Business
Nigeria Loses $4M World Bank Aid Over Audit Neglect
The Federal Government is expected to lose $4 million from a World Bank loan after failing to meet auditing standards on key revenue reforms affecting the Federal Inland Revenue Service(FIRS) and the Nigeria Customs Service (NCS).
The fund formed part of the $103 million Fiscal Governance and Institutions Project, a public financial management initiative financed through a credit facility from the International Development Association (IDA).
According to the World Bank’s restructuring paper dated June 2025, the revenue assurance audit covering the FIRS and Customs from the 2018 to 2021 financial years was assessed as not achieved because the reports submitted did not meet international auditing standards.
“Revenue assurance audit of Main Income Generating Agencies, including the Federal Inland Revenue Service and the Nigeria Customs Service for FY 2018 – 2021, with an allocation of $ 4 million.
“These intermediate results to be implemented by the Office of Auditor-General of the Federation were assessed as not achieved by the Independent Verification Agent because the reports submitted for verification did not meet the requisite international auditing standards,” the document stated.
The ICIR reports that the failed audit was one of the 10 performance-based conditions under the project that the government could not deliver before the closing date of June 30, 2025. As a result, the Federal Ministry of Finance(FMF) formally requested the cancellation of $10.4 million in project funds.
“The FMF has requested cancellation of $0.9m of unused funds for Technical Assistance and $9.5 million, which is the amount allocated to 10 Performance-Based Conditions, which will not be achieved by the close of the Project on June 30, 2025,” part of the document reads.
The breakdown further shows that $ 4.5 million was tied to the uncompleted Revenue Assurance and Billing System, while $ 1 million was allocated to the development of a National Budget Portal.
According to the document, the Budget Office of the Federation, responsible for the portal, did not submit any evidence of achievement. In addition, $0.9 million in technical assistance funding was left uncommitted and has also been cancelled.
The document further reads, “The proposed change is to cancel the $10.4 million, constituting $9.5 million for PBCs that will not be achieved and verified by the closing date, and $0.9 million uncommitted funds from the technical assistance component.”
This latest adjustment follows an earlier restructuring in June 2024, when $ 22 million was dropped from the original $ 125 million envelope, bringing the project down to $ 103 million. With the new cancellation, the total funding now stands at $92.6 million.
The Fiscal Governance and Institutions Project, approved in June 2018 and effective from May 2019, was designed to improve the credibility of public finance and national statistics through reforms in revenue administration, budget transparency, and data systems.
Although the government missed key targets, the project recorded progress in other areas, including revenue performance. According to the World Bank, non-oil revenue was 153 per cent of the budgeted target in 2024, up from a baseline of 64.9 per cent in 2018.
The bank attributed the increase to the unification of Nigeria’s exchange rate, improved tax administration via the TaxProMax system, and reforms that automated revenue remittances from ministries and agencies.
Other areas of progress include the launch of the Electronic Register of Beneficial Owners by the Corporate Affairs Commission, which now covers about 40 per cent of registered businesses, and the publication of a National Asset Registry and financial reports by the Ministry of Finance Incorporated.
The final disbursement on the project is projected at $96.04 million, which represents 93 per cent of the pre-cancellation total of $103 million.
The ICIR reported an earlier prediction by the World Bank, which projected that poverty in Nigeria would increase by 3.6 percentage points by 2027.
This projection is from the World Bank’s Africa Pulse report, released during the Spring Meetings of the International Monetary Fund (IMF) and the World Bank in Washington, DC.
The report paints a troubling outlook for poverty reduction in Nigeria, highlighting that despite some recent gains in economic activity, particularly in the non-oil sector during the last quarter of 2024, structural issues related to resource dependence and national fragility were likely to hinder progress.
On the heels of these concerns, the $4 million loss, some analysts say, is a huge indictment of the much-touted economic reforms of the President Bola Tinubu-led Federal Government, with growing concerns over rising debts and burdensome taxes on Nigerians.
“This is a time we should be getting all the goodwill we need to fund developmental projects and grow the economy. We cannot afford to be losing concessionary funds at this stage,” a development economist, Celestine Okeke, told The ICIR.
Icirnigeria.org
Business
Top 10 Richest Yoruba Billionaires: South West Wealthiest Entrepreneurs, Key Factors Behind Their Wealth
The Yoruba ethnic group, predominantly located in Nigeria’s southwestern region, has long been home to some of the wealthiest and most influential entrepreneurs in Africa.
Over the years, these Yoruba billionaires have made significant impacts across various sectors, including oil and gas, banking, telecommunications, real estate, and entertainment. Their business acumen and achievements have not only helped shape Nigeria’s economy but have also garnered international recognition.
Here’s a look at the top 10 richest Yoruba billionaires and the key factors behind their wealth:
10. Sulaiman Adebola Adegunwa
Sulaiman Adegunwa is a billionaire philanthropist and businessman from Ogun State. He is the founder of Rite Foods Limited, a company best known for producing popular food and beverage brands in Nigeria. His investments also extend to education, as he founded the Sulaimon College of Education in Ogun State.
9. Fola Adeola
Fola Adeola is best known as the founder of Guaranty Trust Bank (GTBank), one of Nigeria’s largest and most respected financial institutions. He is also involved in several other ventures, including heading MainOne, a telecom company, and running the FATE Foundation, which supports entrepreneurship in Nigeria. His net worth is around $550 million.
8. Dele Fajemirokun
Dele Fajemirokun is one of the most respected Yoruba business figures, with investments spanning insurance, oil, and telecommunications. He is the chairman of AIICO Insurance and a key investor in Food Concepts, the parent company of Chicken Republic. His business acumen has earned him a net worth of $500 million.
7. Samuel Adedoyin
Samuel Adedoyin is a self-made billionaire who overcame humble beginnings to become one of the wealthiest Yoruba men in Nigeria. He is the founder of the Doyin Group, a conglomerate involved in manufacturing, agriculture, and real estate. Adedoyin’s journey from small business ventures to becoming a billionaire is truly inspirational, and his net worth is estimated at $540 million.
6. Oba Otudeko
Oba Otudeko, a respected business magnate and philanthropist, is the founder of Honeywell Group, a diversified industrial conglomerate with interests in food processing, oil and gas, and real estate. He also played a pivotal role in the Nigerian banking industry, previously serving as the chairman of First Bank of Nigeria. Otudeko’s net worth is around $550 million.
5. Tunde Folawiyo
As the managing director of Yinka Folawiyo Group, a conglomerate with interests in energy, agriculture, and real estate, Tunde Folawiyo carries on the legacy of his family’s business empire. His ventures in shipping and energy are particularly notable, and he also serves on the board of MTN Nigeria. His estimated net worth is around $650 million.
4. Deji Adeleke
Dr. Deji Adeleke is a prominent businessman and philanthropist, best known as the father of the famous Nigerian musician Davido. He is the founder of Pacific Holdings Limited, a company with interests in oil and gas, real estate, and logistics. Adeleke is also an investor in education, having established Adeleke University in Osun State. His net worth is estimated at over $700 million.
3. Jimoh Ibrahim
Jimoh Ibrahim is another leading Yoruba entrepreneur who has built his fortune through diversified business ventures. He is the CEO of Global Fleet Group, a conglomerate with interests in oil and gas, insurance, real estate, aviation, and publishing. A lawyer by training, Jimoh Ibrahim’s net worth stands at around $1.1 billion, largely due to his ability to navigate various industries successfully.
2. Femi Otedola
Femi Otedola is one of Nigeria’s most recognized billionaires, primarily due to his involvement in the oil and gas industry. He is the former chairman of Forte Oil, a major petroleum marketing company in Nigeria, and his business ventures have expanded into power generation, finance, and real estate. Otedola’s investments in key sectors like shipping and energy make him a major player in Nigeria’s economy. As of 2024, his net worth is estimated at $1.8 billion.
1. Mike Adenuga
While Mike Adenuga is a Yoruba billionaire, his reach extends beyond Nigeria to the rest of Africa. He is the founder of Globacom, one of Nigeria’s largest telecommunications companies, and he also has interests in oil exploration through his company Conoil. Adenuga’s strategic positioning in telecoms and oil has made him the second-richest man in Nigeria, with a net worth of over $6 billion.
SEE THEIR NET WORTH
The Federal Government has launched the online registration portal for Phase III of the Renewed Hope Employment Initiative (RHEI), with plans to train 26,961 unemployed Nigerians in 70 high-demand skills as part of efforts to tackle unemployment and boost entrepreneurship nationwide.
The programme, which will run across the 36 states and the Federal Capital Territory (FCT), is expected to commence in August 2026 after the registration process is completed.
Speaking during the launch, the Minister of Labour and Employment, Dr Mohammed Dingyadi, said the initiative is designed to equip unemployed Nigerians with practical, market-driven skills that can lead to employment or self-reliance.
He explained that the government would adopt a ward-to-ward selection process to ensure that beneficiaries are drawn from communities across the country, promoting fairness and wider participation.
According to the minister, the programme aligns with the Federal Government’s broader agenda to reduce unemployment by expanding access to vocational training and enterprise development.
As part of the initiative, the government also announced plans to resettle 3,405 outstanding graduate trainees with starter packs and work tools after completing their training.
The support package is intended to help beneficiaries establish businesses or begin careers in their chosen trades, strengthening the government’s push for sustainable job creation.
Dingyadi acknowledged complaints from beneficiaries of the earlier phases regarding unpaid stipends and delayed resettlement support.
He attributed the setbacks to funding constraints and assured participants that the ministry was working with relevant authorities to secure the release of funds needed to settle all outstanding obligations.
“I wish to assure all affected beneficiaries that this Ministry is fully aware of the matter and is working with the relevant authorities to ensure the release of the necessary funds so that all outstanding obligations can be met without further delay,” he said.
Director-General of the National Directorate of Employment (NDE), Silas Agara, said the upgraded registration portal includes new security and verification features to improve transparency and efficiency.
Applicants will be required to verify their identities using their National Identification Number (NIN), while the system will automatically prevent multiple registrations and assign applicants to training centres closest to their locations.
Agara added that persons living with disabilities would be identified during registration and matched with skills programmes suited to their needs.
The UK Home Office has set out detailed requirements that foreign nationals, including Nigerians, must satisfy before they can qualify for a Skilled Worker visa.
The requirements, published on the UK government’s official website, apply to overseas professionals seeking to work in eligible jobs with approved employers across the United Kingdom.
According to the Home Office, applicants must meet employment, salary, language and documentation requirements before a visa can be granted. Additional evidence may also be requested depending on an applicant’s circumstances.
1. Have a job offer from an approved employer: Applicants must first secure a job offer from a UK employer licensed by the Home Office to sponsor foreign workers.
The employer must issue a Certificate of Sponsorship (CoS), which contains details of the job being offered.
2. Work in an eligible occupation: The job must appear on the UK’s list of eligible occupations for the Skilled Worker visa. Applicants must know the correct occupation code assigned to their role before applying.
3. Meet the minimum salary requirement: Most applicants must earn at least £41,700 per year or the “going rate” for their occupation, whichever is higher.
Most applicants must earn at least £41,700 per year or the “going rate” for their occupation, whichever is higher. Lower salary thresholds may apply for some healthcare workers, graduates, younger applicants and certain PhD holders.
4. Prove English language ability: Applicants must show they can speak, read, write and understand English. This can be done through approved English language tests or recognised educational qualifications taught in English.
5. Hold a valid passport: Applicants must provide a valid passport or another accepted document proving their identity and nationality as part of the visa application.
6. Show proof of financial support: Most applicants must demonstrate they have at least £1,270 available to support themselves after arriving in the UK unless their employer confirms it will cover those costs.
7. Pay visa fees and healthcare surcharge: Applicants must pay the visa application fee, the Immigration Health Surcharge for each year of their stay, and meet any other required charges before their application can be processed.
Partners and children of Skilled Worker visa holders may apply as dependants. Supporting a partner requires showing at least £285 in available funds, £315 for one child, and £200 for each additional child
8. Submit supporting documents: Applicants must provide supporting documents, including their Certificate of Sponsorship reference number, salary details, occupation code and employer information. Depending on individual circumstances, additional documents may also be required.
9. Provide extra certificates where required: Some applicants may need to submit additional documents such as tuberculosis (TB) test results, criminal record certificates, Academic Technology Approval Scheme (ATAS) certificates or proof of overseas qualifications.
10. Apply within the required timeframe: Applicants must submit their Skilled Worker visa application within three months of receiving their Certificate of Sponsorship from their employer.
The Home Office also advises applicants to complete identity verification and provide all required documents before a decision can be made.
Additional documents may be requested
The UK government stressed that meeting the eligibility requirements does not automatically guarantee visa approval. Immigration officials may request further documents or information to verify an applicant’s eligibility before making a final decision.
For Nigerians and other foreign professionals hoping to work in the UK, understanding these 10 requirements can help them prepare a stronger Skilled Worker visa application.
Full breakdown of the rules can be downloaded here.
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