Economy
ECOWAS Group, ICPC Urge African Leaders to Step up Fight Against Illicit Financial Flow
Mr Edwin Harris, the Director-General of the ECOWAS Inter-Governmental Action Group Against Money Laundering In West Africa (GIABA), Senegal, has urged African leaders to step up efforts in the fight againsr Illicit Financial Flows (IFF) in the region.
Harris made the call while delivering a lecture at the 11th anniversary annual lecture of Realnews and investiture into the Realnews Hall of Fame on Tuesday in Lagos.
The theme of the lecture is :” The Threats of Illicit Financial Flow to the African Economy”.
He stated that IFFs are a systemic problem requiring a systemic solution and as such, African leaders cannot afford to relax in the fight against a cankerworm that threatens their sustainable development.
The director-general noted that IFFs as money illegally earned, transferred or used in violation of laws in their origin, or during their movement or use, and are therefore considered illicit.
”IFFs from Africa typically originates from three sources, which are : corruption, including money acquired through bribery and abuse of office by public sector and private sector officials.
”Others are criminal activities, ranging from trafficking in people and drugs, arms smuggling, fraud in the financial sector, such as unauthorised or unsecured loans, money laundering, stock market manipulation and outright forgery,” he said.
Harris also mentioned commercial activities, arising from business-related activities, and having several purposes, including hiding wealth, evading or aggressively avoiding tax, and dodging customs duties and domestic levies.
The GIABA director-general said that the United Nations Economic Commission for Africa (UNECA) High Level Panel (HLP) on IFFs had stated that Africa is estimated to have lost one trilliondollars or more over the past 50 years to IFFs.
The commission, he said also revelealed that the continent is estimated to lose more than 50 billion annually in IFFs .
Harris stressed that this was corroborated by the Organisation for Economic Co-operation and Development (OECD) which estimated that Africa loses as much as $60 billion each year in IFFs.
He stated that in 2020, the UN Conference on Trade and Development (UNCTAD), in its report on Economic Development in Africa, estimated that Africa loses about US$88.6 billion, 3.7 per cent of its Gross Domestic Product (GDP), annually in IFF.
Harris said, at a regional level, the scale of criminal proceeds in the West Africa has been estimated at 3.6.per cent of global gross domestic product (GDP) .
“IFF are a global phenomenon and do not respect borders. They undermine global social, political and economic security and have become a serious threat to the attainment of development agenda, particularly in Africa.
“Africa’s efforts to ensure the reduction of IFFs must be pro-active, firm and unwavering while activities that give rise to IFFs must be vigorously fought without compromise.
“The key task is to take bold steps, cooperate and coordinate efforts, and unit to dismantle the system extracting wealth from Africa, ” he said.
According to him, this requires collective actions by all critical stakeholders, including national authorities, the private sector and civil society organisations to press for change in their countries and the continent at large.
Harris commended Realnews and other media houses in Africa for their effort in fighting against IFFs.
In her welcome address, Ms Maureen Chigbo, the Publisher of Realnews said that the anniversary lecture series is one way the medium contributes to nation-building and development.
Chigbo said Realnews does this by providing a forum for policy change-oriented discussions by professionals, scholars, technocrats and decision-makers on the way forward for our great nation and Africa in general.
“The lecture series since 2014 have focused elections, economy, security, challenges of leadership in Africa, Africa’s political transitions oil and gas, unfolding integration of the African Market, and drug abuse among youths in Africa.
“This year, we zeroed in on “Threats of Illicit funds flow to the African Economy”, because of our deep concern about the nefarious effect of illicit funds flow on the economy, resulting in dwindling revenue for Africa governments,” she said.
According to her, the theme of the lecture was borne out of a revelation by Mr Auwal Rafsanjani, Executive Director, Civil Society Legislative Advocacy Centre (CISLAC) on Oct. 22, that Nigeria lost $18 billion yearly to IFFs through the banking sector.
Chigbo stated that Rafsanjani, also Head, Transparency International (TI) Nigeria, had disclosed that Nigeria is one of the 23 countries ranked as non-co-operative in the combined efforts to fight money laundering globally, since its establishment in 2003.
She said to address this burning issue, the medium searched for Harris and other selected panel of discussants with relevant expertise, knowledge and experience to shed more lights on the topic.
The publisher appreciated the speakers and sponsors of the event in various capacities for their unwavering support to the medium.
In a panel discussion, Mr Kayode Adedayo, Director of Proceeds of Crime Department, Independent Corrupt Practices and Other Related Offences Commission (ICPC) said African countries must prioties the prevention of the movement of illicit funds from their territories.
Adedayo noted that this was imperative because once the funds are moved, particularly to the Western countries and discovered, and effort is made for its repatriation, they are returned after several years without interest.
Also, Mr Felix Obiamalu, Associate Director of Legal and Sanctions, Nigeria Financial Intelligence Unit (NFIU) urged the Federal Government to establish a clear and up-to-date policy and guidelines on how to combat IFF in Nigeria.
Obiamalu stated that while IFF is a menace that has eaten deepen into the Nigerian system, government at all level should lead by showing a political will to destroy it and promote the whistle blower mentality among the citizens.
The News Agency of Nigeria reports that the highlight of the event was induction of new members into the Realnews Hall of Fame.
The new members are : Harris, Adedayo, Obiamalu, Mr Mohammed Bello-Koko, Managing Director, Nigeria Ports Authority (NPA), Mr Aminu Maida, Executive Vice Chairman, Nigerian Communications Commission and Mr Ahmed Karu, Managing Director, Assets Management Corporation of Nigeria. (NAN)
Economy
Imo records over $1m from non-oil exports in 2025 – NEPC
The Nigerian Export Promotion Council (NEPC) says exporters in Imo generated a total of 1,244,095 dollars as proceeds from export trade in 2025.
The Imo Coordinator of the council, Mr Anthony Ajuruchi, disclosed this during a follow-up engagement with cocoa farmers in the state on Thursday in Owerri.
50 cocoa farmers and exporters in Imo received 30 cocoa seedlings each in 2025 as part of interventions to boost production for export.
Ajuruchi said the amount was derived from proceeds of both formal and informal export transactions carried out by the farmers within the 2025 fiscal year.
He commended the Executive Director of NEPC, Mrs Nonye Ayeni, and the management team for their support and commitment to the growth of the export market in Imo and across the country.
According to him, the council recorded notable achievements in 2025, including the organisation of capacity-building programmes on non-oil export, product packaging and labelling.
“In addition to our interventions for cashew farmers, we conducted trainings on product development and adaptation, export contracts, market penetration, product certification and export documentation procedures.
“We also trained about 600 exporters and small and medium-scale enterprises,” he said.
Ajuruchi said the engagement with the cocoa farmers was aimed at obtaining feedback and brainstorming on strategies to increase production and export volume in 2026.
One of the beneficiaries, Mrs Sophia Orji, said the cocoa seedlings she received were doing well and had started fruiting after 17 months.
Another farmer, Mrs Mary Okeke, said her cocoa plants were thriving and appealed to NEPC to extend similar support to farmers during the rainy season.
Also speaking, Mr Canice Nze, Director of Produce in the Imo Ministry of Trade, Commerce and Investment, urged the farmers to register with the ministry to enable them benefit from cooperative structures and access possible government grants. (NAN)
Economy
NCC, CBN Approve Refund Framework for Failed Airtime and Data Transactions
By David Torough, Abuja
In line with the consumer-focused objectives of the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN), the two regulators have drawn up a framework to address consumer complaints arising from unsuccessful airtime and data transactions during network downtimes, system glitches, or human input errors.
The framework is the outcome of several months of engagements involving the NCC, the CBN, Mobile Network Operators (MNOs), Value Added Service (VAS) providers, Deposit Money Banks (DMBs), and other relevant stakeholders.
According to the NCC, these engagements were prompted by a rising incidence of failed airtime and data purchases, where subscribers were debited without receiving value and experienced delays in resolution.
“The Framework represents a unified position by both the telecommunications and financial sectors on addressing such complaints. It identifies and tackles the root causes of failed airtime and data transactions, including instances where bank accounts are debited without successful delivery of services. It also prescribes an enforceable Service Level Agreement (SLA) for MNOs and DMBs, clearly outlining the roles and responsibilities of each stakeholder in the transaction and resolution process,” a statement by Head of Public Affairs of NCC, Nnen Ukoha said.
Under the new framework, where a purchaser is debited but fails to receive value for airtime or data—whether the failure occurs at the bank level or with an NCC licensee—the purchaser is entitled to a refund within 30 seconds, except in circumstances where the transaction remains pending, of which the refund can take up to 24 hours.
The framework further mandates operators to notify consumers via SMS of the success or failure of every transaction. It also addresses erroneous recharges to ported lines, incorrect airtime or data purchases, and instances where transactions are made to the wrong phone number.
Director of Consumer Affairs at the NCC, Mrs. Freda Bruce-Bennett in a comment on the development said the framework also establishes a Central Monitoring Dashboard to be jointly hosted by the NCC and the CBN. According to her, the dashboard will enable both regulators to monitor failures, the responsible party, refunds, and track SLA breaches in real time.
“Failed top-ups rank among the top three consumer complaints, and in line with our commitment to addressing these priority issues, we were determined to resolve it within the shortest possible time,” she said.
“We are grateful to all stakeholders—particularly the Central Bank of Nigeria and its leadership—for their tireless commitment to resolving this issue and arriving at this framework, and for ensuring that consumers of telecommunications services receive full value for their purchases.
“So far, pending the approval of management of both regulators on the framework, MNOs and banks have collectively made refunds of over N10 billion to customers for failed transactions” she explained .
Mrs. Bruce-Bennett further noted that implementation of the framework is expected to commence on March 1, 2026, once the two regulators have made final approvals, and technical integration by all MNOs, VAS providers and DMBs is concluded.
Business News
Budget Office Defends Tax Reform Acts, Seeks Due Process
By Tony Obiechina, Abuja
The Budget Office of the Federation has reaffirmed the integrity of Nigeria’s newly enacted Tax Reform Acts, cautioning against what it described as governance by speculation and unverified claims following allegations of post-passage alterations.
In a statement on Wednesday, the Budget Office said it had taken note of concerns raised by the Minority Caucus of the House of Representatives, stressing that the sanctity of the law is central to constitutional democracy and not a mere procedural formality.
According to the Office, any suggestion that a law could be altered after debate, passage, authentication, and presidential assent without due process would strike at the core of the Republic and undermine citizens’ right to be governed by transparent and stable laws.
However, it warned that democratic integrity is also endangered by the careless amplification of unverified claims. “A nation cannot be governed by insinuation or sustained on circulating documents of uncertain origin,” the statement noted, adding that public confidence, once shaken by speculation, is often difficult to restore.
The Budget Office emphasized that both government and citizens share a common interest in truth, clarity, and due process, noting that public finance depends heavily on trust in the legality and clarity of fiscal laws. It welcomed the decision of the National Assembly to investigate the allegations, describing institutional inquiry, not conjecture as the appropriate response to claims of illegality.
On public access to the law, the Office agreed that Nigerians and the business community are entitled to clear and authoritative texts of all laws they are required to obey. It clarified, however, that the authenticity of legislation is determined by certified legislative records and official publication processes, not by informal or viral reproductions.
The statement also underscored the importance of separation of powers, warning that claims suggesting Nigeria is being governed by “fake laws,” if not backed by established facts, risk eroding confidence in democratic institutions.
At the same time, it stressed that legislative scrutiny should not be dismissed by the executive, noting that oversight is a constitutional duty, not an act of hostility.
From a fiscal perspective, the Budget Office said legal certainty is essential for revenue projections, macroeconomic stability, budget credibility, and investor confidence. While it is not the custodian of legislative records, it maintained that uncertainty around operative tax provisions directly affects economic planning.
To restore confidence, the Office proposed a set of measures, including the publication of verified reference texts in a single public repository, orderly access to Certified True Copies for stakeholders, clear public explanations where discrepancies are alleged, and strict alignment of all implementing regulations with authenticated legal texts.
Addressing calls for suspension of the tax reforms, the Budget Office cautioned against allowing prudence to slide into paralysis. It argued that properly implemented tax reform is necessary to reduce dependence on borrowing and inflationary financing, while easing indirect burdens on vulnerable citizens.
“Where clarification is required, it must be provided; where correction is required, it must be effected; where investigation is required, it must proceed,” the statement said, adding that governance and reform should not be stalled by unresolved conjecture.
The Office concluded by describing taxation as a democratic covenant that binds citizens and the state, insisting that compliance depends on transparency and trust. It called on political actors to protect institutions as much as positions, urging citizens and businesses to rely on verified sources and resist the spread of unauthenticated information.
The statement was signed by Tanimu Yakubu, Director-General of the Budget Office of the Federation, who reaffirmed the agency’s commitment to fiscal transparency, institutional integrity, and reforms that advance national prosperity while safeguarding citizens’ rights.


