Transparency International Suggests Ways to Tackle Illicit Financial Flows in Nigeria 


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.

Related Stories

IFC, Seedstars Announce Top 100 Women-led Startups in SheWins Africa Initiative

By Adedapo Adesanya The International Finance Corporation (IFC) has selected 100 women-led startup owners to participate in the She Wins Africa program, an IFC-led initiative that aims to accelerate access to capital for women-led startups across sub-Saharan Africa. The selected women will participate in comprehensive interventions that will strengthen their companies’ investment readiness, include advice and mentorship, and provide access to potential investors, industry leaders, and peers through matchmaking and pitching opportunities across Africa. The initiative is a part of IFC’s broader commitment to promote gender equality and empower women entrepreneurs in emerging markets. The 100 participants announced today were


SON Launches Facility to Test Quality of Generators, Transformers

By Adedapo Adesanya The Standards Organisation of Nigeria (SON) has inaugurated a facility to test generators and power transformers sold in the Nigerian electricity market. Speaking at the inauguration of SON Mobile Generators Testing Laboratory and Mobile Transformer Equipment on Thursday, the Director-General of the agency, Mr Ifeanyi Okeke, said it was no longer business as usual for assemblers and importers of these products. He said it was important for these products to meet the quality benchmarks, stressing that buyers must have value for their money. According to him, all information supplied on generators and transformers will be verified and


FG to Resume Direct Cash Transfers to Poor Nigerians as Hunger Spreads

By Adedapo Adesanya Amid current realities, the federal government intends to restart direct cash transfers to the poorest and most vulnerable Nigerians, after a scandal led to the suspension of the programme last month. The Minister of Finance and Coordinating Minister for the Economy, Mr Wale Edun, revealed this during the Ministry’s retreat held in Uyo, Akwa-Ibom State. He said approximately three million people are recipients of the scheme but due to the escalating cost of living, the government anticipates that an additional 12 million households could qualify for these direct payments. The Finance Minister said, “The presidential panel on

More Stories

Stock Exchange Slips Back to Danger Zone After N227bn Loss

By Dipo Olowookere The gains posted last Friday by the Nigerian Exchange (NGX) Limited were reversed on Monday after the trading platform retreated by 0.83 per cent at the close of business. The poor performances put up by Access Holdings, BUA Cement, International Breweries and others contributed to the downfall of the stock exchange on the first trading session of the new week and month. The All-Share Index (ASI) receded by 419.93 points to 49,950.32 points from 50,370.25 points, while the market capitalisation depreciated by N227 billion to N26.936 trillion from N27.163 trillion. Analysis showed that equities in the industrial


The Impact of COVID-19 on China’s Belt and Road Initiatives in Africa

A new report by Economist Corporate Network, supported by Baker McKenzie and Silk Road Associates, BRI Beyond 2020 (report), shows that the ripple effects of COVID-19 are affecting the nature, pace and scope of China’s Belt and Road Initiative (BRI) activity in Africa, mostly for the short term. The report also explains how the virus has led to an increased interest in digital programmes in BRI countries, as well as a heightened focus on sustainability, including workforce health. The BRI is China’s multi-billion dollar plan to link Asia, Europe and Africa. “The COVID-19 epidemic definitely has a dampening effect on


Kaduna Electric Targets 6 Weeks For Meters Distribution

By Modupe Gbadeyanka The first phase of mass meters deployment currently being executed by Kaduna Electric will take six weeks to be completed, the company has assured. Speaking at the inspection of the meters installation exercise in Doka area of Kaduna, Head of Energy Metering and New connection of Kaduna Electric, Engineer Aliyu Abbas Abdullahi, revealed that “the meters’ deployment programme was going on simultaneously in Kaduna, Kebbi and Sokoto States.” He said at the occasion over the weekend that “the exercise will [also] be launched in Zamfara State before the end of the year.” Mr Abdullahi urged customers to


Treasury Bills Yields Jump to 13.13% Wednesday

By Dipo Olowookere The average yields of treasury bills at the secondary market in Nigeria yesterday increased by 0.46 percent to 13.13 percent in the absence of an OMO auction by the Central Bank of Nigeria (CBN). During the midweek session, yields rose across the four maturities tracked by Business Post, with the shorter end of the curve recording the highest increase at the close of business. It was observed during the trading session that the yields moved higher during the trading session as a result of a sustained bearish activity in the secondary treasury bills market. An analysis of


NCDMB Ranks Nigeria’s Most Compliant Federal Agency for HY’23

By Adedapo Adesanya The Nigerian Content Development and Monitoring Board (NCDMB) for a second year running, secured the top position in the 2023 Half-Year Executive Order 001 Compliance Ranking, making it the most transparent and efficient federal agency in Nigeria. The NCDMB scored a remarkable 83.06 per cent in the compliance ranking, highlighting the organization’s commitment to excellence and reaffirming its position as a consistent leader among federal agencies. It builds upon the NCDMB’s outstanding performance in 2022 when it placed as the top performer throughout the year. Executive Order 001 (EO1), inaugurated by former President Muhammadu Buhari on May


Zambia, Switzerland Seal New Double Taxation Deal

By Dipo Olowookere A new double taxation agreement (DTA) in the area of taxes on income has been signed in Lusaka by Switzerland and Zambia. The agreement was sealed on Tuesday, August 29, 2017 and it replaces the pact signed between Switzerland and the United Kingdom in 1954 which up to now applied to Switzerland and Zambia and will create legal certainty conducive to the further development of economic ties between the two countries. In particular, the new agreement makes provision for dividends being taxed at source at a maximum rate of 15 percent and qualified participations being taxed at


African Great Game: Russia Playing the Catchup

By Kester Kenn Klomegah After Soviet collapse, Russia has maintained strong and time-tested relations with African countries, and of course, the Soviet Union had played an important role during the decolonisation of Africa. The African continent comprises a diverse collection of countries, each with its own set of development setbacks and challenges. The political culture and investment climate are, in fact, diverse but are important forces in the economy. According to several development reports, Africa is one of the fastest growing regions in the world: the average annual GDP growth rate reaches from 3.5% to 5% on the continent. The


Airtel Nigeria Promotes Staff for Exceptional Contributions

By Modupe Gbadeyanka For their exceptional contributions to the growth of the company and their outstanding services to customers, Airtel Nigeria has promoted some of its employees across its regions of operations. It is the first leg of its yearly promotion exercise held twice a year in July and December. In this first batch, no fewer than 20 members of staff moved into senior leadership roles, out of which three are women, with one promoted to the position of Vice President. In a statement, the telecommunications network provider said the promotions, which took effect from April 1, 2023, mark another

Recent Stories

FX Crisis: Nigeria May Slam $10bn Fine on Binance

By Adedapo Adesanya The Nigerian government may be considering a $10 billion fine on Binance, a crypto exchange platform, amid a crackdown on crypto platforms in desperate moves to restore the nation’s battered foreign exchange (FX) market. This information was disclosed by Mr Bayo Onanuga, who is the Special Adviser on Information and Strategy to President Bola Tinubu, in an interview with the British Broadcasting Corporation (BBC) on Friday morning. According to the President’s aide, this was necessary as the Nigerian government believes Binance profited substantially from its “illegal transactions” in the country while the nation suffered huge losses. Mr


Business Confidence in Nigeria Falls in February Amid Rise in Input Costs

By Modupe Gbadeyanka Business conditions in Nigeria slowed to 51.0 in February 2024 from 54.5 in January 2024, as price pressures intensified in the private sector at an unprecedented pace in over a decade of data collection, the Stanbic IBTC Bank Purchasing Managers’ Index (PMI) has revealed. A statement from the lender disclosed that the improvement in business conditions was the weakest since the recovery in the private sector began last December. It stated that input costs surged higher in the period under consideration as a result of higher fuel prices and exchange rate weakness, which drove up material costs.


Harvard Business School Introduces Tony Elumelu Foundation Case Study

By Modupe Gbadeyanka A case study to spotlight the role of celebrated African businessman, Mr Tony Elumelu, in transforming the development agenda on the continent through his Tony Elumelu Foundation (TEF) has been introduced by the Harvard Business School. The case study, launched on Thursday, February 29, 2024, will critically look into how the former banker is catalysing entrepreneurship in Africa through his Africapitalism approach. At its unveiling before a class of graduate students at Harvard Business School, Mr Elumelu said, “TEF is creating economic hope and opportunity for African entrepreneurs. We know that entrepreneurship is the solution to youth


Unlisted Securities Remain in Negative Territory by 1.36%

By Adedapo Adesanya Correction at the NASD Over-the-Counter (OTC) Securities Exchange continued as it recorded a 1.36 per cent loss on Thursday, February 29. The bourse lost N21.34 million of its value during the trading session to close at N1.542 trillion compared with the preceding day’s N1.564 trillion and the NASD Unlisted Security Index (NSI) went down by 15.74 points to end the day at 1,138.05 points versus Wednesday’s 1,153.79 points. Yesterday’s decline was influenced by Aradel Holdings Plc, which further suffered further profit-taking, causing its price to drop N98.25 to close at N2,401.75 per share versus the preceding session’s


Naira Firms to N1,595/$1 at NAFEX, Weakens to N1,500/$1 at Black Market

By Adedapo Adesanya The Naira ended a tumultuous February as it recorded a price appreciation f 0.09 per cent or N14.40 against the US Dollar on Thursday, February 29, in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data obtained from the FMDQ Securities Exchange showed that the value of the local currency closed at N1,595.11/$1 during the session compared with the preceding day’s N1,609.51/$1. Also, the Nigerian currency improved its value against the Pound Sterling in the official market yesterday by N20.34 to close at N2,046.19/£1 compared with the preceding session’s N2,066.53/£1 and strengthened against the Euro by N16.5 to


Oil Down as US Inflation Signals Weak Crude Demand

By Adedapo Adesanya  Oil was down on Thursday as inflation data in the United States implied a softening of the world’s biggest economy that could weaken crude demand. Brent futures went down by 6 cents to $83.62 a barrel and the US West Texas Intermediate (WTI) futures depreciated by 28 cents to $78.26 a barrel. The US Federal Reserve’s preferred inflation gauge, the US Personal Consumption Expenditures (PCE) index, showed January inflation in line with economists’ expectations. The index rose 0.3 per cent last month, the Commerce Department’s Bureau of Economic Analysis said. Data for December was revised lower to


Local Stock Market Rebounds, Closes Last Day of February 0.68% Higher

By Dipo Olowookere The last trading session of February 2024 at the Nigerian Exchange (NGX) Limited ended on a positive note as it rebounded by 0.68 per cent after the interest rate hike scare. The growth posted on Thursday was triggered by bargain-hunting in financial stocks, especially those selling at cheaper prices after the sell-offs in the past few sessions. However, profit-taking persisted in the other sectors of the bourse, with the energy, and consumer goods indices closing lower by 0.33 per cent, and 0.18 per cent, respectively. Business Post reports that the banking space rose by 6.14 per cent,


EnjoyCorp Buys Heineken’s Stake in Champion Breweries

By Adedapo Adesanya EnjoyCorp Limited, a holding company established for food, beverage and hospitality brands, has reached an agreement with Heineken B.V., to acquire its entire shareholding in The Raysun Nigeria Company Limited. The firm holds an 86.5 per cent stake in Champion Breweries Plc, a leading regional brewer listed on the Nigerian Exchange (NGX) Limited. The proposed transaction is subject to obtaining requisite regulatory approvals and the parties expect to close the transaction in the second quarter of this year (Q2 2024). EnjoyCorp intends to keep Champion Breweries Plc listed on the NGX. Heineken will continue to support Champion


Nigerian Navy Impounds Stolen N8.6bn Crude, Others in Three Weeks

By Adedapo Adesanya The Nigerian Navy, through the Troops of Operation Delta Sanity, has deactivated 41 illegal refining sites and impounded stolen crude oil and other products worth N8.6 billion in three weeks. The Director of Naval Information, Mr Adedotun Ayo-Vaughan, a Rear Admiral, made the disclosure in a statement, saying that various Nigerian Navy platforms were deployed for the operation meant to combat oil theft and illegal oil bunkering plaguing Nigeria’s maritime environment. He said that between February 5 and February 22, a total of 51 wooden boats and three fibre ones were apprehended, while 104 illegal refining ovens,


The Future of Blockchain and Cryptocurrency in the Online Gambling Industry

The online gambling industry, characterized by its rapid evolution and global reach, has established itself as a dynamic and lucrative sector. With millions of enthusiasts partaking in diverse gambling activities, ranging from casino games and sports betting to poker and more, it has transcended geographical boundaries and time zones. The allure of convenience, accessibility, and the thrill of gaming from the comfort of one’s own space has fueled its relentless growth. As technology continues to redefine the boundaries of the digital world, the online gambling sector finds itself at the forefront of innovation, poised for further expansion and transformation. The