A Chief Magistrate Court sitting in Bwari area council, Abuja has ordered the arrest of Dr Bright Echefu, chief executive of Briech Intelligence Fusion Limited, a security company, over an allegation of $651, 280 fraud.

Echefu is said to have allegedly defrauded BCG NEEDS Company of the said amount under the pretence of supplying drones and accessories.

The court ordered Disu Olatunji, commissioner of Police, federal capital territory (FCT) to arrest Echefu and his company.

Echefu is also the managing director and chief executive officer of Telecom Satellite Television, according to Leadership Newspaper.

The Economic and Financial Crimes Commission (EFCC) had earlier arraigned the businessman at the federal high court over allegations of tax evasion, money laundering, and advanced fee fraud.

Okechikwu John Akweke, presiding judge, ordered Echefu’s arrest after the motion was moved by John Paul Eze Esq. of O. J. Law Consult.

Akweke said the order is to compel Echefu and his company appearances before the court in line with Section 113 of the Administration of Criminal Justice Act 2015.

The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture has expressed concerns over the long-term implications of arbitrary taxation on businesses and the nation’s economy.

Dele Oye, President, NACCIMA, speaking at the 45th Trade Fair hosted by the Kano Chamber of Commerce, Industry, Mines, and Agriculture,  emphasised that high taxes hinder innovation, stifle investment, and pose a threat to the sustainability of enterprises.

He said, “As Margaret Thatcher warned, we should be wary of high taxes. High taxation restricts the power of the people while giving more authority to the government.

As we strive for economic prosperity, I must also draw attention to the issue of arbitrary taxation. I urge all levels of government in Nigeria, especially state and local governments, to consider the long-term implications of high taxation on businesses.

“High tax burdens can stifle innovation, deter investment, and threaten enterprises critical to our economic growth. Let us work collaboratively to create a business-friendly environment that encourages entrepreneurship and fosters economic development.”

Meanwhile, called for a review of sections of the 2024 Tax Bill, citing provisions that negatively impact businesses, particularly those operating within free trade zones, and therefore urged the Federal Government to adopt a more collaborative and long-term approach to taxation policies so as not to destabilize critical sectors of the economy.

While speaking on free trade zones, Oye appealed to the President to consider advice from the genuine private sector and organised private sector in Nigeria, urging to always hold stakeholder forums before implementing major economic policies.

“In this regard, we appeal to reconsider and withdraw the approval of the memorandum dated October 20, 2024, authored by the FIRS Chairman. This memorandum inadvertently overlooked the legal basis for the incentives on free trade zones granted by President Obasanjo in 2002, predicated on Section 23(s) of the 2007 CITA.

“We urgently call upon the Federal Government of Nigeria to take the following actions: Expunge Sections 60, 198(2), and 198(3) from the bill; exclude free zone enterprises from the scope of Section 57 of the bill, and delete the current Second Schedule of the bill in its entirety, which was inserted into the tax bill 2024.”

Speaking on the theme of the event, “Non-Oil Export for Economic Prosperity,” the NACCIMA president said it resonated deeply with the collective aspiration for sustainable economic growth.

“The future of our economy undeniably lies in the diversification of our exports, and we must rally together towards this goal.

“The government must take deliberate and proactive steps to create market access for non-oil exports by implementing strategic policies and programs that connect local producers to global markets. Establishing trade offices in key export destinations can promote Nigerian products and facilitate business linkages.

“Through strategic partnerships with international trade organizations, we can secure preferential trade agreements that grant Nigerian products a competitive edge.

“Moreover, government-led initiatives like trade missions and export-focused road shows can showcase the quality and diversity of Nigerian goods while building networks with foreign buyers. By leveraging diplomatic channels, we can address barriers such as restrictive trade policies, unfair tariffs, and logistical challenges that hinder market penetration.”

He further added that the government could offer incentives for banks to lend more to export-oriented enterprises, fostering growth and enabling businesses to compete effectively in international markets.

He added, “These financial supports can assist local businesses in scaling their operations to meet global demands.

“To enhance the competitiveness of our exports, it is crucial that our exporters obtain international certifications, such as HACCP, ISO, and FDA. The government should provide training and support businesses in acquiring these certifications.

“Furthermore, enhancing quality control measures at ports of exit will ensure that Nigerian products not only meet global standards but also ensure consumer safety and satisfaction.”

With nearly half of Nigeria’s population expressing interest in relocating abroad, as Gallup recent data indicates, the desire to seek greener pastures has become more prominent. When surveyed, 1 in 2 Nigerians say they would want to move abroad for work, school or to expand their business.

This trend, fueled by economic and political instability, suggests a rising number of skilled Nigerians could enrich foreign workforces and economies. While it offers opportunities for individual growth and development, it also raises concerns about a potential brain drain.

The desire to seek better opportunities abroad is understandable. Nigeria’s talented youth, often stifled by systemic challenges, are eager to contribute to the global workforce. It’s not just Nigeria, Liberia for instance according to the report by Gallup has more than 70% of its surveyed population showing interest in moving abroad.

“More than a third of Africans want to move permanently to live somewhere else, a new high, according to a 2023 survey by Gallup. In 2012, 29% wanted to migrate; last year the number was 37%”, says Alexandra Onukwue who writes for Semafor.

However, this exodus can have detrimental effects on the nation’s economic growth and development. As skilled professionals leave, the country loses valuable human capital that could drive innovation and create jobs.

To address this issue, it’s crucial to create an environment that fosters talent and innovation within Nigeria. This involves implementing policies that promote economic growth, reduce corruption, and improve the quality of life. Additionally, investing in education and skills development can equip young Nigerians with the tools they need to succeed.

This is why Vesti is playing an important role as a “Software Engineering Location of Choice” and its dedication to nurturing and developing top talent.

The company has ambitious plans to create over 600 engineering jobs in Lagos over the next two years and 1,500 new engineering jobs in the state by 2027. Although the Dallas-headquartered Vesti serves users from over 15 countries through its mobile apps and website, it has notable presence in the UK, Ghana, Zambia, Nigeria and recently expanded to Canada.

Olusola Amusan, CEO of Vesti, highlights the significance of this migration. “Nigeria is full of talented individuals eager to make a difference, and they are looking globally for opportunities.

Vesti is committed to making that transition as smooth as possible by equipping them with the right resources to succeed abroad,” Amusan said. Amusan emphasizes the importance of a balanced approach to migration. “We can’t stop migration, but we can make it seamless, while building room for creative ways for immigrants to send money back home and develop their home countries”, Amusan continues.

While it’s essential to support those seeking opportunities abroad, it’s equally important to create a thriving ecosystem within Nigeria. By investing in education, technology, and entrepreneurship, Nigeria can retain its talent and drive economic growth.

As global economies increasingly need skilled labor, platforms like Vesti are meeting a critical need, helping individuals navigate complex immigration processes.

However, the challenge is ensuring that this migration trend contributes positively to both Nigeria and host countries.

The UN Office on Migration warns against the risks of “brain drain” and emphasizes the need for balanced migration policies. Since the Vesti app allows people from other countries to move to Nigeria by showcasing Nigeria’s strategic advantages, the app is one the ways Amusan things we can balance the scales.

To fully harness the power of migration to create a better future for all, a concerted effort is needed from both the Nigerian government and the international community. The Nigerian government must prioritize education and skills development to equip young people with the tools they need to succeed in a globalized world.

Creating a conducive business environment, reducing corruption, and promoting transparency are essential for attracting investment and fostering innovation. By implementing these measures, Nigeria can retain its talent and encourage entrepreneurship. Retention is however becoming an old trick, countries are trying export, talent export.

The idea of talent export is to partner with multinationals in destination countries, cities, states and national governments, to export talent with the intent to bring foreign direct investment or simply remittances back to the home country. There are a couple of white papers that further explain this model.

International cooperation is crucial in addressing the complex issues surrounding migration. Countries should collaborate to establish skilled worker programs that benefit both sending and receiving nations.

Encouraging the diaspora to contribute to Nigeria’s development through investments and knowledge sharing can also have a significant impact. Additionally, it’s imperative to ensure fair labor practices and protect the rights of migrant workers.

With this trend likely to continue, countries need to recognize the value Nigerian immigrants bring. By easing entry for skilled Nigerian professionals, host countries stand to benefit from a motivated workforce ready to contribute.

At the same time, initiatives like Vesti with over 800,000 downloads in the Google Playstore, are crucial for empowering these professionals to be both successful and well-integrated abroad.

Despite how many people love Vesti, its current success is still a scratch in a market where Vesti wants to help 50m-100m people by 2028.  Vesti’s apps can be downloaded in App Store and the Google Play store or via Wevesti.com