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Transparency International Suggests Ways to Tackle Illicit Financial Flows in Nigeria 

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Illicit Financial Flows

By Adedapo Adesanya

Transparency International (TI) has revealed “a more efficient measures” to tackle the rate of illicit financial flows into Nigeria. The agency said out of the $50 billion in Africa, Nigeria accounts for 34 percent in the sum of $17 billion on the continent.

In collaboration with the Nigeria Financial Intelligence Unit (NFIU) and the Independent Corrupt Practices and Other Related Offences Commission, the bodies have called on the Central Bank of Nigeria (CBN) to enjoin all agencies under it to help tackle this problem.

The partnership called on the apex bank to regulate the operators of the Bureau de Change (BDCs) to help report all formal and informal cash transactions, including diaspora remittances, which account for large financial inflow to Nigeria.

In a statement released after the third anti-money laundering conference held in Abuja, TI and its collaborators discussed and recommended how to explore new measures in Nigeria’s anti-money laundering regime.

The conference, which was convened by the Civil Society Legislative Advocacy Centre (CISLAC) in collaboration with TI, ICPC, NFIU and CISLAC, issued a communiqué which was signed by the Corporate Affairs Commission, National Drug Law Enforcement Agency, Special Control Unit against Money Laundering, Code of Conduct Bureau and Securities and Exchange Commission (SEC), among others.

In the joint communiqué, the anti-corruption bodies maintained that illicit financial flows in Nigeria should be ended to attain the sustainable development goals (SDGs).

It added that suspicious financial transactions “are increasingly detected but not adequately investigated. Money launderers and their enablers in and outside Nigeria trade with impunity and without consequences.”

It equally observed that the BDCs were crucial in reporting formal and informal cash transactions, including diaspora remittances, which account for large financial inflow to Nigeria.

The communique, therefore, urged the CBN to improve its financial and regulatory oversight in combating money laundering and corruption through banks.

It explained the need for the CBN to improve its financial and regulatory oversight in combating money laundering and corruption through banks.

It added that the conversion of usable information into credible intelligence “should be improved by the anticorruption agencies

The communique also urged the National Assembly to prioritise the passage of all pending bills that will catalyse the anti-money laundering campaign especially the Companies and Allied Matters Act (CAMA).

“The National Assembly must assert greater supervision and control over the financial institutions and their oversight institutions including the anti-corruption agencies to investigate and to reduce the volume of illicit financial flows and their damage to the national development,” it added.

Further,  President Muhammadu Buhari was enjoined to sign the Companies and Allied Matters Act (CAMA) to facilitate establishment of a beneficial ownership register accessible to the public by the Corporate Affairs Commission.

It was stated that despite improvement in reported suspicious transactions, the rate of prosecution, conviction and asset confiscations on money laundering charges remained disappointing in Nigeria and in Africa.

The communique then emphasised the need for all anti-corruption agencies in Nigeria and Africa to transit from manual to digital technology to fight money laundering which it said is more efficient and result oriented.

It was also said pre-election and election years had the highest number of suspicious transaction reports, saying there was an inseparable factor between money laundering and political parties.

It also observed that availability of reliable data is critical for effective anti-money laundering measures.

They recommend that relevant public and private organisations should measure their business practices against international benchmarks as set by Financial Action Task Force and other global standard setters.

“Declaration of assets owned by senior officials and Politically Exposed Persons as required by the Code of Conduct Act must be enhanced, data made public and suspicious wealth investigated by the law enforcement.

“There should be promotion of transparency and the involvement of civil society groups and citizens’ participation in the utilisation and management of confiscated and seized assets,” the comminique demanded.

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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Four Nabbed in Ogun, Lagos With 130kg of Elephant Tusks

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By Modupe Gbadeyanka

Officials of the Nigeria Customs Service (NCS) and the National Environmental Standards and Regulations Enforcement Agency (NESREA) on Saturday, June 13, 2026, apprehended four suspected wildlife traffickers in Ogun and Lagos States.

The suspects were arrested with 22 pieces of elephant tusks weighing 130.84 kg during coordinated operations in Ofada, Ogun State, and Lagos, acting on intelligence developed by Wildlife Justice.

In a statement made available to Business Post on Tuesday, it was stressed that the arrests follow several months of intelligence gathering and investigative work targeting a high-level wildlife trafficking network linked to the illegal ivory trade.

The operation targeted a senior figure within the illegal ivory trade who had been identified through Wildlife Justice intelligence as a key supplier and associate of traffickers arrested in previous investigations. Due to the individual’s long-standing role, extensive connections, and access to significant quantities of ivory, the arrest is expected to have a substantial disruptive impact on the trafficking network.

“Wildlife Justice commends NCS and NESREA for their commitment, and continued leadership in combatting organised wildlife crime,” said Olivia Swaak-Goldman, Executive Director of the Wildlife Justice Commission.

“Over the past five years, sustained intelligence-led operations and coordinated law enforcement action have transformed the wildlife trafficking landscape in Nigeria. Traffickers who once operated with relative impunity are now facing a very different reality. Many have been arrested, forced to relocate, or significantly altered their operating methods in response to enforcement pressure.

“This operation demonstrates the power of strong partnerships, intelligence-led enforcement, and the commitment of the Nigerian authorities to tackling organised wildlife crime. By systematically identifying and targeting key actors within trafficking networks, Nigeria is showing that it is possible to disrupt criminal operations, increase the risks for traffickers, and make wildlife crime an increasingly difficult and unsustainable business.”

The latest arrests further reinforce the structural shift taking place in Nigeria’s wildlife trafficking landscape, where sustained enforcement pressure is impacting the ability of criminal networks to operate and profit from the illegal wildlife trade. As a result, traffickers are increasingly reluctant to maintain large stockpiles and are often forced to move smaller quantities of wildlife products, reducing opportunities for large-scale transactions and making the trade more difficult and less profitable.

The operation marks the 21st successful investigation conducted in partnership with NCS since 2021 and the second successful operation with NESREA since 2025. Together, these partnerships have resulted in the arrest of 48 wildlife traffickers, the seizure of 1,196 kg of ivory and 25,545 kg of pangolin scales, and 16 convictions to date.

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2027: Court Orders Deregistration of ADC, Four Other Political Parties

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By Adedapo Adesanya

Justice Peter Lifu of the Federal High Court in Abuja has ordered the deregistration of the African Democratic Congress (ADC) and four others over failure to meet the constitutional requirements for political parties in the country.

In a judgment, Justice Lifu ordered the Independent National Electoral Commission (INEC) to deregister the affected parties, having failed to secure 25 per cent of the votes in the last general elections in compliance with the provisions of the law.

The five political parties include ADC, Accord (A), Action Alliance (AA), Action Peoples Party (APP) and Zenith Labour Party (ZLP).

Justice Lifu, who earlier dismissed all the multiple preliminary objections filed by the defendants, ordered INEC not to allow the parties to participate in the subsequent elections, including the 2027 general polls, having failed to meet the constitutional threshold.

A group, the Incorporated Trustees of the National Forum of Former Legislators, had filed the suit against the five political parties.

The plaintiff, who also joined the Attorney-General of the Federation (AGF) in the suit, named INEC as the first defendant.

The forum argued that the affected political parties failed to meet constitutional requirements relating to electoral spread and performance.

It contended that political parties were required to secure at least 25 per cent of votes in prescribed elections to remain relevant under the law.

It therefore urged the court to order the deregistration of the parties, insisting that none of the defendants had effectively countered the arguments.

This development comes as the ADC announced former Rivers State Governor, Mr Rotimi Amaechi, as the running mate to its presidential candidate, former Vice President Atiku Abubakar, for the 2027 general election.

It said that the decision followed extensive consultations with party leaders, coalition partners, youth and women stakeholders, and representatives of all geopolitical zones.

“The National Leadership of the African Democratic Congress (ADC), after extensive consultations with party leaders, coalition partners, youth and women stakeholders, and representatives of all geopolitical zones, is proud to announce that Mr Chibuike Rotimi Amaechi has been selected as the vice-presidential candidate of our great party for the 2027 presidential election,” the party disclosed in a statement on Monday.

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Nigerian Oil and Gas Park to Start Operations Q4 2026

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By Adedapo Adesanya

The Nigerian Content Development and Monitoring Board (NCDMB) has reaffirmed that the anticipated Nigerian Oil and Gas Park Scheme (NOGaPS) will become operational by the fourth quarter of 2026.

According to a statement by the General Manager of Corporate Communications Division at NCDMB, Mr Obinna Ezeobi, ahead of the target date for the park located at Emeyal-1, in Ogbia Local Government Area of Bayelsa State,  the NCDMB is set to install a 2.5-megawatt Com- pressed Natural Gas (CNG) power plant at the park.

He added that the power plant is one of the key steps to getting the facility operational, as it will provide a reliable and sustainable electricity supply to support industrial operations within the park.

Mr Ezeobi gave the assurance after an assessment visit to the facility by key personnel of the Board.

According to the statement, the tour revealed significant progress across key infrastructure and support systems designed to position the facility as a major industrial hub for Nigeria’s oil and gas industry.

It added that the Nigerian Oil and Gas Park Scheme was conceived to deepen Nigerian Content by providing a conducive environment for the manufacturing of components, equipment and other inputs required by the oil and gas industry, while creating employment opportunities for over 2000 persons when fully operational, and stimulating economic growth.

The oil and gas park scheme is a purpose-built industrial park with manufacturing shop floors and factories, warehouses, training centres, mini estates, truck parking and holding spaces, fire stations, administrative blocks, and security services, among other things, and is a critical initiative of the board geared towards in-country capacity development through local manufacture of equipment components and spare parts required in the oil and gas industry.

Six parks have been conceptualised and are located in different parts of the country, and they form a key part of NCDMB’s strategy for sustainable local content development and industrialisation. Two of the parks at Odukpani, Cross River State, and at Emeyal 1, Bayelsa State, have been completed, and interested companies have begun to take up shop floors, preparatory to the commencement of operations.

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