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Naira Re-design: CBN/Finance Minister face off sign of confused govt – Kachukwu

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Kachukwu denies being suspended

By John Danjuma

The Presidential candidate of the African Democratic Congress (ADC), Dumebi Kachukwu, has described the face off between the governor of Central Bank of Nigeria, CBN and the Minister of Finance, Zainab Ahmed, over Naira re-designing as sign of a confused government with no direction.

Kachukwu denies being suspended

Dumebi Kachukwu

It would be recalled that barely two days after the CBN announced the move to redesign the Naira billed for December 15, 2022, the minister disowned the policy saying she was not aware of it, warning the CBN of the consequences that may arise from it.

Speaking in Abuja on Monday, Kachukwu said the controversy between the finance minister and the Central Bank of Nigeria has exposed the fact that some appointees of the government are working at cross purpose.

Read also>>>CBN destroys N6 trillion banknotes in Buhari’s regime

“It further speaks to the confusion that goes on daily in President Muhammadu Buhari” administration, the fact that the minister of finance who is a key part of the economy, who superitends over the economy to get to know the policy of Naira redesigning through the media says a lot about our country and the government.

“It says a lot about the fact that in this government, something that concern monetary policy, the minister of finance was not part of the meeting to be briefed. She might not have a supervisory role over the CBN Governor but she is a key part of the economy. She would have pointed out the fact that the policy is ill timed.

Kachukwu reiterated his believe that the planned redesigning of the Naira is ill timed policy which will further erode the value of the Nigerian currency against the American Dollar.

He said President Muhammadu Buhari has continued to destroy the Nigerian economy with wrong and ill-timed policies that mostly benefit a few.

“Millions are daily thrown into the poverty bracket. Our middle class has been wiped out as the dollar today exchanges for N800 and above. Diesel which powers most businesses and industries retails for around N900. A bag of local rice sells for N50,000 in some parts of Nigeria.

“A bag of Dangote cement retails for N4100. Mind you cement is the building block for the construction industry and that same construction industry is a key driver of any economy.

“One begins to wonder if this government is deliberately trying to set a record of creating the greatest number of poor people in the shortest period possible.

“How do you explain the timing of the re-design of the naira? The sensible thing to do is weigh the pros and cons before taking such a decision which has further weakened the naira.

“How many Nigerians actually store money in their homes as is being speculated? Do we further destroy the naira because of a few Nigerians?

“At a time like this. It is extremely ill-timed. Before this time, the Naira was doing N788 to $1, today it is over N800 and in Lagos it is over N1000 because people are now speculating.

“Everyday Nigerians are now leaving this country in droves. As they leave Nigeria they are selling their properties, they are buying forex.

“Our economy is in tatters while the managers of our economy fight over who informed who or who got Presidential approval.

“As the naira continues to plunge, more businesses will collapse this week. Thousands will be thrown into the employment market daily. This is our reality.

“We need to see all the factors affecting our Naira. If these people are not in touch with the reality of what is happening in Nigeria they keep on making wrong headed policies. They will keep on making mistakes.

“In a country like ours we have been speaking for seven years about diversifying our economy about strengthening the Naira, I want to challenge this government, the banks to tell us how many new businesses the banks have supported to export this year.

“If you want to strengthen the Naira you have to look at the balance of trade, you have to export more than we import. They should ask the banks how many people they funded to export, how many small businesses in the last 10 months, in the last one year or two years, five years or throughout the lifespan of this administration that will show you what is going in Nigeria.

“It is a very unserious government that does not know what is  to be done.”

He challenged the security agents to fish out those that are hoarding the Naira to warrant the new policy.

“Why can’t our security agencies up their game, identify those who have been speculated to store billions in their homes and then use legal means to recover the money.

“By the way who says all money stored at home is ill-gotten wealth? There are those who simply don’t trust banks or don’t want to incur the extortionist bank charges imposed by some banks”

On the security security advisory by some of the western nations and the departure of embassy officials and their families which have led to panic amongst Nigerians he said it is because the President failed to respond to rumours that some convicted terrorists were released to secure the freedom of the remaining Kaduna train captives.

“Some now accuse his government of undermining the efforts of our men and women in the field by the indiscriminate release of those who have sworn to destroy our way of life. Only the President can confirm if this is true or not.

“Nigerians now live in fear of the unknown as they wonder if they could be in the right place at the wrong time. Our highways have gotten worse as bandits now take on and kill convoys with several policemen. If those with a retinue of police aides are being attacked and, in some cases killed, then who is safe in Buhari’s Nigeria?

“Even though President Buhari has sought to assure Nigerians that all is well one begins to wonder what is really going on.”

“We can’t continue to keep quiet while our President continues to pauperise us. I call on President Buhari to convene an emergency economic summit.

“We all need to get involved in this conversation. It is meaningless to keep on talking about the 2023 general elections when our present realities suggest that we might not have a nation by that time.

“We can’t continue acting like we don’t know tens of millions of Nigerians are unemployed and impoverished.Their plight gets worse as our economy gets worse. When is breaking point?

“The President can’t keep on saying he is fighting inflation yet in an import dependent economy small businesses are paying up to N5 million to clear a 20ft container and up to N9million for a 40ft container.

“Who is advising our President? Inflation begins from your ports. This government is killing small businesses. If the President is serious about strengthening the naira, he should find out how many new export oriented businesses Nigerian banks funded in the last one year.

“He should find out how many new businesses Nigerian banks funded in the last 10 months. We can’t keep on deceiving ourselves.”

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Terrorists on the Run as Troops Destroy Camp, Rescue Kidnap Victims in Zamfara

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Troops Kill 5, Arrest Others During Raid In Kastina Terrorist Camp

The Nigerian Army has recorded another success in its ongoing offensive against terrorism and banditry in Zamfara State, forcing terrorists to flee their hideout, destroying their camp, and rescuing three kidnapped victims.

According to an operational report released on Saturday, troops of Sector 2, Operation Fansan Yamma, carried out the operation on June 12 across communities in Zurmi and Shinkafi Local Government Areas of the state.

The report stated that troops conducting a fighting patrol through Birnin Saba, Yanbuki, and Sabon Garin Daudawa communities came into contact with terrorists operating in the Yanbuki District of Zurmi LGA.

SEE ALSO: How Troops Forced Kidnappers to Abandon Two Bank Staff in Taraba

During the encounter, troops engaged the criminals in a gun battle, successfully neutralising one terrorist while others escaped into nearby areas.

Security forces recovered several items from the scene, including rifles, four magazines loaded with ammunition, two motorcycles, seven mobile phones, two MP3 players, woodland camouflage trousers, and an inner vest.

Maintaining pressure on the fleeing terrorists, the troops advanced toward Sabon Garin Daudawa. On sighting the approaching soldiers, the terrorists reportedly abandoned their camp and fled.

The troops subsequently cleared the area and destroyed the camp to prevent it from serving as a base for future criminal operations.

In the course of the clearance operation, three kidnapped victims were rescued and safely evacuated from the area.

The military said the operation forms part of ongoing efforts to rid Zamfara and other parts of the North-West of terrorist and bandit groups responsible for attacks, kidnappings, and other criminal activities.

The Nigerian Army reaffirmed its commitment to sustaining aggressive operations across the region until lasting peace and security are restored to affected communities.

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DSS Foils Arms Smuggling Operation, Arrests Suspect Linked to Zamfara Bandit Leader

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The Department of State Services (DSS) has intercepted a shipment of weapons allegedly destined for a notorious bandit kingpin operating in Zamfara State and arrested a suspected arms courier in Kano State.

According to an operational report obtained by the News Agency of Nigeria (NAN), the suspect was apprehended on Friday in Gezawa Local Government Area of Kano State following intelligence-led operations by DSS operatives.

ALSO READ: Pastor Escapes Into Bush as Gunmen Kidnap His 9-Year-Old Son in Ondo Attack

The report disclosed that the suspect was intercepted while transporting a cache of arms and ammunition from Maigatari Local Government Area of Jigawa State to Funtua in Katsina State, from where the weapons were expected to be delivered to criminal elements.

Items recovered from the suspect included three AK-47 rifles, four rocket-propelled grenade (RPG) tubes and warheads, as well as two empty magazines.

Security sources said preliminary investigations linked the weapons consignment to a suspected bandit leader believed to be operating in parts of Zamfara State.

During interrogation, the suspect reportedly confessed that he had been contracted to move the weapons from Maigatari to Funtua and was promised a payment of N450,000 upon successful delivery.

The report noted that investigations are ongoing to uncover the network behind the arms trafficking operation and identify other individuals connected to the movement of the weapons.

Authorities described the arrest as a significant breakthrough in efforts to disrupt the flow of arms and ammunition to criminal groups responsible for violent attacks, kidnappings, and other security threats across the North-West region.

The suspect remains in DSS custody and is expected to face further investigation and possible prosecution in accordance with the law.

The development comes as security agencies continue to intensify intelligence-driven operations aimed at dismantling logistics networks that support banditry, terrorism, and other forms of organised crime across Nigeria.

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NNPC Ltd Uncovers Pipeline Vandals, Disguising as FG Taskforce

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Well-equipped criminal syndicates are disguising themselves as members of a Federal Government taskforce to steal critical oil infrastructure across Nigeria.

The Nigerian National Petroleum Company Limited (NNPC Ltd) made the revelation, describing it as a disturbing trend in the country’s worsening pipeline vandalism crisis.

According to the state oil major, 24 cases of vandalism had been recorded along sections of the Warri-Kaduna crude oil pipeline corridor since 2025, with about nine kilometres of pipeline already stolen by suspected vandals.

The revelation came as the NNPC Ltd, through its Industry-Wide Security Architecture and its subsidiary, the Nigerian Pipelines and Storage Company, conducted a joint inspection of a vandalised section of pipeline at Pai Community in Kwali Area Council of the Federal Capital Territory (FCT).

The inspection, carried out alongside the Office of the National Security Adviser Special Prosecution Team, the FCT Police Command, the Nigerian Army and other security stakeholders, followed the arrest of three suspected pipeline vandals in the Piri and Pai communities.

ALSO READ: LPG Exports Ban Still in Force – FG

In a statement on Thursday by the Chief Corporate Communications Officer of NNPC Ltd, Andy Odeh, asserted that the inspection was aimed at assessing the extent of damage to the critical national asset, advancing ongoing investigations and reinforcing efforts to combat economic sabotage.

The statement read, “The Nigerian National Petroleum Company Limited through the Industry Wide Security Architecture and Nigerian Pipelines & Storage Company in collaboration with the Office of the National Security Adviser Special Prosecution Team, the Federal Capital Territory Police Command, the Nigerian Army and other security stakeholders, on Tuesday conducted a joint inspection of a vandalised section of the NPSC crude oil pipeline at Pai Community in Kwali Area Council of the FCT, Abuja.

“The high-level inspection was undertaken to assess the extent of damage to critical national assets, advance ongoing investigations, and reinforce coordinated efforts to combat economic sabotage and safeguard Nigeria’s strategic energy infrastructure.

“The visit followed the arrest of three suspected pipeline vandals in the Piri and Pai communities through a joint operation involving the ONSA Special Prosecution Team, the FCT Police Command, and the NNPC Ltd’s Industry-Wide Security Architecture.”

According to Odeh, the Nigerian Pipelines and Storage Company, a subsidiary of the NNPC Ltd, owns and manages more than 5,000 kilometres of crude oil and petroleum products pipelines across the country.

He expressed sadness that pipeline theft across the network has intensified in recent years.

“NPSC, a subsidiary of NNPC Ltd, owns more than 5,000km of crude oil and petroleum products pipeline network. Pipeline theft across NPSC’s network has been on the increase since 2024.

“Well-equipped criminals disguising themselves as the ‘NNPC/Federal Government Taskforce for Recovery of Abandoned Pipelines’ connive with locals to dig out and steal these pipelines,” the statement noted.

The company disclosed that 19 incidents were recorded in 2025 alone.

“In 2025, a total of 19 cases were reported, with about 9km of pipeline section stolen along the Enugu-Makurdi-Yola corridor and between Piri and Izom along the Warri-Kaduna pipeline corridors.

“So far in 2026, five cases have been reported at Piri-Kwali and Gwagwalada along the Warri-Kaduna crude oil pipeline segment and at Badanga along the Jos-Gombe pipeline corridor,” it added.

The affected infrastructure serves as a strategic route for transporting crude oil from the Warri Refining and Petrochemical Company (WRPC) to the Kaduna Refining and Petrochemical Company (KRPC).

Speaking during the inspection, the Group Chief Executive Officer of NNPC Ltd, Bashir Ojulari, represented by the company’s Chief Interface Officer, Dahiru Sani-Gwarzo, said the arrests marked an important breakthrough in the fight against pipeline sabotage.

“The industry-wide security architecture has been actively pursuing criminal elements involved in the sabotage of our energy infrastructure. Those apprehended are only a small part of a larger network.

“Our focus remains on identifying and bringing to justice the masterminds and sponsors behind these criminal activities.
“Beyond the significant economic losses they cause, such acts undermine national development, energy security and investor confidence.

“We will continue to work closely with our security partners to ensure these crimes are decisively addressed,” he said.

On his part, the Commissioner of Police, FCT Command, CP Ahmed Muhammed Sanusi, said the arrests demonstrated the resolve of security agencies to dismantle organised criminal groups targeting national infrastructure.

“The operation demonstrates our collective determination to protect critical national assets and dismantle criminal syndicates involved in pipeline vandalism.

“The suspects were apprehended following intensive intelligence gathering, surveillance operations and targeted patrols after reports of interference with sections of the pipeline.

“Our investigations have already generated valuable leads regarding the sponsors and receivers of the vandalised materials.

“We want to assure Nigerians that all individuals connected to these criminal activities will be identified and prosecuted in accordance with the law,” Sanusi stated.

Also speaking, the Director of Energy Security at the Office of the National Security Adviser, Goodluck Ebele, urged Nigerians to support ongoing efforts by providing timely information to security agencies.

“Public vigilance and cooperation remain critical to protecting national assets and strengthening Nigeria’s energy security.

“We appeal to citizens living around these facilities to report suspicious activities promptly. Pipeline vandalism is not a victimless crime; it affects national revenue, energy supply and economic development,” he said.

Representing the Nigerian Army, Lt. Col. J.O. Ajongbo reaffirmed the military’s commitment to safeguarding oil and gas infrastructure nationwide.

“We remain committed to working closely with NNPC Ltd and all relevant agencies to secure critical energy infrastructure across the country.

“The protection of these assets is a national responsibility, and the military will continue to play its part in ensuring that criminal elements do not succeed in their attempts to sabotage the economy,” he stated.

Similarly, the Deputy Chairman of the House Committee on Petroleum Resources (Upstream), Hon. Sesi Whingan, pledged legislative support to strengthen deterrence against pipeline vandalism.

“We will continue to support measures that enhance the legal and regulatory framework needed to combat pipeline vandalism.

“Those who engage in economic sabotage must understand that there will be consequences, and we will work with relevant institutions to ensure that our laws serve as effective deterrents,” he said.

Pipeline vandalism has remained one of the biggest challenges confronting Nigeria’s oil and gas sector, contributing to production losses, environmental degradation and reduced revenues.

While much of the public attention has focused on crude theft in the Niger Delta, the latest incidents suggest that criminal networks are increasingly targeting pipeline infrastructure in other parts of the country.

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