Business
After Plea Bargain, Court Discharges Stella Oduah of ₦2.5bn Fraud
Justice Hamza Muazu of the Federal Capital Territory High Court has discharged a former minister of aviation, Stella Oduah, of a ₦2.5 billion fraud charge.
The court also discharged Gloria Odita, a former aide to Oduah.
Justice Muazu ordered their discharge after the prosecution said it had discontinued the case against them based on a plea bargain agreement reached by the parties.
The prosecution, however, retained two companies linked to the former minister — Sobora International Limited and Global Offshore and Marine Limited — as defendants in an amended charge.
Counsel for the Federal Government, Rotimi Oyedepo, said the prosecution reviewed the case in light of the agreement and proceeded against the companies, which were accused of benefiting from the alleged fraud.
In the amended two-count charge, Sobora International Limited was accused of being unlawfully in possession of ₦838 million, while Global Offshore and Marine Limited allegedly possessed ₦1.629 billion.
Following a guilty plea entered on behalf of the companies, Oyedepo urged the court to convict them and order their winding up.
He also asked the judge to order the forfeiture of ₦1.2 billion paid as restitution, contained in a bank draft submitted before the court, as well as ₦780 million recovered during the investigation.
Counsel for the defendants, Onyechi Ikpeazu and Wale Balogun, did not oppose the application.
In his ruling, Muazu convicted the two companies based on their guilty plea and ordered that they be wound up.
He further directed that the ₦1.2 billion restitution and the ₦780 million recovered during the investigation be forfeited to the Federal Government.
The judge also struck out the earlier charge dated October 13, 2025, which included Oduah and Odita as defendants, effectively discharging both of them from the case.
Oduah and Odita were arraigned in December 2025 by the Office of the Attorney-General of the Federation on a five-count charge bordering on alleged fraud, obtaining by false pretence, and criminal breach of trust.
The prosecution had alleged that the defendants conspired in January 2014 to obtain ₦2.4 billion from the Federal Ministry of Aviation through Broad Waters Resources Nigeria Limited and Global Offshore Marine Limited under alleged fraudulent claims.
The offences were said to contravene Sections 8(a) and 1(1)(a) of the Advance Fee Fraud Act and are punishable under Section 1(3).
The defendants had initially pleaded not guilty before the plea bargain was reached.
Business
MTN Adamant As Airtime Lending Restored By Telecom Operators
Telecommunications subscribers across Nigeria have regained access to emergency airtime lending services as major operators, Airtel and Glo, quietly restored the platforms following the suspension of the controversial Digital, Electronic, Online or Non-Traditional Consumer Lending, DEON, Regulations 2025 by the Federal Competition and Consumer Protection Commission, FCCPC.
The development comes amid mounting legal pressure on the Commission after a Federal High Court sitting in Lagos ordered a halt to the enforcement of the regulations pending the determination of a suit challenging its powers over telecom-based airtime advances.
Confirming the restoration of the services, Chairman of the Wireless Application Service Providers Association of Nigeria, WASPAN, Ayo Stuffman, disclosed on Monday that the platforms had resumed operations on both networks.
“As we speak, the services in question are already active on Airtel and Glo,” he said.
The return of the services has brought relief to millions of subscribers who depend on emergency airtime credit for daily communication and small-scale business operations.
Industry estimates put the annual airtime lending market at over ₦400 billion.
The FCCPC had earlier moved to regulate airtime lending platforms under the DEON Regulations 2025, insisting that such services fall within the scope of digital consumer credit and therefore require oversight to protect users from alleged abuses, including data privacy violations and unfair lending practices.
The Commission claimed it had received more than 11,000 consumer complaints linked to digital lending operations.
However, the enforcement triggered resistance from stakeholders in the telecommunications ecosystem, particularly WASPAN and other operators, who argued that airtime advances are telecom value-added services and not conventional consumer loans.
The legal dispute escalated after Justice A. Allagoa of the Federal High Court, Lagos, issued an order restraining the FCCPC from enforcing the framework, while Form 49 contempt proceedings were reportedly initiated against the Commission’s Executive Vice Chairman, Tunji Bello.
As at the time of putting this story together at about noon on Tuesday, MTN was yet to comply with the court order.
Business
Chinmamanda Ozoakpata Introduces New Children’s Benefits as Wema Bank One-Day MD/CEO
At Wema Bank, we have spent the last few years reimagining what Children’s Day can look like for Nigerian children.
What started as a celebration has evolved into an intentional platform designed to build confidence, encourage leadership, promote financial literacy and create meaningful opportunities for children across different age groups.This year, we have raised the bar even higher.
At Wema Bank’s Children’s Day Special Event held on Monday, May 25, 2026, our One-Day MD/CEO, Chinmamanda Diamond Ozoakpata, used her first official act in office to unveil a series of new initiatives designed to reward, educate and empower children through our Royal Kiddies account and ALAT Xplore platform.
From year-long cash rewards and celebrations of academic excellence to financial literacy materials and STEM challenges, here are the new incentives that were announced and how to qualify:1. Birthday Cash Gift (Royal Kiddies Account Holders)Wema bank is putting real money behind milestone birthdays. Active Royal Kiddies account holders turning 5 will receive ₦5,000, while those turning 10 will receive ₦10,000 automatically, as a birthday cash gift. The initiative runs from May 2026 to May 2027.

Importantly, active account holders who already turned 5 or 10 before May 2026 this year will also receive their reward this month.To qualify: Your child must hold an active Royal Kiddies account and be turning (or have turned) age 5 or 10 within the qualifying window.2. ₦100,000 Reward for Top Common Entrance Students (Royal Kiddies Account Holders)In a move that directly ties financial reward to academic achievement, Wema Bank will reward the top 100 students in the National Common Entrance Examination (NCEE) with ₦100,000 each. This initiative commences in June 2026.To qualify:
Your child must be among the top 100 performers in the NCEE and hold a Royal Kiddies account.3. Financial Literacy Book Launch – Money Adventures (Royal Kiddies Account Holders)Wema Bank officially launched Money Adventures, a financial literacy book created for children aged 6 and above, at the Children’s Day event.
Designed to make money conversations simpler and more engaging for young readers, the book introduces children to foundational concepts around saving, money management and responsible financial habits in a fun, age-appropriate way. To qualify: To receive a copy of this book, your child must hold an active Royal Kiddies account or have their Royal Kiddies account newly activated.4. Evolve School Tour STEM Challenge (ALAT Xplore Account Holders)The Bank also unveiled the Evolve School Tour STEM Challenge. Designed for secondary school students aged 13–17, the programme will run across six schools nationwide with existing STEM programmes. Through hands-on STEM competitions and school engagements, the initiative aims to promote innovation, technology awareness, financial literacy and responsible savings culture.
There will also be monetary prizes to be won at the end of the challenge.To qualify: Your child must be an ALAT Xplore customer, aged 13–17, and attend one of the participating schools with an active STEM programme.Over the last four years, Wema Bank has consistently treated Children’s Day as more than a calendar moment. From the One-Day MD/CEO initiative to school tours, leadership experiences and child-focused financial literacy campaigns, the Bank has continued to expand how it supports children meaningfully.
Yet, this is the first time the bank has included a Children’s Day initiative that runs for an entire year. Combine that with a six-figure academic reward, a published financial literacy resource, and a nationwide school tour, and it becomes clear: this is the most comprehensive, most impactful package of benefits Wema Bank has ever delivered to its youngest customers.
It signals a growing commitment by Wema Bank to create experiences for children that extend far beyond celebration and leave a lasting impact long after Children’s Day is over.
Business
NDLEA Busts Nigeria-Mexico Drug Syndicate, Seizes ₦480bn Drugs in Ogun
The National Drug Law Enforcement Agency has dismantled a transnational methamphetamine production syndicate jointly operated by a Nigerian drug cartel and Mexican collaborators, leading to the arrest of 10 suspects.
Also, illicit drugs and chemicals valued at over N480bn were recovered during the operation.
The Chairman and Chief Executive Officer of the NDLEA, Brig. Gen. Buba Marwa (retd.), disclosed this on Wednesday during a media briefing at the agency’s headquarters in Abuja.

Marwa said the operation, carried out by operatives of the agency’s Special Operations Unit, led to the discovery and shutdown of what he described as the biggest clandestine methamphetamine laboratory ever uncovered in Nigeria.
According to him, the laboratory was hidden in Abidagba forest in Ijebu East Local Government Area of Ogun State and was being operated by the Anochili Innocent Drug Trafficking Organisation.

He said the coordinated operation was conducted simultaneously in Ogun and Lagos states on Saturday, May 16, 2026, following months of intelligence gathering.
Marwa said, “Through a clinical, simultaneous operation executed by the elite operatives of our Special Operations Unit, we have successfully dismantled a sophisticated, transnational methamphetamine production syndicate run jointly by a Nigerian drug cartel and their Mexican counterparts.

“This network did not just traffic drugs; they were actively manufacturing industrial-scale quantities of highly lethal illicit substances right on our soil.”
He disclosed that seven members of the cartel were arrested at the forest laboratory, including three Mexican nationals allegedly brought into Nigeria to produce methamphetamine.
Marwa said the arrested Mexicans were identified as Martinez Felix Nemecto, 46; Jesus López Valles, 40; and Torrero Juan Carlos, 51.
According to him, Nigerian suspects apprehended at the site included Nwankwo Sunday Christian, 41; Igwe Abuchi Remijus, 42; Ifeanyichukwu Chibuike Joshua, 23; and Egwuonwu Uchenna Victor, 38.
Marwa added that another tactical team arrested the alleged kingpin of the cartel, Anochili Innocent, at his residence located at No. 8 Tafawa Balewa Street, Golf Estate, Lakowe, Lekki, Lagos.
According to him, a search of the residence led to the recovery of the passports and mobile phones of the arrested Mexican nationals, linking the suspect directly to their importation and activities in Nigeria.
He further revealed that follow-up operations on May 18 led to the arrest of another suspect, Kingsley Orike Omonughwa, 44, at another property linked to the cartel in Mayfair Estate, Lakowe, Lekki.
The NDLEA boss said operatives also raided the residence of another syndicate member, Emeka Nwobum, which allegedly served as the cartel’s stash house.
He said the total number of suspects arrested in connection with the syndicate had risen to 10, comprising the alleged baron, three Mexican nationals, and six Nigerian collaborators.
Marwa stated that the operation led to the recovery of 2,419.48 kilograms of methamphetamine and precursor chemicals.
“The operation yielded a massive 2,419.48 kilograms of chemical materials, including highly toxic, volatile, and crystallised methamphetamine worth $362,922,000 in the international market. This translates to over N480bn,” he said.
“Also recovered from the cartel include: a Toyota Tacoma vehicle used for operations at the clandestine meth laboratory, and a Toyota Highlander seized from the kingpin’s residence.
“To put this in perspective, the 2,419.48 kilograms of finished and liquid methamphetamine seized represents millions of street doses that would have flooded our local communities and international markets, causing untold destruction, psychosis, and violence,” he said.
Marwa warned that the NDLEA would continue to target drug cartels and their collaborators across the country.

“We are fully aware of the shifting tactics of these cartels, including the disturbing trend of hiring South American cartel specialists to set up production factories in our rural communities,” he said.
He urged Nigerians to remain vigilant and report suspicious activities in their communities, noting that the clandestine laboratory in Ogun operated under the cover of a regular farm.
This is came days after the operatives of the NNDLEA, Edo State Command, destroyed two cannabis farms in Ago Forest, Orhionmwon Local Government Area of the state.
The state commander, Mitchell Ofoyeju, in a statement on Monday, said the cannabis plantations had a yield of 1,388.42kg.
He added that four suspected drug traffickers were also arrested in the past one week.
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