News

Sex Traffickers Make $27,252 Per Victim As Illegal Profits Hit $235bn Yearly

Published

2 years ago

March 20, 2024

Editor

The International Labour Organization has disclosed that sex traffickers make $27,252 per victim as forced labour in the private economy generates $236 billion in illegal profits annually.

This was disclosed in a new report on its website titled, ‘Profits and Poverty: The economics of forced labour’, from Geneva.

As seen by AMBusiness, ILO revealed in its report that forced commercial sexual exploitation accounts for more than two-thirds (73 per cent) of the total illegal profits.

ILO added that the “total amount of illegal profits from forced labour has risen by $64 billion (37%) since 2014, a significant, attributed to a growth in the number of people forced into labour, as well as higher profits generated from the exploitation of victims.”

According to the report, from $8,269 a decade earlier, traffickers and criminals generate approximately $10,000 in revenue for each victim.

The highest illegal profits are in Europe and the lowest in the Arab countries.

“Europe and Central Asia account for the largest annual illegal profits from the forced labour of $84 billion, followed by Asia and the Pacific $62 billion, Americas $52 billion, Africa $20 billion, and Arab countries $18 billion,” the statement read.

When illegal profits are expressed per victim, annual illegal profits are highest in Europe and Central Asia, followed by the Arab States, the Americas, Africa and Asia, and the Pacific.

“Forced commercial sexual exploitation accounts for more than two-thirds (73%) of the total illegal profits, despite accounting for only 27% of the total number of victims in privately imposed labour.

“Forced commercial sexual exploitation generates $27,252 profits per victim as against $3,687 profits per victim for other forms of non-state forced labour exploitation.

“Forced commercial sexual exploitation, is followed by illegal profits from industry, at $35 billion, followed by services ($20.8 billion), agriculture ($5 billion), and domestic work at $2.6 billion,” the statement continued.

These illicit profits are the wages that should rightfully belong to workers but which, as a result of their coercive practices, remain in the possession of those who exploit them.

The Director-General of ILO, Gilbert F. Houngbo said, “Forced labour perpetuates cycles of poverty and exploitation and strikes at the heart of human dignity. We now know that the situation has only got worse. The international community must urgently come together to take action to end this injustice.”

Houngbo stated, “People in forced labour are subject to multiple forms of coercion, the deliberate and systematic withholding of wages being amongst the most common.

“Forced labour perpetuates cycles of poverty and exploitation and strikes at the heart of human dignity. We now know that the situation has only got worse.

“The international community must urgently come together to take action to end this injustice, safeguard workers’ rights, and uphold the principles of fairness and equality for all.”

The report stresses the urgent need to invest in enforcement measures to stem the flow of illegal profits and to hold perpetrators accountable.

The Commission recommends strengthening the legal framework, providing training for enforcement officials to extend labour inspections to high-risk sectors, and better coordination between labour and criminal law enforcement.

Unfortunately, forced labour cannot be eradicated through law enforcement measures alone, enforcement actions must be part of a comprehensive approach that prioritizes tackling the root causes and safeguarding victims, the report underlined.

News

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

9 minutes ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

News

N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

2 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.

News

Xenophobic Attacks: Oshiomhole Tells FG To Retaliate Against South African Companies In Nigeria

Published

20 hours ago

May 5, 2026

Editor

Senator Adams Oshiomhole has called on the Federal Government to retaliate against South African businesses operating in Nigeria following the recent attacks on Nigerians in South Africa.

Speaking during plenary on Tuesday, Oshiomhole said the Federal Government should consider revoking the working license of South African owned companies such as MTN and DSTV.

He argued that Nigeria must respond firmly to what he described as persistent hostility against its citizens.

“I am not going to shed tears. If you hit me, I hit you. I think it is appropriate in diplomacy. It is an economic struggle,” Oshiomhole said.

He argued that while some South Africans accuse Nigerians of taking their jobs, Nigerians should return home and take over employment opportunities created by major South African companies operating in the country, including MTN and DSTV.

“When we hit back, the President of South Africa will not only talk but will also go on his knees to recognise that Nigeria cannot be intimidated.

“We will not condone any life being lost. If a crime has been committed under the South African law they have the right to bring any such person to justice, but to kill our people as if we are helpless, we will not allow that,” Oshiomhole added.

DAILY POST reports that several Nigerians in South Africa have reportedly been attacked, and their businesses destroyed, in ongoing xenophobic attacks in the country.