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 Senate has passed a bill to repeal and re-enact the law establishing the National Insurance Commission (NAICOM), paving the way for the regulatory agency to be renamed the Insurance Regulatory Commission (IRC).
The legislation, titled the Insurance Regulatory Commission (Establishment) Bill, 2026, was passed after the Senate considered and adopted the report of its committee on banking, insurance and other financial institutions.
The Chairman of the committee, Mr Adetokunbo Abiru, the senator representing Lagos East, who presented the report, stated that the proposed legislation was necessary because the existing National Insurance Commission Act of 1997 had become outdated and no longer reflected the realities of Nigeria’s evolving insurance industry or global regulatory standards.
According to the Senate, the decision to change the Commission’s name was informed by the need to eliminate confusion associated with the existing designation and to better reflect the institution’s regulatory mandate within Nigeria’s insurance industry.
The bill also provides legal protection for the commission and its officers against adverse claims arising from the lawful execution of their statutory duties.
However, he noted that the commission’s enabling law had become obsolete, exposing significant regulatory gaps that required urgent legislative intervention.
‘The current National Insurance Commission Act 1997 is outdated and does not adequately address the emerging economic growth, needs and development of the insurance business,” the lawmaker said.
He explained that the new legislation seeks to strengthen the independence of the commission by empowering it to make regulatory decisions without undue influence in the country’s insurance sector.
According to him, the bill also enhances the commission’s authority to exchange information and collaborate with domestic and international regulatory bodies, issue regulations, guidelines, standards and directives on insurance-related matters, and intervene more effectively in financially distressed insurance companies to protect policyholders and preserve financial stability.
This marks yet another move to strengthen the country’s insurance sector following the enactment of the Nigerian Insurance Industry Reform Act (NIIRA) of 2025 and the industry-wide recapitalisation exercise, which will wrap up by July 31.
By Adedapo Adesanya
About 143 companies that successfully passed the technical and prequalification stages of the Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC) 2025 Licensing Round will, today, compete for 50 oil and gas blocks at the commercial bid conference in Abuja, the final stage in the allocation process for the assets.
The commission said only the prequalified companies have been invited to attend the event, which will hold at the Conference Centre of the Transcorp Hilton Hotel, Abuja, stressing that participation is strictly by invitation.
The commercial bid conference will determine the successful bidders for oil and gas assets located across Nigeria’s producing and frontier basins.
The 50 blocks comprise 16 onshore blocks and 18 shallow water blocks in the Niger Delta, one deep offshore block, three onshore blocks in the Benin Basin, four in the Anambra Basin, four in the Chad Basin, and four in the Benue Trough.
According to the commission, the winning bids will be determined through a transparent evaluation process based on clearly defined commercial parameters. These include the signature bonus offered by bidders, the proposed work programme commitment and the level of performance security provided. The final selection will be based on a weighted technical and commercial score.
The licensing round is being conducted under the provisions of the Petroleum Industry Act (PIA) 2021, which requires a transparent and competitive process for the award of petroleum assets.
NUPRC had announced the commencement of the 2025 Licensing Round on November 11, 2025, before opening the online bid portal on December 1, 2025, to enable interested companies to register and participate in the exercise.
To ensure prospective investors fully understood the requirements, the commission organised a pre-bid conference on January 14, 2026, at Eko Hotels and Suites, Lagos. The event provided detailed explanations on the licensing guidelines and bidding procedures to registered participants and other stakeholders.
Registration and submission of prequalification documents closed on February 27, 2026, while the prequalification evaluation was completed on March 16, 2026.
NUPRC disclosed that 286 companies initially submitted applications for prequalification.
Following the evaluation process, 196 companies were cleared to participate in the technical and commercial bid stages.
The prequalified 143 companies eventually submitted a total of 200 bids for the available oil and gas blocks. These companies are now set to compete at the commercial bid conference, where the financial offers will be opened and evaluated to determine the eventual winners.
The licensing round is expected to attract fresh investment into Nigeria’s upstream petroleum sector, boost exploration activities across both producing and frontier basins, increase crude oil and gas reserves, and support the country’s drive to grow production and government revenue.
It also underscores the regulator’s commitment to implementing a transparent, competitive and investor-friendly licensing regime under the Petroleum Industry Act.
By Adedapo Adesanya
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained all key monetary policy parameters following the conclusion of its two-day meeting on July 21, 2026, on Tuesday, maintaining its tight monetary policy stance to curb inflation and support macroeconomic stability.
According to the Governor of the apex bank, Mr Yemi Cardoso, who chaired the committee, the Monetary Policy Rate (MPR), which serves as the benchmark interest rate, remains at 26.50 per cent. The MPC also retained the asymmetric corridor around the MPR at +50 basis points and -450 basis points.
In addition, the Cash Reserve Ratio (CRR) for commercial banks was left unchanged at 45.00 per cent, while the CRR for merchant banks remains at 16.00 per cent. The committee also retained the CRR on non-Treasury Single Account (Non-TSA) public sector deposits at 75.00 per cent, with the liquidity ratio at 30.00 per cent.
The decision reflects the apex bank’s continued commitment to containing inflationary pressures through a restrictive monetary policy while safeguarding the resilience of Nigeria’s financial system amid ongoing macroeconomic adjustments.
By keeping all policy tools unchanged, the MPC signalled its intention to continue managing excess liquidity in the banking sector and maintain stability in financial markets.
The move is also expected to provide greater policy certainty for investors and businesses monitoring the country’s monetary policy direction.
The latest decision also means borrowing costs are likely to remain elevated in the near term as the central bank continues to prioritise price stability over monetary easing.
Analysts had expected the CBN committee to retain the rate after Nigeria’s headline inflation came in at 15.91 per cent as of June 2026, marking a slight decline from 15.93 per cent in May.
However, even as overall price growth has moderated significantly compared to previous periods, food inflation remains a persistent challenge, accelerating to 17.52 per cent in June.
