Business

NDLEA Raids 3 illicit Drug Warehouses in Lagos, Recovers N16.9bn worth of opioids

Published

5 months ago

April 29, 2026

Preport

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BY NKECHI NAECHE-ESEZOBOR—Operatives of the National Drug Law Enforcement Agency (NDLEA) have uncovered three illicit drug warehouses hidden in a residential estate in Okota area of Lagos where Two Million Three Hundred and Sixty Thousand (2,360,000) pills of high-potency tramadol 225mg and One Million Nine Hundred and Nine Thousand Four Hundred (1,909,400) bottles of codeine syrup with a combined street value of Sixteen Billion Nine Hundred and Twenty Seven Million Two Hundred Thousand Naira (N16,927,200,000.00) only, were recovered.

The high stakes intelligence-led coordinated operations were conducted on Friday 17th April 2026 at 98 Olukayode Awofisayo Street, Park View Estate, Ago Palace, Okota where a large warehouse was uncovered and two others at 5 Charles Ndumetu Street, Park View Estate, Ago Palace, Okota, Lagos State. Recovered from the three warehouses were 19,094 cartons containing 1,909,400 bottles of codeine syrup and 2,360,000 pills of high-potency tramadol 225mg pills in another 34 cartons.

Reacting to the development, Chairman/Chief Executive Officer of NDLEA, Brig Gen Mohamed Buba Marwa (Rtd) said the successful operations have dealt a staggering blow to the heart of the pharmaceutical drug black market, leading to the dismantling of a major drug syndicate in the country.

Marwa expressed his profound pride in the operatives involved, describing the seizure as a monumental victory in the ongoing fight against substance abuse and illicit drug trafficking in Nigeria.

According to him, “The scale of this recovery, nearly 4.3 million units of lethal substances, is a testament to the fact that our officers are staying several steps ahead of these merchants of death. To find such volumes hidden within residential estates like Park View and busy hubs like Okota shows the desperation of these cartels, but it also highlights the peerless intelligence capabilities of our team.”

The NDLEA boss reiterated that there is no safe haven for drug traffickers in Nigeria, adding that whether they hide their illicit goods in elite mansions or suburban warehouses, the Agency’s reach is long and its resolve is firm.

“Let this be a clear signal to those who think they can profit from the destruction of our children’s futures: we will find you, we will dismantle your networks, and we will bring the full weight of the law upon you”, he warned.

The post NDLEA Raids 3 illicit Drug Warehouses in Lagos, Recovers N16.9bn worth of opioids appeared first on Business Today NG.

Business

GCR upgrades Fidelity Bank rating on stronger capital position

Published

9 minutes ago

September 22, 2026

Preport

GCR Ratings has upgraded Fidelity Bank Plc‘s national-scale long-term issuer rating to A Plus (NG) from A (NG), while affirming its short-term issuer rating at A1 (NG). The outlook remains stable.

The upgrade reflects Fidelity Bank’s significantly strengthened capital position following the addition of NGN227.0 billion to its total core capital. GCR also recognised the bank’s strong domestic market position, stable funding base and healthy liquidity profile.

Fidelity Bank’s competitive position remains a key rating strength, supported by its strong domestic franchise and nearly four decades of operating experience. With total assets of NGN10.5 trillion and an estimated 8.0 per cent share of the banking industry’s gross loans as of December 2025, the bank ranks as Nigeria’s sixth-largest bank.

The bank also plans to leverage its international banking licence to enter three additional African markets over the medium term. The expansion is expected to diversify its country exposure and further strengthen its competitiveness among rated peers.

Fidelity Bank raised NGN227.0 billion in additional equity capital in 2025, enabling it to fully comply with the revised capital requirement for its licence category. The capital was officially recognised as the core capital in 2026.

Consequently, the bank’s GCR core capital ratio increased substantially to 29.4 per cent at the end of March 2026, from 17.2 per cent in December 2025. Its stage three loan loss reserve coverage also remained strong at more than 100.0 per cent.

GCR expects the bank’s core capital ratio to remain above 20.0 per cent over the outlook period, supported by good earnings retention. The rating agency also noted that Fidelity Bank’s exposure to the oil and gas sector is diversified across the upstream, downstream and services segments. Foreign currency exposure is further moderated through natural hedging.

Fidelity Bank’s funding profile remains positive, underpinned by a large and stable deposit base. Customer deposits grew by 16.1 per cent as of December 2025 and by a further 7.1 per cent as of March 2026, reaching NGN7.4 trillion.

Customer deposits accounted for 89.5 per cent of the bank’s total funding base in March 2026. Approximately 90 per cent of these deposits were held in relatively inexpensive current and savings accounts, providing a strong foundation for sustainable funding.

READ ALSO: Fidelity Bank gets extension to publish H1 2026 audited results

The bank also maintained a robust liquidity position, supported by a substantial portfolio of liquid assets. Its liquid assets-to-customer deposits ratio stood at 56.9 per cent in March 2026, while liquid assets covered wholesale funding by 4.8 times.

The stable outlook reflects GCR’s expectation that Fidelity Bank will maintain a strong financial profile, with its core capital ratio remaining above 20.0 per cent, supported by stable funding, strong liquidity and resilient asset quality indicators.

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Business

FG Continues NEMSAS Rollout, Strengthens Emergency Care and Hospital Infrastructure in Bauchi

Published

8 hours ago

September 21, 2026

Preport

The Federal Government has continued the nationwide rollout of the National Emergency Medical Services and Ambulance System (NEMSAS) with the deployment of new ambulances to selected health facilities in Bauchi State, alongside the unveiling of a Compressed Natural Gas (CNG) facility at the Abubakar Tafawa Balewa University Teaching Hospital (ATBUTH).

The interventions, unveiled by the Coordinating Minister of Health and Social Welfare, Prof. Muhammad Ali Pate, are part of the implementation of the Renewed Hope Agenda of President Bola Ahmed Tinubu, through the Nigeria Health Sector Renewal Investment Initiative (NHSRII), particularly Pillar 4, which focuses on improving the health security of the nation.

The NEMSAS ambulances will strengthen emergency referrals across selected facilities, including Toro General Hospital, Gamawa Hospital, Federal Medical Centre, Misau, ATBUTH and the Fistula Centre in Ningi. The Bauchi deployment builds on the Federal Government’s continuing rollout of NEMSAS across the country, following recent deployments in Plateau and Ogun States.

Speaking at the event, Prof. Pate said timely access to emergency care is essential to saving lives, particularly in communities where distance and inadequate referral capacity can delay life-saving care. He urged beneficiary institutions to ensure the ambulances are properly utilised, maintained and integrated into referral pathways.

The Minister also highlighted the Federal Government’s broader investments in Bauchi’s health system, including the ongoing expansion of ATBUTH, the Federal Medical Centre in Misau, the North-East Vesicovaginal Fistula Centre in Ningi and the revitalisation of more than 100 primary healthcare centres through federal-state collaboration. Earlier in 2026, the Federal Government deployed approximately ₦10 billion worth of medical equipment, medicines, ambulances and maternity kits to health facilities across the state.

At ATBUTH, the newly unveiled CNG facility, aimed at improving the efficiency and sustainability of energy use within the hospital, forms part of efforts to strengthen the infrastructure that supports hospital operations. The ongoing expansion of the teaching hospital is expected to increase capacity for tertiary and specialised services. The Federal Government is also investing in advanced diagnostics and cancer care to bring specialised services closer to citizens and reduce the need for patients to travel outside the state for essential care.

Prof. Pate said the investments demonstrate the administration’s focus on translating policy commitments into practical improvements in the health system. He added that the Federal Government would continue to work with the Bauchi State Government, health institutions and other stakeholders to ensure that investments in emergency care, infrastructure and specialised services translate into improved access and better health outcomes for the people of Bauchi State.

The Federal Ministry of Health and Social Welfare remains committed to its mandate to save lives, reduce both physical and financial pain, and produce health for all Nigerians.

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