A recent report by Statisense has ranked the Nigerian Naira and the Argentine Peso among the top 15 weakest currencies against the U.S. dollar, highlighting ongoing economic challenges in both nations.

Naija News reports that this revelation follows a considerable depreciation in the value of the Naira.

The currency hit a record low in March, exchanging at over N1,900 to a dollar before significantly improving to N1,100.

However, recent trends indicate a continued decline, with the Naira currently trading for over N1,300 to the dollar. This fluctuation underscores the naira’s persistent volatility and weakening stance in the global currency market.

According to the Statisense report, the top 5 currencies listed to be performing poorly against the dollar were Lebanon, Syria, Argentina, Nigeria and South Sudan, respectively.

Malawi, Angola, Turkiye, Egypt, Zambia, Venezuela, Burundi, Belarus, Congo, and Laos are also among the 15 countries whose currencies are performing poorly against the U.S. dollar.

The report situates the Naira and the Argentine Peso within a broader context of global economic instability, where multiple countries are grappling with inflationary pressures, political instability, and challenges in the financial sector.

In Nigeria, factors such as fluctuating oil prices, foreign exchange reserve pressures, and speculative activities are exacerbating the situation, leading to a continuous depreciation of the Naira.

Similarly, Argentina has been dealing with longstanding economic difficulties, inflation, and fiscal deficits that have weakened the Peso.

Economic analysts suggest that stringent economic reforms, better fiscal management, and stabilizing measures are crucial for improving the strength of these currencies.

A chieftain of the ruling All Progressives Congress (APC), Joe Igbokwe, has attacked Daniel Bwala, branding the former Atiku Abubakar’s spokesman as a “hungry man” after he visited President Bola Tinubu to Saudi Arabia where the president had participated in World Economic Forum (WEF) meeting.

In a Facebook post on Monday, Igbokwe described Bwala, who ahead of the 2023 presidential election defected from the APC to the Peoples Democratic Party (PDP), as shameless.

Bwala had left Tinubu ahead of the election to work for Atiku’s presidential campaign organisation as a spokesperson.

“Why is this PDP man running helter-skelter? Why is he rushing PBAT (President Bola Ahmed Tinubu) anywhere he goes? What is he looking for? What is he pushing for?” Igbokwe wrote, adding that Bwala has no shame for disturbing the president in Saudi Arabia after previously pursuing him to France recently.

“Let this man receive little sense and dignity by sticking to his Party PDP and allow PBAT to breathe? Haba! Kilode gan ni? Oginidi?” the APC chieftain added.

Bwala, a former supporter of Tinubu before he defected to Atiku’s camp, has been making overtures to reestablish ties with the president, including pledging allegiance to him after a meeting at the Presidential Villa in January.

Bwala stated after the meeting that he was committed to supporting Tinubu’s administration, even if it required returning to the APC, saying “President Bola Tinubu is my motivation.”

It was a reversal from Bwala’s earlier criticism of Tinubu’s appointments as “nepotism pro max” when he was Atiku’s spokesman.

Reacting to Igbokwe’s post, Segun Showunmi, a former spokesman for Atiku’s campaign, said: “Blame the handlers of President Bola Tinubu. I have spoken on this and how those who work so hard might be feeling. I hope they know the larger implications of these things.”

Explaining his decision to realign with Tinubu, Bwala had said in January, “Some of his ministers that were allegedly reported to have committed infractions, instead of protecting them, he asked that the law should take its course. And he suspended somebody without wasting time. That to me is impressive because it is about the people.

“Secondly, there has been this outcry that the government is bloated and the rest. Yesterday he introduced a policy to reduce the cost of governance and today he told me it is just the beginning. There are many more decisions of government that would reduce the cost of governance,” Bwala added.

Bwala further stated, “This is not about political parties and you need to know that I was with him (before the presidential election) before I left and I was doggedly committed to him. I told him today, I am committing to play my part to support your administration, and I have no apologies to anybody.”

When asked if he’s back in the ruling APC, Bwala said, “APC is a party. President Bola Tinubu is my motivation; if supporting him will take me to APC, so be it.”

‘NEPOTISM PRO MAX’

In his previous criticism, Bwala had accused Tinubu of nepotism when the president nominated additional persons to serve as ministers in his cabinet.

“President Bola Tinubu’s appointment is nepotistic and now has earned the status of nepotism pro max 15,” he had said in September on Channels TV’s Sunday Politics.

“We earn the right to point out things that the President and his administration are doing which are not uniting Nigeria, which are not pushing us towards the path of progress”.

“I earn the right to speak truth to power because President Bola Ahmed Tinubu is somebody that I, Bwala Daniel, respect with the greatest respect,” Bwala added. “I supported him when I was in the APC in the primaries, and more than just that, I, along with the PDP, sent my congratulations to him after he was sworn in which brought a lot of backlash to me.”

The Central Bank of Nigeria, CBN, has ordered four fintech companies to stop onboarding of new customers pending further notice.

The affected fintechs- OPay, Palmpay, Kuda Bank, and Moniepoint have been reportedly linked to allegations of accounts being used for illicit foreign exchange transactions.

Representatives from two affected firms confirmed the development to DAILY POST on Monday.

“I can that confirm that 90 per cent of the accounts implicated in the illicit forex transactions are with commercial banks, and only 10 per cent are with fintechs.

“Why then has the CBN not extended this directive to the commercial banks? We face a widespread issue here, and targeting fintechs seems like an unfair focus on the more vulnerable targets,” one source who preferred anonymity explained.

Meanwhile, as of the time of filing the report, none of the four firms have responded to the development.

The development comes amid clamped down on currency speculators in the foreign exchange market.

Recently, the Court granted the Economic Financial Crimes Commission’s request to freeze 1,146 bank accounts.

The Nigerian currency, the Naira, has experienced a significant decline in value, falling to ₦1,340 per dollar in the parallel market, a notable decrease from N1,300 per dollar just last Friday.

Naija News reports that the depreciation trend continued in the Nigerian Foreign Exchange Market (NAFEM), where the Naira weakened to ₦1,419.11 per dollar from ₦1,339.23.

According to data released by FMDQ, the indicative exchange rate for NAFEM showed a sharp depreciation of ₦79.88, exacerbating concerns among investors and the public about the underlying economic pressures facing the country.

The growing disparity between the official and parallel market rates, which now stands at ₦79.11 per dollar compared to ₦39.23 last week, underscores the volatility in the foreign exchange market.

Economic analysts suggest that the widening gap could be indicative of increased demand for dollars that is not being met by adequate supply in the official channels.

This imbalance often forces individuals and businesses to turn to the parallel market, where rates are typically higher but more readily available.

The Central Bank of Nigeria has yet to respond to the current market dynamics, but financial experts are calling for urgent interventions.

Measures such as enhancing foreign exchange liquidity and addressing structural economic challenges could help stabilize the Naira.

As the country grapples with these financial uncertainties, the impact on import costs, inflation, and general cost of living continues to be a major concern for both businesses and households across Nigeria.

The ongoing depreciation of the Naira highlights the need for robust economic policies and effective management of the foreign exchange market to safeguard the economic stability of the nation.

The Central Bank of Nigeria, CBN, has increased the exchange rate for calculating tariff and import duties collection at the Nation’s seaports and airports by N162.51 amid the Naira depreciation.

The apex bank’s data showed that customs exchange increased to N1327.35 per dollar on Monday from N1,164.84 per dollars on Sunday.

This represents a 12.2 per cent or N162.51 increment. 

This development means the Dollar remains rising in the Nation’s foreign exchange market.

FMDQ data showed that the Naira lost N79 against the Dollar in the foreign exchange market on Monday.

Nigeria’s custom exchange rate has been consistently affected by the fluctuation in the forex market.

The Centre for the Promotion of Private Enterprise’s Chief Executive Officer, Dr Muda Yusuf, advocated that the customs exchange rate should be fixed for at most N1,000 per Dollar for at least six months.

“How are you coping with this fuel scarcity? Fuel queues everywhere. Even the bus stops are crowded. People waiting for buses that also do not have fuel.” 

“What I don’t understand is why every administration since 1999, marking the return to civilian rule, has had to deal with exactly the same problems: fuel scarcity, a big debt burden, lack of electricity supply, unemployment, big corruption, terrorism and banditry. Sometimes, I take a look at this democracy and I am like: what really have we gained putting civilians in power?”

“The worst civilian government is better than the best military government.”   

“I hear that all the time, yes. But why are we not making progress? Can you believe that one of my brothers had to contact me to ask if I could help get fuel. How am I supposed to do that from Lagos, when I am also looking for fuel.”

“Don’t worry when the Dangote refinery starts producing PMS and the Warri refinery kicks off, everything will be fine.”

“I have been hearing that for about a year. Were we not also told that the Port Harcourt Refinery has been mechanically completed?  A mechanical refinery that has refused to produce petrol. We don’t need mechanical stories we want fuel at the filling stations”

“President Tinubu has advised us to be patient. At the Special Meeting of the World Economic Forum in Riyadh, Saudi Arabia, he told his audience that his government had to remove fuel subsidy and manage the foreign exchange market to prevent the country from slipping into bankruptcy.”

“I watched the video. He spoke well, ex tempore. He keeps doing a good job of marketing the country and selling the country as an important destination for Foreign Direct Investment. Good outing overall. You know City Boy is a show man. He met with the Dutch Prime Minister, Bill Gates, Chairman of shipping giant AP Moeller-Maersk, CEO of Samsung. But he didn’t tell the full story”

“Which full story do you want him to tell the international community? Which story?” 

“He should have been honest enough to tell the business community that Nigeria under his watch is still a work in progress. Electricity supply is epileptic. Diesel is expensive. The cost of business is so high many businesses are leaving the country, the latest being PZ Cussons which has been in West Africa for more than 140 years. Even the businesses that are still in the country are raising prices. Multichoice has increased its subscription rates, effective May 1. The Telecom companies have also served notice that call rates will go up…”

“Market forces. Companies are doing business not charity. They have to make ends meet. For a business to be profitable, the Return on Investment (ROI) must be higher than the Cost of Investment. If you can’t afford to pay for Multichoice Premium, the same company offers you other options. If the Telcos increase their call rates, you simply talk less and reduce the number of calls you make.”

“But are you aware that one court has barred MultiChoice from increasing its subscription rates? And I guess the same thing will happen to the telcos. And if they cannot make ends meet, some of these companies will also close shop.”

“Just hearing that from you.” 

“That is why I am talking about honesty. You are asking me to adjust and adapt. President Tinubu should have told his audience that back home IPMAN has announced that this fuel scarcity will linger for two weeks, further making life difficult for businesses and persons.” 

“IPMAN talked about fuel scarcity and supply chain problems. The Independent Petroleum Marketers did not say there will be fuel queues for two weeks.” 

“What is the difference?”

“So, what do you expect President Tinubu to do? To promise potential investors an enabling environment and then at the same time, de-market his own country? Trust is the biggest element in international trade. President Tinubu only needs potential investors to trust him. Or do you want him to behave like President Buhari who used to go abroad to tell people that Nigerian youths are lazy, or that a woman’s place belongs in the other room? Sorry, Tinubu is much smarter.” 

“But why was he behaving like that during the campaigns making it look like he could not complete his sentences and had to be assisted to complete ordinary tasks like climbing the stairs. The same man is now energetic and bouncing, prancing, with energy and panache.”

“Strategy my friend. People underestimated Asiwaju Bola Tinubu, even within his own party. He outsmarted them all, even with the power of the tongue. Strategy is the soul of politics.” 

“Okay, congratulations. Let him solve the problem of electricity, fuel supply, foreign exchange and the hunger in the land. Soon, it will be May 29, one year since he assumed office. Enough of the promises of hope. I want action, results.” 

“You have to be patient. You cannot expect Tinubu to fix eight years of maladministration in one year. But come to think of it, I think in a mysterious manner, Nigeria has just stumbled on a divine solution.” 

“Beware of blasphemy. Leave God out of this. Our problems in Nigeria are man-made. Nobody should blame God.” 

“I said divine. I didn’t mention God but you know God works through human beings. God has sent unto us one of his prophets to solve our problems.”

“And who is that?”

“Prophet Odumeje. Abidoshaker. Ganduka Gandusa. Indaboski. The Liquid Metal. The man has acquired powers. He says with his powers, he brought down the value of the dollar against the Naira and the Naira appreciated. But he left town for London with his powers, the Naira lost a little value and now that he is back, he will fix the Naira.” 

“What powers?”

“Citadel. Pandemic. Epidemic. Pandemonium. Sanctus Sanitorias and Burning Fire.”

“Listen to that meaningless mumbo-jumbo. And who is Abido Shaker?”

“Man of God.”

 “I think he is a clown. A comedian. An entertainer. I think he should be in Nollywood, not anywhere near a pulpit. You people worship pastors, not God. You actually believe that a prophet is the solution to Nigeria’s problems?”

 “When the man went to London, people rushed to the airport to receive him. They even paid to watch him perform his latest song: Powers. He attracted a large crowd. When he returned to Nigeria, he was received by a large crowd, dancing and singing his praises. The man has his own style.”

“Nigerians like entertainment and that pastor is good at making skits. I am not surprised.” 

“I hear he can use his powers to ensure steady electricity supply, generate employment and place Nigeria on the path of growth. You never know with these spiritualists. Don’t you think he should be consulted by the Nigerian government? Yemi Cardoso and Wale Edun can invite him to a meeting and explore ways of how his powers can be unleashed to fix monetary and fiscal policies.”

“He should be given a stern warning to stop misleading people. One of these days he would cause a pandemonium. The person that actually shocks me is that musician called Flavour. What does he hope to gain doing a collabo with Indaboski?”

“He probably hopes to get powers that would jump-start his musical career.” 

“I sympathize with him if that is the case. He doesn’t need powers to do well as an artiste. Let him go and work hard on his talent and concentrate on his craft. Can’t he see that Indaboski is using him? Nonsense.”

“His choice. This is a free country. He is responsible for his own brand and identity. And in any case, I don’t think anybody is using anybody. They are both using each other. You will be surprised that their song may end up as a bestseller on the charts.”

“What I know is that people make stupid choices in this country. Like those young men who went to protest at the EFCC Headquarters yesterday. They turned EFCC vs. Alhaji Yahaya Bello into an Ebira youths vs Igalla youths conflict. I hear the protesters were ethnic gladiators.”

 “Everything in Nigeria is always ethnicized. With so much unemployment in the country, you will always find more than enough idle youths to support any cause.” 

“EFCC has already staged enough drama around this case. It should not get involved in Ebira or Igalla politics. The matter is already in court. The courts will decide on the weight of evidence provided. Enough of the circus and all you television lawyers should beware of running foul of the law.”

“I understand what you are saying. The part of the story that shocks me, actually, is the fact that people spend foreign currency in this country as if it were the national currency. The Chinese supermarket that was shut down in Abuja the other day, we were told designates items in Chinese and price tags in yen, not Naira. There are many schools, real estate companies, and luxury stores that transact business in dollars only.”

“Even some government agencies collect tariffs in dollars and claim that it is because their business is international. Nigeria’s crude oil is sold in dollars for example.”

“So, how do we expect the Naira to remain stable? I think what the American International School Abuja (AISA)’s involvement in the Bello case so far is that the government must move swiftly to outlaw the use of dollars for basic transactions in the country, instead of chasing people who are spraying small change at social parties.” 

“Even that is an offence. There is no such thing as a small offence. The law is the law.” 

“The law must be seen to be fair to all parties concerned. This is why I support the idea of a justice sector reform. For Heaven’s sake, we can’t even maintain correctional facilities. There was a small downpour the other day in Suleja and the perimeter wall of the correctional facility gave way. Over 100 inmates escaped. Before now, there have been jail breaks in Koton Karfe in Kogi state, Benin and Oko in Edo State, Kuje in FCT, and Okitipupa in Ondo State. Every incident has been traced to the poor management of the correctional facilities.” 

“But what has this got to do with justice sector reform?”

“Everything. Justice administration is a chain from law enforcement to the judicial system to the custodial centres. There is no justice if the prisons are congested, if children are kept in maximum prison facilities, if security dogs are fed with N800 per day and inmates N700 per day. There is no justice when cases are delayed and the prisons are full of awaiting trial persons.”

“I am really sorry. I don’t want to talk about the plight of prisoners. Even those of us who are not in custodial centres are in prison in real terms. This country is a big prison yard.” 

“I won’t put it like that. I guess we should at least be grateful for the little opportunities we get. There is nothing like being free, and having tomorrow to look forward to. Look at one example. The Edo State Government has just increased the minimum wage in the state to N70, 000. That is good news.”

“I hear Lagos has also done the same thing.” 

“No. That story has been debunked by Gbenga Omotoso, the Lagos Commissioner for Information. What Lagos has in place is a comprehensive welfare programme called Eko Cares which covers food, healthcare and transportation.”

“Lagos can in fact pay up to N100, 000 if it so decides. Afterall, the Governor’s nickname is Sanwo Eko. Let him bring out the money. Sanwo Eko, show us the money. What is money?”

“Just confess that your sister works with the Lagos State Government and you want her to earn more.” 

“There is nothing wrong with that. We are in a country where you have to look out for yourself.”    

“This is why we are where we are”

“That is why Africa is the way it is.”

“Look at South Africa. Thirty years after the end of apartheid rule, the racist masters have been replaced by a local elite which has not really done much for the poor black majority. Our leaders in Africa only want power for power’s sake. If the ANC is not careful, it may not even get up to 40% in the May 29 elections. Obsession with power and corruption have broken up the party.”

“Typically African. South Africa after Mandela.”

“Look at Togo where the people went to the polls yesterday in a parliamentary election.”

“Is that an election? Faure Gnassingbe amended the Constitution to keep him in power till 2033. There is also the chance that he will remain President for life. He has been in power since 2005, the year that he seized power as birthright. His family has been ruling Togo since 1967.”  

“The opposition parties do not stand any chance in Togo.”  

“The Black man is the biggest problem to himself and to others.”

Nigeria, the most populous nation in Africa, is endowed with an abundance of natural resources, including crude oil, natural gas, coal, iron ore, and tin, among others. Despite being the largest oil producer in Africa and the 12th largest in the world, the country's citizens continue to grapple with the irony of fuel scarcity, high prices, and its far-reaching consequences on the economy and daily life. This article delves into the complexities of Nigeria's fuel situation, its impact on the citizens, and proposes solutions to address this perennial problem.

Nigeria’s financial institutions including commercial banks, Point of Sales (PoS) operators and others lost about N17.67 billion to fraudsters in 2023.

The Nigeria Inter-Bank Settlement System (NIBSS) disclosed this in its Annual Fraud Landscape (January to December 2023) report published on its website on Monday.

NIBSS incorporated in 1993 offers a mechanism for same-day clearing and settlement of inter-bank transfers and payments

According to the report, the fraud count dropped by six per cent to 95,620, as actual loss from fraud grew by 23 per cent in 2023 when compared to 2022 with the first quarter being the month with the highest fraud volume in 2023 and the fourth quarter being the month with the highest fraud value.

It also disclosed that the month of May recorded the highest fraud count of 11,716, followed by February with 9,492 while October saw the highest actual loss in 2023 at N3.7 billion, followed by January with N2.7 billion.

According to the data submitted to NIBSS by financial institutions through the Industry Fraud Reporting Portal, the mobile channel is the preferred means for fraud as it increased by five per cent compared to the previous year.

Based on the report, the Web and POS businesses were the most exploited payment channels by fraudsters in 2023.

It said the count of Web Fraud decreased by 38 per cent and ATM fraud recorded a 64 per cent reduction from 2022 to 2023.

Also, in 2023, people aged 40 and above remained the primary targets of fraudsters, which NIBSS said signified a persistent focus on the targeting strategy of fraudsters.

“This sustained trend emphasizes the enduring appeal of the demographic group as potential victims, reinforcing the need for continuous efforts to educate and protect individuals in this category from fraudulent activities,” NIBSS said.

In 2023, a total of 80,658 unique customers fell for the gimmicks of fraudsters which is four per cent less than 84,130 customers recorded in the previous year.

“This decline, though apparent, does not diminish the severity of the issue, urging the financial industry to remain vigilant, enhance security measures and collaboratively address the tenacious challenges posed by fraud,” it said.

The report, however, suggested some of the regulations inputted to check fraud in financial institutions need detailed examination, modification and reinforcement.

“Some regulations need thorough examination, modification, and reinforcement to reduce the potential for fraud and enhance the chances of successful recuperation,” the report added

The Federal High Court sitting in Abuja has issued an interim order for the freezing of about 1, 146 bank accounts that were allegedly linked to unauthorized foreign exchange transactions.

The court, in a ruling that was delivered by Justice Emeka Nwite, ordered that the identified accounts, belonging to individuals and companies, should be frozen for at least 90 days, to allow the Federal Government to conclude its investigations that they could have been used for money laundering and terrorism financing.

“It is hereby ordered as follows: That the applicant’s application is hereby granted as prayed.

“That an order of this honourable court is hereby made freezing the bank accounts stated in the schedule below which accounts are owned by various individuals who are currently being investigated in a case involving the offences of unauthorised dealing in foreign exchange, money laundering and terrorism financing to the extant that the investigation will be for a period of 90 (Ninety) days,” the court held.

The order, dated April 24 but sighted by newsmen on Monday, followed an ex parte application that was brought before the court by the Economic and Financial Crimes Commission, EFCC.

The anti-graft agency had in the motion ex-parte marked: FHC/ABJ/CS/543/2024, maintained that the accounts it listed in a schedule it attached to the court process, were subject of its ongoing investigations.

“That preliminary investigation conducted thus far reveals that the bank accounts are linked to persons who take advantage of the virtual crypto currency exchange platforms to illegal manipulate the value of Naira and laundering proceeds of unlawful activities.

“That there is need to preserve the funds in the identified bank accounts pending the conclusion of investigation and possible prosecution,” the EFCC added in the affidavit that was filed by its lawyer, Mr. Ekele Iheanacho.

Some of the account names the EFCC listed in the attached schedule, included: Akitoye Adeyemi Ayomide with GTBank account number; 0165110025; Clyp Trading Ltd, Titan Trust Bank account number: 0000331101; Clyp Consulting Ltd, Providous account number: 9401374554; and Toyetech Platforms Ltd, Titan Trust Bank account number: 0000134962.

Others were: Winx International Platforms Ltd, Titan Trust Bank account number: 0000135055; Shutterscore Trading Platforms Ltd, Access Bank account number: 1532363954; Tradecillion Trading Ltd, Stanbic IBTC account number: 0045672922; and Nsofor Nmamdi, GTBank account number: 0449088666
They equally include Kora Payments Network Ltd-Operations, UBA account number: 1022242089; Renderstack Technologies Ltd, Zenith Bank account number: 1210355120; Korex Payments Ltd, Globus account number: 5000007837; and Awe Microfinance Bank Ltd, Providous account number: 5400760781; and Victor Asuquo, Opay Digital Services Ltd account number: 9020132068.

As well as: Akingbade Sabit Juwon, ECONANK account number: 3442053006; Nsofor Nmamdi, Union Bank account number: 0140460572; Asuquo Samuel, First Bank account number: 3153199542; Oty Ugochukwu Stanley, FCMB account number: 4039304011; Oty & Sons Global Concepts, Fidelity Bank account number: 6060410145; and Pelumi Ayandoye, Wema Bank account number: 0234852277; and David Ajala, Fidelity Bank account number: 5090680780.

Meanwhile, Justice Nwite adjourned the matter till July 23 for mention.

It will be recalled that the court had in March, ordered Binance Holdings Limited to release to the EFCC, a comprehensive detail of all persons from Nigeria that are trading on its platform.
Binance is a cryptocurrency exchange platform that lists more than 350 digital currencies that serve as alternative form of payment, created, using encryption algorithms.

FG had asked the company to disclose its top 100 users in the country, as well as all transaction history for the past six months.

The Governor of the Central Bank of Nigeria, CBN, Mr. Olayemi Cardoso had on February 27, disclosed that about $26billion passed through Binance from unidentified sources.

In an abrupt move on March 8, the crypto firm discontinued all transactions in naira on its exchange platform, following reports that the government demanded $10bn as retribution for profiting from “its illegal transactions” in Nigeria.

However, in an ex-parte motion it filed before the court, the EFCC said it would need a detailed data of Binance users in the country to aid its ongoing investigation on issues relating to money laundering and terrorism financing.

In a supporting affidavit that was attached to the motion, deposed to by one Hamma Bello, an operative of the EFCC, he told the court that he was attached to the Special Investigation Team (SIT) of the commission domiciled in the Office of the National Security Adviser (ONSA).

Bello averred that following the inauguration of the Technical Committee on Currency Stability and Forex Manipulation by the ONSA, the SIT, “received an intelligence stating the nefarious activities (money laundering and terrorism financing) on Binance, a crypto currency exchange platform.”

According to him, “That from the information afforded to the team by Binance shows that the total trading volume from Nigeria in 2023 alone stood at $21.6 (twenty one billion, six hundred million dollars).”

FG had since charged both the company and two of its top officials to court for money laundering and tax evasion.