Index to Nigerian Newspapers

The Nigerian Senate has expressed surprise at a recommendation by the Nigerian Law Reform Commission for a review of the Nigerian Foreign Exchange Act, which would make people possessing foreign currencies for more than 30 days face jail time or a 20% fine. The Senate argues that such a move would hinder investors' access to the market and undermine reform efforts aimed at boosting investor confidence. The CBN, however, denies any involvement in the proposed legislation and denies any knowledge of the proposed clause recommending a jail term or fine for foreign exchange holder for over 30 days. The CBN has not proposed any bill to arrest and jail persons holding foreign exchange for more than 30 days.

Rotimi Amaechi, the Minister of Transportation, has admitted to leaking a letter written by former Central Bank of Nigeria Governor Alhaji Muhammadu Sanusi to former President Goodluck Jonathan on oil revenue theft. Amaechi denied that he 'clandestinely' leaked the letter, claiming that Sanusi had threatened him for revealing that $49bn was missing from the Nigerian National Petroleum Corporation's account. Amaechi, who was then the Rivers State governor, claimed that he revealed the letter because he believed corruption during Jonathan's tenure was too high. Amaechi shared the letter with his fellow governors and Senate President, Senator Bukola Saraki, who was investigating the oil sector. Amaechi's patriotic zeal to put Nigeria first led him to leak the letter. A delegation from the United States government visited Amaechi to discuss the issue of oil theft in Nigeria, providing Amaechi with figures of billions of dollars lost annually.