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 supply of Premium Motor Spirit (PMS), also known as petrol, increased by 55.4 per cent on a month-on-month basis to 71.5 million litres per day in November 2025 from 46 million litres per day in October.
This was contained in the November 2025 fact sheet of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Monday.
The data showed that the nation’s consumption also increased by 44.5 per cent or 37.4 million litres to 52.1 million litres per day in November 2025, against 28.9 million litres in October.
The significant increase in petrol supply last month was on account of the imports by the Nigerian National Petroleum Company (NNPC) Limited into the Nigerian market from both the domestic and the international market.
Domestic refineries supplied in the period stood at 17.1 million litres per day, while the average daily consumption of PMS for the month was 52.9 million litres per day.
The NMDPRA noted that no production activities were recorded in all the state-owned refineries, which included Port Harcourt, Warri, and Kaduna refineries, in the period, as the refineries remained shut down.
According to the report, the imports were aimed at building inventory and further guaranteeing supply during the peak demand period.
Other reasons for the increase, according to the NMDPRA, were due to “low supply recorded in September and October 2025, below the national demand threshold; the need for boosting national stock level to meet the peak demand period of end of year festivities, and twelve vessels programmed to discharge into October, which spilled into November.”
On gas, the average daily gas supply climbed to 4.684 billion standard cubic feet per day in November 2025, from the 3.94 bscf/d average processing level recorded in October.
The Nigeria LNG Trains 1-6 also maintained a stable processing output of 3.5 bscf/d in November 2025, but utilisation improved slightly to 73.7 per cent compared with 71.68 per cent in October.
The increase, according to the report, was driven by higher plant utilisation across processing hubs and steady export volumes from the Nigeria LNG plant in Bonny.
“As of November 2025, Nigeria’s major gas processing facilities recorded improved output and utilisation levels, with the Nigeria LNG Trains 1-6 processing 3.50 billion standard cubic feet per day at a utilisation rate of 73.70 per cent.
“Gbaran Ubie Gas Plant processed 1.250 bscf per day, operating at 71.21 per cent utilisation, while the MPNU Bonny River Terminal recorded a throughput of 0.690 bscf per day during the period. Processing activities at the Escravos Gas Plant stood at 0.680 bscf per day, representing a 62 per cent utilisation rate, whereas the Soku Gas Plant emerged as the top performer, processing 0.600 bscf per day at 96.84 per cent utilisation,” it stated.
By Aduragbemi Omiyale
The proposed share reconstruction of a local gaming firm, Secure Electronic Technology (SET), has been suspended.
The Lagos-based company decided to shelve the exercise after negotiations with potential investors crumbled like a house of cards.
Secure Electronic Technology was earlier in talks with some foreign investors interested in the organisation.
Plans were underway to restructure the shares of the company, which are listed on the Nigerian Exchange (NGX) Limited.
However, things did not go as planned as the potential investors pulled out, leaving the board to consider others ways to move the firm forward.
Confirming this development, the company secretary, Ms Irene Attoe, in a statement, said the board would explore other means to keep the company running to deliver value to shareholders.
“This is to notify the NGX and the investing public that a meeting of the board of SET held on Tuesday, December 16, 2025, as scheduled, to consider the status of the proposed share reconstruction and recapitalisation as approved by the members at the Extraordinary General Meeting (EGM) held on April 16, 2025.
“After due deliberations, the board wishes to announce that the proposed share reconstruction will not take place as anticipated due to the inability of the parties to reach a convergence on the best and mutually viable terms.
“Thus, following an impasse in the negotiations, and the investors’ withdrawal from the transaction, the board has, in the interest of all members, decided to accept these outcomes and move ahead in the overall interest of the business.
“The board is committed to driving the strategic objectives of SEC and to seeking viable opportunities for sustainable growth of the company,” the disclosure stated.
Business Post reports that the share price of SET crashed by 3.85 per cent on Tuesday on Customs Street on Tuesday to 75 Kobo. Its 52-week high remains N1.33 and its one-year low is 45 Kobo. Today, investors transacted 39,331,958 units.
By Adedapo Adesanya
Clea, a blockchain-powered platform that allows African importers to pay international suppliers in USD while settling locally, has officially launched.
During its pilot phase, Clea processed more than $4 million in cross-border transactions, demonstrating strong early demand from businesses navigating the complexities of global trade.
Clea addresses persistent challenges that African importers have long struggled with, including limited FX access, unpredictable exchange rates, high bank charges, fraudulent intermediaries, and payment delays that slow or halt shipments. The continent also faces a trade-finance gap estimated at over $120 billion annually, limiting importers’ ability to access the FX and financial infrastructure needed for timely international payments by offering fast, transparent, and direct USD settlements, completed without intermediaries or banking bottlenecks.
Founded by Mr Sheriff Adedokun, Mr Iyiola Osuagwu, and Mr Sidney Egwuatu, Clea was created from the team’s own experiences dealing with unreliable international payments. The platform currently serves Nigerian importers trading with suppliers in the United States, China, and the UAE, with plans to expand into additional trade corridors.
The platform will allow local payments in Naira with instant access to Dollars as well as instant, same-day, or next-day settlement options and transparent, traceable transactions that reduce fraud risk.
Speaking on the launch, Mr Adedokun said, “Importers face unnecessary stress when payments are delayed or rejected. Clea eliminates that uncertainty by offering reliable, secure, and traceable payments completed in the importer’s own name, strengthening supplier confidence from day one.”
Mr Osuagwu, co-founder & CTO, added, “Our goal is to make global trade feel as seamless as a local transfer. By connecting local currencies to global transactions through blockchain technology, we are removing long-standing barriers that have limited African importers for years.”
According to a statement shared with Business Post, Clea is already working with shipping operators who refer merchants to the platform and is also engaging trade associations and logistics networks in key import hubs. The company remains fully bootstrapped but is open to strategic investors aligned with its mission to build a trusted global payment network for African businesses.
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