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Nigeria, Egypt Top $95B Africa Remittance Inflows In 2024

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Nigeria, Egypt Top $95B Africa Remittance Inflows In 2024

Africa received over $95 billion in remittances in 2024, with Nigeria, Egypt, and Morocco leading as top recipients, according to the State of Africa’s Infrastructure Report 2025 by the Africa Finance Corporation (AFC).

The inflow nearly matched total Foreign Direct Investment (FDI) into the continent that year, underscoring the rising significance of diaspora contributions to African economies.

The report highlighted that, aside from 2024, remittances have consistently outpaced FDI, portfolio flows, and official development assistance in recent years—making them one of Africa’s most stable and dependable sources of external finance.

Nigeria continued to rank as a key remittance hub, driven by its large and engaged diaspora. The AFC described the surge in remittances as a turning point, offering a more structured and transparent link between African economies and offshore wealth, marking a shift from decades of capital flight.

“In 2024, Africa received over $95 billion in remittances from its global diaspora—an amount roughly equivalent to total FDI inflows to the continent that year. The largest recipients were Egypt, Nigeria, and Morocco, followed by a growing number of mid-sized economies with substantial emigrant populations.

“Remittances have proven to be a stable and resilient source of external finance, often outperforming portfolio flows and official development assistance in terms of consistency,” the report read in part.

According to the report, between 1970 and 2004, Africa lost over $420 billion to capital flight, much of it through informal and opaque channels. These losses, compounded by labour migration, weakened domestic investment capacity and disconnected African financial systems from wealth held abroad. The figures, cited from estimates by economists Léonce Ndikumana and James K. Boyce, covered 40 Sub-Saharan African countries.

The AFC report sees today’s remittance boom as an opportunity to embed diaspora engagement more deliberately into national development strategies. While a large share of remittances goes toward household consumption, the presence of trusted financial channels is enabling more structured diaspora investments.

One such tool is the diaspora bond. While countries like Ethiopia, Kenya, and Egypt have struggled with uptake due to weak regulatory frameworks, Nigeria’s $300 million diaspora bond issued in 2017 was fully subscribed—thanks to clear terms, credible oversight, and competitive yields. The bond represented 1.4% of the country’s remittance receipts that year.
The AFC also referenced earlier continental initiatives, including the African Diaspora Investment Fund and a proposed African Institute for Remittances. Though progress on these fronts has been slow, the report argues that the groundwork for formal diaspora engagement is in place.

What you should know
Nairametrics earlier reported that Nigeria recorded $282.61 million in direct diaspora remittances in Q1 2024, a 6.28% drop from the $301.57 million recorded in Q1 2023. The data, sourced from the Central Bank of Nigeria (CBN), covers remittances processed through international money transfer operators (IMTOs).

Monthly trends showed mixed performance:
January 2024 saw a 75% year-on-year surge to $138.56 million, up from $79.19 million in January 2023.
February 2024 fell sharply to $39.15 million, down over 53% from $83.76 million in February 2023.
March 2024 also declined to $104.91 million, a 24% drop from $138.63 million in March 2023.
Meanwhile, in March 2025, NiDCOM Chairman/CEO Hon. Abike Dabiri-Erewa disclosed that Nigerians abroad had remitted over $90 billion over the past five years to support national development.

Nigeria also remained the leading recipient of diaspora remittances in Sub-Saharan Africa in 2023, accounting for around 35% of the region’s total inflows. According to a World Bank report, the country received approximately $19.5 billion in 2023, which was the highest in the region.

Nairametrics.com

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Court Slams ₦100 Million On IGP, NPF, And PSC  

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The Inspector-General of Police, Kayode Egbetokun, the Nigeria Police Force (NPF), and the Police Service Commission (PSC) have been ordered to pay ₦ 100,000 million in damages by a Federal High Court sitting in Osogbo.

Naija News reports that the court on Monday imposed ₦100,000 million damages on Egbetokun, the NPF, and the PSC for breaching the law in their attempt to stop the February 22, 2025, local government election in Osun State.

Honourable Justice A. A Demi-Ajayi, while delivering judgment in the suit marked FHC/OS/CS/41/2025, held that the sealing of the offices of the Osun State Independent Electoral Commission (OSSIEC) and arrest of staff of the commission in the build-up to the election was unlawful as the Police authority failed to provide any law that was broken to warrant its action.

The judge noted that the evidence presented before the court showed that the election was held in compliance with the relevant sections of the Electoral Act, 2022, and other enabling laws, leaving the Police with no legal justification to interfere with the process.

The suit, which has the OSSIEC and its Chairman, Barrister Hashim Abioye as claimants, had prayed the court to hold that the action of the Inspector-General of Police and officers of the Nigerian Police in sealing Commission’sission’s Head office and offices across the state a few hours to the local governments election in the state, the threat to arrest OSSIEC Chairman, and eventually arrests of ad-hoc officers engaged by it, was unlawful.

In suit, the claimants asked the court to determine “whether the plaintiffs, generally, severally and variously, are not entitled to enjoy their fundamental rights to liberty, right to private life, right to dignity of human person and right to own movable and immovable property as enshrined under Chapter IV of the 1999 Constitution of Nigeria (as amended) and African Charter on Human and People’s Rights.”

They also contended that the action of the Police reflected partisanship and urged the court to declare the arrest and detention of staff Commission in the build-up to the February 22, 2025, local government election as illegal and unlawful, “while the threat of further arrest and/or continuing detention of the plaintiffs’ staff by the defendants is illegal, unlawful.”

Besides, the claimants argued that the local government’s election was ordered by the court and described the conduct of the Police as an affront to the judiciary, which they prayed the court to hold against the IGP and the Police authority by awarding an aggravated damage of N2 billion against them.

The claimants request that the court restrain the IGP or any of its agents from continuing to overreach their power by interfering with the Commission’s lawful duties, and plead with the court to grant their request in the interest of justice.

However, the defendant acknowledged the sealing off of the offices of OSSIEC and the arrest of its staff, stating that the step was a preemptive measure to prevent the commission of a crime.

In an affidavit deposed to by Inspector Ogunmokun Abiodun, the Police noted that its action was not carried out arbitrarily but “was founded on the credible suspicion their engagement in actions deemed to have violated the Electoral laws and other applicable laws as opposed to the averment contained in paragraph 14 of the plaintiffs’ affidavit.”

He contended that the claimants had exaggerated the development, as the Police only performed their duty of ensuring peace and order, urging the court to dismiss the suit as frivolous.

He denied the allegation of partisanship raised against the IGP and the Police authority by the plaintiffs, noting that it was acting within the scope of its constitutional and statutory duties.

Reacting to the judgment, OSSIEC Chairman, Hashim Abioye, extolled the judiciary, asserting that justice has been served. He also commended the legal team led by Maruf Adediran Esq., saying that history already has in its records the illegal action of the Police in interfering with grassroots democracy in Osun State, and that at every time, that book will speak to the generations to come.

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ISWAP Terrorists Kill Army Brigade Commander

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Brigadier General U. Uba, 25 Brigade Commander of Damboa, has reportedly been confirmed killed by fighters of the Islamic State West Africa Province (ISWAP) terrorists.

According to Zagazola Makama, before his unfortunate capture, the Brigade Commander made a video stating that he was okay, but unfortunately, after several hours, he lost orientation within the forest.

“The troops, both ground and air made several efforts to rescue the Commander who told them he was on his way to return to his base. He was unfortunately re-captured by the terrorists after viral report of his abduction went viral,” Zagazola Makama wrote on X on Monday.

Providing further details, Zagazola Makama wrote: “In the chaotic hours following the ISWAP ambush along the Burum–Kubua axis of the Damboa–Biu road, confusion spread rapidly both on the ground and across social media. Shortly after the encounter, the Brigade Commander, Brig. Gen. M. Uba, who had tactically maneuvered out of the kill zone with his men, temporarily took cover inside the forest.

From that concealed position, he established communication with the Theatre Commander, confirming his safety and proof of life in a video Watssap call. He also sent his Live location through his Wattssap which prompted ground and Air rescue mission by Air and surface troops of Operation HADIN KAI.

“However, before official channels could release accurate information, social media platforms were flooded with sensational claims. Several blogs and influencers falsely reported that ISWAP had abducted a Brigade Commander a narrative that instantly went viral due to its shock value.

What followed was an information wildfire. The more the story spread, the more the terrorists, who initially had no situational awareness about the Commander’s movement, were alerted. Media amplification effectively turned him into the most sought-after “golden fish” in the Sambisa axis, prompting ISWAP cells linked to Ba Shuwa and Abu Qudama to intensify their scramble for a target they never actually had.

“This misreporting created an unnecessary operational burden, as troops had to factor in the media-induced pressure while conducting recovery and reorganisation. It also heightened public anxiety and momentarily disrupted the flow of accurate battlefield communication.

“At the time of the report, Zagazola dismissed the viral claims as entirely false. Verified accounts confirmed that a video released by the Commander himself confirmed he was alive, unharmed, and fully in control.

“Unfortunately, Gen. Uba’s mobile phone became unreachable and he was not found at the Live location he initially provided. The Theatre Commander himself led troops to Azir and remained there for almost 24 hours searching for the Commander without any trace.

In the end, the Brigade Commander was recaptured while attempting to maneuver his way out of the terrorists infested forest.

“This incident illustrated a recurring challenge in conflict reporting: how information can endanger personnel and inadvertently assist hostile groups by providing them with operational clues.”

Recall that ISWAP terrorists had ambushed a Nigerian military convoy in a late-night attack on Friday, killing several soldiers and members of the Civilian Joint Task Force, CJTF.

The commander had led troops of the 25 Brigade Task Force on a routine patrol to secure communities around Wajiroko in Azir Multe, Damboa Local Government Area of Borno State.

The insurgents, armed with sophisticated weapons, reportedly launched a coordinated strike on the convoy, leaving multiple casualties and triggering fresh fears across communities in the northeastern region.

In a development described as unprecedented, the terrorists were said to have abducted a serving Brigade Commander alongside other military personnel during the assault.

HumAngle, in its report, stated, “ISWAP fighters last night ambushed a Nigerian military convoy, killing several soldiers and members of the Civilian Joint Task Force (CJTF).

“In an unprecedented escalation, the insurgents abducted a Brigade Commander alongside other troops.”

However, the Nigerian Army denied reports claiming that the 25 Brigade Commander, Brig.-Gen. U. Uba, was kidnapped by the insurgents.

Acting Director of Army Public Relations, Lt.-Col. Appolonia Anele, in a statement on Saturday, admitted that the troops came under sudden and heavy insurgent fire while returning from a successful patrol within the fringes of Sambisa Forest.

The army spokesperson said the team courageously fought through the insurgents’ ambush with superior firepower, forcing them to withdraw in disarray and to abandon their mission.

She said the team comprised troops of the 25 Task Force Brigade and members of the Civilian Joint Task Force (CJTF).

“During the encounter, two brave soldiers and two heroic CJTF members paid the supreme price while on active service to the nation.

“The Army Headquarters also wishes to debunk the fake narrative going around some media platforms online alleging the abduction of the Brigade Commander.

“The general public is hereby advised to disregard the fake news regarding the incident while praying for the continuous success of our gallant servicemen and women,” she said.

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JUST IN: Naval Yerima Escapes Assassination Attempt Amid Wike Confrontation Fallout

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A young Nigerian Navy officer, Lt. A. M. Yarima, who gained national attention after a heated clash with Federal Capital Territory (FCT) Minister Nyesom Wike, narrowly escaped what military sources describe as an assassination attempt on Sunday evening.

According to military insiders who spoke to Vanguard, the 6:30 p.m. incident unfolded as Yarima was trailed by unidentified men dressed in black, traveling in two unmarked Hilux vans without license plates. The suspicious vehicles followed him from the NIPCO Filling Station along the Line Expressway to Gado Nasco Way in Abuja.

Alert to the surveillance, Yarima executed a strategic maneuver to shake off his pursuers, evading capture or harm. The matter is now under active investigation by security agencies, with officials emphasizing that it is being treated with the seriousness it deserves. Further details remain classified to safeguard the probe.

This development arrives just days after Yarima’s widely publicized standoff with Wike over a disputed land parcel in Gaduwa District. While on duty alongside other security personnel, the lieutenant challenged the minister’s demolition team, leading to a tense exchange captured on video that ignited public outrage. The footage showed Wike reportedly calling Yarima a fool, prompting swift presidential intervention to suspend the demolition.

The viral clip has fueled criticism against Wike, with military veterans across Nigeria rallying in defense of Yarima. Abiodun Durowaiye-Herberts, spokesman for the Coalition of Retired Veterans, described the minister’s conduct as a direct affront to the armed forces. He declared that military personnel owe allegiance to Nigeria, not individual public officials, and demanded an apology from Wike. He further warned that retirees would mobilize and occupy the office and residence of the FCT Minister if any disciplinary measures were imposed on Yarima, vowing similar action against the FCT Ministry.

Durowaiye-Herberts also questioned the decorum of a high-ranking official, asking how a public office holder could call an officer a fool on camera, noting that such conduct undermines national institutions and demeans the dignity of public office.

In a reassuring statement, Defence Minister Mohammad Badaru Abubakar affirmed the government’s commitment to protecting service members. Speaking at a briefing for the 2026 Armed Forces Remembrance Day at the National Defence College, he said the government will always protect officers and armed forces personnel on lawful duty and that any officer on lawful duty will be protected if he is doing his job lawfully and doing it well.

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