Business
Africa Losing $50 Billion Annually to Illicit Financial Outflows, Says Nigerian Shippers’ Council
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.
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.
Dangote Refinery has announced a fresh reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol.
The company, which is one of Nigeria’s leading oil producers, announced in a statement shared by its spokesperson, Anthony Chiejina, on its official X account on Thursday.
Effective immediately, Dangote Refinery has lowered the ex-depot price of petrol to N899.50 per litre, down from the previous rate of N970.
In his statement, Chiejina mentioned the company’s commitment to helping alleviate the financial burden on consumers during the holidays.
“We have now announced a new price of N899.50 per litre.
This reduction is designed to ease transport costs during the festive period,” he said.
“To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS.
From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM.”
In addition to the price reduction, Dangote Refinery has introduced a new incentive to make fuel more accessible for consumers.
Chiejina explained that for every litre of petrol purchased on a cash basis, buyers will have the opportunity to acquire an additional litre on credit.
This offer is backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank, providing customers with more flexible payment options.
Price of beans drops and news excites traders and consumers. Residents as well express joy with price drop amid the upcoming Christmas holiday. According to a report, the price of beans has sustained a slight drop as 100kg bag of beans is sold for 150k Naira to 140k.
The price of a bag has now dropped to 100k to 120k, depending on the type of beans. It was reported that the price of beans has been dropping for the past two weeks unlike the past months.
Nigeria’s Oil Production increased in November 2024 and has reached 1.69 Million per day going 10% increase compared to that of October production.
This now secures Nigeria’s oil production as the top in the Africa Oil Production.
The crude oil production rose with 11.42% but the condensation production reduced. Despite the great progress of the production, Nigeria’s oil production still has not reached their 2024 goal of 1.78mbpd.
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