Business

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

Published

10 months ago

July 19, 2024

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.

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.

Business

Skype Finally Shuts Down After 22 Years of Connecting People Online

Published

6 days ago

May 5, 2025

Gift Ogieva

Photo source: Google

Skype, once a go-to platform for video and voice calls, is officially shutting down today, May 5, marking the end of its 22-year journey connecting people around the globe. The app was one of the first to revolutionize online communication, offering free calls over the internet long before it became common.

During its prime in the mid-2010s, Skype boasted over 300 million active users each month. Microsoft bought Skype in 2011 for a massive $8.5 billion, planning to make it a key part of its communication tools. However, as newer apps like WhatsApp, Zoom, and even Microsoft’s own Teams grew in popularity, Skype slowly lost its place.

In February, Microsoft announced it would officially shut down Skype on May 5 to focus more on Teams, which now handles most of its communication services. This move affects both free and paid users, although Skype for Business will stick around for a little longer.

Business

United Bank Of Africa, UBA, Delivers 23% Total Dividend for 2024, CEO Promises More to Come

Published

2 weeks ago

April 29, 2025

Ese Ohwofa

United Bank of Africa, UBA, pays 171 Billion in total to its shareholders for the 79 percent increase for 2024.

This information was revealed during the 63rd Annual General held on the 25th of April, 2025. The UBA shareholders approved of the 3 naira dividend share, which will com bine with 2 naira interim dividend and will represent a 23 percent total dividend for 2024 in total.

It can be noted that UBA now has the highest Nigerian stocks and the CEO, Oliver Alawuba has assured the shareholders of the dividends that will be paid.”What we can assure our shareholders today is that UBA will continue to pay more dividends.”

Business

Nigerians Cry Out as CBEX Investment Platform Collapses, EFCC Steps In To Investigate

Published

4 weeks ago

April 16, 2025

Ese Ohwofa

It has been reported that Economic and Financial Crimes Commission (EFCC), prepares to look into the recent crash of the popular investment platform, CBEX.

It can be recalled that investment platform, CBEX, recently crashed and caused worry for many users. The public to social media to lament about the crash of the platform and cries out due to their losses.

Popular Nigerian blogger, Innocent Tino shares that he will partner with EFCC for a joint investigation of the downfall of CBEX. It was also shared that a total of #1.3 trillion funds have been lost due to the crash.