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Cryptocurrency Portrays Greater Danger To World Economy, Says EFCC

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Chairman, Economic and Financial Crimes Commission, EFCC, Abdulrasheed Bawa, has said growth of cryptocurrencies, such as Bitcon portrays a far greater danger to the world economy.

The EFCC boss stated this while delivering a keynote address on Monday at the 38th Cambridge International Symposium on Economic Crime, themed, “Economic Crime-Who pays and who should pay?”, organized by the Center for International Documentation on Organized and Economic Crime (CIDOEC), Jesus College, University of Cambridge,, United Kingdom.

Describing cryptocurrencies as the new typologies of economic crimes, Bawa said criminals now elect to transact or receive illegal monies such as ransom money in digital currency, noting that Bitcoin and Ethereum were the most commonly used medium of these exchanges.

He therefore, advocated collective and collaborative approach by authorities around the world in dealing with the challenges of financial crimes which, he noted, is a global scourge as no nation is spared its virulence.

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According to him, economic crimes which are largely illegal acts committed for private gain, “affect the vital structures of global economies, causing significant damage to the Global Financial System and depriving developing nations of the needed resources for sustainable development”.

He noted that developed countries are not immune from the scourge, which has “magnified with the proliferation of Cyber-crimes which threatens the stability of Global Financial Institutions.”

He commended the choice of theme which he said offers a platform to interrogate the challenges of economic crimes.

“As the victims of crime continue to suffer globally from the effects of financial crimes, either directly or indirectly as part of a social system, the determination of who pays or who should pay becomes a critical measure of the criminal justice system in place,” he said.

He underlined the imperatives of an impartial judiciary in ensuring that “the perpetrators of acts and not the victims pay for their crimes.”

While highlighting some of the transparency and accountability achievements of the Nigerian Government under the leadership of President Muhammadu Buhari including enactment and amendment of relevant laws to enhance public accountability and reforms such as Treasury Single Account and the Whistle Blower Policy among others;  Bawa pointed out that the EFCC, as the rallying point in the fight against economic crimes in Nigeria, has recorded important milestones in investigations, prosecutions and assets recovery.

In his words, “Since its establishment in 2003, the Commission has recorded no less tha  3,500 convictions and recovered assets of significant value including properties in Nigeria, the UK, USA, and the UAE. All these have measurably contributed to the national efforts against economic crimes in Nigeria”.

The EFCC boss concluded by challenging participants to come up with practical solutions to curb the international threat of economic crimes.

Chairman of the Symposium, Mr. Saul Froomkin, thanked the EFCC boss for his insightful presentation, and the support received from Nigeria in organizing the event.

Participants at the Symposium were drawn from law enforcement and security agencies, accountability institutions and select stakeholders from across the World.

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ADC Accuses APC of Plot to Disrupt Ibadan Summit, Vows to Proceed

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By Yusuf Danjuma Yunusa

The opposition parties’ summit scheduled to hold today in Ibadan, Oyo State, is under threat of disruption by operatives of the ruling All Progressives Congress (APC), a senior opposition figure has alleged.

The National Publicity Secretary of the African Democratic Congress (ADC), Mallam Bolaji Abdullahi, made the allegation in a statement issued on Saturday

According to Abdullahi, intelligence available to the opposition indicates that the APC has perfected plans to disrupt the ongoing summit, which is being hosted by coalition parties in Ibadan.

“We have uncovered plans by the ruling APC to disrupt the summit being held by the opposition parties in Ibadan, Oyo State, today, 25th of April,” Abdullahi said.

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The ADC spokesperson recalled that opposition parties had earlier been denied access to venues in Abuja, forcing them to relocate to Ibadan. He accused the ruling party of hypocrisy, saying that while APC officials claim not to be frightened by opposition gatherings, their actions betray deep anxiety.

“After denying us the use of venues in Abuja, they now will not leave us alone to hold our meetings,” he added.

“They say they are not scared, but they are behaving like people who are terrified.”

Despite the alleged threat, Abdullahi vowed that the summit would continue as planned, insisting that the opposition remains on the right side of history and the Nigerian people.

“But we will not be deterred, because we are on the side of the Nigerian people,” he said.

As of the time of filing this report, the APC leadership had not issued an official response to the allegation. Security agencies in Oyo State have also yet to comment on the claim or announce any additional deployments around the summit venue.

The summit, which brings together several opposition political parties, is expected to discuss strategies to present a united front ahead of future elections.

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Emir Sanusi Slams Tinubu: “You Removed Subsidy, So Why Are You Still Borrowing 

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By Yusuf Danjuma Yunusa

In an assessment of Nigeria’s current fiscal trajectory, the Emir of Kano, Muhammadu Sanusi II, has questioned the Federal Government’s continued reliance on borrowing despite the removal of the petrol subsidy.

Speaking in an interview posted by News Central TV on Friday, the former Governor of the Central Bank of Nigeria, stated that while the removal of fuel subsidy and the liberalisation of the exchange rate were necessary, the timing and lack of fiscal discipline are threatening to erase the potential benefits.

According to the monarch, Nigeria’s practice of supporting foreign refineries while its domestic refining capacity remained dormant was a systemic failure that needed to be addressed.

“I have always said the subsidy regime was unsustainable. We cannot continue supporting foreign refineries. We’re an oil-producing country. Keeping refineries open abroad while we’re not doing our own,” Sanusi said.

He, however, expressed optimism over the current shift toward domestic production, noting that the country has moved from a heavy importer of petroleum products to an exporter.

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“Today, we have a situation where we have our own domestic refinery. We’re not importing petroleum products. We’re even exporting to Europe, and this is very good for the economy,” he added.

While backing the policy shifts, the former apex bank chief raised concerns over the timing and the sequence of the reforms.

He said, “Artificial exchange rates, especially when you’re printing money, cannot work. There was going to be a devaluation.

“For me, removing subsidy or liberalising exchange rates, these are good interventions. Were they done at the right time? Those are certain questions. Were there other things that should be done that have not been done? These are other issues.”

He argued that liberalising the exchange rate in a “loose monetary environment” contributed to the currency’s rapid depreciation.

“It’s not enough to say, oh, they removed subsidy. You had to. When you get to a point where 100% of your revenue goes into debt service, you cannot continue. Where is the money going to come from?

“However, if you decide to remove subsidy and liberalise exchange rates in an environment of very loose monetary conditions, before you have tightened money supply, the Naira drops to a bottomless pit. That was a timing issue.”

Sanusi went further to challenge the Federal Government’s continued borrowing despite eliminating subsidy payments.

“We’ve removed the subsidy. We’re now spending it. What we should not see is fiscal consolidation. You cannot remove wastages and continue borrowing. I’ve said this before. You need to see the benefits.

“If you’re not paying the subsidy and you’ve got the money, why are we still borrowing and borrowing? What are we borrowing for?” Sanusi questioned.

Earlier in April, the Federal Government increased its 2026 borrowing plan upward by ₦11.31 trillion, bringing the total projected borrowing for the year to ₦29.20 trillion.

President Bola Tinubu also sought the Senate’s approval on Thursday for a fresh $516 million loan to fund the Sokoto-Badagry Superhighway.

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Former Presidential Aide, Ja’oji Declares Intent for House of Reps

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Abbas Yushau Yusuf

Former Senior Special Assistant to President Bola Ahmed Tinubu, on Citizenship and Leadership, Nasir Bala Ja’oji declares his intention to run for the position of member House of Representatives, from Tarauni federal constituency, Kano.

The event started from Gadar Lado, to local government party Secretariat, Farm Centre, to Ja’oji quarters, in a procession of thousands of supporters, party leaders ranging from chapters, wards and the constituency, Tarauni, alongside supporters and well wishers.

Ja’oji recently resigned his position as Presidential Aide, when thousands of supporters across Tarauni and other quarters from the state called and pressured him to run for the position.

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Addressing the mammoth crowd, he assured that, “This ambition is not borne out of mere ambition, but from deep sense of responsibility, commitment and consistent engagement with the people and the ideals of our great party.”

Emphasizing that, “Over the past few years, I have remained steadfast in my loyalty and contributions to the growth, unity and electoral successes of our party at various levels.”

Stating why he is fit for the position he challenged that, his experience serving as Senior Special Assistant to the President on Citizenship and Leadership, has further shaped his understanding of governance, nation building and inclusive leadership.

Adding that, “In that capacity, I contributed initiatives aimed at promoting civic responsibility, youth engagement, and leadership development across the country.”

Being the most outstanding politician in Tarauni federal constituency, who invested so much in youth development, women inclusion in politics and governance, through large scales empowerment programmes, Ja’oji attracted the attention of so many youth and women during the intent declaration gathering.

Participation of people across party lines, was one of the issues that attracted many observers during the event.

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