Business
Customs Marine Command Nabs Three Suspects
The Western Marine Command of the Nigeria Customs Service (NCS) has arrested three suspects in connection to over a total of 1,658 loaves of Cannabis Sativa, weighing 788 kilogrammes intercepted by its operatives to the National Drug Law Enforcement Agency (NDLEA).
Speaking at a handing over ceremony and courtesy visit of the new Marine Commander, NDLEA, DNC Emmanuel Morrison, at the commands headquarters, Ibafon, Apapa Lagos, Customs Area Controller, Western Marine Command, Comptroller Kayode Bamisaiye, disclosed that the three suspects will be handed over to NDLEA officials for onward prosecution.
The arrests and seizures, he said, took place at Ijegun Waterside, Bar Beach, and Ekare Beach front in November 2024, adding that the actions were in direct enforcement of Section 233 of the NCS Act 2023.
Bamisaiye noted that “The seized Cannabis Sativa, illicit pharmaceutical products, and arrested suspects will be handed over to the NDLEA and National Agency for Food Drug Administration Control (NAFDAC) for further investigation and prosecution.
The Customs boss reiterated that the total Duty Paid Value (DPV) of all the seized items is ¦ 182,196,000 and total weight of Cannabis Sativa is 788 Kilogrammes.
Bamisaiye noted that Customs and NDLEA have continued to work in synergy for decades, adding that the seized items include cannabis and pharmaceutical products.
On the 21st of November, 2024 , the Customs top brass affirmed that the Command also seized 295 bags of 50kg foreign parboiled rice and some seven bags of 50kg refined granulated foreign sugar at “Point of No Return” in Badagry and Panko Ere waterfronts.
He said, “Again, the Command today will be handing over 386 bottles of 300ml codeine syrup, confiscated along the Yekeme/Joforo waterways, to the National Agency for Food and Drug Administration and Control (NAFDAC) which is in line with the recent understanding reached at the last CGC Conference in Abuja.
“Additionally, the Command intercepted 900 litres of Premium Motor Spirit (PMS) which has been disposed in line with extant laws”.
Bamisaiye warned that the Western Marine Command will not hesitate to take decisive action against any individual or group attempting to undermine the government’s trade restrictions or fiscal policies.
“ The inordinate quest by citizens to get rich by any means fuels the menace of smuggling. Citizens must understand that smuggling is injurious to our economy and smuggling of hard drugs has even more devastating effect on our health and the economy.
“The Command under my watch is poised more than ever to rid our waterways of all acts of smuggling and economic saboteurs for the benefit of the growth of the economy of Nigeria”.
By: Nkpemenyie Mcdominic,Lagos
Cornerstone of Financial Services
A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.
According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now”.
“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.
The survey was conducted in early 2026 and the findings released in March.
Stablecoin Boon or Bane?
Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.
With a market cap of $1.56 billion, it is considered a major regulated player in the market.
No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.
Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.
Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.
In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.
The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.
The Asian city-state is one of the platform’s biggest growth markets.
The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.
The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.
Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.
Ripple converts dollars into XRP and then back into pounds.
If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.
That is a bridge Ripple will have to cross if it gets to that point.
Tokenisation Partners
Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.
Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.
The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.
Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.
Infrastructure Rules
In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.
“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”
No surprise that this is precisely where Ripple is placing much of its focus.
