Connect with us

Breaking News

Tsaragi Businessman Regains Freedom From Bandits In Kwara After Coughing Up N110million Ransom

Published

on

It was gathered that his release involved the payment of a N110million ransom just hours before a military operation. A businessman abducted last month from Tsaragi community in the Edu Local Government Area has regained his freedom, SaharaReporters has learnt.

It was gathered that his release involved the payment of a N110million ransom just hours before a military operation.

The victim, Suleiman Ndana, popularly known as “Manager,” was reportedly among the captives rescued by the Nigerian Army on Friday.

A friend of the victim, who spoke with NupekoTV and confirmed the development, detailed the desperate circumstances surrounding the ransom payment.

He noted that the bandits issued severe threats as Nigerian Army troops intensified operations in the forest.

According to the friend, the kidnappers were under extreme pressure and allegedly vowed that even if they released other hostages, they would specifically kill Ndana if the agreed ransom was not paid immediately.

Facing the intense ultimatum, Ndana’s family and associates decided to pay the N110million ransom at an undisclosed location.

The military’s aggressive sweep through the forest, which pressured the bandits into making the threat, ultimately led to Ndana’s recovery shortly after the ransom exchange.

“The pressure was too much and they decided to pay the ransom,” the friend told NupekoTV.

Mr. Ndana, who was kidnapped from his residence around midnight on September 28, 2025, is currently receiving medical treatment at the State Capital, Ilorin, to aid his recovery.

His release adds another success story to the military’s ongoing Operation FANSAN YAMMA in Kwara North, but also highlights the difficult moral and tactical dilemma faced by families who are forced to pay large sums under threat to secure their loved ones’ lives.

SaharaReporters on Friday reported that hundreds of residents, including youth and community leaders of Patigi Local Government Area in same Kwara State, took to the streets to protest the worsening state of insecurity that had left their communities in fear and their hospital without doctors.

The protesters, carrying placards and chanting solidarity songs, had gathered at the town center to express their frustration over what they described as unending killings and kidnappings that have plagued the area for months.

SaharaReporters reports that they accused the state government of neglecting the people of Patigi despite repeated appeals for intervention.

According to the demonstrators, the General Hospital in Patigi has been deserted by doctors who fled the town due to the escalating violence.

The protesters alleged that armed Fulani attackers had been terrorising their villages, making it unsafe for residents to go to their farms or move freely, especially at night.

They said they noticed new and unfamiliar faces among the Fulani settlers at Kara Market, sparking fears of more attacks.

Community elders, joining the youth in the protest, appealed to Governor AbdulRahman AbdulRazaq to take immediate action to restore peace and security in the area.

They warned that unless urgent steps were taken, the insecurity could lead to total economic collapse in Patigi and other parts of Kwara North.

They noted that anyone claiming that Kwara State is peaceful is not telling the truth. The youths lamented that they are being killed and kidnapped daily, while people are forced to pay ransoms worth millions of naira as their investments continue to perish.

They also criticised Senator Sadiq Umar, who represents Kwara North Senatorial District, accusing him of misrepresenting the situation before the Senate.

The demonstrators called for the relocation of the Kara Market, which they said has become a hub for suspicious activities, and demanded the deployment of more security personnel to patrol rural communities and forest areas where kidnappers are believed to be operating from.

Continue Reading

Breaking News

National Pension Commission (PenCom) changes price disclosure rule

Published

on

National Pension Commission (PenCom) has directed Pension Fund Administrators (PFAs) to discontinue the publication of daily unit prices for Retirement Savings Account (RSA) and Retiree Funds on their websites, replacing the requirement with a six-month disclosure of returns based on a three-year rolling average.

The directive was contained in a circular issued by the commission.

Under the new guideline, PFAs must stop implementing Section 2.0 (iv) of the Commission’s March 23, 2013 circular, which required them to display daily unit prices for the last seven days.

Instead, they are to publish on their websites the last six months’ rate of return — calculated as a 36-month compounded rolling average in line with the Circular for the Calculation and Reporting of Rate of Returns by Licensed Pension Fund Operators (LPFOs).

According to the commission, the rate of return must be clearly displayed on the homepage of each PFA’s website.

For instance, the six-month disclosure covering April to September 2025 would reflect the 36-month compounded returns ending in each of those months.

This has however raised transparency concerns in the pension industry.

The 2013 circular on Minimum Information to be displayed on PFA Websites formed part of PenCom’s transparency framework for the Contributory Pension Scheme.

The latest addendum modifies that requirement but does not remove PFAs’ obligation to disclose performance information.

Industry watchers say the development may reignite debate over the balance between long-term investment reporting and real-time transparency in Nigeria’s pension industry.

All enquiries on the addendum, the Commission said, should be directed to its Surveillance Department.

An industry analyst who does not want her name mentioned said the move could reduce contributors’ access to real-time performance data.

She said: “Daily unit prices allowed RSA holders to independently track short-term movements and detect fluctuations in fund valuation.

“With only a three-year rolling average now required, contributors will no longer see recent performance in isolation”, she noted.

The analyst added that while pension funds are long-term vehicles, removing daily disclosure raises concerns about information asymmetry.

“PFAs will still compute daily valuations internally. The issue is whether contributors should be denied access to data that already exists,” the analyst said.

However, another pension expert defended the directive, noting that pensions are structured for long-term accumulation and should be assessed over extended periods.

“A 36-month rolling average smooth’s out short-term volatility and provides a more accurate reflection of sustained performance,” the expert said, warning that excessive focus on daily fluctuations could encourage reactionary fund switching.

Continue Reading

Breaking News

Dollar rises in black market on Monday, traders quote new exchange rate

Published

on

Dollar edges higher against the naira in black market trading Dollar edges higher against the naira in black market trading

The United States dollar at the parallel market increased in value on Monday, Febuary 23 with traders quote at N1,375/$ as the new selling exchange rate.

The new rate is a slight depreciation for the naira when compared to N1,343 a dollar market closed on Friday, February 20, 2026.

Abdulahhi, a forex dealer, told Legit.ng that the new exchange rate follows renew demand in the market.

“I am currently selling dollars at N1,375/$1 and buying at N1,355/$1. The pound is trading at N1,845 to sell and N1,805 to buy, while the euro is also moving steadily in the market.

“It seems this week the dollar will return to over N1,400. I have been getting a lot of request.”

The fall of the naira comes as BDC operators continue to face difficulties in accessing dollars from commercial banks.

BDCs can get dollar

The apex bank had previously issued a circular allowing licensed BDCs to access foreign exchange through authorised dealers at the prevailing market rate.

Under the directive, each BDC is permitted to purchase up to $150,000 weekly, subject to Know Your Customer (KYC) requirements and due diligence checks, Punch reports.

Leadership reported that despite a policy announcement, some operators disclosed that no transactions have been completed under the new arrangement.

A BDC operator, who requested anonymity, said the directive remains largely unimplemented. According to him, the circular provides that disbursements will be made through settlement accounts, a provision that has raised operational concerns.

He questioned the feasibility of seamless, real-time transfers between domiciliary accounts across different banks, noting that such infrastructure may not yet be fully in place.

The operator added that while commercial banks appear supportive of the policy, many are still developing internal processes to align with the CBN’s directive.

He explained that BDCs are required to submit bid orders through their banks, which would then access the market on their behalf.

Naira in the official market

Meanwhile, in the Nigerian Foreign Exchange Market (NAFEM), the naira closed against the US dollar on Friday, February 20 at N1,346.32/$1 from N1,341.35/$1 a day earlier.

At the GTBank FX desk, the naira weakened by N7 against the dollar to quote N1,356/$1.

Continue Reading

Trending

Copyright © 2026 Naijacoaded | All Right Reserved | Powered by Naijacoaded.com |