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Enugu State Police Command dismantle armed robbery, cult networks, arrest 13 in Enugu

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The Enugu State Police Command has intensified its fight against violent crimes with the arrest of thirteen male suspects involved in conspiracy, armed robbery, unlawful possession of firearms, and cult-related activities. These arrests, made during a series of recent tactical and intelligence-guided operations, also resulted in the recovery of firearms, vehicles, and other incriminating evidence.

On July 30, 2025, at about 3:40 a.m., operatives of the Anti-Cultism Tactical Squad, acting on the confessional statement of one Ekene Akpata, also known as Odumodu, a 35-year-old male who is under investigation for conspiracy, armed robbery, unlawful possession of ammunition, and cultism, stormed Oyofo-Oghe in Ezeagu LGA of Enugu State.

The operation led to the arrest of three additional suspects: Ebuka Odinko, aged 35; Chiemerie Amano, aged 25; and Onyebuchi Onyekwere, aged 24. Preliminary investigations reveal that they are members of the Vikings Confraternity and have been involved in a series of armed robbery incidents during which they dispossessed residents of their valuables.

Similarly, based on the confessional statements of two suspects, Okechukwu Ogbonna, aged 65, from Isuikwuato LGA of Abia State, and Ezeonuji Charles, aged 52, from Aguata LGA of Anambra State, who are currently under investigation for conspiracy and armed robbery, operatives of the same Anti-Cultism Tactical Squad conducted a tactical operation in Port Harcourt, Rivers State, between July 23 and July 28, 2025. The operation led to the arrest of two more suspects: Udofia Richard, aged 43, from Nkimitam in Itu LGA of Akwa Ibom State, and Richard Arinzechukwu Nwaomu, aged 32, from Ezinihitte Mbaise in Imo State. Two suspected stolen vehicles were recovered from them: a red Toyota Camry XLE with registration number YEN 221 AG and an ash-coloured Kia Soul with registration number PHC 845 AE.

In another operation carried out on July 21, 2025, the same Anti-Cultism operatives arrested three male suspects: Stephen Chidiebere, also known as Shaggy, aged 42; Arinze Udeh, also known as Anonymous, aged 30; and Onuigbo Kingsley, aged 49, in Umuasi Ngwo, Udi Local Government Area. The operatives also recovered a cut-to-size double-barreled gun. Their arrest followed the earlier apprehension of a 31-year-old male suspect, Ikemefuna Ani, also known as Majority, who had been arrested in connection with a case of conspiracy, armed robbery, unlawful possession of firearms, and cultism. Preliminary investigations link these suspects to the Black Axe Confraternity.

In a separate operation conducted on July 15, 2025, at about 10:20 a.m., police operatives attached to the Ogui Division of the Command, working in synergy with the Neighbourhood Watch Group, arrested a 30-year-old armed robbery suspect, Ifeanyi Ede, and recovered a pistol-like object, later identified as a Spark-L electronic gas lighter. Armed with the object, the suspect and his fleeing male accomplice had, at about 2:20 a.m. on the same day, robbed a taxi driver of ₦30,000 cash, his vehicle key, a mobile phone valued at ₦17,000, and his bank ATM card. The suspects had boarded the taxi from Independence Layout to Ogui, Enugu. On arrival at their destination, they used the fake gun to rob the driver. However, the operatives promptly arrested Ede and recovered the robbed phone, while his accomplice fled. Investigations are ongoing to apprehend the fleeing suspect.

All cases are under active investigation, and efforts are being intensified to arrest the remaining suspects still at large. However, the cases will be charged to court once the investigations are concluded.

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National Pension Commission (PenCom) changes price disclosure rule

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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.

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

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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.

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