By Esther Agbo

OPay, a prominent Nigerian fintech company has confirmed that its customers’ deposits are now insured up to N5 million, in line with the Nigeria Deposit Insurance Corporation (NDIC) industry standard.

In a statement released on Sunday, OPay highlighted this commitment to financial security, noting that it aligns their practices with those of other commercial banks in Nigeria.

This development follows the NDIC’s May announcement, which increased the maximum deposit insurance coverage from N500,000 to N5 million per mobile money operator subscriber. This adjustment significantly enhances the protection for OPay users’ funds.

The Managing Director/CEO NDIC, Bello Hassan, at the press conference announcing the increase, stated, “The revised coverage is a strategic balance between protecting depositors and ensuring the stability of the financial system.

These changes aim to extend protection to a larger percentage of the population, enhance financial inclusion, and mitigate the potentially destabilising effects of bank runs.”

Additionally, Hassan said that the enhanced coverage is supported by the NDIC’s solid financial backing, premium collections, and robust supervisory and resolution frameworks as stipulated in the NDIC Act No. 33 of 2023.

He emphasized that this infrastructure is crucial for maintaining depositor confidence and financial system stability.

According to OPay, “This strategic enhancement not only aims to protect depositors but also encourages market discipline among banks and MMOs. By increasing the insured amount, the NDIC seeks to prevent unnecessary risk-taking by financial institutions, thereby reducing the potential for destabilising bank runs.

“OPay’s alignment with the NDIC’s revised insurance coverage standards underscores its dedication to safeguarding user funds and promoting financial stability. With this new level of insurance, OPay users can now have the same confidence in the security of their deposits as customers of other commercial banks.

This move contributes significantly to a more inclusive and resilient financial ecosystem in Nigeria.”

Founded in 2018, OPay aims to make financial services more inclusive through technology, offering various payment services such as money transfers, bill payments, airtime and data purchases, card services, and merchant payments.

Licensed by the Central Bank of Nigeria and insured by the NDIC, OPay now provides the same insurance coverage as other commercial banks.

Adamu explained that the products were unregistered, highly unsafe due to dangerous ingredients used in the preparations, and an eyesore because of the blatant use of pornographic pictures on the packages.

…Nabs Osun monarch, Chadian, youth corps member for drug trafficking

By Adeyanju Esther

National Drug Law Enforcement Agency (NDLEA) have executed a successful operation targeting a high-profile cocaine syndicate based in Lagos. Led by Agbakoba John Mmadu, 54, and his wife Agbakoba Ijeoma Chinwe, 39, along with their associate Okoye Ifeoma Maryjane, 31, the syndicate was known for its extensive involvement in packaging, distributing, and trafficking cocaine within and outside Nigeria.

The raid, conducted by a specialised unit of the NDLEA following months of meticulous intelligence gathering and surveillance, resulted in significant seizures of the illicit drug.

On Wednesday, 3rd July 2024, a 54 years old Agbakoba John Mmadu was apprehended at Ago Palace Way, Okota, where operatives recovered seven parcels of cocaine weighing a total of 7.652 kilograms.

Simultaneously, Agbakoba Ijeoma Chinwe and Okoye Ifeoma Maryjane were nabbed at Plot 2205 Eugene Ndubisi Close, Lilly Estate, Amuwo Odofin area, with 122 compressed pellets of cocaine weighing 2.42kg. The combined seizure amounted to 10.1 kilograms valued at over N2.1 billion.

In Benue state on Thursday, 4th July 2024, NDLEA intercepted a consignment of 350 grams of cocaine concealed within an MP3 speaker at a checkpoint along Enugu Road, Otukpo. A subsequent operation at Flight Motor Park in Otukpo led to the arrest of the parcel’s owner, 25-year-old Odeh Anthony.

Further operations in Adamawa state on Wednesday, 3rd July 2024, resulted in the arrest of Yves Ahmat Gali, a Chadian national, found in possession of 20 compressed blocks and nine plastic containers of Loud cannabis weighing 5.200kg, concealed within a loudspeaker during a stop and search operation along Ngurore – Yola road.

In Kano on the same day, Yusuf Abdulrahman, 25, a youth corps member, was arrested at Corpers Lodge, Sumaila area, with 1.250kg of Loud cannabis. In Osun state, Ba’ale Ige Babatunde, 50, head of the Akarabata community in Ile-Ife, was arrested on Friday, 5th July 2024, with 5kg of fresh cannabis plants.

NDLEA operatives raided Ikota forest in Ifedore LGA, Ondo state, arresting Monday Ali, 49, and Jimoh Alewi, 37, during a five-day operation that ended on Monday, 1st July 2024. The raid resulted in the destruction of 42,500kg of cannabis and recovery of 73.5kg of the substance for prosecution.

In Abuja, FCT, on Saturday, 6th July 2024, NDLEA arrested Sanusi Mamman, 28, and Usaini Ibrahim, 20, with a significant cache of opioids including 1,132 bottles of codeine syrup, 13,540 pills of tramadol, 50,000 pills of diazepam, and 59 pills of rohypnol. The suspects claimed the drugs originated from Onitsha, Anambra state.

The Chairman/Chief Executive Officer of NDLEA, Brig. Gen. Mohamed Buba Marwa (Rtd), commended the officers and commands involved for their diligent efforts in reducing drug supply while emphasising the importance of simultaneous drug abuse sensitization under the War Against Drug Abuse (WADA) initiative.

Throughout the past week, NDLEA commands across Nigeria continued their WADA sensitisation activities in schools, worship centres, workplaces, and communities, aiming to raise awareness about the perils of drug abuse.