News
Interpol Raises Alarm, Says Hundreds of Dollars Leave Nigeria Every Hour

The International Police Organisation’s investigation has shown that every hour, hundreds of thousands of dollars are being laundered out of Nigeria across the world.
This disclosure was made in Abuja on Monday by Garba Umar, Interpol vice president for Africa, while declaring open a four-day training workshop for Nigerian law enforcement agencies at the Economic and Financial Crimes Commission (EFCC) Academy, Abuja.
According to Umar, money laundering across Africa and the entire world has assumed a monstrous dimension and Interpol has designed Silver Notices to combat the menace.
“Evidence has shown that every hour, hundreds of thousands of dollars are flowing out of Nigeria to the region and across the world, laundered before it reaches the pockets of criminals to enjoy the profits of their crimes, while the hardworking and honest Nigerians pay the price of crime”
“With every successful laundering of criminal money, our country becomes more prone to crime. More drugs, more fraud, more corruption and more violence. Every time criminal money is successfully laundered, our financial institutions take an additional blow,” he said.
He stressed that hard times awaited money launderers as the Silver Notices would make illicit funds more difficult to launder in any part of the world.
Speaking on the theme of the Workshop: Strengthening Capacity and Coordination against Financial Crimes, Umar pointed out that financial crimes had become transnational and law enforcement agencies needed regular training for their workforce to be ahead of fraudsters
He urged participants at the workshop to make it a duty to discuss and learn about transnational crimes affecting their regions, identify possible solutions through a review of policing capabilities to support the country, and facilitate direct and in-person interaction amongst law enforcement networks across the country.
“In essence, this Workshop will allow us to re-examine the challenges of fighting transnational crimes in the country, reassess our strategies, and reaffirm our determination and unity as a country to provide security to our citizens and by extension the global community,” he said.
Umar charged all participants at the workshop to take collaboration with other law enforcement agencies seriously, to advance their investigations and ensure that criminals do not get to enjoy the fruits of their labour.
“The only way we can move forward as a country is by working together and identifying common problems, jointly devising solutions, and taking coordinated and cohesive action. And now is the time that we need to go far, by going together, he said.
Ola Olukoyede, executive chairman of the EFCC, in his goodwill message, also harped on the need for enhanced collaboration in tackling financial crimes.
He particularly stressed that the complex nature of corruption across the world could only be broken by the might of collaborative actions by every stakeholder. “The daunting nature of the fight against corruption in Nigeria and the world at large deserve serious collaboration among organizations saddled with the responsibility of fighting corruption”, he said.
Olukoyede, who spoke through Francis Usani, director, Fraud Risk Assessment and Control, FRAC, of the EFCC, appraised the pivotal role of the EFCC in tackling corrupt practices, especially its impressive records of convictions and recoveries, and expressed optimism that with the new emphasis on the preventive framework in tackling financial crimes by the commission, greater progress would be made.
“Our records of convictions and recoveries stand us out, but we will not rest on our oars, we are committed to doing more and in this commitment, the EFCC is re-strategising its operations with a focus on prevention knowing that it is easier and cheaper to prevent corruption from happening than investigating and prosecuting corruption,” he said.
In his remark, Kazuyoshi Matsunaga, ambassador extraordinary and plenipotentiary of Japan to Nigeria, described the workshop as an important joint initiative between Japan and Nigeria to combat financial crimes.
He explained that in the contemporary globalised world, financial crimes transcended borders and required international cooperation among law enforcement agencies to combat them.
“I am delighted that INTERPOL and the Japanese National Police Agency are an integral part of this project, contributing their expertise. A remarkable collaboration took place three years ago when Japanese and Nigerian law enforcement agencies successfully returned a fund to a Japanese fraud victim, earning immense gratitude. Strengthening our partnership through this project will benefit not only Nigerians but people around the world, including the Japanese,” he said.
Hafsat Bakare, director general and chief executive officer of the Nigerian Financial Intelligence Unit, NFIU, spoke about the imperative of strengthening capacity and coordination against financial crimes, pointing out that “ financial intelligence and financial analysis techniques are key to tackling economic crimes”.
“The NFIU, she said, was sensitive to the interconnected nature of the criminal justice system, the threat of organised crime, and cybercrimes being fought by law enforcement agencies.
She expressed optimism that the training law enforcement officers would receive at the Workshop would “ sustain efforts being made to ensure that Nigeria exits the Grey List of the Financial Action Task Force possibly by mid-2025.”
Isaac Oginni, director of Interpol Financial Crime and Anti-Corruption Centre (IFCACC), said the only way to disrupt organised crimes was by denying fraudsters the financial profit behind their criminal enterprise. Besides, financial intelligence could also be utilised well when investigators recognise its value and use it to build a financial profile around suspects.
He challenged participants and stakeholders at the workshop to collectively work together and fight money laundering.
“Each agency represents a different shape of the puzzle with our different strengths and mandates. Each piece of the puzzle forms part of the bigger picture, and even one missing piece will prevent the whole picture from being developed,” he said.
“Today, we will commence the first phase of the Interpol/JICA workshop, a capacity-building project that aims to strengthen Nigeria’s safety through enhancing law enforcement’s capacity to combat financial crime, as well as through increased national cross-agency collaboration and cooperation,” he said.
The four-day workshop, the first of its kind and hosted by the EFCC was organised by INTERPOL and the Japan International Cooperation Agency, JICA.
It drew participants from the Police, EFCC, NFIU, Nigeria Immigration Service, and the Nigeria Customs Service.
News
IFC Invests in Lagos Free Zone to Support Industrial Growth and Economic Diversification

IFC has announced an equity investment of up to $50 million in Lagos Free Zone Company to support the development and expansion of Nigeria’s first deep-sea port-based, private special economic zone, the Lagos Free Zone.
This investment is designed to address critical infrastructure gaps, attract local and global businesses, and contribute to Nigeria’s economic diversification agenda.
The funds will support the first phase of the 860-hectare Lagos Free Zone, focusing on land development, industrial facilities, and logistics infrastructure.
Owned by Singapore based Tolaram,a diversified multinational group with operations across Africa, Asia, and Europe, Lagos Free Zone strategically integrated with the Lekki Deep Sea Port and will provide an integrated industrial ecosystem for efficient import and export operations, serving as a gateway for Nigeria’s integration into global value chains.
With Nigeria’s economy projected to grow by 3.7% by 2026, investments in infrastructure are vital to ensuring sustainable growth. When fully occupied, Lagos Free Zone is expected to create approximately 30,000 direct, indirect, and induced jobs, while contributing significantly to Nigeria’s GDP upon completion.
“This investment reflects IFC’s commitment to fostering inclusive economic growth and sustainable development in Nigeria. Lagos Free Zone is poised to become a transformative hub for industrial activity, driving job creation and enhancing Nigeria’s competitiveness in global markets.
“We are proud to partner with Lagos Free Zone in building the infrastructure necessary to attract global and local businesses, enabling Nigeria to achieve its full economic potential.” said, Dahlia Khalifa, IFC Regional Director, Central Africa and Anglophone West Africa.
The investment in Lagos Free Zone also reflects IFC’s commitment to sustainable development, with a focus on green infrastructure. Approximately 15% of the investment is earmarked for climate-related initiatives, including Excellence in Design for Greater Efficiencies (EDGE)-certified buildings and climate-resilient infrastructure.
“IFC’s support represents a significant and positive recognition of our vision to establish Lagos Free Zone as a world-class industrial hub. This investment allows us to scale up the existing infrastructure to attract more foreign and local tenants while promoting sustainability and creating economic opportunities for Nigeria.
“Lagos Free Zone, integrated with Lekki Deep Sea Port, facilitates ease of doing business in Nigeria and supports the Federal Government of Nigeria’s drive for economic diversification and infrastructure development.
“We look forward to driving growth and delivering lasting impact through this transformative collaboration with the IFC”. Added, Adesuwa Ladoja, MD/CEO at Lagos Free Zone Company
Lagos Free Zone is already home to several manufacturing brands like Kellogg’s, Dano Milk, Colgate, BASF, ADM, and Tata International.
This investment aligns with Nigeria’s ongoing economic reforms and IFC’s strategic frameworks, including the World Bank Group’s Nigeria Country Partnership Framework (2021–2025) and its 2015 Climate Action Plan, both of which prioritize economic diversification, the development of competitive clusters, and investments in climate-resilient infrastructure.
By addressing infrastructure bottlenecks and enhancing connectivity, IFC’s investment in Lagos Free Zone will unlock new opportunities for businesses and strengthen Nigeria’s position as a regional economic leader.
News
NOTAP to Relaunch Fruit Juice Production Initiative

National Office for Technology Acquisition and Promotion (NOTAP) is set to revive the technology transfer project on fruit juice production.
This initiative, originally launched in collaboration with the Raw Materials Research and Development Council (RMRDC), is based in Paiko, Niger State, North Central Nigeria.
During a courtesy visit to the RMRDC headquarters in Abuja, Dr. Obiageli Amadiobi, director general, NOTAP hinted at this development while leading the office’s management team.
According to a statement provided to journalists by Solomon Nshem, deputy director, Public Relations, NOTAP, the fruit juice project, which began in 2019 with a pilot plant, has enormous economic potential for the country, particularly when domesticated in the six geopolitical zones of the country, and as such, needs to be revived immediately.
According to Dr. Amadiobi, the project will succeed and align with the current administration’s Renewed Hope Agenda, which aims to create wealth, jobs, and self-reliance for the country by combining the technological expertise of both organisations.
In accordance with Presidential Executive Order No. 5, the Director General also urged cooperation with the RMRDC on a number of its flagship initiatives, including the NOTAP Research Laboratory Upgrade Project, Intellectual Property Technology Transfer Offices (IPTTOs), the NOTAP Industry Technology Transfer Fellowship (NITTF), and the Database of Nigerian Professionals.
Prof. Nnanyelugo Ike-Muonso, director general, RMRDC, responded that he is impressed with the project’s concept but that an audit of the pilot plant’s status and a determination of the business operation requirements are necessary.
According to him, the council can also work with NOTAP to upgrade its labs, train RMRDC employees on intellectual property rights, and conduct research and development commercialisation drives with universities.
During the conference, it was decided that in order to ensure the project’s success and cooperation, both agencies’ employees must visit the Paiko site on-site for evaluation and other follow-up meetings
The partnership between NOTAP and RMRDC is anticipated to improve intellectual property creation, R&D commercialisation, technology transfer, and industry connections for research in order to accelerate the country’s technological progress.
News
Senate Expresses Shock over Billions of Naira missing from FG Coffers

Senate has raised the alarm that billions of naira have left the federal government’s coffers unaccounted for, with critical revenue-generating agencies refusing to honour its Summons.
The Senate has however expressed anger as these revenue-generating agencies undermine its summon to answer queries raised by the Office of the Auditor General of the Federation (OAGF) about financial transactions.
Addressing Journalists yesterday in Abuja, Senator Aliyu Ahmed Wadada, SDP, Nasarawa West, Chairman, Senate Committee on Public Accounts, explained that the unaccounted funds form part of the resources required for development, stressing that affected agencies needed to account in line with legislative provisions that empower the parliament to investigate them.
According to Wadada, the Auditor General’s report which was submitted to the Committee has unravelled rots in some agencies of government, that it takes only irresponsible parliament not to conduct public investigations, even as he was appalled at how these agencies conspire together and have taken the decision not to honour Senate Committees’ invitations.
The Chairman, Public Accounts Committee has named the Central Bank of Nigeria, Nigeria Customs Service, Federal Inland Revenue Service, FIRS, the Nigerian National Petroleum Company Limited, NNPCL as among the top government organisations that have vehemently refused to honour the Senate when invited.
Wadada has however threatened that the Senate would report heads of these agencies to President Bola Ahmed after another magnanimous opportunity.
Flanked at the briefing by all members of the Committee, Wadada said: “All efforts to get Nigerian Customs Service to the table to know how did this happen, what is the way forward. We are still where we were from the day before yesterday to now.
“The Central Bank of Nigeria, I have a course on one of the issues that I’ve got to do with Central Bank of Nigeria, I have a course to take it on the floor of the Senate.
“It is important for Nigerians to know, under the so-called Ways and Means. What happened under Ways and Means why Central Bank of Nigeria, debited borrower and credited borrower.
“Consolidated revenue funds account is government’s account. And the TSA is also the government’s account. And in charging the interest, instead of the interest to be charged to the treasury account, they went again ahead to charge the Treasury account.
“They went again ahead to Treasury account. charge Consolidated Revenue Funds account which now have amounted to over 6 trillion.”
According to him, there was correspondences between the Committee and Minister of Finance and Coordinating Minister of the Economy and the Debt Management Office, DMO because of the faulty documents which they were not ready to answer to and have been evasive, adding that the report of the Auditor General for the Federation which the affected agencies are running away from covers 2019 till date.
The chairman of the Committee disclosed that Nigeria Satellite Communications Limited had been invited nine times, but failed to appear, Nigeria Police Force; Nigeria Civil Aviation Authority, among others as snubbing Senate’s invitation.
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