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Foreign Firms Carting Away Nigeria’s Revenues

Nigeria’s foremost industrialist, Aliko Dangote was recently quoted as saying that “Nigeria is the best kept secret in the world.
Anybody who does not invest in Nigeria only has himself to blame, going forward. I do not really know of any place where you can make as much money as you make in Nigeria.”
Dangote’s assertion may explain the recent proliferation of foreign firms in Nigeria in every sector of the economy more than ever before. In a slow but steady manner, foreign firms have entrenched themselves into key facets of the Nigerian economy; from Aviation to Banking, to Construction, to Entertainment, and even Telecoms. Foreign companies are making a big onslaught in Nigeria’s lucrative market.
This is not a call to discrimination against foreign firms in Nigeria. At the moment, Nigeria seems to have been lulled into a widespread and deepening surrender. This is a “call to arms.” We must neither ban foreign firms nor impede them.
But, we must match them with the best. We must also recognize that, wherever possible and necessary, Nigerian firms must be given priority over foreigners. Non indigenous firms should not receive in Nigeria the concessions that Nigerians cannot receive elsewhere in the business world.
Let us take a compass through the Nigeria telecommunications industry. By the estimate of the International Telecommunication Union’s (ITU) Nigeria telecommunications industry remains the fastest growing in the world for more than five years. Little wonder it is still the investors’ preferred destination.
Foreign Invasion of Nigeria’s Telecoms Sector
Since the Nigerian Communication Commission (NCC) issued licenses to certain private operators in 2001, the Nigerian telecommunication sector has been dominated by private participants.
What is however observable is the dominance of the sector by Multinational Corporations (MNCs) among the private participants, with very few indigenous participants. There are currently 4 mobile operators in Nigeria- MTN from South Africa, Bharti Airtel from India, Etisalat from United Arab Emirates, and Globacom which is the only indigenous firm in this sector, alongside the newest entrant – Ntel.
According to the statistics released by the Nigerian Communication Commission (NCC), in the first quarter of 2016, the communication market is dominated by MTN with 38.70 percent of subscribers. It is followed by Globacom with 23.48 percent of the market; Airtel with 22.98 percent of the market; while Etisalat accounted for a total of 14.84 percent of the market.
The statistics simply reveals that Nigeria ownership only accounts for a paltry 23.48% of the Telecoms sector that contributed about 8.83 percent to GDP in Q1, 2016. The implication of this is that the billions of dollars made by these foreign firms from Nigeria and Nigerians are repatriated to their various local economies.
There is nothing absolutely wrong in reaping the rewards of one’s investments regardless of where the investment is domiciled; after all, Nigerians have multibillion Dollar investments littered across the globe. The bone of contention here is that the foreign firms are not playing on a level playing field with their indigenous counterparts. Non-Nigerians should not be given a head-start vis-à-vis Nigerians in the Nigerian economy, especially in those areas where Nigerians are more than able to make useful contributions. If Nigerians end up being discriminated against in Nigeria, it means we are effectively orphans in our own country.
Lessons From Other Climes
It is public knowledge how Chinese telecom equipment manufacturers were barred from operating in America under the guise of national security and data leakage. In reality however, the ban was a disguise to protect competing American companies like, Cisco, Lucent and the likes. The American government largely patronizes made in America products.
This is also applicable to China and European governments who only buy indigenous products. While international products are sold in China, there is a minimum local content requirements, which implies foreign companies must build factories there in order to trade.
Nigeria should learn from these countries. Where a local firm can perform just as well as the foreign ones, it should become a matter of policy for public interest to patronize local firms for big government jobs. The fixation on expatriate senior management staff by these big firms who repatriate our hard earned dollars to their countries is also worrisome.
For me, the underlining issue is the fact that the Nigerian government gives these foreign firms preferred treatment over local firms. The clamour for change must start from the top. Government and its agencies must learn to first engage leading Nigerian owned firms for executing national contracts in order to grow and encourage local content and save the economy.
If Nigerians do not buck up and take charge, the country might wake up sometime in the nearest future and discover that, out of indolence; lack of imagination and dearth of enterprise, we have surrendered the commanding heights of our economy to the hands of neo-colonial masters.
At a time the Federal government of Nigeria is clamoring for revenue generation and retention to fund the budget deficit, foreign firms are sucking the country dry and carting away billions of Dollars from Nigeria to their respective economies. Apart from the fact that this has increased the rate of capital flight in the country, it also renders the citizens, who are supposed to be the major beneficiaries of such investment impoverished and wholly despondent.
News
FG to Use Digital Economy Initiatives to Curb Corruption Among Youth

Lateef Fagbemi (SAN), the Attorney-General of the Federation and Minister of Justice, has said that Federal Government is intensifying its use of digital-economy initiatives to curb corruption among young Nigerians.

Speaking at the commemoration of the 2025 International Anti-Corruption Day held on Tuesday in Abuja, the AGF said the administration of President Bola Ahmed Tinubu has deliberately positioned technology, innovation training, and digital-skills development at the heart of its anti-corruption strategy for young people.
The event, organized by Technical Unit on Governance and Anti-Corruption Reforms (TUGAR) domiciled at the Nigeria Extractive Industries Transparency Initiative (NEITI) had the theme: “Uniting with Youth Against Corruption: Shaping Tomorrow’s Integrity”.
Fagbemi, who delivered the keynote address, said the government believes that empowered, skilled and economically engaged youths are less vulnerable to corrupt influences.
According to him, programmes such as the 3 Million Technical Talents Programme (3MTT) and the recently launched Nigerian Youth Academy (NiYA) are already equipping millions of young Nigerians with ICT and digital-innovation skills, reducing their dependence on patronage systems that fuel corrupt practices.
“A hopeful youth is harder to corrupt; an engaged youth is harder to mislead; and an empowered youth is a powerful force for national transformation,” Fagbemi said.
He explained that by investing in digital literacy, tech entrepreneurship and innovation-driven training, the Tinubu administration aims to create a generation of young Nigerians who are globally competitive and resistant to corruption.
Beyond digital skills, the AGF pointed at several government efforts to expand educational access through the Nigeria Education Loan Fund (NELFUND), and support youth entrepreneurship via the Nigeria Youth Investment Fund (NYIF) and the iDICE programme, providing funding, training and mentorship for young innovators in tech, entertainment, agriculture and design.
Fagbemi added that the inclusion of young people in governance, through appointments and expanded civic-engagement platforms, was another strategic tool to strengthen integrity and transparency in public life.
He urged stakeholders to deepen efforts to integrate anti-corruption values into school curricula, establish integrity clubs, mentor young leaders, and leverage ICT tools to promote transparency, whistleblowing and public accountability.
Earlier, the Head of TUGAR, Mrs Jane Onwumere said the gathering was especially meaningful because it reflected a shared truth: that tomorrow’s integrity rests significantly in the hands of the youth.
“The theme therefore, is not just a slogan but a call to action and a reminder that young people are not only beneficiaries of good governance, they are co-architects of it.
“Corruption has affected lives and the economy negatively in many ways. One of such is the “japa wave” which has seen young Nigerians leave the country in droves in search of greener pastures. This syndrome has drained the country of resources and human capital. It has in many situations split the family unit, a critical foundation for anti-corruption efforts”, Onwumere, added.
In his speech, the Executive Secretary, NEITI, Hon. Musa Sarkin Adar expressed the agency’s commitment to empowering young Nigerians not only as advocates for accountability but also as active partners in shaping the future of integrity in the extractive industries and beyond.
“At NEITI, we recognize that corruption undermines opportunities for growth, distorts resource governance, and deepens inequality. We also know that a united, informed, and courageous generation can dismantle these barriers.
“This is why NEITI will continue to expand civic education, strengthen our reporting mechanisms, support youth-led innovation, and create more platforms for constructive engagement with young professionals, students, and entrepreneurs”, he added.
News
SEC Seeks Freeze of CBEX Accounts Over N1.3tn Ponzi Scheme

Securities and Exchange Commission (SEC) has asked the Investments and Securities Tribunal to order the freezing of bank accounts belonging to Crypto Bridge Exchange (CBEX) and 25 other defendants accused of defrauding Nigerians of about ₦1.3 trillion through an unlawful digital asset investment scheme.

CBEX
The request was made during the first sitting of the 6th Tribunal in case IST/OA/02/2025 between the SEC and CBEX with 25 others, presided over by tribunal chairman, Hon. Aminu Jinaidu.
The SEC urged the tribunal to compel commercial banks and financial institutions nationwide to freeze all accounts linked to the defendants.
It also sought orders for the seizure of houses and assets allegedly acquired with funds sourced from unsuspecting investors.
According to the commission, CBEX operated illegally by posing as a digital assets platform and capital market operator without registration.
“CBEX is an unregistered platform promising its users 100 percent return on investments within 30 days, which is unlawful and contrary to Section 3(b) of the Investments and Securities Act 2025,” the SEC told the tribunal.
The regulator disclosed that international authorities had previously raised concerns about CBEX.
The Securities and Futures Commission of Hong Kong issued an advisory on April 23, 2024, warning that the platform was a suspicious virtual asset entity.
The tribunal noted that CBEX and the other defendants failed to appear in court and were not represented by legal counsel.
Hon. Jinaidu therefore ordered that hearing notices be served on the defendants through national newspapers.
CBEX reportedly entered the Nigerian market in July 2024, operating via a website and mobile application, while claiming to use advanced Artificial Intelligence to generate unusually high profits from cryptocurrency trading.
Investors were promised returns of up to 100 percent within a 40 to 45 day lock-in period.
The scheme later collapsed, triggering widespread losses. Investigations revealed that CBEX functioned as a Ponzi scheme that siphoned more than ₦1.3 trillion, estimated at about $800 million, before disappearing.
The matter has been adjourned to January 27, 2026.
News
Lagos Launches Tele-Vet, Nigeria’s First Veterinary Call Centre

The Lagos State Government, through the Ministry of Agriculture and Food Systems, has launched TELE-VET, Nigeria’s first Tele-Veterinary Call Centre, marking a groundbreaking milestone set to transform access to expert animal healthcare using mobile technology.

Speaking at the event held at the Lagos State Ministry of Agriculture and Food Systems, Animal Hospital, Oko-Oba, Agege, the state’s Commissioner for Agriculture and Food Systems, Ms. Abisola Olusanya, described TELE-VET as a transformative initiative that strengthens animal health systems, improves food safety, and accelerates agricultural innovation across the state and beyond.
She stated that technology continues to redefine global food systems, and Lagos, under the leadership of Governor Babajide Olusola Sanwo-Olu, remains committed to deploying digital solutions that enhance efficiency, empower farmers, and safeguard public health. The Commissioner explained that TELE-VET addresses long-standing challenges faced by farmers and pet owners, especially limited access to timely and professional veterinary care.
Ms. Olusanya highlighted that TELE-VET builds on the existing mobile platforms, M-Agric and M-Health, available on MTN and Glo networks, which provide daily expert tips, mentorship, and animal-care guidance. By dialing *20791#, users can subscribe for ₦100/day, ₦300/week, or ₦500/month, gaining instant access to a variety of services, while all active subscribers can access the Call Centre free of charge.
She added that the Call Centre will deliver emergency support, first-aid guidance, disease-prevention information, and livestock and pet care assistance, noting that the platform helps farmers reduce costs, save time, and access expert care without traveling long distances. She emphasized that TELE-VET will also enhance surveillance and early detection of zoonotic diseases, aligning with the One World, One Health framework that integrates human, animal, and environmental health.
The Commissioner further mentioned that TELE-VET sets the stage for future innovations, including livestock and pet health insurance, e-commerce for veterinary products, improved mobility for safe animal transport, and enhanced financing opportunities for farmers, positioning Lagos as a national leader in technology-driven agricultural transformation.
Earlier, the Permanent Secretary, Ministry of Agriculture and Food Systems, Mr. Emmanuel Audu, commended the initiative as a groundbreaking intervention that will significantly improve service delivery within the State’s veterinary ecosystem. He stressed that TELE-VET responds to the evolving needs of farmers and pet owners who require swift and professional support to enhance productivity and ensure animal well-being.
Mr. Audu noted that the Ministry has invested extensively in strengthening the infrastructure, technical systems, and human resources needed to operate a world-class veterinary call centre. He stated that the service is a strategic investment in Lagos State’s food security architecture, enabling efficient livestock health management and timely response to potential disease outbreaks.
The Permanent Secretary explained that the Call Centre will minimize animal losses, improve farm management practices, and provide timely advisory services to farmers, aligning with the Ministry’s mandate to promote sustainable agricultural practices across all 57 LGAs and LCDAs. He praised the collaboration among veterinary professionals, ICT partners, and technical teams that made the initiative possible.
Mr. Audu reaffirmed the Ministry’s commitment to continuously upgrading the TELE-VET platform to accommodate innovations that improve efficiency and expand service offerings. He encouraged residents to adopt the platform fully, noting that its success depends on widespread participation.
In his remarks, the Director of Veterinary Services, Dr. Rasheed Macaulay, stated that the launch of TELE-VET marks a new era in veterinary care delivery in Lagos State. He explained that the platform provides a practical solution to challenges such as limited manpower, delayed emergency response, and difficulties reaching farmers in remote areas by connecting residents directly to certified experts.
Dr. Macaulay added that TELE-VET will strengthen disease surveillance and reporting across the State, aiding early detection of animal diseases and preventing zoonotic infections. With real-time consultations, improved documentation, and faster escalation processes, the platform will support frontline veterinarians and promote safer, healthier food systems for all Lagos residents.
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