News
Officials, Bizmen Stole N1.4trn under OBJ, Yar’Adua, Jonathan

Itse Sagay, chairman, Presidential Advisory Committee Against Corruption (PACAC), has said that 55 top government officials and private businessmen in Nigeria illicitly diverted N1.35 trillion (about $7.5m then) between 2006 and 2015.
The period was during the administrations of former Presidents Olusegun Obasanjo, late Umaru Musa Yar’Adua and Goodluck Jonathan.
Sagay who made this known at the “Conference on promoting international co-operation in combating illicit financial flows and enhancing asset recovery to foster sustainable development,” at the State House Conference Centre, Abuja, yesterday, said corruption was impeding the country’s bid to meet its sustainable development goals.
He said that the funds looted during the period under review to 2015 was much more when fuel subsidy scams, billion-dollar arms purchase scams, hundreds of millions of dollars taken from the Nigerian National Petroleum Corporation (NNPC), by a former minister to bribe election officials in 2015, were taken into consideration.
He said one third of stolen funds could have provided 600.18 kilometres of road, 36 ultramodern hospitals per state, education for children from primary to tertiary level at the rate of N5.34 billion per child and 20,062 units of two-bedroom houses.
He also lamented that Nigeria had the largest number of incomplete projects.
According to Sagay: “Most of the financial assets stolen in Nigeria are taken out of the country as part of the illicit financial flow. The immediate impact is that Nigeria is deprived of the capacity to realise its sustainable development goals of the UN.
“These include no poverty (eradication of poverty), zero hunger (eradication of hunger), good health, quality education, clean water and sanitation, affordable clean energy etc.
“It is hard for any country to achieve that when it has looted 90 per cent or its resources and this hemorrhage is leaving our shores- underdeveloped world- to the developed world, developing them more while we are regressing.
“I have always said it, and you know Nigerians don’t like the truth, but this is the truth, give our elite an opportunity to do a project, vote money for that project, the first thing they do is divide that money amongst themselves. Nigeria has largest number of incomplete projects in this world. Many people just take the money and walk away in collusion with the ministries and agencies that awarded the contracts.
“Let me draw the connect between unrestrained looting and illicit financial flows. Most of the financial assets stolen in Nigeria are taken out of the country as part of the illicit financial flow. The immediate impact is that Nigeria is deprived of the capacity to realise its sustainable development goals of the UN officially known as transforming our world. These include no poverty (eradication of poverty), zero hunger (eradication of hunger), good health, quality education, clean water and sanitation, affordable clean energy etc.”
While declaring open the conference, Acting President Yemi Osinbajo called for heavy sanctions against banks and other financial institutions housing looted funds and aiding looters.
He said until that was done, Nigeria and other developing countries would not go far in the fight against corruption.
Osinbajo said for there to be collaboration there must first be connivance, urging that in the agreement and conventions that would be signed at the end of the three-day event, member countries must find a way to ensure that financial institutions were not given a free run, but held them accountable.
He charged developing countries to display the same outrage for drugs and terrorist financing for illicit financial flows, which he described as the worst crime against humanity.
“It took years for some people to agree that when somebody loot money where people make decent living, that is more dangerous than trafficking in drugs.
“It’s a good thing that we are here with our partners who agree that not only are these stolen assets criminalised but that they are returned to their appropriate owners.
“There is no way that transfer of these assets can happen without a handshake between the countries that they are transferred and the international banking institutions in the countries in which they are transferred; there is no way it will happen without some form of connivance.
“We have to look at somehow delegitimising those kind of financial institutions and criminalising them, so that banks and financial institutions that actually engage in this are being called out and made to face the consequences of engaging in criminal practices. If that isn’t done we are not likely to go very far.”
Osinbajo also noted that the Thebo Mbaki report showed that most of the illicit funds flow that come out of Africa are from Nigeria saying, “and that shows us very clearly, especially the security agencies, that we simply have to do more. It is evident that so much money is leaving our shores.”
News
UK Appoints Peter Vowles as British High Commissioner to Nigeria

The UK Government has announced the appointment of Mr Peter Vowles as the next British High Commissioner to the Federal Republic of Nigeria.

Mr Vowles succeeds Dr Richard Montgomery CMG and is expected to take up his post in Abuja in September 2026. Dr Montgomery remains in post until that time.
Mr Vowles brings extensive diplomatic and development experience to the role, having served as His Majesty’s Ambassador to Zimbabwe from 2023 to 2026 and previously as Ambassador to Myanmar from 2021 to 2022.
He has held senior leadership positions across the FCDO and its predecessor department DFID, including as Transformation Director and Director for Asia, Caribbean and Overseas Territories.
Earlier in his career, Mr Vowles worked in international development across South Asia, Central Africa and East Africa, including postings in Bangladesh, India, the Democratic Republic of Congo and Kenya. He began his career in Zimbabwe, where he worked in education and development.
Peter Vowles said: “I am honoured to be appointed as British High Commissioner to Nigeria. Nigeria is a country of immense importance to the United Kingdom, and I look forward to working closely with Nigerian partners to strengthen our relationship across trade, development and security.”
News
Nigeria’s Apapa, Tin Can Ports Make Global Top 20 Improvement List

World Bank has ranked the Apapa and Tin Can Island Port complexes in Lagos among the world’s 20 most improved ports in its 2025 Container Port Performance Index (CPPI), released in June 2026.

The ranking places both ports in the “Top 20 Port Improvement Since 2020” category, reflecting significant gains in operational efficiency and vessel turnaround time.
The CPPI is a global benchmark used to assess the efficiency of container ports based on factors such as cargo handling speed, ship turnaround time and overall logistics performance.
According to the report, the improvement highlights ongoing reforms and modernization efforts within Nigeria’s maritime sector.
The Managing Director of the Nigerian Ports Authority (NPA), Mr Abubakar Dantsoho, attributed the recognition to ongoing policy reforms and infrastructure upgrades in the sector.
He said the development reflects the impact of economic policies of President Bola Tinubu and the support of the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola.
“With the investor-friendly policies of President Bola Ahmed Tinubu providing the impetus for increased investment to drive our port infrastructure and equipment modernisation programme, coupled with the unflinching support of the Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, we have all it takes to further enhance trade facilitation, improve competitiveness and boost the national economy,” he said.
The NPA said the recognition is expected to strengthen investor confidence in Nigeria’s maritime sector and enhance the country’s position as a regional trade and logistics hub.
It noted that improvements in port operations are already contributing to increased efficiency in cargo movement and reduced delays at key terminals.
The authority also pointed to ongoing efforts to modernise port infrastructure and expand digital systems aimed at improving service delivery.
Earlier in February 2026, the NPA said the federal government had intensified efforts to position Nigeria as a leading maritime destination through port rehabilitation and modernization projects.
It also highlighted public-private partnership initiatives, including developments at the Lekki Deep Sea Port, as part of broader reforms aimed at improving efficiency and attracting investment.
The CPPI ranking is expected to further boost Nigeria’s maritime profile and encourage additional investment in the sector.
News
PalmPay Joins Industry Leaders @ Digital Pay Expo 2026

As digital payment adoption continues to grow across Nigeria and emerging markets, the next phase will depend not just on innovation, but on the strength, reliability, and trustworthiness of the infrastructure behind it.

While the ecosystem has made clear progress in recent years, trust remains a critical issue for users, businesses, and operators alike. Questions around resilience, security, interoperability and transaction reliability continue to shape how the market evolves and how confidently digital payments can scale.
These issues will be central to the deliberations at Digital Pay Expo 2026, where fintech leaders, payment operators, and other ecosystem stakeholders will gather under the theme, “Seamless Digital: Fostering Pan-African Market Expansion in the Era of AI.”
PalmPay’s participation reflects its continued commitment to building trusted and scalable payment infrastructure, while contributing to the broader industry efforts to strengthen systems, standards, and partnerships needed to support long-term ecosystem growth.
Speaking ahead of the event, Olorunfemi Hanson, Head of Marketing and Communications at PalmPay Nigeria, said: “As the financial services ecosystem continues to grow, trust and reliability become even more important.
“The industry’s next phase will be shaped not only by innovation, but by the strength of the infrastructure supporting it. Digital Pay Expo provides an important platform to address the resilience, interoperability, and trust issues that will shape the future of digital payments growth across Africa.”
The event, scheduled to be held from the 17th to the 18th of June, 2026, will feature Chika Nwosu, Managing Director of PalmPay Nigeria, alongside other distinguished guests, including the Director-General, Payment System Management Department (PSMD), Central Bank of Nigeria. The event will examine how the industry can balance innovation, regulation, and scalability while strengthening trust across the digital payments value chain.
For PalmPay, this event reinforces its role in supporting a more resilient, secure and scalable payments ecosystem for Nigeria and emerging markets more broadly.
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