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.
Business
CBN Orders Assets Of 6 Persons And 4 BDC Frozen Over Terrorism Financing
The Central Bank of Nigeria, CBN has directed banks, payment service banks, and other financial institutions to immediately freeze all accounts, assets, and transactions linked to six individuals and four Bureau de Change, BDC operators designated for terrorism financing.
The directive was contained in a circular dated June 24, 2026 (Ref:CMD/FCS/PUB/CIR/002/011).
According to the apex bank, the latest update to the Nigeria Sanctions List, effective June 18, 2026, is binding on all regulated institutions and requires immediate implementation.
The CBN directed financial institutions to “identify and immediately freeze, without prior notice, all funds, assets, and other economic resources belonging to, owned, held, or controlled, directly or indirectly, by the designated persons and entities.”
This comes after the United States Department of the Treasury’s Office of Foreign Assets Control OFAC, announced the sanctions on a Nigerian, Mukhtar Adamu, and three bureau de change companies over their alleged involvement in financing the terrorist group Islamic State West Africa Province (ISWAP).
In a followup, the Nigerian government released the names of six persons and three entities sanctioned for terrorism financing.
The Federal Government list indicated Ibrahim Yakubu Ogirima, Adamu Chiroma, Ibrahim Abubakar, Abdullahi Umar Usman, Babangida Muhammed, Adamu Hammajam, Abbal Bako & Sons Bureau De Change Limited, Generation Currency BDC Limited, and Nine to Nine BDC Limited.
Reacting to the development, the president of the Association of Bureau De Change Operators of Nigeria, Aminu Gwadebe, said the indictment should not rob all BDC operators in Nigeria.
“The overwhelming majority of licensed BDC operators comply with Nigerian laws and regulatory requirements,” he said.
Business
FG Ponders Tight Cashless Policy To Curb Kidnappings
The federal government is considering the reinvigoration of the cashless policy as part of broader efforts to curb the rising wave of kidnappings and related criminal activities across the country.
The consideration of strengthening the policy comes amid intensified efforts by security agencies to dismantle kidnapping syndicates and cut off their sources of funding, as authorities continue to seek sustainable solutions to the country’s security challenges.
Report quoted top security sources as mentioning that senior government officials have advised authorities at the highest level to tighten the policy, which is being viewed as one of the strategies to disrupt the operations of kidnappers, bandits and other criminal groups.
According to the sources, the move is intended to make it more difficult for criminals to receive ransom payments, which are often demanded and collected in cash to avoid detection.
One of the sources said: “Criminals prefer to receive ransom payments in cash because the money cannot be traced. Once ransom is paid through the banking system, it becomes easier to track them.”
Introduced in 2011, the policy was strengthened and made stricter in December 2022. However, after 2023, many of the stricter guidelines were relaxed.
The source further stated that security agencies believe a stricter cashless regime would strengthen intelligence gathering and improve law enforcement’s ability to monitor suspicious financial transactions linked to kidnapping networks.
Business
Nigeria’s Inflation Rate Rises For 3rd Consecutive Month
Nigeria’s inflation rose for the third consecutive month to 15.93 percent in May 2026 from 15.69 percent recorded in April.
The National Bureau of Statistics disclosed this in its Consumer Price Index and inflation data released on Monday.
This means that in May, the country’s inflation rose on a month-on-month basis by 1.75 percent.
Also, the report showed that food inflation also skyrocketed to 16.96 percent in May, up from 16.06 percent recorded the previous month.
“In May 2026, the headline inflation rate on a month-on-month basis was 1.75 percent, which was 0.39 percent lower than the rate recorded in April 2026 (2.13 percent).
On a year-on-year basis, the headline inflation rate rose to 15.93 percent, up from 15.69 percent in April 2026 and down from 26.06 percent in the same month of the preceding year (May 2025).
“The Food inflation rate in May 2026 on a month-on-month basis was 2.98 percent, down by 0.65 percentage points from April 2026 (3.63 percent). On a year-on-year basis, it was 16.96 percent and stood at 24.55 percent in the same month of the preceding year, May 2025”.
Recall that the headline inflation rate dropped in March and April, respectively even as the Central Bank of Nigeria retained the country’s interest rate 26.50 percent in its 305th Monetary Policy meeting.
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