Lagos Safety Commission disowns woman in viral video accused of extortion

Lagos State Safety Commission has distanced itself from a woman caught in a viral video allegedly extorting money from residents in Oworonshoki while claiming to be a staff member of the agency.

In a statement released on Thursday, the commission’s Director of Public Affairs, Mrs Okoh Adewunmi, clarified that the woman, identified as “Mariam,” has no affiliation whatsoever with the agency.

“The attention of the Lagos State Safety Commission has been drawn to a viral video circulating on social media, in which one Mariam claims to be a staff member of the commission and is alleged to have collected bribes from unsuspecting members of the public in the Oworonshoki area of Lagos State,” the statement read.

“We wish to categorically state that the said Mariam is not and has never been an employee of the Lagos State Safety Commission. Her actions are not in any way connected to the commission and do not represent our values or operations,” Adewunmi added.

The agency reiterated its zero-tolerance stance toward corruption, extortion, and all unethical conduct. It also urged residents to remain vigilant and to report any impostors or fraudulent activities through its verified communication channels.

A video shared by Lagos Reporters and reviewed by our correspondent showed the woman wearing a reflective vest branded with the Lagos State logo. She was confronted by residents for allegedly demanding illegal payments during supposed “safety inspections.”

In the footage, the woman admitted to receiving money from residents who lacked the required documentation, claiming they preferred to “settle” her instead of visiting the commission’s office.

The impostor allegedly collected as much as N300,000 from residents under the guise of conducting official inspections, with none of the funds remitted to the state government.

Oando records 164% surge in profit after tax

Oando-logoIndigenous energy group, Oando PLC, has recorded a 164 per cent increase in Profit After Tax at the end of the third quarter, which rose to N210bn from N76bn in the same period of 2023.

This was indicated in a statement from the firm on Thursday, following the release of its unaudited results for the nine months ended September 30, 2025, which it filed with the Nigerian Exchange and Johannesburg Stock Exchange.

Oando’s performance was driven by stronger production volumes and operational efficiency. However, the group’s revenue declined by 20 per cent year-on-year to N2.5tn from N3.2tn in 2024, a decline which the firm primarily linked to reduced gasoline imports following the ramp-up of the Dangote Refinery.

Gross profit also slid by 42 per cent to N113bn, representing a 42 per cent decline and reflecting shifts in market dynamics and the Group’s evolving segment mix.

Commenting on the results, Group Chief Executive, Oando PLC, Wale Tinubu, stated, “In the first nine months of 2025, we consolidated the gains achieved following our acquisition of Nigerian Agip Oil Company’s assets last year. Our assumption of operatorship has been transformational, granting us the agility to act decisively and execute with precision in driving production growth and operational efficiency.”

He added that the Group achieved a 59 per cent year-on-year increase in crude oil and gas production, now averaging 38,121 boepd, underscoring the impact of the NAOC acquisition and providing clear evidence of the dawn of unlocking the tremendous value its reserves possess.

In the period under review, Oando upsized its Reserve-Based Lending facility to $375m, strengthening its financial flexibility and supporting the accelerated development of its 1 billion barrels of oil equivalent upstream portfolio. The company also renegotiated key credit facilities on more favourable terms, extending repayment periods to free up liquidity and fund its ongoing drilling programme.

The indigenous energy giant said group production averaged 38,121 barrels of oil equivalent per day (boepd), up 59 per cent year-on-year, in line with its full-year guidance. The performance was driven by the consolidation of its NAOC joint venture interest and improved asset uptime across its operated portfolio.

Oando added that the revamp of its NGL processing plant played a key role in the improved performance, delivering 82 per cent operational uptime and boosting recovery and reliability across production assets. The company also completed the Obiafu-44 gas-condensate well, which was brought onstream in October, and advanced surface facility upgrades to minimise downtime and enhance flow efficiency.

In a bid to expand its regional and global footprint, the company was awarded operatorship of Block KON 13 in Angola, marking its strategic entry into the Kwanza Basin and was selected as the preferred bidder for the Guaracara Refinery in Trinidad & Tobago, signalling its entry into the Caribbean downstream market.

In the downstream, Oando’s trading subsidiary lifted 21 crude cargoes (19.8 MMbbl), up from 15 cargoes (16.7 MMbbl) in the same period last year, following a deliberate strategic pause as the Division rebalanced its portfolio towards higher-margin crude and gas trading opportunities.

In its clean energy division, the company advanced its electric mobility, solar, and recycling initiatives, progressing development of a 1.2GW solar PV assembly plant, completing a techno-economic study for a 6MW geothermal pilot, and securing land for a 2,750-ton-per-month PET recycling facility.

During the review period, Mrs Folashade Ibidapo-Obe was appointed Chief Compliance Officer and Company Secretary, strengthening Oando’s governance and compliance framework. The company also completed the first tranche of its 1.28 billion-share distribution programme, delivering a 5.33 per cent dividend yield to shareholders, its first direct payout in years, as part of a broader plan to restore sustainable shareholder returns.

Looking ahead, Oando maintains its full-year production guidance of circa 40,000 boepd, with capital expenditure projected at $120–130 m, focused on drilling, infrastructure optimisation, and ESG projects.

Access Holdings Records N3.9 Trillion Gross Earnings In Nine Months

 

Access Holdings PLC (“the Group” or “the Company”) today announced its nine-month ended September 30, 2025 (“Q3 2025”) results, recording gross earnings of ₦3.9trillion, which represented a rise by 14.1% year-on-year over ₦3.4trillion as at Q3 2024.

This performance was driven by sustained growth in both interest and fees and commission, reflecting the strength of the Group’s diversified earnings base and improved performance from core operations across its banking and non-banking businesses.

Maintaining the same momentum, gross earnings rose by 56.2% quarter-on-quarter from ₦2.5trillion as at Half Year (H1) 2025.

Interest income rose by 21.1% year-on-year to ₦2.9 trillion in Q3 2025, compared to ₦2.4 trillion in Q3 2024. Net interest income also increased by 48.9% to ₦1.3 trillion from ₦845 billion in the same period. This performance was driven by loan book expansion, reflecting our disciplined risk management approach and a strategic focus towards higher-yielding, quality assets to strengthen portfolio returns.

On a quarter-on-quarter basis, interest income and net interest income grew by 42.1% and 27.8%, respectively, from ₦2.0 trillion and ₦984 billion in H1 2025.

There was 44.3% growth in net fee and commission to N476billion in Q3 2025 from N330billion in Q3 2024, reflecting higher transaction volumes and increased customer activity across digital and payment channels across both periods.

On a quarter-on-quarter basis, net fee and commission income also increased by 100.8% from N237billion in H1 2025.

While total non-interest income declined marginally by 8.1% to ₦872 billion in Q3 2025 from ₦984trillion in Q3 2024, the Group’s growth momentum from core operations continues to support overall earnings trajectory.

Operating income rose 18.8% to ₦2.13 trillion in Q3 2025 from ₦1.8trillion in Q3 2024.

Impairment on loans increased by 141.5% to N350billion as of Q3 2025 from N145billion in Q3 2024.

Operating expenses increased marginally by 6.7% in Q3 2025 to N1.2trillion from N1.1trillion in Q3 2024. The cost-to-income ratio (CIR) improved to 54.6% in Q3 2025 from 60.8% as at Q3 2024, as revenue growth outpaced operating expenses. We expect cost-to-income ratio to stay moderated from ongoing efficiency initiatives, cost optimization measures, and stronger revenue across the Group.

Profit before tax (PBT) increased by 10.4% to N616billion in Q3 2025 from N558billion in Q3 2024. Profit after tax moderated to N447billion in Q3 2025 from N458billion in Q3 2024.

Compared to H1 2025 performance, profitability demonstrated resilience, as profit before tax (PBT) increased by 91.9% from N321billion in H1 2025 YTD to N616billion in Q3 2025. Profit after tax (PAT) also showed improvement in the period with a 107.9% increase to N447billion in Q3 2025 from N215 billion as at H1 2025 YTD.

The Group’s balance sheet increased with total assets growing by 25.8% to N52.0trillion in Q3 2025 from N41.5trillion in FY 2024. The growth in balance sheet was supported by customer deposits, which grew by 47.0% to N33.1trillion in Q3 2025 from N22.5trillion in FY 2024. Loans and advances increased by 19.7% to N15.6trillion in Q3 2025 from N13.0trillion in Q3 2024. The Group is positioned to unlock revenue synergies, enhance cross-border collaboration, and drive sustainable earnings growth.

The Group’s strong performance was largely driven by its non-Nigerian subsidiaries, which together contributed over 50% of consolidated results. These subsidiaries continued to deliver strong growth across key metrics, reflecting the benefits of diversification and deepening franchise strength across our African markets. In comparison, the Nigerian operations experienced underperformance during the period, attributable to changing macroeconomic conditions, inflationary pressures, and continued regulatory adjustments. Despite these headwinds, the Group’s diversified structure continued to provide stability and resilience.

The return on average equity (ROAE) stood at 15.4% in Q3 2025, down from 22.2% in Q3 2024, while return on average assets (ROAA) also moderated to 1.3% in Q3 2025 from 1.8% in Q3 2024. The cost-to-income ratio (CIR) improved to 54.6% in Q3 2025 from 60.8% as at Q3 2024.

Looking ahead, Access Holdings will continue to strengthen our franchise across all our markets and businesses, deepen operational resilience, and create sustainable value for all our stakeholders.

SEC Partners CBN, EFCC To Track, Freeze Illicit Digital Wallets

 The Securities and Exchange Commission (SEC) has announced a collaboration with the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) to track and freeze illicit digital wallets used for money laundering and other financial crimes.
 The Director-General of the Commission, Dr. Emomotimi Agama, disclosed this in Abuja while addressing participants at the Abuja Journalists Academy during a lecture on “The Regulation of Digital Assets and Virtual Asset Service Providers in Nigeria.”
Represented by the Head External Relations Department of the SEC, Mrs. Efe Ebelo, Agama said the partnership marked a major step in protecting investors and strengthening integrity in Nigeria’s fast-growing digital finance ecosystem.
“To strengthen enforcement, the SEC is working closely with the Central Bank of Nigeria and the Economic and Financial Crimes Commission to freeze illicit digital wallets and recover criminal proceeds. Our goal is to ensure that innovation serves progress, not predation,” he said.
 The SEC boss noted that Nigeria ranks among the world’s top adopters of digital assets, with more than one-third of the population involved in crypto-related activities.
This, he said, reflects the creativity of Nigerian youth, the spread of mobile technology, and the drive for financial inclusion.
However, he warned that the rapid growth of digital assets has also opened opportunities for abuse.
  He listed common threats such as crypto scams, fake wallet applications, phishing attacks, and ransomware schemes, which have defrauded many unsuspecting citizens.
“Without strong regulation, innovation can quickly become vulnerability,” he cautioned.
“Regulation is not about restriction; it is about building trust and ensuring that innovation strengthens our economy rather than weakens it.”
 To address these challenges, the SEC has established a detailed regulatory framework for Virtual Asset Service Providers (VASPs) under its 2022 Rules on the Issuance, Offering, and Custody of Digital Assets.
 The framework rests on three pillars of licensing, compliance and transparency.
Agama said these measures were part of the Commission’s broader commitment to build a transparent and trustworthy digital asset market that protects investors and discourages criminal activities.
Beyond issuing regulations, he said the SEC is also deploying modern technology to monitor transactions in the digital space. A
 Agama said the Commission now uses blockchain analytics tools and artificial intelligence (AI) to trace transactions, detect fraud, and improve cybersecurity.
 “We are leveraging blockchain analytics, AI, and advanced monitoring systems to strengthen our supervisory capacity,” he explained. “This will help us respond faster to suspicious transactions and protect market integrity.”
 He added that the Commission’s collaboration with the CBN and EFCC would enhance coordination between financial regulators and law enforcement agencies, allowing them to act swiftly against cross-border financial crimes.
 Dr. Agama also placed Nigeria’s regulatory approach within a global context. He said the FATF, through its Recommendation 15, now requires all VASPs worldwide to implement AML and CFT controls.
 He cited other jurisdictions such as the European Union, with its MiCA framework, and the United States, where enforcement against unregistered exchanges has intensified.
“The message globally is clear- digital finance must be as transparent, accountable, and investor-friendly as traditional finance,” the SEC DG stated.
According to Agama, the SEC is committed to maintaining a regulatory balance that supports innovation while safeguarding the financial system from abuse.
“If regulators clamp down too hard, innovation migrates offshore; if they regulate too softly, risks multiply,” he noted. “Our task is to find the right balance, one that encourages creativity while protecting Nigerians from exploitation.”
 He stressed that digital assets were no longer a fringe concept but a structural pillar of modern finance, reshaping markets and redefining trust, ownership, and value exchange globally.
 Agama concluded by reaffirming the SEC’s commitment to building a digital finance ecosystem grounded in ethics and transparency.
“The future of finance is digital, but its foundation must remain ethical, transparent, and trustworthy,” he said. “Trust is the ultimate currency, and as regulators, our highest duty is to preserve it.”
 He urged Nigerian innovators, fintech firms, and investors to embrace responsible innovation, assuring them that the SEC’s goal is to create a secure environment that promotes financial inclusion, investor protection, and national development.
Reps seek FG, CBN support for cassava farmers

House of RepresentativesThe House of Representatives has called on the Federal Government, through the Central Bank of Nigeria, to ensure that cassava farmers have easy access to short-term loans as part of efforts to strengthen food security and expand the agricultural value chain.

The lawmakers also urged President Bola Tinubu to reconstitute the defunct Presidential Committee on Cassava Initiative to enhance the welfare of cassava farmers and reposition the subsector for export competitiveness.

The resolution followed the adoption of a motion sponsored by Canice Nwachukwu (APC, Imo) during Wednesday’s plenary session.

Nwachukwu noted that cassava cultivation had become one of Nigeria’s most organised and promising agricultural ventures, with widespread processing for food products, livestock feed, and industrial applications.

He highlighted that cassava by-products, such as garri, had become major export commodities, contributing significantly to foreign exchange earnings.

Cassava, grown in all 36 states and the Federal Capital Territory, serves multiple economic and nutritional purposes.

Beyond its use as food, cassava peels and starch derivatives are valuable in livestock feed production, pharmaceuticals, and industrial manufacturing.

Nwachukwu said easy access to short-term loans and modern processing equipment would revolutionise cassava farming and enhance farmers’ income and productivity.

“If cassava processing machines and short-term loans are provided, farmers can transform cassava into garri and fufu hygienically and efficiently.

“This will boost market value, improve food quality, and help farmers contribute more to national GDP,” he said.

Nwachukwu added that Nigeria could achieve greater economic diversification by harnessing cassava’s export potential, using it as a viable alternative to crude oil for foreign exchange earnings.

He, however, expressed concern that despite being one of Africa’s largest cassava producers, Nigeria still processed about 90 per cent of its yield locally, largely at the cottage level using rudimentary technology.

“Most processors are women who work under poor hygienic conditions with limited access to credit and modern equipment. These challenges result in low productivity, poor packaging, and minimal profits along the value chain,” he lamented.

Following extensive deliberations, the House urged the CBN to direct the Bank of Agriculture, Bank of Industry, and other financial institutions to create mechanisms that would guarantee cassava farmers easy access to short-term credit facilities.

 

 

The lawmakers also called on the Federal Government to revive the Presidential Committee on the Cassava Initiative Programme (popularly known as the Composite Cassava Flour Initiative of 2002) to promote value addition, research, and farmer support.

Additionally, the House mandated the Federal Ministry of Agriculture and Food Security to embark on extensive training for peasant farmers on cassava production, processing, and packaging to improve standards and competitiveness.

The committees on Agricultural Production and Services and Legislative Compliance were directed to monitor implementation and report back within four weeks for further legislative action.

CBN urged to introduce N10,000, N20,000 single notes

CBN headquartersA new economic review by Quartus Economics has urged the Central Bank of Nigeria to introduce higher-value currency notes such as N10,000 and N20,000 bills to restore the naira’s portability and reduce the rising cost of cash transactions.

The report, titled “Is Africa’s Eagle Stuck or Soaring Back to Life?”, warned that the naira’s continued depreciation had rendered the N1,000 note, the country’s highest denomination, practically obsolete in terms of purchasing power.

“To make the naira portable again, Nigeria can introduce higher-value bills, e.g., N10,000 or N20,000 notes, or redenominate the currency entirely,” the report stated.

According to the analysts, a N5,000 note that would have been introduced in 2012 would now be equivalent to a single N50,000 note today, reflecting the 94 per cent decline in the naira’s real value over the last two decades.

It added that the notion that introducing higher-value notes could worsen inflation was a “myth unsupported by evidence,” explaining that inflation is driven by cost-push and demand-pull factors, not by currency denomination.

“Inflation is cost-push or demand-pull. Neither is related to currency denomination. Instead, countries introduce higher notes to maintain portability after an era of currency depreciation.

“Countries introduce higher-value notes to maintain portability after a period of significant currency depreciation, not to trigger inflation,” the report clarified.

When the N1,000 note was introduced in 2005, it was equivalent to nearly $7 at the official exchange rate. Today, it is worth less than 60 US cents, underscoring the naira’s sharp erosion in value.

Quartus Economics noted that this depreciation has made everyday transactions burdensome, particularly in the informal sector, where cash remains dominant. Traders, artisans, and rural consumers now carry large volumes of cash for transactions that could easily be done with a few higher-value notes.

The report also pointed out that the cost of printing, transporting, and securing lower-value notes had become prohibitive for the CBN.

“Outside the formal sector and the urban elite, the naira’s heavy weight is a drag on the economy and slows down growth. Besides, the cost of printing and transporting today’s low-value notes is prohibitive,” the report said.

It argued that the introduction of N10,000 and N20,000 notes, or a broader redenomination exercise, would improve transaction efficiency, reduce printing costs, and align Nigeria’s currency structure with that of other emerging economies.

The PUNCH recalls that the CBN once proposed introducing a N5,000 note in 2012 under the then Governor, Sanusi Lamido Sanusi, but the plan was dropped after public opposition.

Quartus Economics now argues that the same policy logic remains valid more than a decade later, given the naira’s steep decline.

The firm said the proposed measure was not about “printing more money”, but about modernising the naira’s denominations to reflect current economic realities and make transactions more practical.

According to the report, the 94 per cent fall in the naira’s value was calculated using the cost of two essential items, a kilogramme of imported rice and a one-way flight ticket from Lagos to Abuja.

From about N150 per kilogram of rice in 2005, the price now averages N2,500, while the cost of a local flight has risen from N12,000 to more than N150,000.

NGX Group market capitalisation soars 37.7% to N141.75tn

The 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.

Manufacturers record fragile growth as credit drops N7.72tn

MAN logo manufacturers Association of Nigeria

Manufacturers Association of Nigeria has stated that credit to the manufacturing sector decreased by 9.5 per cent to N7.72tn as of March 2025, down from N8.53tn in December 2024, amid a fragile recovery that requires urgent policy intervention to sustain.

The association, which released its findings in the Third Quarter 2025 Manufacturers CEO’s Confidence Index report in Lagos on Tuesday, said the decline in credit, high energy costs, and foreign exchange liquidity constraints continued to weigh on the performance of the real sector despite modest gains in output and business confidence.

Director General of MAN, Segun Ajayi-Kadir, said the sector’s resilience remained fragile as key constraints persisted. “High lending rates averaging 36.6 per cent, declining credit access of N7.72tn, and rising unsold inventories of N1.04tn continue to limit manufacturing performance,” he said.

Ajayi-Kadir stated that though capacity utilisation improved to 61.3 per cent in the first half of 2025, from 57.6 per cent in the second half of 2024, the gains were modest and could easily be eroded without decisive policy action.

“Our data show that the manufacturing sector is beginning to find its footing after a long period of turbulence. However, this recovery is fragile and could easily falter if we do not receive deliberate, industry-friendly interventions,” he said.

He urged the Federal Government to prioritise measures that would reduce energy costs, strengthen foreign exchange liquidity, and expand access to affordable credit to accelerate industrial growth.

According to MAN, manufacturing value added fell sharply to $25.36bn in 2024 from $55.9bn in 2023, as competitiveness weakened under soaring exchange rates, inflation, and interest rates. The association said manufactured exports rose to N803.8bn in Q2 2025, up from N294.4bn in Q1, showing some resilience despite macroeconomic headwinds.

The report also indicated that 18,935 jobs were lost in the first half of 2025, compared to 10,891 in the second half of 2024, as firms grappled with high input costs and foreign exchange scarcity.

MAN further noted that while the Manufacturers CEO’s Confidence Index recorded a modest rise from 50.3 points in Q2 2025 to 50.7 points in Q3 2025, the improvement was not enough to lift overall business conditions above the 50-point neutral threshold.

Ajayi-Kadir said, “The 0.4-point uptick in the MCCI is significant because it marks the second consecutive quarterly rise, signalling a cautiously improving perception among manufacturers. However, all current indices remain below 50 points, showing that the underlying challenges persist.”

He attributed the slight improvement to “a continuous disinflation trend and a more stable exchange rate”, but warned that high energy costs and disruptions in gas supply had constrained output in several subsectors.

MAN President, Francis Meshioye, in his remarks, described the modest rebound as evidence of “a gradual recovery”, but said the sector still faced “binding constraints” that must be addressed urgently.

Meshioye said, “The manufacturing sector is gradually inching towards recovery, as seen in the consistent increase in the index in Q2 and Q3. However, the top five manufacturing challenges outlined in the report demand urgent government attention to sustain this trend.”

He stressed the need for a private sector–driven industrial policy anchored on the proposed Nigeria First Policy and the forthcoming National Industrial Policy, to ensure alignment between policy intent and industrial realities.

The MAN chief also called on the Central Bank of Nigeria to deepen its recent rate cut, saying, “The time has come for the apex bank to introduce a bolder reduction that can meaningfully lower the cost of credit and stimulate real sector investment. Growth cannot thrive where capital remains prohibitively expensive.”

The association identified key improvements across six groups: Plastics & Rubber, Electrical & Electronics, Food & Beverages, Chemical & Pharmaceuticals, Textile & Footwear, and Basic Metal & Steel. These groups benefited from local raw material sourcing, stable polypropylene supply, fibre optic expansion, and easing foreign exchange pressure.

However, four other groups recorded declines due to high energy costs, gas supply disruptions, illegal logging, limited government patronage, and the influx of imported products.

Ajayi-Kadir concluded that sustaining the sector’s fragile rebound would require coordinated fiscal and monetary actions.

“Currency stability is more than a macroeconomic metric; it is a reflection of national resolve,” he said. “To secure the gains of stabilisation and accelerate prosperity, Nigeria must make manufacturing the nucleus of its growth strategy.”

Director of MAN Research and Economic Policy Division, Dr Oluwasegun Osidipe, presented the MAN Think Tank report alongside the MCCI. He urged the government to fast-track the implementation of industrial policies, tighten pipeline security to boost oil output, expand local refining capacity, and ensure disciplined tax enforcement ahead of the January 2026 tax reforms.

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.”

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.