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.
Aliko Dangote speaks on his lineage and addresses not having a son as he was asked about not having a son to carry his name and achievements.
“That is not my priority because God controls everything. You can pray for God to give you a son, but he might be the one to take down the name of the family.”
Instead, he shared that he does not mind not having a son. “I don’t think a son would have done better than the three daughters I have.”
Aside from that, he was also asked about giving advice to young Nigerians. “Work hard, be consistent, focused and know what you want to do.”
It can be reported that following Aliko Dangote’s investment opportunity, some investment platforms are experiencing huge traffic, causing their platforms to become slow and go down.
Two platforms openly announced their issues. Bamboo said “Hey everyone, we’re getting a much higher than expected traffic trying to get into the Dangote IPO and it’s making it difficult for some users to log into the Bamboo app. We’re working on a fix and it will be up and running shortly.”
Cowrywise also said “We’re currently seeing more traffic than usual on the Cowrywise app. Our team is already on it and working to get things back to normal. Thanks for your patience, everyone.”
Nigerian economist Bismarck Rewane advises Nigerians financially, sharing that Nigerians should engage in the Dangote Refinery initial public offering (IPO). He stated that it was a good investment.
He shared “You are better off with your N5,000 share than selling your PVC for N10,000 or N15,000 and consuming it,” Rewane said.
“If you can get 10 million shareholders to participate in the IPO, the Dangote Refinery will have the largest number of shareholders in the world,” he said.
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