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NDLEA Arrests Wanted Drug Baron, Recovers Meth, Precursors, Guns In Imo

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The National Drug Law Enforcement Agency (NDLEA) has arrested a major drug cartel behind the production and distribution of deadly psychoactive substance, methamphetamine, popularly called ‘mkpuru mmiri’.

This is contained in a statement by the Director, Media and Advocacy, NDLEA, Mr Femi Babafemi, on Tuesday in Abuja.

Babafemi said that the NDLEA operatives also arrested the leader of the syndicate, 42-year-old Joachin Mbonu and his associate in his mansion tucked in Umuomi village, Uzogba-Ezenomi autonomous community, Ikeduru Local Government Area of Imo.

He said that the cartel, with operational bases in Imo and Rivers, became a target of the agency following intelligence indicating it was responsible for the distribution of a substantial quantity of methamphetamine.

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This, he said, was especially in the South-East, South-South and other parts of the country.

According to him, after weeks of surveillance, officers of a special operations unit of the agency on Friday, tracked and traced the drug lord to his village mansion in Imo state.

“The suspect was caught with a member of his cartel, Chibuike Ofoegbu, 34, with different quantities of methamphetamine, its precursor chemicals, a pump action gun and cartridges recovered.

“Exhibits recovered from the house include: 419.99 grams of methamphetamine; 750 grams of iodine, a precursor chemical for meth; and 500 grams of sodium bicarbonate.

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“Others are a precursor chemical for meth; two electronic weighing scales and a pump action gun with four cartridges,” he said.

Babafemi said that the operatives moved swiftly to another of Mbonu’s hideout located at 11 Redemption Avenue, Port Harcourt, Rivers.

He said that additional exhibits: 750 grams of processed sodium bicarbonate; 170 grams of plain sodium bicarbonate and 75 grams of meth were recovered.

“Another raid in the home of one of Mbonu’s associates, Odoemenam Chinedu, currently at large, at Njaba LGA, Imo , led to the recovery of another pump action gun with 25 cartridges, among other items.

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“While the kingpin cools his heels in custody, two of his mansions in Imo state have been marked for possible forfeiture to the Federal Government.

“Mbonu had escaped from South Africa where he lived for years and mastered the art of cooking methamphetamine after he came under investigation for drug dealings.

“Upon his return to Nigeria, he continued the criminal trade by setting up clandestine laboratories in remote villages to shield his nefarious activities,” he said.

Reacting to the successful taking down of the meth syndicate, the NDLEA Chairman, retired, Brig.-Gen. Buba Marwa, commended the officers and men involved in the multi-pronged operations.

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Marwa stated that the manner the interdiction was carried out should send a strong signal to other cartels that there was no hiding place for them in any part of the country.

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Access Bank (UK) Limited to Acquire AfrAsia Bank Limited

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By Gloria Ikibah
Access Holdings PLC has announced that its subsidiary, The Access Bank UK Limited (“Access UK”), has signed a binding agreement to acquire a majority stake in AfrAsia Bank Limited, the third-largest bank in Mauritius by total assets.
Mauritius, known for its strong financial sector, which contributes 13.4 per cent to its GDP, offers Access UK a strategic base to grow its personal and corporate banking services.
This was contained in a statement by its Company Secretary, Sunday Ekwochi, made available to Naijablitznews.com on Thursday.
According to Ekwochi, the acquisition will also position Mauritius as a hub for Access Bank’s trade finance operations, enhancing its ability to manage cross-border transactions across Africa and internationally.
AfrAsia Bank, as of June 30, 2024, reported total assets of over $5.7 billion and a net profit after tax of $152.4 million, underlining its solid financial position.
**Key statements on the acquisition:**
– Managing Director/CEO of Access Bank Plc, Roosevelt Ogbonna, speaking on the acquisition said:  “This acquisition is a crucial step in our African growth strategy, strengthening our position as a top Pan-African financial institution. Mauritius’ role as a financial hub aligns with our vision to unlock opportunities that drive trade, support businesses, and promote economic inclusion across the region.”
Also Managing Director of Access Bank UK, Jamie Simmonds, stated: “AfrAsia Bank’s strong balance sheet and established brand in Mauritius give us a solid platform for sustainable growth. This deal supports our strategy to diversify earnings and provide clients with seamless access to global markets.”
Access Bank UK aims to promote sustainable growth, deliver innovative financial solutions, and support trade between Africa and the world.
The acquisition process will be finalized in the coming months, with updates provided as needed.
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FEC approves ₦47.9tn 2025 budget

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By Kayode Sanni-Arewa

The Federal Executive Council, FEC, has approved a proposed national budget of ₦47.9 trillion for the 2025 fiscal year.

Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this on Thursday while briefing State House correspondents after the FEC meeting presided over by President Bola Tinubu.

This was part of the Medium-Term Expenditures Framework, MTEF, for 2025 to 2027 and in line with the Fiscal Responsibility Act of 2007.

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“And equally, the fiscal objectives were conservative, because we want to ensure that we study the course much as we believe the projections will be exceeded.

“The budget size that was approved for presentation to the National Assembly in the MTEP is ₦47.9 trillion, with new borrowings of ₦9.2 trillion to finance the budget deficit in 2025,” Bagudu said.

“We need to sustain the market deregulation, commendable market deregulation of petroleum prices and exchange rate, and to compel the Nigerian National Petroleum Corporation Limited to lower its oil and gas production cost significantly, and even to consider the need to amend the relevant sections of the petroleum industry act 2021 to address the significant risk to Federation.

“The Federal Executive Council approved the Medium Term Expenditure Framework and the physical strategy paper, and it will be submitted to the National Assembly.

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“This is in addition to bills that are already at the National Assembly, the economic stabilization bills and tax reform bills, which we believe we will have a very, very strong growth in 2025.”

During the meeting, the FEC approved its submission to the National Assembly as required by the 2007 Fiscal Responsibility Act.

The framework projected a gross domestic product (GDP) growth rate of 4.6 percent, an exchange rate of $75 to the naira, and oil production of 2.06 million barrels per day. [Channels TV]

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Nigeria to get 6,000 power generation by December-Power Minister vows

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By Kayode Sanni-Arewa

The Minister of Power, Adebayo Adelabu, has expressed his unwavering optimism that the government will successfully meet its ambitious target of generating 6,000 megawatts of electricity by December 2024, despite the numerous challenges currently affecting the power sector.

The Special Adviser on Strategic Communication and Media Relations, Bolaji Tunji, conveyed this assurance at the fourth edition of the Power Correspondents Association of Nigeria’s annual workshop, themed “Ending the Talk, Moving the Action,” held on Thursday in Abuja.

Nigeria’s power generation currently ranges between 3,500 and 4,000 MW for a population of approximately 200 million people. For instance, on Thursday, the country’s power generation was 3,556.38 MW as of 8 am.

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Earlier this year, Adelabu pledged that power generation in Nigeria would reach 6,000 MW by the end of the year, citing improvements in the sector over the past year.

However, the frequent collapse of the nation’s electricity grid and the vandalisation of towers have raised concerns about the stability of the Nigerian Electricity Supply Industry and its ability to achieve the target.

In his goodwill address, the Special Adviser emphasised that the minister’s primary focus remains on achieving the goal of increasing generation and ensuring its efficient distribution to consumers.

Tunji said, “The minister aims to achieve what seems to be an intractable goal—improving generation and ensuring that what is generated reaches the final consumers. There are challenges, but they are surmountable.

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“The minister has promised that by December this year, we will reach 6,000 megawatts; yes, we still hope to get there.

“We are confident that we will get there, but we are aware of the current issues with grid collapse. Efforts are being made to resolve these problems. Day and night, teams are being dispatched to address the various issues, and we remain hopeful that we will achieve the 6,000 MW target by December.”

The Director of Renewable Energy, Sunday Owolabi, also reiterated that the government is committed to ensuring 24-hour power supply for Nigerians.

Owolabi, another representative of the minister, stressed that the government’s policies are focused on resolving the challenges facing the country’s electricity transmission, distribution, and generation sub-sectors.

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“We are fully committed to transforming the country’s power sector. We are focused on ensuring that our policies are practical and sustainable. We are resolute in ensuring power supply for every Nigerian.

“The government remains fully committed to transforming Nigeria’s power sector through meaningful and actionable reforms.

“We are focused on ensuring that our policies are not only visionary but also practical, impactful, and sustainable. From the ongoing efforts to address infrastructure gaps, enhance power generation, and improve transmission networks, to vital reforms in distribution and the full implementation of the electricity market, we are resolute in our mission to improve power supply for every Nigerian.”

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