₦airaland Forum

From Debola Akingbade wall

#FreeBOG
#FreeBOGNow


While Nigerians are still speculating the actual reason behind the sudden appreciation of the Naira over major International currencies since February 20, 2017 and Central Bank of Nigeria (CBN) sudden change of policy, Mr Babatunde Gbadamosi, a Lagos Businessman and former governorship candidate, who exposed in details the monumental organized foreign currency fraud by the Buhari government and officials of CBN was arrested and still detained by the Department of Security Services (DSS) since February 22, 2017.

In a social media video which went viral, Mr Gbadamosi frowned at the shabby practices where those that genuinely need foreign currencies for Business are not provided with any, while the President's allies and the cronies of CBN big-wigs are receiving them at ridiculous low rates of N3/$1.

Every effort to secure Mr Gbadamosi's release has proved abortive. The DSS has ensure that no one visits or see the incarcerated voice of the Nigerian opposition in the secret detention center he was dumped six days ago and sources close to Hope For Nigeria within the secret police headquarters in Abuja are claiming that Gbadamosi was accused of blackmailing the Central Bank of Nigeria and the Government by releasing those classified information about forex sales.

Regrettably, while Mr Babatunde Gbadamosi is languishing in DSS secret detention center for saving Nigeria from the forex mafia, Nigerians are giving the glory to the acting President Osibanjo who raised no finger in the new development where the CBN suspended forex sales to cronies and allies of President Buhari and sudden revert to the polices of the former President Goodluck Jonathan, where the Naira is protected with our external reserve.

Re-echoing the concern of Nigerians including that of the former CBN governor and the Emir of Kano, Sanusi Lamido who revealed the operation of over 20 different foreign exchange rates by the CBN and some Nigerians making billions of Naira daily from their gardens trading dollar they bought at an alarming low rates, Mr Gbadamosi demanded that these sharp practices should stop in other for the country to survive the self-induced recession.

Gbadamosi quoting various media sources in the Video, stated that the CBN was selling forex to some close allies of President Muhammadu Buhari for as low as N3 to $1 through what is called Bills of Collection. People where given Dollars with cold claims that their Form M was filled and submitted like 35 years ago but forex was not released. They cartel only has to claim that they made their importation in 1985 but forex was not released to you despite submitting duly completed Form M.

With all documents perfected, the forex will then be released at the prevailing rate in 1985. They will get $3 million at N5/ $1 and selling to end users at say N480/ $1. The said customer will be making about N1.425billion in one transaction.

He listed transactions by some individuals that got $4,327 at the rate of N23.34 to $1 through “credit card payment” for “invisible” purpose and under “invisible sector”. A bank also got $3,589.11 at the rate of N3.19 to $1 also for “invisible” purposes and under “invisible” sector. There was a transaction involving sale of $66.72 at the rate of N0.62 to $1. There was also a sale of $5.56 to a company at the rate of N0.61 also for “invisible” purposes. A particular transaction also involved the sale of $570.8 at the rate N3.17.

In contrast, there was a company, who purchased $1,462,480.83 at the rate of N425 to $1. The document shows that individuals and companies got foreign exchange for purposes ranging from importation, PTA, school fees, “invisible”, family maintenance allowances, mortgage payments and medical travel among others.

This video lead the Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami (SAN), to query the CBN Governor, Mr. Godwin Emefiele, demanding “prompt response” to the allegations of corruption in the CBN’s foreign exchange allocation and transactions. Multiple Petitions against the CBN indicated how some companies and individuals got foreign exchange in US dollars at the rates as low as low as N0.61 to $1 while others got it in rates that were as high as N470 to $1.

Malami, in the letter, dated February 6, 2017, and with reference number, HAGF/CBN/2017/VOL.1/1, asked Emefiele to respond to the allegations “to enable us to advise the Presidency and take appropriate measures.”

Titled ‘allegations of racketeering in the Central Bank of Nigeria; disparity in allocation of foreign exchange’, and addressed to Emefiele, the letter was delivered to the CBN governor’s office on Monday.

The allegations in the attorney general's letter to Emefiele includes:-

alleged corruption in the apex bank’s “foreign exchange allocation transactions.

2. questionable policy in CBN’s allocation and sale of foreign currency to Nigerians.

3. arbitrary allotment of different exchange rates for same purposes.

4. allocation of conflicting foreign exchange rates.

The DSS has not charged Mr Gbadamosi after six days of arrest and they denied him medical attention, family visits and rejected the request for his lawyers to see him or be informed of the reason for his arrest.

It is shocking to note that Nigerians are enjoying the appreciation of the Naira over major currencies and praising the CBN and the government that overseas the foreign currency fraud that almost crippled the Nigerian economy while the man who scarified neck for
us, is under chain and locked up in DSS cell.



http://www.premiumtimesng.com/news/top-news/224331-security-operatives-arrest-lagos-pdp-chieftain-gbadamosi-wife.html

http://punchng.com/agf-malami-queries-emefiele-alleged-forex-fraud-cbn/

http://saharareporters.com/2017/02/27/open-letter-acting-president-osinbajo-illegal-arrest-and-detention-babatunde-gbadamosi

Ridiculous lies!

PDP is officially the most useless party in Africa.

AntiWailer:
PDP is officially the most useless party in Africa.

Na PDP dem discover fraud or na APC

@ Op this talk heavy for mouth . Imagine some people get N3/$1 then sell them @ N509/$1.

Abeg could you post a link to the video

Nothing wey person no go see for Nairaland I Know This Is A Front Page Bound Topic, So Let Me Give Thanks To Those That Deserve It: First of all, I want 2 thank the MOD that will move this thread 2d front page. Secondly, I want to thank PHCN for giving un- interupted light 2day becos, if not; my phone would have been off by now.. Thirdly, I say thumb up 2 GLO for their cheap data and for their fast network, because if not, I don't think I'll b d man upfront.. Fourthly, I say a big thank u 2 ye all that are going to like & share dis my comment in the future; i appreciate.. Fifthly, I salute all of una wey dey chase me 4 back, keep on nairalanding u will b at dis spot 1 day. Sixthly, I want 2 thank myself for being so jobless 2day since morning nairalanding & for staying so close to my phone. And Lastly, I want to thank my boss for giving me a resting day for a job well done. Mr. Morgan, I raise one nyash for you. FTC. *Baby Love Me Tender oh, talala lantantan, Baby gbolongo my lover oh, talala lantantan, Monica dance do the kerewa oh, talala lantantan.

harrowmykel:
Nothing wey person no go see for Nairaland
I Know This Is A Front Page Bound Topic, So Let
Me Give Thanks To Those That Deserve It:
First of all, I want 2 thank the MOD that will
move this thread 2d front page.
Secondly, I want to thank PHCN for giving un-
interupted light 2day becos, if not; my phone
would have been off by now..
Thirdly, I say thumb up 2 GLO for their cheap
data and for their fast network, because if not, I
don't think I'll b d man upfront..
Fourthly, I say a big thank u 2 ye all that are
going to like & share dis my comment in the
future; i appreciate..
Fifthly, I salute all of una wey dey chase me 4
back, keep on nairalanding u will b at dis spot 1
day.
Sixthly, I want 2 thank myself for being so
jobless 2day since morning nairalanding & for
staying so close to my phone.
And Lastly, I want to thank my boss for giving
me a resting day for a job well done. Mr. Morgan,
I raise one nyash for you.
FTC. *Baby Love Me Tender oh, talala lantantan,
Baby gbolongo my lover oh, talala lantantan,
Monica dance do the kerewa oh, talala
lantantan.

You must be new on this forum...

I miss GEJ, things fall apart in buhari regime no equity no fairness na only favouritism, government of favouritism its very unfair I must say.

if the above informations are true then,those people that got forex at a very ridiculous rate should be detained indefinitely and the wistle blower released

there is nothing one will not hear in this naija...as u try to block one leakage them go open another one.we re so used to corruption.

Please move to front page. It may be you or me languishing at the DSS tomorrow; we need to learn to speak out for others if we want others to speak out for us.

Cc:
Seun
Lalasticlala
Mynd44

Anyone that believes Buhari or Osinbajo transformed the Economy isn't only foolishh but also stupidd. The whole forex thing was a northern agenda

TPAND:
Anyone that believes Buhari or Osinbajo transformed the Economy isn't only foolishh but also stupidd. The whole forex thing was a northern agenda

while waving their 'jonathan caused it' excuse in our face,..I said it b4 dat dis exponential increase of dollar 4m 158 to 570naira per dollar isn't ordinary!


Some people are making serious billions in dollars over it,while zombies try 2 divert our attention about with ' jonathan-diezani mismanagement'!

Time shall tell

In a social media video which went viral, Mr Gbadamosi frowned at the shabby practices where those that genuinely need foreign currencies for Business are not provided with any, while the President's allies and the cronies of CBN big-wigs are receiving them at ridiculous low rates of N3/$1.

Haba!!

...some companies and individuals got foreign exchange in US dollars at the rates as low as low as N0.61/ $1

Haba!! !

mightyhazel:
while waving their 'jonathan caused it' excuse in our face,..I said it b4 dat dis exponential increase of dollar 4m 158 to 570naira per dollar isn't ordinary!


Some people are making serious billions in dollars over it,while zombies try 2 divert our attention about with ' jonathan-diezani mismanagement'!

Time shall tell

Nigerians are shallow-minded, tell them Buhari is Jesus, they will believe you. Why is it when the economy has reached a breaking point the present government decided to pump dollar into the forex market. What happened all along.
I know they are trying to form Jonathan lack the willpower to save, and we are saving at the detriment of a crumbling economy and hardship in the land. Time will tell, Buhari will go down as an historic failure that a special course will be held in political science just to understudy is failed blueprint of leadership

mightyhazel:
while waving their 'jonathan caused it' excuse in our face,..I said it b4 dat dis exponential increase of dollar 4m 158 to 570naira per dollar isn't ordinary!


Some people are making serious billions in dollars over it,while zombies try 2 divert our attention about with ' jonathan-diezani mismanagement'!

Time shall tell

Some people are making billions through round tripping (buying at interbank rate and selling at blackmarket), but obviously, this claim of people buying dollars at 61kobo is comedy... cbn since clarified this and I wonder how this thread surfaced again today.