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 Ministry of Finance has halted enforcement of about N680 million in disputed fees imposed by the National Insurance Commission (NAICOM) on NICON Insurance Limited and Nigeria Reinsurance Corporation (Nig Re) as part of the ongoing insurance industry recapitalisation exercise.
The Ministry also directed NAICOM to suspend its demand that the two companies transfer their entire recapitalisation funds into an escrow account with the Central Bank of Nigeria (CBN), pending determination of a petition challenging the legality of the charges and the directive.
The intervention followed a July 27, 2026 petition by NICON and Nig Re over what they described as unlawful fees and regulatory demands arising from the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
In a letter to the Commissioner for Insurance, Raymond Omachi, permanent secretary, Federal Ministry of Finance, on behalf of Taiwo Oyedele, minister of Finance and coordinating minister of the Economy, requested that NAICOM provide a detailed response and legal justification for the disputed requirements.
The Ministry specifically directed the Commission to suspend enforcement of the contested processing and verification fees, the one per cent Capital Injection Fee, and the directive requiring the companies to transfer their full recapitalisation funds to a CBN escrow account.
The dispute centres on NAICOM’s assessment of a one per cent fee on capital injected by operators, alongside additional processing and verification charges prescribed under Appendix 2 of the Commission’s Minimum Capital Requirement Guidelines.
According to the petition, the combined assessments amounted to N305 million for NICON and N375 million for Nig Re, bringing the disputed charges to N680 million.
The companies are also challenging what they described as an unconstitutional requirement to transfer more than the statutory proportion of their recapitalisation funds to the CBN.
They contend that Section 16(3) of NIIRA 2025 provides for a 10 per cent statutory deposit, and not the transfer of the entire capital injection into an escrow account.
The companies told the Ministry that they had already met the July 31, 2026 recapitalisation deadline.
NICON said it injected N420 billion, while Nig Re injected N30 billion into Mudaraba Term Deposit accounts with Lotus Bank Limited. The companies maintained that the amounts exceeded their adjusted recapitalisation requirements of N16 billion and N28 billion, respectively.
They further stated that they had deposited N42.5 billion and N43.5 billion respectively with the CBN, in compliance with the statutory deposit requirement under Section 16(3) of the new law.
The companies also disclosed that they had made initial payments of N480 million and N75 million, respectively, in fees.
The Finance Ministry’s directive effectively places the disputed charges and escrow requirement on hold while NAICOM is expected to justify the legal and regulatory basis for its actions.
The intervention could have wider implications for the insurance industry’s recapitalisation programme, particularly as operators face regulatory deadlines to strengthen their capital base under the new insurance law.
The controversy also raises questions about the extent to which regulatory guidelines can impose additional financial obligations on operators beyond those expressly provided for under the enabling legislation.
NAICOM is now expected to respond to the Ministry’s request and explain the statutory basis for the one per cent capital injection fee, the additional processing and verification charges, and the requirement for the full capital injection to be transferred into a CBN escrow account.
The Securities and Exchange Commission (SEC) has launched a nationwide awareness campaign aimed at helping investors and beneficiaries recover unclaimed dividends and inherited investments, as part of efforts to strengthen investor protection and reduce the volume of dormant assets in Nigeria’s capital market.
The initiative, unveiled in Abuja through the Probate/Unclaimed Monies Awareness and Investor Clinic, seeks to educate investors, beneficiaries and estate executors on probate procedures, estate administration and the processes involved in accessing financial assets left behind by deceased relatives.
Speaking at the event, Dr Emomotimi Agama, the Director-General of the SEC, said the Commission was addressing a long-standing challenge that had prevented many families from accessing investments belonging to deceased relatives.
Agama said many beneficiaries face difficulties obtaining probate, letters of administration, death certificates and other documents required to claim shares, dividends and other financial assets.
“For many Nigerian families, the death of a loved one who held shares, dividends or other investments marks the beginning of a long and often confusing journey,” he said.
According to him, the complexity surrounding estate administration often leaves beneficiaries unable to access legitimate investments and other financial assets inherited from deceased relatives.
He described unclaimed dividends and dormant assets as a major concern for the Nigerian capital market, noting that the funds represent money that should be benefiting families but remains idle because beneficiaries are unable to access them.
“Across our market, unclaimed dividends and dormant assets represent real money—money that belongs to real families, sitting idle, disconnected from the people it was meant to serve,” Agama said.
The SEC DG said the Commission was committed to bridging the gap through policy reforms, investor education and sustained engagement with investors, beneficiaries and other stakeholders in the capital market.
He stressed the importance of ensuring that investors and their families were adequately informed about the procedures for documenting, preserving and transferring financial assets to beneficiaries.
Agama said the awareness campaign would also provide an avenue for members of the public to better understand probate processes and the requirements for recovering unclaimed monies and inherited investments.
Also speaking, the Acting Chief Executive Officer of Meristem Registrars and Probate Services Limited, Ms Nkechinyelu Okoye, identified poor awareness and inadequate estate planning as major factors contributing to the accumulation of unclaimed financial assets.
Okoye said some beneficiaries were unaware that financial assets such as shares and dividends formed part of a deceased person’s estate, while others did not know that their deceased relatives had investments in the capital market.
She added that some beneficiaries were also unfamiliar with the documentation and legal procedures required to establish their entitlement and successfully claim the assets.
According to her, these challenges often result in financial assets remaining unclaimed for extended periods, even when legitimate beneficiaries are available.
The initiative is expected to improve public awareness of probate and estate administration procedures while helping more families identify and recover investments and other financial assets belonging to them.
It is also part of broader efforts to reduce the volume of unclaimed dividends and dormant assets in the capital market and ensure that funds belonging to investors and their beneficiaries are returned to their rightful owners.
United Bank for Africa (UBA) Plc, africa’s global bank, has partnered Mikano Motors to launch an auto financing scheme, themed: ‘Drive Your Dream Today’, specifically designed to ease the purchase of new vehicles by making them more accessible to Nigerians.
General Manager, Mikano Motors, Tarek Mostafa; Executive Director, Personal and Business Banking, United Bank for Africa, Chidi Okpala and National Operations Manager, Syam Abdulkadir, during a partnership signing between both parties, themed: ‘Drive Your Dreams Today’, a Flexible vehicle financing solutions, initiative at the Mikano Showroom in Victoria Island
The flexible Financing solutions Initiative, requires customers to make an initial payment of just 30 percent while the Bank finances the remaining 70 percent.
Unveiled at the Mikano Motors showroom in Victoria Island, Lagos, the scheme allows eligible customers to repay the financed amount in instalments over a period of 36 months at an interest rate of 23 percent.
The financing is available to a broad range of customers, including individuals who are not on a salaried income, providing entrepreneurs, and other eligible Nigerians with a structured pathway to vehicle ownership.
The process begins with a simple eligibility check. Interested customers can visit their nearest UBA branch or email [email protected] to confirm their eligibility. Once approved, customers can proceed to Mikano Motors to obtain a proforma invoice for their preferred vehicle and continue with the financing process.
Speaking at the launch, UBA’s Group Executive Director, designate, Personal and Business Banking, Chidi Okpala, said the partnership reflects the Bank’s commitment to making everyday aspirations more attainable while promoting a stronger credit culture and advancing financial inclusion.
“Owning a car should not be out of reach for hardworking Nigerians, and this partnership makes it far more achievable,” Okpala said. “A customer puts down 30 percent, we finance the rest, and they pay us back comfortably over a three years period. By removing the single biggest barrier to vehicle ownership where a customer just commits with an upfront cost, we are showing what customer-first banking looks like in practice, which is making their lives easier, by meeting our customers where they are and helping them get where they want to be.”
Also speaking, UBA’s Group Head, Consumer Lending, Frank Okoh, said the scheme was designed to make vehicle financing straightforward and accessible to both salaried and self-employed customers.
“We have kept the entry simple and the terms clear, whether you earn a salary or run your own business,” Okoh said. “A short eligibility check at any branch or by email is all it takes to begin, and our team guides the customer through every step to the moment they collect their keys.”
For Mikano Motors, the partnership provides an opportunity to extend its vehicle ownership proposition to a wider pool of Nigerians
The company’s General Manager, Tarek Mostafa, said the collaboration aligns with Mikano Motors’ vision of providing customers with a high-end ownership experience supported by reliable after-sales services.
“Mikano Motors was established to give Nigerians a high-end ownership experience, from the showroom to years down the road,” Mostafa said. “The backbone of any automotive business is not just the sale, but the after-sales service that follows. Every vehicle we sell is backed by genuine spare parts, reliable maintenance and quality service available anywhere in the country. Wherever you are we would come meet you at no extra cost”
“Partnering with UBA lets more customers enjoy that experience, and we are proud to build lasting relationships alongside a bank that shares our commitment to service,” he added.
Established in 2018 under Mikano International, Mikano Motors builds on more than 35 years of the group’s presence in Nigeria. The company offers a diversified portfolio of vehicles supported by nationwide sales and after-sales services.
The partnership further strengthens UBA’s consumer lending proposition, providing customers with structured financing solutions designed around accessibility, affordability and convenience. Through partnerships such as this, the Bank continues to expand access to credit while helping customers meet significant personal and lifestyle needs with ease.
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.
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