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One Man Registers 5 Firms Within 48Hours, Secures Inflated N3.4Bn Nigerian Police Contracts Through 366 Payments, Supplying Sardines At ₦8,600 Per Tin, Others

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According to the investigation, five companies — Akulight Technologies Limited, Mag-Tram Systems Limited, Drip-CHS Tech Nigeria Limited, Elapsotic Ventures Limited, and Danlokey Systems Limited — were registered with the CAC between January 3 and 4, 2023.

A SaharaReporters investigation has exposed how a man registered five companies with the Corporate Affairs Commission (CAC) within two days and then used those companies, alongside three others he had earlier registered, to win suspiciously inflated contracts from the Nigeria Police Force led by Kayode Egbetokun.

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According to the investigation, five companies — Akulight Technologies Limited, Mag-Tram Systems Limited, Drip-CHS Tech Nigeria Limited, Elapsotic Ventures Limited, and Danlokey Systems Limited — were registered with the CAC between January 3 and 4, 2023.

Danlokey Systems Limited was registered on January 4, 2023. Elapsotic Ventures Limited was registered on January 3, 2023. Drip-CHS Tech Nigeria Limited was registered on January 4, 2023. Mag-Tram Systems Limited was registered on January 3, 2023.

Akulight Technologies Limited was registered on January 3, 2023. All five companies are owned by one man: Oranyedu Chukwudi Samuel.

Danlokey Systems Limited, Drip-CHS Tech Nigeria Limited, and Mag-Tram Systems Limited operate from the same address — Plot D45H, SCC Road, Usafa Plaza, Abuja, FCT. Meanwhile, Akulight Technologies Limited and Elapsotic Ventures Limited both operate from No. 20, Area 1 Shopping Complex, Shop S5H, Ground Floor, Abuja, FCT.

Apart from the five companies registered between January 3 and 4, 2023, he also deployed three others he had registered earlier — Chumchuks Investment Limited, Olycee Ventures Limited, and Waves Fulfillment Limited — to win contracts from the Force.

Investigations show that the five companies registered between January 3 and 4, 2023, subsequently received 366 payments between August 30, 2023, and December 30, 2024. The payments totaled approximately N3.4 billion.

The breakdown shows that Elapsotic Ventures received a total of N820.5 million across 91 payments between August 30, 2023, and December 30, 2024.

Akulight Technologies Limited was paid N590.5 million across 71 payments by the Nigeria Police from August 30, 2023, to December 30, 2024.

Danlokey Systems Limited received N753.1 million in 70 payments between August 30, 2023, and December 30, 2024. Drip-CHS Tech Nigeria Limited received N580.3 million, broken down into 56 payments between August 30, 2023, and December 30, 2024.

Further review shows that Mag-Tram Systems Limited received N693.8 million in 78 payments between August 30, 2023, and December 30, 2024.

In total, the five companies registered with the CAC on January 3 and 4, 2023, by Oranyedu Chukwudi Samuel received payments worth about N3.4 billion — all between August 30, 2023, and December 30, 2024.

Several specific payments and items stand out.

On August 30, 2023, Akulight Technologies received N8.6 million for the supply of canned baked beans as consumables and logistics requirements for personnel deployed to carry out security operations and intelligence gathering in Borno State.

On October 5, 2023, the police paid N8.6 million to Akulight for 25 cartons of canned beef and other consumables. On October 26, 2023, another N8.6 million was paid to Akulight for 20 cartons of canned beef and other consumables.

On December 12, 2023, Akulight was paid N8.6 million for 30 cartons of Hobnobs biscuits, which implies each carton cost N286,666. On December 11, 2023, Akulight received N8.6 million for 20 cartons (50 pieces per carton) of Titus sardines — valuing each carton at N430,000, or N8,600 per tin.

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SaharaReporters’ checks show that a standard carton of Titus sardines (50 pieces) costs about N75,500–N87,000 on commercial platforms — far lower than the N430,000 per carton the Nigeria Police paid. One unit of Titus sardine is sold at about N1,990 on Supermart, compared with the N8,600 per tin the police paid to Akulight Technologies.

On December 26, 2023, the police paid N8.6 million to Akulight for 12 cartons of Geisha sardines — N716,666 per carton. On the same day, another N8.6 million was paid for 10 cartons of Geisha, valued at N860,000 per carton. A further N8.6 million was also paid for 14 cartons of Geisha sardines.

On April 4, 2024, the police paid N8.7 million for 30 cartons of Owen Rich biscuits, amounting to N290,866 per carton. The police also made payments such as N8.2 million for cartons of Milo (10 sachets × 24).

Further review shows that, in total, the Nigeria Police Force spent N22.282 million on 85 cartons of Cream Crackers biscuits. The payments were made in three tranches: N8.136 million on August 30, 2023; N7.073 million on October 4, 2023; and N7.073 million on October 26, 2023 — an average cost of N261,717 per carton.

Also, on November 8, 2023, a sum of N7.9 million was paid for 25 cartons of Titus sardines. On December 26, 2023, another N8.6 million was spent as payment for 15 cartons of corn flakes.

One of the many contracts awarded included the supply of 12 cartons of Ovaltine tea at the rate of N8.2 million. The payment was made on April 17, 2024, meaning each carton cost N683,333.

A previous SaharaReporters review of the public payments portal, Govspend, revealed that the Force paid N13.3 million for 24 packs of toilet rolls. According to the records, the money was paid in two tranches between April and July 2023 for Carla Rose toilet rolls.

On April 21, 2023, the police paid N6.558 million to Waves Fulfillment Limited for 12 packs of toilet rolls (Carla Rose, 48 rolls per pack). On July 27, 2023, another payment of N6.8 million was made to the same company for “12 pkts of toilet rolls (Carla Rose 48 each per packet).”

This means that between April 21 and July 27, 2023, the police spent a total of N13.3 million on 24 packets of Carla Rose toilet rolls.

The records also show N6.852 million paid on July 27, 2023, and N7.6 million paid on April 5, 2024, both to Waves Fulfillment Limited.

On November 13, 2024, the police paid N8.023 million to Chumchuks Investment Limited for one carton of powdered Peak Milk

The next day, the same company received another N8.023 million for the same purpose. On October 24, 2024, Olycee Ventures Limited was paid N8.6 million for 10 cartons of powdered Peak Milk.

Elapsotic Ventures Limited received N8.5 million for 11 cartons of powdered Peak Milk. Drip-CHS Tech Nigeria Limited got N8.7 million for 10 cartons of powdered Peak Milk.

On October 26, 2023, N7.9 million was paid to Mag-Tram Systems Limited for the supply of canned beef. On December 12, 2023, N7.5 million was paid to Mag-Tram for 20 cartons of Titus sardine. On December 26, 2023, another payment of N8.7 million was made for 10 cartons of Hobnobs biscuits.

Beyond the clear issues of contract inflation, it remains unclear why police authorities split the contracts into multiple payments to multiple companies — all owned by the same person.

The Nigerian Public Procurement law, in Part IV, 16(d) states that: “All Procurements must be done in a manner which is ‘transparent, timely, equitable for ensuring accountability.’” It was also stated in 16(e) that contracts should be awarded to achieve “value for money and fitness for the purpose.”

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SaharaReporters’ findings raise serious questions about procurement oversight, possible conflict of interest, and value-for-money standards in the Force’s contracting processes.

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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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