Several Bureau De Change operators were allegedly detained by officials from the Economic and Financial Crimes Commission (EFCC) on Tuesday at the well-known Wuse Zone 4 market.

JUST IN: EFCC Arrest BDC Operators As Dollar To Naira Exchange Rate Hits ₦1,416/$

It was reported that a few of the BDC operators resisted the arrest during a sting operation conducted by the anti-graft agency.

However, the latest effort by the EFFC met with resistance on Tuesday, leading to gunfire and damage to the agency’s vehicles.

Two currency traders who witnessed the incident provided information to reporters, explaining that they acted in frustration because they felt the arrests had become too frequent and appeared to be a way to extort money from them.

“EFCC guys came to raid and make an arrest on Monday, and they came today (Tuesday), but today’s operation was too strong.

“This is the issue we are facing. Yesterday (Monday), they arrested traders, but they were attacked back today, and gunshots were fired because our people tried to resist the arrest. They were provoked and frustrated. They even broke the glasses of the EFCC vehicles today, and that means people are getting tired and desperate,” one of the traders who spoke on condition of anonymity told The PUNCH.

Another trader, who verified the incident, voiced worries that ongoing raids by the EFCC could result in fatalities.

He said;

“If this thing continues like this, that means they would kill people because if they try to arrest next time, nobody would agree and another person would gather together so that nobody would be taken.

“That was happened today. People are now turning because all they do after arrest is to collect money from us. Nothing else is done. They are frustrating use.”

In the following week, the Economic and Financial Crimes Commission (EFCC) publicly exhibited more than 20 detained Bureau de Change (BDC) operators in the nation’s capital.

Despite these actions, the value of the naira has continued to decrease.

The operators stated that they bought the dollar at ₦1,400 and sold it at ₦1,425 per dollar, making a profit of ₦25.

Moreover, there was a ₦5 drop from the Monday rate of ₦1,430.

One trader, Malam Yahu, expressed dissatisfaction with the market’s instability, highlighting the difficulty of predicting future exchange rates.

He said;

“Right now the market is just fluctuating, the naira is not stable at all and that’s why we are even sceptical about buying now. We can’t even predict how the market will trade.

 

“For instance, after today’s arrest, I didn’t buy or make sales to avoid a loss. I bought it earlier today at ₦1,400 and sold it at ₦1,425.

“We have also noticed that once the prices go up, there will be scarcity because they would expect the naira to drop further but if it’s at a loss, they would then rush to sell it off.”

According to data from the FMDQ exchange securities, the official market revealed that the currency depreciated to ₦1,416 per dollar from ₦1,354 per dollar recorded at the foreign exchange market on Monday. This new rate indicates a 4.4% drop or ₦62, raising concerns about rapid fluctuations.

On Tuesday, the intraday high increased to ₦1,445 per dollar from ₦1,441 per dollar recorded on Monday. Similarly, the intraday low depreciated to ₦1,301 per dollar compared to ₦1,285 per dollar it traded on Monday.

However, the amount of dollars exchanged between buyers and sellers rose to $160.77 million from $84.3 million on Monday.

The previous rate hit its lowest point in about ten weeks, with a daily turnover of $66.4 million on February 19, 2024.

Stanley Okoruwa, a blogger from Lagos, publicly apologized for making baseless accusations against prominent businessman Emeka Okonkwo, also known as E-Money, and Jennifer Awele, the wife of the late actor Junior pope.

“I Apologize for Defaming E-Money in an Attempt to Gain Popularity”

The situation unfolded after E-Money initiated a search for two women and a man who alleged to have had a relationship with Jennifer Awele. Subsequently, the blogger was detained by the Lagos State Police Command due to a petition filed by E-Money concerning the objectionable video.

Okoruwa retracted his statements, expressing regret for his actions. He admitted that his allegations were made solely to attract followers to his Facebook page, clarifying,“I made the video to grow my page; I did not have any ill intentions towards E-Money.”

“I made the video to grow my page, I did not have any bad intentions towards E-Money,” he said.

“I did not know the video would go viral. I accept it is wrong for me to make such a video and I did not know it will escalate.

“Everything in the video is not true, I just tried to make the video to get popular and get the opportunity to meet E-Money.

“… I’m very sorry, E-Money. I did not mean to tarnish his image. Everything in the video is false. I’m using this medium to seek E-Money’s forgiveness and I will not repeat the mistake again.”

The Lagos State Police Command spokesperson, SP Benjamin Hundeyin, mentioned that the blogger would face prosecution for allegedly defaming E-Money in his online video. SP Hundeyin noted that E-Money had reported the incident to the police, indicating that due process was followed.

“He is going to be prosecuted because the things he engaged in were criminal in nature. He has allegedly defamed E-money and he is going to be prosecuted,” Hundeyin stated.

E-Money also shared the video on his Instagram account:

View this post on Instagram

A post shared by Dr. E-Money (@iam_emoney1)

Rev. Father Gabriel Ukeh, the presiding priest of St. Thomas Parish in Zaman Dabo Community, was kidnapped by Bandits in Zango Kataf Local Government Area of Kaduna State.

Abduction of Catholic Priest Reported in Kaduna

The abduction took place in the early hours of Sunday from the parish rectory.
This information was revealed by Rev. Fr. Emmanuel Kazah, the Vicar General (Pastoral), in a press statement accessed by PUNCH Online on Sunday.

Kazah said, “While we solicit for fervent prayers for his urgent and safe release, we equally condemn this act of incessant kidnappings for ransom of innocent and defenceless citizens of our communities, and we call upon the government to horn its security intelligence as we approach the celebration of Sallah.

“As we work with security operatives for his quick release, we wish to call on all to stay away from taking the laws into their hands. We will use every legitimate means to ensure that Fr. comes back to us safe and sound.

“Through the intercessions of the Blessed Virgin Mary, the Mother of Priests and Religious, may Jesus the crucified hearken to our prayers and hasten the unconditional release of His Priest and every other abducted person.”

ASP Mansir Hassan, the Public Relations Officer of Kaduna State, mentioned that he will confirm the details and share more information once verified.

The stock market rebounded last week due to increased interest in Bank shares, leading to a 0.71% marginal return and a N399 billion rise in investors’ assets.

Surge in Banking Stock Interest Boosts Market Performance

Zenith Bank saw an 8.3% price increase, while Guarantee Trusted Company (GTCo) rose by 5.6%, contributing to the weekly returns.

The All Share Index (ASI) increased by 0.71% to close at 99,925.29 points.
Month-to-Date (MtD) and Year-to-Date (YtD) returns rose to 0.6% and 33.6% respectively.

Market capitalization of listed equities grew by N399 billion to N56.527 trillion by the week’s end.

All five sectors in the market experienced gains: oil & gas (5.3%), banking (3.6%), insurance (3.4%), consumer goods (1.1%), and industrial goods (0.3%).

Trading volume and value increased by 54.6% and 43.1% to 2.633 billion units and N43.652 billion respectively.

The financial services sector dominated activity with 2.176 billion shares valued at N31.741 billion traded in 17,295 deals, making up a significant portion of total equity turnover volume and value.

The consumer goods sector had 176.983 million shares valued at N5.309 billion in 3,785 deals.

The oil and gas sector ranked third with 71.184 million shares worth N3.906 billion in 2,648 deals.

Analysts are anticipating a varied performance for this week.

Analysts at Cordros Capital predict a mixed overall market sentiment.

“especially given the lack of significant drivers to buoy investors’ interest over the near-term before the earnings season.”

“One potential factor that could change the direction of activities may be upcoming share issuances by banks,” they added

Advertisement

The FCT police command successfully prevented a kidnapping and saved two individuals taken by gunmen in Guto village, Bwari Area Council.

The FCT police rescued 2 kidnapped victims in Bwari and reunited them with their family.

The victims, Marta Ojadi, 15, and Evelyn Chinaza, 12, were rescued by operatives from the anti-kidnapping unit of the command, working with the Department of State Services (DSS) and local hunters.

The FCT Police Public Relations Officer, Josephine Adeh, confirmed that the victims were unharmed and have been reunited with their families.

The statement reads;

“In response to the sudden attack by unknown gunmen in Guto village, Bwari, earlier today, June 30, 2024, at about 01:30 p.m., where two female victims, Mart Ojadi, 15 years old, and Evelyn Chinaza, 12 years old, were kidnapped and forcefully taken to an unknown location, the operatives of the FCT police command from the anti-kidnapping unit swiftly mobilised to the scene.

Displaying remarkable bravery, the police, in synergy with DSS hunters, trailed and advanced on the assailant, tactically ambushing them at Gauraka Forest, Niger State, bordering FCT.

This led to an intense gun duel as the kidnappers were overwhelmed by the operatives, forcing them to scamper to safety through the nearby bushes with varying degrees of bullet injuries, and the two kidnapped victims were rescued unhurt.”

Adeh added that while the victims have since been reunited with their families, the commissioner of police, FCT, CP Benneth C. Igweh, reaffirms the command’s unflinching commitment to maintaining peace and security in the nation’s capital.

He also urges the residents to be vigilant and take advantage of the police emergency lines in reporting suspicious activities through the following numbers:

Police emergency lines:

08032003913
08028940883
08061581938
07057337653
PCB: 09022222352
CRU: 08107314192