News
Foreign Portfolio Investors Withdraw N1.87tn under Buhari
Foreign portfolio investors(FPIs) have withdrawn a total of N1.87tn in four years, starting from June 2015, after President Muhammadu Buhari was sworn into office, according to the Punch.
The latest data obtained from the Nigerian Stock Exchange (NSE) showed that the investors withdrew N163.77bn after his re-election in February.
Analysts at the United Capital Plc have described the delayed policy formulation and cabinet formation by President Muhammadu Buhari as a risk to capital inflow to the country.
They noted that in the absence of profound changes in the policy environment, only the FPIs in search of cheap naira assets would dominate capital importation into the county, while Foreign Direct Investments would remain on the sidelines.
An analysis of data obtained at the NSE revealed that the year 2018, the preceding year to the general elections, saw the highest withdrawals of the FPIs in four years, as they withdrew N642.65bn.
Mr Peter Ashade, group chief executive officer, United Capital, said the lack of economic policy reforms would continue to scare the FPIs off equities while policy stability and a double-digit interest rate would promote a further appetite for fixed income instruments.
Data from the National Bureau of Statistics revealed that the FPI flows continued to account for the bulk of capital imported into Nigeria.
In the first quarter of 2019, the amount surged by 56.5 per cent year-on-year to $7.1bn, despite the jitters that trailed the February general elections and the eventual conduct in the Q1.
Total capital imported into the country surged by 34.6 per cent year-on-year to settle at $8.5bn, the highest since the third quarter in 2013.
This revealed that across the three components of capital imported, the FPIs accounted for the bulk of expansion observed.
According to him, weaker capital inflows reflect the impact of waning confidence in the Nigerian economy by foreign investors amid concerns about macroeconomic fundamentals of the Nigerian economy.
Analysts at United Capital said, barring any external shocks, they expected the naira to stabilise this second half of the year.
They said the stability would be buoyed by a sustained foreign exchange intervention and continued FPI inflows.
However, they expressed concerns, saying the “uninteresting macroeconomic environment is scaring the FPIs.”
The report read in part, “However, in Nigeria, we believe the lack of economic policy reforms will continue to scare the FPIs off equities while policy stability and a double-digit interest rate will promote a further appetite for fixed income instruments.
“Clearly, to boost the FPIs appetite for equities, uncertainties must be out of the way and the Central Bank of Nigeria must reduce the attractiveness of risk-free securities as monetary policy in the global economy becomes easier.”
In the second half of 2015, which was the first six months of President Buhari’s tenure, the FPIs withdrew N277.63bn, the highest being in July, when they withdrew N58.83bn.
In 2016, the FPIs withdrew N261.03bn; N435.31bn in 2017 and N642.65bn in 2018.
In the first half of 2019, the foreign investors withdrew N257.81bn, bringing the total withdrawals under the President Buhari regime to N1.87tn.
Alice Tomdio, associate Ddrector, Capital Markets, PwC Nigeria, in an interview with The Punch recently, said, “Once there is any cause to fear, portfolio investors sell out their shares and they come back when the environment is better; all of these create a lot of volatility in the market and may be one of the reasons we do not have a lot of initial public offerings in the country.”
Between 2011 and 2015, foreign transactions consistently outperformed domestic transactions. However, domestic transactions marginally outperformed foreign transactions in 2016 and 2017, accounting for 52 per cent of the total transaction value in 2017.
Also, foreign transactions, which stood at N1.5tn in 2014, declined to N518bn in 2016 but increased significantly by 133 per cent to N1.2tn in 2017. This accounted for about 48 per cent of total transactions in 2017.
Over an 11-year period, domestic transactions decreased by 62.46 per cent from N3.5tn in 2007 to N1.3tn in 2017, meaning foreign investors were dominating the market.
However, there was a significant increase in domestic transactions between 2016 and 2017 by 111 per cent from N634bn to N1.3tn.
Alice Tomdio, president, Independent Shareholders Association of Nigeria, said the economic policies of the country were responsible for the exit of foreign investors.
He noted that when the policies were favourable, investors would come around and if otherwise, they would flee.
Nwosu, who spoke with our correspondent, said it was not advisable for the FPIs to stay ahead of the general elections because there was no assurance given to them when the polls were approaching.
He said, “The FPIs are very careful about their money; these investors have been in this country and have enjoyed a lot. They are not willing to gamble with their money.
“When the situation in Nigeria is showing imminent doom, they will all go away and wait until things stabilise. They will want to make sure that the economic situation does not affect their investment, whereby they will lose money.”
Mr Afolabi Olowookere, head, Economic Research and Policy Management, Securities and Exchange Commission, (SEC) said foreign investors understood the country and could read it well, knowing when to leave and when to stay.
He stated that there were fundamental issues in the economy that needed to be addressed not only to attract but to keep foreign investors.
Olowookere said, “We have some investors that were waiting for the President to appoint his cabinet, while some others do more serious analysis on the interest rates in the country, economic performance, efficiency and liquidity of the market and exchange rate.
“Investors will be interested in what will happen to the exchange rate and how many companies are listed on the Nigerian Stock Exchange. Foreign investors are responsible for over 50 per cent of the transactions on the stock exchange, whether their investments are increasing or reducing.”
He said to attract and retain the FPIs, infrastructure and foreign exchange issues must be addressed.
According to him, looking at the road map of the Central Bank of Nigeria, it can be observed that the apex bank is trying to stabilise the macroeconomic environment, as everybody wants inflation to come down so that interest rate can drop.
Olowookere said, “Investors want to know how much the government is borrowing and the level of debt sustainability. They want to know how much it will weigh in on the country’s capacity to generate revenue.
“They are also interested in the level of liquidity of the market; fortunately, we had two main listings recently, which pushed the market capitalisation from about N10tn to N14tn.
“These companies can also compete with Dangote and the likes; that is if the holders are willing to transact. But investors will always come and go. It’s not just about them bringing in money; it is also about what they can buy with it.”
INTERPOL’s African Cyberthreat Assessment Report 2026 revealed that Artificial intelligence accounts for 55 per cent of reported cybercrimes across Africa and making attacks faster, more sophisticated and increasingly difficult to detect.
The report warns that the continent’s rapid digital transformation, marked by more than 1.1 billion mobile subscribers in 2025, is being matched by an equally rapid evolution in cybercrime, while fragmented legislation and limited AI readiness among law enforcement agencies continue to weaken responses.
The 40-page assessment, based on survey data from 36 African member countries, said cybercrime has shifted from isolated criminal activity to an industrialised, borderless ecosystem powered by AI.
According to the report, East Africa has become a hotspot for mobile money fraud and ransomware attacks targeting critical infrastructure, while business email compromise (BEC) and romance scams are widespread across Central and West Africa.
Southern Africa, it noted, has become an attractive target for international cybercriminals due to its high level of internet connectivity.
The report also highlighted the growing financial impact of cybercrime across the continent, revealing that losses have more than doubled since 2024, rising from 192 million dollars to 484 million dollars.
It attributed the increase largely to AI-enabled scams, credential harvesting and automated social engineering attacks.
INTERPOL said online scams remained the most commonly reported form of cybercrime in 2025, with criminals exploiting mobile money platforms, social media and AI-generated content to deceive victims.
It added that 72 per cent of surveyed countries reported the existence of scam centres, with the highest concentration recorded in Southern and West Africa.
The report further identified digital sextortion and online harassment as persistent threats, driven increasingly by AI-generated deepfakes and synthetic media.
According to data from TrendAI, one of INTERPOL’s partners, about 600,000 sextortion incidents were detected during the reporting period.
Business email compromise schemes have also become more sophisticated, with AI being used to generate highly convincing email communications.
The report said Africa-based threat actors are increasingly targeting victims in Europe and North America using cyber infrastructure spread across multiple jurisdictions.
INTERPOL warned that the absence of real-time information sharing between banks, telecommunications companies and law enforcement agencies has created significant vulnerabilities in tackling financial cybercrime.
It said cybercriminals are no longer relying solely on stolen credentials but are now creating AI-generated synthetic identities by combining genuine personal information with fabricated details.
These synthetic identities, the report noted, have been used to bypass biometric verification systems, open bank accounts, obtain mobile loans and register SIM cards under false identities.
Neal Jetton, Director of INTERPOL’s Cybercrime Directorate, described cybercrime as one of the most significant criminal threats facing Africa.
“Cybercrime has emerged as one of the most significant criminal threats to the region. AI is automating every stage of a cyberattack from reconnaissance and phishing to extortion and evasion.
“However, we see that when countries work together, cybercriminal infrastructure can be identified, disrupted and dismantled,” he said.
Despite the growing threat, the report highlighted progress in strengthening cybersecurity across the continent.
It disclosed that 17 African countries enacted or amended cybercrime legislation in 2025, while Senegal launched an online reporting platform to improve responses to online offences affecting children.
The report also noted that regional capacity-building initiatives are helping to improve long-term cyber resilience.
INTERPOL said four major cybercrime operations conducted in 2025, Operation Serengeti 2.0, Operation Contender 3.0, Operation Sentinel and Operation Red Card 2.0, resulted in more than 1,500 arrests, the seizure of hundreds of electronic devices and the recovery of over 100 million dollars.
To address the growing threat, the report recommended the adoption of standardised digital forensic capabilities, stronger cross-border collaboration, greater investment in AI literacy for law enforcement personnel and formal public-private partnerships to improve cybercrime prevention, detection and response.
The African Cyberthreat Assessment 2026 forms part of INTERPOL’s African Joint Operation against Cybercrime initiative, funded by the United Kingdom’s Foreign, Commonwealth and Development Office, with data contributions from Fortinet, Mastercard, the Shadowserver Foundation, S2W and TrendAI.
Nigerian students will soon design, assemble, test and fly drones as part of their university education, following a partnership between Miva Open University and Abuja-based defence technology company Terra Industries.
The collaboration comes as Nigeria intensifies efforts to develop indigenous capabilities in advanced manufacturing and defence technology, with both organisations seeking to strengthen Africa’s pipeline of deep-tech talent.
The partnership will see students gain hands-on experience in drone engineering and related technologies through dedicated labs and industry collaboration.
The partners will establish robotics, drone and virtual reality laboratories across Miva’s study centres, beginning with a pilot facility in Abuja.
Students will also gain access to industry-led workshops, research opportunities, internships and mentorship in artificial intelligence, robotics, cybersecurity and autonomous systems.
According to the partners, Terra’s engineering teams will work alongside Miva faculty to integrate hands-on hardware training into academic programmes, exposing students to real-world engineering challenges and building industry experience before graduation.
Nathan Nwachuku, co-founder and CEO of Terra Industries, said Africa’s technological future depends on developing engineers capable of building solutions for local challenges.
“The engineers who will build Africa’s future must learn by building. This partnership creates opportunities for students to work with the technologies shaping modern security, infrastructure and autonomous systems,” said Nwachuku.
Miva Open University said the initiative forms part of its commitment to experiential learning, adding that students will have the opportunity to “design, test and fly drones as part of their academic experience”.
The partnership builds on Terra’s expanding role in Nigeria’s defence technology sector. Earlier this year, the company signed a joint venture with the Defence Industries Corporation of Nigeria to localise the production of drones, robotics systems and cybersecurity infrastructure, supporting efforts to strengthen domestic manufacturing and reduce reliance on imports.
Atte Ayodeji, a Nigerian computer scientist,has developed an artificial intelligence algorithm capable of detecting, counting, grouping and generating healthy hair follicles during hair transplant procedures, an innovation that earned him the Best Innovative Technology award.
Atte Ayodeji
Ayodeji also graduated with a Distinction in his Master of Science (MSc) in Computer Science from Birmingham City University on Friday, adding another milestone to an impressive academic year.
Beyond his award-winning hair transplant innovation, the Nigerian researcher developed a system and framework on Explainable Artificial Intelligence (XAI) as a professional responsibility in the diagnosis of lung cancer.
His dissertation received a silver award at the PGXPO2026 Winter, further highlighting the impact of his research in applying artificial intelligence to healthcare.
Sunday Dare, special adviser on Media and Public Communication to President Tinubu, celebrated Ayodeji’s achievements in a post on X, recalling how he first met him in 2019 during his National Youth Service.
“In 2019 when I became a Minister of the Republic, I met a young man of medium height, genteel with penetrating eyes: Atte Ayodeji. His words rarely come out and he could easily be passed by unnoticed. But I noticed him especially when my SA Kemi Areola brought him to me asking my approval for him to do his Youth Service in my office. I approved. From then on he was unstoppable. His brilliance shown and he developed skills beyond his frame.”
Highlighting Ayodeji’s recent accomplishments, Dare congratulated him saying, “Congratulations Atte. I am proud of you!”
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