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2026

Business, Economy

Measures to combat illicit financial flows

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Nigeria continues to suffer significant economic losses from illicit financial flows (IFFs), with an estimated $17.8 billion leaving the country annually, according to recent findings presented at a capacity-building workshop organised by the Africa Network for Environment and Economic Justice (ANEEJ). The organisation revealed that Nigeria lost between $90 billion and $108 billion through illicit financial flows between 2020 and 2025. Data from the Federal Government, the African Union (AU), and the United Nations Economic Commission for Africa (UNECA) indicate that Africa loses about $88 billion each year to illicit financial flows, with Nigeria accounting for roughly 20 per cent of those losses. Major drivers of the illicit outflows include crude oil theft and illegal bunkering, trade mispricing through inflated import invoices and undervalued exports, tax evasion, profit shifting by multinational companies, corruption, money laundering, and illegal cross-border financial transfers. These practices deprive the country of much-needed revenue for critical sectors such as education, healthcare, and infrastructure while weakening public institutions and discouraging investment. The International Monetary Fund (IMF) has repeatedly expressed concern over the scale of illicit financial flows from Nigeria. IMF Managing Director Kristalina Georgieva urged Nigerian authorities to strengthen efforts to trace illicit funds and eliminate fiscal leakages, warning that the growing trend continues to worsen the country’s revenue challenges. Financial intelligence agencies have also identified Nigeria as a key transit point for illicit financial transactions. According to Interpol Vice President Garba Umar, hundreds of thousands of dollars are allegedly laundered out of Nigeria every hour through various illegal channels, posing a threat to national security and economic stability. Analysts say the proceeds from illicit financial flows often finance organised crime and other unlawful activities, making it essential for authorities to strengthen enforcement measures. Reports also indicate that Nigeria’s banking sector has played a significant role in facilitating illicit financial transactions over the years. Experts have therefore called on the Central Bank of Nigeria (CBN) to tighten regulatory oversight and close loopholes that enable illegal fund transfers, while urging the Economic and Financial Crimes Commission (EFCC) to intensify investigations and collaborate with international counterparts to track and recover stolen assets. In addition, experts have highlighted the role of offshore tax havens, shell companies, anonymous trusts, and other secret financial structures in facilitating illicit financial flows. Previous reports by Global Financial Integrity (GFI) and the Nigeria Extractive Industries Transparency Initiative (NEITI) have similarly raised concerns about capital flight and money laundering involving Nigerian institutions. Stakeholders say sustained enforcement, stronger financial regulations, international cooperation, and the prosecution of offenders remain critical to reducing illicit financial flows and protecting Nigeria’s economic resources.

Elections, Politics

Aigboboh Charges APC Coordinators on Edo Grassroots Mobilisatio

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The Edo State Coordinator of the Renewed Hope Ambassadors and Deputy Chairman of the All Progressives Congress (APC) in the state, Hon. Sylvester Aigboboh, on Monday has called on Local Government Coordinators of the group to remain united, dedicated and focused in taking the Renewed Hope Agenda of President Bola Ahmed Tinubu to every community across the 192 wards of Edo State. Aigboboh, popularly known as “Party Is Supreme,” said the coordinators must intensify grassroots mobilisation to ensure that every street, community and household in the state is actively engaged in the Renewed Hope movement. He stressed that sustained engagement at the grassroots would enable more citizens to appreciate the vision of President Tinubu and the commitment of the APC-led administration to national development. “We have a responsibility to ensure that the achievements, policies and developmental programmes of President Bola Ahmed Tinubu reach every village, ward and polling unit in Edo State. “Every coordinator must remain committed to enlightening the people on the benefits of the Renewed Hope Agenda and the positive impact it is making across the country,” Aigboboh said. The APC chieftain also commended Edo State Governor, Senator Monday Okpebholo, describing him as the “Angel of Transformation” whose administration, according to him, has delivered visible development across the 18 local government areas of the state. He said the ongoing infrastructure renewal, improved governance and people-oriented policies reflect the strong partnership between the Federal Government and the Edo State Government. According to him, “The transformation taking place across Edo State is a clear demonstration of the success of the Renewed Hope Agenda and President Tinubu’s unwavering commitment to improving the lives of Nigerians through quality leadership and good governance.” He further further appealed to residents of Edo State, irrespective of age or background, to embrace the Renewed Hope movement and actively participate in the grassroots mobilisation effort, noting that the support and cooperation of citizens remain critical to sustaining the developmental gains already recorded in the state and across the country. He maintained that President Tinubu has shown courage, resilience and purposeful leadership in steering Nigeria through difficult times through reforms aimed at strengthening the economy, infrastructure, security and youth empowerment. He added that the Renewed Hope Ambassadors believe the President deserves the continued support of Nigerians and a second term in office to consolidate the achievements of his administration and complete the ongoing reforms.rewrite

Sports

2026 Commonwealth Games: Nigeria Wins Another Medal as Nyong Claims Weightlifting Silver

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Nigeria increased its medal haul at the 2026 Commonwealth Games on Sunday as Ruth Asuquo Nyong claimed silver in the women’s 48kg weightlifting event with a combined lift of 168kg. Nyong began the competition with a 75kg snatch, placing third behind India’s Mirabai Chanu Saikhom, who lifted 85kg, and Malaysia’s Irene Jane Henry, who managed 77kg. She bounced back in the clean and jerk, lifting 93kg to finish with a total of 168kg, narrowly edging Henry by one kilogram to secure the silver medal. Saikhom won gold after setting a new Commonwealth Games record with a total lift of 190kg, while Henry claimed bronze with 167kg. Meanwhile, Nigeria’s men’s 3×3 basketball team suffered a 21-16 defeat to hosts Scotland in their fourth group-stage match. The loss leaves the team with a 1-3 record, with their only victory so far coming against Cape Verde in their opening game. With Nyong’s silver medal, Team Nigeria’s tally now stands at three gold and four silver medals as the Games continue in Glasgow, where more Nigerian athletes remain in medal contention.

Business

Glo, Samsung Strengthen Partnership with Galaxy Z Fold8 Launch

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Digital solutions provider Globacom and global technology company Samsung have reinforced their long-standing partnership with the unveiling of the new Galaxy Z Fold8 Ultra and Galaxy Z Fold8 smartphones. The devices were introduced during an exclusive Masterclass held at Gloworld on Adeola Odeku Street, Victoria Island, Lagos, where both companies highlighted their continued collaboration in bringing innovative technology and exclusive benefits to Nigerian consumers. As part of the event, Samsung honoured Globacom with its Foldable Legacy Award in recognition of the telecom company’s role in supporting the growth and success of Samsung’s foldable smartphone lineup in Nigeria. Customers who purchase either the Galaxy Z Fold8 Ultra or Galaxy Z Fold8 from any Gloworld outlet nationwide will receive a range of exclusive benefits. These include 18GB of free Glo data, distributed as 3GB monthly for six months, a Glo eSIM with a Premium Number, and an additional 10GB monthly data bonus for six months. Buyers will also enjoy Samsung Care+ coverage, flexible payment options, and other benefits valued at up to ₦1 million. Speaking at the Masterclass, Samsung’s Product Manager for EIP and MNOs Business, Solomon Osibeluwo, described the relationship with Globacom as one built on years of trust and shared commitment to innovation. He thanked the telecom operator for helping make Samsung’s latest devices more accessible while creating opportunities for customers to experience the company’s newest technologies. According to Osibeluwo, the Galaxy Z Fold8 series is powered by the Snapdragon 8 Elite Gen 5 for Galaxy processor, offering faster performance, enhanced Galaxy AI features, and improved multitasking capabilities. He added that the new devices feature Samsung’s passport-inspired design, making them slimmer, lighter, and easier to carry. The smartphones also come with brighter displays equipped with Vision Booster and anti-reflective technology to improve visibility in bright outdoor conditions. Osibeluwo noted that the integrated Galaxy AI tools are designed to help users communicate more efficiently, create content effortlessly, and improve productivity in both personal and professional settings. Gloworld Director Mohamed Rabie also described the launch as another milestone in the partnership between Globacom and Samsung. He said the collaboration has consistently delivered cutting-edge devices, exclusive promotions, and quality customer experiences by combining Samsung’s AI-powered innovations with Globacom’s reliable network and customer-focused services. Rabie announced that customers can pre-order the Galaxy Z Fold8 Ultra and Galaxy Z Fold8 at all Gloworld outlets across Nigeria from July 22 to August 20. He said those who pre-order will enjoy early access to the devices along with exclusive offers from both brands worth up to ₦1 million. The event featured live demonstrations of the new foldable smartphones, allowing business partners, technology enthusiasts, and members of the media to explore the devices’ Galaxy AI features, productivity tools, and overall performance. The launch further underscored the shared commitment of Globacom and Samsung to delivering innovative technology and greater value to customers across Nigeria.

Crime

NDLEA Seizes ₦10bn Cocaine, Opioids, Loud in Lagos

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The National Drug Law Enforcement Agency (NDLEA) has arrested a 55-year-old Balogun Market trader, Onuigbo Ndubisi Chinedu, for allegedly attempting to smuggle 3.3 kilogrammes of cocaine concealed in cartons of food items destined for the United Kingdom. According to the agency, the suspect was arrested on July 23, a day after operatives intercepted the shipment at the export section of the Murtala Muhammed International Airport (MMIA), Lagos. Investigations initially led to the arrest of three cargo agents Nkwor Onyekachukwu Justina, Adeleke Abiola Taoheed and Ukanwa Grace Pilgrim who handled the consignment. Their interrogation subsequently led officers to Kenneth Okakpu, who allegedly delivered the shipment, before investigators traced the operation to Onuigbo, identified as the alleged leader of the trafficking syndicate. The NDLEA said Onuigbo was arrested while attempting to export another cocaine shipment. In a separate operation, operatives arrested 31-year-old entrepreneur Emmanuella Chukwu-Edo at her residence in Surulere, Lagos, after recovering 2.8 kilogrammes of “Loud,” a synthetic strain of cannabis, which had arrived from the United States on a United Airlines flight. At the Lagos airport, NDLEA officers also intercepted an Air Maroc cargo shipment from India containing 2.24 million Tapentadol 250mg pills valued at more than N2.2 billion during a joint cargo examination based on intelligence. The agency further intercepted a shipment of tramadol concealed inside containers of black soap and bound for the United Kingdom at a Lagos courier company. At the Apapa Seaport, operatives uncovered 4,777 sachets of Canadian Loud weighing 2,388.5 kilogrammes and valued at over N7.1 billion. The illicit drugs were hidden inside a container carrying vehicles. In Katsina State, NDLEA operatives arrested 30-year-old Mustapha Sani during a patrol in Safana Local Government Area after allegedly recovering 323 rounds of military-grade ammunition concealed on him. Similarly, another suspect, Abubakar Amadu, was arrested along the Abuja-Kaduna Expressway with 73 rounds of 7.62mm ammunition hidden inside containers of red palm oil. Both suspects have been handed over to the appropriate security agencies for further investigation. In Edo State, a raid on a warehouse in Ilushi community, Esan South-East Local Government Area, led to the seizure of 1,286 kilogrammes of cannabis and 86 kilogrammes of cannabis seeds. Two additional suspects, Ojore Onweze and George Agwumede, were also arrested in separate operations with quantities of skunk recovered from them. Beyond enforcement activities, the NDLEA said it has continued its War Against Drug Abuse (WADA) campaign through sensitisation programmes in schools, communities, workplaces and places of worship across the country. NDLEA Chairman and Chief Executive Officer, Brigadier General Mohamed Buba Marwa (retd.), commended officers involved in the operations and urged them to sustain the agency’s efforts in combating drug trafficking while strengthening drug abuse prevention initiatives.

Politics

Northeast Faces Tough Road to 2027 Amid Boko Haram, Insecurity

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Persistent insecurity and shifting political alliances are expected to play a decisive role in the 2027 general elections across Nigeria’s North-East, with analysts warning that both security challenges and evolving party dynamics will significantly influence campaigns and voting in the region. Nearly two decades after the Boko Haram insurgency began, large parts of Borno State remain volatile, with communities in local government areas such as Guzamala, Marte, Abadam and Kala Balge continuing to face attacks from Boko Haram and the Islamic State West Africa Province (ISWAP). Renewed assaults on military bases and the continued abduction of civilians have further underscored the fragile security situation. The prolonged conflict has disrupted elections in several communities over the years, forcing many displaced residents to vote from safer locations while others remain unable to participate because of security threats. Poor access to liberated communities, often caused by landmines and improvised explosive devices, continues to complicate electoral preparations. Despite the insecurity, state governments have continued providing humanitarian assistance, including housing, healthcare, schools, water projects and relief materials for displaced persons. Political observers believe these interventions have strengthened public support for incumbent governors, particularly in states controlled by the All Progressives Congress (APC). Across the North-East, political developments have reshaped the electoral landscape ahead of 2027. The APC currently controls five of the region’s six states, while Bauchi remains the only state outside its control. The region is also expected to play a key role in the presidential election, with Vice President Kashim Shettima representing the APC and former Vice President Atiku Abubakar contesting under the African Democratic Congress (ADC). In Borno State, Governor Babagana Zulum’s preferred successor, Mustapha Gubio, emerged as the APC’s consensus governorship candidate after the party resolved earlier concerns over possible internal divisions. Analysts believe security will remain the dominant issue for voters in many parts of the state. Yobe is also expected to remain firmly under APC control, although security concerns continue to overshadow preparations for the election, particularly in vulnerable local government areas affected by recurring attacks. Adamawa has witnessed one of the region’s biggest political surprises following a contentious APC governorship primary that exposed divisions within the ruling party. The outcome has intensified competition ahead of the election, with opposition parties seeking to capitalise on the internal disagreements. In Gombe, the APC abandoned an earlier consensus arrangement after protests from party stakeholders, opting instead for direct primaries. The development has made what was initially considered a predictable contest more competitive. Taraba’s political landscape has also changed significantly following Governor Agbu Kefas’ defection from the Peoples Democratic Party (PDP) to the APC. The governor is expected to face a renewed challenge from the PDP, with the contest likely to centre on his performance in office rather than political endorsements. Bauchi is widely regarded as the most competitive state in the region after Governor Bala Mohammed left the PDP for the Allied Peoples’ Movement (APM). With the APC, PDP and other parties fielding strong candidates, analysts expect a closely fought governorship election. Analysts believe three key factors will determine the outcome of the 2027 elections across the North-East; the security situation, the influence of incumbent governors through governance and humanitarian support, and the growing wave of political defections and party realignments. While the APC enters the election cycle with significant political advantages across much of the region, observers say persistent insecurity and changing political alliances mean the outcome remains far from certain.

Elections, Politics

Osun Election: APC Picks Oyewumi for National Campaign Council

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A former member of the National Youth Service Corps (NYSC) Governing Board and All Progressives Congress (APC) chieftain in Oyo State, Prince Oyekunle Oyewumi, has been appointed to the party’s National Campaign Council for the upcoming Osun State governorship election. The campaign council is chaired by the Governor of Imo State, Senator Hope Uzodimma, and comprises prominent APC leaders from across the country tasked with coordinating the party’s campaign ahead of the election. Several notable APC figures from Oyo State were also named to the council, including the Minister of Power, Chief Joseph Tegbe; Chairman of the National Revenue Service (NRS), Mr. Zacch Adedeji; former Minister of Youth Development and ex-Presidential Media Aide, Chief Sunday Dare; former Deputy Governor of Oyo State and APC state chairman, Chief Moses Adeyemo; the APC’s 2027 governorship candidate in Oyo State, Senator Sarafadeen Alli; Senator Yunus Akintunde; Mrs. Tolulope Akande-Sadipe; Hon. Wasiu Alli; and Barrister Ibrahim Lawal. Oyewumi, who previously served as Special Adviser to the Oyo State Governor on the Millennium Development Goals (MDGs) and was a member of the APC Presidential Campaign Council during the 2023 general elections, has held several leadership positions at both the national and state levels within the party. In his new role, he will serve on the Committee on Mobilisation of Special Interest (Persons with Disabilities), which is chaired by the Governor of Niger State, Umar Bago, with Aare Durotolu Bankole serving as secretary.

Politics

Enugu Named Nigeria’s Fastest-Improving State, Nnamani, NASS Caucus Hail Mbah

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Former Senate President Ken Nnamani and members of the Enugu State Caucus in the National Assembly have congratulated Governor Peter Mbah following Enugu State’s emergence as Nigeria’s fastest-improving state in the 2026 Phillips Consulting State Performance Momentum Index. In a statement issued from his residence in Enugu State, Nnamani described the recognition as a reflection of the remarkable transformation recorded under Mbah’s administration since he assumed office in May 2023. According to the former Senate President, Enugu has witnessed significant progress across key sectors, including security, healthcare, education, agriculture, transportation, tourism and infrastructure, making the state a leading example of effective sub-national governance. He said the latest ranking did not come as a surprise to many residents of the state, arguing that Enugu’s development trajectory over the past three years has been evident through the implementation of major reforms and development projects. Nnamani also stated that the governor’s achievements have strengthened public confidence in his administration and justified growing calls for his re-election. The Enugu State Caucus of the National Assembly also commended Governor Mbah for what it described as his visionary leadership and commitment to socioeconomic development. In a statement issued on behalf of the caucus by former Senate Minority Whip Osita Ngwu, the lawmakers said the Phillips Consulting ranking reflects the level of progress achieved across multiple sectors of the state’s economy. The caucus noted that the administration’s investments in infrastructure and economic reforms have enhanced Enugu’s attractiveness for business, investment, tourism and residential development. The lawmakers added that the report supports the state’s long-term economic target of expanding its economy from $4.4 billion to $30 billion and pledged continued legislative support for the administration’s development agenda. Enugu recently emerged as the highest-ranked state in the 2026 Phillips Consulting State Performance Momentum Index after recording a score of +1.55 on the report’s three-point scale. The Momentum Index measures the rate at which states improve relative to the national average using indicators such as citizen satisfaction, internally generated revenue relative to federal allocations, debt sustainability, revenue growth and fiscal transparency. Jigawa, Abia, Osun and Kano followed Enugu as the next fastest-improving states in the latest rankings. According to Phillips Consulting, Enugu’s performance reflects deliberate governance reforms, prudent fiscal management and effective policy implementation, demonstrating how consistent leadership and institutional reforms can produce measurable development outcomes within a relatively short period.

Governance, Politics

Tinubu Appoints Smart as NASS, House of Reps Adviser

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President Bola Tinubu has appointed Wasiu Olanrewaju Smart as Special Adviser on National Assembly Matters (House of Representatives), following the resignation of Ibrahim Olanrewaju. The appointment, which takes immediate effect, was announced in a statement issued by the Presidency and signed by the President’s Special Adviser on Information and Strategy, Bayo Onanuga. According to the statement, Ibrahim Olanrewaju stepped down from the position to pursue an elective political office in his home state. Before his new appointment, Olanrewaju Smart served as Senior Special Assistant to the President on Intergovernmental Affairs, a position he held from October 2023. The Presidency described the 40-year-old appointee as a policy expert with extensive legislative experience. He holds a PhD in Educational Management from Lead City University, a Master’s degree in Public Administration from Harvard University, and a professional diploma in Public Relations from the London School of Public Relations. He is also an Edward S. Mason Fellow in Public Policy at the Harvard Kennedy School, a LEAPS Fellow at the Massachusetts Institute of Technology (MIT), and previously served as a Policy Fellow at Quantum Alliance AI in the United States, where he focused on artificial intelligence and civic technology. Olanrewaju Smart has built an extensive career within the National Assembly, serving in various capacities, including Research and Media Assistant to both the Minority and Majority Leaders during the Seventh and Eighth National Assemblies. He later held senior positions in the Office of the Speaker, serving as Special Adviser, Deputy Chief of Staff and subsequently Chief of Staff during the Ninth and Tenth National Assemblies. According to the Presidency, he also contributed to the development of several major public policy initiatives, including the Student Loan Act and other legislative reforms. President Tinubu expressed confidence that Olanrewaju Smart would use his legislative experience and policy expertise to strengthen coordination between the Presidency, ministries, departments and agencies (MDAs), and the House of Representatives.

Business

AMCON Seeks Buyers as NTEL Goes Up for Sale

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The Asset Management Corporation of Nigeria (AMCON) has begun the process of divesting its interest in telecommunications company NTEL/NATCOM, describing the firm as one of its most successful asset recovery stories following a major operational turnaround. AMCON’s Managing Director and Chief Executive Officer, Gbenga Alade, announced the development during an interactive session with senior media executives in Lagos. He also revealed that the Corporation recovered about N165 billion in the first half of 2026, representing a 64 per cent increase from the N107 billion recovered during the same period in 2025. According to Alade, the planned sale of NTEL follows the successful divestment of the Ibadan Electricity Distribution Company (IBEDC) and forms part of AMCON’s broader strategy to unlock value from distressed assets while attracting credible investors into key sectors of the economy. He explained that the divestment process is being conducted through a transparent and structured framework aimed at securing strategic investors capable of driving the company’s long-term growth. Alade noted that NTEL, which succeeded the defunct Nigerian Telecommunications Limited (NITEL), has undergone a comprehensive transformation programme designed to improve its competitiveness, strengthen operations and enhance its appeal to investors. He described the restructuring as a significant milestone in the revival of Nigeria’s legacy telecommunications assets and expressed confidence that the company’s board and management have laid a solid foundation for its next phase of development. According to him, the transformation has positioned NTEL to compete more effectively in both the domestic and international telecommunications market. Alade assured stakeholders that AMCON would continue to provide updates as the divestment progresses, stressing the Corporation’s commitment to transparency throughout the process. He added that the planned sale aligns with AMCON’s statutory mandate of maximising value from distressed assets, supporting economic growth and strengthening confidence in Nigeria’s financial system. Beyond the proposed divestment, Alade highlighted the Corporation’s improved financial performance, disclosing that recoveries reached approximately N165 billion between January and June 2026, while maintaining a cost-to-recovery ratio of 2.3 per cent, which he said reflects improved operational efficiency. The AMCON chief also welcomed a recent Supreme Court judgment that strengthens the Corporation’s debt recovery powers. He said the apex court affirmed that the AMCON Act constitutes a special legal framework established to address the banking sector crisis that followed the 2008 financial meltdown. According to Alade, the court further ruled that AMCON is exempt from paying stamp duties and confirmed the Corporation’s legal authority to dispose of collateral assets in recovering outstanding debts, regardless of the amount owed by a debtor. While describing the ruling as a significant legal victory, he said the Corporation remains vigilant against attempts by debtors to frustrate its recovery efforts through prolonged legal challenges. Responding to calls for AMCON to be wound down, Alade alleged that many of those advocating its closure are debtors seeking to avoid repayment. He maintained that any decision regarding the Corporation’s future rests solely with its Board and the Central Bank of Nigeria (CBN). He also disclosed that AMCON has strengthened collaboration with debt recovery agents, solicitors and receiver managers by increasing engagement, providing legal guidance on the AMCON Act and reviewing commission structures to improve recovery performance. According to Alade, these measures are expected to enhance the effectiveness of the Corporation’s debt recovery operations and sustain its recent progress.