CBN demands $8.1 Billion from four banks and MTN
Alleged banks partner with MTN to breach finance laws, MTN denies
Alleged banks partner with MTN to breach finance laws, MTN denies
On Wednesday, 27th August the Central Bank Of Nigeria (CBN) released a statement declaring that four Nigerian banks have been fined for breaching the foreign exchange regulations imposed on the financial market.
The four banks —Diamond bank, Citibank, Stanbic IBTC and Standard Chatered bank, were fined for what CBN’s Director of Communications, Isaac Okorafor, described as “necessary action”. His statement explained that the identified banks have allocated illegal Certificates of Capital Importation (CCIs) to investors of MTN Nigeria, which have allowed these investors transfer money across the boarder illegally.
#CBN Slams N2.4bn fine on Standard Chartered, N1.8bn on Stanbic IBTC, N1.2bn on Citibank, N0.25bn on Diamond Bank. All to also refund a total of $8.134bn for breaching Nigeria's forex regulations on MTN's illegal capital repatriation.
— Central Bank of Nigeria (@cenbank) August 29, 2018
In their letter to MTN following the allegations, the CBN demanded that the communications company, as well as the identified banks, pay back a total of $8 billion, which the CBN says is the total amount that was illegally repatriated for their investors earlier this year. Asides this amount however, the Isaac Okarafor said that upon further investigation, the CBN found that the identified banks have been involved in other illicit acts of similar nature, between 2007 and 2015, and demanded that they pay back a total fine of N5.8 billion for these illegal activities.
Today morning, MTN refuted CBN’s claims of illegal repatriation of $8.1 billion.
The CBN’s spokesperson, Isaac Okorafor, in a statement sent to PREMIUM TIMES on Wednesday, said the management of banks and companies which fail to abide by the existing guidelines risk appropriate sanctions, which may include denial of access to the Nigerian foreign exchange market.
CBN’s resolve to sanction the commercial banks investigations from March 2018, which confirm the allegations.
Featured Image Credit: Web/Pintrest
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“Tomiwa is figuring it out…” Tweet at her @fauxbella
The question now—not just in Benue, but in Plateau, Kaduna, Nasarawa, Zamfara, and Borno—is what are...
Carl Terver Reflects On Benue, the Yelewata Killings, and the Politics Of Naming In An Earnest Op-Ed.
1.
These days, I hardly remember I am a poet. Only in momentary phases do I recall I am one. My thoughts constantly betray me, taking the form of essays. These phases, when I recall I am a poet, come because of the emotions of love or of war. When I speak of war, there are the wars every man faces within himself. And then there is the war Nigeria brings to your doorstep: the kind that inspires sad, grief-laden poems or such that, through the numbness of it, makes you find ways to understand what is going on in your country. It is this second war that inspired me to write, in 2019, in a poem titled “This Blood,” that “My country has an alternative Stock Exchange / that counts dead bodies, / the more the bodies / the shares bought, / that raised Patience’s Cry: / This blood we are sharing!” It was a response, months later, to the killings of 73 persons in Benue on the New Year’s Eve of 2018, whose victims were interred in a state-organised mass burial that came to be known as Black Thursday.
2.
In 2015, I wrote my first short story, which, after several re-titling (and editing), would become “Once Upon A Time in Jato-Aka,” now published in The Stockholm Review of Literature. It was inspired by a beautiful experience of my visit that year to Jato-Aka, a town in Kwande LGA, Benue, which borders Cameroon in the Mandara Mountain range. Jato-Aka is a small, sleepy agrarian town, and the road that leads into it suddenly stops in the town square.
With an artistic eye, I imagined the arrival of something extraordinary to spice up the people’s lives, or the town itself, and the idea of a retired general came to mind. I drafted this into the story and painted the picture of what such slow, border towns looked like, having once lived the life of a farm boy in the countryside myself, depicting the sedentary, the communal, the calm, and the peacefulness. Then I ended the story with a cliffhanger that even I didn’t know was an apt example of the artistic unconscious at work: “Then one day, it happened again, the pestilence of locusts that struck every year, unexpectedly. In the time the old General was back, it had not happened. The Fulanis came.”
3.
For years, I was disturbed by this ending. It felt incomplete. It felt prejudiced. It felt phobic and eager to misrepresent and profile the entire Fulani ethnic group as a plague, as aggressors, when I was supposed to believe in the pluralistic multi-ethnicity of the so-called Nigerian project. Not only that, I judged that being Nigerian means living among other ethnicities and respecting them. But I was also aware of the fact that I have friends; I know and have met a good number who are as human as I am, with the daily worries of life, as feeding their children, paying school fees, and affording transportation.
I struggled with whatever justification I could contrive to make the story work, to make it not look like, “Oh, here is a Tiv writer who has written to paint the Fulanis bad.” Eventually, I let go, refusing to be held back by what, in retrospect, I feel was simply too much correctness in the face of confronting a real problem that was not simply a short story. And I used a character in it to ask a question which remains baffling: “Why should one man have more right to kill another?” In an earlier version of the story, the question was, “Why should a group of Nigerians have more right to kill other Nigerians?”
4.
The question now, away from fiction, but to the crisis of what is now becoming the daily barbaric killings of Nigerians—not just in Benue, but in Plateau, Kaduna, Nasarawa, Zamfara, Borno, and wherever pleases the homicidal urges of these terrorists—is what are these killings for? But it is another question rendered meaningless by the indifferent climate that has become Nigeria for more than a decade now. Because the government has refused to fight insecurity, creating a loophole for further insecurity, which now appears glaringly to us (not that we never suspected it) to be a deliberate ploy to cause confusion and artificial helplessness. To solve a security crisis of this nature, the state has to identify it, classify it for what it is, before setting the right apparatus to combat it. This has not been done, and in the years these killings have continued, it has been misidentified as herdsmen-farmers clashes. News outlets, without on-the-ground investigations, have peddled this narrative whenever there’s another case of killings where, often, the victims are unarmed Nigerians, sometimes killed in their beds.
The mistake so far, I believe, was the Benue state government’s tolerance in not naming the problem until past governor Samuel Ortom’s accusations of a Fulani expansionist threat in the state, which led him in 2017 to enact an anti-open grazing legislation known as the Open Grazing Prohibition and Ranches Establishment Law. But to some of us, even if this addressed the problem at some scale, it was merely reactionary; a band-aid to what we think is a larger conundrum. It was like sending rice—the typical Nigerian politician’s answer to a crisis.
The attacks never stopped. Not only so, they began to assume a recognisable M.O. of displacing and occupying, as people flee and abandon their indigenous homes. Even more, there appears to be a desire to instill terror and intent to harm: on 8 April 2023, as the country waited to inaugurate Bola Tinubu as president, after what seemed to have been a sham election, Channels TV reported: “Many feared killed as suspected herdsmen attack Benue IDPs.”
These were people who had fled homes where their farms were. What was such an attack for? What farmlands of these displaced persons were the attackers after? Or in recent Yelwata, on 14 June 2025, where a hecatomb of deaths was orchestrated in a very cold and methodical execution? The police station had been attacked first, to cripple any armed resistance, the villagers report, before a door-to-door, family-by-family execution began, going on for three unholy hours, in a community less than an hour’s drive from the state capital, Makurdi; with another attack orchestrated a few hours apart at the other exit of the capital, in Mbaivur, near the Air Force Base in Makurdi.
Sending the herdsmen away, which Benue citizens have cried for in the past, it seems, doesn’t end the problem. And if there have been fears this is beyond conflicts about grazing, these scenarios only intensify, if not to confirm them.
5.
The first time I drank kindirmo, fresh cow milk hawked in colourful calabashes by Fulani women, was in my secondary school, perhaps in 2003 or 2004. I remember it was after closing, and the sun was high. My female classmate who made me try it said the women had tied ice blocks in a nylon and placed them in the calabash to chill the milk. Thirst had driven me, rather than curiosity. But it tasted wonderful, so that after that day I always looked forward to it whenever I had small change to spare.
This was deep in Ukum LGA. On the way to the farm with my grandma, or returning, we’d sometimes meet Fulanis on the road walking together in a group, men (who looked more like boys, too young), women, and children. They were nomadic Fulanis, who often, to us, appeared to come out of nowhere as they lived in very interior settlements, and sometimes went to the local markets to buy goods and trade.
I do not recall any bad blood existing between them and us, or maybe I was too innocent to notice. They simply existed as a curious exotic to us: their slim men carrying staffs and looking like women, sometimes wearing make-up. Unimaginably, there was such understanding that they would often have an agreement with farmers to bring their cattle after a harvest to graze the pasture from stalks of maize and other harvested plants.
I am not being romantic about such a past, nor do I wish to patronise anyone. Because once in a while, we heard of cattle destroying farms. But I can tell you that Nigeria was once like this. That Benue was once like this. There was no need for fighting because the herder Fulanis were under the protection of the communities they lived in, and mutual understanding was established. So what happened? Why did herdsmen start using machetes on people? And when did guns come? Why are so-called herdsmen, who do not have cattle—because you need a herd of livestock to be a herdsman—but instead ride on motorcycles, invading and attacking villages with assault rifles?
It is not just Benue under attack by such barbarians, but Nigeria. It is not just about usurping authority anywhere they can, stoking tensions, or causing confusion and political instability. It is the fact that children are burned alive by criminals who will never meet justice, or worse, who know no one is going after them, and that they will emerge again to continue their terror. And that we are caught in a trap where the Nigerian government, with the strongest military force in West Africa, pretends to be helpless.
6.
What we are dealing with, not only in Benue, but nationwide, is a successful plan of confusion sown by a group with their plans. Surely, these killers take orders from someone. Possessing arms is strictly regulated in Nigeria, but these killers have no problem accessing not mere guns but assault rifles. In Yelwata, the killings were executed like an operation. Two days after this attack, a list of the families killed was published in Daily Post (courtesy of a Franc Utoo, a lawyer and native of Yelewata “who lost over 33 members of his extended family”). There were the Adam family, Ajah family, Akpen family, Amaki family, Anya family, Aondona family, Aondovihi family, Asom family, and so on, numbering up to 47 families, like a roster. What is to say that one day it won’t become more targeted, as genocidal killings are often planned to take out specific persons?
Finally, perhaps, the misinformation about this simply being herdsmen attacks or internal clashes, as the news ignorantly reports, is now evident. And this was why the Tor Tiv, Professor James Ayatse, the number one Tiv citizen and perhaps an authority on Tiv matters, at the president’s visit to Benue state on June 18, unequivocally stated, that:
“We do have grave concerns about the misinformation and misrepresentation of the security crisis in Benue State. It’s not herders-farmers clashes. It’s not communal clashes. It’s not reprisal attacks or skirmishes. It is this misinformation that has led to suggestions such as ‘remain tolerant, negotiate for peace, learn to live with your neighbours’. What we are dealing with in Benue is a calculated, well-planned, full-scale genocidal invasion and land-grabbing campaign by herder terrorists and bandits, which has been going on for decades and is worsening every year. Wrong diagnosis will always lead to wrong treatment. So, we are dealing with something far more sinister than we think about. It’s not learning to live with your neighbours; it is dealing with war.”
For many who do not know, historically, this is not the first time foreigners (whom the Tivs call “Uke”) have attempted to suppress the Tiv people, such that there’s even a song about this. The “Myam ciem er uke hide” song, translated as “I had a nightmare that the foreigner has returned.” Centuries later, the song remains true. The history of the Benue Valley during the 1700s through the 1800s is mired in conflicts over land among the different groups that had migrated and come to settle in the region. But the Tiv ancestors fought with their lives to defend the home they’d made for themselves in this valley.
It was because of this consciousness to defend themselves that subjugation by the British colonial forces in the early 1900s didn’t happen so easily for the latter. It is on record that the Tivs were the last ethnic nation in colonial Nigeria to be penetrated by the British, who afterwards ignorantly tried to govern them indirectly through proxies under their colonial government—a situation that was exploited by the Caliphate in northern Nigeria at the time to exert dominance southwards.
It is a known history that has been amply written about, with one of the more insightful works being Moses E. Ochonu’s ‘Colonialism by Proxy: Hausa Imperial Agents and Middle Belt Consciousness in Nigeria.’ There were pushbacks and unrelenting resistance, of course, by the Tiv nation. It is the history of this conflict that eventually led to the creation of Benue State. I am not a historian; I have only brought this up because history is all too familiar whenever it rears its head again. Many theories, histories, or causes of the terrorism going on in Benue will be spread. And sadly, the truth is we can’t say what it is; we are not security experts and have no concrete intel, so we talk about what we see: that we are being attacked by terrorists who come for our heads, and our land. And whoever they are, they are enemies of Nigeria.
When the musician 2Baba Idibia made a video responding to the Yelwata killings, his words were “I don’t even know what to say.” Truly, there aren’t any words for such madness other than Yelwata was indeed one of the darkest days for many of us. But for how long must this go on?
Over the next year, the studio plans to develop up to 100 emerging digital storytellers and position them for...
Africa’s creative and digital economy is growing rapidly. With over 570 million internet users across the continent and social media penetration increasing by the year, opportunities for content-led careers have never been greater. Popular content creator and skitmaker, Gilmore, knows about the opportunities that abound on the internet after rising to fame thanks to his comedic skits that reflect the lived experience of millions of Nigerians.
Since he rose to fame during the COVID-19 pandemic, Gilmore has risen to fame with over 100,000 YouTube subscribers and millions of views. Still, in many ways, his success story is an outlier with many talented African content creators lacking access to the structure, resources, and training needed to scale their influence globally. To solve those issues, Gilmore has launched VELUM Studio, an innovative content creation studio built to empower Africa’s emerging talent. Founded by the viral sensation in conjunction with music label executives Godfrey and Giovanni, VELUM Studios is designed to redefine the creative journey for digital creators, bridging the gap between local creativity and global recognition.
“Our goal is simple,” Gilmore says, “to show creators you don’t need limitless resources to succeed. You need an idea, the courage to execute it, and the right support system. At VELUM Studios, we provide exactly that.”
Over the next year, the studio plans to sign and develop up to 100 emerging digital storytellers, drive hundreds of millions of views across digital platforms, and position its talent to access international grants and funding opportunities. To achieve these goals, VELUM Studios is building an in-house team of seasoned media professionals—including videographers, photographers, publicists, and marketing strategists—who will play a direct role in amplifying the work of selected creators.
In many ways, VELUM Studios is the first initiative of its kind on the continent—built to not only spotlight emerging talent but also structure their growth within the global digital economy.
For further details and information, visit the website.
N20 million up for
Following a successful first campaign, Studio Monkey Shoulder returns to Nigeria for the second year in a row. A brainchild of the Scottish Whisky brand Monkey Shoulder and online radio station Worldwide FM, Studio Monkey Shoulder is a grassroots music initiative created to fund trailblazers who are pushing sonic boundaries while also fostering real-world connections across different regions. Last year, Jazzhole received the Nigerian grant to digitally remaster rare archival recordings that preserve and celebrate Nigeria’s rich musical heritage.
This year, the competition, in continued partnership with legendary DJ and Worldwide FM founder Gilles Peterson, once again invites the country’s most innovative and ambitious grassroots music communities – everything from from independent record stores to DIY music venues, online radio stations and collectives – to apply for a £10,000 grant (₦20 million) to bring their hugely imaginative music projects to life.
“I am thrilled to see Studio Monkey Shoulder grow in its second year in partnership with Worldwide FM. It’s been a privilege to work with the communities we supported in 2024, seeing their projects thrive and come to life,” Peterson stated in a press release. “I am excited to uncover more amazing community-driven projects in Nigeria and witness the talent that comes with it as the project evolves in year two.”
The winner of this year’s grant will join an international creative network that’s designed to elevate community voices and bring their stories to a global stage. Applications for Nigeria’s Studio Monkey Shoulder Fund open on April 28th and close on June 1st.
For full details and to apply, visit this website