Arrests, Bail Must Follow Rule Of Law – EFCC Boss Tells Operatives
<p><img width="1000" height="600" src="https://www.naijanews.com/wp-content/uploads/2024/01/Ola-Olukoyede-EFCC-Chairman-scaled-e1698873475744-1000x600.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Arrests, Bail Must Follow Rule Of Law – EFCC Boss Tells Operatives" decoding="async" fetchpriority="high" srcset="https://www.naijanews.com/wp-content/uploads/2024/01/Ola-Olukoyede-EFCC-Chairman-scaled-e1698873475744-1000x600.jpg 1000w, https://www.naijanews.com/wp-content/uploads/2024/01/Ola-Olukoyede-EFCC-Chairman-scaled-e1698873475744-590x354.jpg 590w, https://www.naijanews.com/wp-content/uploads/2024/01/Ola-Olukoyede-EFCC-Chairman-scaled-e1698873475744-400x240.jpg 400w" sizes="(max-width: 1000px) 100vw, 1000px" /></p>
<h2>The Chairman of the Economic and Financial Crimes Commission (<a href="https://www.naijanews.com/topic/EFCC">EFCC</a>), Ola Olukoyede, has encouraged officers of the anti-graft agency to adhere to the rule of law when making arrests.</h2>
<p>His remarks were delivered in his New Year address to the staff, and the statement was posted on the anti-graft agency's official social media account.</p>
<p>He emphasized that no organization is as vital to Nigeria's pursuit of growth and development as the EFCC.</p>
<p>Consequently, he pledged to implement mechanisms that would empower the agency to fulfil its mandate in the fight against corruption in the country.</p>
<p>Olukoyede also highlighted that moving forward, arrests and bail procedures would be conducted in accordance with the rule of law.</p>
<p>Olukoyede said, "<em>The major objective of the war against corruption and financial crimes is to drive economic development and create wealth and job opportunities for the populace.</em></p>
<p><em>"We need to come to these realities and operate by them. Our Nation is in dire straits. We need to continue to do everything possible to stimulate Nigeria's revenue profile.</em></p>
<p><em>"No government agency is as crucial to the Nation's quest for growth and development as the EFCC. We have all it takes to bring up the profile and developmental index of our Nation.</em></p>
<p><em>"Let me also talk about the arrest and bail guidelines review, which I expect everyone to be familiar with by now.</em></p>
<p><em>"The review is informed by the need for us to conform with international best practices in law enforcement.</em></p>
<p><em>"We are a civilized anti-graft agency. Arrest and bail would henceforth be done in line with the rule of law. Our investigators should particularly take note of this</em>."</p>
<p>The post <a href="https://www.naijanews.com/2024/01/18/arrests-bail-must-follow-rule-of-law-efcc-boss-tells-operatives/">Arrests, Bail Must Follow Rule Of Law – EFCC Boss Tells Operatives</a> appeared first on <a href="https://www.naijanews.com">Naija News</a>.</p>
The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has encouraged officers of the anti-graft agency to adhere to the rule of law when making arrests.
His remarks were delivered in his New Year address to the staff, and the statement was posted on the anti-graft agency’s official social media account. He emphasized that no organization is as vital to Nigeria’s pursuit of growth and development as the EFCC. Consequently, he pledged to implement mechanisms that would empower the agency to fulfil its mandate in the fight against corruption in the country. Olukoyede also highlighted that moving forward, arrests and bail procedures would be conducted in accordance with the rule of law. Olukoyede said, “The major objective of the war against corruption and financial crimes is to drive economic development and create wealth and job opportunities for the populace.“We need to come to these realities and operate by them. Our Nation is in dire straits. We need to continue to do everything possible to stimulate Nigeria’s revenue profile.“No government agency is as crucial to the Nation’s quest for growth and development as the EFCC. We have all it takes to bring up the profile and developmental index of our Nation.“Let me also talk about the arrest and bail guidelines review, which I expect everyone to be familiar with by now.“The review is informed by the need for us to conform with international best practices in law enforcement.“We are a civilized anti-graft agency. Arrest and bail would henceforth be done in line with the rule of law. Our investigators should particularly take note of this.”
<p><img width="1000" height="600" src="https://www.naijanews.com/wp-content/uploads/2024/04/Naira-1000x600.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Naira Note Mutilation: What You Should Know About Jail Sentences, Fines, Other Consequences" decoding="async" fetchpriority="high" srcset="https://www.naijanews.com/wp-content/uploads/2024/04/Naira-1000x600.jpg 1000w, https://www.naijanews.com/wp-content/uploads/2024/04/Naira-590x354.jpg 590w, https://www.naijanews.com/wp-content/uploads/2024/04/Naira-400x240.jpg 400w" sizes="(max-width: 1000px) 100vw, 1000px" /></p>
<h2>The <a href="https://www.naijanews.com/topic/naira/">Naira's</a> depreciation over recent months has led to significant setbacks in the West African market, with trans-border traders increasingly rejecting the Nigerian currency in favor of the CFA or other local currencies of non-francophone countries.</h2>
<p>Investigations by Vanguard at the Seme border reveal a shift in currency preference among traders, marking a departure from the era when the Naira dominated the sub-regional economy.</p>
<p>Historically, the Naira was the preferred medium of exchange due to Nigeria's substantial trade volume with neighboring countries.</p>
<p>However, the currency's status has been in decline since February, culminating in its outright rejection by March 2024.</p>
<p>Traders, including Nigerians, express concerns over the Naira's falling value, with the worst depreciation rates recorded in the recent months.</p>
<p>Official figures show a steep decline in the Naira's value against the CFA, dropping from N1/1.5CFA in early 2023 to N1/0.37595CFA recently.</p>
<p>Despite a slight improvement, the Naira remains far from its former strength, impacting the cost of goods imported into Nigeria and slowing business activity in border towns of Nigeria and the Benin Republic.</p>
<p>On-ground reports from Benin-Nigeria border markets indicate a dwindling presence of the Nigerian currency, with money changers and transport operators opting for the CFA to avoid losses due to the Naira's instability.</p>
<p>Ibrahim Yakubu, a bike rider, and Taiye Ekiti, a money changer, voiced their preference for the CFA over the Naira, attributing the shift to the dollar's influence on the Naira's depreciation.</p>
<p>Traders like Mr. Achi Collins, dealing in second-hand clothing, note the reluctance of their counterparts to accept the Naira, forcing customers to exchange their money to CFA.</p>
<p>Although a few traders in Seme may still accept Naira, the exchange rate's impact is reflected in higher prices for goods.</p>
<p>The rejection of the Naira in major cities of the Benin Republic further underscores the currency's diminished value, with traders insisting on CFA for transactions.</p>
<p>Before now, Naira was accepted on the west coast, up to Ivory Coast and Senegal. Traders freely spent Naira in many countries of West Africa.</p>
<p>Nigerian sports journalists who covered sports events in Benin Republic, Togo, Ghana, Senegal and Ivory Coast spent Naira in the markets of these countries.</p>
<p>Naira was stronger than CFA then. Those days are gone. The naira is now rejected in these countries.</p>
<p>The post <a href="https://www.naijanews.com/2024/04/06/depreciation-trans-border-traders-reject-naira-ask-for-cfa/">Depreciation: Trans-Border Traders Reject Naira, Ask For CFA</a> appeared first on <a href="https://www.naijanews.com">Naija News</a>.</p>
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