterprises (MSMEs) has been signed by MTN Nigeria and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
The collaboration will feature joint initiatives focused on digital inclusion, financial access, capacity building, and providing verified information for MSMEs.
With millions of small businesses depending on accurate guidance and easy-to-access support, MTN and SMEDAN say their shared platform will address gaps in communication, misinformation, and access to opportunities.
At the formal signing of the Memorandum of Understanding (MoU) on Thursday, November 27, 2025, in Lagos, the stage was set for the immediate roll-out of tools, content, and resources that will support MSMEs nationwide.
The chief operating officer of MTN Nigeria, Mr Ayham Moussa, reiterated the company’s commitment to supporting Nigeria’s economic development, stating that MSMEs are the lifeline of Nigeria’s economy.
“SMEs are the backbone of the economy and the backbone of employment in Nigeria. We are delighted to power SMEDAN’s platform and provide tools that help MSMEs reach customers, obtain funding, and access wider markets. This collaboration serves both our business and social development objectives,” he stated.
Also, the Chief Enterprise Business Officer of MTN Nigeria, Ms Lynda Saint-Nwafor, described the MoU as a tool to “meet SMEs at the point of their needs,” noting that nano, micro, small, and medium businesses each require different resources to scale.
“Some SMEs need guidance, some need resources; others need opportunities or workforce support. This platform allows them to access whatever they need. We are committed to identifying opportunities across financial inclusion, digital inclusion, and capacity building that help SMEs to scale,” she noted.
Also commenting, the Director General of SMEDAN, Mr Charles Odii, emphasised the significance of the collaboration, noting that the agency cannot meet its mandate without leveraging technology and private-sector expertise.
“We have approximately 40 million MSMEs in Nigeria, and only about 400 SMEDAN staff. We cannot fulfil our mandate without technology, data, and strong partners.
“MTN already has the infrastructure and tools to support MSMEs from payments to identity, hosting, learning, and more. With this partnership, we are confident we can achieve in a short time what would have taken years,” he disclosed.
Mr Odii highlighted that the SMEDAN-MTN collaboration would support businesses across their growth needs, guided by their four-point GROW model – Guidance, Resources, Opportunities, and Workforce Development.
He added that SMEDAN has already created over 100,000 jobs within its two-year administration and expects the partnership to significantly boost job creation, business expansion, and nationwide enterprise modernisation.
By Adedapo Adesanya
The Nigerian Exchange (NGX) Limited is seeking review of the controversial Capital Gains Tax increase, fearing it will chase away foreign investors from the country’s capital market.
Nigeria’s new tax regime, which takes effect from January 1, 2026, represents one of the most significant changes to Nigeria’s tax system in recent years.
Under the new rules, the flat 10 per cent Capital Gains Tax rate has been replaced by progressive income tax rates ranging from zero to 30 per cent, depending on an investor’s overall income or profit level while large corporate investors will see the top rate reduced to 25 per cent as part of a wider corporate tax reform.
The chief executive of NGX, Mr Jude Chiemeka, said in a Bloomberg interview in Kigali, Rwanda that there should be a “removal of the capital gains tax completely, or perhaps deferring it for five years.”
According to him, Nigeria, having a higher Capital Gains Tax, will make investors redirect asset allocation to frontier markets and “countries that have less tax.”
“From a capital flow perspective, we should be concerned because all these international portfolio managers that invest across frontier markets will certainly go to where the cost of investing is not so burdensome,” the CEO said, as per Bloomberg. “That is really the angle one will look at it from.”
Meanwhile, the policy has been defended by the chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, who noted that the new tax will make investing in the capital market more attractive by reducing risks, promoting fairness, and simplifying compliance.
He noted that the framework allows investors to deduct legitimate costs such as brokerage fees, regulatory charges, realised capital losses, margin interest, and foreign exchange losses directly tied to investments, thereby ensuring that they are not taxed when operating at a loss.
Mr Oyedele also said the reforms introduced a more inclusive approach to taxation by exempting several categories of investors and transactions.
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