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General News

Nigeria, Others Lose $947Bn to Corruption, Tax Evasion

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Ibrahim  Lamorde,Chairman, Economic and Financial Crimes Commission
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Nigeria and some other developing countries lost a total of $946.7 billion to corruption, trade mis-invoicing and tax evasion in 2011, with amount being spirited away growing larger with each passing year.

 Nigeria alone lost $142.27 billion to the unsavoury practices during the period, according to a recent report by Global Financial Integrity, a research and advocacy organization based in Washington, D.C.

 Money lost to corruption in these developing nations was 13.7 per cent higher in 2011 than the figure in the previous year.

Illicit outflows totaled $832.4 billion in 2010, while the cumulative figure between 2002 and 2011 amounted to about $5.9 trillion.

The report explained that “illicit flows are all unrecorded private financial outflows involving capital that is illegally earned, transferred, or utilized, generally used by residents to accumulate foreign assets in contravention of applicable capital controls and regulatory frameworks.”

The report added that this exodus of funds constitutes “a major source of domestic resource leakage, which drains foreign exchange, reduces tax collections, restricts foreign investments, and worsens poverty in the poorest developing countries.”

In other words, those hundreds of billions of dollars could have been used to fund anything from food security to healthcare to education.

“Instead they have been squandered in shady trade deals, illegal tax havens and crooked investments. Trade mis-invoicing was the biggest driver of losses, accounting for 79.7 percent of illicit outflows.”

In terms of pure volume, the countries with the biggest illicit outflows in 2011 are those with relatively large economies; Russia tops the list with $191.14 billion, followed by China with $151.35 billion, and India with $84.93 billion.

In Africa, the continent’s largest economy, South Africa, was the worst offender with $23.73 billion in losses. Next is oil-rich Nigeria, where corruption cost $12.89 billion.

In terms of GDP percentages, sub-Saharan Africa is faring the worst. Countries there lost an average 5.7 percent of total GDP each year from 2002 to 2011, while the global average was just 4 per cent.

Because sub-Saharan African economies are relatively small, it is still the region with the lowest total value of illicit outflows from 2002 to 2011: a cumulative $419.1 billion, which is just 7.7 per cent of the total amount lost to all developing countries during the same time period, but the growth of that loss on a year-by-year basis is among the world’s highest at 20.2 per cent, second only to the Middle East and North Africa, where an average 31.5 per cent annual increase in illegal outflow is largely due to rising oil prices.

These findings have grave implications for sub-Saharan Africa, where 48.5 per cent of the population lived on less than $1.25 a day in 2010. The region’s massive losses mean that less funds are available for sorely needed investments in infrastructure and development. For that reason, says the report, corruption, tax evasion and shady trading practices have “an outsized impact on the continent.”

GFI’s findings are important not only for developing countries, but for aid donors as well. The amount lost to illicit outflows in 2011 amounts to an incredible 10 times the amount that came in as official development assistance.

The report recommends that developed and developing countries work together to improve transparency and strengthen financial regulatory systems, which would help poorer nations make better use of their own assets in order to improve the lives of their citizens.

Brian LeBlanc, GFI economist and co-author of the report, said: “The way forward will involve measures to verify ownership of trusts and shell companies, reforms to customs protocols in order to discourage trade misinvoicing, initiatives to digitize exchanges of tax information across borders, and efforts to hold money-launderers more accountable in courts of law.

“Unless these changes happen and fast, the world’s poorest countries will continue to lose huge amounts of funds that could have been used for much-needed development.

“Poor countries hemorrhaged nearly a trillion dollars from their economies in 2011 that could have been invested in local businesses, health care, education, or infrastructure.

“This is nearly a trillion dollars that could have been used to help pull people out of poverty and save lives. Without concrete action, the drain on the developing world is only going to grow larger,” said Le Blanc.


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General News

FirstBank Celebrates ₦1 Trillion Milestone in Instant Loans via AI-Powered Platforms

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FirstBank, a leading financial institution and provider of financial inclusion services in West Africa, announces the achievement of ₦1 trillion in cumulative instant digital loan disbursements.

This accomplishment further consolidates the Bank’s reputation for innovation, leadership in financial inclusion, and commitment to customer empowerment within.

Since its inaugural digital loan in August 2019, FirstBank has developed an unconventional and robust digital lending ecosystem designed with Artificial Intelligence and Machine Learning, to improve access to finance, especially to the high-risk customer segment.

The Bank created a multi- channel loan disbursement service that requires no collaterals, zero documentation and is void of human interactions. Through its FirstAdvance, FirstCredit and AgentCredit products, 1.5 million unique borrowers enjoyed instant and secure access to credit.

This is irrespective of whether they are salary earners, non-salary earners, or micro business owners. They also have the convenient options of accessing these loans through platforms such as *894# (FirstBank’s USSD service), FirstMobile, LitApp and the FirstMonie Agent App.

Regarding this milestone, Chuma Ezirim, Group Executive, e-Business & Retail Products at FirstBank, stated: “This success underscores our ongoing commitment to innovation and a customer-focused approach, which are central to FirstBank’s core values. Beyond achieving substantial figures, we remain dedicated to fostering opportunities for financial independence across Nigeria in particular, and in Africa at large.’’

He added, “We value the trust our customers place in us to support their financial aspirations. Our efforts to advance digital lending will persist, especially to the excluded and underserved customer segments, while effectively managing risks in the process.”

FirstBank currently disburses about N1 Billion daily in digital loans, demonstrating its commitment to fostering an inclusive, technology-driven future for Nigerians. By consistently investing in advanced technologies and developing customised financial solutions, the Bank seeks to improve the financial well-being of individuals and businesses across the nation.


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Mayor of London Commits to Deepening UK-Nigeria Ties in Tech, Creatives and Trade

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The Mayor of London, Sadiq Khan, has successfully concluded his visit to Lagos, Nigeria, aimed at strengthening the UK-Nigeria economic relationship and celebrating the deep cultural ties, shared vibrancy, and global influence of two dynamic cities – London and Lagos.

This visit marked the growing importance of Nigeria as a key partner in the UK’s global trade and investment strategy, particularly in sectors such as fintech, innovation, and the creative economy.

Alongside the visit, the Mayor of London led a trade delegation of 27 London-based companies in fintech, enterprise technology, and sustainability, supported by the Mayor’s growth agency, London & Partners. Under the leadership of Howard Dawber OBE, Deputy Mayor for Business and Growth, the agency facilitated a series of high-level engagements in Nigeria.

The delegation connected with Nigerian policymakers, investors, and creatives through curated events aimed at fostering collaboration and unlocking new business opportunities across Africa.

This visit marked the first official trip by a sitting Mayor of London to sub-Saharan Africa, underscoring London’s commitment to building long-term, cross-sector partnerships that support inclusive growth, digital transformation, and cultural exchange.

Mayor Khan’s engagements in Lagos commenced with participation in a panel discussion at the “Bridging Borders: How London and Lagos Can Shape the Future of Global Tech” tech event where he highlighted how London and Lagos can jointly shape the future of global innovation and encouraged Nigerian tech businesses to invest in London.

The Mayor of London also attended the Lagos Canvas Reception, a celebration of Nigeria’s flourishing creative sector which he co-hosted with Mo Abudu at the Ebony Life place.

The reception celebrated the status of Lagos and London as cultural and creative industry powerhouses and looked to encourage even greater ties between the creative industry ecosystems in both cities.

From the arts to fashion, music and film – central to the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP) – which is expanding trade and unlocking new opportunities in the creative economy.

Wrapping up his visit to Lagos, Nigeria, the Mayor of London will continue his historic trade mission with stops in Accra, Johannesburg and Cape Town to bang the drum for the capital as a place for investment, innovation, and cultural exchange – strengthening ties with countries across the African continent for economic growth.

The Mayor of London, Sadiq Khan, said: “I am delighted to be visiting Nigeria and Africa this week – the first visit of its kind by a Mayor of London – to bang the drum for the capital and further develop the strong ties between our countries.

“Africa has the world’s fastest growing populations and is seeing major economic growth across many of its economies. Over the next decade there are huge opportunities to deepen partnerships with London. I will be working tirelessly throughout this visit to drive trade and investment across critical sectors including finance, education, health, tech creative and sustainability.

“Londoners of African heritage have played, and continue to play, a huge role in making London the greatest city in the world, and this trip is an opportunity to celebrate our shared heritage, history and culture with the African continent – as we build a better and fairer city for everyone.”

British Deputy High Commissioner in Lagos, Mr. Jonny Baxter, said: “The Mayor of London’s visit underscores the UK Government’s commitment to strengthening economic and cultural ties with Nigeria. From trade to fintech and fashion, our collaboration is driving innovation and growth.

“Through the UK-Nigeria Enhanced Trade and Investment Partnership, we’re committed to unlocking new opportunities that benefit both our economies, and this visit is a powerful step forward in that journey of inclusive growth.”

UK Minister for Africa, Lord Collins of Highbury, said: “Sir Sadiq’s visit marks an exciting moment for the UK’s relationship with countries across Africa and is a strong demonstration of our commitment to deepening our ties with the continent.

“Strengthening our trade, investment, and cultural ties is not only vital for shared economic growth, but also for fostering long-term partnerships that are rooted in respect and open up opportunities for all.”


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FG to Launch Fully Digital Expatriate Residence Permit Application Portal August 1

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The Nigeria Immigration Service (NIS) has announced the rollout of a fully digital application system for the Combined Expatriate Residence Permit and Aliens Card (CERPAC).

The new online portal, https://cerpac.immigration.gov.ng, will become the exclusive platform for submitting CERPAC applications from August 1, 2025.

According to NIS, the digital migration is part of the Federal Government’s broader initiative to reform the immigration system by promoting transparency, improving operational efficiency, and enhancing the overall user experience for expatriates and organizations interacting with the Service.

In a press statement signed by A.S Akinlabi, Service Public Relations Officer, the NIS disclosed that manual or physical CERPAC forms will be completely phased out by July 31, 2025.

It noted that after this date, all applications must be submitted exclusively through the online portal.

The Service has advised applicants who have paid for physical forms but are yet to complete the submission process to do so on or before July 31, 2025, warning that any unsubmitted applications after the deadline will be deemed invalid, and associated payments may be forfeited.

Companies and individuals assuming Immigration Responsibility (IR) for expatriates have also been urged to ensure that all outstanding applications are finalized within the stipulated timeframe, to avoid potential delays or administrative setbacks.

“This digital transition marks a critical milestone in our effort to simplify processes and serve the public better,” the statement reads.

The NIS urged members of the public to direct all inquiries and correspondence regarding the new digital process to the office of the Public Relations Officer at the Service Headquarters in Abuja.

 


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