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60 Million Nigerians Engage Daily in Gambling Activities

Agama raised concerns over the alarmingly low participation of Nigerians in the traditional capital market, revealing that fewer than 4 per cent of the country’s adult population are active investors.

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•SEC DG, Dr. Emomotimi Agama.

More than 60 million Nigerians engaged daily in gambling activities, spending an estimated $5.5 million every day.

This was disclosed by the Director-General of Securities and Exchange Commission (SEC), Dr. Emomotimi Agama.

Agama made the revelation in a lead paper, titled “Evaluating the Nigerian Capital Market Master plan 2015-2025,” presented during the annual conference of the Chartered Institute of Stockbrokers.

He said, “This reveals a paradox, a risk appetite clearly exists, but not the trust or access to channel that energy into productive investment.”

He disclosed that over $50 billion worth of cryptocurrency transactions flowed through Nigeria between July 2023 and June 2024, underscoring the sophistication and risk tolerance of investors that the traditional market has yet to capture.

Agama raised concerns over the alarmingly low participation of Nigerians in the traditional capital market, revealing that fewer than 4 per cent of the country’s adult population are active investors.

He described the low participation rate as a major impediment to economic growth and capital formation.

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Nigerian Court Fines Indian Sailors $6million for cocaine shipment

The 1st defendant, which is the vessel, is to pay restitution to the Federal Republic of Nigeria in the sum of Five Million Three Hundred Thousand US dollars ($5,300,000) or its equivalent in Naira.

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A Federal High Court in Lagos today convicted and fined eleven Indian sailors a total of Six Million US Dollars ($6million for importation of 31.5 kilograms of cocaine from Marshall Islands into Nigeria through the Apapa seaport in Lagos.

They were arrested by operatives of the National Drug Law Enforcement Agency (NDLEA) six months ago.

In a statement by Femi Babafemi Director, Media & Advocacy NDLEA Headquarters Abuja, said that the agency took into custody the Indian crew members and their merchant vessel, MV Aruna Hulya, following the discovery of 31.5 kilograms of cocaine in hatch 3 of the ship by NDLEA operatives at the GDNL terminal, Apapa port Lagos on Friday 2nd January 2026.

The Master of the Vessel, Sharma Shashi Bhushan and 10 other crew members, namely: Bharati Manoj Kumar; Nevage Sandesh Suresh; Pandey Prashant; Nuttu Anand; Akash Babu; Nilesh Mukuno Bhalerad; Melethil Insaf Rahman; Barla Chantanya Krishna; Prabhasukhan Singu; and Jai Parkash were eventually arraigned on two counts charge in suit number FHC/ L/56C/2026 before Joseph Chukwujekwu Aneke of the Federal High Court, Lagos.

After months before the court, the trial judge on Thursday 11th June 2026 delivered his ruling on plea bargain terms filed by the prosecution and defence in the case.

As a result, all 12 defendants were convicted under Section 25 of the NDLEA Act and sentenced to pay the sum of 100,000 Naira each which is the penalty for the offence under the Act. ⁠

In addition, the 1st defendant, which is the vessel, is to pay restitution to the Federal Republic of Nigeria in the sum of Five Million Three Hundred Thousand US dollars ($5,300,000) or its equivalent in Naira.

The three principal officers of the vessel who are the 2nd, 3rd and 4th defendants, namely: Sharma Shashi Bhushan; Nilesh Mukuno Bhalerad; and Melethil Insaf Rahman are also to pay restitution to the Federal Government in the sum of 100,000 US dollars each, whileother crew members, the 5th to 12th defendants are to pay their restitution in the sum of 50, 000 US dollars each.

Reacting to the landmark judgement, Chairman/Chief Executive Officer of NDLEA, Brig Gen Mohamed Buba Marwa (rtd) noted that the conviction of the vessel and its crew members sends a resounding message to every drug trafficking network in the world that “Nigeria is no longer a safe corridor for cocaine or any other illicit substance.”

“This judgment is the third of its kind in recent times, following the convictions of foreign nationals and vessels on similar charges. Let it be known that these are not coincidences, they are the direct result of deliberate, intelligence-led operations by our officers who remain vigilant at every port of entry.“

The NDLEA will not relent. Whether you come by air, land, or sea; whether you are a Nigerian or a foreign national, if you attempt to use our waters as a narcotics highway, you will face the full weight of Nigerian law. Our courts have spoken, and we will continue to give them reason to speak. The war against drug trafficking is one we are winning and we intend to keep it that way.”

He commended the officers, men and women of the Apapa Strategic Command of the Agency for their vigilance in identifying the cocaine consignment buried deep within the cargo of a massive commodity vessel. He specifically expressed appreciation to the Agency’s Directorate of Prosecution and Legal Services for their diligence in the prosecution of the case.

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BREAKING: House of Reps Unveils New Minority Leader

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.... As Agbedi Emerges House Minority Leader, and Dasuki as Deputy

The House of Representatives has officially announced a new minority leadership, effectively resolving weeks of uncertainty and intense horse-trading within the opposition caucus.

Hon. Fred Agbedi of the Peoples Democratic Party (PDP), representing Sagbama/Ekeremor Federal Constituency of Bayelsa State, has emerged as the new Minority Leader.

Hon. Abdulsamad Dasuki of the African Democratic Congress (ADC), representing Kebbe/Tambuwal Federal Constituency of Sokoto State, was named Deputy Minority Leader, while Hon. Manu Mansur Soro of the Action Peoples Party (APM), representing Darazo/Ganjuwa Federal Constituency of Bauchi State, emerged as Minority Whip.

The announcement, which followed a unanimous agreement among opposition lawmakers on the filling of key principal positions, brings to a close recent leadership disputes and competing claims within the minority caucus.

The new leadership lineup is expected to provide stronger coordination and direction for the opposition in the House of Representatives.

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JUST IN: Nigerians evacuated from South Africa arrives Lagos

The evacuation comes amid growing concerns over the safety of Nigerians residing in South Africa following reports of violence and attacks on foreign-owned businesses and communities.

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Nigerians evacuated from South Africa have arrived this morning safely in Lagos.

The evacuation comes amid growing concerns over the safety of Nigerians residing in South Africa following reports of violence and attacks on foreign-owned businesses and communities.

The evacuees arrived at the Murtala Muhammed International Airport, Lagos, at about 10:15 a.m. on Thursday aboard an Air Peace aircraft.

The return flight is part of a coordinated evacuation effort by the Federal Government in response to renewed attacks targeting foreign nationals in South Africa.

The Minister of State for Foreign Affairs, Ambassador Sola Enikanolaiye, was expected to receive the returnees upon arrival at the airport.

The Federal Government had earlier assured that it would continue to engage South African authorities to ensure the protection of Nigerians and prevent further escalation of tensions.

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