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List of banks excluded from CBN’s retail Dutch Auction

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CBN

The Central Bank of Nigeria (CBN) has announced the successful conclusion of a Retail Dutch Auction System, where it sold a total of $876.26m to 26 qualified banks that participated in the auction.

The CBN had on Tuesday, August 6, 2024, held a Retail Dutch Auction System, during which $876.26m was sold to participating banks with the primary objectives of increasing FX liquidity, easing demand pressure, and promoting price discovery in the market, all of which are in line with the apex bank’s core goals

The CBN made the disclosure in a statement posted on its website signed by Omolara Omofunde Duke, the director, financial markets department.

Commenting on the auction process, the director disclosed that a total of $1.18bn in bids were submitted by 32 authorized dealer banks. Of the total bids, $313.69m from six banks were deemed to be ineligible, leaving a net total of $876.26m to be allotted among the 26 remaining banks who met the qualifying criteria

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The CBN stated, “A total bid valued at US$1.18bn was received from 32 Authorized Dealers Banks, of which, bids valued at US$876.26m from 26 banks qualified, while bids valued at US$313.69m from six banks were disqualified.”

In response to the mounting unmet demand for foreign exchange among end users, the apex bank announced last week its decision to implement a Retail Dutch Auction System. This move is seen as a timely intervention that aims to alleviate the increasing pressure on the FX market, ultimately stabilising the naira’s exchange rate.

In the past months, the naira has traded within the N1,450 and N1,600 range. However, despite the currency’s recent volatility, the Central Bank of Nigeria set a cut-off rate of N1495/$ for the Retail Dutch Auction, providing a brief respite from the currency’s fluctuating exchange rate and creating a much-needed stability in the market.

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Aisha Achimugu: Bank MD, compliance chief linked to alleged $12m laundering

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The first prosecution witness (PW1) in the trial of SunTrust Bank Managing Director, Halima Buba, and Chief Compliance Officer, Innocent Mbagwu, on Thursday, July 17, 2025, detailed before Justice Emeka Nwite of the Federal High Court, Abuja, how multi-million-dollar cash transactions were routed through him for transfers.

The Economic and Financial Crimes Commission (EFCC) is prosecuting both bank executives on a six-count charge bordering on money laundering to the tune of $12 million.

Led in evidence by prosecuting counsel, Ekele Iheanacho, SAN, the witness, a bureau de change operator, described multiple foreign exchange transactions involving the first defendant, Aisha Achimugu, and himself.

“Sometime in March 2025, I received a call from Aisha Achimugu that she had some forex transactions at SunTrust Bank branches in Abuja and Lagos. I called the first defendant, and she confirmed her knowledge of the transactions,” he testified.

On March 13, 2025, the witness said a staff of Achimugu, Iliya, visited SunTrust Bank Abuja for a $1 million cash swap, to be paid into Ocean Gate Energy Oil and Gas’ Zenith Bank account. The witness confirmed the transaction with the first defendant before arranging for the collection of the cash through intermediaries.

The witness further narrated, “Aisha told me she needed dollar inflows into her Ocean Gate Energy account to purchase an oil block. I got to know her in 2021 through the first defendant, and we met at SunTrust Bank.”

He added that the first defendant communicated transaction confirmations through WhatsApp, including screenshots of chats with the second defendant when he initially denied knowledge of the transactions.

According to the witness, “On March 13, 2025, Muktar Miko received a $2 million cash payment from the second defendant. Another $2 million was received on March 14, while on March 20, an additional $2 million was collected for cash swap transactions, all confirmed with the first defendant.”

On March 24, 2025, another $2 million was collected, with subsequent dollar inflows transferred in tranches into Ocean Gate Energy Oil and Gas’ Zenith Bank account after the swaps were completed.

The witness also testified that aside from the oil block purchase, Aisha Achimugu conducted further Naira-to-dollar exchange transactions, which he regularly confirmed with the first defendant, with Naira credited to local accounts and dollar equivalents transferred to Ocean Gate Energy.

The matter continues as the EFCC seeks to establish its case in the ongoing multi-million-dollar money laundering trial.

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My Encounter With Aboki Selling Dollars that May Help You

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Sometime last month…

 

I withdrew $500 because I needed to pay for something that day and was in a rush.

Because of how urgent it was, I couldn’t use my regular aboki, had to look for one around the bank I used.

 

After plenty back and forth, we agreed on 1600 as the rate.

 

Forgetting that this wasn’t the aboki I already had a relationship with, I handed him the dollars while he was still collecting my account details.

 

Not even a few minutes later, the aboki looked up and said, “Ah! Na $500? I think say na $5000.”

 

$5k how?

 

Next thing, he said he wasn’t buying again unless I’d agree to sell for 1570.

 

Knowing I wouldn’t meet up with where I needed the money that day again,

 

I decided to just kuku take my money back (big mistake), go to my usual aboki whose place was far from where I was, and then handle what I needed the money for the next day.

 

When I got there, my regular aboki, who I’d already spoken to on the phone, saw me and immediately transferred 800k to me in exchange for the $500.

 

I got the alert, handed him the dollars, only for him to shout… that the money was fake.

 

What happened?

 

The first aboki had switched the bills.

 

Why didn’t I go back to the first aboki?

 

Even if the distance isn’t far, will he ever accept that he was the one who switched the money?

 

I just accepted my loss and picked my lesson, which is…

 

Never hand over your dollars to an aboki until you’ve received the alert.

 

Please learn from my mistake.

 

Written by Gift Nkechi Imasuen

 

Me: sharing this so you understand that people don’t think like you do. So you don’t lose your hard-earned money

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Anambra Industrialist Plans South-East’s Biggest Food Processing Factory.

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Anambra-born billionaire industrialist and renowned entrepreneur, Dr. Ikenna Ifejiofor, has announced strategic plans to establish what he described as the largest food processing factory in the entire South-East region of Nigeria.

Dr. Ifejiofor, who is the Founder and Chief Executive Officer of Ike God Foods Industries Limited, made this known during an exclusive chat with journalists, where he unfolded his company’s expansion drive and his unrelenting vision to not only boost the Nigerian economy but also position Anambra State as the industrial hub of the South-East.

“Our goal is to make quality food products at affordable prices for everyone, and we’re committed to achieving this through the use of the latest technology and the best professionals in the industry,”

Ike God Foods Industries Limited is the proud producer of the popular Jolly-Jolly Noodles, a brand that has grown to become a household name in Nigeria’s instant noodles market. He also disclosed that plans are underway to incorporate other products into the company’s growing catalogue, including peanut-based snacks, flour, and other value-added food items. The company, headquartered in Anambra State just ventured into bread production

The plan to venture into other productions , he noted, will significantly increase their production capacity and create more job opportunities for the teeming unemployed youths in Anambra and beyond.

 

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