E-Financial
$3.4Bn Forex Fraud: CSO Alleges Death Threats on Obazee, Others over Probe
Coalition for Transparency and Economic Reforms (COTER), pro-transparency group, has raised the alarm on a thick plot to derail the ongoing probe by the Federal Government into illegal foreign exchange deals and money laundering running to a whopping $3.4billion.
Jim Obazee, special investigator
The administration of President Bola Tinubu Tinubu appointed Jim Obazee, special investigator, to unravel the $3.4billion allegedly perpetrated by a major player in Nigeria’s private sector under the Godwin Emeifele-led Central Bank of Nigeria over the past 10 years.
The group in a statement signed by Dr. Peter Chima, its president on Thursday said there is a syndicated plot to truncate the probe following the submission of the findings of the special investigation team to President Tinubu.
COTER even alleged that Obazee and other members of his team have been receiving threat messages from anonymous callers.
In the statement, COTER claimed it was reliably informed that Obazee and members of his household have since his appointment been getting death threats from some faceless vested interests, “including some members of the powerful Aso Rock cabal.”
The group further alleged that “but the threat to his life, family and committee members was intensified in the last few days that the investigation into latest petition against a major private sector player in the Nigerian economy began in earnest. The death threats, it was learnt, had been coming through direct calls to their phones and SMS messages.
“The anonymous callers, we were informed have been demanding that Obazee and members of his team turn their searchlight away from the allegations against the private conglomerate and other high profile cases.
“We further learnt that Obazee, members of his investigating committee and even family members have in the past few days continued to receive fresh death threats from these anonymous callers, asking them to immediately stop the ongoing probe by the Obazee-led panel or risk losing their lives and those of their loved ones.
“They were also said to have boasted about plans to “handsomely” induce Presidency and other senior Federal Government officials to influence the stoppage of the ongoing investigations by Obazee and his team.
“The cabal, prominent Nigerians, business moguls and some top aides of the President, it was learnt, have since Obazee’s appointment been making efforts to either blackmail him or induce him to compromise his investigations of some high profile cases. But the Special Investigator, it was learnt, has continued to resist them by blocking all avenues through which they can reach him.”
According to the group, Obazee’s “obstinacy and stubbornness” have been creating fears in the minds of top officials of some Federal Government agencies and those of several other GBEs, as well as some highly placed Nigerians on the ongoing probe of the apex bank and the GBEs.
“They are said to have been reaching out to powerful politicians in the Presidency to save them and their organisations from being exposed by the Special Investigator.
“But having failed in their bid to intimidate and blackmail Obazee to submission, it was gathered that some of the officials, who had allegedly collected huge sums of money from some of those being investigated by Obazee with the promise to ensure the Special Investigator is stopped from further probing them, have lately been cooking up a narrative to discredit Obazee before President Tinubu.
“The cabal recently deliberately started to spread a rumour that that Obazee had got N8 billion largesse from the embattled ex-CBN Governor, Emefiele, through a serving Senator from one of the South-East states.
“This rumour, we learnt, is aimed at threatening the Special Investigator to back down on the high profile cases of corruption he’s currently handling or giving those they had collected bribes from a clean bill of health to eventually get them off the hook.
“But since the Special Investigator is not yielding to their pressures and demands, while it has also become practically impossible for them to refund the money collected as bribes, the cabal and other powerful persons have resorted to bringing down Obazee and members of his team at all cost and influence the President to disband the committee in order to cover up their misdeeds.
“They intend to put this together and package same as a report they’ll send to President Tinubu with the ultimate aim of getting him to disband the Obazee-led investigating team,” the statement read.
COTER said all these are being done to ensure that the Special Investigator does not eventually submit his full reports, which President Tinubu promised during his maiden Independence Day broadcast on October 1, 2023.
But the group interestingly noted that the Special Investigator team’s work has been applauded by even the international community.
“Sources had revealed that the humongous frauds allegedly perpetrated under the immediate past CBN governor, Emefiele, in many of these GBEs, which are now already being unearthed by the Obazee-led Committee would shock Nigerians to their bone marrows.
“The Special Investigator has recently traced about N8trillion of the funds looted from the vaults of the CBN and the Government Business Entities (GBEs) to various bank accounts operated by some individuals and private business organisations.
“According to sources, this and other revelations are contained in the preliminary report already submitted by the Special Investigator to President Tinubu.
“About N400 trillion looted from the CBN is expected to be recovered by the Obazee-led team of investigators.
“However, the alleged illegal forex deals by the the private sector Group, it was gathered, was allegedly perpetrated by the company with the active connivance of the Central Bank of Nigeria under sacked governor Godwin Emefiele and some major commercial banks in the country (names withheld).
“CBN under Emefiele and the commercial banks, it was learnt, had been aiding the Group to repatriate proceeds from its illegal forex deals amounting to $3.4 billion out of the country to personal accounts abroad in the past 10 years.
“The Special Investigator’s launch of the probe of the Group, on Sunday, followed a petition received by the panel from a concerned Nigerian and social justice advocate, Ahmed Fahad against the Group on how the Emefiele-led CBN and some commercial banks illegally transferred a whopping $3.4billion to the private company in the past 10 years,” it added.
COTER president, wondered Nigerians should be hell-bent on stopping the good job being done by the Special Investigator and members of his team in stopping corruption and other financial malfeasance in the country.
He, therefore, urged the Special Investigator and his team not to cave in to blackmail from any quarter, no matter how highly placed but to forge ahead as his name and integrity are at stake.
“Nigerians and the entire world are watching as the Committee is being considered as one of the positive decisions the President has taken so far. And this has greatly improved the image of the country and government,” he said.
Federal government has halted the implementation of the controversial turnover-based annual dues imposed by the Financial Reporting Council (FRC) and has introduced a N25 million cap for Public Interest Entities (PIEs) in the private sector.
This was disclosed on Sunday by Dr Jumoke Oduwole, minister Federal Ministry of Industry, Trade and Investment.
“To provide immediate clarity, the Minister has directed the Financial Reporting Council (FRC) to apply an interim cap on annual dues payable by private sector PIEs at N25m, aligned with the cap already in place for publicly listed entities under the legislation.
“This directive creates a stable environment for compliance for affected companies in the short term and reflects the Ministry’s commitment to prioritizing transparency, investor confidence, and regulatory equity while allowing the Ministry of Justice to appropriately determine the longer-term path for seeking legislative amendments on behalf of the Federal Government, if required,” the ministry announced.
The decision followed sustained pressure and advocacy from leading industry groups, including the Oil Producers Trade Section (OPTS), the Association of Licensed Telecommunications Operators of Nigeria (ALTON), and the Nigeria Employers’ Consultative Association (NECA), who expressed serious concerns about the Financial Reporting Council (Amendment) Act 2023.
At the heart of the outcry was the reclassification of large private companies as PIEs, which subjected them to annual dues ranging from 0.02 per cent to 0.05 per cent of turnover—without any upper limit.
This was in stark contrast to the fixed ₦25m levy applied to publicly listed companies, regardless of their size or market value.
Responding to these concerns, the Federal Ministry of Industry, Trade and Investment convened a high-level stakeholder engagement in March 2025, aimed at addressing the implications of the amended Act and preserving a fair regulatory environment.
Following a formal public consultation held on March 26, 2025, the Ministry announced an administrative pause on the implementation of the turnover-based levies.
The ministry explained, “In line with this commitment, the Technical Working Group coordinated by the Ministry, comprising NECA, MAN, ALTON, NACCIMA, PFPTRC, CAC, and SEC, along with a robust team from the FRCN, met six times over a three-week period for stakeholder consultations.”
The ministry narrated that after six rounds of stakeholder meetings over a three-week period, the Working Group submitted a detailed report to the Minister of Industry, Trade and Investment on April 17, 2025.
The Minister subsequently briefed President Bola Tinubu, highlighting the disproportionate burden the policy placed on affected companies and its potential to harm investor confidence.
It added, “These engagements culminated in a report assessing the implications of Section 33D of the FRC (Amendment) Act 2023 submitted to the Honourable Minister on April 17, 2025, the Minister of industry trade and investment provided a detailed briefing to Mr. President on the critical concerns raised by organized private sector stakeholders prior to the implementation of the administrative pause and made recommendations based on the submitted report and affirms that the administrative pause will be maintained in the mid- to long-term, pending a broader legislative review.”
Guaranty Trust Bank Ltd. (GTBank) will close all its branches across Nigeria earlier than usual on today (Monday, June 30), according to email sent to customers at the weekend.
According to the message, the early closure allows for the bank’s scheduled half-year audit activities.
The statement read, “Please be informed that our branches nationwide will close to customers early on Monday, June 30, 2025, for our half-year audit.”
It also specified different closure times for locations based on geographical locations in the country.
“Kindly note the early closure time below: Upcountry Branches – 2.00 pm; Lagos Branches – 3.00 pm,” the bank stated.
GTBank advised customers to use its digital banking channels for transactions during the period of early closure.
GTBank assured that its branches will resume operations at regular business hours on Tuesday, July 1.
It appreciated customers for their understanding and continued patronage during the audit period.
Shareholders have condemned the recent decision by the National Assembly to pass legislation requiring the transfer of all unclaimed dividends from company registrars to accounts managed by the Securities and Exchange Commission (SEC), as opened by the Debt Management Office at the Central Bank of Nigeria (CBN).
In a statement issued under the aegis of the Independent Shareholders Association of Nigeria (ISAN), shareholders strongly rejected the position of the National Assembly, describing the move as an unconstitutional transfer of unclaimed dividends to the CBN.
They noted that this action constitutes a gross violation of shareholders’ rights, a betrayal of investor trust, and a dangerous precedent that threatens the sanctity of private property and the integrity of the capital market.
Giving reasons for their rejection, the shareholders emphasized that unclaimed dividends are not government revenue; they remain the legal property of individual investors and their heirs, regardless of the time elapsed.
They argued that the attempt to centralize and manage these funds under SEC control amounts to indirect expropriation.
They added that this law would erode investor confidence in Nigeria’s capital markets, as both local and international investors require assurance that their returns will be protected—not seized under the guise of state policy.
The statement, jointly signed by Moses Igbrude and Mr. Eke Chibuzor, national coordinator and general secretary respectively of ISAN, criticized the passage of the law without broad consultations with shareholders, registrars, and capital market stakeholders, calling it a troubling disregard for participatory governance and due process.
“There are no clear frameworks for how the SEC intends to manage these funds, what returns will be offered to rightful owners, or how and when claims will be honored. This is a recipe for bureaucratic mismanagement and corruption,” the statement read. It added that instead of simplifying the process for claiming unclaimed dividends, the law introduces additional layers of opacity and complexity—especially for rural and aging investors who already face significant challenges.
Shareholders, therefore, demanded the immediate suspension of the law’s implementation and urged President Bola Ahmed Tinubu not to assent to the bill. If already signed, they called for its immediate suspension pending judicial review.
They also noted that the association is mobilizing legal resources to challenge the law in court, describing it as unconstitutional, unjust, and economically harmful.
Instead, they proposed that efforts should focus on reforming the claims process at the registrar level through technology, public education, and standardization—not through centralization and state appropriation.
The group concluded that the future of Nigeria’s investment climate must be built on fairness, property protection, and inclusive growth—not arbitrary power grabs. They called on all shareholders to unite in rejecting this injustice.
OAU Taps Aderounmu, Tech Advocate as DVC Academics
FG Halts FRC’s Turnover-Based Levy, Introduces N25m Cap
GTBank to Close Branches Early Today for Half-Year Audit
Half of Cybercrime Victims Paid Ransom in 2025- Sophos
NCS Advocates Digital Literacy to Enhanced Cyber Security
General News2 days agoNigeria’s BNPL Market is Projected to Value @ $2.6B by 2030
Telecom2 days agoFree WiFi Meets Mega Entertainment at the Grand Opening of Solution Fun City
E-Financial2 days agoNIA Puts Industry Written Premium @ N1.5trn in 2024
Telecom2 days agoInstagram Safety Tools Every Parent Should Know About
Telecom2 days agoV-Malaysia 2025: QNET Strengthens Global Network with Landmark 5-Day Event
E-Financial2 days agoUN and Sterling One Foundation Lead Coalition Ahead of ASIS 2025
News2 days agoINTERPOL Report Shows Cybercrime is West, East African Most Dominant Security Concern
E-Financial10 hours agoShareholders Oppose Transfer of Unclaimed Dividend to CBN