All Posts in "Month: October 2025"

NEMA receives 153 Nigerians rescued from Chad

Murtala Muhammed International Airport, LagosThe National Emergency Management Agency, in collaboration with the International Organisation for Migration and other partners, has received 153 Nigerians repatriated from Chad.

The returnees arrived at the Cargo Terminal of the Murtala Muhammed International Airport, Lagos, at about 12:15 p.m. on Monday, aboard an ASKY Airlines flight with registration number CAS-AC, NEMA announced in a post on its X handle on Tuesday.

The agency said the returnees were brought back under the Assisted Voluntary Return programme, facilitated by the IOM in partnership with the Federal Government.

According to NEMA, the group comprised 105 adults (63 males and 42 females), 45 children (25 males and 20 females), and three infants (all females).

“Upon arrival, officers of the Nigeria Immigration Service conducted biometric registration and documentation to ensure accurate profiling and facilitate their smooth reintegration into the country,” the agency stated.

NEMA noted that in line with the Federal Government’s commitment to ensuring the safe, dignified, and humane return of citizens, the returnees were provided with immediate humanitarian assistance, including food and potable water, medical care, ambulance services, luggage handling, logistics support, and counselling.

The exercise, according to the agency, was jointly coordinated by NEMA, the IOM, the National Commission for Refugees, Migrants and Internally Displaced Persons, and other relevant stakeholders.

“The seamless and well-organised reception reflects the government’s ongoing efforts to prioritise the welfare and dignity of Nigerians returning from abroad,” NEMA added.

Over the years, NEMA, in partnership with IOM and other agencies, has facilitated the voluntary return and reintegration of thousands of Nigerians stranded in different countries.

Dan Poster by — October 29, 2025 in General News 0
Ex-Imo NUJ boss tackles govt for allegedly shielding criminals

nujA former Chairman of the Nigeria Union of Journalists, Imo State Council, Ben Osuagwu, has alleged that the administration of Senator Hope Uzodimma is allegedly overlooking individuals involved in criminal activities at the state Environmental Transformation Commission.

He alleged that the government might have inadvertently armed these individuals to engage in looting and other malicious activities under the guise of environmental sanitation, targeting vulnerable citizens, including widows and the poor.

In a statement made available to South-East Punch, Osuagwu urged the state government to apprehend and prosecute those responsible for the recent looting at the Toronto Market in Owerri, where ENTRACO operatives allegedly broke into shops and stalls, stealing groceries and other goods.

Osuagwu emphasized, “It is imperative that the government initiates the process of imprisoning these ENTRACO personnel who have turned to armed criminals, looting the goods of widows and the poor under the pretext of maintaining environmental sanitation.

“The government should, as a matter of urgency, arrest all individuals involved in the looting of goods belonging to poor traders at the Toronto Market.

The manner in which these government-sanctioned criminals broke into locked shops and stalls, making away with goods including money, handsets, grinding machines, and bags of rice, is utterly absurd.”

“All elements involved in this act of lawlessness must be swiftly rounded up and handed over to law enforcement agencies to put an end to this menace.”

He stressed that no responsible government would tolerate such egregious acts of lawlessness.

Osuagwu demanded that the government intervene immediately, directing these criminal elements to return the stolen goods and money to the rightful owners within 24 hours.

He expressed dismay that the stolen items might have been taken to the families of these individuals, who would then claim ignorance of their children’s actions, and reiterated that the goods, including every item, must be returned.

Osuagwu concluded that if the traders were operating in unauthorized areas, the law should take its course, but under no circumstances should government-armed individuals break into shops and steal goods.

This incident, according to him, was not isolated to the Toronto Market but occurred in all markets in Owerri Municipal and its environs, necessitating an immediate intervention.

However, when called on phone for reaction the Chief Press Secretary to Imo State governor, Hope Uzodimma, Mr. OguwuikeNwachukwu declined comments saying

“Idon’t want to meddle into the issue. I don’t want to react on the matter please. Who is he to meddle in the activities of the government?”

Dan Poster by — October 29, 2025 in General News 0
Court orders forfeiture of drug trafficker’s Lekki duplex

Federal High Court, LagosJustice Alexander Owoeye of the Federal High Court in Lagos has ordered the final forfeiture of a four-bedroom duplex with two sitting rooms and boys’ quarters in Lekki to the Federal Government after finding that it was used for illegal drug activities.

The judge, on Tuesday, ordered that the property located at Block 11, House 2, Mobolaji Johnson Estate, Lekki Phase 1, be permanently forfeited to the Federal Government following an application filed by counsel for the National Drug Law Enforcement Agency, Mr. Buhari Abdulahi.

Abdulahi told the court that the property belonged to a suspected drug baron currently resides in Canada, and was used as an operational base for trafficking Canadian Loud — a high-grade strain of cannabis sativa — into Nigeria.

“The property served as the operational base for Adebanjo’s illicit drug activities,” the NDLEA counsel said. “He purchased the house and used it to coordinate the storage, distribution, and sale of hard drugs smuggled into Nigeria from Canada.”

He informed the court that an interim forfeiture order had earlier been granted on March 20, 2024, and that, in compliance with the court’s directive, details of the property were published in the Daily Sun of May 20, 2024, and in the Vanguard of August 1, 2025, inviting any interested parties to contest the forfeiture.

“Despite the publications and adequate notice, no person or entity came forward to lay claim to the property or provide any explanation,” Abdulahi said, urging the court to grant a final forfeiture order.

He added that the application was brought under the NDLEA Act, which empowers the court to confiscate assets used in committing drug-related offences.

After reviewing the submissions and supporting documents, Justice Owoeye granted the final forfeiture order, describing the property and items within it as “instruments used in committing drug offences.”

“Having carefully examined the affidavit evidence and the unchallenged application by the NDLEA, this court hereby orders the final forfeiture of the property to the Federal Government of Nigeria,” the judge ruled.

According to an affidavit filed by Deputy Commander of Narcotics, Nasir Garba Bungudu, attached to the NDLEA’s Lagos Strategic Command, the agency had received intelligence in 2023 about a drug trafficking network smuggling Canadian Loud from Canada into Nigeria.

He said investigations traced the syndicate’s base to the Lekki property, which served as a warehouse and coordination centre for storage, financing, and distribution of the illicit drugs.

He said following weeks of surveillance, NDLEA operatives conducted a raid on February 5, 2023, during which they recovered 1.088 kilograms of Canadian Loud and arrested five suspects: Tijani Hakeem, Eric Makuo, Adaobi Fortune, Ahmed Jubril, and Ekwejunor Oritsematosan.

“Our investigation confirmed that the property was purchased and maintained with proceeds of drug trafficking,” Bungudu stated. “It was the central hub for the syndicate’s criminal operations.”

Four of the suspects were later convicted in Charge No. FHC/L/122C/2023 — FRN v. Tijani Oladapo Hakeem & 3 Ors after pleading guilty to drug trafficking charges.

The fifth suspect, Ekwejunor Oritsematosan, is still facing trial alongside Femaffix Global Services Limited in Charge No. FHC/L/501C/2023 for offences linked to the same cartel.

NDLEA investigators also established that Adebanjo, identified as the ringleader, purchased the Lekki property to house his associates and manage the syndicate’s operations, allegedly using a firm to launder proceeds from the illicit trade.

“Since the property was sealed, neither Adebanjo — who remains at large — nor any representative has come forward to claim ownership or offer any explanation,” Bungudu added.

Justice Owoeye consequently ruled that the property and all items within it be permanently forfeited to the Federal Government as assets derived from, or used in, the commission of drug offences.

“The court is satisfied that due process has been followed,” Justice Owoeye declared. “Accordingly, the property and its contents are hereby forfeited to the Federal Government of Nigeria.”

Dan Poster by — October 29, 2025 in General News 0
S4C applauds Nigeria’s FATF grey list exit

Spaces for Change has congratulated the Federal Republic of Nigeria on its removal from the Financial Action Task Force grey list, describing the milestone as a major achievement in strengthening the integrity of the country’s financial system.

The announcement was made at the FATF plenary session held in Paris, France, in October 2025, where Nigeria was delisted from the grey list alongside Burkina Faso, South Africa, and Mozambique.

Delisting from the FATF grey list indicates that these countries have successfully addressed identified deficiencies in their anti-money laundering and countering the financing of terrorism frameworks. Their progress was monitored and reviewed by the International Cooperation Review Group.

According to S4C, Nigeria’s removal from the list demonstrates its commitment to technical compliance and operational effectiveness in combating money laundering and terrorist financing.

Prior to Nigeria and Burkina Faso’s exit, Spaces for Change had been actively involved in supporting the implementation of FATF Recommendations in both countries, particularly relating to the non-profit sector.

S4C’s advocacy focused on building capacity for non-profit organisations, key agencies, and regulators conducting national terrorism financing risk assessments, thereby strengthening compliance with FATF Recommendation 8.

The organisation also conducted targeted outreaches, facilitated multi-stakeholder dialogues, and provided technical assistance to relevant agencies to implement reform measures aimed at preventing the misuse of non-profits for terrorism financing.

In 2022, Nigeria took further steps to remove non-profits from the list of obliged reporting entities and from the list of designated non-financial professions and businesses under the national AML/CFT framework.

Executive Director of Spaces for Change, Victoria Ibezim-Ohaeri, said Nigeria’s positive compliance rating reinforces past progress and reflects the success of coordinated reform efforts.

“We are happy to witness the country’s positive compliance rating, with Nigeria becoming the only West African country to secure a fully compliant rating on FATF Recommendation 8,” she said in a statement.

Ibezim-Ohaeri added that the delisting demonstrates Nigeria’s ongoing commitment to implementing effective measures to combat money laundering and terrorism financing while maintaining an enabling environment for non-profits.

The organisation reaffirmed its commitment to ensuring that countermeasures introduced across the subregion do not limit civil society operations or restrict civic freedoms.

Dan Poster by — October 29, 2025 in Business 0
BUA Cement reports N289.9bn profit

Abdulsamad RabiuBUA Cement Plc has reported a profit after tax of N289.9bn for the nine months ended September 30, 2025, representing a 492 per cent increase from the N48.97bn recorded in the same period of 2024.

The unaudited financial statements of the cement manufacturer filed with the Nigerian Exchange Limited on Tuesday showed that the performance was driven by higher revenue and significant foreign exchange gains.

Revenue for the period rose 47 per cent to N858.73bn from N583.41bn in the corresponding period of 2024. The company’s gross profit also surged to N429.26bn from N180.81bn, reflecting an operational performance despite higher distribution expenses.

Further analysis of the result revealed that finance costs increased to N56.09bn from N32.03bn in the same period last year due to higher borrowing costs. However, the impact was cushioned by net exchange gains of N21.63bn, compared to a loss of N57.44bn a year earlier.

Profit before tax stood at N338.57bn, up from N61.75bn in 2024, while earnings per share jumped to 855.93 kobo from 144.61 kobo.

On the balance sheet side, BUA Cement’s total assets rose to N1.63tn in the period under review, compared to N1.57tn recorded as of December 2024, driven largely by growth in cash reserves and inventories. Retained earnings also increased significantly to N396.13bn from N175.70bn, underscoring the company’s strong profitability.

The PUNCH reported that BUA Cement Plc has reported a significant improvement in its financial performance for the half year ended June 30, 2025, with group revenue rising 59 per cent to N580.3bn from N363.9bn posted in the corresponding period of 2024.

Dan Poster by — October 29, 2025 in Business 0
NGX Group market capitalisation soars 37.7% to N141.75tn

CEO of Nigerian Exchange Limited Temi PopoolaThe Nigerian Exchange Group has recorded a 37.7 per cent growth in market capitalisation, rising to N141.75tn as of September 2025 from N102.94tn in the same period of 2024.

This performance reflects growing investor confidence and the Group’s continued focus on innovation, technology, and sustainability under the leadership of its Group Managing Director and Chief Executive Officer, Temi Popoola, who said the growth demonstrates that the strength of Nigeria’s capital markets cannot be separated from the strength of the communities they serve.

“For us at NGX Group, building strong capital markets goes hand in hand with building strong communities, because inclusive growth and social well-being are the true foundations of a resilient economy,” he said.

In line with this vision, NGX Group has deepened its commitment to social impact through its flagship initiative, Project BLOOM (Bringing Life to Our Overlooked Minors). The programme, implemented in partnership with the Lagos State Government and the Health Emergency Initiative, has reached over 200 children and 180 caregivers in underserved communities like Ajegunle and Yaba, providing therapeutic food, medical care, and nutrition education.

The Group also continues to drive market inclusivity through digital innovation. Its e-offering platform, NGX Invest, has enabled corporates to raise over N2tn in capital, making public offers and rights issues more accessible to retail investors nationwide.

Beyond social and digital transformation, NGX Group has advanced its sustainability agenda through the Nzero initiative, which helps listed companies measure, report, and reduce carbon emissions in line with global sustainability standards.

Popoola noted that the Group’s focus on environmental, social, and governance principles has strengthened market transparency and long-term investor confidence.

He said, “Our vision is to create markets that thrive in harmony with society and the environment. We are judged not just by the wealth we help create but by how widely that wealth is shared and how sustainably it is generated.”

The NGX boss added that through initiatives like Project BLOOM and NGX Invest, the Group aims to bridge the gap between market performance and social development, reinforcing its position as both a driver of capital formation and a catalyst for community transformation.

Dan Poster by — October 29, 2025 in Business 0
FirstBank Vindicated: Arbitration Tribunal Dismisses GHL’s $718 Million Claim

First-Bank-Of-Nigeria

The Final Award in the arbitration initiated by General Hydrocarbons Limited against First Bank of Nigeria Limited, issued by Sole Arbitrator Hon. Justice Kumai Bayang Akaahs, was published today, the 28th of October 2025.

General Hydrocarbons Limited (GHL) was represented by Messrs. Paul Usoro SAN & and Abiodun Layonu SAN. First Bank of Nigeria Limited (FBN) was also represented by Messrs Gbolahan. Elias, SAN; Babajide Koku, SAN and Victor Ogude, SAN.

The Tribunal dismissed GHL’s case in its entirety, affirming FBN’s financing obligations as conditional, finding no breach or entitlement to damages by GHL, and ordering GHL to bear the costs of arbitration.

The dispute arose from the Subrogation Agreement dated May 29, 2021, under which GHL undertook the repayment of an outstanding debt of $718 million and FBN undertook to provide additional loans to finance the development and production of OML 120in line with the provisions of the Subrogation Agreement.

GHL alleged that FBN breached the agreement by failing to provide absolute and timely financing, sabotaging alternative funding efforts, and causing losses, including liabilities to third parties and leading to loss of productive time in the development of OML 120.

FBN argued its financing obligation was conditional and not absolute but subject to review and professional discretion in line with banking policies and regulatory guidelines.

  1. FBN has a conditional, not absolute, obligation to finance OML 120 development. It must review and evaluate financing requests and may attach competitive terms as deemed suitable.
  2. GHL failed to prove any breach by FBN. FBN made several financing offers totalling $185 million, and the delays alleged by GHL were not found unreasonable or in breach.
  3. Introduction of an Independent Asset Manager as a financing condition by FBN was consistent with the agreement and not a breach.
  4. Allegations of FBN sabotaging alternative financing arrangements were unsubstantiated and dismissed for being devoid of any merit.
  5. All reliefs sought by GHL, including declarations, damages for unpaid contractor fees, losses, and termination of the Subrogation Agreement, were refused.
  6. FBN was adjudged entitled to recover reasonable legal and arbitration costs from GHL, amounting to $112,100 and N111,250,000, payable within 30 days with interest on late.

…The tribunal’s order for GHL to pay FirstBank’s arbitration costs within 30 days underscores the bank’s strong position in the dispute and paves the way for further action to recover $230 million owed to the bank

Dan Poster by — October 29, 2025 in Business 0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Two of Nigeria’s top financial institutions, Zenith Bank Plc and Guaranty Trust Holding Company (GTCO), have been named winners of the Corporate Leadership Award for Gender Policy Compliance by the MMS Woman of Fortune Hall of Fame (WoFHoF) Initiative.

In a statement signed by the Chairperson, 2025 MMS Hall of Fame Induction Committee, Amb. Aisha Mahmoud, the initiative said the award followed an independent assessment of 24 commercial and six non-interest banks, based on publicly available data from their websites and social media platforms.

The group noted that only five banks met the criteria of publishing three consecutive years of annual and sustainability reports in line with the Central Bank of Nigeria’s (CBN) gender policy and corporate governance guidelines.

“Among the five, GTCO and Zenith Bank led with a strong show of commitment to gender equality and compliance with the CBN’s target of 30 percent female representation on boards and 40 percent in management positions,” the statement said.

While Zenith Bank Plc was nominated as the Best Gender-Diversity, Equality, and Inclusive (DEI) Bank in Nigeria by the MMS Hall of Fame Leadership -Impact Assessment Committee; GTCO emerged as the Best CBN Gender Policy Compliant Bank in Nigeria for 2025, following its performance in transparency and board diversity.

“Available data showed that Zenith Bank Plc set and maintained a 50 percent or above corporate threshold on workforce employment for three consecutive years of 2022-2024. Women made up 53 percent of the bank’s workforce in 2024, up from 50 percent in 2023 and 2022. As of December 31, 2024, the bank had a total of 7,704 employees with 4,090 women and 3,614 men, showcasing a relatively balanced workforce and equal opportunities for all employees.”

“Data from the survey conducted also showed that GTCO operated above these thresholds for three consecutive years of 2022-2024. The bank’s commitment to gender diversity, and the broader focus on equal opportunities, and women empowerment resonate with the values of MMS Woman of Fortune Hall of Fame Initiative, and align with the CBN’s goals of promoting financial inclusion and gender equality in the banking sector,” the statement read.

The one-day event scheduled for November 20th, 2025, at Nicon Luxury Hotel, Abuja, is themed: “Fostering Sustainability, Women and Leadership with Technologies.” It has two segments: The Summit- Morning session, garnished with two impactful panel sessions featuring the Induction Ceremony, and the Evening segment, featuring the Leadership-Impact and SDGs Awards Night.

Governor Abdullahi Sule of Nasarawa State will chair the event, while other honorees include; Hajiya Aisha Bala Mohammed, First Lady of Bauchi State; Hajia Zainab Nasare Nasir Idris, First Lady of Kebbi State; and Dr. Dili Ezughah, Executive Secretary of the Nigerian Press Council.

According to the event’s organizing Chairperson, Amb. Nana Aisha Mahmoud, “This year’s event was carefully designed to intentionally promote sustainability in gender diversity and the inclusion of technology in alternative and informal education, while encouraging the robust participation of northern Nigerian women in socio-economic cum political developments. They have been held back by a mixture of factors over the years, leading to the incidents of out-of-school children.”

The event also holds the promise to showcase 13 years of legacy of the MMS Hall of Fame while celebrating leadership excellence to inspire public and private office holders to not only be legacy-driven and impact-focused with their position but benchmark their achievements with the dispassionate assessment of the stakeholders.

Mahmoud who is also the Vice-Chairman, Board of Directors, Nigeria-Russia Trade Advisory Council, added, “It is a triple event celebrating leadership values, using the tested leadership principles and the United Nations SDGs variables as a foundation for assessment of the Awardees and inductees.

DFC Management by — October 28, 2025 in Business 0

 

 

 

… Profiteering syndicate allegedly fueling chaos

 

 

 

 

 

 

The notorious traffic gridlock that once crippled Apapa and its environs is gradually resurfacing, threatening to paralyze movement and port operations once again.
Despite previous interventions, residents, commuters, and port workers are now facing renewed evening congestion as truckers and tankers swarm the port access roads daily.

Investigations by the Network of Nigerian Maritime Journalists reveal that while Apapa roads remain relatively free during the day, a long trail of trucks begins forming by evening from both the Costain and Mile 2 entry points.

From the Ijora-Olopa Bridge to Apapa and from Coconut Bus Stop to Tin Can Island’s gates, trucks line up in droves, allegedly paying between N30,000 and N50,000 to secure a spot in the queue.

Sources alleged that some officials of key agencies—including the Nigerian Ports Authority (NPA), Nigerian Shippers Council (NSC), Lagos State Traffic Management Authority (LASTMA), Federal Road Safety Corps (FRSC), and the Nigeria Police—are complicit in the illegal toll collection, turning a blind eye as the situation worsens.

The most affected areas include Wharf Road, Warehouse Road, Commercial Road, Burma Road, and Creek Road.

By 5 PM, vehicle owners often abandon their cars and resort to motorcycles to escape the gridlock while their cars are out of the affected areas before closing work daily.

Moses Fadipe, former National Coordinator of the Port Standing Task Team (PSTT), attributed the resurgence to the return of vested interests who previously profited from the chaos. He noted that the Lagos State Government knows what steps to take to prevent a full-blown crisis.

Martins Enibeli, President of the Nigerian Institute of Shipping (NIS) and the Nigerian Licensed Ship Chandlers Association (NILSCA), blamed government insincerity for the relapse.
He urged authorities to prioritize rail transport for cargo evacuation from Lagos ports and to revive Eastern and Delta ports to ease pressure on Apapa.

“Bonded terminals should be relocated far from the ports and connected by rail. Government must stop concentrating port operations in the West while neglecting other regions,” Enibeli stated.

A senior official, speaking anonymously, confirmed that a syndicate involving both state and non-state actors is profiting from the tolls collected from truckers, exacerbating the traffic crisis.

Stakeholders are calling for urgent federal intervention to dismantle the alleged racketeering network and restore sanity to Apapa’s transport corridors.

DFC Management by — October 28, 2025 in Uncategorized 0
OTC approves Tantita’s Drone Security Lecture for 2026 edition 

 

The Offshore Technology Conference (OTC) has officially approved a technical lecture by Tantita Security Services Limited (TSSL) for its 2026 edition, spotlighting the use of drone technology in offshore oil platform protection.

The presentation, scheduled for next year’s global gathering of energy innovators, will showcase Tantita’s pioneering efforts in leveraging unmanned aerial systems to monitor and secure Nigeria’s vast offshore assets.

The company’s Executive Director of Technical and Operations, Captain Dr. Warredi Enisuoh, confirmed the development, noting that the approval reflects growing international recognition of Tantita’s operational success and technological innovation.

Tantita’s lecture will delve into real-time surveillance, threat detection, and collaborative frameworks for maritime security, aligning with OTC’s broader focus on digitalization, sustainability, and cross-sector innovation in offshore energy.

The 2026 conference is expected to attract thousands of global stakeholders, including engineers, policymakers, and investors, offering a platform for knowledge exchange and strategic partnerships.

DFC Management by — October 28, 2025 in Business 0