Economy

NDLEA Confiscates N1.37bn Worth of Tramadol at Apapa Port

Published

3 years ago

01/08/2022

By Adedapo Adesanya

About 2.75 million tablets of Tramadol 1,650 kilograms worth N1.375 billion have been seized by operatives of the National Drug Law Enforcement Agency (NDLEA) at the Apapa port in Lagos.

In a statement on Sunday, the spokesman for the NDLEA, Mr Femi Babafemi, said the consignment, packed in 55 cartons of Tapentadol and Carisoprodol types of Tramadol, was seized during an examination of a container number SUDU 7538656 on Saturday, July 30 following credible intelligence.

This comes on the heels of similar efforts by anti-narcotic officers at the Murtala Muhammed International Airport (MMIA), Ikeja that thwarted bids by drug traffickers to export various psychoactive substances to London and Dubai through the Lagos airport in the past week. At least, five suspects have so far been arrested in connection to the attempts.

It was disclosed that on Monday, July 25, a Dubai-bound passenger, Ms Ebhodaghei Gloria Osenemeshen, was intercepted during the outward clearance of travellers on Rwanda Air via Kigali to Dubai. Discovered in her luggage were sachets of Tramadol 225mg concealed inside gari, a cassava product packed among other foodstuffs.

She, however, claimed that the bag was given to her by someone who she passed the night in his house before coming to the airport to help deliver to another person in Dubai. The following day, Tuesday, July 26, a total of 50 blocks of cannabis Sativa with a total weight of 27.1kg concealed inside a large quantity of crayfish going to London as part of a consolidated cargo were seized at the SAHCO export shed.

The same day, a Dubai-bound female passenger, Mrs Emebradu Previous Rachael, was arrested with 1.8kg cannabis packed inside bitter leaf in her luggage while attempting to board a Rwanda Air flight to UAE via Kigali. The mother of one who hails from Oghara in Ethiope West Local Government Area of Delta State said she was into selling of men’s wear before she decided to travel to Dubai to expand her clothing business. She claimed her ex-boyfriend that lives in Dubai requested her to bring the bag, which contains the illicit substance along with foodstuff.

In the same vein, operatives at the NAHCO import shed of the airport on Saturday, July 30 evacuated cartons of khat leaf with a total weight of 51.50kg. The consignment had earlier come in from Sierra Leone on a Royal Air Moroc flight.

In Adamawa state, four alleged notorious drug dealers in Konkol and Belel, two villages at Nigeria – Cameroon border have been arrested for exporting and retailing Tramadol and importing Diazepam into the country. The suspects include Kabiru Ahmadu; Eric Emil; Abdulmumini Bapetel and Alphonsus Yusuf.

A total of 59.018kg Tramadol, Diazepam, Exol-5, cannabis Sativa and two jerry cans of formalin substance (Suck & Die) were recovered from them.

Meanwhile, in Kebbi, no less than 4,010 ampoules of pentazocine injection were seized on Friday 29th July when a commercial vehicle with registration number Sokoto RBA 220 XA was intercepted along Yawuri – Kebbi road and two suspects: Muktar Yunusa, 26 and Lukman Aliyu, 30, arrested. Similarly, a raid operation in the Oko-Olowo area of Ilorin on Tuesday 26th July led to the arrest of Onaolapo Zakariyau, 50, with 79kg of cannabis Sativa.

Also in Abuja, no fewer than 90 blocks of cannabis (48.2kg) and 700grams of methamphetamine were intercepted at the Jabi motor park while at least a suspect has been arrested in connection with the drug exhibits. And in Kano, 51 suspects were arrested in a raid at Sky restaurant in the Nasarawa area of the state on Friday, July 29. The suspects were caught with various quantities of cannabis and codeine-based cough syrup.

Economy

Food Concepts Return NASD OTC Exchange to Danger Zone

Published

3 hours ago

05/12/2025

Adedapo Adesanya

By Adedapo Adesanya

Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.

Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.

This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.

Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.

Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.

At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.

InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.

Economy

Investors Gain N97bn from Local Equity Market

Published

3 hours ago

05/12/2025

Dipo Olowookere

By Dipo Olowookere

The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.

This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.

UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.

On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.

Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.

Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.

A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.

This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.

For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.

Economy

Naira Loses 18 Kobo Against Dollar at Official Market, N5 at Black Market

Published

4 hours ago

05/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.

At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.

It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.

Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.

Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.

Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.

“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.

Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.

Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.

If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.

Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.