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Reasons President B.A Tinubu ‘ll continue to strengthen National Drug Law Enforcement Agency (NDLEA) – NSA Ribadu, AGF Fagbemi

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The National Security Adviser Mallam Nuhu Ribadu has said that the administration of President Bola Ahmed Tinubu will continue to strengthen the National Drug Law Enforcement Agency (NDLEA) because of its strategic value to the success of the country’s national security architecture.

The NSA stated this in his remarks at the commissioning of 46 new vehicles distributed to strategic commands and formations of NDLEA on Wednesday 13th August 2025 at the Agency’s national headquarters in Abuja where he also commended the Chairman/Chief Executive Officer, Brig Gen Mohamed Buba Marwa (rtd) and his team for their sustained commitment, discipline and energy in transforming the NDLEA into a result-oriented force against one of the most destabilising threats to Nigeria’s national well-being: illicit drugs.

In his words, “I commend the Chairman, General Mohamed Buba Marwa, for his discipline, commitment, and transformative leadership. Under his watch, NDLEA has become a result-oriented force addressing the grave threats posed by illicit drugs that undermine our national security, social stability, and public health.

“This event is not just about commissioning vehicles, without the mobility to swiftly reach danger points, intercept traffickers and move resources where they are most needed, our fight is severely constrained. The link between drug trafficking and insecurity is systemic. Criminal gangs thrive on drug profits, Insurgents and armed groups fund their activities with it. Countless young Nigerians fall victim to addiction, with devastating consequences for families and communities.

“This is why the renewed Hope Agenda of Mr. President Bola Ahmed Tinubu prioritizes drug control as a pillar of our national security strategy. The President’s unwavering support through funding, inter-agency cooperation, and policy alignment has directly enabled today’s milestone.

“These vehicles will be deployed nationwide to amplify NDLEA’s operational presence, strengthen deterrence, and ensure that no trafficker escapes justice. As the lead agency for drug control, arrest, seizure, and investigation and prosecution, NDLEA will continue to receive the full backing of the Office of National Security Adviser, which will also coordinate its efforts with other security and regulatory agencies, including the National Police Force, Nigerian Customs Service, NAFDAC.

He challenged NDLEA officers to view the commissioning as a call to action: to do more, remain vigilant, act within the law and uphold the highest standards of professionalism. ““The NDLEA is not only building lives, but also restoring dignity and shaping national policy. In light of the pandemic, this commissioning is a call to action. Use these resources responsibly, act within the law, and remain vigilant.”

In his welcome address, the Chairman/Chief Executive of NDLEA said the event is symbolic of the continuous effort to reposition the Agency as a modern, efficient and respected organization as well as a reflection of the sustained commitment of the President Bola Ahmed Tinubu’s administration to equipping institutions that stand on the front line of the country’s national security and public health.

“To that extent, today’s event is a milestone, as NDLEA is now counted among a distinguished group of security and drug law enforcement agencies around the world that are not only visible in their operations but equally respected and making impacts”, Marwa noted.

He expressed appreciation to President Tinubu for his unwavering and strategic support for the Agency. “The procurement of these vehicles was made possible by the fiscal backing of this administration, which continues to demonstrate strong resolve in addressing the root causes of insecurity and social dislocation. Under the Renewed Hope Agenda, the President has prioritised national stability, institutional reform and the safety of every Nigerian life. That trust motivates us to deliver even more”, he stated.

While explaining the importance of the fight against substance abuse and illicit drug trafficking to national security, Marwa said “We know from both intelligence and experience that drug abuse and trafficking are central to many security challenges in the country. The link is undeniable: kidnapping, armed robbery, insurgency and cult violence are all fuelled by illicit substances. Drug trafficking emboldens perpetrators, strips away moral restraint and replaces hope with recklessness. No serious approach to national security can ignore drug control, and this is why we pursue our mandate with focus, determination and the results are there to show.”

He noted that in just two years of President Tinubu’s administration, the NDLEA has achieved significant results. “We have arrested 40,887 drug offenders, including 45 drug barons leading to the seizure of over 5.5 million kilograms of assorted illicit substances, all recovered from our streets, communities, warehouses, border routes and ports nationwide, with 704.445 hectares of cannabis farms, hidden deep in forests, destroyed. We have equally secured the conviction of 8,682 traffickers and kingpins alike, ensured their assets forfeitures to the Federal Government through the court process, thus sending a clear message that drug crimes attract legal consequences.

“Equally important is the fact that 24,173 drug users have been treated and rehabilitated in our 30 rehab centres located across the country while 8,698 War Against Drug Abuse (WADA) sensitisation activities aimed at preventing people from going into substance abuse were carried out in schools, worship centres, work places, motor parks, and communities among others within the same period. These clearly created a fair balance between our drug supply reduction and drug demand reduction efforts.”

He said the achievements of the past two years reflect both the resilience of the Agency’s personnel and its growing capacity. While noting that the fight against illicit drugs is far from over, the NDLEA boss said the “illicit drug economy continues to evolve, exploiting vulnerable youths, porous borders and sometimes complicit actors. To remain effective, our response must also evolve – with sharper intelligence, stronger community engagement and, critically, improved mobility and logistics.”

In his remarks, Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN commended President Tinubu for making the achievements recorded by the leadership of Marwa at the NDLEA in the past two years possible. According to him, “Without an understanding President, it would be very difficult to have this type of gathering today. So, my first appreciation goes to him. There is a very, very close nexus between drug trafficking and all the crimes that we have.

“The Chairman has chronicled some of the effects of these illicit drugs. They embolden criminals. And when the thing wears off, then you discover that they are just ordinary mortals like you and I. And that is why attention ought to be given to this fight against illicit drugs. And when I follow NDLEA activities; the arrests, the fights they put on, you know, I’m always very happy. The credit, of course, goes to the leadership by Gen Marwa.

This is not your first time of doing this. You have done it elsewhere and you are doing it again. I’m always very pleased.

“And you know, of course, my position when it comes to NDLEA, whenever we are asked to showcase our report card, I’m very quick to say put NDLEA first. This is what you have done. So, I’m happy about what you are doing. And the morale of the staff you are boosting is very important. If there is no morale booster, you can’t get anything done.”

Also speaking, the Chief of Defence Staff, General Christopher Musa said “the NDLEA has consistently demonstrated courage, professionalism and resilience in confronting the threats posed by drugs and substance abuse in very challenging circumstances. The procurement of these operational vehicles is therefore a significant boost to the Agency’s operational response capability and overall effectiveness in the fight against drug trafficking and substance abuse. It is my firm belief that this investment will translate to greater deterrent to those who seek to profit from this destructive trade.”

In his goodwill message at the occasion, the Director General of the Bureau of Public Procurement, Dr. Adebowale Adedokun congratulated President Tinubu for putting the likes of Marwa in positions of leadership in various agencies. He said the event is a testament to Marwa’s leadership style and belief in Nigeria.

“Today marks a remarkable event in our lives. BPP is a worthy partner of NDLEA. The vehicles you see today were thoroughly done through due process. In fact, I am going to say NDLEA, for me, is an example for other agencies of government. So, I congratulate the entire management of NDLEA for leading the way. We can testify to you that these vehicles have gone through standardizations and they are meant for fit, for purpose.

A total of 38 SUVs were distributed to Zonal Commands, Strategic Commands and State Commands across the country while 10 sedan cars were given to 10 directorates.

No fewer than 15 newly promoted Commanders of Narcotics (CN) were decorated with their new rank of Assistant Commander General of Narcotics (ACGN) by the NDLEA boss at the end of the ceremony.

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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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