NewStats: 3,263,337 , 8,179,826 topics. Date: Thursday, 05 June 2025 at 02:31 PM 6h1742

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.

In 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 N3/$1.
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.
Regrettably, 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 external reserve.
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.

Gbadamosi 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.
With 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 s 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 N3.17.
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.
This 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 appropriate measures.”
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.
The 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.
It 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

http://www.hopefornigeriaonline.com/breaking-naira-gains-dss-still-detaining-mr-gbadamosi-exposed-govt-forex-fraud/

Yet some people we say the Daura league are not practising a police state

This is serious

This is truly shocking if true. Those with sufficient proof should publicize the matter better.

Buhari the righteousness thief a.k.a Pharisee

we said this long ago, afonjas said we are ipod yoots

what are my ears hearing or what are my eyes reading.

SalamRushdie:
Yet some people we say the Daura league are not practising a police state

Transactions were carried out by CBN


Guess who employed the current CBN governor?

Yes, it was GEJ and Buhari chose not to fire him

Maybe to use him as scapegoat, maybe it's a trap, I don't care


If it was any APC member, or an APC appointee the case would be headlines for weeks

Not surprised, nija we dey.... The Saint Re keeping mute same way those white dollars are not spending cuz of one overhyped corruption - less angel

Iamwrath:


Transactions were carried out by CBN


Guess who employed the current CBN governor?

Yes, it was GEJ and Buhari chose not to fire him

Maybe to use him as scapegoat, maybe it's a trap, I don't care


If it was any APC member, or an APC appointee the case would be headlines for weeks

hmm, dumbest comment ever

The first president in the whole world without certificate is the father of corruption!

The guy is a whistle- blower. This same govt recently started promoting whistle blowing. But it appears they only want whistle blowing on opposition. No whistle blowing against govt officials will be allowed. You can blow against people like Fayose, Wike and so on but never blow it on El Rufai.His offence seems he blew it on the protected guys.

i'm shocked to the marrow! and some people will still come here and say 'buhari is pighting kwarruption'..Bunch of deluded individuals. I weep for this country.

basilo102:

hmm, dumbest comment ever

Well only the dumbest do not see the connection

What kind of confused reporter is this?... who exactly is 'speculating' the reason behind Naira appreciation?.... Even a primary school pupil who pays attention knows that the Naira is appreciaying because the CBN has resumed injection of forex into the system last week.

Then again regarding the discrepancies in fx rates, I thought CBN already clarified that a while ago?

Max24:
The guy is a whistle- blower. This same govt recently started promoting whistle blowing. But it appears they only want whistle blowing on opposition. No whistle blowing against govt officials will be allowed. You can blow against people like Fayose, Wike and so on but never blow it on El Rufai.His offence seems he blew it on the protected guys.

The first whistle blower in this istration (Jubrin) is now on self-imposed exile due to Buhari's nonchalant, selective and vindictive style of governance. Only those eavesdropping on PDP are regarded as whistle blowers in Buhari's govt.

basilo102:
hmm, dumbest comment ever

Dumb?

OLADD:


The first whistle blower in this istration (Jubrin) is now on self-imposed exile due to Buhari's nonchalant, selective and vindictive style of governance. Only those eavesdropping on PDP are regarded as whistle blowers in Buhari's govt.

Yes, I agree with u. They recently blew whistle on Andrew Yakubu and now when it concerns govt cronies they arrest the whistle blower. I don't understand their anti corruption. This govt is a do-as-i-say -dont-do-as-i-do-govt. CHANGE (does not) START WITH US.

Media Blackout on this story

No be only N3/dollar, na free dollar dem dey share like GEJ...

If na me, I go hang am for such kindergarten lies...

Scary news.

Some people called zombie said Bubu is not quarupt!!!

I am thoroughly shocked by this report. I wanted to doubt the rates quoted but knowing Nigeria my country, NOTHING IS IMPOSSIBLE! B

phew

if this true

then this must be a very kworupt govt.

No wonder many ex- PDP politicians are ing APC- to escape this one sided anti corruption fight.

This govt is practically fascist

Dunno about the details, but there is of course massive corruption going on between the CBN and those close to power.

Is it that you don't know that the CBN governor is answerable to the President. The only reason why the gov is still there is his acceptance to play ball with the cartel. Have you forgotten so soon how he accepted the offer to become the head of Islamic banking. Would this have been possible if he wasn't playing ball with the cartel.

Iamwrath:


Transactions were carried out by CBN


Guess who employed the current CBN governor?

Yes, it was GEJ and Buhari chose not to fire him

Maybe to use him as scapegoat, maybe it's a trap, I don't care


If it was any APC member, or an APC appointee the case would be headlines for weeks

southsouthman:
Is it that you don't know that the CBN governor is answerable to the President. The only reason why the gov is still there is his acceptance to play ball with the cartel. Have you forgotten so soon how he accepted the offer to become the head of Islamic banking. Would this have been possible if he wasn't playing ball with the cartel.

Lemme guess you are privy to the arrangement?



Hahahaha wetin person no go see for NL

Sarrki and omenkalives come defend una people.

The devil will be proud of his spawns occupying the presidency in Nigeria....

..the level of corruption in this government stinks to the highest. The government has gagged the media, the opposition and citizenry

The painful part is that they are doing this under excruciatingly difficult policies on the rest of the country and destroying all gains made in the last decades. Chasing away investments, killing the middle class and dividing everyone against everyone. They unleashed killer herdsmen all over the country and make sure the security agencies turn a blind eye to everything

God is a judge of all and will surely judge this evil we call the president

i have said time and again that the only recipe needed for Crisis is...
after this istration of suffering we now hear that they looted massively in this regime.

i told my friends and one responded--- "do you think looting is not happening right now?"

we all laughed and returned to our bottles.
o boi eh!

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