General News
Naira Slumps by 209 Per Cent in 6 Years

Despite the over $130bn deployed by the Central Bank of Nigeria (CBN) to defend the naira and a myriad of policies churned out to shore up its value over the past six years, the Nigerian currency has depreciated by over 209.2 per cent, sliding from N196.99 to a dollar in December 2015 to N412.06/$ in September 2021.
According to the Tribune, the depreciation is even higher at the parallel market with one dollar which sold for about N230 in December 2015 now going for almost N550 in September 2021.
Tribune findings revealed that between 2016 and the first quarter of the current year, the apex bank sold as much as $130.6billion to foreign exchange market operators in its various interventions just as it had come up with tens of policies to salvage the sagging national currency.
According to documents and reports accessed on the CBN website, between January and December 2016, the CBN defended the naira with about $11.7 billion. The figure rose to $15.8billion in 2017, was $36.6billion in 2018, hit $34.3bn in 2019 and came down to $27.84billion in 2020.
In the first quarter of 2021, the CBN spent $4.37bn to defend the naira.
The documents showed that in its effort to stave off pressure on the naira, the CBN sustained its direct intervention in the inter-bank foreign exchange market to ensure exchange rate stability.
So, at various times it sold dollars at the foreign exchange market, made up of the inter-bank spot, invisibles, the SMEs, at the I&E window and as forwards sales.
Although deploying dollars in defence of naira has mitigated the pressure on the naira, the exercise has also depleted the nation’s foreign reserves which currently stood at $33.32billion as of June 30, 2021, about a quarter of what had been deployed to saving the naira.
Explaining the rationale behind deploying the nation’s external reserves to defend the naira, Godwin Emefiele, CBN governor, said the CBN Act mandates the apex bank to defend the national currency, adding that “A flexible exchange rate would not favour the poor. I am committed to protecting the Naira. We cannot allow the Naira to float freely.”
The tenure of Emefiele as CBN governor has witnessed the rollout of a number of policies meant to shore up the value of the naira.
This started in June 2015 with the stoppage of the sale of dollars to those engaged in the importation of 41 items that could be produced in Nigeria.
The apex bank explained that it took that decision to “conserve foreign reserves as well as facilitate the resurrection of domestic industries and improve employment generation.”
In January 2016, the CBN governor, during a press conference, announced that the apex bank would no longer sell dollars to BDCs.
According to him, “The Bank would henceforth discontinue its sale of foreign exchange to BDCs. Operators in this segment of the market would now need to source their foreign exchange from autonomous source. They must however note that the CBN would deploy more resources to monitoring these sources to ensure that no operator is in violation of our anti-money laundering laws.”
Emefiele added that the measures were not punitive but meant to guarantee the preservation of the nation’s resources and stabilize the financial system.
The CBN however later reversed itself and resumed the sale of dollars to BDC operators.
In 2017, the CBN introduced a new window for investors, exporters and end-users with a view to increasing liquidity and forcing down the exchange rate. But that didn’t achieve much as the slide of naira continued. In 2018, the CBN increased the number of items banned from accessing foreign exchange to 42 as it imposed foreign exchange ban on fertiliser importation.
This was contained in a circular entitled: “Re: Inclusion of some imported goods and services on the list of items as ‘Not Valid for Foreign Exchange in the Nigerian Foreign Exchange Market.”
The circular signed by Ahmed Umar, director, Trade and Exchange Department, stated: “In the continued effort to sustain the achievement recorded from the classification of 41 items as ‘Not valid for foreign exchange’ in the Nigerian foreign exchange market, authorised dealers and the general public are hereby notified of the inclusion of fertiliser on the lists effective Friday, December 7, 2018.”
In March 2020, the CBN devalued the naira by changing the official exchange rate from N307/$1 to N360/$1.
In May 2020, the CBN governor directed businesses and individuals to stop patronizing the parallel market for foreign currency exchange.
Later in July of the year, the apex bank extended forex restriction to maize importation, saying the decision was borne out of the need “to increase local production, stimulate a rapid economic recovery, safeguard rural livelihoods and increase jobs which were lost as a result of the ongoing COVID-19 pandemic.”
General News
Court Orders Lawyer to Produce “Bail-Jumping” Client in MTN Cyber Fraud Case

Justice Ambrose Allagoa of the Federal High Court sitting in Lagos has ordered Mr Nnamdi Kalu, a legal practitioner, to appear before the court on July 9, 2025, to provide explanations regarding the whereabouts of Richard Ironbar Edemadem, his client, who is accused of cyber-related fraud and has allegedly jumped bail.
The judge issued the directive during the ongoing trial of Edemadem and four others, namely: Samuel Okpapi, Nelson Ojovbo, Bamigbade Olushola, and ISD Technology Limited, who are standing trial on charges of tampering with the critical mobile telecommunications infrastructure of MTN Nigeria and illegally profiting from unsolicited messages sent to subscribers.
The prosecution, led by Mr Nnemeka Omewa of the Economic and Financial Crimes Commission (EFCC), informed the court that Edemadem, the first defendant, had jumped bail and ceased communication with both his counsel and the court.
He further revealed that Mr Kalu, who represented the defendant at the early stage of the trial, had stopped appearing in court and was unreachable.
During the trial proceedings, Justice Alagoa queried the continued absence of the first defendant, especially as his name had come up repeatedly during the testimony of the EFCC’s witness.
Upon receiving the explanation from the prosecutor, the judge expressed concern that no attempt had been made to bring the sureties to account, as required when a defendant absconds.
Responding to the judge’s query, Omewa said the prosecution had made efforts to trace the sureties and review the bail bond documents.
However, they discovered that no valid documentation about the sureties or their contact addresses could be found in the court file.
Disturbed by the absence of such critical records, Justice Alagoa directed the absentee defendant’s counsel, Mr Kalu, to appear before the court on the next adjourned date to provide clarity on his client’s disappearance and explain his failure to participate further in the trial.
In the meantime, the trial resumed with the testimony of Mr Olamide Sadiq, the fourth prosecution witness and an investigating officer with the EFCC.
Sadiq detailed how the defendants fraudulently manipulated MTN’s telecom systems to send unsolicited messages to thousands of unsuspecting subscribers.
According to his testimony, the defendants, who were employed as IT professionals for various telecom value-added service providers, compromised MTN’s Critical Mobile Telecommunications Network System between 2017 and 2018, adding that by exploiting the system’s vulnerabilities, they deployed mass unsolicited messages that led to unauthorised deductions from subscribers’ airtime balances.
Sadiq explained that these illegal deductions were routed into multiple accounts linked to the defendants and their affiliated entities, notably ISD Technology Limited.
The stolen proceeds, totalling N36,837,438.20, were subsequently distributed among the conspirators, he said.
Following the witness’s testimony, the court adjourned the matter to July 9, 2025, for the continuation of the trial and to enable Mr Kalu to appear and address the court on the issue of his absconding client.
The EFCC had filed a three-count charge against the defendants, detailing their alleged roles in the multimillion-naira fraud.
On count one of the charges, the defendants, Richard Ironbar Edemadem, Samuel Okpapi, Nelson Ojovbo, Bamigbade Olushola, ISD Technology Limited, and a fugitive known only as “Sola”, were accused of conspiring to tamper with a critical mobile telecommunications network system.
This, the EFCC said, is contrary to Sections 27(6)(b) and 10 of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015, and punishable under the same law.
The second charge stated that the defendants were charged with unauthorised tampering with MTN’s network infrastructure, an offence also contrary to Section 10 of the Cybercrimes Act, punishable under the same provision.
Counts three of the charges posited that the defendants allegedly took possession of N36,837,438.20, which they reasonably ought to have known were proceeds of an unlawful act, namely, stealing, contrary to Sections 15(2)(d) and (6) of the Money Laundering (Prohibition) Act, 2011 (as amended), and punishable under the same.
Source: Tribune
General News
Airtel Concludes Nationwide Environment Week with Market Clean-Up by Employees

Telecommunications provider, Airtel Nigeria, has wrapped up its 2025 World Environment Week campaign, themed ‘Ending Plastic Pollution’, with an employee-driven market clean-up exercise at Elegushi Model Market, Jakande, Lekki, Lagos.
The activity was supported by the Ecobarter Company, a social enterprise focused on the promotion of a circular economy. Branded #UnPlasticAfrica, the events spanned six states and mobilised Airtel employees, community leaders, government partners, and market communities in a united effort to combat plastic pollution.
With the Lagos Market Cleanup, Airtel staff and community members joined forces to remove plastic waste and sensitize the locals on individual contributions towards a plastic-free environment.
To support sustainability and align with Lagos State’s ban on single-use plastic, large bins for refuse sorting as well as parasols, and reusable tote with #UnPlasticAfrica messaging were distributed to traders and their customers in the market to encourage behavioural change.
Speaking on behalf of Airtel Nigeria CEO Dinesh Balsingh at the clean-up exercise, Director, Corporate Communications & CSR, Airtel Nigeria, Femi Adeniran, highlighted the critical importance of community participation in safeguarding the environment and commended the market leadership for their openness and commitment to such impactful initiatives.
“True environmental care starts with action: keeping our gutters and surroundings clean and ensuring that plastic waste never finds its way into our canals and waterways.
The Elegushi market community has shown remarkable leadership by welcoming this initiative, and we are proud to have partnered with them to make a tangible difference as we commemorate World Environment Day 2025. We believe that this effort will spark a ripple effect, inspiring communities across the nation to take bold steps towards a cleaner, healthier Nigeria,” he said.
In her response on behalf of the President of the Elegushi Model Market traders’ association Iyaloja Simbiat Ronke Lawal, the Secretary of the trade association Elizabeth Afolabi, conveyed the group’s appreciation to the volunteers and Airtel Nigeria as an organisation. She commended the company for the clean-up initiative which she noted would leave a positive impact on the market.
“We want to thank Airtel Nigeria and all the volunteers for coming to our market to help clean and support us. This has really helped us and made our market a better place. We are incredibly happy and promise to sustain what you have started here today,” she said.
Recall that the Airtel Nigeria World Environment Week campaign began on June 4 with an employee seminar led by Mr Balsingh, followed by market clean-up exercises at Bodija Market, Oyo State; Oba Market, Benin City, Edo State; Wuse Market, Abuja; Artisan Market, Enugu State; Yankaba Market, Kano State; and finally, Elegushi Model Market, Jakande, Lagos.
General News
Verraki to Host Groundbreaking Webinar on Scaling AI for African Enterprises

As Artificial Intelligence (AI) redefines competitive advantage across industries, African businesses are being challenged to evolve from passive observers to active implementers. Verraki, a leading African business and technology solutions firm and member of Andersen Consulting, is answering this call with a virtual event aimed at demystifying the AI journey for African enterprises.
Verraki will host a free webinar titled “From Idea to Action: How African Businesses Can Start and Scale AI Initiatives.” On Thursday, June 19, 2025, at 3:30 PM WAT, the session is designed to give business leaders a clear, executable path for embedding AI into their strategy and operations.
“We’ve moved past the point where AI is a buzzword; it is now a boardroom priority,” said Niyi Yusuf, Managing Partner at Verraki. “This webinar brings together African and global experts to provide actionable insight for businesses seeking to make that transition deliberately and profitably.”
Elevating Africa’s AI Readiness
Despite growing interest in AI, many African organizations struggle with where to begin, lacking both the technical know-how and the internal strategy to move forward. This webinar bridges that gap with both global case studies and local context, tailored to Africa’s unique business realities.
Featured Speakers include, keynote address by Randy McGraw, Chief Commercial Officer at Sertis, a Bangkok-based AI consultancy also a member of Andersen Consulting. Randy will unveil a playbook for implementing Private LLMs.
Fireside Chat with Kehinde Banasko, CEO of Skilladder AI, on how AI is revolutionizing workforce transformation and skills verification across Africa. The conversation will be moderated by Verraki’s Maanging Partner, Niyi Yusuf.
This event is ideal for CEOs, founders, product managers, innovation leads, and C-suite executives looking to implement AI tools that align with their business goals and drive sustainable results.
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