Wale Edun, minister of Finance and Coordinating Minister of the Economy, has raised concern over Africa’s mounting revenue losses, warning that the continent forfeits an estimated $88 billion annually to illicit financial flows (IFFs), a development he described as a critical threat to sustainable growth.

Speaking at the 5th Session of the Sub-Committee on Tax and Illicit Financial Flows of the African Union, in Abuja, Mr Edun said the persistent outflows continue to deprive African countries of vital resources required for infrastructure, healthcare, and overall economic development.

The high-level meeting, held at Transcorp Hilton Abuja, brought together policymakers, tax administrators, and development partners to examine strategies for strengthening fiscal systems amid evolving global economic uncertainties.

Mr Edun stressed the need for African countries to reduce reliance on external financing sources such as debt, aid, and foreign investment, noting that these options are becoming increasingly unpredictable. He maintained that domestic resource mobilisation must serve as the foundation for long-term economic sustainability.

“Our ambition is to finance up to 90 per cent of Africa’s development needs from domestic resources,” he said, referencing the continent’s Agenda 2063 development framework.

He identified structural challenges, including tax evasion, weak institutional capacity, and limited economic diversification, as key impediments, while emphasising that curbing illicit financial flows remains central to unlocking Africa’s fiscal potential.

Highlighting ongoing reforms under President Bola Tinubu, Mr Edun noted that measures such as tax system reforms, fuel subsidy removal, and exchange rate unification are beginning to improve revenue performance and boost investor confidence.

He added that initiatives like the National Single Window are helping to reduce trade-related leakages, while enhanced international tax cooperation is supporting efforts to recover lost revenues. He also cited Executive Order 9 as a key policy aimed at strengthening transparency in the oil and gas sector.

Calling for broader continental action, Mr Edun urged African nations to expand their tax base, strengthen public financial management systems, and deepen financial inclusion. He listed institutional strengthening, digital infrastructure investment, and cross-border collaboration as critical reform priorities.

“The question is no longer whether we must reform, but how urgently and how boldly we act,” he said, warning that failure to act could leave African economies exposed to external shocks.

On his part, Mr Zacch Adedeji, executive chairman of the Nigeria Revenue Service (NRS), called for urgent steps to safeguard domestic resources and address widening financing gaps across the continent.

Mr Adedeji noted that illicit financial flows ranging from tax evasion and trade mispricing to aggressive tax avoidance continue to weaken Africa’s capacity to fund critical sectors such as infrastructure, healthcare, and education.

“Every year, billions meant for development are lost through illegal financial transfers. These are lost hospitals, lost schools, and lost opportunities,” he said.

He stressed that the cross-border nature of illicit flows requires coordinated responses at both national and continental levels, adding that Nigeria is pursuing reforms to modernise revenue administration through expanded tax coverage, improved compliance, and digital innovation.

According to him, efficient and transparent tax systems are essential not only for revenue generation but also for strengthening public trust in government institutions.

Oracle, US-based technology giant, has initiated a sweeping round of layoffs affecting thousands of employees globally, with India among the worst-hit regions, according to multiple reports.

The job cuts, which began on March 31, are part of a broader restructuring exercise that could impact between 20,000 and 30,000 employees worldwide, making it one of the largest workforce reductions in the company’s history.

While the exact number remains unconfirmed, multiple reports  suggest that around 12,000 employees in India have been affected,

Employees across several geographies, including India, the United States, Canada, and Mexico, reported receiving termination emails early in the morning, informing them that their roles had been eliminated with immediate effect.

“Today is your last working day,” the email stated, citing “organisational change” as the reason for the decision. Access to company systems, including email and internal platforms, was revoked shortly thereafter.

The communication, according to Business Insider, described the move as part of a broader “reduction in force and other terminations,” and said affected employees would be eligible for severance benefits subject to company policy.

The email also instructed employees to share personal contact details to receive separation documents.

In India, impacted employees have reportedly been offered severance packages that include 15 days’ salary for each completed year of service, notice period pay, leave encashment, gratuity where applicable, and an additional two-month salary top-up in cases of voluntary separation.

The layoffs are linked to Oracle’s strategic shift towards artificial intelligence (AI) and cloud infrastructure.

The company has announced plans to invest approximately USD 50 billion in AI infrastructure and has reportedly raised an equivalent amount in debt to fund its expansion.

In a recent regulatory filing, Oracle said it expects restructuring costs for fiscal 2026 to reach up to USD 2.1 billion, largely driven by severance payouts and related expenses.

The move comes as Oracle looks to strengthen its position against global cloud competitors such as Amazon and Alphabet.

Uncertainty continues to loom over employees, with reports indicating that another round of layoffs could follow in the coming weeks. Employees who were affected described the layoffs as abrupt, with little prior indication.

Some former staff members have taken to social media to share their experiences.

Tricia S Marsh, a former Senior Principal at Oracle, said the layoffs marked the end of an important chapter in her career while urging affected colleagues to remain hopeful.

As of May 2025, Oracle had around 162,000 full-time employees globally.

Central Bank of Nigeria (CBN) has announced the successful conclusion of the banking sector recapitalisation programme initiated in March 2024.

Over the 24-month period, Nigerian banks raised a total of N4.65 trillion in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy, according to a statement that was issued by CBN on Wednesday.

The programme recorded strong participation from both domestic and international investors, with 72.55 per cent of capital sourced locally and 27.45 per cent from international markets, reflecting sustained confidence in the Nigerian banking sector.

Olayemi Cardoso, governor, CBN, said: “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”

The CBN confirmed that 33 banks have met the revised minimum capital requirements established under the programme. A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.

All banks remain fully operational, ensuring continued access to banking services for customers.

The apex bank stated that the programme has strengthened capital adequacy ratios (CAR), with the sector maintaining levels above international Basel benchmarks.

Minimum CAR thresholds remain at 10 per cent for regional and national banks and 15 per cent for banks with international authorisation.

The recapitalisation, implemented alongside an orderly exit from regulatory forbearance, has improved asset quality, reinforcing balance sheet transparency and overall financial system stability.

To safeguard the gains, the CBN said it has strengthened its risk-based capital adequacy framework, requiring banks to conduct regular stress testing across defined scenarios and maintain appropriate capital buffers.

It stated that key regulatory measures, including prudential guidelines and the supervisory framework, are subject to periodic review to support ongoing strengthening of governance, risk management and sector resilience.

The recapitalisation programme was carried out without disruption to banking services, ensuring continuous access for individuals and businesses throughout the process.

The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks, the CBN said in the statement that was issued by Olubukola A. Akinwunmi, director, banking supervision, and Hakama Ali, acting director, corporate communications.

“The Central Bank of Nigeria remains committed to maintaining a stable, transparent, and resilient financial system that inspires confidence among depositors, investors, and the broader public, and to advancing the sustainability of the nation’s financial architecture,” the statement read in part.