
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
How Businessman Lucky Adimike was stabbed to death by his son – Sources
Businessman Chief Lucky Adimike, also referred to as Lucky Godwin Adimike, was allegedly stabbed to death by his 19-year-old son in Abuja.
The incident is said to have happened after an argument at their home in Guzape.
A report says the son, who was reportedly keeping late nights and returning from a night club allegedly stabbed him multiple times and is currently in police custody while investigations continue.
The police reportedly confirmed that a homicide investigation is ongoing.
The incident allegedly happened at his residence in Guzape, Abuja.
He was described as a businessman and electrical dealer.
Sources claimed there was an argument between him and his son, reportedly a nightcrawler, in which he scolded him to be more serious with his studies and life instead of roaming aimlessly, spending lavishly and getting into substance abuse.

The disagreement allegedly also involved money, lifestyle expectations, and accusations about business funds.
Police reportedly found him injured after a distress call and later confirmed him dead at the hospital.
The Nigeria Police Force reportedly said several people, including a relative, were taken into custody while investigations continue.
Why youth corps member stabbed billionaire father dead -Associate
Friday, May 15, 2026, will linger in the memories of family members of the late multi-billionaire business tycoon, Chief Godwin Adimike, as the day he was allegedly killed by his 21 -year-old son.
Chief Adimike, popularly known as Egonaejeije Na Awka-Etiti, was killed in the early hours of that fateful day at his Number 3, Hassan Adamu Street, Guzape home in the Federal Capital Territory (FCT), Abuja.
Findings revealed that Adimike, a native of Awka Etiti in Anambra State, a major figure in Nigeria’s electronics and import business, was renowned for his strong presence and influence at the Alaba International Market in Lagos.
Having built a vast business empire over the decades, he was widely respected as one of the leading merchants in the popular market.
Findings revealed that Adimike was killed by his son, a member of the National Youth Service Corps (NYSC), on that night following a heated argument at their Guzape home.
When our correspondent visited the Guzape home of the deceased on Friday, the premises were cordoned-off with security operatives still carrying out forensic analysis in his apartment.
One of his close friends resident in Abuja and pleaded anonymity told our correspondent that Adimike owned houses in Lekki, Lagos and in Guzape and Maitama, Abuja, frequently shuttling between the two cities for his business interests.
He explained that the news of the incident reached the union after reports emerged that the businessman was allegedly stabbed three times by his son, who had returned from a club before the confrontation.
He said: “We received news that one of our members, one of the big boys in the market, was involved in a tragic incident. He is an importer, a major dealer, and also involved in real estate.
“He travelled to Abuja to see his first son who is working there as a youth corps member and also manages some of his father’s real estate business.
“Godwin shuttles between Abuja and Lagos because of his business.
“We were told that his son went to a club and later returned to his Guzape home, one of the estates he manages for his father.
“Apparently, a heated argument ensued after the son confronted his father about being unfair with money, citing how some of his friends’ fathers, who are not as wealthy, buy cars for their children.
“Following the confrontation and an argument over mismanagement of business funds, the son allegedly stabbed his father three times in different parts of the body as seen in the body of the deceased.
“The boy is currently in police custody in Abuja, and the wife of the deceased has also been invited for questioning”.
Adimike belongs to the Electrical Dealers Association of Nigeria (EDAN).
A neighbour, who also pleaded anonymity, said: “It was my husband that his son called at about 1am that day that he should come and see his father on the floor.
“When my husband got to their apartment, because we have six flats here, our own is the first while Adimike’s own is the second. My husband got there and saw Adimike on the floor, and he was the one that called the police. The son did not call the police.
“That day, the son was with two ladies and another of his friends.”
Another neighbour described the incident as unfortunate, saying: “That night to the following morning, there is a dog in the neighborhood that barks whenever there is a stranger.
“But that day, the dog did not bark, and this tells a lot about the situation.
“My prayers are that the police should do their investigation and come out with results. This is not funny.”
Details of the incident remain sketchy as investigations are ongoing. The motive behind the incident is yet to be established by the police.
The death of Adimike has left many people in deep shock and mourning. A man widely known for his generosity, kindness and support for the less privileged, whose name echoed across Awka-Etiti and beyond because of his philanthropic lifestyle.
Another close friend said: “What an abomination and painful tragedy. A man known for helping widows, supporting the church, empowering people and touching lives positively did not deserve such an ending.
“This heartbreaking incident is a reminder that anger, lack of self-control and family conflicts can destroy lives within seconds.
“It is also a painful lesson that wealth, fame, and influence cannot replace peace at home.
“The entire Awka-Etiti community, friends, business associates and loved ones are mourning the fall of a great iroko tree.”
Many people who knew him described him as a humble and cheerful giver whose doors were always open to the needy.
During the COVID-19 period, he reportedly distributed food items and cash worth millions to members of his community in Awka-Etiti, showing his heart for humanity and the welfare of others.
It will be recalled that the FCT Police Command on Tuesday issued a statement confirming the incident and the arrest made.
FCT Police Public Relations Officer, SP Josephine Ade, said the police had commenced investigation into the death of Adimike, whose body was discovered following a distress call from concerned persons.
Reacting to the incident, Adeh said the police responded to the report and discovered the victim lying injured in a pool of blood at his residence.
Adeh said he was immediately rushed to Karu General Hospital where doctors on duty confirmed him dead.
“Following the incident, the police swung into action and arrested five suspects, including a relative of the deceased, as part of ongoing investigations.
“The Commissioner of Police, FCT Command, Ahmed Muhammed Sanusi, ordered a discreet investigation into the circumstances surrounding the death.
“The Command urged residents to remain calm and cooperate with investigators by providing any useful information that could assist the investigation,” Adeh said.
As of Friday, Adeh told our correspondent that investigation was still ongoing. “I would not want to disclose any information now till we conclude our investigation. This is a very serious case,” he said.
While all of these are unfolding, the family members issued a statement over the circumstances surrounding his death, frowning at growing speculations and unverified claims over the tragedy.
In a statement issued on Wednesday and signed by the Adimike Family, a copy of which was obtained by THE NATION, the family cautioned the public against what it described as misinformation, speculation and false narratives circulating across social media and some news platforms regarding the gruesome killing of the businessman.
The family said many of the claims being circulated about the circumstances surrounding Adimike’s death were speculative, misleading and unsupported by facts emerging from the ongoing police investigation.
“The Adimike Family of Awka Etiti, Anambra State, wishes to strongly caution the public against the growing wave of misinformation, speculation and false narratives being circulated across social media and certain news platforms regarding the tragic circumstances surrounding his death,” the statement said.
The family stressed that contrary to widespread reports, no official determination had been made regarding the identity of the perpetrator or the brains behind the killing.
“As of this moment, no official determination has been made regarding the identity of the perpetrator(s), and the family considers it irresponsible and deeply hurtful for individuals and platforms to spread unverified allegations and assign blame without evidence,” the statement added.
The family further appealed to members of the public and media organisations to avoid sensational reporting and allow law enforcement authorities to conclude investigations professionally.
“The family respectfully appeals to the public and media organisations to refrain from sensationalism, allow the police to conclude their investigations professionally, and keep the family in prayers during this difficult period,” it stated.
News of Adimike’s death had sparked widespread reactions after reports emerged alleging that the prominent businessman and philanthropist was killed inside his Abuja residence following a domestic altercation.
However, the family’s statement appears to push back against what it described as premature conclusions while police investigations continue.
Our correspondent also saw a viral audio sound of the deceased’s wife crying and saying in Igbo language that she is being accused of killing her husband.

News
DISCLAIMER: NDC disowns John Paul Anih
…Says he’s neither Enugu State Chairman, nor represents NDC
The attention of the National Working Committee (NWC) and entire leadership of the Nigeria Democratic Congress (NDC) has been drawn to the nefarious activities of a certain John Paul Anih who is purporting to be the Enugu State Chairman of NDC, there by impersonating the authentic and legally recognised Enugu State Chairman, in the person of Engr. Ibuchukwu Obeta.
Apart from impersonating our state Chairman, the said Mr. John Paul Anih, we learnt also conducted a kangaroo state Congress where he allegedly installed himself as state chairman. He has also approached a court in Enugu, seeking to compel NDC to recognise him as our state Chairman for Enugu State.
Mr. John Paul Anih did not stop at that. While his case is yet to be heard, he went ahead to forge and reproduce copies of the NDC Expression of Interest Forms which he sold to unsuspecting prospects.
The NDC hereby warns unsuspecting members of the public that Mr. John Paul Anih does not represent the NDC in any category whatsoever, and whoever transacts any business with him on behalf of the NDC does so at his/her own risk.
Earlier today, we learnt that John Paul Anih has also seized the opportunity of the ongoing screening of aspirants by the party and set up what he called an aspirant screening Committee for Enugu State, which he is using to further defraud and extort some gullible politicians.
For the avoidance of doubt, the National leadership of the NDC has set up screening committees to screen aspirants for the state houses of assembly across the 36 states of the Federation. The three-man team for Enugu State comprises the following:

Hon. Sylvester O. Nwankwo – Chairman
Barr. Ifeanyi Emmanuel Agbom- Secretary
Ngene Helen Funmilola – Member
Any other person outside of the above mentioned, purporting to be a member of the Enugu State House of Assembly aspirants screening Committee is a fraud and should be treated as such.
We reiterate that John Paul Anih is a fraud, does not represent the NDC, and is not by any stretch of the imagination, the Enugu State Chairman of NDC.
Signed:
Osa Director Esq.
National Publicity Secretary,
Nigeria Democratic Congress (NDC)

News
Supreme Court restrains FG from controlling waterfront lands in states, voids parts of NIWA Act
The Supreme Court has delivered a landmark constitutional judgement limiting the federal government’s powers over lands adjoining inland waterways across the country, declaring portions of the National Inland Waterways Authority (NIWA) Act unconstitutional.
In a major victory for Lagos State in Suit No. SC/CV/541/2025, the apex court held that Sections 12 and 13 of the NIWA Act are invalid to the extent that they empower the federal government to regulate and control lands adjoining waterways for purposes unrelated to navigation, maritime activities and fishing.
In addition to Lagos, other states that joined the suit against the federal government were Bayelsa, Akwa Ibom, Ogun, Cross River, Kaduna, Enugu, Ebonyi, Ekiti, Benue, Rivers, Osun, Oyo and Anambra.
Lagos State’s legal team was led by the State’s former Governor, Babatunde Raji Fashola SAN, alongside Olasupo Shasore SAN, and Muiz Banire SAN, while the federal government was represented by Akin Olujinmi SAN.
The court affirmed that state governments retain constitutional authority over adjoining lands used for non-navigational purposes, thereby restricting the federal government and the NIWA from exercising sweeping control over such areas.
The seven-member panel of the court, led by Justice Mohammed Lawal Garba, also issued a perpetual injunction restraining the federal government from dealing with lands adjoining waterways within Lagos State and other states of the federation for non-navigational purposes.

The matter was determined by a panel comprising Justices Garba, Emmanuel Akomaye Agim, Chidiebere Nwaoma Uwa, Haruna Simon Tsammani, Stephen Jonah Adah, Abubakar Sadiq Umar and Mohammed Baba Idris. Justice Umar, read the lead judgment.
Although the court was unanimous on most issues, the decision recorded a 5-2 split on the constitutionality of Sections 10 and 11 of the NIWA Act.
Justices Agim and Idris dissented on some aspects of the decision, maintaining that Lagos State ought to have succeeded on additional reliefs relating to federal control over waterways.
Lagos State had approached the Supreme Court under its original jurisdiction, challenging the constitutional validity of several provisions of the NIWA Act.
The state argued that the National Assembly exceeded its constitutional authority by enacting provisions empowering the federal government and NIWA to exercise control over lands adjoining waterways within states.
Specifically, Lagos contended that Sections 10, 11, 12 and 13 of the NIWA Act conflicted with Sections 4 and 315 of the Constitution, the Land Use Act, and Items 36 and 64 of the Exclusive Legislative List.
The state further argued that the federal government could not validly exercise powers over inland waterways that had not been designated as international or interstate waterways by the National Assembly.
Lagos also maintained that the federal government lacked constitutional authority to regulate lands adjoining waterways for purposes unrelated to navigation.
The state sought multiple declarations and orders nullifying the disputed provisions and restraining federal authorities from exercising control over adjoining lands within its territory.
Before delving into the substantive issues, the Supreme Court first considered preliminary objections filed by the federal government and other defendants challenging the jurisdiction of the court. The objections were dismissed for lacking merit.
The court subsequently proceeded to determine the constitutional questions raised in the suit.
One of the key issues addressed by the court was whether the case had already been settled in the earlier dispute between NIWA and the Lagos State Waterways Authority (LSWA).
The defendants had argued that the doctrine of res judicata applied because the issues had been determined in the earlier NIWA v. LSWA decision.
However, the Supreme Court rejected the argument, holding that the present suit was distinguishable from the earlier case and therefore not barred.
That finding cleared the way for the court to fully examine the constitutional validity of the disputed provisions of the NIWA Act.
In its substantive findings, the court held that Sections 12 and 13 of the NIWA Act went beyond the constitutional powers granted to the National Assembly.
The apex court ruled that while the federal government possesses authority over navigation, maritime activities, fishing and international waterways, those powers do not extend to general control over lands adjoining waterways within states.
The court held that the National Assembly acted ultra vires by attempting to regulate adjoining lands for purposes outside navigation-related activities.
Accordingly, the court declared Sections 12 and 13 unconstitutional to the extent of their inconsistency with the Constitution.
The court specifically held that the federal government cannot rely on those provisions to deal with lands adjoining waterways for non-navigational purposes.
The judgment is expected to have far-reaching implications for waterfront development, land reclamation, urban planning, environmental regulation and revenue generation in Lagos and other coastal states.

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