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Court Jails Four for Illegal Forex, Naira Trading in Lagos

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Court Jails Four for Illegal Forex, Naira Trading in Lagos

Justice F.N. Ogazi of the Federal High Court in Ikoyi, Lagos, on Friday, August 7, 2026, convicted and sentenced four persons to two and six months’ imprisonment respectively for offences bordering on illegal foreign exchange transactions and unlawful trading of naira notes.
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The convicts; Ahmad Umar Baros, Aminu Umar Injay, Yusuf Suleimon, and Olasunbo Sholanke were separately arraigned by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) on separate one-count charge on Thursday August 6, 2026.

The charge against Baros reads: “That you, Ahmad Umar Baros sometime in 2026 in Lagos State, within the jurisdiction of this Honourable Court, engaged in a foreign exchange transaction other than through the official foreign exchange market, thereby committing an offence contrary to Section 11(1)(a) of the National Economic Intelligence Committee (Establishment etc) Act, 1994, and punishable under Section 11(2) of the same Act.”

Yusuf Suleimon and Olasunbo Sholanke were separately charged with the illegal sale and trading of naira notes.

One of the charges read: “That you, Yusuf Suleimon, on or about July 25, 2026, in Lagos, within the jurisdiction of this Honourable Court, did sell and trade in naira notes issued by the Central Bank of Nigeria, thereby committing an offence contrary to Section 21(4) of the Central Bank of Nigeria Act, 2007 (as amended), and punishable under Section 21(1) of the same Act.”

They all pleaded guilty when the charges were read to them.

Court

Court

Following their guilty pleas, prosecution counsel N.K. Ukoha, Ebuka Okongwu and U.S. Kyari reviewed the facts of the cases and urged the court to convict and sentence the defendants accordingly.

In his judgment, Justice Ogazi found all four defendants guilty and sentenced Ahmad Umar Baros to two months imprisonment while the other three were sentenced to six months imprisonment each, with the option of ₦100,000 fine each.
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39th Anniversary: Akwa Ibom Journalists Forum Congratulates Governor Eno, Citizens

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Akwa Ibom

39th Anniversary: Akwa Ibom Journalists Forum Congratulates Governor Eno, Citizens

The Akwa Ibom Journalists Forum, Abuja, has congratulated Akwa Ibom State Governor, Pastor Umo Eno, and the people of the state on the 39th anniversary of the creation of Akwa Ibom State.
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In a congratulatory message dated September 23, 2026, and signed by the Chairman of the Forum, Dominic Edem, and Secretary, Nathan Williams, the journalists commended the Eno administration for its development initiatives under the ARISE Agenda.
The Forum specifically highlighted the administration’s efforts in road infrastructure, healthcare, agriculture, education and economic empowerment, describing them as areas with direct impact on the people of the state.

The journalists also acknowledged the government’s efforts towards the payment of retirees’ gratuities, the development of Ibom Air and the sustenance of peace and security across Akwa Ibom.
The Forum further congratulated Governor Eno on the commissioning of 39 projects across the state as part of activities marking the 39th anniversary.

It also commended the addition of a new Airbus A220-300 aircraft to the Ibom Air fleet, describing the development as another milestone in the state’s aviation sector.

The Akwa Ibom Journalists Forum, Abuja, reaffirmed its commitment to responsible journalism and constructive engagement in promoting the image, development and interests of Akwa Ibom State.

Akwa Ibom

Akwa Ibom Journalists

The Forum said it would continue to play its role as journalists and stakeholders in the Akwa Ibom project by providing responsible coverage of developments in the state.

The journalists prayed for continued wisdom, strength and divine guidance for Governor Eno as he leads the state, while wishing Akwa Ibom continued prosperity, peace, unity and development.

The statement concluded with prayers for the progress of Akwa Ibom State and the Federal Republic of Nigeria.
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NADF Sets to Boost Agricultural Funding with Non-interest Finance

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NADF

NADF Sets to Boost Agricultural Funding with Non-interest Finance

The National Agricultural Development Fund has commenced the validation of its proposed Non-Interest Finance Framework and Guidelines to widen access to agricultural financing and support the Federal Government’s food security objectives.
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This was contained in a statement issued by NADF on Tuesday following a Strategic Roundtable and Validation Session on the proposed framework and guidelines.

According to the statement, the initiative is aimed at ensuring that farmers, agribusinesses and other players across the agricultural value chain have access to diverse and innovative financing options.

The Executive Secretary/Chief Executive Officer of NADF, Mohammed Ibrahim, said non-interest finance had become an important component of Nigeria’s financial system, providing ethical, asset-backed and risk-sharing financing models that complemented conventional finance.

“Our objective is not simply to introduce another financing framework. It is to broaden the financing ecosystem for agriculture by ensuring that every credible financing option is available to Nigerian farmers, agribusinesses, and other value chain actors,” Ibrahim said.

According to the statement, the proposed framework would provide a structured and transparent basis for delivering agricultural interventions through licensed non-interest financial institutions while institutionalising governance, operational and Shari’ah compliance standards.

Ibrahim said the documents were deliberately presented as drafts to allow stakeholders to scrutinise them and contribute their expertise before finalisation.

“Today’s gathering marks an important milestone in that journey,” he said, urging participants to examine the draft documents critically, challenge assumptions where necessary and share practical experiences.

The statement quoted the Director of the Development Finance Advisory Department of the Central Bank of Nigeria, Dr Paul Oluikpe, as saying that significant work remained to be done to improve access to agricultural finance in Nigeria.

Oluikpe welcomed the proposed non-interest finance framework, describing it as an opportunity to bring an often-overlooked dimension of agricultural financing into the mainstream.

Also speaking, the Deputy Chairman of the CBN’s Financial Regulation Advisory Council of Experts, Professor Bashir Aliyu Umar, said the proposed framework was consistent with efforts to promote financial inclusion and expand access to finance.

“What we are witnessing today is also following this trajectory of financial inclusion and easing access to finance and having a level playing field and even developmental perspective for the whole country whereby no segment of society is left out,” he said.

NADF

NADF

Providing an overview of the initiative, NADF’s Head of Investment, Olalekan Alabi, said the framework and guidelines were designed to establish a structured mechanism for deploying non-interest financing to eligible agricultural activities and value-chain interventions.

“Together, the Framework and Guidelines are expected to provide clarity on how NADF’s non-interest financing interventions will be structured, assessed, approved, implemented, monitored and reported,” Alabi said.

He added, “We are not here simply to confirm that the documents have been prepared. We are here to test their technical robustness and practical applicability.”

Alabi said stakeholders were expected to identify gaps, inconsistencies, overlaps and provisions requiring further clarification before the documents were finalised.

“Our objective is to have a set of Framework and Guidelines that are clear, technically sound, operationally practical, appropriately governed and capable of supporting NADF’s non-interest agricultural financing interventions,” he said.

The statement said the validation session brought together representatives of government institutions and regulatory agencies, development partners, non-interest finance experts, financial institutions and other stakeholders in the agricultural and financial sectors.
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Abuja

Wike Promises Abuja Residents Road Projects as Tinubu’s Christmas Gift

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Wike To Apologise

Wike Promises Abuja Residents Road Projects as Tinubu’s Christmas Gift

The Minister of the Federal Capital Territory, Nyesom Wike, has promised to deliver ongoing road projects in Abuja by December, describing them as a Christmas gift from President Bola Tinubu to residents.
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Wike made the promise in Abuja on Tuesday after inspecting ongoing construction works on Arterial Road NI, from Wuye to Ring Road II; Tungan Madaki to Zuba Road; and Zaudna-Kaba-Kagini to the Kubwa Expressway.

This was disclosed in a statement posted on X by the minister’s aide, Lere Olayinka.

Speaking after assessing the pace and quality of the projects, Wike expressed satisfaction with the progress of work and commended the contractors for their commitment to meeting the completion timelines.

“I’m very impressed with the jobs so far, and I’m also impressed with the commitment of the contractors.

“We have promised the residents that this will be their Christmas gift by Mr President as part of their Christmas gift so that they’ll go back home and enjoy their Christmas celebration.

“You can imagine the happiness of those who stay here. You know that with these roads the economy of the affected communities will change,” he said.

Wike said the completion of the roads would ease transportation difficulties and boost economic activities in the affected communities.

“When you see a rural area like this, it makes us very happy when the people are happy and of course, that’s the essence of good governance,” Wike added.

The minister acknowledged that rainfall had slowed some earthworks but expressed confidence that the contractors would accelerate construction as the rainy season subsided.

“I believe that from the first week of October, the rains will not be much again, and you will see how they will continue with earthworks,” he said.

Wike also urged residents to support Tinubu in the 2027 presidential election and back former FCT minister, Philip Aduda, for the Senate.

Addressing residents of Tungan Shanu village along the Tungan Madaki to Zuba Road corridor, Wike said, “We will push the contractor to deliver the road by December so that you’ll be happy. That is what the President is doing for you.

“The president said this road will be a Christmas gift for all of you. So, when the election comes too, don’t forget to vote for Tinubu and Aduda,” he said.

Speaking to residents of Kaba along the Kagini to Kubwa Expressway corridor, the minister said, “I’m happy that you people are happy that this road will be completed in December.

Wike To Apologise

Wike

“I came here with the man that will represent you well in the Senate and that is Sen. Philip Aduda. He’s the one who will connect you directly with Tinubu.

“So, I hope all of you will vote for Tinubu and Aduda.”

Wike has repeatedly declared his support for Tinubu’s re-election in 2027, while saying the Rainbow Coalition he supports is focused on mobilising support for the President.
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