General
Nigeria Loses $157bn to Illicit Financial Flows in Nine Years
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.
By Adedapo Adesanya
The Independent National Electoral Commission (INEC) on Sunday, August 16, 2026, declared the incumbent Governor of Osun State, Mr Ademola Adeleke, winner of the 2026 governorship election held a day earlier.
Mr Adeleke, who contested under the Accord Party, defeated his closest challenger, the All Progressives Congress (APC) candidate, Mr Bola Oyebamiji, to secure a second term in office.
The governor polled 511,067 votes, while Mr Oyebamiji scored 444,815 votes, giving Mr Adeleke a winning margin of 66,252 votes.
The African Democratic Congress (ADC) candidate, Mr Najeem Folasayo Salaam, came a distant third with 17,180 votes.
Mr Salaam had entered the election as one of the candidates expected to potentially emerge as a third force, particularly following the backing he received from former Osun Governor and former Minister of Interior, Mr Rauf Aregbesola.
However, that expectation did not translate into the numbers needed to seriously challenge the two leading candidates.
Mr Adeleke’s victory means he becomes only the third governor in Osun State’s history to win a second term through an election.
He joins Mr Olagunsoye Oyinlola and Mr Aregbesola in the state’s political history, although Mr Oyinlola’s tenure was later cut short following a court decision that nullified his election over irregularities.
Mr Aregbesola subsequently succeeded Oyinlola and went on to secure a second term, completing eight years in office.
Mr Adeleke’s re-election comes after a fiercely contested campaign marked by intense competition and reported violence from competing parties.
Despite those challenges, the governor consolidated his support across the state and secured a decisive victory over the APC candidate, extending his administration for another four years in the southwest states.
By Modupe Gbadeyanka
The Transmission Company of Nigeria (TCN) has confirmed the collapse of five transmission towers along the Ikot Abasi–Eket 132kV Double Circuit Transmission Line.
This was attributed to severe acts of vandalism, as TCN disclosed that the structure collapsed after vandals removed critical structural bracing members.
The affected towers were N9, J4, N10, N11 and N12, the organisation said in a statement on Friday.
It explained that the extensive damage was discovered during a routine joint line patrol conducted on August 9, 2026, by TCN linesmen.
Further inspection revealed that structural members from seven additional towers along the same transmission corridor had also been removed and stolen. The towers, J3, N8, N13, N14, N15, N18 and N19, are now structurally compromised and pose a risk of further collapse.
TCN condemned this act of sabotage and reiterated its commitment to working hard to maintain a robust and reliable national grid.
The statement said that to mitigate the impact on electricity supply, the network has been reconfigured to prioritise supply to Ekim transmission station, leaving Ibom Power as the only station without supply.
TCN said it is mobilising an urgent intervention to complete the reconstruction of the affected sections of the line, with security agencies also notified to aid investigations and prevent further acts of vandalism along the line route.
By Adedapo Adesanya
The Speaker of the House of Representatives, Mr Tajudeen Abbas, has urged all relevant government agencies to promptly initiate actions for the full implementation of the Nigerian Ports Economic Regulatory Agency Act, 2026, following its signing into law by President Bola Tinubu.
The bill, sponsored by Speaker Abbas, was aimed at repealing the Nigerian Shippers’ Council Act, Cap. N133, Laws of the Federation of Nigeria, 2004, and establish the Nigerian Ports Economic Regulatory Agency to ensure effective economic regulation of Nigerian ports while safeguarding the interests of shippers, service providers, and users of regulated port services. With the President’s assent, it has now been enacted as an Act of Parliament.
The legislation represents one of the landmark achievements of the 10th National Assembly. It reflects the Speaker’s commitment to legislative excellence, institutional reform, and sustainable economic growth, according to a press statement by the Special Adviser on Media and Publicity to the Speaker, Mr Musa Krishi.
The bill underwent a rigorous and inclusive legislative process, including extensive stakeholder consultations and a public hearing. It was passed by both Chambers of the National Assembly and subsequently assented to by the President.
The Act provides a robust legal and institutional framework to ensure effective economic regulation of Nigerian ports by fostering transparency, competitiveness, and efficiency in port operations; protecting the rights and interests of shippers, service providers, and other port users; and aligning Nigeria’s port regulatory system with global best practices, thereby enhancing the ease and cost-effectiveness of doing business.
Despite receiving presidential assent, the Act has yet to be fully operationalised.
He warned that any further delay would undermine the legislative intent of the reform, prolong the exposure of port users to arbitrary charges and operational inefficiencies, and deny the nation the anticipated benefits of increased revenue, improved trade facilitation, and stronger investor confidence in the marine and blue economy sector.
The Speaker urged the Federal Ministry of Marine and Blue Economy, in collaboration with all relevant Ministries, Departments and Agencies (MDAs) of the federal government, to take the necessary administrative, institutional, and financial measures for the prompt implementation of the Act.
He said this should include the formal transition to, as well as operational empowerment of, the Nigerian Ports Economic Regulatory Agency to discharge its statutory mandate effectively.
The full implementation of the Act is critical to unlocking the economic potential of Nigeria’s ports, reducing the cost of doing business, strengthening trade competitiveness, and positioning Nigeria as the leading maritime and logistics hub in West and Central Africa.
The statement noted that the Speaker reaffirmed the 10th House’s commitment to exercising the necessary legislative oversight to ensure this landmark legislation, along with others assented to by the President, is fully implemented and achieves its intended goals for the benefit of the Nigerian people.
