NIGERIAN MAKES U.S MOST WANTED LIST OVER $1M FRAUD. (PHOTO).

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 Nigerian makes US Most Wanted List over $1m fraud A Nigerian, Onoriode Ezewu, has been named on the United States Department of Labour’s first-ever Most Wanted List over allegations of money laundering involving fraudulent unemployment benefit claims worth more than $1m. The department’s Office of Inspector General unveiled the list on its website on Wednesday, naming 16 fugitives wanted in cases involving alleged fraud, identity theft, money laundering, labour trafficking and other offences. According to the agency, the cases collectively involve more than $55m allegedly stolen from American taxpayers. Ezewu’s profile on the department’s website identifies him as wanted for concealment money laundering and states that he is believed to be residing in Nigeria. “In January 2021, Ezewu was charged with 15 counts of concealment money laundering tied to fraudulent UI and Pandemic Unemployment Assistance claims filed using stolen identities, in a scheme exceeding $1 million that also t...
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CBN DENIES DISBURSING $1.25BN TO OIL FIRMS FOR IMPORTATION OF PETROL. (PHOTO).

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 CBN denies disbursing $1.25bn to oil firms for importation of petrol


The Central Bank of Nigeria (CBN) has denied disbursing $1.25 billion to major oil sector operators for the importation of refined petroleum products and related items.

On Monday, reports circulated that CBN disbursed $1.25 billion for oil and gas imports in the first quarter (Q1) of 2025.

In a statement on Tuesday, CBN described the reports as “entirely inaccurate and misleading”.

The apex bank explained that the figure of $1.25 billion, cited in its Q1 2025 Sectoral Utilisation of Foreign Exchange report, does not represent direct disbursements from the CBN.

According to the apex bank, the figure reflects the total value of foreign exchange (FX) transactions conducted by participants in the Nigerian Foreign Exchange Market (NFEM) under the willing buyer, willing seller framework.

Hakama Sidi-Ali, CBN’s spokesperson, clarified that the bank no longer allocates foreign exchange since the unification of exchange rates in 2023.

“Since the unification of exchange rates in 2023, the NFEM has operated as a market-driven system, where foreign exchange is sourced and supplied by market participants, not allocated by the CBN,” she said.

“Accordingly, the Bank has not sold foreign exchange specifically for the importation of refined petroleum nor any other products.”

She further explained that the data cited in the report represents aggregate utilisation by authorised dealers and end-users who sourced foreign exchange independently through the market in compliance with existing regulations.

Sidi-Ali emphasised that the transactions were legitimate market activities, not direct CBN interventions in the oil sector.

The spokesperson assured that the CBN remains committed to maintaining a transparent and market-based foreign exchange system that supports efficient price discovery, economic stability, and confidence in Nigeria’s financial system.

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