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

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Tramadol

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.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Economy

NGX All-Share Index Outperforms Inflation Over Three Years

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All-Share Index

The 3-year trailing performance of the All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited surpasses the average inflation during the same period.

The annual inflation measured by the Consumer Price Index (CPI) released in September by the National Bureau of Statistics (NBS) was 20.52 per cent in August 2022.

Meanwhile, the NGX ASI, a market capitalisation weighted index of all companies listed on the NGX’s platform, had a year-to-date performance of 15.68 per cent during the same period. This could be misleading about the market performance until you view it through a longer-term lens.

British Economist, Benjamin Graham, made a quote popularly used by Warren Buffett, the Fund Manager of Berkshire Hathaway Inc and widely regarded as the best living investor: “Markets are a voting machine in the short term, and a weighing machine in the long run.” On a 3-year trailing basis, the NGX ASI has outperformed the CPI average in the same period, ensuring that investors with a longer-term hold on their investments remain in the positive region.

Analysis of data of closing prices gathered from the NGX’s website showed that the index has a 3-year moving average of 22.97 per cent, compared to an inflation average of 15.72 per cent.

The year 2022 has been a slow year for global stocks due to volatility resulting from the hiking of interest rates by central banks in the United States and Europe amidst inflationary pressures.

The NGX ASI’s 15.62% YTD return is a significant positive performance compared to the US S&P 500, which has plunged by 22.46% or the FTSE 100, which has declined by 7.68%, according to Google Finance. The local bourse has exhibited resilience and insulated investors from negative return on investment over three years.

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Economy

Laolu Martins Was Minority Shareholder of Bukka Hut—Management

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Bukka Hut Laolu Martins

By Modupe Gbadeyanka

The management of an online restaurant in Nigeria, Bukka Hut, has clarified that one of its late directors, Mr Laolu Martins, was a minority shareholder in the company.

On Wednesday, it was reported that the deceased breathed his last in Lagos. He was said to have co-founded the firm with Mr Rasheed Jaiyeola, who is the Chief Executive Officer.

The deceased was reportedly invited to join the firm by Mr Jaiyeola, who jointly owns majority shares of the company with his wife and sister.

Mr Jaiyeola and Mr Martins were co-owners of the Nigerian International Securities Limited (NISL) before the former resigned from his position as director to focus on Bukka Hut in 2016.

According to the statement from the organisation, Mr Jaiyeola established Bukka Hut but only invited the deceased and two others to invest in the eatery when it was established.

“To clarify, Rasheed Jaiyeola is the founder/CEO of Bukka Hut, a proudly Nigerian brand he built from inception in August 2011 from one outlet to 24 outlets comprising of restaurants, lounges and suya and grill spots, and a learning facility, BH Academy, as at today. He jointly owns the majority shares of the company with his wife and sister.

“Bukka Hut is not a one-man business as there are two other shareholders/directors, but they are not involved in the daily management of the business.

“Rasheed and the late Olaolu Martins were co-owners of Nigerian International Securities Lid (NISL), and naturally, Laolu was one of the three people he invited to invest in Bukka Hut when he founded it in 2011; Rasheed resigned from NISL as a director in 2016 to focus solely on building Bukka Hut while Olaolu remained the MD/CEO of NISL and its related businesses,” the statement explained.

Mr Martins was reported to have died from suicide, but fresh information revealed that he slumped at Lenox Mall after a cardiac arrest and was taken to a hospital in Lekki, where he passed on.

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Economy

Usman Laments Nigeria, Saudi Arabia Trade Volume of $5m

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trade volume of $5m

By Aduragbemi Omiyale

The president of the newly-establishment Nigeria-Saudi Arabia Chamber of Commerce, Industry, Mines and Agriculture, Mr Ibrahim Usman, has lamented the low trade volume between both countries despite their historical relationship.

Mr Usman expressed this frustration when he visited the Minister of Information and Culture, Mr Lai Mohammed, at his office in Abuja.

He said at the moment, the trade volume between Nigeria and Saudi Arabia is about $5 million, promising to deepen the relations between the two countries.

“And whereas many Saudi investors are looking out for profitable investment windows in friendly countries like Nigeria, our businesses have been unable to capitalise on such opportunities due to lack of an organised, reliable, safe and very secure private sector platform like a chamber of commerce,” he said.

Mr Usman said a 60-member inter-ministerial delegation from Saudi Arabia will be in Nigeria next week for the second session of the Nigeria-Saudi Arabia Joint Commission, which will further create opportunities for the chamber to set up trade missions.

On his part, Mr Mohammed praised his guest for his effort to establish the organisation after over 10 years of trial, saying he has proven himself as a man of vision and deep conviction.

“Clearly from your presentation, it’s clear that the major objective is to change the narrative and ensure that the relations between Saudi Arabia and Nigeria should not be seen just from the narrow prism of Hajj and Umrah pilgrimage, but from the prism of two very important nations of the world creating a bridge through better cooperation for the two countries and their citizens,” the Minister said.

Mr Mohammed described the chamber as a clearing house for proposals from business people from the two countries in order to open new vistas for trade opportunities.

He said the absence of such a chamber has led to the decline in the volume of trade and also bred trust deficit between business people from the two countries.

“The absence of this vehicle has led to loss of businesses between the two countries and it has also aggravated the trust deficit between them,” he said.

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