Category: Business Day

Nigeria’s drive toward a $1 trillion economy gained momentum as key stakeholders convened to finalize the National Development Plan (NDP) 2026-2030, a medium-term roadmap aligned with the long-term objectives of Nigeria Agenda 2050.

Speaking at the review meeting, Doris Uzoka-Anite, Minister of State for Budget and Economic Planning, stated that the draft document is structured to deliver a coherent, evidence-based, and implementation-ready strategy to guide the nation’s social and economic transformation over the next five years.

Uzoka-Anite emphasized that the successor plan must surpass its predecessor, the NDP 2021-2025, by establishing credible baselines, realistic projections, clearly defined interventions, robust financing mechanisms, and measurable performance indicators.

Acknowledging the current macroeconomic environment, the minister urged planners to directly address the structural bottlenecks hampering sustainable growth.

‘Despite the daunting economic and social challenges the country faces, the NDP 2026-2030 must identify and unlock the binding constraints to economic growth and development,’ Uzoka-Anite said.

The NDP 2026-2030 is developed around seven growth pillars, including: Macro-economic stability, resource mobilization and sustainability financing, Oil, Gas and Energy Security, Economic diversification, productivity and competitiveness, Productive infrastructure and environmental resilience.

Other include: Effective Governance, institutions and public- sector transformation, Peace, security and national resilience and Human capital, social development and inclusive growth.

The minister charged stakeholders to employ the Renewed Hope Ward-Based Development Framework Survey conducted by the Ministry of Budget and Economic Planning across the 8809 wards to tackle grassroots economic realities, infrastructure deficit and local development priorities.

She also inaugurated the Technical Working Group (TWG) to review the draft NDP (2026-2030) with the terms of reference which include; to test the alignment of the vision, strategic objectives, seven pillars, sector objectives, policy direction and interventions with Nigeria Agenda 2050, the Renewed Hope and the ambition of the diversified, inclusive and resilient US $1 trillion economy by 2030.

They are also expected to review baselines, indicators, assumptions and proposed targets, determine or recommend realistic but ambitious 2030 targets; and document the rationale for material adjustments.

In her welcome remarks, Deborah Odoh, Permanent Secretary of the Ministry, reiterated that participants were tasked to produce a coherent, credible and implementation-ready Plan which is expected to align with Nigeria’s Agenda 2050 and national development priorities in addition to organizing them consistently across its seven strategic pillars.

She emphasized that the team is expected to resolve gaps duplication and inconsistencies across chapters, validate key data macroeconomic assumptions, sectoral targets and results indicators as well as strengthen the links between priorities, interventions, financing, institutional responsibilities and monitoring arrangements.

Odoh said that the final document must provide a practical basis for the Medium-Term Expenditure Framework, Annual Budgets and sectoral investment decisions.

The Edo State Police Command has arrested several suspects in connection with murder, sexual offences, armed robbery and cult-related activities, recovering 350 rounds of ammunition, substances suspected to be cannabis and a stolen motorcycle in separate operations across the State.

Commissioner of Police Patrick Daaor disclosed this on Wednesday during a press briefing in Benin City, where he announced the arrest of four suspects allegedly linked to the robbery of Paparazzi Communication Complex in Auchi, Etsako West Local Government Area, in which properties worth more than N400 million were reportedly stolen.

Daaor said the robbery occurred on July 12, 2026, during which the security guard on duty was murdered. The suspects include 34-year-old Hamisu Nuhu, whom the police identified as the alleged mastermind, alongside Suleiman Rabiu, Hussaini Gago and Ibrahim Haruna.

In a separate operation on October 20, Police operatives conducting stop-and-search duties along the Benin-Lagos Road intercepted a Toyota Ultra bus belonging to GUO Transport Company and recovered 100 rounds of 7.62mm-calibre ammunition for AK-47 rifles, 50 rounds of 7.65mm-calibre ammunition and 200 rounds of 9mm-calibre ammunition.

Three bags containing substances suspected to be cannabis were also recovered from the vehicle. The driver, Godwin Emeka, 37, and the transport company’s operational manager, Enearu Louis, 40, were arrested in connection with the discovery.

The Police commissioner also disclosed that two suspects had been arrested in connection with separate murder cases, including the alleged killing of a woman whose corpse was reportedly dumped by the roadside after one of her breasts was severed. He said investigations were ongoing and the suspects would be charged to court upon their conclusion.

On sexual offences, Daaor said three suspects were in custody over alleged sexual assault and defilement involving minors, including a two-year-and-nine-month-old girl and a four-year-old child. The cases are being handled by the Command’s Gender and Family Unit.

The Command also arrested four suspected members of the Eiye confraternity following an alleged attempt by a group of about 20 men on motorcycles to attack operatives of the Violent Crime Response Unit along Upper Siluko Road, Benin City, on October 17.

The suspects were identified as Kevwe Kokori, 30; Omoregbe Iguma, 38; Gabriel Kokori, 32; and Emmanuel Friday, 39. According to the police, the group allegedly returned with dangerous weapons after an earlier encounter with operatives, damaging the windscreen of a police vehicle before four suspects were arrested. Efforts were ongoing to apprehend other members of the group.

In another operation on October 2, Police arrested Chidiebere Osazee at an uncompleted building near AY Junction in Ulegun community, along the Benin-Abraka Road, and recovered a locally made, shortened single-barrel gun. The suspect allegedly confessed to belonging to the Eiye confraternity, while efforts continued to arrest other members.

Daaor said the suspects allegedly specialised in dispossessing motorcycle riders of their motorcycles around Amagba, Ugbor and the Government Reservation Area in Benin City. A motorcycle reportedly stolen during one of the operations was recovered.

Daaor urged residents to remain vigilant, cooperate with the police and promptly report suspicious activities, reaffirming the Command’s commitment to protecting lives and property across Edo State.

Cash held outside Nigeria’s banking system rose in September as broad money supply expanded, reflecting an increase in currency holdings by the public amid a surge in overall monetary aggregates, according to data from the Central Bank of Nigeria (CBN) and the Financial Markets Dealers Association (FMDA).

Currency outside banks rose by 1.00 percent to N4.92 trillion in September 2026, from N4.87 trillion in August, while currency in circulation increased by 1.50 percent to N5.52 trillion from N5.44 trillion over the same period.

The increase came as broad money supply, measured by M3, rose by 5.40 percent month-on-month to N146.60 trillion in September, from N139.09 trillion in August, according to the CBN’s September 2026 Monetary and Credit Statistics.

Narrow money supply, M2, which excludes CBN bills held by the non-bank public from the broader M3 measure, increased by 1.38 percent to N141.00 trillion during the month.

The figures indicate that cash holdings outside banks increased alongside the expansion in money supply, although the data do not establish whether the rise resulted from increased household spending, business transactions or other factors.

The FMDA attributed the stronger growth in M3 largely to a surge in CBN bills held by the non-bank public, which rose to N5.60 trillion in September. The association noted that this was the highest level since December 2019, following the reopening of open market operations to local investors in August.

The increase in M3 therefore reflected, in part, the contribution of these bills to broad money growth rather than an equivalent expansion in cash available for spending.

Meanwhile, net domestic assets rose by 11.97 percent to N115.70 trillion in September, from N103.34 trillion in August, while net foreign assets declined by 13.57 percent to N30.90 trillion from N35.75 trillion.

Credit to the government also rebounded by 19.26 percent to N39.40 trillion, ending a three-month decline. In contrast, private-sector credit eased by 0.64 percent to N83.93 trillion from N84.47 trillion in August, although it remained 15.73 percent higher year-on-year.

The divergence between government and private-sector credit comes after the CBN cut its monetary policy rate by 350 basis points to 23 percent in September, in a move aimed at easing monetary conditions following progress in reducing inflation.

However, the September figures suggest that the effects of monetary easing on credit conditions may take time to emerge, as private-sector credit declined during the month even as overall money supply expanded.

The FMDA noted that open market operation yields of between 16 percent and 19 percent continued to offer banks an attractive, relatively low-risk alternative to lending. It said a firmer lending response was more likely in the fourth quarter as monetary policy rates eased.

The latest data highlight the importance of distinguishing between growth in monetary aggregates and the availability of funds for productive economic activity. While rising cash outside banks may reflect changes in how individuals and businesses hold money.

African companies are reporting strong revenue growth, but fewer chief executives expect sustained earnings gains over the next three years than their global counterparts, highlighting the challenges of translating higher sales into long-term profitability.

The 2026 KPMG Africa CEO Outlook, released on Thursday, found that 86 percent of African CEOs reported revenue growth in their latest financial year, but only 58 percent expect annual earnings growth of at least 2.5 percent over the next three years, compared with 68 percent globally.

‘African businesses are demonstrating confidence in their ability to grow, but the next phase of growth will require more than ambition,’ said Tola Adeyemi, senior partner and chief executive officer of KPMG One Africa.

Leaders must make deliberate investment decisions, strengthen resilience and build organisations capable of adapting to disruption, Adeyemi said, adding that Africa’s resources, markets and entrepreneurial capacity could support more productive, competitive and sustainable businesses.

The findings point to a gap between recent business performance and future earnings expectations as companies navigate economic uncertainty, supply-chain disruptions, cybersecurity threats and technological change.

Despite the weaker earnings outlook, confidence remains relatively strong. About 66 percent of African CEOs expressed confidence in the global economy, close to the global average of 65 percent. Confidence in domestic economies stood at 72 percent, while 79 percent were confident in the growth prospects of their own organisations.

AI readiness lags global peers

Artificial intelligence (AI) emerged as a major challenge for African businesses, with companies lagging global peers in their readiness to keep pace with technological developments.

Although 72 percent of African CEOs identified AI as a top investment priority, only 14 percent said their organisations were keeping pace with or moving ahead of AI developments, compared with 66 percent globally.

The gap highlights the challenge of turning investment ambitions into operational capabilities. Expectations for returns also differ: 48 percent of African CEOs expect AI investments to deliver returns within one to three years, compared with 71 percent globally.

Meanwhile, 42 percent expect returns to take more than three years, against 12 percent of global CEOs.

The report points to the need for businesses to strengthen data infrastructure, governance and workforce capabilities to deploy AI effectively and improve productivity.

Cybersecurity and data security, alongside supply-chain resilience, were identified as the leading threats to growth, each cited by 31 percent of African CEOs. The integration of AI into business operations followed at 27 percent.

In response, 45 percent said they were increasing investment in cybersecurity and digital-risk resilience, while 36 percent were prioritising regulatory compliance and reporting. Another 31 percent were increasing investment in AI integration.

Workforce and sustainability priorities

Despite growing investment in AI, African companies expect to expand their workforces. About 84 percent of CEOs anticipate an increase in headcount over the next three years, compared with 89 percent globally.

Some 86 percent intend to retain and retrain high-potential employees, while 82 percent are redesigning roles, career paths and team structures to support collaboration between workers and AI systems.

However, skills shortages remain a constraint. About 59 percent identified workforce skills gaps as a challenge, while 58 percent cited AI upskilling and training and 52 percent pointed to difficulties attracting and retaining talent.

African businesses are also making progress in sustainability reporting. The proportion of CEOs who said their organisations had the capabilities to meet new sustainability reporting requirements rose to 65 percent in 2026 from 55 percent a year earlier.

However, only 48 percent said they were embedding sustainability more deeply into their core business strategies, compared with 63 percent globally.

Adeyemi said Africa’s growth prospects would depend on how effectively businesses worked across markets, developed talent and built the capabilities needed to compete in a changing global economy.

‘The priority is to move from recognising the opportunity to executing against it, with investment decisions that strengthen resilience today while building capacity for long-term growth,’ he said.

The report concludes that business confidence alone will not guarantee sustained performance. African companies will need to turn investment into measurable outcomes, manage uncertainty and strengthen their capabilities to compete in an increasingly technology-driven global economy.

The Development Bank of Nigeria (DBN) has launched a programme combining financing, credit guarantees, grants and market access to help women-led businesses overcome barriers to growth, as high borrowing costs and limited access to capital continue to constrain small enterprises.

The initiative, known as DBN Action for Women in Nigeria (DAWN), was unveiled on Wednesday at the bank’s seventh annual lecture in Abuja, alongside the signing of a $61 million gender-focused credit line with the African Development Bank (AfDB).

DAWN is designed to move beyond conventional lending by combining finance with technical assistance, outcome-linked grants and market linkages. It will target women-owned and women-led businesses through commercial banks, microfinance institutions, fintechs, aggregators, cooperatives and direct channels.

Its priority sectors include agriculture and exports, healthcare, arts and creatives, technology, and green business.

Tony Okpanachi, managing director and chief executive officer of DBN, said access to credit alone had not enabled enough women-led enterprises to expand, highlighting the need for a broader support system that helps businesses become sustainable and competitive.

‘DAWN is about moving gender-focused lending beyond intention and turning access into opportunity,’ Okpanachi said.

The programme comes as Nigerian businesses contend with expensive credit, unreliable electricity, limited market access and working-capital shortages. These constraints can prevent entrepreneurs from investing in equipment, expanding production and creating jobs, even as government reforms seek to improve the business environment.

The $61 million gender line of credit signed by DBN and AfDB at the event is expected to reinforce efforts to expand financing for women entrepreneurs. The arrangement adds to DBN’s broader strategy of using financial institutions and credit-support mechanisms to reach businesses that struggle to obtain affordable funding.

DBN said it had cumulatively disbursed N1.4 trillion to micro, small and medium-sized enterprises (MSMEs) through 84 participating financial institutions as of December 2025, supporting the creation of about 1.6 million jobs nationwide.

Under its new five-year strategy, the bank aims to reach more than two million MSMEs, with specific targets for women-led enterprises, youth-led businesses and underserved states.

Beyond DAWN, DBN provides longer-term funding through participating commercial, merchant and microfinance banks, alongside partial credit guarantees through its subsidiary, Impact Credit Guarantee Limited. The bank also offers capacity-building support through programmes such as its Entrepreneurship Training Programme.

Okpanachi said the challenge was to ensure that the gains from economic reforms translated into practical improvements for businesses, rather than remaining at the policy level.

‘The major reforms are now in place. How do we make sure their benefits reach the trader in Onitsha, the fabricator in Aba, the farmer in Kebbi and the young founder in Yaba?’ he asked.

The bank also presented its MSME Data Assets, an open data resource intended to support evidence-based decisions by policymakers, lenders and researchers, and unveiled an impact report documenting the outcomes of its interventions.

Representing the Secretary to the Government of the Federation, Augusta Warrens Bekaredebo said the success of reforms should be assessed by their effects on businesses, including their ability to invest, retain workers and expand production.

She said the government’s 2026 tax reforms were expected to provide relief to eligible small businesses, while urging financial institutions to consider viable enterprises that lacked conventional collateral.

Bekaredebo also stressed the importance of combining financing with training, skills development and monitoring to improve business survival and ensure that support translates into lasting economic gains.

Eric Chelle has invited 31 home-based players to the Olympic Eagles’ camp ahead of next month’s U-23 Africa Cup of Nations qualifying fixture against the Democratic Republic of Congo (DR Congo).

The squad comprises four goalkeepers, nine defenders, eight midfielders and 10 forwards as Nigeria begin preparations for the two-legged second-round tie.

The first leg will take place at the TP Mazembe Stadium in Lubumbashi on Friday, November 13, while the return leg is scheduled for the Remo Stars Stadium in Ikenne-Remo on Tuesday, November 17.

The winner over the two legs will advance to the final qualifying round of the U-23 AFCON, scheduled to be held in Egypt next year. The tournament will determine Africa’s representatives at the men’s football event of the 2028 Los Angeles Olympic Games.

Nigeria, who won Olympic football gold at Atlanta 1996, silver at Beijing 2008 and bronze at Rio 2016, have not featured in the men’s Olympic football tournament in the past decade.

The Olympic Eagles received a bye into the second round, while DR Congo progressed after edging Mauritania over two legs.

All invited players are expected to report to the AM2PM Hotel in Ijebu-Ode on Sunday, October 25, to begin preparations for the qualifiers.

LIST OF INVITED 31 HOME BOYS FOR U23 AFCON QUALIFYING FIXTURE:

Goalkeepers: Chinemerem Olughu (Nasarawa United); Clinton Andy (Rivers United); Ebenezer Harcourt (Sporting Lagos); Michael Atata (Ikorodu City)

Defenders: Gift Subi (Warri Wolves); Hillary Zion (Sporting Lagos); Emmanuel Utake (Rivers United); Chibueze Oputa (Rangers Int’l); Marvelous Freedom (Ikorodu City); Kenneth Igboke (Rangers Int’l); Odinaka Alfred (Nasarawa United); Emmanuel Ochobi (Rivers United); Aliu Sugau (Barau FC)

Midfielders: Freeman Wuchirwe (Bendel Insurance); Victor Samuel (Sporting Lagos); Umar Mohammed (Nasarawa United); Lucky Oraro (Warri Wolves); Aderemi Adeoye (Ikorodu City); Sani Shuaibu (Warri Wolves); Muhammad Salihu (Sporting Lagos); Jude Eventus (Warri Wolves)

Forwards: Junior Ikechukwu (Ikorodu City), Timothy Zechariah (Rivers United), Williams Wonah (Enyimba FC), Ayoola Olaniyan (Sporting Lagos), Chijioke Samuel (Enyimba FC), Jofrank Joshua (Nasarawa United); Chimobi Igwilo (Rangers Int’l); Alex Oweifaleya (Bendel Insurance); Abdulmuiz Adeleke (Sporting Supreme); Habila Simon (Wikki Tourists)

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The All Progressives Congress (APC) Presidential Campaign Council and Atiku Abubakar, African Democratic Congress (ADC) presidential candidate, have clashed over the N10 billion approved by President Bola Tinubu for Ebola preparedness in June.

Atiku has demanded accountability for the funds following the confirmation of an Ebola case in Abuja and the identification of 44 close contacts for tracing.

In a statement issued by Phrank Shaibu, his director of strategic communication, Atiku demanded details of disbursements, contracts, recipients and items delivered, questioning the government’s preparedness and response.

‘Ebola is a grave public health threat. Nigerians deserve urgent action, competent leadership and the truth,’ he said.

But Dele Alake, spokesperson for the APC Presidential Campaign Council, accused the former vice-president of politicising a public health emergency and ridiculing the president. Alake said the N10 billion remained untouched, arguing that the Nigeria Centre for Disease Control, Federal Airports Authority of Nigeria and other agencies had been using available resources to sustain surveillance.

He said the surveillance network helped alert authorities to the case and facilitated contact tracing.

‘A responsible opposition will applaud the Task Force for being responsive. But the Atiku camp always goes for cheap shots at the government,’ Alake said.

He urged Atiku and his supporters to avoid politicising the outbreak, stressing that the priority should be protecting Nigerians and preventing further transmission.

Atiku, however, insisted that the government must explain whether the emergency funds were released, arguing that public statements could not substitute for an audit.

Japan’s government plans to increase the quota for foreign caregivers under its Specified Skilled Worker (i) status by 20,000 slots, in a bid to prevent critical staffing shortages in nursing homes as demand rapidly outpaces original forecasts.

To accommodate the surge without increasing overall foreign labor targets, officials will transfer the extra slots directly from the upcoming Employment for Skill Development program set to launch in April 2027.

This temporary fix keeps the total limit at 160,700 care workers. It comes after early data showed that caregiver arrivals could pass the original 126,900 cap before March 2029.

‘The government needs to create a better, more accurate plan based on what care facilities actually need in real life’, according to Masayuki Saito, chairman of the Japan Federation of Kaigo Business Providers.

Government officials defended the reallocation during an expert panel meeting at the Justice Ministry in Tokyo, explaining that halting the intake of new caregivers, similar to previous freezes in the food service sector, would leave essential facilities unable to operate.

Preliminary figures indicated that nearly 80,000 foreign care workers were residing in Japan under the Specified Skilled Worker (i) status by late July, putting the sector on track to hit its limit well ahead of schedule.

The government also outlined revisions to broaden the operational scope for foreign workers in other key fields, including the addition of snow removal to permitted duties within the construction sector. These adjustments reflect a structural dependence on overseas labor driven by Japan’s shrinking workforce and rapidly aging population.

Despite these sectoral shifts, the administration of Sanae Takaichi, prime minister maintains a strict stance on overall immigration levels, keeping the nationwide total cap for specified skilled workers and skill-development trainees capped at 1.23 million people.

For foreign nationals hoping to work in Japan, the announcement means that the structured slot system means the government will carefully manage the intake, rather than leaving the entry to open-ended applications.

Japan’s visa programmes for foreign workers typically comes with specific requirements around qualifications, language proficiency, and experience in the relevant sector.

Prospective applicants are advised to monitor official channels from Japan’s immigration authorities for guidance on eligibility criteria and application timelines.

Standard Investment Bank has upgraded Dangote Petroleum Refinery and Petrochemicals to BUY from HOLD, raising its fair value estimate by 39 percent to N836.80 per share as stronger earnings prospects and improving refining margins boost its outlook for the business.

The revised valuation implies a potential 59.4 percent upside from the refinery’s initial public offering price of N525 per share, compared with the 14.7 percent upside estimated in the bank’s September assessment, according to Kenya Wall Street.

The upgrade reflects expectations that stronger preliminary third quarter earnings, improved fuel yields and lower crude oil input costs will support profitability and cash flow. Better yields would allow the refinery to produce more valuable petroleum products from each barrel of crude, while cheaper feedstock could reduce production costs and widen margins.

In its September assessment, Standard Investment Bank valued the refinery at N602.18 per share, combining a discounted cash flow valuation of M684.22 with a peer comparison valuation of N520.14, each carrying a 50 percent weighting.

The peer valuation applied a price to earnings multiple of 10.8 times and an enterprise value to earnings before interest, taxes, depreciation and amortisation multiple of 7.5 times, also weighted equally.

The latest upgrade marks a more optimistic view of the refinery’s earnings potential than the bank’s earlier assessment, which suggested that near term earnings prospects were broadly reflected in the IPO price, with further value dependent on future expansion.

The revised outlook could strengthen the investment case for the refinery as it seeks to attract investors beyond Nigeria. Kenyan investors can access the offering through global depositary receipts, providing a route to participate without directly purchasing shares on the Nigerian market.

However, the higher valuation does not remove the risks associated with the business. Standard Investment Bank’s earlier research highlighted the refinery’s substantial capital expenditure requirements and potential liquidity constraints, including those linked to a public float of about 3.4 percent.

The refinery’s ability to deliver on the upgraded valuation will depend on whether stronger earnings translate into sustained cash generation, while managing the cost of expansion and the financing demands of a capital intensive operation.

For investors considering the IPO, the new target price points to greater potential returns, but it remains an analyst estimate rather than a guaranteed market price. Refining margins, crude supply costs, operating performance and future funding needs will remain important factors in determining the stock’s value.

The Kogi State Police Command has arrested eight suspected cultists in Itobe, Ofu Local Government Area and three members of an ATM card-swapping fraud syndicate in Idah on the Eastern part of the State.

Naziru Bello Kankarofi, Kogi State Commissioner of Police, stated this on Wednesday during the Parade and Press Conference held at the Command’s Headquarters in Lokoja, Kogi State Capital.

Kankarofi said, ‘On 17 October 2026, at about 5:45 p.m., operatives of the Itobe Division, working with local auxiliary forces and community leaders, acted on credible intelligence and raided a location behind Government Secondary School, Itobe, leading to the arrest of eight male suspects: Mutari Ahmed, 26; Mohammed Tairu, 21; Audu Moses Yahaya, 27; Peter Vincent, 28; Progress Aminu, 21; Wisdom Friday, 21; Gabriel Enema, 22; and a 14-year-old boy. Items recovered included two TVS motorcycles, an axe and a cutlass’.

He explained that Preliminary investigations indicated that the suspects had gathered to appoint a leader for a local cult group.

‘Some admitted membership of the Aro-Baga Vikings and Aiye confraternities and provided information on other persons connected to their activities,’ Kankarofi noted.

He noted that the arrests are significant in view of intelligence regarding planned violent clashes between rival cult groups in Itobe and Ejule communities, as he attributed it to longstanding rivalries, territorial disputes and retaliatory attacks, adding that the Command is also addressing reprisal threats against security personnel and facilities, with measures strengthened to prevent violence, protect residents and commuters, and maintain security in the area.

The commissioner equally pointed out that the case had been transferred to the Violent Crime Response Unit for further investigation, including efforts to apprehend fleeing suspects, identify accomplices and establish the full extent of the groups’ activities.

He pointed out that the Nigeria Police Force has no friendly, supportive or compromising relationship with cultists, secret confraternities or any criminal elements.

He said that residents of Itobe, Ejule and neighbouring communities, as well as commuters along the Itobe-Anyigba Road, are advised to remain vigilant, continue their lawful activities without panic, and report suspicion criminal cult activities should desist immediately. The Police will continue to act on credible intelligence and take lawful action against anyone found culpable,’ he said.

CP Bello Kankarofi also said, ‘On 20 October 2026, at about 9:30 a.m., Police operatives arrested three suspects in Idah for criminal conspiracy, fraudulent banking activities and ATM card swapping. They are Philip Akiola, 50; Ojo Thomas, 56; and Abdulrauf Suleiman, 48.’

The arrests followed sustained surveillance initiated after a complaint on 19 May 2026, in which the victim reported that his ATM card had been swapped, resulting in the loss of N1.5 million from his account.

‘The operation led to the recovery of 59 ATM cards belonging to different banks and a vehicle used by the syndicate. Preliminary investigations indicate that the syndicate targets unsuspecting ATM users through a coordinated distraction technique.

‘One member observes the victim entering their PIN and identifies the bank card, while another creates a distraction. The victim’s card is then swapped, allowing the suspects to use the captured card and PIN to access the victim’s funds,’ he stated.