You might have heard that Nigeria’s government “spent $8 billion to support the naira.” But what does that *really* mean? It’s important to understand the difference between “supporting” and “defending” a currency.

What Did the Government Do?

Clearing Backlogs: when Yemi Cardoso took over the helms at CBN there was an accumulated backlog of foreign exchange (FX) obligations.

This meant they’d promised to provide dollars to businesses and individuals, collected the naira equivalent, but hadn’t delivered the actual dollars.

The current CBN leadership cleared approximately $7 billion of these outstanding commitments. This is a crucial step in restoring confidence in the market.

Market Intervention: The CBN also injected around $2 billion directly into the FX market. This involved selling dollars to banks to meet the demand, improving liquidity and ensuring businesses and individuals could access the foreign currency they needed at official rates for things like school fees and medicals as well as and PTA and BTA

Bond Issues: The country also borrowed $4 billion through bond issues. This influx of foreign currency also contributes to the supply of dollars available.

Semantics or more? Why “Support” Instead of “Defend”?

Defending a currency implies artificially pegging it to a specific value, regardless of market forces. This is what the previous CBN leadership was accused of doing.

Supporting a currency, on the other hand, involves taking steps to ensure a healthy and functional market. This includes clearing backlogs, increasing liquidity, and allowing the market to determine the exchange rate and entrencing a rwgime of transparency as we have seen with the #FXCode etc.

The current CBN has allowed for “price discovery” letting the market decide the true value of the Naira.

The Result?

By clearing the backlog, the CBN is fulfilling its existing obligations, restoring trust, and creating a more stable environment.

The direct intervention in the market has increased liquidity, making it easier for people to buy and sell foreign currency at official rates.

Essentially, the CBN has sourced and deployed over $8 billion to stabilize the FX market by meeting existing obligations and increasing market liquidity. This can be viewed as “support” or simply “fulfilling obligations”.

By clearing backlogs and improving liquidity, the CBN is taking steps to create a healthier and more transparent FX market, allowing the naira to find its true value.

Nigeria’s former national security adviser, Sambo Dasuki, is currently facing corruption charges in his home country.

However, documents reveal that suspicions about his financial dealings date back years, stretching across the Atlantic to South Carolina, where he purchased a horse farm in 2002 using dubious funds, according to an exclusive report by Organised Crime and Corruption Reporting Project (OCCRP).

Dasuki’s troubles began shortly after his removal from office in 2015, when he was arrested and charged with allegedly mismanaging $2.1 billion meant to purchase weapons to fight Boko Haram. Despite pleading not guilty, the case remains ongoing, with the charges yet to be proven.

Investigations in 2024 uncovered evidence suggesting Dasuki funneled suspicious funds into a $2.8-million mansion in a Washington D.C. suburb. The investigations were done by Premium Times, the Platform to Protect Whistleblowers in Africa (PPLAAF), and the Washington Post.

Further collaboration between PPLAAF, OCCRP, the Houston Chronicle, and Charleston’s Post and Courier has shed light on Dasuki’s South Carolina farm, raising more questions about his financial dealings.

A 2007 letter from the U.S. Citizenship and Immigration Services reveals that officials questioned the legitimacy of the funds used by Sambo Dasuki to purchase the property in the Aiken Horse District of South Carolina.

The letter upheld the rejection of Dasuki’s wife, Farida, application for an immigrant investor visa, which was tied to her husband’s $950,000 cash purchase of the Green Hills horse farm in June 2002. Dasuki had transferred the title of the farm to Farida.

According to Farida, the money for the property came from a petroleum company that paid Dasuki $1 million to lobby Ghanaian officials for a deal to rehabilitate an abandoned offshore oil field. However, she only provided an unsigned consulting contract to support this claim.

US immigration officials were unconvinced by Farida’s explanation, citing a lack of evidence to support her husband’s supposed experience in the oil and gas industry. They specifically questioned the legitimacy of the $1 million consulting fee.

Neither Dasuki nor his wife responded to questions about the source of the funds used to purchase the farm and whether Farida ultimately received a US visa following the rejection of her immigrant investor application in 2007.

Quincy Sintim-Aboagye, CEO of Texas-based Lushann International Energy Corporation, has disputed Farida’s claims about the source of funds used to purchase the South Carolina farm.

According to Farida, Lushann International Energy Corporation hired her husband, Dasuki, for lobbying efforts and paid him $1 million. However, Sintim-Aboagye denied paying Dasuki, stating he didn’t have $1 million.

However, he did not rule out the possibility that someone from the company’s Nigerian subsidiary could have made payments.

The letter revealed that payments for the farm were wired to the seller’s agent from bank accounts belonging to companies in Hong Kong and the U.K.

Farida claimed that Dasuki instructed the oil company to send his lobbying fee to the seller’s agent through the two firms, but U.S. authorities noted she did not provide any evidence to support this.

Additionally, she failed to prove that her husband had paid taxes on the funds.

Although Farida is still listed as the owner of the farm, property taxes have been paid by Alex Pacheco, a polo photographer who splits his time between Florida and Aiken.

Pacheco declined to discuss the farm’s current business operations. Public records show that the expansive estate features holiday accommodations, horse tracks, and stable rentals.

Pacheco explained that he met Dasuki in Washington D.C. in the 1980s, and they became friends. He later introduced Dasuki and his wife to Aiken, where they decided to purchase the farm.

In 2015, shortly after being removed from office by then President Muhammadu Buhari, Dasuki was arrested and charged with misappropriating $2.1 billion meant for purchasing weapons to combat Boko Haram insurgents.

The funds were allegedly diverted to fund political campaigns and personal expenses rather than being used for military equipment.

According to the Economic and Financial Crimes Commission (EFCC), Dasuki authorized large payments to politicians, government officials, and companies with little or no link to defense procurement.

Some of the funds were allegedly routed through the Office of the National Security Adviser (ONSA) to individuals and organizations for purposes unrelated to national security.

The scandal led to widespread public outrage in Nigeria, as inadequate military equipment was blamed for the military’s struggles against Boko Haram. Several high-profile individuals, including politicians and military officials, were implicated.

Dasuki has consistently denied any wrongdoing, arguing that he followed official procedures for disbursements as directed by Goodluck Jonathan, Buhari’s predecessor.

He was detained for several years despite being granted bail multiple times, leading to accusations of human rights violations.

The case remains unresolved, with ongoing legal battles and investigations.

Source: Sahara Reporters

Osun State Governor, Senator Ademola Adeleke, on Sunday, inaugurated the newly elected local government chairmen and councillors in the Saturday poll.

Adeleke urged them to focus on good governance while warning against any attempt to forcibly occupy council secretariats.

He also expressed gratitude to President Bola Tinubu for resisting attempts by some forces to destabilise Osun State.

Speaking at the swearing-in ceremony in Osogbo, the governor described the occasion as a major milestone in the state’s democratic process, emphasising that the election was conducted in line with due process.

“We are here to conclude a democratic process for which we all laboured so hard to achieve,” Adeleke said.

Before proceeding with his address, the governor called for a minute of silence in honour of those who lost their lives during the “illegal APC takeover of local government secretariats.”

The governor recounted the journey leading to the local government election, stating that the Osun State Independent Electoral Commission had duly followed all legal procedures.

“The state electoral body had issued due notice of election a year ago. I know the commission had complied with all extant rules and procedures which led to the emergence of new local government chairmen and councillors,” he stated.

While acknowledging the legal controversies surrounding the election, Adeleke affirmed that his administration acted within the ambit of the law.

“It is, however, a thing of joy that the facts are out in the public domain, and we are satisfied that we are on the side of the law within the context of the rule of law and the constitution,” he added.

Call for Good Governance….

Addressing the newly sworn-in officials, Adeleke charged them to be “agents of change, community developers, and deliverers of the dividends of democracy.”

“You have the mandate to deliver on good governance in your respective local governments.

“I charge you to develop plans of action within the manifesto of the Peoples Democratic Party (PDP).

“As our government is transforming the state for the better, I call on you to be agents of change,” he said.

The governor also appreciated the people of Osun for their steadfast support, assuring them that his administration would remain committed to their welfare.

“Osun people demonstrated courage and passion to exercise their voting rights, and they did so by massively supporting our party despite all the constraints. We will not fail you. People’s welfare will continue to be our watchword,” he promised.

Adeleke commended OSIEC, security agencies, and state officials for ensuring the success of the election.

Appreciation to Tinubu

In a significant moment, the governor expressed gratitude to President Bola Tinubu for resisting attempts by some forces to destabilise Osun State.

“I should not end this address without acknowledging the contributions of Mr. President, Senator Bola Ahmed Tinubu.

“I am most grateful to Mr. President for rejecting efforts by some forces to plunge Osun into chaos,” Adeleke stated.

He reaffirmed his commitment to upholding the rule of law and the constitution in governance and conflict resolution.

Warning Against Forced Takeover
The governor strongly advised the newly elected chairmen and councillors to avoid confrontation at local government secretariats, citing an ongoing legal process to resolve the leadership crisis.

“I urge you and your councillors to please stay away from the council secretariats to avoid any clash with those whom the police had aided to forcefully occupy the local government secretariats,” Adeleke cautioned.

He referenced an Osun State High Court ruling that had affirmed vacancies in both chairmanship and councillorship positions before the election on February 22, 2025, assuring that his administration would rely on the judiciary to remove those illegally occupying the secretariats.

“Please be patient and always abide by the rule of law,” he advised.

With that, Adeleke formally declared the swearing-in of the elected local government officials.

“It is on this note that I, Senator Ademola Jackson Nurudeen Adeleke, the Executive Governor of Osun State, hereby effect the swearing-in of elected local government chairmen across Osun State. Congratulations and God bless you,” he concluded.