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Naira falls to lowest level in over four years

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NAIRA NOTES

 

 

 

The Nigerian currency, the Naira, fell further on Friday, stumbling to its lowest level at the parallel market since 2017, crossing the 500th mark.

The Central Bank devalued the currency two weeks ago.

Data from abokiFX.com showed that the Naira exchanged for the greenback at N502, a 0.60 decline from N499 it traded on Thursday.

The margin is significant as naira had been at or below N500 for months, when it exchanged hands with the local currency at N500.00 on the dot on November 27 last year.

However, the unit gained slightly against the dollar at the official market, also known as the Investors and Exporters (I&E) window, data posted on the FMDQ Security Exchange where forex is officially traded showed.

The naira closed at N410.75, a 0.04 per cent appreciation from N410.90 it traded in the previous session on Thursday.

This occurred as foreign exchange supply skyrocketed substantially by 64.10 per cent, with $230.93 million posted as against $140.76 million recorded in the previous session on Thursday.

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It touched an intraday low of N428.27 and oscillated to a high of N400.00 at the Nafex window, before closing at N410.75 on Friday.

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EFCC uncovers illegal oil refinery in Ogun

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The Economic and Financial Crimes Commission (EFCC) says its operatives have uncovered an illegal oil refinery operated by Chinese nationals in the Ogere area of Ogun State.

According to a statement issued on Tuesday by the EFCC’s spokesperson, Dele Oyewale, the facility was discovered on Saturday, October 31, 2026, by operatives of its Lagos Zonal Directorate 2 following intelligence gathering and surveillance of the activities of illegal sludge oil refiners.

Oyewale said the facility was deserted when operatives stormed the premises, following an earlier crackdown on four illegal lithium processing plants in the area.

The operatives discovered waste products from the refining process and underground tanks suspected to have been used for heating and processing sludge oil.

According to the statement, “The Economic and Financial Crimes Commission uncovered an illegal oil refinery operated by Chinese in the Ogere area of Ogun State.

“The operation, conducted on Saturday, October 31, 2026, by operatives of the Lagos Zonal Directorate 2 of the EFCC, followed credible intelligence and surveillance by the Commission on the activities of the illegal sludge oil refiners.

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“The refinery was found deserted when EFCC operatives stormed the premises, following the Commission’s earlier clampdown on four illegal lithium processing plants in the area. However, waste products from the refining process were discovered at the location.”

Oyewale said operatives also discovered underground tanks believed to have been used for heating and processing sludge oil.

“Two of the underground tanks inspected contained substances suspected to be Automotive Gas Oil (AGO), otherwise known as diesel.

“Preliminary investigations revealed that the operators sourced sludge oil, also known as black sludge, from Warri, Delta State, and Port Harcourt, Rivers State, and transported it to the illegal facility in Ogere for processing,” Oyewale added.

He said the operators subjected the sludge oil to intense heat, allowing lighter petroleum components to pass through chambers and filters in a process believed to produce diesel for sale in the Nigerian market.

“Personnel at the facility told EFCC operatives that the Chinese operators never disclosed their identities nor the name of the company behind the facility.

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“Consequently, operatives of the Lagos Zonal Directorate 2 of the EFCC have since taken over the premises as investigations continue to establish the identities of the operators, the ownership of the facility and the full extent of the suspected illegal activities and economic sabotage,” he added.

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Police bust high-tech indoor Cannabis farm in Lagos, arrest two suspects

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The Lagos State Police Command says its operatives have uncovered a suspected high-tech indoor cannabis farm at a residential property in the  Apapa,l area of the state.

The suspects are a 49-year-old Polish national and a 36-year-old Nigerian.

According to the police, the suspects are Thomas Razvickas and James Chisome, both of whom reportedly reside at the property where the facility was discovered.

The operation was carried out on November 2 at about 8:15 a.m., following credible intelligence received by police operatives, according to a statement issued on Tuesday by the Command’s Police Public Relations Officer, SP Abimbola Adebisi.

A search of the premises led to the discovery of a sophisticated indoor farming facility reportedly equipped for the cultivation, harvesting and processing of substances suspected to be cannabis.

The police said the two suspects had been taken into custody, adding that they had made confessional statements and were providing useful information to assist ongoing investigations.

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The Commissioner of Police in Lagos State, CP Tijani Fatai, visited the scene to inspect the facility, assess the scale of the operation and receive a briefing on the investigation.

Fatai commended the operatives for their vigilance and intelligence-led policing, while reaffirming the Command’s commitment to tackling drug-related offences and dismantling criminal networks in the state.

He also appreciated members of the public for providing credible information and urged residents to sustain their cooperation with the police.

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Troops kill ISWAP commanders, two Arab fighters in Borno

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The gallant troops of the Nigerian Army have killed Abu Hajara, a high-profile member of the Islamic State West Africa Province (ISWAP) Shura Council, and Abul Walid, a prominent commander and close associate of Ba Shuwa, the group’s overall Wali (leader).

In astatement issued on Sunday, the acting media information officer of Operation Hadin Kai, Mohammed Goni, said that two other high-ranking Arab fighters were also killed during the engagement in Kukawa LGA of Borno state on October 31.

Goni said the attack came three days after troops killed 55 terrorists, including three key commanders.

“Combined troops of Joint Task Force deployed in Kukawa defeated massive ISWAP terrorists attack on their locations and troops utilised both ground and air assets from the air component,” the statement reads.

“Following the engagement, troops recovered scores of arms, ammunition and communication devices.

“The successful engagement further demonstrates the combat readiness, vigilance and superior firepower of Operation HADIN KAI troops in sustaining pressure on terrorist elements across the theatre.

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“The attack on troops location at Kukawa comes barely 3 days after Buni Yadi attack where as at date 55 terrorists were neutralised including key commanders such as Ali Mandara Abba Gajiri (Munzir), Habu Ikkima Nakif Yana Faruk and Commander Gogore.”

Goni described the killing of the ISWAP fighters as a “significant blow to the leadership and operational capability” of the group.

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