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Nigeria’s ECN brokers and their policy towards COVID-19
The coronavirus outbreak was completely unexpected as it took a toll on the entire planet in a matter of a couple of months. The spread of the infectious disease that has long been declared as a global pandemic is the biggest threat humanity has faced in almost a century. The human cost is absolutely unprecedented, yet, the economic aftermath is also expected to break records of the 20th century. It has been forecasted that the novel coronavirus pandemic will push the global economy into a major recession not witnessed since the great depression.
The novel coronavirus, later named COVID-19, initially started in China, specifically in its Hubei province which is home to more than 58 million people. Roughly the size of Italy, the virus spread within the province and later across mainland China faster than anyone would have expected. The epicenter of the country was the capital of the province – Wuhan. The city of 11 million inhabitants became the first major area to go under strick lockdown in the world.
Nevertheless, despite strict measures and suspended flights from many countries to and from China, the virus still found its way out of the country. It first entered other Asian nations followed by first European and American cases in Bordeaux, France, and the State of Washington respectively. Soon, Italy became the global epicenter of the deadly virus pandemic, infecting tens of thousands and killing more than 24,000 people. The northern region of Lombardy, the economic driving force for the nation came under particular pressure as Milan and Bergamo were the first two urban areas to go into strict lockdown.
However, the virus would not stop there as it infected hundreds of thousands all across Europe. As of now, Spain is the main hotspot on the continent with over 200,000 confirmed cases. The situation in the United Kingdom is developing fast as well with the highest number of daily cases on the continent. The country’s prime minister Boris Johnson is still recovering from the virus after testing positive and spending a few nights in intensive care. This makes the situation for Britons even more unbearable and stressful.
The United States, due to its late response, is the most affected nation globally. The country has more than 820,000 confirmed coronavirus cases while the death toll has already exceeded 45,000. The nation’s and globe’s financial center, New York, has the highest concentration of cases per 1 million inhabitants across the US. This economic powerhouse remains closed, threatening millions of jobs and income sources for Americans, as well as for people from all around the world.
Nigeria unlike countries with tens of thousands of cases remains thoroughly stable in regard to the health system. It is not yet overwhelmed as the nation of almost 200 million has only 782 infections. However, the crude oil price slump in the US put Nigeria in a very difficult economic position. The country exports the vast majority of its oil products to the United States, the sector that generates 60% of the government revenues and represents 90% of all foreign trade.
As a result, the market prices of Nigerian companies are falling. So is the Nigerian Naira, which remains stable but is expected to drop dramatically following the plunge. People are particularly sensitive to recession fears in this country which remains utterly poor. People and households with some savings are trying to do their best in an effort to avoid the devastating impact of the upcoming economic crisis. Many people are finding the best solution in purchasing foreign sovereign currencies in Forex markets. As a result, a growing number of people are approaching entities on the ECN forex brokers list here in Nigeria.
How are ECN brokers reacting to the crisis?
The Forex platforms have been an important part of the financial industry for a while now. Many influential and well-known businessmen, including the famous Hungarian philanthropist George Soros, made their wealth out of Forex trading. It is playing a major role in the financial sectors of many countries, including Nigeria.
Nigeria is becoming increasingly globalized, with more international businesses present than ever before. Thus, in this process, ECN brokers became particularly popular. What is different with them? ECN brokers are financial experts that give their clients direct access to financial markets through electronic communications networks (ECNs). They are quite efficient, convenient, and fast while not including ‘middlemen” between the two sides.
Yet, their main trait is being utterly transparent. Nigeria is quite a corrupt nation, thus, the ability to see through every transfer and operation is a major asset. Transparency is crucial for many in this nation, but ECN brokers are often quite expensive.
Nevertheless, a soaring number of people are using ECN brokers to safeguard their future amid the global crisis. Such brokers, unlike others, are not allowed to trade against their clients, adding to the safety rank. Moreover, they usually charge fixed commissions which are rather attractive for many individuals.
Now, considering the growing demand as a result of the oil crisis, Nigeria’s ECN brokers are trying to make most out of the current situation. Some of them have already increased one-time commissions sometimes to unreasonably high rates. Despite this, they are not reporting the fall in demand following the increase. However, no one knows if the price will remain at this rate after the crisis. This would be highly unlikely as ECN brokers are much more expensive than regular ones and high prices would not sustain their business during the normal demand period.
However, others are doing the complete opposite, making their service more flexible and inclusive in an attempt to attract even more customers. Many in the industry are saying that this approach could be more liquid and stable for brokers during the crisis.
Operatives of the National Drug Law Enforcement Agency (NDLEA) have foiled attempts by drug trafficking syndicates to smuggle illicit substances concealed in carton walls, winter jackets, and body cream containers through Murtala Muhammed International Airport and a Lagos-based courier firm.
The agency said two consignments bound for Italy were intercepted at the Lagos airport, leading to the arrest of suspects linked to the shipments.
In a statement released yesterday, the agency’s spokesman, Femi Babafemi, said one of the suspects, 37-year-old Friday Ehianuka, was intercepted on Friday, March 20, 2026, while attempting to board an Ethiopian Airlines flight to Rome, Italy.
The statement partly read, “Two of the consignments heading to Italy were to be moved through the Lagos airport where two suspects linked to the shipments were promptly arrested.
“One of them, 37-year-old Friday Ehianuka, was going to Rome, Italy on Friday, March 20, 2026, when he was intercepted while attempting to board an Ethiopian Airlines flight with 2,698 pills of tramadol 225mg concealed in containers of skin-lightening body cream, all packed in the suspect’s luggage.
“In his statement, Ehianuka, who is a resident of Milan, confirmed that he was to be paid a negotiated fee in Euros if he had succeeded in trafficking the consignment to Italy.”
In another operation on Wednesday, March 18, Babafemi said NDLEA officers at the departure hall intercepted another passenger, Christian Agbonhese, attempting to board a Lufthansa flight to Milan.
A search of his luggage uncovered 23,150 pills of tramadol 225mg, 4,000 tablets of tapentadol 250mg, and 1,320 pills of tramadol 100mg concealed in two large winter jackets.
“No fewer than 23,150 pills of tramadol 225mg; 4,000 tablets of tapentadol 250mg; and 1,320 pills of tramadol 100mg, all concealed in two large winter jackets, bringing the total number of opioids recovered from him to 28,470 pills. The 38-year-old Agbonhese is also a resident of Milan,” the statement added.
In a separate operation at a courier firm in Lagos, Babafemi said NDLEA officers on Monday, March 16, intercepted two parcels of Loud, a strong strain of cannabis weighing 1kg, hidden in a carton shipped from the United States.
“Also thwarted was an attempt to export 158 grams of methamphetamine concealed in the walls of a carton to New Zealand,” he said.
In Kano State, operatives arrested Abdulkadir Mamuda, 35, with 102.5kg of skunk at Dan-Tsalle, while another suspect, Uche Johnson Festus, 47, was nabbed at Naibawa Gabas with 95.5kg of the same substance.
Babafemi said the agency also recovered 21,737 bottles of codeine-based syrup during a raid at Otto, Ijora area of Lagos on Wednesday, March 18, adding that two suspects, Chidiebere Anigbogu and Paul Nwagbara, were arrested the same day on the Third Mainland Bridge while conveying 8,380 bottles of the syrup.
In Edo State, operatives recovered 97.5kg of skunk from the residence of Akeem Idde, 37, in Ojah, Akoko-Edo Local Government Area on March 16.
In the FCT, officers intercepted a commercial bus along the Gwagwalada Expressway on March 18, recovering 91,840 pills of tramadol hidden in body compartments of the vehicle. The driver, Aminu Ali, 27, was arrested.
In Oyo State, a suspect, Bankole Bari, was on Tuesday, March 17, arrested at Oke-Oyan, Ibarapa LGA, with 71.2kg of skunk, which he smuggled into Nigeria from Benin Republic through the Oyan River.
In a similar development, “Not less than 586,000 pills of tramadol and Exol-5 were recovered by NDLEA operatives from Lawal Anas, 28, along Kaduna-Zaria Highway, Kaduna, on Tuesday, March 17, while 7,290 tablets of tramadol 225mg were seized from Musa Shuaibu, 22, at the same location on Friday, March 20,” Babafemi said.
In Taraba State, officers intercepted Aliyu Adamu, 26, along the Takum-Jalingo Highway with 77,660 capsules of tramadol, while in Adamawa State, six suspects were arrested in connection with the seizure of 82.8kg of tramadol in a truck in Yola.
The suspects include Ramatu Aliyu, Jungudo Abdullahi, Najid Abdullahi, Musa Mohammed, Usman Abdulrahim, and Musa Mohammed.
The agency said its commands across the country also intensified War Against Drug Abuse sensitisation campaigns in schools, worship centres, and communities during the week.
Chairman and Chief Executive Officer of NDLEA, Brig. Gen. Buba Marwa (retd.), commended officers of the MMIA, DOGI, Lagos, Kano, Kaduna, Edo, Oyo, FCT, Taraba, and Adamawa commands for the arrests and seizures, urging them to sustain the balanced approach to drug control efforts.
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RSG Applauds FRSC, NDLEA For Enhancing Security In Rivers …As NDLEA Pushes For Drug Tests In Schools, NYSC Camps
The Rivers State Government has commended the dedication and collaboration of federal government agencies in sustaining security in the State.
Speaking during a courtesy visit by the State Commander of the Nigerian Drug Law Enforcement Agency (NDLEA), CN Bature Dawa, in Port Harcourt, last week, the Secretary to the State Government, Dr. Dagogo Wokoma, said Governor Siminalayi Fubara appreciates the strong synergy between the agencies in promoting his administration’s vision of peace, prosperity and progress in the State.
Wokoma urged residents to remain law-abiding, noting that respect for the law is essential for good governance and sustainable development in all parts of the state.
He stated that the governor has remained committed to initiatives that promote peace and social order, stressing that the administration will continue to support programmes of federal agencies aimed at strengthening security and public safety.
“Our governor is committed to peace, progress and prosperity in Rivers State. I therefore encourage all residents, especially young people who are often targeted by those involved in drug abuse, to stay away from drugs, crime and reckless driving,” he said.
In his remarks, the State NDLEA boss, Dawa, disclosed that the agency has arrested 39 suspects in the state from December 2025 to date, including 16 new cases currently under investigation.
He explained that the NDLEA, through its Drug Demand Reduction and Drug Supply Control Units, has intensified efforts to curb the spread of illicit drugs and ensure offenders are brought to justice.
Dawa also called on parents and guardians to closely monitor their children, while urging hotel owners and managers to remain vigilant and prevent their facilities from being used for drug-related activities.
He further advocated the introduction of drug integrity tests in schools and within the National Youth Service Corps (NYSC) scheme as part of measures to discourage drug abuse among young people.
In a related development, Dr Wokoma received the Sector Commander of the Federal Road Safety Corps (FRSC), CC Inyang Umoh, during a courtesy visit, and urged residents to abide by road safety laws and drive in consideration of other road users.
In his remarks, the FRSC boss expressed appreciation to Governor Fubara for the continuous support to the Corps.
Muslims in Rivers State have commended Governor Siminialayi Fubara for his dedication and commitment to the development of the state.
They also lauded the governor for promoting peaceful co-existence among various religious groups in the state.
Vice President General of the Nigerian Supreme Council for Islamic Affairs ,Alhaji Nasil Awhelegbe Uhor, gave the commendation last Friday during the Eid-el Fitri prayer to mark the end of Ramadan fasting period, at the Port Harcourt Central Mosque, Niger Street, Port Harcourt.
Speaking to newsmen shortly after the prayer, Alhaji Uhor said Governor Fubara has shown exemplary leadership in the affairs of the state.
Uhor who is the leader of the South South Muslim Ummah of Nigeria, called on Muslims to remain committed to the ideal of peace and fear of the Almighty Allah.
According to the Rivers State Islamic leader, the message is for Muslims to imbibe and allow the lessons of Ramadan to sink into their lives and shape their ways of doing things.
He urged Muslims to imbibe the culture of love and respect for one another.
“My message is that all Muslims should imbibe and allow the lessons of Ramadan to sink with them,” he advised.
Uhor stressed the need for Muslims and all Nigerians to remain patriotic, while avoiding all forms of anti-social behaviours.
He also called on the political leaders to put the country first, stressing that there is no need for Nigerians to continue to wallow in abject poverty when the country is so rich with natural resources.
Also speaking, the Chief Imam of Rivers State, Alhaji Ibrahim S Yalo, urged Muslims to fear God, and speak the truth always.
According to him, time has come for Nigerians to cultivate the habit of peaceful coexistence, speak the truth and be each others keeper.
“Nigerians own a duty to ensure peace, live together in fear of God and speak the truth always,” he said.
By: John Bibor