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Businessman sells assets to finance N23m cocaine deal, arrested at Lagos airport

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A 48-year-old businessman, Nwankwo Innocent Onyebuchi, has been arrested by operatives of the National Drug Law Enforcement Agency, NDLEA, at the Murtala Muhammed International Airport, MMIA, Lagos, while allegedly attempting to travel to New Delhi, India, with 1.550 kilograms of cocaine concealed in his luggage.

Onyebuchi, who deals in marbles in Lagos, was arrested at the departure hall of Terminal II of the airport while preparing to board a Qatar Airways flight to New Delhi.

According to a statement by the NDLEA, the cocaine was cleverly concealed within the side walls and railings of his check-in bag. A search of the luggage led to the discovery of the 1.550kg consignment, which had been factory-fitted into the walls and railings of the bag.

The agency said the arrest was made as part of its operations against the illegal drug trade.

During interrogation, Onyebuchi reportedly disclosed that he had sold his marble business and every asset he owned to raise the sum of ₦23 million which he paid for the cocaine consignment.

He reportedly planned to sell the drugs in India for as much as ₦100 million.

However, his plan to make quick money from the illicit drug trade was cut short by his arrest. He remains in custody pending prosecution.

The NDLEA also reported the seizure of a large quantity of codeine-based syrup in another operation carried out in Lagos.

Operatives acting on credible intelligence raided a warehouse located within a residential compound at 20 Hakeem Dosumu Street, Ago Palace area of Okota, Lagos.

The operation, conducted between Friday, August 7 and Saturday, August 8, 2026, resulted in the seizure of 3,776 cartons containing 377,600 bottles of the controlled substance.

The recovered codeine-based syrup was valued at more than ₦2.6 billion.

In another intelligence-led operation in Lagos, NDLEA operatives raided the residence of a 55-year-old alleged drug kingpin, Shoremi Kayode, at 37 Ogundare Street, Ipaja Estate, Ipaja area of Lagos.

The raid, conducted on Wednesday, August 14, resulted in the recovery of 324 kilograms of Colorado, a synthetic strain of cannabis, with a street value of ₦972 million.

Operatives also recovered a Mercedes-Benz car and a Toyota Corolla car from the suspect.

In Kwara State, two suspects, Abubakar Adamu, 50, and Bilyaminu Nuhu, 30, were arrested at the Kam Wire area of Ilorin on Thursday, August 13.

The suspects were arrested with 55.96kg of skunk in a truck marked DKA 350 XL.

Also in Oyo State, NDLEA officers on patrol along the Lagos-Ibadan Expressway in Ibadan arrested two other suspects, 70-year-old Abdulfatai Oyelaran and Abdulrauf Ajadi, 50, on Wednesday, August 12.

A search of their Toyota Sienna vehicle, marked FFA-115KA, led to the recovery of 52,000 ampoules of pentazocine injection and 6,000 ampoules of tramadol injection.

In another operation along the Onitsha/Asaba Expressway on Thursday, August 13, NDLEA operatives arrested two suspects, Osaro Ikpoba, 43, and Samuel Godbless, 18.

The agency said the suspects were found with 124,100 pills of tramadol, 786 bottles of codeine syrup, 2,598 tablets of rohypnol, 4,800 tablets of diazepam, 470 ampoules of pentazocine injection and 200 ampoules of tramadol injection.

Another suspect, Emeka Tony, 50, was arrested along the Kwale/Ozoro Expressway on Wednesday, August 12.

NDLEA operatives recovered 1,244 pieces of cartridges and a monetary exhibit of ₦8 million from him.

In Plateau State, a Toyota Corolla car with registration number MKD 341 EA was intercepted along the Riyom/Jos Road, Jos.

The operation led to the recovery of 239,490 capsules of Tramaforce, a brand of tramadol, while a suspect identified as Kasum Sherif was arrested.

Meanwhile, six suspects were arrested by NDLEA operatives on patrol along the Zaria-Kano Road in Kano State on Monday, August 10.

They were identified as Okodili Ibeabuchi, 60; Onyeka Vincent, 47; Nwanko Wisdom, 36; Success Chigozie, 30; Emmanuel Jude, 27; and Chinedu Peter, 39.

According to the agency, large consignments of opioids were recovered from the suspects, including 728,958 pills of tramadol, rohypnol and other substances.

The operatives also recovered 360 grams of cocaine, 99.8 grams of methamphetamine, 50 bottles of codeine syrup and 2.7 kilograms of Loud, a synthetic strain of cannabis.

In another operation in Kano, NDLEA operatives on Friday, August 14, raided Zawaciki Gida Dubu in Kumbotso Local Government Area.

The raid resulted in the recovery of 171 blocks of skunk weighing 106.8kg.

Two suspects, Mustapha Iliya, 30, and Abdulwahab Abdulrashid, 24, were arrested in connection with the seizure.

In Edo State, NDLEA operatives destroyed a total of 4,628.9775kg of skunk found on two cannabis farms measuring 1.851591 hectares at Ugboku/Igbanke forest in Orhionmwon Local Government Area.

A suspect, Agholor Elebojie, 40, was arrested in one of the farms during a raid carried out by NDLEA operatives on Wednesday, August 12.

Also in Edo, another suspect, Kingsley Anigala, 28, was arrested during a raid on drug joints in the Oluku area of Benin City on Friday, August 14.

The agency said 25.857kg of Loud and 93 grams of methamphetamine were recovered from him.

The Chairman and Chief Executive Officer of the NDLEA, Brig. Gen. Mohamed Buba Marwa (Rtd), commended the officers, men and women of the MMIA, Lagos, Kano, Kwara, Edo, Plateau, Oyo and Delta Commands for the arrests and seizures recorded during the week.

Marwa also praised personnel of other commands across the country for maintaining what he described as a fair balance between efforts to reduce the supply of illicit drugs and efforts to reduce demand for them.

“Chairman/Chief Executive Officer of NDLEA, Brig. Gen. Mohamed Buba Marwa (Rtd) also praised their counterparts in all the commands across the country for pursuing a fair balance between their drug supply reduction and drug demand reduction efforts,” the statement said.

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Business

Transcorp, AXA Mansard, GTCO top stock pick this week

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Nigerian stocks slid by 1.6 per cent last week, following profit-taking activities across all sectors except oil & gas.

The Insurance Index was worst hit, declining by 5.5 per cent, and remains the only sector index so far this year with a negative yield.

“Stocks with strong earnings, attractive valuations and consistent dividend payouts should also remain in focus,” investment bank United Capital Plc said in a note to investors ahead of the week.

This week, focus will shift to the primary market, where the landmark $1.6 billion initial public offering of Dangote Refinery will be commencing.

PREMIUM TIMES has assembled some stocks with sound fundamentals, adopting rigorous approaches to save you the risk of picking equities at random for investment.

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The pick, a product of an analytical market watch, offers a guide to entering the market and taking strategic positions, with the expectation that selected stocks will record reasonable price appreciation with the passage of time.

This is not a buy, sell or hold recommendation but a stock investment guide. You may need to involve your financial advisor before taking investment decisions.

Transnational Corporation (Transcorp)

Transcorp tops this week’s list for its strong fundamentals and for trading below its intrinsic value. The net profit ratio (NPR) of the conglomerate is 24.7, while the price-to-earnings (PE) ratio is 4.5x. Its 10-day relative strength index (RSI) is 31.5.

AXA Mansard

AXA Mansard appears on the pick on the basis of its attractive fundamentals. The NPR of the insurer is 3.4, while the PE ratio is 29.8x, while the RSI is 47.3.

Guaranty Trust Holding Company (GTCO)

GTCO makes the selection for its strong fundamentals and for trading below its intrinsic value. The banking group’s NPR is 37.4, while the PE ratio is 5.4x. Its RSI is 47.8.

ALSO READ: Stanbic IBTC, Mutual Benefits, Aradel top stock picks this week

NPF Microfinance Bank

NPF Microfinance Bank makes the cut for its sound fundamentals. The PE ratio of the micro-lender is 7.2x, while the RSI is 22.5.

Neimeth

Neimeth makes the cut for its sound fundamentals. The NPR of the pharmaceutical company is 12.2, while the PE ratio is 33.2x. The RSI is 40.8.


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2027: Why Tinubu had no primary, secondary school certificates – Reno Omokri

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Reno Omokri, ambassador-designate to Mexico, has defended President Bola Tinubu over questions surrounding his primary and secondary school education, saying many Nigerians of his generation did not attend regular schools.

Omokri made the statement on Sunday while appearing on Channels Television’s Politics Today programme.

He said some Nigerians were homeschooled during the period when Tinubu would have attended primary and secondary school, arguing that the absence of conventional school certificates should not be a major issue.

“Are you aware that at the time the president went to primary school, at the time the president would have gone to primary school, secondary school, most Nigerians were not going to regular schools; a lot of them were being homeschooled,” Omokri said.

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He challenged critics questioning Tinubu’s educational background to produce evidence of their own primary school classmates.

“If you ask some of these opponents of the president to produce their primary school classmate, they cannot,” he said.

Omokri also cited his own family as an example, noting that his child is homeschooled and that his Ethiopian wife was also homeschooled.

He maintained that Tinubu is qualified to hold the presidency and seek re-election in 2027.

“We know for a fact that the president is qualified for the position he’s holding, for the position he wants to be reelected to,” he said.

On Tinubu’s tertiary education, Omokri referred to the president’s attendance at Chicago State University, saying the institution’s registrar testified in court and confirmed that Tinubu was admitted, attended and graduated from the university.

“He went to Chicago State University. The registrar of that school went to court, and they confirmed that Tinubu was admitted, attended, and graduated from that school. That is enough,” Omokri said.

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