E-Financial
African Parliaments Move to Plug $587Bn Annual Revenue Leakages
Lawmakers from several African countries converged in Abuja on Monday to collaborate on strategies to block the annual revenue leakages of $587 billion, as reported by the African Development Bank (AfDB) in May this year.
This comes as Nigeria’s National Assembly reaffirmed its commitment to establishing the National Assembly Budget and Research Office (NABRO)—an independent, non-partisan budget office designed to support evidence-based budgeting, comparable to the United States Congressional Budget Office (CBO).
The urgency to curb the $587 billion (approximately ₦887 trillion) lost to capital flight across Africa was brought to the fore at the opening session of the 8th Conference of the African Network of Parliamentary Budget Offices (AN-PBO), held in Abuja.
In his keynote address, Tajudeen Abbas, speaker of the House of Representatives, stressed that there was no better time for African legislators to confront the continent’s fiscal and governance challenges through effective and efficient legislation.
According to him, revenue leakages—particularly those resulting from corruption, illicit financial flows, and systemic inefficiencies—must be addressed through enhanced budget scrutiny and oversight.
“According to the African Development Bank, Africa loses over $587 billion annually to capital flight—money that flees the continent through corruption, illicit trade, mispricing, and profit shifting by multinational corporations,” Abbas said.
“Corruption alone is estimated to drain about $148 billion annually, while other illicit financial flows—such as trade malpractices and smuggling—siphon away tens of billions more. This is money that should be building roads in Lagos, equipping hospitals in Nairobi, or improving schools in Accra. Instead, it vanishes.”
He noted that Nigeria presents a cautionary example of both the scale of the problem and the urgent need for reform.
“In our public procurement processes—which account for a significant portion of government spending—Nigeria loses an estimated $18 billion annually to financial crimes, roughly 3.8% of our GDP. These leaks could fund countless social programmes.”
Abbas emphasised that budget leakages undermined the effectiveness of government programmes and must be stopped to ensure better outcomes for citizens.
“That is why we are increasing oversight hearings, audit inquiries, and strengthening anti-corruption legislation. Oversight is essential to ensure that limited resources are deployed for the public good,” he stated.
He also highlighted the lack of institutional capacity in many African parliaments, which hampers their ability to effectively scrutinise budgets and monitor public expenditure.
“Without access to high-quality fiscal data and independent economic analysis, legislators cannot adequately hold the executive accountable on complex macroeconomic issues such as debt sustainability and investment efficiency.”
This, he explained, is precisely the gap that Parliamentary Budget Offices (PBOs) are intended to fill.
Abbas stated that Nigeria was responding to these challenges through reforms aimed at strengthening the legislative ‘power of the purse’ and ensuring greater accountability in public finance.
“One of the most significant advancements is our effort to establish the National Assembly Budget and Research Office (NABRO) as an independent, non-partisan body to support our legislature.
“Let me assure this audience that the National Assembly is fully committed to NABRO’s realisation, full funding, and independence,” he further said.
He added that beyond NABRO, the Nigerian legislature was pursuing a broader fiscal governance agenda: “We are revising our Fiscal Responsibility and Finance laws to enhance budgetary discipline and transparency. We are also empowering our Public Accounts Committees to take decisive action on audit findings.”
Earlier in his remarks, Barrister Kamoru Ogunlana, clerk to the National Assembly (CNA), described the conference as a critical platform for peer learning and capacity building, aimed at institutionalising evidence-based public finance management.
“I encourage us all to use this conference not only as a platform for exchange, but as a springboard for innovation and renewed commitment to fiscal responsibility,” he said.
Representatives from 16 African countries participated in the conference, including Nigeria, Ghana, Kenya, Uganda, South Africa, Tanzania, Namibia, Zimbabwe, Malawi, Mozambique, Liberia, The Gambia, Sierra Leone, Cape Verde, among others.
Securities and Exchange Commission (SEC) has commenced the implementation of a fully electronic registration system for capital market operators, marking a major milestone in its digital transformation drive aimed at improving regulatory efficiency, reducing processing time and strengthening oversight of Nigeria’s capital market.
The new electronic registration (e-Registration) platform, deployed through the Commission’s ePortal, allows designated regulatory services to be completed entirely online, eliminating manual processes for services covered in the current phase.
The initiative comes as the SEC intensifies reforms to modernise the Nigerian capital market, enhance the ease of doing business and leverage technology to improve service delivery to market participants.
In a statement issued on Wednesday, the Commission said Capital Market Operators (CMOs) can now complete designated post-registration processes electronically, from application submission and regulatory review to approvals and the communication of regulatory decisions.
According to the regulator, the platform is designed to simplify interactions between operators and the Commission, reduce administrative bottlenecks, shorten processing timelines and give applicants real-time visibility into the status of their applications.
The SEC said the transition to a fully digital registration process would also improve operational efficiency by introducing standardised workflows, electronic documentation, secure digital record management and stronger audit trails, while enhancing regulatory oversight.
“The new platform represents a major step towards creating a seamless digital regulatory ecosystem that enhances operational efficiency while strengthening regulatory effectiveness,” the Commission stated.
Beyond improving efficiency, the regulator said the platform would reinforce the integrity of regulatory processes by minimising delays associated with paper-based documentation and improving the quality of regulatory data used for supervision and decision-making.
It added that the digital system would provide a stronger foundation for regulatory analytics and future technology-driven innovations aimed at enhancing market oversight.
The Commission explained that the implementation is being rolled out in phases to ensure a smooth transition for market participants while safeguarding the stability and integrity of regulatory processes.
For now, the e-Registration platform is limited to post-registration services for existing Capital Market Operators.
entrants seeking registration in the Nigerian capital market are not yet covered under the current phase, adding that electronic processing for new registrations will be introduced at a later date.
The Commission urged all licensed operators to familiarise themselves with the new platform and comply with implementation timelines to ensure a seamless migration to the digital system.
The latest move forms part of the SEC’s broader reform agenda to modernise market infrastructure, improve transparency and strengthen investor confidence as Nigeria seeks to deepen its capital market and enhance its competitiveness in the global financial system.
Market observers believe the digital registration initiative is expected to reduce compliance costs, improve regulatory turnaround time and support a more efficient operating environment for licensed operators, while reinforcing the Commission’s push towards a technology-driven capital market ecosystem.
Elon Musk’s social media company X, formerly known as Twitter, launched its own bank account-like product where users can send money to one another.
The service, known as X Money, is not a new bank.
X Money is using technology and banking services provided by Cross River Bank, and branding that backbone as X Money.
It is common for new financial companies to use a traditional bank’s backbone to launch its services, as chartering a new bank is a timely and costly process.
Currently X Money is invite only, and users will receive a “X”-branded Visa debit card that is useable at any ATM.
Users of X will be able to send money to other X users in real-time, the company said. Invitations are only available to X’s paying members presently
In order to attract customers, X Money is offering a 6% yield on deposits and 3% cashback on eligible purchases.
In order to earn the 6% yield, a customer would need to deposit at least $1,000 into an account.
Customers would also have to be signed up for X’s premium services, which is at least $8 a month. It would require at least a deposit of $1,600 in order to cover X’s premium services cost.
Musk has long talked about turning X into an “everything app” that would include financial services.
Musk has his origins in financial services, creating one of the first online banks under the brand X.com. That company was later bought and merged into what is now known as PayPal.
It’s still early for X Money, but the company is entering into a competitive market, dominated by PayPal’s Venmo money transfer service and other peer-to-peer money transfer services like Zelle and Cash App.
Central Bank of Nigeria (CBN) imposed N430 million in penalties on financial institutions in 2025 over delays in resolving customer complaints and failure to comply with its directives, underscoring a tougher regulatory stance on consumer protection in the banking sector.
The sanctions were disclosed in the apex bank’s 2025 Annual Report, which showed that 21 penalties worth N430 million were imposed on financial institutions during the review period for infractions linked to complaints management.
According to Nairametrics, the report stated that the affected institutions were sanctioned for “delays in resolving customer complaints to failure to comply with the Bank’s directives.”
The report read, “the Bank imposed 21 penalties on financial institutions to the tune of N430.00 million, for infractions ranging from delays in resolving customer complaints to failure to comply with the Bank’s directives.”
The latest enforcement action comes as the CBN recorded a rise in the number of complaints lodged by users of financial services, suggesting greater reliance on the regulator’s consumer protection framework.
According to the report, the CBN received 23,129 complaints from consumers of financial services in 2025, representing a 10.53% increase from the 20,925 complaints recorded in 2024.
The apex bank attributed the increase to growing public awareness and stronger confidence in its complaint resolution process rather than a deterioration in banking services.
The report stated, “The Bank received a total of 23,129 complaints from consumers of financial services in 2025, a rise of 10.53%, above the 20,925 in 2024. The trend reflected increased awareness and improved confidence in the Bank’s consumer complaint resolution process.”
It added that 18,824 complaints were successfully resolved during the year, representing a 9.36% increase from the 17,213 complaints resolved in 2024.
The report also showed a sharp increase in the value of claims handled by the regulator.
Claims denominated in local currency rose to N40.61 billion in 2025 from N17.13 billion a year earlier, while foreign currency claims climbed to $344.2 million from $1.06 million.
consumers recovered N19.12 billion and $329.3 million in refunds during the year, compared with N9.66 billion and $0.67 million refunded in 2024.
Beyond the N430 million sanctions relating to customer complaints, the CBN disclosed that it imposed another 11 penalties worth N1.26 billion on financial institutions for regulatory breaches and failure to respond to regulatory queries.
The report indicates that complaints management formed part of a wider overhaul of the CBN’s supervisory and market conduct framework in 2025.
In 2022, the CBN issued a guide on how aggrieved customers can complain about financial institutions such as commercial banks.
The regulator established a dedicated Compliance Department to strengthen oversight of financial crime, market conduct, complaints management, advertising standards, cybersecurity, data protection and corporate governance across CBN-regulated institutions.
Olayemi Cardoso, governor, CBN, recently said that the CBN and deposit money banks are reviewing excessive transaction alerts and customer charges amid complaints from bank users over confusing debit notifications and deductions.
Cardoso said the apex bank had set up a quarterly engagement structure involving its consumer protection team, deposit money banks and the top 10 microfinance banks to address unresolved customer complaints.
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