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Nigeria Losing $30bn Annually From Revenue Leakages, Reps Alert

The Joint House of Representatives Committee on Finance, Banking and Currency has said that Nigeria lost about $30billion from 2005 to 2019 annually from revenue leakages.
The leakages were basically from activities of agencies and companies in banking, oil exploration, engineering, procurement, construction, installation, marine transportation, manufacturing and telecommunications.
According to the committee, the country has lost significant foreign exchange and revenue shortfall from the infractions.
Consequently, it grilled the management of two banks over several of the alleged infractions, accusing them of compromises.
The Chairman of House Committee on Finance and Co-Chairman of the Joint Committee, Hon James Faleke, in his remarks at the commencement of the investigative hearing on the allegations, said the House at its sitting on March 5, 2020, resolved to conduct an investigative hearing on revenue leakages in excess of $30billion.
He said, “The necessity and commencement of this investigation was as a result of growing problems in the financial management of all the God-given resources in our country, Nigeria, from our vast natural resources to the value added by these resources in the form of foreign exchange earnings and revenue generation, etc, into these investment environment and opportunities.
“Thus, this committee deemed it imperative to investigate revenue leakages and loopholes in the system, that have contributed to a loss of over $30billion in annual federation tax revenue between 2005 and 2019.
“The investigation, therefore, was premised on the documents received from target agencies and companies in banking, oil exploration, engineering, procurement, construction, installation, marine transportations, manufacturing and telecommunications upon which the committee -noted significant foreign exchange and revenue shortfall infractions against the Federal Republic of Nigeria by these stakeholders.
“This places an imperative need to put an end to, or at best, minimise all attributable infractions that have been instruments in the hands of some stakeholders in bringing economic woes to this country and her people.
“During our documentation compilation and a further look at the economic woes caused the country by some companies, the committee has noted the following major infractions which have multiplier effects on other infractions.
“Lifting of some crude oil and gas by oil exploration companies, that were not wholly and legally allocated to the Consignors in JV, PSC and PSA exploration activities including those whose crude oil Certificates of Quantity were not signed by the Department of Petroleum Resources (DPR) and terminal operators.
“Concealment and non-disclosure of some crude oil liftings that ought to have been subjected to Petroleum Profit Taxation at PPT rates ranging between 50 per cent of profit for PSC and PSA companies, and 85 per cent of profit for JV companies.
“Inflow of foreign investments in the form of equity, foreign cash loans, equipment loans whose utilizations are majorly subject to tax, end up in transactions, foreign transfers that were at variance with the purpose of such inflows.
“Overnight and fictitious disappearance of Naira proceeds of foreign inflows from the bank accounts of Nigerian beneficiaries, and subsequent allocations of foreign exchange by CBN for capital repatriations, principal loan repayments and Interest payments.
“Multiple foreign exchange allocations to holders of foreign inflow Certificates of Capital Importation (CCI) over and above the amount brought into the country, leading to capital flight of the country’s much needed and scarce foreign exchange.
“Loan backed Certificates of Capital Importations without evidence of transfer to the foreign lenders in the form of principal repayment and interest payments.
“Some expected imports that were funded by foreign equipment loans and other direct allocations of foreign exchange for foreign exchange valid transactions were neither translated to imports nor their import duties paid to the Nigerian Customs Service.
“Capital Flight using the Form ‘M’ valid for Forex and Forex obtained by the beneficiary companies without utilization of the forex to reflate the economy and taxes paid.
“The committee shall extensively review all of the above infractions, among others, to ensure that all federally collectible revenues are not only identified and recovered, but also to sanction companies involved in the other non-civil infractions in order to serve as a deterrent to potential classmates of the affected companies.”
Interfacing with the representative of one of the two banks, Ngozi Omoke on the allegations, the committee accused the bank of not making remittances to the federation accounts from certain transactions.
It also picked holes in the presentation made by the representative of the second bank, Hassan Imam, saying there were many irregularities.
“Some of the infractions listed against the banks included outstanding withholding tax collectible on Form A: $2, 544, 973, 484; outstanding VAT collectible on Form A $1, 081, 383, 885; outstanding withholding tax collectible on known Form A bank transfers by customers $927, 556, 300; outstanding VAT collectible on known Form A bank transfers by customers from your bank is $463, 778, 150; breakdown of foreign exchange leakage infractions on Form A transactions filed with CBN as taxation services but not traced to the Federal Inland Revenue Service collection platforms $171, 256, 297 and foreign exchange inflow from capital importation yet to be accounted for in the foreign exchange sales voucher is a $17, 655, 410, 376.
“Others are Form A transfers for loan repayment and interest with no evidence of capital importation and payment of withholding tax on interest $210, 013, 266; Capital importation on loans with no evidence of principal repayment and interest payment $1, 072, 868, 110; Capital importation on equity with no evidence of dividend payment and capital repatriation is $1, 134, 835, 320; Dividend transfers in excess of capital importation on equity without payment of withholding tax is $3, 027, 298, 192; Form A transfers for dividend repatriations with no evidence of capital importation, either foreign equity and payment of withholding tax is $305, 725, 840.
“Also listed are foreign transfers for principal loan repayment and interest payment in excess of capital importation loan without payment of withholding tax on interest in $110, 635, 050; and foreign exchange on Form A transferred payment filed with the committee but not traced to CBN returns without payment of taxes is $510, 816, 573.”
Faleke further stated that the committee discovered that one of the banks had Form A transfer by customer through their bank accounts that were not filed with the CBN and committee, with no evidence of withholding tax amounting to $3,107, 398, 073.
The committee also disagreed with the bank’s position on advertisement, saying it was a taxable item.
Faleke, therefore, directed the bank to make available all the receipts of various transactions, and directed the clerk of the committee to write to the Federal Inland Revenue Services (FIRS), to appear before it to confirm the remittances.
Responding to the allegations, Mrs. Ngozi Omoke said the bank conducted its activities within the Foreign Exchange Monitoring and Miscellaneous Provision Act.
She said, “I will just say in a summary before I go to specifics. Our presentation is that we are guided by the Foreign Exchange Monitoring and Miscellaneous Provision Act and from time to time, the Central Bank of Nigeria as well as issues guidelines to regulate transactions on foreign exchange.
‘’It is in the light of this that we have reviewed all the allegations and the transactions mentioned in the report sent to us and we want to affirm again that we were not in any way in contravention of any of the guidelines in the Act or in the foreign exchange manual.”
“If you permit me, sir, I will just take the items one by one as read before. The first is outstanding withholding tax collectible on form A transaction. The total in this regard is $2,544, 973,484.04. We noticed that the committee or whoever computed this applied the total amount that was remitted and applied certain rate which is either 10 percent or 5 percent to arrive at the potential withholding tax or VAT.
‘’A lot of transactions that were documented or mentioned do not attract withholding tax or VAT. So, if I give some examples which you said here are not subject to VAT or withholding tax: Advertisement, airline remittances, principal loan repayments.
‘’What attracts withholding tax is interest on loan repayment not the principal itself; education, credit card, home remittances, BTA and so on. It should be noted that payments made on the basis of Form A by banks to customers are not payments for services rendered to the bank itself. I am glad that the chairman also mentioned it when he was speaking.
“So, withholding tax for the purposes of this amount that has been alleged here applies only to dividend remittances and interest on loan repayment or sometimes when there are consultancy on related transactions.
‘’Those are the only ones that attract withholding tax as guided by Foreign Exchange Miscellaneous Act and FX manual. So, in total, if I can speak to this amount, only $1.29billion and N357million were eligible for withholding tax and in those cases, they were duly deducted and remitted to appropriate authorities.”
Similarly, Imam, who is the Executive Director, North of the second bank, told the committee when confronted with the allegations that the bank only made transactions and would not be in a position to know what their customers did with their funds.
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17 Million Nigerians Travelled Abroad In One Year -NANTA

The National Association of Nigerian Travel Agencies (NANTA) said over 17 million Nigerians travelled out between 2023 and 2024.
This is as the association announced that it would be organising a maiden edition of Eastern Travel Market 2025 in Uyo, Akwa Ibom State capital from 27th to 30th August, 2025.
Vice Chairman of NANTA, Eastern Zone, Hope Ehiogie, disclosed this during a news briefing in Port Harcourt.
Ehiogie explained that the event aims to bring together over 1,000 travel professionals to discuss the future of the industry in the nation and give visibility to airlines, hospitality firms, hospitals and institutions in the South-South and South-East, tagged Eastern Zone.
He stated that the 17 million number marks a significant increase in overseas travel and tours.
According to him, “Nigerian travel industry has seen significant growth, with 17 million people traveling out of the country in 2023”.
Ehiogie further said the potential of tourism and travel would bring in over $12 million into the nation’s economy by 2026, saying it would be a major spike in the sector, as 2024 recorded about $4 million.
“The potential of tourism and travel is that it can generate about $12 million for the nation’s economy by 2026. Last year it was $4 million.
“In the area of travels, over 17 million Nigerians traveled out of the country two years ago for different purposes. This included, health, religious purposes, visit, education and others,” Ehiogie said.
While highlighting the potential of Nigeria’s tourism, he said the hospitality industry in Nigeria has come of age, saying it is now second to none.
The Vice Chairman of NANTA, Eastern Zone further said, “We are not creating an enabling environment for business to thrive. We need to support the industry and provide the necessary infrastructure for growth.”
He said the country has a lot of tourism potential, especially as the government is now showing interest in and supporting the sector.
Ehiogie emphasized that NANTA has been working to support the industry with initiatives such as training schools and platforms for airlines and hotels to sell their products.
He added, “We now have about four to five training schools in the region, and within two years, the first set of students will graduate. We are helping airlines sell tickets and hotels sell their rooms.”
Also speaking, former Chairman of the Board of Trustees of NANTA, Stephen Isokariari of Dial Travels, called for more support from the industry.
Isokariari stated, “We need to work together to grow the industry and contribute to the nation’s Gross Domestic Product.
“With the right support and infrastructure, the Nigerian travel industry has the potential to make a significant contribution to the nation’s economy.”
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Tinubu Commissions Afam 11 Power Plant …Urges Stronger Private Sector Partnership In Power Sector

President Bola Tinubu has restated the commitment of the Federal Government towards achieving sustainable electricity supply and industrialisation in Nigeria.
Tinubu gave the declaration during the commissioning of the newly constructed 180 megawatts Afam 11 Power Plant located in Afam, Oyigbo Local Government Area in Rivers State on Wednesday.
He said the completion of the project within just 16 months was a key achievement in the power sector.
The President who addressed Nigerians virtually during the event, emphasized that the project, which is a landmark partnership between Crescendough Nigeria Limited (CNL) and Sahara Power Group, underscored the tenacity of his administration to promote success in private sector partnership and development, adding that the feat will increase industrialisation and economic growth in the country.
The president commended the Rivers State Government, the contractors, Sahara Energies and Crescendough Nigeria Limited (CNL) for the successful delivery of the project on record time.
While urging stronger collaboration among stakeholders to achieve a more globally competitive Nigeria, Tinubu said achieving sustainable power supply remains an unwavering goal under his administration
The President described the project as a testament to the blossoming investment opportunities fostered by his administration’s well-structured policies, which prioritize national development and private sector participation.
He emphasized that the Afam II Plant will not only bolster Nigeria’s power generation capacity by adding 180MW to the national grid but also energize businesses, industries, healthcare facilities, and households, igniting hope for a brighter economic future.
“The completion of the Afam II Plant within just 16 months reinforces our capacity to overcome challenges through collaboration, tenacity, and unwavering commitment under the Renewed Hope Agenda,” President Tinubu stated. “Achieving stable power supply remains a top priority for this administration. I have directed the Honourable Minister of Power and all stakeholders in the power value chain to work collectively towards our declaration to light up Nigeria.”
“We solicit the support of all Nigerians as we implement reforms and strategies to transform the power sector. Our administration will continue to enforce policies that attract investments—both local and foreign—to achieve this critical goal,” he affirmed.
In his remarks, the Administrator of Rivers State, Vice Admiral Ibok-Ete Ibas (Rtd), hailed the project as a product of visionary leadership and private sector empowerment.
He noted that President Tinubu’s enabling policies have spurred bold investments across key sectors, including power, agriculture, oil and gas, education, and transportation.
“This power plant reflects the long-standing vision of successive Rivers State administrations to expand energy infrastructure beyond oil and gas, driving industrial growth,” Vice Admiral Ibas said. “Beyond boosting electricity supply, this project has created jobs and skills development opportunities for youths in Afam. I commend the host community for their cooperation, proving that peace and development go hand in hand,” he said.
The Minister of Power, Adebayo Adelabu, described the Afam II Plant as a commendable milestone showcasing the private sector’s pivotal role in enhancing power generation within a conducive business environment.
Similarly, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, applauded Rivers State’s sustained investments in energy infrastructure since 2011, culminating in the Afam II Plant’s success.
Speaking at the event, the Group Managing Director of Sahara Power Group, Kola Adesina, highlighted that the partnership reinforces Sahara’s position as Nigeria’s largest private-sector electricity provider, contributing 20% of the nation’s power supply and driving sustainable development.
He described the project as a celebration of collaboration, intentional strategic and sustainable partnership that make Nigeria an industrial hub.
He commended President Tinubu’s Renewed Hope Agenda, while also thanking the host communities for their support.
The Tide reports that the Afam II Power Plant stands as a beacon of progress, underscoring Nigeria’s resolve to achieving energy security, economic growth, and industrial transformation under the Renewed Hope Agenda.
Taneh Beemene
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Tight Security As Muslims Celebrate Eid-el-Kabir, Today

As Muslim faithful celebrate the Eid-el-Kabir today, security agencies, including the Federal Road Safety Corps, National Security and Civil Defence Corps, and the Nigerian Police have deployed over 50,000 personnel to secure shopping malls, prayer grounds, motor parks, markets, recreational centres and various government buildings for the celebrations.
The FRSC, in a statement by its spokesperson, Olusegun Ogungbemide, on Wednesday, stated that over 36,000 personnel, including regular and special marshals, will be deployed across the country.
This is as he disclosed that the FRSC has commenced a nationwide special patrol operation in preparation for the Eid el-Kabir celebrations slated for today.
The operation will be supported by 750 patrol vehicles, 120 ambulances, 25 tow trucks, and more than 200 motorbikes.
The initiative, which runs from June 5 to June 11, aims to ensure road safety and manage traffic flow during the festive period.
The statement read in part, “Pursuant to the declaration of Friday, 6 June 2025 as the day of Eid el Kabir in Nigeria, the Federal Road Safety Corps has commenced massive Mobilisation of its personnel and operational equipment for the Sallah special patrol aimed at ensuring safer road environment, before, during the festive period and beyond.
“The Operations Order states that not fewer than 36,000 of the FRSC regular, special marshals, and about 750 patrol vehicles, 120 ambulances, 25 tow trucks and over 200 Bikes would be on the road during the special operation that would commence from 05 to 11 June 2025.”
The statement noted that the Corps Marshal, Shehu Mohammed, disclosed that the special patrol was designed to facilitate free vehicular movement, enable prompt rescue operations, and promptly clear road obstructions.
Mohammed stressed the corps’ commitment to reducing road traffic crashes through effective patrols and public enlightenment.
The statement read in part, “To ensure the effectiveness of the operations, the Corps Marshal, Shehu Mohammed, directed commanding officers operating across various formations nationwide to ensure that the 52 corridors are properly manned throughout the operations.
“He, however, appealed to motorists to obey all traffic rules and regulations and cooperate fully with the FRSC and other law enforcement agencies that would be deployed for traffic management duties, saying mobile courts would be in session across the country for prompt dispensation of justice to recalcitrant traffic violators.
“The Corps Marshal also directed that the operatives pay first-rate focus on effective traffic control, wrongful overtaking, use of phone while driving, driver licence violation, lane discipline, removal of rickety vehicles on the road, driving with expired/worn-out tyre and those without spare tyre etc.”
The statement added that commanding officers have been instructed to ensure full coverage of 52 key corridors across the country, including major highways such as Akwanga-Lafiya-Makurdi, Abuja-Kaduna-Kano, Sagamu-Mowe-Lagos, and Jos-Bauchi-Gombe, among others.
The corps also stated that it had equipped its officers with radar guns and breathalysers to monitor speed and deter drunk driving.
It urged all road users to cooperate with enforcement officers and to advocate for responsible driving habits during the festivities.
In the same vein, The Lagos State Police Command has rolled out a robust security plan to ensure a safe and peaceful Eid el-Kabir celebration across the state.
This was contained in a statement yesterday, by the command’s Police Public Relations Officer, CSP Benjamin Hundeyin, issued on behalf of the Commissioner of Police, CP Olohundare Jimoh.
According to the statement, the CP has ordered the deployment of various tactical and conventional police teams across the State to preempt and prevent any form of criminal activity during the festive period.
The statement partly read, “The Commissioner of Police, Lagos State Command, CP Olohundare Jimoh, has ordered the immediate deployment of conventional police personnel, the Rapid Response Squad, the Eko Strike Force, and other tactical squads of the Nigeria Police Force to all strategic locations across the length and breadth of Lagos State.
“Special anti-crime prevention teams have also been deployed to identified black spots, criminal hideouts, and other flashpoints to prevent crimes and criminality throughout the state, build public confidence, and dispel the fear of crime from the minds of all Lagosians and visitors alike, to guarantee safety and ensure a hitch-free Eid el-Kabir Sallah celebration during this festive season and beyond.”
It added that to strengthen operational coverage, the commissioner also deployed highly trained officers from the Force’s elite units.
“Consequently, the Commissioner of Police has deployed strike forces of the NPF and tactical squad officers from the Police Mobile Force, Counter-Terrorism Unit, Special Protection Unit, Intelligence Department, Anti-Bomb Squad, and conventional teams across the state, with Armoured Personnel Carriers and other vehicular patrol teams, to focus strictly on providing security and protection at all Eid praying grounds, mosques and religious facilities, venues of gatherings and celebrations, and other areas of recreation, in order to ensure the safety and security of Muslim faithful and other non-Muslims who will be joining in the celebrations”, the statement further stated.
The command also assured Lagosians that key public areas would be closely monitored, stating, “Particular security attention is focused on recreation centres and other public spaces where large gatherings are anticipated. These spaces will be thoroughly policed to ensure effective crowd control, traffic management, and ease of movement across Lagos State.
“Additional proactive measures are being implemented to prevent crimes, ensure prompt detection of criminal activity, and address any emerging security concerns across the state.”
The statement further added that maintaining peace throughout the celebration remains a top priority for the Lagos Police Command, stating, “The maintenance of public order before, during, and after the festivities remains the utmost priority of the Command.
Meanwhile, the NSCDC in Lagos has also mobilised 2,150 officers across the state.
A statement by the Lagos Civil Defence Public Relations Officer, Oluwaseun Abolurin, indicated that the officers are to ensure adequate security and prevent unscrupulous elements from vandalising critical national assets and infrastructure in the state.
The statement quoted the Lagos State Commandant of the NSCDC, Mr Adedotun Keshinro, as assuring that operational strategies had been put in place to help rid the state of criminals and eradicate the nefarious activities of vandals and other criminal elements that take action inimical to the economic growth and development of the state.
“The officers and men across all formations of the command have been charged to bring the right and appropriate impetus on board to protect all strategic locations, points, facilities, right of ways, oil pipeline installations, religious and worship centres, parks and gardens and all assets belonging to the local, state, and Federal Government of Nigeria and more in the state,” the statement read.
In Katsina, the State Police Command said it had deployed adequate security measures to protect lives and property during and after Sallah celebrations across the state.
This was contained in a statement by the Command Public Relations Officer, DSP Abubakar Sadiq and made available to newsmen in Katsina, on Wednesday.
According to the statement, “The Katsina State Police Command under the able leadership of CP Bello Shehu, is pleased to announce that given the forthcoming Eid-el Kabir festival, it has put in place adequate security arrangements to ensure a peaceful and hitch-free Sallah celebration throughout the state. To achieve this, the command has deployed adequate personnel and assets to strategic locations across the state.”
It warned against reckless and unlawful horse riding, dangerous driving, unlawful gathering, substance abuse, etcetera, which may cause chaos and endanger the lives of good people of the state.
In Delta, the Commissioner of Police, CP Olufemi Abaniwonda, ordered massive deployment of personnel from Area Commands, Tactical formations, and divisions to provide adequate security in all Muslim prayer grounds and strategic locations across the state.
The commissioner also directed all Divisional Police Officers to intensify raids of criminal hideouts and black spots within their areas of responsibility.
This was contained in a signed statement by the police public relations officer for Delta State Command, SP Bright Edafe, on Wednesday.
According to the statement, the police boss has assured the public, particularly the Muslim faithful, of adequate security and free flow of traffic in the state during the Eid-el-Kabir celebration.
The Commissioner of Police noted that “in recognition of the significance of the sacred occasion, the Command will be working in close synergy with other sister security agencies which include the Military, DSS, NSCDC, Road Safety, etc to ensure that the activities of all unfriendly forces such as kidnappers, armed robbers, cultists, etc are nipped in the bud.”
In Kwara State, the NSCDC assured all residents and visitors of a peaceful and well-secured festive season across the state.
The State Commandant, Mohammed Umar, ordered the deployment of 2,900 officers and men across all 16 local government areas to ensure full coverage of critical infrastructure, prayer grounds, recreational centres, and other high-traffic locations.
A statement by the Public Relations Officer of the command, Ayoola Michael, on Wednesday, said, “All area Commanders, Divisional Officers, and Tactical Units have been directed to remain on high alert and sustain proactive engagements with communities.”
Meanwhile, the Federal Capital Territory Command of the NSCDC has “deployed 4,500 personnel across the nooks and crannies of the FCT” ahead of the upcoming Eid-el-Kabir celebrations.
Commandant Olusola Odumosu, who heads the FCT Command, announced the deployment as part of efforts to ensure public safety and the protection of critical national assets before, during, and after the festivities.
According to a statement signed by the command’s spokesperson, Monica Ojobi, on Wednesday, the deployment spanned specialised units, including the Female Strike Force, Arms Squad, Operation Adkasu, Critical National Assets and Infrastructure Unit, and the Chemical, Biological, Radiological, Nuclear, and Explosives Unit.
The statement revealed that officers had been stationed at key public locations considered vulnerable, such as shopping malls, prayer grounds, motor parks, markets, recreational centres, the City Gate, the Three Arms Zone, amusement parks, and various government buildings.
Odumosu emphasised the importance of full personnel deployment and warned that lapses would not be tolerated.
Residents of the FCT were urged to remain vigilant and report any suspicious activity to the nearest security agency. The command assured the public of its readiness to provide a safe environment throughout the celebration period.
Odumosu also warned criminals and vandals to steer clear of critical infrastructure, noting that covert security personnel are actively monitoring the city and will take swift action against any offenders.
“My personnel are ready to ensure you have a peaceful celebration, you have a part to play too by being proactive,” he stated.
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