While Nigerians are still speculating the actual reason behind the
sudden appreciation of the Naira over major International currencies
since February 20, 2017 and Central Bank of Nigeria (CBN) sudden change
of policy, Mr Babatunde Gbadamosi, a Lagos Businessman and former
governorship candidate, who exposed in details the monumental organized
foreign currency fraud by the Buhari government and officials of CBN was
arrested and still detained by the Department of Security Services
(DSS) since February 22, 2017.
a social media video which went viral, Mr Gbadamosi frowned at the
shabby practices where those that genuinely need foreign currencies for
Business are not provided with any, while the President’s allies and the
cronies of CBN big-wigs are receiving them at ridiculous low rates of
Every effort to secure Mr Gbadamosi’s release has proved
abortive. The DSS has ensure that no one visits or see the incarcerated
voice of the Nigerian opposition in the secret detention center he was
dumped six days ago and sources close to Hope For Nigeria within the
secret police headquarters in Abuja are claiming that Gbadamosi was
accused of blackmailing the Central Bank of Nigeria and the Government
by releasing those classified information about forex sales.
while Mr Babatunde Gbadamosi is languishing in DSS secret detention
center for saving Nigeria from the forex mafia, Nigerians are giving the
glory to the acting President Osibanjo who raised no finger in the new
development where the CBN suspended forex sales to cronies and allies of
President Buhari and sudden revert to the polices of the former
President Goodluck Jonathan, where the Naira is protected with our
Re-echoing the concern of Nigerians including
that of the former CBN governor and the Emir of Kano, Sanusi Lamido who
revealed the operation of over 20 different foreign exchange rates by
the CBN and some Nigerians making billions of Naira daily from their
gardens trading dollar they bought at an alarming low rates, Mr
Gbadamosi demanded that these sharp practices should stop in other for
the country to survive the self-induced recession.
quoting various media sources in the Video, stated that the CBN was
selling forex to some close allies of President Muhammadu Buhari for as
low as N3 to $1 through what is called Bills of Collection. People where
given Dollars with cold claims that their Form M was filled and
submitted like 35 years ago but forex was not released. They cartel only
has to claim that they made their importation in 1985 but forex was not
released to you despite submitting duly completed Form M.
all documents perfected, the forex will then be released at the
prevailing rate in 1985. They will get $3 million at N5/ $1 and selling
to end users at say N480/ $1. The said customer will be making about
N1.425billion in one transaction.
He listed transactions by some
individuals that got $4,327 at the rate of N23.34 to $1 through “credit
card payment” for “invisible” purpose and under “invisible sector”. A
bank also got $3,589.11 at the rate of N3.19 to $1 also for “invisible”
purposes and under “invisible” sector. There was a transaction involving
sale of $66.72 at the rate of N0.62 to $1. There was also a sale of
$5.56 to a company at the rate of N0.61 also for “invisible” purposes. A
particular transaction also involved the sale of $570.8 at the rate
In contrast, there was a company, who purchased
$1,462,480.83 at the rate of N425 to $1. The document shows that
individuals and companies got foreign exchange for purposes ranging from
importation, PTA, school fees, “invisible”, family maintenance
allowances, mortgage payments and medical travel among others.
video lead the Attorney General of the Federation and Minister of
Justice, Mr. Abubakar Malami (SAN), to query the CBN Governor, Mr.
Godwin Emefiele, demanding “prompt response” to the allegations of
corruption in the CBN’s foreign exchange allocation and transactions.
Multiple Petitions against the CBN indicated how some companies and
individuals got foreign exchange in US dollars at the rates as low as
low as N0.61 to $1 while others got it in rates that were as high as
N470 to $1.
Malami, in the letter, dated February 6, 2017, and
with reference number, HAGF/CBN/2017/VOL.1/1, asked Emefiele to respond
to the allegations “to enable us to advise the Presidency and take
Titled ‘allegations of racketeering in the
Central Bank of Nigeria; disparity in allocation of foreign exchange’,
and addressed to Emefiele, the letter was delivered to the CBN
governor’s office on Monday.
The allegations in the attorney general’s letter to Emefiele includes:
alleged corruption in the apex bank’s “foreign exchange allocation transactions.
2. questionable policy in CBN’s allocation and sale of foreign currency to Nigerians.
3. arbitrary allotment of different exchange rates for same purposes.
4. allocation of conflicting foreign exchange rates.
DSS has not charged Mr Gbadamosi after six days of arrest and they
denied him medical attention, family visits and rejected the request for
his lawyers to see him or be informed of the reason for his arrest.
is shocking to note that Nigerians are enjoying the appreciation of the
Naira over major currencies and praising the CBN and the government
that overseas the foreign currency fraud that almost crippled the
Nigerian economy while the man who scarified neck for us, is under chain
and locked up in secret detention center.