News
FG Targets $10bn In Crude Accounts
Coordinating Minister for the Economy, Dr Ngozi
Okonjo-Iweala, said in Tokyo on Sunday that Nigeria’s Excess Crude Account
would be built up to $10 billion by early 2013.
Okonjo-iweala made this known while briefing newsmen on the
Nigerian economy at the Annual Meeting of the World Bank and the International
Monetary Fund (IMF).
“I strongly feel and I have shared with the governors, with
Mr. President and vice-president who fully support that the Excess Crude
Account must be built up to $10 billion.
“We should strive to do that in the next few months and we
keep that as buffer.’’
According to her, if the account is built up to $10 billion
dollars and it is not touched for a while, it will serve as buffer.
She noted that there was the need to increase the nation’s
external reserve, considering the population of the country.
“Our reserves are not huge, we are just building backup;
it’s not my place, it is the monetary policy that manages it, but I have
discussed with the CBN governor that we need to build up our reserve to $50
billion, if we can.
“That will be the desires of the fiscal authorities, so I
don’t consider us with the size of the economy and population we have.
“Look at Algeria, their reserve is nearly $200 billion, for
a country much smaller than Nigeria,’’ she said.
On infrastructure, she noted that the country needed about $10 billion yearly to tackle its infrastructural challenges adding that Nigeria would draw from the World Bank’s loan offer with a go-ahead from the National Assembly.
She noted that Nigeria would not draw from the international
monetary resources at the moment to tackle the infrastructure challenges.
“We are trying to put our borrowing to really direct it to
infrastructure, as you know we have gone to other sources, the Word Bank is
helping us with power, so is the African Development Bank.
“Those are very concessional resources. The problem we have
right now is that the meetings from the World Bank; they are indicating that if
we do not pass through external borrowing plan, where we have $1.2 billion,
that has been approved.
“They are very sympathetic to us, they will like Nigeria to
use that money but if the money stays there and it’s not approved for use, they
will have to move it and give it to other countries.’’
Okonjo-Iweala noted that the loan to be taken would be given
at zero interest rate, a 40-year repayment period and 10 years of moratorium
and only 0.7 per cent commitment charge.
She said that the money would be used for power, water and
health care among others, adding that Nigeria could only benefit from the loan,
if the National Assembly approved.
Meanwhile, the Central Bank of Nigeria, Governor, Sanusi
Lamido Sanusi said in Tokyo yesterday that the bank would soon stop the selling
of cash to bureaux de change.
“70 per cent of the dollars that people buy from bureaux de
change are not for transactions outside Nigeria, they move dollars from one
part of the country to the other, in fact, from one part of Abuja to another
part.
“In a briefcase, you can carry $100,000, that’s N50 million.
“We are coming up with policies; we are going to have to
stop selling cash to BDC and credit their accounts.
“If you want to pay for medical bills abroad, you give
hospital account; if you want to pay school fees, do transfer like everybody
else; if you want to travel, do travelers cheques or get money on your card.’’
He said that at the moment, the dollar was becoming
Nigeria’s second national currency, becoming a source of worry to the apex bank
and even to President Goodluck Jonathan.
Sanusi noted that part of the reason why the bank moved to
restructure the Naira was to tackle the genuine need of high net-worth cash
users.
News
NDLEA Intercepts Drugs Hidden In Winter Jackets, Cream At Lagos Airport
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.
News
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.
News
Rivers Muslims Laud Fubara’s Dev Strides
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
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