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Ex-Govs, Others Steal N1.34 Trillion from Public Treasury

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Federal government yesterday claimed that 55 former government functionaries and top businessmen stole N1.34 trillion from public treasury between 2006 and 2013.

Alhaji Lai Mohammed, minister of Information and Culture who stated this did not however disclose the authority for the allegation.

He categorised the officials involved in the corrupt practices to include former state governors, ex-ministers, former legislators, civil servants, bankers and other businessmen.

Different government agencies, including the Independent Corrupt Practices and other related Offences Commission, the Economic and Financial Crimes Commission, the Department of State Services and some ad hoc committees have been intensely involved in one investigation or the other since President Muhammadu Buhari assumed office on May 29, 2015.

Mohammed said, “The situation is dire and the time to act is now. Between 2006 and 2013, just 55 people allegedly stole a total of N1.34tn in Nigeria. That’s more than a quarter of last year’s national budget.

“Out of the stolen funds, 15 former governors allegedly stole N146.84bn; four former ministers allegedly stole N7.05bn; five former legislators allegedly stole N8.35bn; 12 former public servants, both at federal and state levels, allegedly stole over N14.18bn; eight people in the banking industry allegedly stole N524bn; while 11 businessmen allegedly stole N653bn.

“What do these figures translate to in the actual sense? In other words, what is the cost of these stolen funds to Nigerians? Using the World Bank rates and costs, one-third of the stolen funds could have provided 635.18 kilometres of road; built 36 ultra-modern hospitals, that is one ultra-modern hospital per state; built 183 schools; educated 3,974 children from primary to tertiary level at N25.24m per child; and built 20,062 units of two-bedroomed houses.

“This is the money that a few people, just 55 in number, allegedly stole within a period of just eight years. And instead of a national outrage, all we hear are these nonsensical statements that the government is fighting only the opposition or that the government is engaging in vendetta.”

He urged Nigerians to get involved in the war against corruption.

Mohammed said everyone that had been soiled in the pool of corruption would go in for it no matter the party affiliation, adding that Buhari’s war on corruption was neither a one-man show nor a political vendetta.

He said, “Let’s take the latest issue of the $2.1bn arms deal as an example. One thing is clear. Funds meant to fight terrorism were deployed in another fight, the fight to keep the then President Goodluck Jonathan and his party, the PDP, in power at all costs.

“So far, based on what we know, no one, who has been accused of partaking in the sharing of the (arms purchase) funds, has denied receiving money. All we have heard from them are ludicrous reasons why they partook in the sharing of the money.

“One said he collected N4.5bn for spiritual purposes; another said he received N2.1bn for publicity, while yet another said he got N13bn to pay someone else for the Maritime University land.

“Based on these revelations, should we now fold our hands and allow these people to go away with public funds? Is anyone thinking about the innocent soldiers, who lost their lives just because they did not get the necessary weapons to fight the terrorists? What about the families left behind by these soldiers, who were sent to their early graves because of the misappropriation of these funds?.

The minister added, “Talking about the costs of corruption, gentlemen, it is time we brought into perspective what corruption has done to our nation, our people and our international image; how corruption stifles economic growth, hinders the fight against poverty, leads to decay in infrastructure and reduces educational standards, lowers life expectancy, stunts the fight against maternal and infant mortality and impacts negatively on the general livelihood of the citizens.

“Irrespective of your political, religious or tribal leanings, and not minding whether you belong to the APC, PDP, SDP or Labour Party, if you have stolen public funds, you must not go scot-free. Everyone and every arm of government must rise up to be counted in this epic war and defeat is not an option, if our country is to survive.’’

Some Nigerians, however, believed they should not just be informed on the magnitude of the amount looted but demanded that the identities of the looters should be made public while those found to have taken part in the sharing of such money be made to refund the funds stolen, be prosecuted and jailed accordingly.


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UK Appoints Peter Vowles as British High Commissioner to Nigeria

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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.”


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Nigeria’s Apapa, Tin Can Ports Make Global Top 20 Improvement List

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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.

Nigeria’s Apapa, Tin Can Ports Make Global Top 20 Improvement List

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.


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PalmPay Joins Industry Leaders @ Digital Pay Expo 2026

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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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