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EFCC Declares MBA Forex Owner Wanted Over N231bn

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MBA Forex Wanted

By Modupe Gbadeyanka

Mr Maxwell Chizi Odum, the founder and chief executive of MBA Trading and Capital Investment Limited, otherwise known as MBA Forex, has been declared wanted by the Economic and Financial Crimes Commission (EFCC).

A statement issued by the Head of Media and Publicity of the EFCC, Mr Wilson Uwujaren, confirmed this development on Wednesday.

According to the anti-graft agency, the self-acclaimed investor is wanted for allegations bordering on fraud to the tune of N213.0billion.

Members of the public with vital information that could lead to his arrest have been urged to make them available. His last known address, the EFCC said, was in Port Harcourt, Rivers State.

“The general public is hereby notified that Maxwell Chizi Odum, a.k.a. Mba Trading And Capital Investment Limited, whose photograph appears above, is wanted by the Economic and Financial Crimes Commission (EFCC) in an alleged case of conspiracy, obtaining money by false pretence and money laundering to the tune of N213,000,000,000.00 (Two Hundred and Thirteen Billion Naira) only.

“Odum is a native of Ikwerre in Obio-Akpor Local Government Area, Rivers State. His last known address is at 7, Odum Street, Elekahia, Port Harcourt, Rivers State.

“Anybody with useful information as to his whereabouts should please contact the commission in its Benin, Kaduna, Ibadan, Sokoto, Gombe, Maiduguri, Makurdi, llorin, Enugu, Kano, Lagos, Gombe, Port Harcourt and Abuja offices or through these numbers 09-9044751-3, 08093322644, 08183322644, 070-

26350721-3, 070-6350724-5; its e-mail address: [email protected] or the nearest Police Station and other security agencies,” the statement stated.

Recall that about nine months ago, MBA Forex claimed it has been unable to refund funds of investors to them because of the actions taken by the Central Bank of Nigeria (CBN).

The firm, which is involved in foreign exchange (forex) trading and investment in capital investment, said the banking sector regulator in Nigeria “suspended any dealings in our [bank] accounts.”

According to the chief executive of the organisation, Mr Maxwell Odum, “All other payment gateways we normally use for the easy payout of funds have also [been] blacklisted.”

He disclosed that this has made it quite difficult for some investors to get their money back from the company.

Mr Odum explained that the apex bank said it blocked the company’s bank accounts “to carry out some checks to ensure that we have been acting lawfully.”

However, the MBA Forex chief assured that those who invested in the firm would get their funds back as the “process has already commenced while some have already received their funds.”

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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SERAP in Court to Further Extension of Moratorium on Sachet Alcohol Ban

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Sachet Alcohol Ban SERAP

By Modupe Gbadeyanka

A Federal High Court in Lagos has been urged to stop the federal government from further extending the moratorium on the ban on sachet alcohol in the country.

This request came from the Socio-Economic Rights and Accountability Project (SERAP), which asked the court for injunctive orders restraining the Federal Ministry of Health and Social Welfare and the Attorney-General of the Federation who represents the Federal Government, including the Office of the Secretary to the Government of the Federation (SGF), from further extending the deadline and interfering with the statutory powers of the National Agency for Food and Drug Administration and Control (NAFDAC) to enforce the ban.

The federal government intends to prohibit the production, distribution, and sale of alcohol in sachet format but manufacturers are lobbying to alter this.

A few days ago, the federal government suspended the policy due to concerns raised by the House of Representatives Committee on Food and Drugs Administration and Control.

This action was applauded by the Nigeria Employers’ Consultative Association (NECA), which noted that the sachet and PET segment of the alcoholic beverage industry accounts for a significant portion of the estimated N800 billion invested in the sector and supports thousands of direct and indirect jobs in manufacturing, packaging, logistics, wholesale and retail.

But SERAP seems not to be impressed with this as it, in a suit marked FHC/L/CS/2568/25, prayed for a perpetual injunction restraining the government from directing, preventing, blocking, or stopping NAFDAC from enforcing the prohibition, in line with its statutory functions under Sections 5 and 30(c) of the NAFDAC Act, the Spirits Drink Regulation, and the Memorandum of Resolution executed on December 19, 2018.

The civil rights group argues that the continued delay by the relevant federal authorities in enforcing the ban amounts to a failure to implement long-standing public health regulations designed to curb alcohol abuse, protect public safety, and safeguard citizens’ well-being.

In an originating summons dated December 15, 2025, SERAP contends that the ongoing circulation of sachet alcohol violates the National Health Act, 2014, the NAFDAC Act, the Spirits Drink Regulation, 2021, and the Memorandum of Resolution of December 19, 2018, which collectively mandate a nationwide ban on sachet alcohol.

The organisation wants the court to determine whether the Minister of Health can lawfully refuse or fail to enforce the prohibition, and whether any federal authority has the power to interfere with or delay NAFDAC’s statutory duty to enforce the ban.

It also wants the court to decide whether, given the acknowledged dangers of alcohol abuse, judicial intervention is required in the interest of public health, public safety, and public order.

According to SERAP, sachet alcohol, often cheap, highly potent, and widely accessible, has been linked to rising cases of alcohol abuse, particularly among young people and low-income communities. It argues that the 2018 Memorandum of Resolution and subsequent regulations were adopted precisely to address these risks.

Among the reliefs sought are declarations that the sachet alcohol ban is a valid regulation under the NAFDAC Act; that the Minister of Health has no legal authority to grant or extend any moratorium on its enforcement; and that it is unlawful for any federal authority to interfere with NAFDAC’s enforcement responsibilities.

SERAP is also asking the court, in the suit filed on its behalf by Mofesomo Tayo-Oyetibo (SAN), alongside a team of lawyers from Tayo Oyetibo LP, to affirm that the defendants have a duty to ensure the full implementation of the ban nationwide.

The court is expected to fix a hearing date in a few days time.

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Anambra Moves to Curb Erosion Menace

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erosion in anambra state

By Adedapo Adesanya

Anambra State Executive Council (ANSEC), under Governor Charles Soludo, has taken a bold step to address the pressing issue of erosion in the state, while also recovering government lands and awarding strategic projects aimed at boosting the state’s economy and improving the quality of life of its citizens.

The Commissioner for Information, Mr Law Mefor, made this known after the 25th ANSEC meeting held recently at the Lighthouse, Awka.

He revealed that the meeting noted with grave concern the existential threat posed by erosion in Anambra, citing the careless actions of communities and regulatory bodies that have disregarded environmental regulations.

“The council has decided to step up enforcement measures to force individuals to build and manage storm waters from their houses and for communities to follow specific guidelines, such as building erosion barriers and excavating sand only in designated locations,” Mr Mefor stated.

He emphasised that the government will not hesitate to take stern action against individuals and communities that fail to comply with environmental regulations.

To address the issue, the government will enforce strict adherence to environmental regulations, mandate the construction of erosion barriers and proper sand excavation practices, and collaborate with relevant agencies to hold those responsible for the erosion menace.

It is also confident that with the support of the people, it will overcome the challenges posed by erosion and achieve its vision of making Anambra State a destination where economic and business activities thrive.

Furthermore, the council has resolved to form a committee to reclaim government lands in and around Anambra State that have been intruded upon and built upon without permission.

“The government will not stand idly by while its lands are being grabbed and misused. We will take all necessary steps to recover these lands and ensure that they are used for the benefit of the people of Anambra State,” Mr Mefor said.

ANSEC has also awarded several strategic projects aimed at enhancing the state’s infrastructure development.

The projects include the provision of a water supply to the Ekwulobia Flyover Bridge Fountain and the ornamental garden for Double NC Construction & Logistics Ltd; the installation of a 3-way traffic light, including pedestrian lights, at the Ifite-Amenyi intersection within the Awka metropolis to S.N.U. Ventures, and the supply and installation of two 10 kVA inverters with 15 kW lithium batteries at the Anambra State Civil Service Commission Building in Awka to Kennolly Enterprises.

Others include the supply and installation of transformer substations at Nnewi and Umueze-Anam communities for Aries and Gold Ventures Limited, and Aljovic Construction Limited; and the landscaping of the car park for the Trauma Centre at Chukwuemeka Odumegwu Ojukwu University Teaching Hospital (COOUTH), Amaku, Awka, for Triseconds Resources Limited.

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Dangote Refinery Commences Free Delivery of PMS January 2026

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dangote pms delivery

By Modupe Gbadeyanka

The free delivery of premium motor spirit (PMS), otherwise known as petrol, across the country by the Dangote Petroleum Refinery will finally begin in January 2026. This was earlier scheduled for August 2025

This move, according to the Independent Petroleum Marketers Association of Nigeria (IPMAN), will bring down the price of the product in Nigeria.

The group has, therefore, urged all its members nationwide to patronise the Lagos-based private oil facility because it offers the best affordable price for all marketers.

Dangote Refinery has agreed to directly supply PMS to registered members of IPMAN, according to a statement signed and issued by the organisation’s president, Mr Abubakar Maigandi Shettima.

At a press conference held in Abuja yesterday on recent happenings in the oil and gas sector, IPMAN also applauded the support of the Chairman of Dangote Petroleum Refinery, Mr Aliko Dangote towards the federal government, which it noted has become evident in the regular reduction of the petroleum pump price.

“The association has the highest percentage of the supply chain of the PMS downstream sector, controlling over 80 per cent of the petrol retail market. We therefore declare that there will be no gap or scarcity in PMS supply to Nigerians.

“We are also excited at the recent agreement by the Dangote Refinery to begin the supply of PMS products directly to registered IPMAN members, and its free delivery to our filling stations anywhere and everywhere in Nigeria which will commence in January 2026.

“This will again, certainly lead to further decrease in the pump price of the products at our filing stations.

“Therefore, I am calling on all IPMAN members nationwide to prioritise patronising the Dangote Refinery in their purchase of PMS products, as they already offer the best affordable prize for all marketers today,” the group stated.

“At IPMAN we have no doubt as to the viability of the oil and gas policies being initiated by the federal government, and we have ceaselessly called and sought for enhanced cooperation across all levels of governance in the oil and gas sector. Hence, our repeated persuasion to always partner the Dangote refinery, to ensure the steady availability of PMS products.

“The focus of the Dangote & IPMAN partnership, has always been geared towards making life better for Nigerians. And of course, this blooming partnership would never have been possible without the pragmatic leadership of President Bola Tinubu, and his sound judgment in readjusting the leadership of the NMDPRA and the NUPRC.

“Our position has always been to deepen domestic refining in order to eradicate imports of petroleum products. Continuous import is NOT an acceptable parallel business model, because issuing import licenses recklessly distorts market dynamics, drains foreign exchange, enthrones poverty, destroys jobs, and scares potential investors away,” Mr Shettima was quoted as saying in the statement.

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