Broadcasting
Capital Flight and the Politics of Betrayal: When Leaders Stop Believing in Their Own Economy

By Blaise Udunze
Nigeria’s economy is bleeding, not from the absence of money, but from the silent, systemic outflow of capital that should be building industries, creating jobs, and stimulating innovation. Instead, wealth is fleeing into the vaults of local banks, offshore accounts, and speculative government instruments that promise easy returns but deliver little to the real economy.

This quiet drain known as capital flight has become one of Nigeria’s most understated yet devastating economic tragedies. It reflects not only a lack of investor confidence but also the failure of the banking and financial ecosystem to function as a true engine of growth. The role of banks in any healthy economy is to mobilize deposits, lend to productive sectors, and finance businesses that create value. Yet, in Nigeria, this cycle has broken down.
The country’s major banks, flush with liquidity, increasingly prefer to invest in risk-free government securities rather than lend to manufacturers, farmers, or entrepreneurs. The ease of earning double-digit interest from government bonds has turned banks into passive rent collectors rather than drivers of development. This behavior represents a form of internal capital flight with money technically within the system but practically locked away from the economy’s productive veins.
Beyond domestic hoarding, Nigeria faces a more pernicious form of external capital flight. Each year, billions of dollars exit the country through legal and illicit channels, draining investment, depleting foreign reserves, and eroding confidence in the nation’s economic future. Government and independent estimates suggest that Nigeria loses between $17 billion and $18 billion annually through illicit financial flows (IFFs), roughly 20 percent of the $88.6 billion that Africa collectively loses each year. That amount could have built schools, hospitals, and industries capable of employing millions.
The story of capital flight from Nigeria is not merely an economic tragedy; it is a moral one, the tale of a nation betrayed by its own custodians and courted by foreign accomplices who profit from its dysfunction.
Nigeria’s political elite have long mastered the art of wealth extraction. Through inflated contracts, misappropriated public funds, and dubious foreign investments, billions leave the country yearly. Yet, for many politicians, local investment is a risk they refuse to take. Their mansions rise in Dubai, London, and New York while their home constituencies languish in neglect. From shell companies in the British Virgin Islands to luxury real estate in the UAE, Nigerian politicians have woven a global web of concealed wealth shielded by secrecy jurisdictions and weak local enforcement. The irony is stark, as those who control Nigeria’s wealth have no faith in the economy they manage. Their lack of confidence in their own governance is perhaps the strongest indictment of their rule.
The aristocracy and business elite are not blameless. Nigeria’s high society, traditional rulers, business moguls, and political patrons have continued to move funds abroad under the guise of “diversification” or “investment security.” In reality, it is the same cycle of extraction and expatriation, where profits earned from domestic monopolies or state patronage are rarely reinvested at home. Instead, they are laundered into foreign banks, luxury assets, and offshore trusts. This unrestrained financial migration deprives the nation of growth capital and erodes public confidence, reinforcing a psychological colonization with the belief that nothing of value can thrive in Nigeria.
The problem, however, is not purely internal. Foreign corporations and their local collaborators play a significant role through aggressive tax avoidance and profit repatriation schemes. By exploiting loopholes in Nigeria’s weak fiscal systems, multinationals shift profits to low-tax jurisdictions, a process known as transfer pricing, which is draining billions from the economy each year. To make matters worse, global consulting and legal firms help structure these outflows, acting as enablers of corruption while hiding behind the veil of legality.
Capital flight thrives where institutions are weak. Agencies such as the Central Bank of Nigeria (CBN), the Nigerian Financial Intelligence Unit (NFIU), and the Economic and Financial Crimes Commission (EFCC) operate under immense political pressure. Investigations into politically exposed persons are often selective, and prosecutions drag endlessly. Meanwhile, banks (both local and foreign) play the silent role of facilitators, processing questionable transactions with minimal scrutiny. The result is a perfect ecosystem for looting by powerful politicians, complicit banks, pliant regulators, and eager foreign beneficiaries.
The effects are devastating. Capital flight undermines foreign exchange stability, weakens the naira, and starves industries of investment. When billions are left unchecked, the government resorts to borrowing, increasing national debt and mortgaging the country’s future. Nigeria’s public debt now stands at N149.39 trillion, with debt servicing consuming over 70 percent of government revenue. Inflation remains stubbornly high at 20.12 percent as of August 2025, while food inflation stands at 21.87 percent. Unemployment, officially at 5 percent, is far worse in reality, with underemployment and informal work masking widespread joblessness.
One overlooked driver of this crisis is Nigeria’s weak respect for property rights, which is the very foundation of investor confidence. In September 2025, the Lagos State government demolished over 19 buildings in the Trade Fair Complex, Ojo, citing permit violations. But beyond regulatory enforcement, the event exposed a deeper issue: inconsistent governance, opaque processes, and disregard for ownership that fuels distrust and drives capital offshore. When investors are uncertain that their assets are safe from arbitrary government action, they simply take their money elsewhere.
Multiple taxation, inconsistent policies, and weak monitoring of illicit flows further complicate the picture. Businesses face overlapping levies from different tiers of government, pushing many to conceal income or move operations abroad. Civil society estimates that over $18 billion is lost annually through illicit flows. This is a drain that robs Nigeria of the fiscal capacity to fund schools, hospitals, and roads.
Ultimately, the story of capital flight is one of moral and institutional decay. It reveals a political class that preaches patriotism while stashing wealth abroad, a banking system that serves itself rather than the economy, and a foreign financial order that profits from Nigeria’s dysfunction.
Reversing this pattern requires a national reorientation, one that goes beyond slogans to enforce accountability and rebuild trust. Nigeria must strengthen asset recovery frameworks, enforce beneficial ownership registries, and enhance cooperation with countries that host stolen wealth. Western nations, too, must shut down the safe havens that shelter looted funds; they cannot condemn corruption abroad while their financial systems profit from it.
More importantly, Nigeria’s leaders must recognize a simple truth that no nation develops by exporting its capital and importing its luxuries. Development is sustained by faith, the faith of a people who believe enough in their land to invest in it.
Capital flight is not merely an economic statistic; it is the reflection of a broken covenant between Nigeria and its leaders. The wealth that should build the nation has become the currency of betrayal. Until the ruling class and their foreign accomplices are held accountable, Nigeria will remain a country of immense potential shackled by the greed of its own custodians.
Blaise, a journalist and PR professional writes from Lagos, can be reached via: [email protected]
Broadcasting
Dr. Cairo Ojougboh Foundation Bolsters Nigeria’s Education Drive with ₦2.7m Student Support

Dr. Cairo Ojougboh Foundation has reinforced government’s educational development efforts in Nigeria through a targeted initiative honouring the late medical doctor and House of Representatives member, Dr. Cairo Ojougboh.

L-R: Son of the late Dr, Cairo Ojougboh, Mr. Nkem Ojougboh; Chairperson, Dr. Cairo Ojougboh Foundation, Mrs. Bose Ojougboh and another son, Mr. Orieka Ojougboh, during the event in Agbor, Delta State recently.
The foundation recently hosted a programme themed “Your Future, Your Choice” at St. Columba’s Grammar School in Agbor, headquarters of Ika South Local Government Area, Delta State.
It presented a cheque of ₦2,700,000 to cover examination fees for students preparing for West African Examinations Council (WAEC), National Examinations Council (NECO), and Junior Secondary School (JSS) 3 exams.
Academic excellence received further boosts with cash rewards for top students across the school’s nine academic arms, alongside distributions of notebooks and writing materials to enhance learning.
Chairperson Mrs. Bose Ojougboh, joined by her sons Mr. Nkem and Mr. Orieka Ojougboh, urged students to view challenges as stepping stones, embrace discipline, consistency, and focus, and make intentional choices shaping their futures.
“The school that moulded Dr. Cairo’s values deserves our support,” she said, highlighting the foundation’s commitment to inspiring hard work and personal growth.
Old Boys of St. Columba’s Grammar School, led by Elder Ndudi Agholor, attended in force, sharing nostalgic reflections and praising the school’s sustained high standards under current leadership.
School Principal Rev. Fr. Joseph Ugboh and Ika South LGA Chairman Engr. Jerry Ehiwarior lauded the initiative as “commendable and impactful,” calling for its continuation to preserve Dr. Ojougboh’s legacy of discipline, excellence, and service.
They noted the support had motivated students to pursue their goals with renewed determination, ending the event on a hopeful note.
Broadcasting
New Horizons Nigeria Breaks Ground: First to Fuse Mandarin into ICT Curriculum

In a landmark educational innovation, New Horizons Nigeria has become the first institution to integrate the Chinese (Mandarin) language into its ICT curricular as an elective, thereby positioning Nigerian students for relevance in the rapidly changing world order.

Mr. Tim Akano, Managing Director and CEO of New Horizons Systems Solutions Limited
New Horizons Nigeria is a leading ICT training and solutions provider committed to provide individuals and institutions with future-ready skills. Through innovative program, global partnerships, and strategic foresight, the organization continues to redefine education, workforce development, and global competitiveness.
With over 80% of global consumer products manufactured in China and China’s growing dominance in global supply chains and labour markets, New Horizons Nigeria recognizes the urgent need for the current generation to understand, speak, and engage with the Chinese language and culture. As global economic power dynamics evolve, the labour market is increasingly tilting towards China, making Mandarin proficiency a critical competitive advantage.
According to Mr. Tim Akano, Managing Director and CEO of New Horizons Systems Solutions Limited, Nigeria, the program represents far more than a language course.
He asserted that very soon, the global labour market is likely to increasingly reflect China’s influence rather than the predominantly western orientation it currently exhibits. Language will be a major differentiator and the first Chinese-speaking technology experts in Nigeria will have a significant advantage, especially in integration into Chinese companies operating locally and globally.
Therefore, New Horizons Nigeria has officially launched a Mandarin Scholarship Program with China Advancement Opportunity, selecting 100 outstanding students from five prominent Nigerian secondary schools. This initiative marks a major milestone in Nigeria–China educational cooperation and reflects a forward-thinking response to shifting global economic realities.
Furthermore, the scholarship program has commenced with an intensive three-month online Mandarin training and at the end of the program, the top-performing students will be selected strictly on merit. 20 outstanding students will receive an additional scholarship valued at $2,500 per students to participate in a one-year pre-degree Mandarin and cultural immersion program in China. From this group, the best candidates will progress to fully funded admission scholarships into top universities in China. This initiative is designed not only to build language proficiency but also to enhance global competence, international exposure, and cultural intelligence among Nigerian students.
Also, to maintain international academic standards, participating schools are required to comply with strict guidelines. They will be obligated to join the online classes ten minutes earlier, they must have a minimum of 85% attendance throughout the program, and must ensure they have a stable internet connectivity, reliable power supply and a conducive learning environment.
Therefore, School owners and administrators have been formally congratulated and strongly encouraged to nominate their most disciplined, and committed students, as advancement to the China program will be strictly merit-based.
However, apart from students, internation business men are equally encouraged to attend New Horizon’s Mandarin executive lessons which will equip them with basic Chinese language to enhance their business communications.
Additionally, while the pilot phase begins with selected secondary schools which includes Startrite School, Lightway School, British Nigerian Academy School, Honeyland Schools and Great Heights School, the Mandarin program will be available as an elective ICT course at all New Horizons retail centers.
This is done to extend access to students and learners beyond its partner schools and within one year, committed learners will be able to communicate effectively in Mandarin, which will open doors to global employment, trade, and cultural exchange.
In conclusion, a Mandarin Cultural Fiesta will be hosted, bringing together educators, students, institutional partners, and distinguished guests from China and Nigeria. The event will celebrate outstanding performance, cross-cultural exchange, and the strengthening of bilateral educational ties.
For enquiries and participation details, interested individuals are encouraged to contact New Horizons Nigeria via 08125541750
Broadcasting
Why the Future of PR Depends on Healthier Client–Agency Partnerships

By Moliehi Molekoa, Managing Director of Magna Carta Reputation Management Consultants and PRISA Board Member
The start of a new year often brings optimism, new strategies, and renewed ambition. However, for the public relations and reputation management industry, the past year ended not only with optimism but also with hard-earned clarity.

Moliehi Molekoa
2025 was more than a challenging year. It was a reckoning and a stress test for operating models, procurement practices, and, most importantly, the foundation of client–agency partnerships. For the C-suite, this is not solely an agency issue.
The year revealed a more fundamental challenge: a partnership problem that, if left unaddressed, can easily erode the very reputations, trust, and resilience agencies are hired to protect. What has emerged is not disillusionment, but the need for a clearer understanding of where established ways of working no longer reflect the reality they are meant to support.
The uncomfortable truth we keep avoiding
Public relations agencies are businesses, not cost centres or expandable resources. They are not informal extensions of internal teams, lacking the protection, stability, or benefits those teams receive. They are businesses.
Yet, across markets, agencies are often expected to operate under conditions that would raise immediate concerns in any boardroom:
Unclear and constantly shifting scope
Short-term contracts paired with long-term expectations
Sixty-, ninety-, even 120-day payment terms
Procurement-led pricing pressure divorced from delivery realities
Pitch processes that consume months of senior talent time, often with no feedback, timelines, or accountability
If these conditions would concern you within your own organisation, they should also concern you regarding the partner responsible for your reputation.
Growth on paper, pressure in practice
On the surface, the industry appears healthy. Global market valuations continue to rise. Demand for reputation management, stakeholder engagement, crisis preparedness, and strategic counsel has never been higher.
However, beneath this top-line growth lies the uncomfortable reality: fewer than half of agencies expect meaningful profit growth, even as workloads increase and expectations rise.
This disconnect is significant. It indicates an industry being asked to deliver more across additional platforms, at greater speed, with deeper insight, and with higher risk exposure, all while absorbing increased commercial uncertainty.
For African agencies in particular, this pressure is intensified by factors such as volatile currencies, rising talent costs, fragile data infrastructure, and procurement models adopted from economies with fundamentally different conditions. This is not a complaint. It is reality.
This pressure is not one-sided. Many clients face constraints ranging from procurement mandates and short-term cost controls to internal capacity gaps, which increasingly shift responsibility outward. But pressure transfer is not the same as partnership, and left unmanaged, it creates long-term risk for both parties.
The pitching problem no one wants to own
Agencies are not anti-competition. Pitches sharpen thinking and drive excellence. What agencies increasingly challenge is how pitching is done.
Across markets, agencies participate in dozens of pitches each year, with success rates well below 20%. Senior leaders frequently invest unpaid hours, often with limited information, tight timelines, and evaluation criteria that prioritise cost over value.
And then, too often, dead silence, no feedback, no communication about delays, and a lack of decency in providing detailed feedback on the decision drivers.
In any other supplier relationship, this would not meet basic governance standards. In a profession built on intellectual capital, it suggests that expertise is undervalued.
This is also where independent pitch consultants become increasingly important and valuable if clients choose this route to help facilitate their pitch process. Their role in the process is not to advocate for agencies but to act as neutral custodians of fairness, realism, and governance. When used well, they help clients align ambition with timelines, scope, and budget, and ensure transparency and feedback that ultimately lead to better decision-making.
“More for less” is not a strategy
A particularly damaging expectation is the belief that agencies can sustainably deliver enterprise-level outcomes on limited budgets, often while dedicating nearly full-time senior resources. This is not efficiency. It is misalignment.
No executive would expect a business unit to thrive while under-resourced, overexposed, and cash-constrained. Yet agencies are often required to operate under these conditions while remaining accountable for outcomes that affect market confidence, stakeholder trust, and brand equity.
Here is a friendly reminder: reputation management is not a commodity. It is risk management.
It is value creation. It also requires investment that matches its significance.
A necessary reset
As leadership teams plan for growth, resilience, and relevance, there is both an opportunity and a responsibility to reset how agency partnerships are structured.
That reset looks like:
Contracts that balance flexibility and sustainability
Payment terms that reflect mutual dependency
Pitch processes that respect time, talent, and transparency for all parties
Scopes that align ambition with available budgets
Relationships based on professional parity rather than power imbalance
This reset also requires discipline on the agency side – clearer articulation of value, sharper scoping, and greater transparency about how senior expertise is deployed. Partnership is not protectionism; it is mutual accountability.
The Leadership Question That Matters
The question for the C-suite is quite simple:
If your agency mirrored your internal standards of governance, fairness, and accountability, would you still be comfortable with how the relationship is structured?
If the answer is no, then change is not only necessary but also strategic. Because strong brands are built on strong partnerships. Strong partnerships endure only when both sides are recognised, respected, and resourced as businesses in their own right.
The agencies that succeed and the brands that truly thrive will be those that recognise this early and act deliberately.
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