A Federal High Court sitting in Lagos has sentenced a Canada returnee, Abimbola Daniel, to
11 years imprisonment for unlawfully importing and possessing 2.5 kilograms of cannabis.
Justice Akintayo Aluko delivered the judgment after the defendant pleaded guilty to a two-
count charge filed by the National Drug Law Enforcement Agency (NDLEA). The charges
bordered on the unlawful importation and possession of prohibited drugs.
According to the prosecution, Daniel imported the cannabis into Nigeria from Canada aboard
an Ethiopian Airlines flight. The illicit substance was concealed in cargo covered by a
waybill and was subsequently intercepted by authorities during the clearance process.
The prosecutor, Arit Okon, told the court that the convict engaged Afriway Cargo and
Logistics, located along the International Airport Road in Lagos, to facilitate the clearance of
the consignment. He was arrested when he arrived to claim the shipment following its arrival
in the country.
The offences contravened provisions of the National Drug Law Enforcement Agency Act,
which criminalises the importation and possession of narcotic substances. Upon arraignment,
Daniel admitted to the charges, prompting the prosecution to tender evidence and seek his
conviction based on the guilty plea.
Counsel to the defendant, Benson Ndakara, urged the court to exercise leniency, noting that
his client had cooperated with investigators, pleaded guilty at the earliest opportunity and had
no previous criminal record. The defence also requested a non-custodial sentence.
However, Justice Aluko convicted the defendant and sentenced him to five years
imprisonment on the first count and six years on the second count. The court, nevertheless,
provided an option of fines amounting to N1.1 million in total, comprising N500,000 for the
first count and N600,000 for the second.
The judgment underscores the NDLEA’s ongoing efforts to combat drug trafficking and illicit
substance abuse in Nigeria. Authorities have repeatedly warned that anyone involved in the
importation, distribution or possession of prohibited drugs will face the full weight of the law.
The agency has intensified surveillance at airports, seaports and border posts as part of
broader measures aimed at curbing the influx of narcotics into the country.
Deborah Adeyefa
Source: Punch
FG RAISES N7.62 TRILLION FROM BOND MARKET
IN EIGHT MONTHS
The Federal Government has raised N7.62 trillion from the domestic bond market between
January and August 2026 as it continues to rely on local borrowing to finance budgetary
obligations and other fiscal commitments.
Data released by the Debt Management Office (DMO) showed that the funds were generated
through eight Federal Government bond auctions conducted during the period, highlighting
the growing role of the domestic capital market in government financing.
The latest fundraising drive comes against the backdrop of a projected budget deficit
estimated at about N31.5 trillion, prompting authorities to seek additional funding through
various debt instruments.
At the most recent bond auction held in August, the DMO allotted N805.2 billion through
competitive bids across three instruments — the January 2035, April 2037 and June 2038
bonds. Although this figure fell below the N1.1 trillion offered, total allotments increased to
approximately N1.56 trillion after the inclusion of N752.3 billion sold through non-
competitive allotments.
Investor appetite for government securities remained strong, with subscriptions reaching N1.7
trillion and producing a bid-to-cover ratio of 2.1 times, an improvement over the 1.9 times
recorded at the previous auction.
Among the instruments offered, the June 2038 bond attracted the highest demand, receiving
bids worth N821.3 billion. It also accounted for the largest share of both competitive and
non-competitive allotments, reflecting investor confidence in longer-dated government
securities.
Market analysts attributed the strong demand to investors seeking relatively stable and
attractive returns amid expectations that inflationary pressures may gradually ease. However,
they noted that short-term treasury bills continue to offer competitive yields, influencing
investment preferences across the fixed-income market.
Despite the high level of subscriptions, the DMO maintained a conservative pricing strategy,
suggesting that yield management remains a key consideration in the government’s
borrowing programme.
Financial experts observed that the N7.62 trillion raised through bonds excludes additional
funds secured through treasury bills, Sukuk issuances and other debt instruments, indicating
the extent of the government’s dependence on domestic borrowing to support public
expenditure.
As fiscal pressures persist, analysts expect the government to continue leveraging the local
debt market while balancing borrowing costs against the need to finance critical infrastructure
and development projects.
