Category: PM News

The Lagos State Emergency Management Agency (LASEMA) responded to a number of emergencies across the state between Friday and Sunday, including road crashes, truck breakdowns, a fire outbreak and a fallen container.

The agency also deployed specialised equipment to recover disabled vehicles, clear affected roads and support other emergency operations during the period.

The Permanent Secretary of LASEMA, Dr Olufemi Oke-Osanyintolu, disclosed this in a statement, saying emergency response personnel, paramedics and heavy-duty equipment were deployed to various locations.

One of the incidents occurred at Palm Avenue Bus Stop, inward Oye, on Friday morning, after a containerised truck carrying a 40ft container developed a mechanical fault and obstructed traffic.

The agency said its Eagle Team arrived after receiving a distress call at 8:41am and immediately began traffic management operations.

‘The Eagle Team professionally managed traffic and diverted oncoming vehicles to prevent secondary incidents while awaiting the Agency’s heavy-duty equipment,’ the statement said.

LASEMA said its Super Metro later arrived at the scene and was used to recover the truck and move it to a nearby lay-by, allowing traffic to resume normally.

Another containerised truck became stranded at Olorunshogo Bus Stop, inward Cappa, on Friday evening following a mechanical fault.

‘The vehicle was recovered with the aid of the Super Metro and relocated to a layby,’ the agency said.

Later that day, the Alpha Eagle Team was called to Ojuwoye Bus Stop, inward Oshodi, following a report received at 7:24pm about another containerised truck.

The vehicle had developed an electrical fault, prompting emergency personnel to secure the area and control traffic pending its recovery.

‘With the aid of the Super Metro, the truck was recovered and moved to a safe location, ensuring unhindered vehicular movement along the corridor,’ the statement said.

On Saturday morning, LASEMA’s Tiger Squad from C3 responded to a road crash at Otedola, Mobil inward Berger.

The accident, which occurred at about 6:07am, involved a Ford Escape SUV and a moving truck. The agency said the SUV had collided with the rear of the truck.

The male driver and female passenger in the SUV sustained injuries.

‘The Agency’s Paramedics, in collaboration with LASAMBUS, promptly administered first aid and provided immediate pre-hospital care before transporting the casualties to the Trauma Centre for further medical treatment,’ the statement said.

The Lagos State Fire and Rescue Service, LASTMA and the Nigeria Police Force also participated in the response. The vehicles involved were later moved to Isheri Police Station for further action.

Another truck, this time carrying interlocking stones, reportedly broke down at Ojuwoye in the early hours of Sunday. LASEMA said the vehicle was subsequently recovered.

The agency also dealt with a fire outbreak at Bakare Street, Ojodu Berger, on Sunday.

According to LASEMA, three of eight shops containing foodstuffs and frozen foods were affected. The agency said the fire was suspected to have resulted from an electrical surge after electricity was restored.

‘The swift and professional intervention of the Tiger Squad and the Lagos State Fire and Rescue Service successfully contained the inferno, prevented it from spreading to other shops, and completely extinguished the fire,’ the statement said.

No death was recorded in the incident.

Another major operation took place at Shoprite, inward Governor’s Road, where a loaded 40ft container fell after reportedly detaching from the turntable of a Sinotruk truck.

The container and flatbed completely obstructed a lane, leading LASEMA personnel to secure the area and introduce traffic management measures.

‘The response team immediately secured the scene and implemented traffic management measures,’ the statement said.

A multi-agency recovery operation was subsequently launched, involving LASEMA’s Lowbed, a private tow truck, an empty Sinotruk for transloading and a private forklift.

‘The Peak Milk products contained therein were successfully transloaded, the affected truck head was towed to the LASTMA yard and the flatbed was uprighted and recovered to a nearby layby,’ the agency said.

The road was subsequently cleared and reopened to traffic.

Beyond emergency incidents, LASEMA also provided technical assistance for the installation of a billboard at Fagba Bus Stop, inward Iju, on Saturday evening.

The agency said its Hiab equipment was used for the operation, which was completed successfully.

Giving an overall assessment of the weekend operations, Oke-Osanyintolu said all the affected roads had been restored and the response personnel had returned safely.

‘All operations have been concluded, affected roadways have been restored and response teams have returned to base in good condition,’ he said.

He reaffirmed the agency’s commitment to providing emergency services across Lagos.

‘The Agency reassures Lagosians of its continued readiness for prompt and professional emergency response at all times,’ he said.

Oke-Osanyintolu also urged motorists and other road users to observe safety rules, ensure their vehicles were properly maintained and exercise caution on the roads.

The Joint Admissions and Matriculation Board (JAMB) has announced the full restoration of its Central Admissions Processing System (CAPS), following a temporary disruption that affected access to the platform.

In a statement issued through its official social media platform, the examination body said CAPS is now fully operational and available to candidates, tertiary institutions and other stakeholders participating in the 2026/2027 admission exercise.

JAMB urged institutions to accelerate their admission processes to make up for time lost during the disruption and ensure compliance with the approved admission deadlines.

The board also advised candidates who receive admission offers to promptly accept them on the CAPS platform to avoid unnecessary delays in securing their admissions.

According to JAMB, the deadlines for the 2026/2027 admission exercise are October 31, 2026, for public universities; November 30, 2026, for private universities; and December 31, 2026, for other tertiary institutions.

The board further urged candidates who had previously been awaiting their Senior School Certificate Examination results to take immediate steps following the release of the 2026 National Examinations Council (NECO) results.

Such candidates, JAMB said, should upload or verify their results promptly to ensure that their academic credentials are available for consideration as institutions intensify their admission processes.

CAPS is the platform through which JAMB coordinates and processes admissions into Nigerian tertiary institutions, allowing candidates to monitor and respond to admission offers.

The board apologised for the inconvenience caused by the temporary disruption and thanked candidates, institutions and other stakeholders for their patience and understanding.

the Allied People’s Movement (APM), has described recent comments by Edo Governor, Monday Okpebholo on the price of petrol in Nigeria as ‘callous’ and a brutal assault on citizens.’

Okpebholo, had recently said Nigerians should not complain about the nearly N1,500 per litre cost of petrol , which, he said is cheaper than the average N3,000 per litre cost in the United Kingdom.

But while faulting the argument, APC said the comparison by Okpebholo completely ignored stark disparities in national purchasing power.

This is contained in a statement issued by the National Publicity Secretary of the Party, Abubakar Yusuf, on Sunday in Abuja.

The Party condemned the remarks as ‘callous’ and a brutal assault on citizens, arguing that the comparison completely ignored stark disparities in national purchasing power.

‘It is to say the least callous for a state governor to attempt the benchmark petrol price in Nigeria with that of the UK where the purchasing power of an average wage earner is more than £2,636 (N4.6 million) monthly compared to the paltry N70,000 monthly minimum wage earned by their peers in Nigeria,’ he said.

APM further argues that an analysis of fuel costs should factor in broader economic indicators, including domestic purchasing power and average monthly incomes, to fully reflect the financial pressures facing citizens.

Furthermore, the Party cautioned against policy statements that could heighten public anxiety during a period of economic adjustment.

APM also called for greater sensitivity from public office holders when discussing matters that directly affect household budgets.

‘What Gov. Okpebholo failed to tell Nigerians is the fact that in other oil producing countries such as Libya and even Iran, which is presently at war, petrol is sold at an average of equivalent of N41 to N52 per litre,’ the party noted.

The Party encouraged the public to maintain civic engagement and look toward the upcoming electoral cycle as a constructive avenue for addressing national economic challenges and shaping future governance priorities.

‘We, therefore, urge Nigerians to remain steadfast as they rally to forge a new beginning for our nation on the platform of the APM,’ it added.

The Permanent Chairman of the Southern Nigerian Traditional Rulers Council (SNTRC), Arole Oodua Olofin Adimula and the Natural Head of the Oduduwa race worldwide, the Ooni of Ife, Ooni Adeyeye Enitan Ogunwusi, CFR, Ojaja II, has charged politicians and other political leaders in Nigeria to prioritise the welfare and interests of the citizens in the discharge of their responsibilities.

In a statement by the Senior Media Officer, Ooni’s Palace, Sodiq Lawal, on behalf of the Director of Media and Public Affairs, Otunba Moses Olafare, said the Ooni made the call on Monday evening while addressing journalists shortly after paying homage and performing traditional rites at his Royal family home in Ile-Ife, Osun State, as part of the obligatory rites marking the 2026 Olojo Festival.

The Ooni who is also the Co-Chairman of the National Council of Traditional Rulers of Nigeria (NCTRN) stressed the need for political leaders to always place the collective interest of the people above personal and political considerations, urging them to work towards building a peaceful, united and prosperous Nigeria.

Ooni Ogunwusi noted that political leadership comes with a responsibility to the people, saying those entrusted with public offices should remain committed to improving the lives of citizens and strengthening the unity of the country.

He also called on Nigerians to continue to support efforts aimed at promoting peace and development, stressing that the progress of Nigeria requires the collective commitment of both leaders and citizens.

The Ooni, while speaking on the significance of this year’s Olojo Festival, said the celebration goes beyond being a cultural heritage of the Yoruba people, describing it as a global festival of thanksgiving, hope, restoration and divine intervention.

According to him, the emergence of daylight celebrated through Olojo carries a message of hope and renewal for humanity, particularly at a time when nations around the world are confronted with various challenges.

‘This Olojo has given us a sample of appreciation. It is a global festival, a festival of thanksgiving. The day that the day comes out across the universe, we celebrate it here in the ancient city of Ile-Ife. It gives us hope that our condition as a nation is turning around,’ the Ooni said.

The Ooni also commended President Bola Ahmed Tinubu for his leadership and offered ancestral prayers and blessings for the President, expressing hope for peace, stability and sustainable progress in Nigeria.

He urged political leaders to see their positions as opportunities to serve humanity, rather than avenues for personal enrichment or division, while calling for greater commitment to the national interest.

The 2026 Olojo Festival attracted a large gathering of traditional rulers, government officials, politicians, cultural enthusiasts, tourists and other dignitaries from different parts of Nigeria and beyond.

The influx of visitors also boosted commercial activities across Ile-Ife, with traders, hospitality operators, transporters, food vendors and other businesses recording increased patronage during the festival period.

The Olojo Festival remains one of the most significant traditional festivals associated with Ile-Ife and the Yoruba people. It is traditionally linked to the commemoration of the emergence of daylight after primordial darkness and is marked by spiritual rites, prayers and cultural activities seeking peace, prosperity and progress for the people.

The 2026 edition has once again placed Ile-Ife at the centre of global attention, providing an avenue for the preservation and promotion of Yoruba cultural heritage while strengthening the city’s position as a major destination for cultural tourism.

Three women have been killed and another person injured after gunmen attacked a mining site in Rakum community, Barkin Ladi Local Government Area of Plateau State.

The attackers reportedly stormed the mining site at about 4:30pm on Monday and opened fire on workers before fleeing the area.

The incident has raised fresh concerns over the safety of residents and workers in parts of the state already facing security challenges.

The spokesman of the Berom Youth Moulders-Association (BYM), Rwang Tengwong, confirmed the attack to journalists in Jos.

He said three women were killed while another person sustained injuries during the attack.

‘This is another sad development that has further heightened concerns over the safety of people working and living in the area,’ Tengwong said.

He called on security agencies to investigate the attack, arrest those responsible and bring them to justice.

A resident of the affected community, John Silas, also confirmed the incident, saying the victims were carrying out their activities at the mining site when the gunmen attacked.

‘The attackers came to the mining site and opened fire on the people there. Three women were killed and another person was injured,’ he said.

Silas appealed to security agencies to strengthen efforts to protect communities and allow residents to carry out their legitimate activities without fear.

The attack comes amid heightened tension in parts of Plateau State, including Mangu, Barkin Ladi and Bokkos, where residents have reported a series of violent incidents.

The Plateau State Government had earlier urged residents to remain calm and law-abiding while assuring that it was working with security agencies to protect lives and property.

The National Credit Guarantee Company (NCGC) has helped unlock ?46.95bn in loans for Nigerians and businesses within one year of commencing operations, President Bola Tinubu has said.

Tinubu disclosed this while highlighting the impact of the company’s credit guarantee programme, which he said was created to address one of the major barriers preventing businesses from accessing finance.

According to the President, many viable businesses often struggle to obtain loans because lenders consider them too risky due to limited collateral or lack of credit history.

He said NCGC was established to reduce that challenge by taking on part of the lending risk faced by financial institutions.

‘Many viable businesses still meet the same obstacle at the bank. Lenders see too much risk in a sound business when the owner has little collateral or no credit history,’ Tinubu said.

‘We established NCGC to help change that. It carries part of the lending risk with participating financial institutions, giving them greater confidence to lend to businesses and borrowers they might otherwise turn away.’

The President said the company currently works with 19 financial institutions, including 13 commercial banks, three microfinance banks and three development finance institutions.

He stated that NCGC had issued ?21.59bn in guarantees, allowing participating lenders to extend ?46.95bn in loans.

Tinubu said the figures showed that every ?1 provided in guarantees had helped unlock about ?2.17 in credit.

He added that 67,512 borrowers across 25 states and the Federal Capital Territory had received credit backed by the scheme.

The beneficiaries include 11,374 women, while 33.5 per cent are first-time formal borrowers entering Nigeria’s credit system for the first time.

According to Tinubu, more than 22,000 Nigerians have now gained access to formal credit records, which could improve their chances of securing future loans through successful repayment.

He explained that access to credit was important because of what individuals and businesses could achieve with it.

‘A trader can restock before the festive season. When a manufacturer takes a bigger order and buys another machine to fill it, another Nigerian gets a job,’ he said.

The President said businesses supported through the NCGC programme were estimated to account for 661,291 direct and indirect jobs.

Tinubu said the initiative was part of efforts by his administration to move Nigeria towards a credit-based economy, where individuals and businesses can access financing to expand their activities.

He added that the government would continue to widen access to credit opportunities across the country.

Group Managing Director and Chief Executive Officer, United Bank for Africa (UBA) Plc, Oliver Alawuba, has called for greater focus on turning Africa’s vast opportunities into investable projects.

Alawuba spoke in New York, at the Forward Africa Leaders Symposium, held during the ongoing United Nations General Assembly engagements (UNGA), where he participated in a fireside chat themed ‘From Mandate to Impact.’

Speaking on the need to translate Africa’s development ambitions into tangible outcomes, the UBA boss said Africa’s opportunities deserve rigorous preparation and serious capital, noting that projects must be commercially sustainable and supported by institutions capable of delivering on their commitments.

He also emphasised the need for dependable revenues, credible institutions and accountable delivery to unlock sustainable capital for the continent.

Drawing from UBA’s experience across the continent, Alawuba highlighted the bank’s role in connecting African enterprise with capital, expertise and financial infrastructure, citing projects across telecommunications, energy, roads, digital services and other critical sectors.

In Chad, for instance, he explained that UBA financed a US$6.56 million telecommunications modernisation project initiated in 2021, with completion recorded in 2025 and the loan fully repaid. For Alawuba, the project demonstrates how a clearly defined development need can move from financing to completion and repayment when the right structure and accountability are in place.

According to Alawuba, UBA has consistently remained instrumental in propelling Africa’s growth aa is further evidenced in a US$45 million loan facility to Oak Asset SPV for road construction in Kenya, where the bank’s relationships extend beyond project financing to government collections and contractor facilities, creating banking support around the broader delivery chain.

Beyond physical infrastructure, he highlighted the role of digital finance in expanding opportunities across African markets, pointing to Leo, UBA’s digital banking platform, which now serves more than six million users across 20 African countries and processes over 16 million transactions annually.

Highlighting Leo’s support for English, French, Portuguese and Swahili, he noted that UBA continues to take the lead with innovation demonstrating, how digital services can help bridge language and market barriers, while its payment capabilities support everyday banking and cross-border commerce.

He also pointed to UBA’s financing activities across markets including Burkina Faso, the Democratic Republic of Congo, Ghana, Tanzania and Liberia as examples of the different ways commercial banking can support African development, ranging from direct lending and syndicated financing to guarantees, contractor facilities and banking services supporting project operations.

Alawuba noted that, these experiences reinforce the importance of African financial institutions being close enough to understand local markets while maintaining the international connections required to mobilise capital and support cross-border investment, saying, ‘At UBA, Africa’s Global Bank, we bring the conviction that African enterprise belongs at the centre of Africa’s transformation, supported by strong institutions and productive global partnerships.’

While concluding, he urged stakeholders to focus the next phase of Africa’s development efforts on preparing and de-risking a selected pipeline of viable projects, while ensuring that execution capability is built into each investment and, also called for priority to be given to completing viable investments already under way while preparing the next generation of bankable projects in areas such as dependable power, digital connectivity and logistics.

United Bank for Africa is one of Africa’s largest financial institutions, serving over 45 million customers globally. Operating in 20 African countries, as well as the United Kingdom, the United States, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services while championing financial inclusion, innovation and sustainable development across its markets.

Tango Brook Technologies Limited, Nigeria’s fast-emerging energy technology and intelligence company, today celebrated the first anniversary of its intelligent fuel management solution, Tango Fuel App, announcing its evolution from a homegrown solution into a pan-African energy-spend management platform now trusted across Nigeria, Ghana, Sierra Leone, the Democratic Republic of the Congo (DRC), and Zimbabwe.

Tango Fuel App is an intelligent fuel and fleet management system designed to provide secure, traceable and controlled transactions, launched in September 2025. It is a collaboration that integrates payment cards with Tango Brook’s innovative fuel tracking solution, giving businesses accountability over their energy spend.

Within 12 months of its first product rollout, Tango Brook has won esteemed clients: over 150 leading corporates, including Flour Mills of Nigeria (FMN), Seven-Up Bottling Company, LAGRIDE, United Bank for Africa (UBA), CardinalStone, and ICS Outsourcing, validating its core thesis that businesses across emerging economies urgently need visibility, control and accountability over energy expenditure.

Between January and August 2026, the company recorded explosive growth: wallet funding grew 12.4x, revenue grew 46.7x, app transactions grew 3.4x, and active transacting cards grew 3.4x. Tango Brook also achieved ISO 27001:2022 certification, demonstrating its commitment to global standards in information security, customer trust, and enterprise-grade governance, a critical foundation for scaling across Africa.

‘Every great journey begins with a problem worth solving,’ said Peter Atuma, Chairman of Tango Brook Technologies Limited, reflecting on the company’s journey. ‘Across emerging economies, organisations spend billions on petrol and diesel to power vehicles, generators and operations, yet rely on manual processes that create fraud, leakages and zero visibility. Tango Fuel App was founded to change this. From an idea to a solution, from a solution to more than 150 corporate customers, from Nigeria to Africa and beyond – the Tango journey has begun.’

In response to customer pain points, Tango Brook rapidly expanded in 2026 with two critical modules: Tango Fleet Management – a telematics and fleet intelligence solution for vehicle tracking, route optimisation, and operational visibility, and Tango GenVault – a generator monitoring solution that tracks generator runtime, diesel consumption, refuelling events, and unusual consumption patterns

Together, these three products create a connected ecosystem integrating digital payments, fleet management, generator monitoring, data analytics, and intelligent reporting – giving finance and operations teams real-time control over every litre of fuel and every naira spent on energy. This marks Tango Brook’s evolution from a fuel and fleet management business into a full-fledged Energy Technology and Intelligence Company.

Managing Director Africa, Obiajulu Wemambu, affirmed the company’s vision and commitment to building Africa’s business resilience and intelligent energy infrastructure: ‘One of the most significant milestones in our journey has been the development of the infrastructure, partnerships, and governance required to scale beyond our original market. Our ISO 27001:2022 certification further demonstrates our commitment to information security, customer trust, and international standards as we build for scale.’

‘Today, our ambition extends beyond Nigeria. We are actively positioning Tango Brook for a truly pan-African future, with expansion into Sierra Leone, the Democratic Republic of Congo (DRC), Zimbabwe, Ghana, and a few other prospective African Markets. These markets represent important strategic opportunities to replicate our technology-driven approach while adapting our solutions to the unique energy, mobility and commercial realities of each country.’

He said the company’s expansion strategy is not an ambition; it is a vision for scaling Africa’s competitiveness. ‘As we look ahead, our vision remains clear: to build an African technology company with the capacity, credibility and innovation to compete globally. We are moving from being a company with a promising solution to becoming an infrastructure partner for Africa’s energy and operational transformation,’ Wemambu added.

Chief Executive Officer of Tango Brook Technologies Nigeria, David Ita, who assumed leadership in January 2026, remarked that the first year’s milestone was proof of possibilities. ‘We had to rebuild our technology architecture, strengthen critical partnerships, and navigate resource constraints. The market has validated that work,’ he said.

‘Our ambition is increasingly clear: to use technology and data to give individuals and organisations greater visibility, control and intelligence over their energy consumption and operational assets. That ambition now extends beyond Nigeria. We have established entities in five African markets as we build towards an African – and ultimately global-future.’

As Tango Fuel App enters its second year, its focus is clear: to become the leading energy-spend management technology platform across emerging economies. The company will focus on three pillars: deepening data intelligence and predictive analytics for clients to eliminate leakages and improve operational efficiency; expanding local teams and partnerships in its new markets; and launching new features for SMEs and individuals seeking control over energy costs.

The company expressed gratitude to its team, customers, technology partners, shareholders, and Board for their trust and resilience. It remarked that year one was about proving the possibilities, and the years ahead will be about scaling them.

The Minister of Defence, retired Gen. Christopher Musa, has stressed the need for stronger international partnerships to tackle terrorism, banditry, oil theft, cybercrime, and other emerging security threats in Nigeria

Musa ?????who made the call on the sideline of the 81st session of the United Nations General Assembly (UNGA) in New York, said such strategy would involve government, communities, international partners and the private sector.

According to him, Nigeria’s security challenges have become too interconnected for any single institution or country to tackle alone.

‘Nigeria’s security challenges are national in their impact, regional in their consequences, and increasingly international in their implications.’

He explained that while military and other security operations remained essential to protecting Nigeria citizens and territorial integrity, lasting peace and stability could not be achieved through military action alone.

According to him, Nigeria is, therefore, seeking practical partnership with the United Nations, African Union, ECOWAS, bilateral partners, civil society, researchers, and the private sector to strengthen its security capabilities and institutions.

He stressed that government was pursuing measures, including recruitment of additional 22,000 personnel, restructuring of the Army divisions, stronger subnational security arrangements, and proposals for state police and forest guards.

In a separate interview, retired Maj.-Gen. Adeyinka Famadewa, Special Adviser to the President on Homeland Security, told the News Agency of Nigeria( NAN), that Nigeria was moving from a capability-driven to a threat-driven security strategy.

According to him, such assessment would identify the country’s major threats, determine existing capability gaps, and prioritise resources for addressing them.

‘The national security strategy document, I know, is a draft review, but this is what we’re trying to do, like I said during the engagement, meant that we are moving from capability-driven to threat-driven.

‘Defense is a very expensive venture. So, you need to prioritize,’ Famadewa said.

He explained that the process would involve developing a five-year framework for acquiring critical capabilities while strengthening Nigeria’s domestic defence-production capacity.

‘Also, that government would review previous assumptions about security and develop new approaches to ensure the safety of Nigerians.

‘We are bringing out new methods of achieving the objective of ensuring that every Nigerian is safe and Nigeria prospers,’ he added.

He reiterated that government could not guarantee national security alone, while urging citizens to remain vigilant and support security agencies with useful information.

The court also ordered the companies to pay N200, 000, 00 for each of the day they had committed the offence.

By Ayorinde Oluokun

A Federal High Court in Lafia Nasarawa State has ordered 21 companies to pay a fine of N30 million each for operating investment schemes without licenses from Security and Exchange Commission, SEC.

The presiding judge, Justice Anyalewa Onoja-Alapa gave the order after convicting each of the 21 companies on a one-count charge bordering on illegal operation, contrary to Section 57 (1) of the Banks and Other Financial Institutions Act of 2020 filed against them by Economic and Financial Crimes Commission, EFCC,

The Abuja Zonal Directorate of the EFCC filed the charge against the companies on September 15, and 16, 2026, Dele Oyewale, the spokesperson for the anti-graft agency said in a statement.

The companies are: Ngwuoke Daniels Technologies, ?Credio Banco Ltd; ?Digital Company Ltd; ?Co Request Capital Nigeria Ltd; ?Mega Drop Quality Stores Ltd; ?Norland Global Ltd; Oxford International; Creative Agriculture Cooperative; Qnet Nigeria Ltd; Qnet ProfessionAl Skill Academy Ltd and ?Mastermind Energy and Agro Nigeria Ltd.

Others are: Atus West Africa Investment Company; ?Eatrich360 Farms; ?Matag Agro General Services; Viables X Agribusiness Ltd; ?Kwakol Markets Ltd; ?Light Shade International Ltd; Value Growth Ltd; B12 Synergy Nigeria Ltd; ?Phresh Farm Ltd and Omega Pro Global Resources.

The charge against Megadrop Quality Stores Limited reads: ‘That you, Megadrop Quality Stores Limited, a body corporate, registered with the Corporate Affairs Commission, sometime in 2025, at Abuja within the jurisdiction of the Federal High Court of Nigeria, did engage in specialized business of other financial institution without valid licence to wit: advertising and operating a financial investment management without valid licence from the Securities and Exchange Commission; and you thereby committed an offence, contrary to Section 57(1) of the Banks and Other Financial Institutions Act, 2020 and punishable under Section 57(5)(a) of the same Act.’

The charge against Ngwuoke Daniels Technologies reads: ‘That you, Ngwuoke Daniels Technologies, a body corporate, registered with the Corporate Affairs Commission, sometime in 2025, at Abuja within the jurisdiction of the Federal High Court of Nigeria, did engage in specialized business of other financial institution without valid licence to wit: advertising and operating a financial investment management without valid licence by the Securities and Exchange Commission; and you thereby committed an offence, contrary to Section 57(1) of the Banks and Other Financial Institutions Act, 2020 and punishable under Section 57(5)(a) of the same Act.’

The representatives of all the companies were absent when the charges were read, and upon application by the prosecution counsel, Nasir Umar, the court entered a ‘not guilty’ plea on behalf of the companies and commenced trial.

The prosecution counsel relied on the witnesses and documents contained in the proof of evidence, in proving his case against the companies.

He further tendered intelligence reports, statements of the investigating officers, letters of investigation activities, response from CAC, and response from SEC in evidence against the companies.

Following the presentations of the prosecution counsel, Justice Onoja-Alapa convicted and sentenced the companies to N30 million fine each. In addition, she ordered them to pay N200, 000, 00 (Two Hundred Thousand Naira), for each of the day, they had committed the offence.

The companies were prosecuted following actionable intelligence available to the Commission that linked them to investment fraud and operating without license.

In the course of the investigations, the Commission invited the promoters of the companies for interrogation on December 22, 2022 and further interrogation on Thursday 12, January, 2023, which they all ignored. Over a period of five years, they evaded interrogation by the Commission, prompting the prosecution of the companies.