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.
The Federal Government trains 500 women and youths in food production and agriculture. The programme was started to support food security.
The Federal Ministry of Agriculture and Food Security partnered with the National Horticultural Research Institute (NIHORT).
The women and youths were taught tomato, okra and Telfairia production techniques. The government believes this will help boost agriculture, improve food production and strengthen the economy in Ogun State.
According to reports, fuel stations are reducing their prices a bit. This has become a general thing around Nigeria after the spike due to the removal of subsidy.
The prices are dropping to ₦1,275 and ₦1,299, going lower than ₦1,300 compared to what it was before.
MTN has moved closer to acquiring IHS Holding, following shareholder approval of the proposed takeover, marking another major milestone in the transaction.
The approval was secured during the Extraordinary General Meeting (EGM) held on 4 August, allowing the deal to progress to the next stage.
If completed, the acquisition is expected to strengthen MTN’s infrastructure capabilities by giving the company greater control over its telecommunications tower assets. Industry analysts believe the move could improve network efficiency, reduce long-term operating costs, and support MTN’s continued expansion across its markets.
The transaction is still subject to regulatory approvals and other closing conditions before it can be officially completed.
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