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Nigeria Loses $157bn to Illicit Financial Flows in Nine Years

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buhari at UNGA 73

By Adedapo Adesanya

President Muhammadu Buhari has disclosed that Nigeria lost over $157 billion to illicit financial flows in nine years between 2003 and 2012.

Mr Buhari made this disclosure during his address to the High-Level National Side-Event organised by the African Union Development Agency and New Partnership for Africa’s Development (AUDA-NEPAD) and the Economic and Financial Crimes Commission (EFCC) on Wednesday.

This came on the back of the 74th United Nations General Assembly, themed Promotion of International Cooperation to Combat Illicit Financial Flows and Strengthen Good Practices on Assets Recovery and Return to Foster Sustainable Development in New York.

The Nigerian president, quoting from the 2014 Global Financial Integrity Report, noted that the massive loss of assets resulted in dearth of resources to fund public services or to alleviate poverty in the country.

President Buhari, who in the 2015 presidential elections promised to focus on fighting corruption, reiterated his commitment to fighting corrupt practices, saying “This is why, as Africans, we have no choice but to break the back of corruption.”

Acknowledging lack of sufficient capital and corruption as impediments to socio-economic development of the continent, Mr Buhari said, “That is why our government has made it a war we intend to win. We will give all it takes to ensure there is no hiding place for purveyors of corrupt practices who are truly enemies of the people.”

Mr Buhari stressed that his administration had made significant progress to cub corruption and stressed the need to strengthen good practices on asset recovery and return, adding that Nigeria has recovered millions of dollars stolen from her shores.

However, he explained: “there are still a lot of other funds that are stuck in foreign bank accounts due to international laws, different jurisdictions and justice systems that make it difficult for repatriation.”

President Buhari lamented that these illicit financial flows do not only reduce Africa’s internally generated revenues but affects foreign exchange earnings, reduces tax revenues, drains natural resources, facilitates corruption and also hinders the growth of the private sector.

President Buhari also said tax avoidance was a major and stated that over $200 billion per year was lost by developing countries as a result of multinational enterprises defaulting on their taxes.

He said, “This amount is significantly higher than the annual development aid received by these countries which are estimated to be about US$143 billion.”

President Buhari, calling for cohesion on tackling illicit financial flows, said: “Any lasting solution to the above challenges will require international cooperation and coordination,” of African countries and their international counterparts.

“This is one reason why the Nigerian Government supports this initiative of AUDA/NEPAD and remains committed until we ensure that there are no safe-havens for stolen assets from Africa,” he declared.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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NECA’s Annual Retreat for Business Managers, Executives Holds April 16

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NECA Adewale Smatt-Oyerinde

By Aduragbemi Omiyale

The annual retreat for business managers and executives organised by the Nigeria Employers’ Consultative Association (NECA) will take place from April 16 to 18, 2026, at the AAE & T Hotel, Kuto, Abeokuta, Ogun State.

This year’s edition is themed The Resilient Enterprise, People and Systems: Building and Managing Businesses that Outlive Seasons, Cycles and Crises.

The programme aims to equip leaders with the insights, tools, and networks required to build resilient organisations in an increasingly complex business environment.

It will provide a unique platform for executive-level engagement through high-level conversations, peer learning sessions with experienced leaders, strategy reflection workshops, and curated networking opportunities.

Expected to attend are industry leaders, senior executives, and business managers from across sectors. They will explore strategies for sustaining organisational performance through leadership transitions, economic cycles, regulatory shifts, and market disruptions.

Participants will also benefit from interactive discussions focused on strengthening corporate governance, developing agile leadership capabilities, and building organisational systems that can withstand periods of uncertainty and transformation.

A notice from NECA said the event is open to both members and non-members, with participation fees set at N300,000 for members and N320,000 for non-members. Discounts will also be available for Gold and Silver members, subject to applicable terms and conditions.

Interested participants are encouraged to register via the official registration link to secure their place at the retreat, which promises to deliver valuable insights and connections for executives seeking to build enterprises capable of thriving through seasons of change and uncertainty.

The Director-General of NECA, Mr Adewale Smatt-Oyerinde, noted that by convening business managers and senior executives in a collaborative learning environment, the association aims to contribute to the development of stronger, future-ready enterprises that can drive economic growth, create jobs, and support national development even in the face of evolving global and local challenges.

He added that the retreat will provide executives with the opportunity to step away from daily operational demands and engage in deeper strategic conversations with peers and industry experts.

“The theme of this year’s retreat speaks directly to the realities businesses face today. Across sectors, organisations are navigating leadership transitions, regulatory shifts, economic pressures, and technological disruption.

“What distinguishes enduring enterprises is their ability to build strong systems, develop capable leaders, and create organisational cultures that can adapt and respond effectively to change,” the NECA chief said.

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Egbin Power Commissions 80 New Staff Housing Units

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Egbin Power 80 New Staff Housing Units

By Modupe Gbadeyanka

In further demonstration of its unwavering commitment to its workforce, Nigeria’s foremost power generation company, Egbin Power Plc, has unveiled 80 new residential housing units for employees within its plant premises in Egbin, Lagos State.

This comprises 40 fully furnished three-bedroom apartments and 40 furnished studio apartments, all designed to contemporary standards.

The units feature modern infrastructure and thoughtfully planned utilities, creating a safe, comfortable, and conducive living environment that supports both employee productivity and family well-being.

This strategic investment underscores the company’s philosophy that a well-supported workforce is fundamental to sustained operational excellence.

The new housing units are part of a holistic strategy to cultivate a stable, motivated, and future-ready workforce.

This strategy extends beyond infrastructure to encompass robust career development and recognition. Over the past three years, Egbin Power has promoted 112 employees across various cadres, reinforcing a culture that rewards merit, performance, and long-term dedication

“At Egbin Power, our people are our most valuable asset. Even amidst the prevailing liquidity and operational realities within the broader power sector, our focus on employee welfare has remained deliberate and consistent.

“This significant expansion of our residential estate is a tangible expression of that commitment.

“It is one of several key initiatives aimed at ensuring our employees feel genuinely supported, allowing them to thrive both personally and professionally,” the chief executive of Egbin Power, Mr Mokhtar Bounour, said.

Initiated in 2025 and completed in January 2026, this project is the latest milestone in Egbin Power’s structured and ongoing approach to enhancing employee welfare. It reflects the energy firm’s dedication to fostering a culture where every team member feels valued, secure, and motivated.

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NGX Group, CSCS, WIMBIZ to Ring Bell for Gender Equality

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Ring Bell for Gender Equality

By Aduragbemi Omiyale

On Tuesday, March 10, 2026, at the Nigerian Exchange Group House in Lagos, the role of capital markets in promoting gender equality will be reemphasised through the closing gong ceremony in commemoration of International Women’s Day 2026.

The ceremony is part of the global Ring the Bell for Gender Equality campaign, which mobilises stock exchanges worldwide to expand women’s participation in the economy and advance gender-inclusive practices.

In Nigeria, the NGX Group is partnering with the Central Securities Clearing System (CSCS) Plc and Women in Management, Business and Public Service (WIMBIZ) to make it memorable under the theme Rights. Justice. Action. For ALL Women and Girls.

Dignitaries expected at the ceremony include the Minister of State for Foreign Affairs, Mrs Bianca Odumegwu-Ojukwu; the First Lady of Imo State, Mrs Chioma Uzodimma; the Executive Commissioner for Legal and Enforcement at the Securities and Exchange Commission (SEC), Ms Frana Chukwuogor; foremost actor, Ms Funke Akindele; a Director at the NGX Group, Ms Ojinnika Olaghere; and another staffer of NGX Group, Mrs Fatima Wali-Abdulrahman, alongside board members of NGX Group, regulators, capital market stakeholders, and industry leaders.

NGX Group is joining other exchanges worldwide in sounding the NGX Gong to underscore the importance of inclusive leadership, equal opportunities, and stronger market accountability in advancing gender equality.

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