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Nigeria, Six Others Record N100bn Illicit Flows with COVID-19

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A whopping N100billion was reportedly taken out of the economies of Nigeria, Angola, Ghana, Kenya, South Africa and Zambia at the peak of thr Covid-19 pandemic between February and early June 2020.

According to the Organisation of Economic Cooperation and development (OECD), an intergovernmental economic organisation with 38 member countries founded in 1961 to stimulate economic progress and world trade, illicit financial flows are increasing and exacerbated by the COVID-19 pandemic.

This was contained in the 2021 OECD report titled, ‘Illicit Financial Flows in Oil and Gas Commodity Trade: Experience, Lessons and Proposals.

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The organisation estimates illicit capital loss from the African Continent at $88.6bn per year or the equivalent of 3.7 per cent of Africa’s total gross domestic product.

This, it noted, was significantly more than the value of official development assistance receipts put at $37billion, or of foreign direct investment, at $45billion.

Current estimates, according to the OECD, suggest that some €40billion in IFFs from the African continent each year are linked to the extractives industries, with the overwhelming share of these flows attributed to oil.

The report observed that the extractives industries sector was highly prone to IFFs and corruption.

“Of the $1.2trn generated each year by the sale of oil and gas commodities, on average just 22 per cent of the proceeds are remitted to government treasuries.

“While a share of these funds may be used for onward investments, some may also be lost, depleting the prospects of domestic resource mobilisation across oil-producing countries,” the report stated.

Since 2013, it added, the level of debt among sub-Saharan African oil-producing countries had also increased by more than 40 per cent, reaching 73 per cent of their combined GDP in 2018.

Much of this debt is on commercial as opposed to concessional terms, which means higher interest rates and shorter maturities, the OECD explained.

It stated, “Capital outflows from a selected number of developing and emerging economies (including Angola, Ghana, Kenya, Nigeria, South Africa and Zambia) reached the record level of $100bn in the early months of the COVID-19 pandemic, which alongside the accompanying oil price volatility is exacerbating the vulnerability of SSA (sub-Saharan Africa) oil and gas producers to IFFs.”

The organisation further noted that the scale of IFFs constituted a significant drain on domestic revenue and financing for development, adding that research estimates that between 1980 and 2018, SSA received nearly $2trn in foreign direct investment and official development assistance, but emitted over $1trn in IFFs.

“According to a recent work by the United Nations Conference on Trade and Development, the African continent lost $88.6bn in capital flight annually over 2013-15; almost half of this, or at least $40bn, was due to IFFs related to the export of extractive commodities,” the OECD report added.

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DBN Signs $61m Credit Deal With AfDB, Unveils Support Initiative Report

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By Tony Obiechina, Abuja

The Development Bank of Nigeria Plc (DBN) has launched DAWN: DBN Action for Women in Nigeria, unveiled its Impact Report and presented MSME Data Assets at the seventh edition of Annual Lecture held in Abuja.

DBN, in a statement on Thursday, said while delivering a welcome address, its Managing Director and Chief Executive Officer, Dr Tony Okpanachi, said the central challenge was no longer reforms themselves but ensuring benefits reach businesses at end of the chain.

He asked how to make sure benefits reach traders in Onitsha, fabricator in Aba, farmer in Kebbi and young founder in Yaba, noting that MSMEs accounted  for about half of Nigeria’s GDP and more than eight in every ten jobs, adding that when reform works for MSMEs it works for most Nigerians.

He explained that reform becomes prosperity only when entrepreneurs can act on it whether through long tenor loans to buy equipment, banks willing to take risk or skills and records needed to grow.

He said working through Participating Financial Institutions DBN provides longer term funding, partial credit guarantees through subsidiary Impact Credit Guarantee Limited and capacity building including Entrepreneurship Training Programme.

He disclosed that as at December 2025 DBN had disbursed a cumulative N1.4 trillion to MSMEs through 84 Participating Financial Institutions creating about 1.6 million jobs nationwide.

Under the new five year strategy, the Bank aims to reach more than two million MSMEs with deliberate targets for women led businesses, youth led businesses and underserved states.

On DAWN, Okpanachi said finance alone had not enabled enough women-led businesses to scale.

He said initiative brings together financing, guarantees and credit support, technical assistance, outcome linked grants and market linkages delivered through banks, microfinance institutions, fintechs, aggregators, cooperatives and direct channels.

Its priority sectors are agriculture and exports, healthcare, arts and creatives, technology and green business.

He said DAWN is about moving gender focused lending beyond intention and turning access into opportunity.

On the sidelines of the lecture DBN and African Development Bank held a signing ceremony of AfDB DBN 61 million United States dollars Gender Line of Credit development that reinforces Bank commitment to women led enterprises.

Okpanachi urged Participating Financial Institutions to extend lending into sectors and states where access to finance has been limited, policymakers and regulators to measure reform by what changes for business at end of chain and MSMEs to formalise, keep good records and use support now available.

The Vice President as Special Guest of Honour was represented by Dr Fred Iklaga Senior Technical Adviser in the Office of Special Adviser to the President on Economy.

Keynote speakers were Chief Executive Officer of MTN Nigeria, Dr Karl Toriola, and Chairman of Nigeria Sovereign Investment Authority, Dr Segun Ogunsanya.

Fireside chat featured Chief Executive Officer of Sterling Bank Abubakar Suleiman, manufacturing and trade entrepreneur Mrs Omoyemi Chukwurah and by video Kola Masha of Babban Gona.

The Secretary to the Government of Federation, represented by Augusta Warren Bekaredebo, said 2026 tax reforms would bring relief to many small businesses expressing optimism that a lot of businesses will be smiling by next year because they will be exempted from tax.

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NLC Threatens Nationwide Action as Talks With FG Collapse

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By Tambaya Julius, Abuja 

The Nigeria Labour Congress (NLC) has threatened possible nationwide industrial action following the failure of talks with the Federal Government over workers’ welfare, petrol prices and other outstanding labour demands.

The warning came after a meeting between the government and organised labour at the Ministry of Labour in Abuja on Thursday, October 22, ended without an agreement.

The congress has given the Federal Government until Tuesday, October 27, to make meaningful progress on the issues, warning that its relevant organs would decide the next line of action if the next meeting fails to produce concrete commitments.

The NLC has also directed its affiliates, state councils and civil society allies to begin mobilising members for possible nationwide action.

In a statement issued after the meeting, the NLC Acting General Secretary, Benson Upah, expressed disappointment over what he described as the government delegation’s lack of preparedness for the negotiations.

According to the congress, organised labour presented its demands in good faith but left the meeting without any concrete commitments from the government.

The demands include a reduction in petrol prices to 2024 levels, renegotiation of the national minimum wage, implementation of agreed tax relief measures and resolution of the terms of settlement involving the Joint Health Sector Unions (JOHESU).

The congress also called for the resolution of issues raised by the Joint Public Service Negotiating Council (JPSNC) over peculiar allowances, wage awards and hazard allowances.

The NLC said the government delegation lacked the necessary authority to engage meaningfully on the issues presented by labour representatives.

“The meeting between the Federal Government and organised labour, convened at the Ministry of Labour in Abuja on 22nd October 2026, has ended without resolution,” the statement said.

It added that the Minister of Labour requested that the meeting be adjourned until October 27 to allow the government to prepare adequately for further discussions.

The preparations, according to the statement, would include bringing relevant ministers and heads of departments and agencies to the negotiating table.

The congress said it remained open to dialogue but would not accept continued delays in addressing workers’ concerns.

“We will report back to our organs, and if no meaningful progress is made on Tuesday, the relevant organs of the NLC will decide the next line of action,” it said.

The labour body urged workers and members of the public to remain calm while the negotiations continue, even as it directed its affiliates and allies to prepare for possible industrial action.

“However, we urge all affiliates of NLC and TUC; all state councils and our civil society allies to be alert and start mobilising for a possible action across the nation while we hope that the tenets of our demands are met by the government,” the statement added.

The October 27 meeting is expected to provide another opportunity for both sides to address the outstanding issues and prevent a possible escalation of the dispute.

However, the NLC’s decision to begin mobilisation suggests that tensions could rise if the next round of talks fails to produce meaningful progress.

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Election Campaigns: FRSC Bars Officers from Politicians’ Escort

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The Federal Road Safety Corps (FRSC) has barred its personnel from escorting politicians during campaigns for the 2027 general elections.

Zonal Commanding Officer, RS6, ACM Abimbola Owolabi, gave the directive during her maiden visit to the Cross River Command in Calabar on Wednesday.

Owolabi said patrol vehicles and sirens must not be used for political activities or private engagements, including weddings and funeral processions.

She directed officers deployed to campaign venues to focus exclusively on traffic management to prevent congestion and road crashes.

The zonal head warned personnel against leading political convoys or providing escorts for politicians, stressing that official vehicles must not be used for unauthorised purposes.

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