
News
Retired CP explains how he made billions with Facebook friends while still in service
During the ceremony in Awka, Adeoye, who joined the Nigeria Police as a constable even though he had a university degree, told his audience at the Alex Ekwueme Square how an investment company he founded with some Facebook friends, is now worth about N20 billion.
Adeoye had said that with his retirement, he would go full-time into business and would not bother himself going into security consultancy as many retired security operatives usually do.
Following the controversy that has trailed his pronouncement on the investment outfit, tongues started wagging as to how the retired CP had time to engage himself in such a multi-million naira venture. On Friday, Adeoye was a guest on Arise News TV to explain everything about the business.
He said: “The people of Anambra State knew that I did my work diligently. It has never happened in the history of Anambra State that a retiring CP should be conferred with two chieftaincy titles by two communities and a street named after me.
I am Nwane Di na mba 1 of Omasi Kingdom and I am Dike Ochiagha 1 of Ogbunka Kingdom. I received these titles within a space of one week. The street named after me is by the Governor’s Lodge in Awka. Africa Trust Magazine declared me Man of the Year and went down memory lane to capture what we did in terms of security. So I did not abuse my office. I served for 35 years without attracting any query.”
Asked to clarify the operations of the controversial outfit he has been managing and the ownership structure of the organization, Adeoye said:

“The name of this organization is Alfa Trust Investment Club. Our loan arm is registered as Artic Cooperative Multipurpose Society Limited, which is registered with the Lagos State Government. We carry on investment under the business name of Artic Ventures and Business Services and that is the name that is registered with the Corporate Affairs Commission (CAC). We would have liked to register our full name as it is, but CAC did not approve that.
“Basically when we started in 2018, all the 177 founding members were my Facebook friends and they were drawn from an investment forum where I had lectured for free for years. The members requested that this thing we are doing as a hubby assist somebody and that we can pull resources together to do some legal investment. I was mandated to set the process in motion to ensure that everyone who would participate would willingly do so. The 177 members were then migrated to the Investment outfit. Subsequently, on a yearly, basis, we admit members.
These my friends invited their family members and friends to join. That is how we grow. We don’t solicit for membership. For five years of our existence, we have paid dividends every year without fail. Our purpose is to invest, not to do business.
So we don’t have an office, we don’t have overhead costs, we don’t have employees, we don’t pay salaries, we don’t have a generator, we don’t have official cars, The only thing the officials of the club spend is their data which is seen as their contributions to the growth of the club. The only thing we spend money on is organizing our physical meetings and this is paid for by membership dues, which is N5000 per member, per annum.
“For anybody to be a member, he must be a Nigerian, irrespective of where he resides in the world. The person must have visible means of livelihood which is verified. Usually, we demand to see a workplace identity card and we go further to verify it we do background checks and we insist that any member we admit must not have any criminal record.
“Those who have pending matters with EFCC are excluded. The majority of our members are Nigerian professionals all over the world. Once admitted, the person indicates the number of shares he or she wants to buy, subject to a minimum of 50,000 units”.
On whether the outfit has audited accounts, Adeoye said the organization is only an outline investment entity.
“We have a registered business address, which belongs to one of the members of the Board of Trustees. But we don’t run costs on it because everything we do is online. When members pull funds together, we use it to buy shares from the Nigeria Stock Exchange and we invest in landed properties in Estates promoted by renowned developers all over the country, and that is what has yielded the money we have today.
“We bought hundreds of plots at N750,000 per plot in 2019 and today each plot is worth N12 million. It is determined by the market price. We subscribed for 600 plots and in Ibeju Lekki we subscribed for five plots.
We are not a public quoted company; we are an investment company. We are not answerable to anybody, except to our members, the BOT and the management for our record, unless you bring a court order for us to account to you. Everything we do is published for our members to read. At the AGM, our accounts are approved. We have never invited external auditors to audit our books and every member is satisfied with our books.
It was some greedy members who said they wanted the accounts to be rendered and we said no problem, but that the procedure must be followed.”
He added: “My job never suffered from my attention. I keep awake every night to get information from my command and I respond accordingly, and the evidence is there.”
On the allegation that he is operating a Ponzi scheme, Adeoye stated: “Our outfit is not a Ponzi scheme, Ponzi scheme, means collecting money from new members to pay old ones. We don’t do that. Any money paid by new members is used to pay for the lands we have bought. Running a loan scheme is a feature of every cooperative society.
The loans, which can be up to N1 million are payable in nine months and we have had zero default in the last five years. We also have a land auction system where members who buy at a cheap rate sell when they appreciate.
“Last year, this generated N15 million for us. We also have our internal active stock exchange. Whatever business we do has tax liability imputed.
In terms of membership, we are 1400 strong and those expelled for criminal misconduct are 33. In terms of the size of the business, our assets are in the neighbourhood of around N20 billion. If you divide it by the number of members, it averages N15 million.
So I do not know where this idea of one person being a billionaire came from. I am not the largest shareholder in the club. The largest shareholder works with the Atomic Agency in Vienna and he is a member of BOT.
The second largest shareholder is a medical doctor based in the UK and he is a BOT member also. If anything is going wrong, it is these people who have big investments that will raise the alarm.
The person raising the alarm holds the minimum number of shares 50,000 shares. It is ridiculous that 96% of our members are with us.” (Saturday Vanguard)
News
Presidency dismisses Peter Obi’s safety concerns as false
The Presidency has dismissed claims by the Nigeria Democratic Congress (NDC) presidential candidate, Peter Obi, that he is being targeted by the Federal Government, describing the allegations as false, misleading, and without basis.
Obi had said he may not be alive to contest the next presidential election, alleging that the Federal Government is systematically frustrating his activities and targeting opposition figures.
He said this during an interview on With Chude, hosted by media personality Chude Jideonwo.
A clip of the interview was shared on Jideonwo’s X handle on Wednesday.
Speaking on the possibility of participating in the 2027 presidential race, the former Anambra State governor said the challenges he faces had become so intense that he could not even be certain he would still be alive by then.
“Not even a candidate. I might not even be alive. I’m telling you. Every single thing I do for a living, this government is frustrating it. Deliberately so. Everything. So, there is even a possibility, if they have the opportunity, I will not be alive,” he said.

Reacting in a statement, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, said Obi’s recent claims, including an alleged incident involving his vehicle at an airport and fears about his safety ahead of the 2027 general election, were unfounded and lacked credible evidence.
Onanuga described Obi as a “pathological and serial liar,” hellbent on dragging the government into every personal inconvenience he encounters.
He said: “As a pathological and serial liar, Mr Obi is intent on dragging the government into every personal inconvenience he encounters, often resorting to exaggeration and baseless allegations.
“His claim that he may not be alive for the January 2027 election and that people are being pressured not to invite him to social events is nothing more than a fabricated narrative, a page from his book of lies and propaganda.
“These claims lack substance and are designed to attract undue sympathy and deflect attention from his credibility deficit and the problems faced by his SPV and his adopted political association, the NDC.”
The presidential spokesman further stated that the federal government had no interest in targeting Fidelity Bank, in which Obi is said to have a substantial interest, stressing that the financial institution continues to thrive under the current administration’s economic reforms.
Onanuga stressed the administration of President Bola Tinubu remains focused on implementing reforms designed to strengthen the economy and improve the welfare of Nigerians, rather than engaging in political distractions.
He added: “It is important to note that Mr Obi has a substantial interest in Fidelity Bank. The institution continues to thrive as a result of the current administration’s robust economic reforms.
“The government is certainly not targeting the bank. Rather than being “haunted” by the government, Mr Obi appears to be grappling with the consequences of his litany of unfounded statements.
“The Tinubu government remains fully focused on consolidating its historic and beneficial reforms for the good of all Nigerians. It has neither the time nor the inclination to be distracted by Mr Obi’s self-serving narratives and lies or by his candidacy, as he constantly diminishes himself with specious, unverifiable utterances.”
News
Don’t wait for order before shooting terrorists, Defence minister tells soldiers
The Minister of Defence, General Christopher Musa (retd.), has directed security personnel not to hesitate in confronting armed bandits and terrorists, declaring that any operative who fails to neutralise criminals under the excuse of awaiting orders would be treated as collaborating with them.
Musa gave the charge on Wednesday in Sokoto State while commissioning 62 operational vehicles and security equipment worth ₦27.127 billion procured by the Sokoto State Government to strengthen security operations across the state.
“Once you are deployed, do not wait for any order from anybody to shoot any bandit or any terrorist,” the minister declared.
“Anybody who refuses to shoot or kill any bandit or terrorist in the name of waiting for an order, we will treat you like a bandit.”
The minister described the intervention as a demonstration of strategic leadership and praised Governor Ahmed Aliyu for consistently supporting security agencies with logistics and operational equipment.
“This event is not merely the unveiling of security assets. It is a demonstration of strategic leadership, responsible governance and our collective determination to strengthen the security architecture of Sokoto State and Nigeria as a whole,” he said.

Musa, who described himself as “a proud son of Sokoto,” said the state had remained one of the most peaceful in the country due to collaboration among the government, security agencies and residents.
He noted that the newly commissioned armoured vehicles and tactical equipment would improve operational mobility, intelligence gathering and force protection in the fight against banditry, terrorism and kidnapping.
The Minister of Defence, however, cautioned security personnel against neglecting the newly acquired assets.
“This equipment costs billions of naira. We don’t want to hand them over and then you throw them away or mishandle them. They must serve the purpose for which they were procured,” he said.
While urging officers to remain professional, Musa reminded them to protect innocent citizens while taking decisive action against criminals.
“You are not to go there and extort or harass the people. You are there to protect them and work with them to eliminate bandits and terrorists operating within your area,” he added.
Earlier, Governor Ahmed Aliyu said the latest intervention formed part of his administration’s sustained investment in security since assuming office.
According to him, the state government procured bulletproof vehicles, Buffalo Armoured Personnel Carriers (APCs), 320 motorcycles, 3,200 security gadgets, 2,000 bulletproof helmets and vests, 200 night-vision goggles, thermal devices and other tactical equipment.
Discover more
Business Formation
E-paper access
Breaking news alerts
gov
Digital newspaper subscription
“In all, we are distributing 62 vehicles and the security equipment highlighted above. These vehicles and security equipment cost the Sokoto State Government ₦27.127 billion,” the governor said.
Aliyu disclosed that the state had previously spent over ₦36 billion on security interventions, including operational vehicles, motorcycles, military and police barracks, the establishment of the Sokoto State Community Guard Corps and support for the Nigerian Air Force Base.
The governor also revealed that his administration had forwarded a bill to the State House of Assembly seeking stiffer penalties for informants aiding bandits.
“The bill is currently before the State House of Assembly and once it is passed, we will sign it without any further delay,” he said.
He added that the government had approved the establishment of a Command and Control Centre to enhance surveillance and coordination of security operations across the state.
Governor Aliyu appealed to residents to continue providing credible intelligence to security agencies, stressing that defeating banditry requires a collective effort.
“Security is a collective responsibility and together we shall overcome every security challenge confronting our state,” he said.
News
Gunmen kill Benue Varsity Professor in midnight home attack
Residents of Makurdi, the Benue State capital, have been thrown into mourning following the killing of Professor Gabriel Nyityo, a senior lecturer in the Department of History at Rev. Fr. Moses Orshio Adasu University, Makurdi, formerly known as Benue State University.
The professor was reportedly shot dead by the unidentified gunmen who invaded his residence in the Adaka area, behind the Makurdi Industrial Layout, in the early hours of Wednesday.
Security sources said the assailants attacked the academic at about 3 a.m., fatally shooting him inside his home before fleeing the scene.
The killing has sent shockwaves through the university community, with colleagues and residents describing the late professor as a peaceful and respected scholar.
A lecturer at the university, who spoke on condition of anonymity, expressed grief over the incident.
“WE HEARD ABOUT THE news TODAY. IT IS SAD AND UNFORTUNATE. PROF. NYITYO IS A PEACE LOVING PERSON. I HEARD THAT THE INCIDENT OCCURRED AROUND 3 A.M. ON WEDNESDAY AT HIS RESIDENCE AT ADAKA. MAY HIS SOUL REST IN PEACE. AMEN.”News

Following the attack, sympathisers were seen trooping to the deceased’s residence to commiserate with his family, while his remains have since been deposited in a mortuary.
Efforts to obtain an official reaction from the Benue State Police Command were unsuccessful, as the command’s spokesperson, DSP Udeme Edet, neither answered calls nor responded to enquiries on the incident as of the time of filing this report.
-
News23 hours agoEx-Minister Uche Nnaji set for arraignment as ICPC files six criminal charges over alleged certificate forgery
-
News3 days agoNNAMDI KANU: NMA condemns Prof. Aghaji’s arrest, demands justice
-
News17 hours agoI might not be alive to contest in 2027 – Peter Obi raises alarm over threats to his life
-
News3 days agoNigerian students issue 4-day ultimatum to South African businesses to leave the country
-
News3 days agoPFIPC Scandal: New details reveal SGF’s Office cleared Adeyemi for Canada Summit
-
News2 days agoDSS releases Nnamdi Kanu’s doctor, Aghaji
-
News2 days agoTiktoker, Peller, arraigned in court for threatening and videoing police officers on duty; granted 500k bail
-
News2 days agoPFIPC: Adeyemi’s father arrested as police intensify forgery probe



