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NDLEA intercepts Italy-bound businessman with cocaine consignments

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Operatives of the National Drug Law Enforcement Agency, NDLEA, have arrested a 38-year-old businessman, Philip Tunde, with 4.80kg of cocaine concealed in the soles of shoes and railings of travelling bags at the Murtala Muhammed International Airport, Lagos.

The suspect was arrested on Sunday, September 27, 2026, at the joint screening point of Terminal 2 while preparing to board a Royal Air Maroc flight to Milan, Italy.

According to a statement issued on Sunday by Femi Babafemi, Director of Media and Advocacy, NDLEA Headquarters, Abuja, the operatives recovered 16 parcels of white powder concealed in the soles of eight pairs of trainers and canvas shoes.

A further 195 wraps of the substance were found hidden in the railings of four travelling bags. The substances tested positive for cocaine and weighed a combined 4.80kg.

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During interrogation, Tunde reportedly told investigators that he paid N16 million in cash for the cocaine concealed in the shoes, while the consignment hidden in the bags was intended for delivery to his partner in Italy.

He reportedly said he raised the money from compensation he received following an injury sustained while working at a plastic manufacturing company in Italy, where he lost the tips of two fingers.

Meanwhile, NDLEA operatives also intercepted large consignments of illicit drugs at the Apapa, Tin Can Island and Onne ports, with the seized substances having a combined street value of more than N5 billion.

At the Apapa port, operatives acting on intelligence subjected two containers from Bangkok, Thailand, to 100 per cent examination alongside Customs officials and other stakeholders.

A search of one of the containers on Saturday, September 3, led to the recovery of 161 parcels of Thai Loud, a strong strain of cannabis, weighing 124kg and valued at N372 million. The drugs were concealed inside two refrigerators and two cartons.

At the Onne Port in Rivers State, two containers placed on the NDLEA watchlist were jointly examined with Customs and other security agencies.

Operatives recovered 40 packs of Loud weighing 22kg from a travelling bag and three of five vehicles — a Toyota Matrix, Toyota Corolla and Hyundai Elantra — shipped in one of the containers.

The second container contained 109,600 bottles of codeine-based cough syrup weighing 16,440kg. According to the NDLEA, the container originated from India and was routed through Saudi Arabia, where its history of origin was allegedly deleted to avoid detection.

The agency said the Loud and codeine consignments recovered at the Onne Port had a combined street value of N833.2 million.

At the Tin Can Island Port in Lagos, NDLEA operatives on Tuesday, September 29, conducted a joint examination of a watch-listed container from Montreal, Canada.

The operation led to the recovery of 2,595 parcels of Canadian Loud weighing 1,297.5kg. The drugs were concealed in a Toyota Sienna and a Hyundai Elantra, alongside 24 blue drums and six jumbo bags in the container. The consignment was valued at more than N3.8 billion.

In Osun State, NDLEA operatives destroyed 20,234kg of skunk from 8.0936 hectares of cannabis farm in Area 4, Ife South Local Government Area, on Wednesday, September 30.

In Plateau State, a 41-year-old suspect, Agbo Dennis, was arrested on Tuesday, September 29, at the West of Mines area of Jos North following the seizure of 33 bags of skunk weighing 385kg.

In Lagos, operatives on Monday, September 28, raided an unoccupied compound at Divine Estate, Ago Palace, where they recovered 209,000 tablets of tramadol.

A follow-up operation at Ladipo Spare Parts Market on Wednesday, September 30, also led to the arrest of 23-year-old Ekundayo Taiwo after the seizure of 61g of Colorado, a synthetic strain of cannabis, and 24g of methamphetamine.

The drugs were concealed in a bottle of energy drink and sent as a waybill package from a commercial bus driver along the Lagos-Ibadan Expressway the previous day.

In Kogi State, NDLEA officers on patrol along the Okene-Lokoja Highway on Wednesday, September 30, intercepted a Lagos-Abuja commercial bus and recovered two sachets containing methamphetamine weighing 1kg.

A follow-up operation led to the arrest of the alleged owner of the consignment, 29-year-old Michael Chukwuememka Uzoma, at Utako, Abuja.

In Edo State, NDLEA operatives raided the residence of 35-year-old Saturday Omimi at Uyere community, Ovia North-East Local Government Area, on Friday, October 2, recovering 32.2kg of cannabis sativa.

The same day, operatives arrested 23-year-old Osazuwa Iyabor Michael at Auchi Bypass, Benin City, with 59g of Loud, 12g of Colorado, 19g of tramadol, 16g of methamphetamine, 4g of Swinol and 4g of Molly.

The agency also announced the arrest of 47-year-old Idris Mohammed Kurra, a fugitive who allegedly jumped bail six years ago.

Kurra was arrested on Tuesday, September 29. He was facing trial before the Federal High Court in Jos, Plateau State, over alleged possession and dealing in 198kg of skunk.

The NDLEA said he had been on the run since December 2020 after allegedly jumping bail granted by the court.

The agency also continued its War Against Drug Abuse (WADA) sensitisation campaigns across the country, with officials visiting schools, worship centres, workplaces and communities.

The campaigns were held at institutions including St. Paul’s Secondary School, Oji, Enugu; Olu-Odo Primary School, Igbogbo, Ikorodu, Lagos; Government Junior Secondary School, Tsamiya, Kano; Christ’s School, Ado Ekiti; and Government Science Secondary School, Lokoja, Kogi State.

NDLEA Chairman and Chief Executive Officer, Brig. Gen. Mohamed Buba Marwa (retd.), commended officers and men of the affected commands for what he described as intelligence-driven operations.

He urged them and other personnel across the country to sustain efforts against drug trafficking networks while maintaining the agency’s balanced approach to drug control.

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CBN grants JP Morgan approval-in-principle to set up merchant bank

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The Central Bank of Nigeria (CBN) has granted approval-in-principle to JP Morgan to set up a merchant in the country.

The move eases the path for the US largest bank to expand its services – payments, lending, trade finance and corporate banking – in Nigeria, where it has operated a representative office for years.

JP Morgan Merchant Bank Nigeria Limited plans to run wholesale banking, capital markets and advisory services, Michael Akuka, the CBN’s director of corporate communications and investor relations, said in a statement on Friday.

The approval-in-principle is the first phase of the licensing process, and does not translate into an ultimate banking permit.

JP Morgan needs to clear further regulatory hurdles such as incorporation with the Corporate Affairs Commission and operational approvals before it can commence operations, the regulator stated.

The push comes amidst hordes of banking sector reforms in Africa’s most populous country, aimed at bolstering the financial system, enhancing market confidence and boosting resilience.

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According to the statement, the CBN also approved the nomination of Adedapo Olagunju as the managing director of the bank and Latter Kevin George, Nzelu Chinedum Izunwanne and Syed Gabriel Murtaza as non-executive directors.

“Our objective is to build a financial system that is stable, competitive and internationally connected, one that commands confidence and can effectively support investment and economic growth,” said CBN Governor Olayemi Cardoso.

READ ALSO: CBN outlines market infrastructure supporting Nigeria–China financial flows at Beijing investor forum

“We are encouraged by the growing interest of international financial institutions in Nigeria. Our focus remains on sustaining the reforms, strengthening the credibility of our markets and creating an environment in which both domestic and international institutions can participate and thrive,” he added.

On Tuesday, Bloomberg, citing sources with knowledge of the deal, reported that JP Morgan was on course to secure a banking licence in the country after depositing N50 billion ($38 million) with the CBN.

It noted that the bank hopes to receive the licence by year-end or in early 2027, provided it is able to obtain all the requisite approvals

P Morgan’s presence in Nigeria dates back to 1961, when Chase Manhattan Bank, which later evolved into JP Morgan Chase & Co., opened a branch in Lagos, providing a wide range of commercial banking services to local businesses and individuals.

A year earlier, Chase International Investment Corporation, a unit of Chase Manhattan Bank, served as the lead partner in organising Nigerian Textile Mills in Lagos, regarded as the first major private industrial project with an American interest in Nigeria.


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Instacart reportedly discussed selling itself with DoorDash and Uber

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Instacart might sell itself to a larger competitor, according to multiple news reports

The Information reported Friday that the grocery delivery company has hired an investment bank to help it evaluate its options, and that it’s held acquisition talks with DoorDash. And Bloomberg reported that the company has also talked to Uber — although Uber reportedly walked away from those discussions.

Instacart currently has a market cap of more than $13 billion, and its stock price is up 25% for the year to date. The company could see this as a good time to sell at a desirable price, before the grocery delivery market gets more competitive — but Bloomberg noted that these are early discussions that might not result in a sale.

TechCrunch has reached out to Instacart for comment. The reports of a potential sale caused the company’s share price to spike more than 9.2% on Friday, while Uber and DoorDash stock declined.

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