Economy
Nigeria Loses $30bn Yearly to Forex Racketeering—Reps
By Dipo Olowookere
The House of Representatives on Thursday raised an alarm over the huge amount of money lost annually by Nigeria to financial leakages.
A member of the lower chamber of the National Assembly, Mr James Faleke, in a motion moved today and seconded by Mr Rurum Nasir, said about $30 billion is lost through fictitious and misappropriated means.
According to him, some highly influential persons and companies engage in foreign exchange racketeering by obtaining forex at cheap rates from the government through the Central Bank of Nigeria (CBN) for businesses in the country at less than N310/$1, but abandon what they got the FX for to resell at higher rates like N360/$1.
He said this was a sabotage to the economy especially at a time when the nation still grapples with funds to carry out capital projects, especially when considering how various revenue-generating, levying and taxing agencies fall short of their annual financial targets.
Mr Faleke, therefore, called on the House Committee on Finance, as well as that on Banking and Currency to conduct public hearings to unravel these misappropriations and other such schemes and make a formal report that would advise the House on the appropriate course of sanctioning to those found culpable, to serve as a deterrent for those who would intend to continue doing this.
In his contribution, Mr Toby Okechukwu stated that the motion addresses critical loopholes and infractions aimed at defrauding Nigeria. He called for a more holistic investigation to find out if there is collusion by insiders who should be protecting the national financial interest.
Mr Okechukwu stated that Nigeria cannot afford to lose such amount annually and all measures to block such financial leakages should be employed.
On his part, Mr Mohammed Tahir Monguno stated that the motion was in tandem with the constitutional role of legislators to expose corruption and investigate all financial infractions. He stated that if these leakages are blocked, the nation can capture more capital projects in the budget.
Another contributor to the debate, Mr Henry Nwawuba, stated that the motion was investigative and the window for such corruption has been permitted by certain factors such as a non-stringent means of acquiring foreign exchange and slack oversight.
He called for a robust public hearing to shed more light on the matter to expose and sanction those directly involved, while Mr Alhassan Ado-Doguwa stated that it was sad when Nigeria was making financial sacrifices and was even contemplating dropping its benchmark and propose a downward review of the budget expectations due to lack of funds; that some unpatriotic elements would exploit well-intended schemes of government to ensure ease of doing business to short-change the nation.
He also called for thorough investigations during the public hearing and for the highest sanctions to be applied on those found culpable.
The lawmaker called for the enforcement of the sanctions that will come from the hearing and ensure the outcome serves as a deterrent for all in such practices.
Also, Mr Leke Abejide stated that the motion speaks to a critical area of financial rascality that has been going on for long in defrauding Nigeria. This, he stated, is just one of the forms it takes, noting that such sharp practices also exist in the importing and exporting sector and has been ongoing for years, calling for a wholistic investigation into all such financial rascality.
Speaker of the House of Representative, Mr Femi Gbajabiamila, stated that the motion was highly critical, especially as world revenue is expected to further decline due to the coronavirus, noting that all financial leakages must be blocked.
According to him, there are two types of leakages; one is the negligence-based leakages, and the more grievous one is the calculated one, where there is the intention to defraud, which he said the House frowns heavily upon.
However, Mr Gbajabiamila clarified that it should be an investigative hearing and not a public hearing as the prayer of the motion called for.
This resulted in the motion being amended to make the hearing investigative and not just public. It was then voted on and adopted as amended.
By Adedapo Adesanya
The Minister of State for Finance, Mr Taiwo Oyedele, has denied admitting errors in Nigeria’s new tax laws, describing the reports as “misleading” and a false misrepresentation.
In a Sunday statement, attributed to the Presidential Fiscal Policy and Tax Reforms Committee and posted on Mr Oyedele’s official X handle, the reports were described as an unhelpful twisted narrative that risks distorting public understanding and misleading the very people the reforms were designed to benefit.
“Our attention has been drawn to misleading media reports claiming that the Minister of State for Finance, Mr Taiwo Oyedele, has ‘finally admitted errors in the new tax laws.’
“These publications misrepresent the Minister’s statements, falsely alleging that he urged Nigerians to await the outcome of a legislative probe, a process that has long been concluded and the gazetted copies certified by the National Assembly [have been] published since early January 2026.
“This twisted narrative is unhelpful as it risks distorting public understanding and misleading the very people the reforms were designed to benefit,” the statement read.
The committee explained that the minister, while speaking at a fireside chat during the Nigerian Bar Association Section on Legal Practice conference in Lagos, highlighted early gains from the tax reforms.
According to the statement, the gains highlighted by the Minister included a significant increase in the number of informal businesses seeking registration with the Corporate Affairs Commission, as well as a rise in the number of registered taxpayers from about 10 million to over 100 million nationwide.
These impressive results stem from the robust design and progressive nature of the new laws, including an exemption of small companies from tax, increased exemption thresholds for low-income earners, tax exemptions on basic consumption items like food, education, healthcare, transportation, and rent, and the introduction of the Tax Ombud to protect taxpayer rights, it stated.
The statement added, “The Minister contrasted the transformative changes in the new laws with the regressive provisions in the old laws. He, however, emphasised that no law is perfect.
“Therefore, ongoing stakeholder engagement is essential to identify and address any errors or gaps for appropriate legislative updates through Finance Bills as part of a continuous improvement process.”
By Adedapo Adesanya
Lafarge Africa Plc will change its corporate name to HBM Nigeria Plc, reflecting new majority ownership by China’s Huaxin Cement Co., subject to approval by shareholders of the 67-year old cement maker.
The company will ask shareholders to approve the change of its corporate identity to HBM Nigeria Plc at its 67th Annual General Meeting scheduled for April 30, 2026, in Lagos.
The proposed name change is part of a broader AGM agenda that also includes financial reporting, dividend approval, and board restructuring.
The rebrand marks a new chapter following Holcim’s exit and signals Huaxin’s intent to deepen its footprint in Nigeria’s construction materials sector.
The company highlighted the proposed name change as a key special resolution requiring shareholder approval at the meeting. Management noted that the amendment will formally alter Clause 1 of its Memorandum of Association, redefining its legal identity.
Lafarge Africa Plc reported strong financial performance for the 2025 financial year, underscoring the backdrop to its proposed strategic shift. The company recorded significant growth across key financial metrics.
Revenue rose to N1.1 trillion in 2025, up 53 per cent from N696.8 billion in 2024. Profit after tax increased from N100.1 billion to N273 billion, representing a 173 per cent growth. Operating profit climbed from N193 billion to N392 billion, driven by cost optimisation and operational efficiency.
Earnings per share surged from N6.22 to N17, reflecting improved profitability. The company has proposed a final dividend of N6.00 per share, subject to shareholder approval and applicable withholding tax.
Huaxin Cement acquired a controlling 83.81 per cent stake in Lafarge Africa Plc from the Holcim Group for roughly $1 billion. The deal, finalised in late 2025, marks Holcim’s complete exit from Nigeria to focus on other markets, with Huaxin aimed at expanding its footprint in Africa.
The chairman of Lafarge Africa, Mr Gbenga Oyebode, said Nigeria’s market holds vast potential with its positive growth indices, increasing urbanisation, and infrastructure demand.
“This development will further solidify Lafarge Africa’s position as a leading contributor to Nigeria’s infrastructure and economic growth. Nigeria’s market holds vast potential with its positive growth indices, increasing urbanisation, and infrastructure demand. We remain committed to leveraging these opportunities while maintaining our focus on sustainability and innovation.”
Lafarge expanded into Nigeria in 2001 through the acquisition of Blue Circle, thereby taking over its stake in West African Portland Cement Company (WAPCO), later rebranding it as Lafarge Cement WAPCO Plc and significantly increasing production capacity with new plants and infrastructure in Ogun State.
By Adedapo Adesanya
The Naira extended its gain on the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, April 10, by 0.18 per cent or N2.43 to trade at N1,356.89/$1 compared with the previous day’s N1,359.32/$1.
It also improved its value against the Pound Sterling in the same market window by N16.01 to close at N1,828.82/£1 versus N1,844.83/£1, but lost N3.40 against the Euro to sell at N1,592.58/€1 versus N1,589.18/€1.
In the parallel market, the Nigerian Naira further appreciated against the Dollar during the session by N5 to settle at N1,385/$1 compared with the previous day’s rate of N1,390/$1.
With the FX market operating with greater liquidity and efficiency, market participants now transact without extraordinary interventions from the Central Bank of Nigeria (CBN).
However, external reserves fell for 16 straight days through April 8, the longest declining run since July 2025. The central bank’s foreign exchange holdings declined by $1.1 billion in the period to $48.94 billion, the lowest level since February 19, the lender’s data show.
After initially weakening, as the Iran war broke out, the Nigerian currency has recovered losses and is one of only four of 23 African currencies still standing in the period.
The CBN had pledged to stabilise the Naira and has boosted sales of high-yield short-term debt to attract inflows of Dollars.
As for the cryptocurrency market, Bitcoin (BTC) and other major cryptocurrencies fell after US Vice President J.D. Vance announced that the country and Iranian negotiators had failed to agree to an extended ceasefire. BTC lost 1.9 per cent to sell at $71,549.08.
The parties met in Pakistan on Saturday to negotiate an agreement after the US’s nearly six-week-long campaign against Iran. VP Vance said at a press conference afterwards that the US had “not reached an agreement.”
Cardano (ADA) fell 4.3 per cent to $0.2398, Solana (SOL) depreciated by 2.7 per cent to $82.22, Binance Coin (BNB) slumped 2.2 per cent to $593.61, Dogecoin (DOGE) went down by 1.9 per cent to $0.0912, Ethereum (ETH) weakened by 1.4 per cent to $2,214.56, and Ripple (XRP) crashed by 1.3 per cent to $1.33.
However, TRON (TRX) appreciated by 0.9 per cent to $0.3217, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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