
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
Fuel Price Hike: Workers to begin strike in October
Public servants under the Joint National Public Service Negotiating Council have reaffirmed their September 30, 2026, ultimatum to the Federal Government over the rising cost of petrol, the demand for a wage award and the commencement of negotiations for a new national minimum wage.
The JNPSNC, made up of eight public sector unions, issued a three-day warning strike notice to the Federal Government, beginning October 2, should the government fail to slash the price of petrol to N500 per litre, announce a wage award and introduce other measures to cushion the crushing hardship in the country.
Members of the JNPSNC include the Nigerian Civil Service Union; Medical and Health Workers Union; Association of Senior Civil Servants of Nigeria; and National Association of Nigerian Nurses and Midwives.
Others are the Amalgamated Union of Public Corporations, Civil Service Technical and Recreational Employees; Nigeria Union of Public Service, Reportorial, Secretarial, Data Processors and Allied Workers; National Union of Printing, Publishing and Paper Products Workers; and National Union of Agriculture and Allied Employees.
The council said it had mobilised public servants across the country for a three-day warning strike if the Federal Government failed to address the issues raised in its letter to President Bola Tinubu before the deadline.

Recall that the JNPSNC had, on September 21, written to Tinubu, demanding that the price of petrol be slashed to N500, the immediate announcement of a wage award and the beginning of negotiations for not less than N500,000 minimum wage from 2027, among others.
In a statement on Tuesday, September 29, 2926, leaders of the JNPSNC warned that should the issues of fuel pump prices and the wage award not be addressed by September 30, especially during the Independence anniversary speech by the President, public servants nationwide would commence a three-day warning strike beginning October 2, 2026.
The statement issued by the National Secretary of the JNPSNC and General Secretary of the Nigeria Civil Service Union, Gbenga Olowoyo, said the September 30 deadline remained sacrosanct, stressing that the concerns of Nigerian workers could no longer be ignored.
According to him, “The three critical issues requiring urgent attention are as follows: reduction of fuel price to N500 per litre. The Federal Government should take urgent steps to bring down the price of Premium Motor Spirit (PMS) to N500 per litre.
“This can be achieved through the provision of an intervention fund to address landing costs and support oil and gas operators.
“It is equally important for the Federal Government to ensure the sale of crude oil to the Dangote Refinery and operators of modular refineries at appropriate terms to facilitate increased domestic refining and help bring down the price of petroleum products.
“The current price of PMS, ranging from N1,450 to N2,000 and, in some locations outside major communities and cities, as high as N2,500 per litre, is unacceptable to Nigerian workers.
“The council maintains that the economic hardship occasioned by the high cost of fuel is placing the survival of Nigerian workers, their dependants and the general populace under severe pressure, making it increasingly difficult for Nigerians to live normal and dignified lives.
“The Federal Government should urgently approve a wage award for Nigerian workers to cushion the effects of the prevailing harsh economic conditions being experienced by workers, their dependants, and vulnerable Nigerians.
“The council believes that urgent action on this demand will further enable public servants to consolidate their loyalty, commitment and productivity within the public service ecosystem.”
Minimum wage committee
The workers asked the Federal Government to urgently establish a committee to facilitate negotiations for the new minimum wage.
“The Federal Government should urgently establish a tripartite committee to commence and facilitate negotiations for the new national minimum wage expected to become due in 2027.
“The Nigerian workers’ demand for the immediate constitution of the committee is informed by the need to avoid any administrative or procedural delay that could affect the implementation of the new National Minimum Wage once it is eventually negotiated and passed into law by the National Assembly,” the statement added.
Warning strike
“Consequently, the council states that failure by the Federal Government to take the necessary steps to address these issues on or before 30th September 2026 will leave Nigerian workers with no option but to commence a three-day warning strike, with effect from Friday, 2nd October 2026, to press home their demands.
“It is imperative to state clearly that the Independence Day address of the President of the Federal Republic of Nigeria should adequately address these critical issues.
“Failure to address the concerns raised, according to the Council, will attract the displeasure of Nigerian workers and their dependants, as well as other vulnerable Nigerians who continue to bear the brunt of the prevailing economic hardship,” the statement concluded.
News
Enugu leads as four states cut domestic debt by over 20% in six months
Four Nigerian states reduced their domestic debt by more than 20 per cent in the first half of 2026, with Enugu recording the biggest reduction.
According to an analysis of Debt Management Office (DMO) data, Enugu, Jigawa, Ondo and Zamfara reduced their domestic debt between December 2025 and June 2026.
Four Nigerian states reduced their domestic debt by more than 20 per cent in the first half of 2026, with Enugu recording the biggest reduction.
According to an analysis of Debt Management Office (DMO) data, Enugu, Jigawa, Ondo and Zamfara reduced their domestic debt between December 2025 and June 2026.
The four states had a combined domestic debt of N224.66 billion in December 2025. By June 2026, the figure had fallen to N126.85 billion.

This represents a reduction of N97.81 billion, or 43.53 per cent, within six months.
Enugu recorded the highest reduction at 52.73 per cent, followed by Jigawa with 34.71 per cent, Ondo with 26.82 per cent and Zamfara with 20.86 per cent.
Enugu
Enugu’s domestic debt fell from N157.60 billion in December 2025 to N74.51 billion in June 2026.
This represents a reduction of N83.10 billion, or 52.73 per cent, the largest decline recorded by any state during the period.
The state recorded a 23.84 per cent reduction in the first quarter, before cutting its debt by another 37.93 per cent in the second quarter.
Jigawa
Jigawa reduced its domestic debt from N1.60 billion in December 2025 to N1.04 billion in June 2026.
The reduction amounted to N555.41 million, representing 34.71 per cent.
The state recorded no change in its debt during the first quarter, but reduced it by 34.71 per cent in the second quarter.
Ondo
Ondo’s domestic debt dropped from N8.42 billion to N6.16 billion during the six-month period.
This represents a reduction of N2.26 billion, or 26.82 per cent.
The state reduced its debt by 13.11 per cent in the first quarter and a further 15.78 per cent in the second quarter.
Zamfara
Zamfara’s domestic debt fell from N57.04 billion in December 2025 to N45.14 billion in June 2026.
The state reduced its debt by N11.90 billion, representing 20.86 per cent.
Most of the reduction occurred in the first quarter, when the debt fell by 16.77 per cent. It declined by another 4.91 per cent in the second quarter.
Other states also recorded notable reductions. Kwara’s debt fell by 18.93 per cent, Ogun by 16.89 per cent, Anambra by 16.74 per cent, Ebonyi by 15.55 per cent and Bayelsa by 15.36 per cent.
Overall, 26 states reduced their domestic debt between December 2025 and June 2026, while 10 states and the Federal Capital Territory recorded increases.
Edo recorded the largest increase at 135.72 per cent, followed by the FCT at 89.98 per cent, Borno at 70.52 per cent, Adamawa at 52.74 per cent and Delta at 48.41 per cent.
News
Mbah to 17 New LG Council Chairmen: No Honeymoon, Work to Eradicate Poverty
Governor of Enugu State, Dr Peter Mbah, has charged the newly sworn-in chairmen of the 17 local government areas in the state to immediately commence work, stressing that the local government system is not a passive arm of government in the state, but an active partner in the development agenda of the state government.
Mbah gave the charge following the swearing-in of the newly elected local government chairmen and vice chairmen at Government House, Enugu.
The Enugu State Independent Electoral Commission (ENSIEC) had on Sunday declared candidates of the All Progressives Congress (APC) winners of the 17 chairmanship and 260 councillorship seats in the council election conducted across the state on Saturday.

The chairmen and their council areas are John Ogbodo, Nkanu West; Mike Ogbuekwe, Nkanu East; Ugochukwu Nwanjoku, Aninri; Jude Chinedu Asogwa, Nsukka; Caleb Ani, Enugu South; Ugo Ferdinand Ukwueze, Igboeze South; Brendan Emeka Ani, Isi-Uzo; Ibenaku Onoh, Enugu North; Martin Amadieze, Igbo-Etiti; and Innocent Ezeoha, Udenu.

Others are Chris Onyekachi Simon, Igboeze North; Chijioke Ezeugwu, Uzo Uwani; Hyginus Agu, Udi; Uche Okolo, Awgu; Beloved Dan Anike, Enugu East; Greg Anyaegbudike, Oji River; and Vitals Ndu, Ezeagu.
Speaking at the inauguration ceremony the governor reminded the chairmen that the promises they made during the electioneering period had now become obligations to the electorate, describing the relationship between elected officials and the people as a social contract.

“In the last few weeks, you went around the communities, meeting our people, soliciting their votes. They have done you that honour of giving you their mandates to serve them and it is now your turn to discharge those commitments.
“So, what you have just done here today is beyond symbolism. It is quite significant because it means that you have just sealed the social contract you have with the people.
“I would, therefore, imagine that you are going to hit the ground running because there is really no honeymoon when we have quite a whole number of tasks ahead of us at this point,” he asserted.
Mbah stressed the strategic importance of the local government system, describing it as the tier of government closest to the people and a critical partner in the state’s development agenda.
He said the government’s objective to eradicate poverty could not be achieved without addressing poverty in rural communities where there is prevalence of poverty.
He, therefore, urged them to align their programmes and priorities with the broader development agenda of his administration, particularly in education, healthcare, sanitation, agriculture and poverty reduction.
Mbah further charged them to make themselves accessible and accountable to the people.
“You must be accessible to the people that elected you. You must be accountable to them. And you must spend their resources responsibly,” Mbah stressed.
On education, the governor urged the chairmen to go beyond physical infrastructure and focus on measurable outcomes, including literacy, numeracy and school enrolment.
“It should equally interest you to have the statistics of those kids that are of school age that are not in school in your local government and to be actively working to ensure that you have zero — and I mean zero — not even one child who is of school age should be out of school,” he said.
He urged the chairmen to make the welfare of poor and vulnerable residents a priority, saying poverty eradication would require deliberate measurement of progress rather than mere political declarations.
Responding on behalf of the chairmen, the re-elected Chairman of Igboeze South Local Government Area and Deputy Chairman of the Association of Local Government of Nigeria, Enugu State, Barr. Ugo Ferdinand Ukwueze, expressed appreciation to the people of the state and Mbah for giving them the privilege to serve.
He said some of them, who had previously served under Mbah, had acquired valuable experience during the period and pledged the commitment of the chairmen to good governance and expressed confidence that, at the end of their tenure, they would be proud of their contributions to the development of Enugu State.
“For those of us that were privileged to serve under your leadership in the past two years, I can tell you that the knowledge gained, experience acquired cannot be measured in words.
“We want to sincerely commit and recommit ourselves to the course of your good governance so that at the end of our tenure, we will be proud that Enugu State gave you the opportunity to groom us to what we are actually becoming,” he said.
The event was witnessed by the Deputy Governor, Barr. Ifeanyi Ossai; members representing Nkanu East and West, as well as Igboeze North and South Federal Constituencies, Hon. Nnolim Nnaji and Hon. Dennis Agbo, respectively; Deputy National Chairman (South) of the All Progressives Congress, Dr. Ben Nwoye; State APC Chairman, Dr. Martin Chukwunweike; Secretary to the State Government, Prof. Chidiebere Onyia; Chief of Staff, Barr. Victor Udeh, among several other dignitaries and senior government officials.
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