Business

Nigerian Customs Seizes N5bn Worth of Illicit Drugs in Oshodi, Lagos

Published

5 years ago

August 16, 2019

Nigerian Customs Seizes N5bn Worth of Illicit Drugs in Oshodi, Lagos

The Nigeria Customs Service (NCS) on Friday seized N5bn worth of illegal drugs in a warehouse located in Oshodi, Lagos State.

The National Public Relations Officer of NCS, Assist. Comptroller Joseph Attah, disclosed this in a tour organized for newsmen which revealed large amounts of drugs loaded in trucks that were parked in a store at the NCS Training College in Ikeja.

According to him, the smugglers took advantage of the Eid-el-Kabir celebration to carry out the act; thinking that operatives of the NCS would be less vigilant at that time; because of the festive season but were caught unawares after they were tailed by the NCS.

He said, “Our officers intercepted the illicit drugs as the smugglers attempted to move it from Lagos to other parts of the country.’’

He went on to narrate what transpired: “On August 13, at about 2 a.m, operatives of the Headquarters Strike Force Zone A intercepted a truck laden with dreaded codeine, tramadol and other controlled pain killers along Maryland, Ikeja road.”

“The intercepted trailer contains illicit drugs and was immediately brought to the attention of the team leader of the force, Assist. Comptroller of Customs Usman Yahya, who deepened preliminary investigation that led to the discovery of a warehouse along Oshodi-Mile 2 road.”

“The warehouse was stocked with tramadol, codeine and other unregistered pharmaceutical products without the National Agency for Foods Drugs Administration and Control number.”

He added that the warehouse was immediately sealed with a detachment of armed officers to guard the place.

He also said that the Comptroller-General of Customs, Col. Hameed Ali (rtd) has instructed that careful investigations be carried out immediately to fish out the culprits and charge them to court accordingly.

He added that the driver of the truck has been arrested and that an assessment of the drugs has commenced.

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Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Business

Nigerians Fear Increase in Fake Products as NAFDAC Officials Commence Indefinite Nationwide Strike

Published

14 hours ago

October 8, 2024

Ugwoke Ogbodo

There are indications that fake producers of consumables and other items across the country may have a field day following an industrial action embarked upon by workers of the National Agency for Food and Drug Administration and Control (NAFDAC).

Investors King gathered that the nationwide strike which started on Monday is indefinite and nationwide.

The decision of the staff of the agency to down tools followed the expiration of a 14-day ultimatum issued to their management.

The decision to shun work was confirmed after a congress of NAFDAC staff convened on Friday, October 4, 2024 over unresolved issues.

The striking workers, under the directive of the Senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASCGOC) have been instructed to withdraw all services and vacate offices.

They were also ordered to remove personal belongings as the strike began.

The demands of the staff include a review and re-evaluation of the 2024 promotion examination results, which currently reflect a pass rate of just 35%.

The union is pushing for a minimum benchmark of 80% for this year and future exams. Another key demand is the settlement of salary arrears for employees hired in 2022 among others

In a statement signed by Secretary of the Association, Ejor Michael, the union accused NAFDAC management of ignoring their grievances, calling the inaction insufferable.

The staff have vowed to continue the strike until all demands outlined in their communiqué are met.

NAFDAC, which plays a critical role in regulating Nigeria’s food, drug, and pharmaceutical industries, is expected to face significant operational disruptions as a result of the industrial action.

Before now, there had been public outcry over the increase in fake products as Nigerians called out the agency and tasked it to be more proactive.

They expressed fear that there is a tendency that manufacturers of fake products would have ample opportunities to saturate the markets with dangerous products as those who would tackle them are now on strike.

Business

27.75% Interest Rate Painful but Necessary – CBN Gov Cardoso

Published

1 day ago

October 7, 2024

Bassey Marshall

The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has described the recent increase in the Monetary Policy Rate (MPR) to 27.25% as a painful but necessary move.

Cardoso made this known in Lagos, during his address to members of the Harvard Club of Nigeria on the topic: “Leadership in Challenging Times: Restoring Credibility, Building Trust, and Containing Inflation”.

Investors King reported that on September 24, 2024, the apex bank announced another increase in its Monetary Policy Rate (MPR) from 26.75 percent to 27.25%

The decision was reached during the Monetary Policy Committee (MPC) meeting chaired by the CBN Governor.

However, while delivering his speech in Lagos, the CBN boss sympathized with borrowers highlighting the pain the new interest rate will heap on them.

According to Cardoso, the bank’s decision to raise the interest rate was a bold move to reduce excess money in circulation and control inflation effectively.

He emphasized the need for Nigeria to look beyond short-term comfort and strive to secure long-term stability.

Cardoso reaffirmed the CBN’s commitment to rebuilding public trust in the institution.

He said, “Our decision to raise the Monetary Policy Rate (MPR) to 27.25% was a bold move. Higher interest rates, while painful for borrowers, are necessary to curb excess money in circulation and control inflation.

“Leadership is about making hard choices to secure long-term stability over short-term comfort in moments like these

“Leading through challenging times means avoiding the temptation to take on too many initiatives. The Central Bank must focus on its core mandate—price stability. It is easy to become distracted by various political and economic pressures, but as a leader, one must prioritise.”

“Trust is the currency of central banking. If the public loses trust in the institution, the efficacy of its policies diminishes.

“Our decision to implement the Electronic Foreign Exchange Matching System (EFEMS) is rooted in this understanding.

“By enhancing transparency and providing more accurate oversight of forex transactions, we send a strong signal that the CBN is serious about fair and efficient markets.”

Meanwhile, The Manufacturers Association of Nigeria (MAN) had criticized the interest rate hike by the Central Bank of Nigeria (CBN).

The Director General of MAN, Mr. Segun Ajayi-Kadir, made the association’s position known in a statement titled ‘Reaction of MAN on the Report of MPC Meeting on September 23-24, 2024’.

MAN noted that with the higher interest rate, the cost of production will increase.

According to him, the impact of the increase goes beyond the manufacturers, it will stifle investment opportunities.

Business

President Tinubu Approves N150,000 Non-Refundable Grant for Enugu MSMEs

Published

3 days ago

October 5, 2024

Bassey Marshall

President Bola Tinubu has moved to put smiles on the faces of small business owners in Enugu State with the approval of a N150,000 non-refundable grant as part of plans to tackle the economic hardship in the country.

Tinubu’s approval was delivered to business owners in the state by Vice President Kashim Shettima during a visit to the MSME Fashion Hub.

Shettima, who spoke via a statement on Thursday by his spokesperson, Stanley Nkwocha, at the launch of the 5th Expanded National MSME Clinic in Enugu, revealed that the funds are awards from President Tinubu for the outstanding exhibiting MSMEs at the event.

He assured the beneficiaries that the money was an outright grant with no requirement for repayment, stating that it was a sign of the government’s commitment to nurturing MSMEs.

According to Shettima, “Distinguished ladies and gentlemen, I am pleased to announce that His Excellency, President Bola Ahmed Tinubu, has mandated a grant of N150,000 each to be awarded to outstanding exhibiting MSMEs at today’s event.

“Let me assure you that this is an outright grant, with no requirement for repayment, reflecting our commitment to nurturing MSMEs and fostering economic growth.”

Speaking further, VP Shettima revealed that small businesses cover 96% of all businesses in Nigeria and contribute more than 45% to the nation’s GDP, adding that the country cannot achieve the desired economic growth without them.

The vice president called for unity in the business sector, he stated, “The only way we can achieve this is by standing united, from Abia to Zamfara, in pursuit of a shared objective. Small businesses account for 96% of all businesses in Nigeria and contribute more than 45% to our GDP. I am sure you understand what this means: without you, Nigeria would be nowhere.”