News
CISLAC Says Nigeria Loses $18Bn Yearly to Illicit Financial Flows
Auwal Musa Rafsanjani, executive director, Civil Society Legislative Advocacy Centre (CISLAC), on Monday, expressed grave displeasure over the endemic corruption ravaging Nigeria which has led to loss of $18 billion yearly to illicit financial flows (IFFs).
Mr. Rafsanjani who doubles as Head of Transparency International (TI) Nigeria in a statement titled: ‘Repositioning the EFCC for effective and transparency in anti-corruption war in Nigeria’, however, observed that Nigeria was been ranked as one of the 23 countries that were ranked by Financial Action Task Force (FATF) as non-cooperative in the combined efforts to fight money laundering globally, since its establishment in 2003.
Mr. Rafsanjani who expressed concern over the alleged corruption being perpetuated within the banking sector, argued that: “Despite the powers of and the checks that have been put in place by the Central Bank of Nigeria (CBN and other relevant institutions regulating the sector, it appears that the system is being manipulated as Nigeria loses between $15 – 18 billion annually to illicit financial flows (IFFs).
“The banking sector has been largely implicated in money laundering where they have been instrumental in the initial entry or placement phase that involves the initial movement of an amount of money earned from criminal activity into some legitimate financial network or institution.
“This illicit act embedded into a legal trade has pervaded both the national and international business and banking industry with unabated vigor. In 2021, a directive was issued by the then chairman of the Commission, for operators in the Nigerian financial system, particularly bankers to declare their assets as from June 1, 2021.
“That directive was rightly in line with Sections 1 and 7 of the Bank Employees, etc. (Declaration of Assets) Act 1986, which compelled Bank Employees to make full disclosure of assets within fourteen days and provides a 10-year imprisonment sentence on conviction for offenses of unjust enrichment, respectively.
“Sustaining this initiative will ensure adequate measures in sanitizing the nation’s financial system by helping to prevent money laundering and illicit financial flows (IFFs) through which terrorism is largely funded, to effectively tax bank executives, and to expose illegal financial transactions.”
While noting that these inadequacies persist, he underscored the need to ensure that the provisions of the EFCC (Establishment) Act satisfy public and standard expectations for eligibility of a nominated Chairman and meet the purpose for which a financial crimes institution should be set up.
The CISLAC helmsman also urged the Commission to ensure that it “conducts thorough investigations of all public officers and politically exposed persons (PEP) named in the Pandora papers, Panama Papers, Paradise Papers, Genko scandal and FinCEN Files while those found guilty be made to face the full wrath of the law as a deterrent to others.
Nigerian National Petroleum Company Limited (NNPC) has warned local investors and foreign businesses about the activities of fraudsters falsely claiming to represent the company.
The state-owned company said the impostors are reportedly soliciting illegal fees under the guise of arranging meetings with the new NNPC board members, executives, and management.
The disclaimer comes following the change of the NNPCL board.
On April 2, 2025, President Bola Tinubu appointed a new 11-member board with Engineer Bashir Bayo Ojulari as the Group Chief Executive Officer (GCEO) and Ahmadu Musa Kidano as executive chairman.
In a statement signed on Monday by Olufemi Soneye, chief corporate communications officer, NNPC, t said the practice of soliciting fees is completely unauthorised and unlawful.
NNPCL said, “The general public is advised to beware of individuals and companies falsely claiming to represent NNPC Limited.
” Their tactics include soliciting fees for meetings with the NNPC board of directors, executives, and management staff. These actions are unauthorised and illegal.
“Foreign investors and international business entities are especially urged to remain cautious. If approached, report the incident to the appropriate authorities immediately.”
The company clarified that engagements with its boards or executives must follow official channels in line with company policy.
The oil giant said, “All legitimate engagements with NNPC Limited occur strictly through official channels or business units only.
“For further enquiries, please contact us at contactus@nnpcgroup.com.
“NNPC Limited remains committed to transparency, integrity, and the protection of our stakeholders in all interactions.”
The company called for public cooperation to prevent scammers from defrauding investors.
Nigeria’s Federal Ministry of Communications, Innovation & Digital Economy (FMCIDE) has announced that plans to support the country’s farmers with its AgriConnect initiative have kicked off with a pilot scheme launched in Ogun State in southwestern Nigeria.
Dr ‘Bosun Tijani, minister, communications, Innovation and Digital Economy,
Dr ‘Bosun Tijani, minister, communications, Innovation and Digital Economy, last week launched the initiative at the Ogum State Cultural Centre Complex. AgriConnect is described as a transformative programme designed to digitally empower Nigerian farmers through real-time access to agronomic services, weather insights, financial tools and market intelligence.
The pilot scheme is being implemented in partnership with technology vendor Huawei Technologies and operator MTN Nigeria.
AgriConnect will initially benefit over 1,000 farmers, selected from the Ogun State Farmers Information Management System (OGFIMS), with over 160,000 registered farmers.
Each beneficiary will receive mobile-data-enabled smart devices, embedded with Huawei’s AI-powered tools and MTN-supported connectivity to enable smarter planting, better risk mitigation and streamlined communication with government data centres.
Speaking at the launch, Dr Tijani noted that AgriConnect highlighted the importance of food security. Referring to a target of cultivating 500,000 hectares of land, he pointed out that innovation would be an important part of the effort.
As the government builds out the framework from this pilot in Ogun State (a leader in cassava production), he said, it aims to scale the AgriConnect model across other states – “ensuring that every farmer, regardless of geography, has the opportunity to benefit from the digital economy”, as he put it.
The AgriConnect initiative reflects an FMCIDE commitment under the government’s Renewed Hope Agenda to promote rural inclusion and leverage Nigeria’s comparative advantage in agriculture.
By fusing AI, connectivity, and human-centred design, the ministry says that AgriConnect stands as a scalable model for advancing food security, driving innovation, and improving livelihoods for smallholder farmers across the country.
Association of Advertising Agencies of Nigeria (AAAN) has extended its heartfelt congratulations to Steve Babaeko and the entire X3M Ideas team following their remarkable achievement of being ranked 31st on the Financial Times’ prestigious 2025 list of Africa’s Fastest-Growing Companies.
This recognition by the Financial Times, in collaboration with global research firm Statista, highlights X3M Ideas’ outstanding performance and resilience in a highly competitive and challenging business landscape.
The agency’s ranking was determined based on its compound annual growth rate (CAGR) between 2020 and 2023, verified through independently certified financial data, underscoring the credibility and transparency of the accolade.
Founded by renowned advertising executive Steve Babaeko, X3M Ideas has consistently demonstrated innovation, operational excellence, and creative leadership. The agency’s bold campaigns and commitment to impactful storytelling have not only elevated its profile in Nigeria but have also established its presence across several African markets.
This milestone marks a significant moment for Nigeria’s creative sector, traditionally overshadowed by industries such as fintech and energy in continental rankings.
AAAN President, Lanre Adisa, in a statement, congratulated Babaeko and X3M Ideas on the remarkable recognition. He said: “Steve’s tenure as AAAN President was quite revolutionary. He raised the bar for our association and industry at large. His leadership brought bold ideas to life, executed with brilliance and a deep sense of purpose for the creative community.
“This global acknowledgment is a testament to his enduring impact, not just as a creative force but as a trailblazer on the African continent.”
The Financial Times’ 2025 list features 130 top-performing companies from across Africa, with Nigeria and South Africa accounting for a significant share, reflecting the economic strength and entrepreneurial spirit of the continent’s largest economies.
X3M Ideas’ recognition not only celebrates its own growth but also signals the rising influence of the creative economy in shaping Africa’s future.
This latest accolade adds to a string of recent achievements for X3M Ideas, including being named Independent Network of the Year at the 2025 Pitcher Awards, further cementing the agency’s status as a leader in African creativity and innovation.
AAAN commends Steve Babaeko and the entire X3M Ideas team for their outstanding contribution to the industry and for flying the flag of Nigerian creativity high on the global stage.
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