General
Anti-Corruption War Useless Without International Help—Dogara
By Dipo Olowookere
Speaker of Nigeria’s House of Representatives, Mr Yakubu Dogara, has submitted that African nations need the assistance of international communities to succeed in its war against corruption.
Mr Dogara, while delivering a keynote address at the 28th plenary meeting of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) in Abuja, said Africa will defeat money laundering and others if Western countries stop providing safe haven for looters.
He therefore called for stronger synergy among impoverished countries in Africa in order to achieve desired outcomes in the fight against money laundering and terrorist financing.
The Speaker noted that due to lack of effective international cooperation and collaboration, criminals have globalised their activities, connecting across the globe seamlessly whilst the enforcers of the laws are hampered in no small measure.
Mr Dogara expressed the National Assembly’s, and indeed, Nigeria’s readiness to fully comply with the global standards required of her by demonstrating political support to the relevant competent authorities in the country to deepen the anti -money laundering and combatting the financing of terrorism culture in Nigeria.
The lawmaker also stressed that the administration of President Muhammadu Buhari is wholly focused and effectively poised to deal with the issues of corruption, money laundering, insecurity and terrorism in the country.
“There must be synergy between the impoverished countries where monies may have been stolen and laundered from and countries where considered as safe havens where these proceeds of crime are kept.
“As stated earlier, the fibres of international cooperation must be strengthened if we must win the fight against money laundering and terrorist financing.
“Nigeria is fully committed to complying with the global standards required of her by demonstrating political support to the relevant competent authorities in Country so as to deepen the anti -money laundering and combatting the financing of terrorism (AML/CFT) culture in Nigeria.
“The National Assembly will, when called upon for any legislative intervention to bring our system in tandem with global realities and requirements, do so with utmost sense of responsibility knowing the central role the subject matter of anti-money laundering and combatting terrorist financing play in the attainment of economic prosperity and global peace.
“Nigeria is open to forms of cooperation permissible under the law and also in line with prevailing global best practices which could be expressed in unhindered Financial Intelligence Unit (FIU) to Financial Intelligence Unit (FIU) information exchange, or request for Mutual Legal Assistance (MLA) through the office of the Attorney General of the Federation and Minister of Justice,” he said.
Going further, the Speaker highlighted the connection between stolen and criminally acquired funds and sponsorship of terrorism, which he stressed continues to be a major challenge for policymakers in both developed and developing countries, with the magnitude of wanton destruction and loss of lives it leaves in its trail.
“As you all are well aware, terrorism and illicit financial flow have become a major scourge and an issue of global concern. Repeated calls have been made for effective global collaboration to deal with the menace of terrorism, terrorists financing and money laundering.
“The Financial Action Task Force (FATF), United Nations, the World Bank, International Monetary Fund and others have at different times created global frameworks to guide countries who are enjoined to pass relevant laws and take other counter measures to deal with individuals, entities and assets of money launderers and terrorist financers in their jurisdictions.
“It’s difficult to imagine an organised terror activity without some form of financing. As a matter of fact terrorism feeds on money more than ideology.
“It may involve funds raised from legitimate sources, such as profits from legitimate businesses and charitable organizations as well as personal donations. In some cases criminal enterprises provide financing for terrorist activity: criminal sources, such as the drug trade, robbery, kidnapping, smuggling especially of weapons and other goods, extortion, and fraud.
“Terrorists adopt the techniques usually deployed by money launderers to evade the attention of relevant authorities and to help mask the identity of their sponsors and of the terrorists who may ultimately be the beneficiaries of the funds.
“The frequency of terrorist attacks in Africa has necessitated its recognition as a region warranting special counter-terrorism measures. In particular, the Boko Haram in Nigeria has been associated with the death of numerous Nigerians and destructions of properties worth billions of Naira.
“This is in addition to the disturbing trend of illicit financial flows orchestrated by corrupt public officials who at different times abused public trust for personal gains thereby occasioning the worsened economic woes of unemployment, infrastructural decay, insecurity and a host of other socio-economic problems.
“In moving their funds, terrorists may use the formal banking system, informal value-transfer systems or the oldest method of asset-transfer, the physical transportation of cash, gold and other valuables through smuggling routes.
“All these contribute to the complexity of dealing with the problem. Unfortunately, as complex as the war against these hideous crimes are, our generation cannot afford to lose the war otherwise bedlam will continue to spiral and spread its deathly blanket upon nations of the earth.
“It will take effective networking and the coming together of nations to be able to deal with this global scourge,” he stated.
The Speaker commended the openness and willingness of many countries across the world that partner with Nigeria to fight corruption and return to Nigeria, monies and other assets that have been stolen and stashed away in their jurisdictions, adding that the National Assembly will, when called upon for any legislative intervention, bring its system in tandem with global realities and requirements with utmost sense of responsibility, knowing the central role the subject matter of anti-money laundering and combatting terrorist financing play in the attainment of economic prosperity and global peace.
He also called for continuous and sustainable coordination and collaboration amongst the competent authorities in Nigeria and other jurisdictions whilst assuring the competent authorities in Nigeria that the doors of the legislature is always open to them for constructive engagement and discussion.
By Adedapo Adesanya
Nigeria’s electricity distribution companies (DisCos) generated N196.13 billion in revenue in March 2026, despite billing customers a total of N246.43 billion during the month, according to the latest commercial performance report released by the Nigerian Electricity Regulatory Commission (NERC).
The figure represents a slight decline from the N196.68 billion collected in February, highlighting persistent challenges in revenue recovery across the power distribution segment, even as energy supplied to the grid continued to improve.
NERC’s March 2026 fact sheet showed that electricity billing rose by 1.71 per cent from N242.29 billion recorded in February, reflecting increased energy deliveries and customer charges. However, collection efficiency declined to 79.59 per cent from 81.17 per cent in the previous month, indicating that a significant portion of billed revenue remained uncollected.
The regulator disclosed that DisCos received 293.76 million kilowatt-hours of electricity during the review period, representing a 6.02 per cent increase compared to February. The development suggests a modest improvement in power availability across the distribution network.
Despite the increase in energy supplied, revenue recovery remains uneven across the industry. NERC reported that the average approved tariff for March stood at N124.30 per kilowatt-hour, while actual collections averaged ₦100.75 per kilowatt-hour, resulting in an overall revenue recovery efficiency of 81.05 per cent.
Among the eleven DisCos, Ikeja Electric emerged as the strongest performer, posting a revenue recovery efficiency of 99.30 per cent. Eko Electricity Distribution Company followed with 95.73 per cent, while Benin DisCo recorded 85.18 per cent.
At the lower end of the performance table, Kaduna Electric recorded the weakest recovery rate at 35.65 per cent. Jos DisCo and Yola DisCo also struggled, achieving recovery efficiencies of 53.53 per cent and 58.58 per cent, respectively.
Ikeja Electric also led in collection efficiency with 96.38 per cent, ahead of Benin DisCo at 90.97 per cent and Eko DisCo at 87.68 per cent. Kaduna, Jos and Yola remained the poorest performers in this category, underlining the persistent commercial and operational challenges facing power distributors in parts of northern Nigeria.
In terms of billing efficiency, Eko DisCo ranked first with 92.30 per cent, followed by Port Harcourt DisCo at 90.36 per cent and Ikeja Electric at 87.76 per cent. Yola DisCo recorded the lowest billing efficiency at 58.68 per cent.
The latest figures underscore the mixed realities within Nigeria’s power sector. While electricity supply and customer billing continue to improve, revenue collection remains a major obstacle to the financial sustainability of the industry.
Analysts note that stronger metering penetration, improved customer confidence, reduction in energy theft and more efficient collection systems will be critical if DisCos are to close the widening gap between electricity supplied, billed revenue and actual collections.
The March performance report comes as regulators and industry stakeholders intensify efforts to strengthen the commercial viability of the electricity market, attract fresh investment and improve service delivery across the country.
By Adedapo Adesanya
Interswitch has entered into a partnership with Geneva-headquartered banking software provider Temenos to offer managed banking services to financial institutions across the continent, deepening its push into banking technology.
The partnership will see Interswitch adopt Temenos’ banking technology across core banking, digital banking, payments, wealth management, and financial crime management.
This will enable the firm to provide cloud-hosted and on-premises managed services to lenders on the continent. The service will initially target Nigeria, Ghana, Côte d’Ivoire, Kenya, and other African markets.
“This is a pivotal moment for Interswitch as we accelerate our expansion beyond payments and reimagine digital banking for Africa,” Mr Jonah Adams, managing director for Digital Infrastructure and Managed Services at Interswitch, said in a statement.
By combining Temenos’ software with its existing footprint across the continent, Interswitch is positioning itself as a technology partner that can help banks upgrade critical systems without having to manage the complexity of large-scale technology deployments.
“By adopting Temenos’ cloud-native, composable platform, Interswitch gains the flexibility and scalability to accelerate its next phase of growth and deliver banking services that meet the needs of African markets,” Mr Adams added.
For Temenos, the deal strengthens its presence in Africa through a partner with deep relationships across the banking sector. It lost one of its banking customers, Sterling Bank, in 2024 after the tier-2 Nigerian bank switched to SEABaaS, a new custom-built core banking application.
“Interswitch is an important new customer and partner for Temenos in Africa,” said Mr William Moroney, Chief Revenue Officer at Temenos. “Interswitch’s strong presence across the continent also extends our reach and further strengthens our ecosystem and partner network.”
Founded in 2002, Interswitch built its reputation as one of Africa’s largest payments companies through products such as Quickteller and Verve, its domestic card scheme.
By Adedapo Adesanya
Tropical General Investments (TGI) Group and Singapore-based Wilmar International have agreed to combine their Nigeria and Republic of Benin operations into a 50:50 joint venture aimed at building a dominant integrated food and agribusiness platform across West Africa, targeting a market estimated at $12 billion.
The proposed merger will consolidate operations across several value chains, including agriculture, oil palm plantations, edible oils, edible nuts, rice, food manufacturing, and distribution, creating one of the region’s largest end-to-end food production and supply chains.
Under the arrangement, both firms will integrate their complementary strengths, with Wilmar contributing global expertise in palm oil, speciality fats, and large-scale agribusiness operations, while TGI brings established local manufacturing capacity, consumer brands, and an extensive distribution network across Nigeria and neighbouring markets.
Chairman and Chief Executive Officer of Wilmar International, Mr Kuok Hong, said the partnership would enhance both firms’ ability to serve Africa’s expanding consumer base, describing Nigeria and Benin as strategic growth markets.
“For more than four decades, TGI Group has built a leading position in Nigerian food manufacturing and distribution. This partnership will leverage Wilmar’s global scale and expertise as well as TGI’s local knowledge to deliver innovative food solutions across Africa,” added TGI Group founder and chairman, Mr Cornelis Vink.
On his part, Vice Chairman of TGI Group, Mr Farouk Gumel, said the deal reflects confidence in Nigeria’s long-term economic prospects, adding that it would deepen domestic value addition, strengthen food security, support smallholder farmers, and create jobs.
Adding his input, Wilmar’s Africa Head, Mr Santosh Pillai, described the transaction as a strategic fit, noting that the combined entity would have the scale, local insight, and operational depth needed to better serve consumers in the region.
The companies said the transaction is expected to be completed in the 2026 financial year, subject to regulatory approvals and other customary conditions.
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