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Africa Losing $50 Billion Annually to Illicit Financial Outflows, Says Nigerian Shippers’ Council

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Source: Google

According to Pius Akutah, the Executive Secretary/Chief Executive Officer of the Nigerian Shippers’ Council (NSC), Africa is hemorrhaging over $50 billion each year due to illicit financial outflows.

Speaking at a debate competition in Lagos themed on whistleblowers’ protection against corruption, Akutah highlighted the devastating impact of these outflows on Africa’s development and attainment of Sustainable Development Goals.

He emphasized that these illicit flows hinder poverty alleviation efforts and essential service provision across the continent.

Akutah underscored corruption as a pervasive issue affecting all aspects of society, irrespective of gender or societal segment.

He noted the United Nations’ campaign to combat corruption and promote transparency, with July 11 marked annually by the African Union to raise awareness about corruption’s detrimental effects.

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The NSC, through its Anti-Corruption and Transparency Unit, advocates for robust whistleblowing mechanisms and protections, recognizing whistleblowers as crucial in recovering embezzled funds for critical infrastructure development in Nigeria.


 

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MTN Reports 22.4% Revenue Growth in H1 2025, Driven by Nigeria and Ghana

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MTN has recently announced their financial results after the first half of 2025. The report stated that a 22.4 percent increase was made in the service revenue and was driven mainly by their users in Nigeria and Ghana.

The report also shared that the group rose by 23.2 percent to R105.1 billion. It can be noted that this growth occurred after higher demand for data, which increased the data revenue.

Aside from its financial success, MTN also announced that the current CEO of MTN Nigeria will be taken over by Karl Toriola from November 1, 2025, as he will take on the role of Vice President for Francophone Africa, overseeing operations in Cameroon, Côte d’Ivoire, Benin, and Congo Brazzaville.


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Dangote Refinery Reduces Cooking Gas Price to Less Than ₦800

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Photo source: Google

The Dangote Refinery has once again shifted the energy market in Nigeria, this time by slashing the price of cooking gas to below ₦800 per kilogram, the cheapest the country has seen in years.

For months, Nigerians have battled with skyrocketing LPG costs that often ranged between ₦1,000 and ₦1,300 per kilogram, forcing many families to turn back to kerosene or even firewood. During a recent facility tour, Africa’s richest man, Aliko Dangote, promised to change that story. Now, he appears to be making good on his word.

The refinery, which produces around 22,000 tonnes of LPG daily, has enough capacity to influence prices across the country. By selling directly and avoiding multiple layers of middlemen, the refinery has pegged its ex-depot price at roughly ₦815/kg, undercutting other suppliers whose prices float between ₦825 and ₦900/kg.

If this trend holds, a standard 12.5kg cylinder could now sell between ₦10,200 and ₦11,000, compared to the ₦13,500 to ₦14,000 many Nigerians currently pay. For households struggling with high living costs, this is no small relief.

Many citizens have welcomed the move, praising Dangote for making clean energy more accessible. “People should not be cooking with firewood anymore,” he said, urging Nigerians to embrace safer and healthier alternatives.

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But not everyone is pleased. Some long-standing gas marketers worry about being pushed out of the business. Industry players argue that while cheaper gas is welcome, Dangote’s dominance could edge smaller distributors aside and tilt the market too heavily in his favor.


 

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Police Raid YG Entertainment Headquarters Over G-Dragon Copyright Case

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South Korean police have carried out a raid on YG Entertainment’s headquarters in Seoul as part of an ongoing investigation into alleged copyright infringement involving K-pop star G-Dragon and the company’s founder, Yang Hyun Suk.

The case traces back to a complaint filed in late 2024 by a composer identified only as “Mr. A,” who claims a song he created was used without his consent more than a decade ago. According to him, the track was reworked into a medley performed during G-Dragon’s 2009 concert and later included on his 2010 live album Shine a Light.

This is the second police raid on YG in connection to the matter, with investigators said to be gathering documents and questioning individuals linked to the song’s production. Authorities have not released further details, but confirmed the investigation is still active.

YG Entertainment has rejected the accusations, insisting the issue stems from a misunderstanding. They explained that during the 2009 concert preparations, there were two completely different songs sharing the same title, which may have caused the confusion.


 

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