OYO POLICE ARREST SIX SUSPECTED COUNTERFEIT CURRENCY DEALERS, RECOVER €8,900 SUSPECTED FAKE EURO NOTES. (PHOTO). #PRESS RELEASE.

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 PRESS RELEASE OYO POLICE ARREST SIX SUSPECTED COUNTERFEIT CURRENCY DEALERS, RECOVER €8,900 SUSPECTED FAKE EURO NOTES The Oyo State Police Command has arrested six suspects linked to the possession, circulation and alleged production of counterfeit Euro currency, following a successful patrol operation by operatives of the Command. On 1 September 2026, at about 7:30 p.m., operatives on township patrol around the Labo–Wesley area intercepted three men travelling on a motorcycle. A search conducted on them led to the recovery of 89 pieces of suspected counterfeit €100 notes, with a total face value of €8,900. The suspects were identified as Tijani Saheed, 50, who was found in possession of the suspected counterfeit currency; Oni Oladapo, 67, who is alleged to have supplied the money; Adebayo Saheed, 52, who was the second passenger on the motorcycle; and Hammed Karemu, 25, the motorcycle rider. The circumstances surrounding the involvement of each suspect are being subjected to furth...
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EGYPT INCURS $10 BILLION IN SUEZ CANAL LOSSES OVER GAZA WAR, PRESIDENT SAYS. (PHOTO).

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 Egypt incurs $10 billion in Suez Canal losses over Gaza war, president says


Egypt has lost about $10 billion in Suez Canal revenues due to attacks on shipping in the Bab al Mandab Strait as a result of the Gaza war, Egyptian President Abdel Fattah al Sisi said.


Speaking during a meeting in Cairo with Mathias Cormann, Secretary-General of the Organisation for Economic Co-operation and Development (OECD), Sisi said continued attacks on ships in the Bab al Mandab Strait, a key maritime chokepoint linking the Red Sea to the Gulf of Aden, had sharply reduced traffic heading to the Suez Canal, the presidency said in a statement, Anadolu Agency reported.


Bab al Mandab is one of the world’s most strategic shipping routes for energy and food supplies, alongside the Suez Canal and the Strait of Hormuz.


Attacks on shipping began in November 2023 when Yemen’s Houthi group launched drone and missile strikes targeting vessels in the Red Sea in a show of support for Palestinians facing Israeli attacks in Gaza, where more than 72,000 people have been killed in deadly Israeli strikes since October 2023.


Decline in number of transit ships


These attacks have led to a sharp decline in the number of ships transiting the canal, one of Egypt’s main sources of foreign currency.


According to Osama Rabie, head of the Suez Canal Authority, canal revenues dropped by 66% in 2024 to $3.9 billion, down from about $10.2 billion in 2023.


On April 12, the Houthis warned they would escalate attacks in the Red Sea if Israeli and US attacks on Iran resumed.


Regional tensions have escalated after the US and Israel launched strikes against Iran on February 28, triggering retaliation from Tehran against Israel, as well as US allies in the Gulf, along with the closure of the Strait of Hormuz.


Ceasefire


A two-week ceasefire was announced on April 8 through Pakistani mediation, followed by direct talks in Islamabad on April 11, but no agreement was reached on a lasting truce.


US President Donald Trump later extended the ceasefire without setting a new deadline, following a request from Pakistan.

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