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  • World Bank, AfDB, others no longer willing to approve loan requests from Nigeria – FG

    World Bank, AfDB, others no longer willing to approve loan requests from Nigeria – FG

    …Says only China responsive

    Multilateral lending institutions including the World Bank and the African Development Bank (AfDB) are no longer willing to grant credit facilities to Nigeria, the Federal Government said on Tuesday.

    It said that informed its decision to approach China for the bulk of the external loans.

    Minister of Finance Budget and Planning Mrs. Zainab Ahmed the Federal Government resolved to borrow $17 billion from the China-Exim Bank as part of its external borrowing plan.

    She appeared before the Senate Committee on Local and Foreign Debts to defend President Muhammadu Buhari’s administration decision to borrow $29.96 billion to execute critical infrastructure projects across the country.

    With her were: Ministers of Information and Culture (Lai Mohammed); Federal Capital Territory (Mohammed Bello); Works and Housing (Babatunde Fashola); Minister of State for Transportation (Senator Gbemisola Saraki).

    Mrs. Ahmed explained that the Eight National Assembly had approved about $6 billion out of the $29.96 billion loan, leaving a balance of $22.718 billion.

    The minister told the committee that the federal and some state governments are jointly requesting the loans from various international lending institutions.

    She said that a larger part of the loan (about $17 billion) would come from the China-Exim Bank while others would come from Islamic Development Bank and other lending institutions.

    The senator representing Niger South Zone, Birma Enagi, had expressed worry at the level of loans being sought from China alone, which he put at $17 billion, representing 70 per cent of the $22.718 billion of the Federal Government’s external loan request.

    But Mrs. Ahmed explained: “Of the $22.718 billion, $17 billion is indeed from the China-Exim Bank. I can tell you that in 2016 when we went into recession, we went out to borrow to be able to fund even the National Budget.

    “So, we went to the World Bank and made a request and the World Bank jointly with the AfDB, I think it was $2.6 billion.

    “After a while, the African Development Bank came through with $600 million within six months and I think about a year and a half later the World Bank came in with $400 million.

    “So, there is a question of response. It is not that we don’t ask from other institutions, but the question is which ones are able to offer us what we are trying to raise.

    “For China-Exim Bank, why it is so large is because most of our rail projects are funded by the China-Exim Bank and they are the largest component of this borrowing plan.

    “We would have wished to borrow from other multilateral institutions, but when we make a request and you are not getting response, you go to the ones that are more amenable and that respond positively and more timely.”

    Assuring that the funds would be channeled to the provision of infrastructure that will boost the economy, the minister.

    Project to fund

    She said: “Other projects are in the health care and education. It also included projects for the rehabilitation of the Northeast geopolitical zone.

    “Others are the Mambila Hydro Power project ($4.9 billion); Lagos-Kano modernisation project ($4.1 billion); Development Finance project loan being provided by a consortium of World Bank and African Development Bank agencies ($1.28 billion).

    “The facilities will support the setting up of the Development Bank of Nigeria through some development finance institutions in Nigeria to provide funds for small and medium size enterprises.

    “This will make access to finance to SMEs easier, help them to grow and help more Nigerians to come out of poverty line.

    “Above all, the loan would help us to improve our electricity supply, reduce poverty, create jobs, ensure access to finance, agricultural productivity, guarantee food security, achieve high school enrolment, provision of clean potable water, rehabilitation of major roads and development of the mining industry.”

    On why Nigeria is seeking 70 per cent of the foreign loan from China, the minister said: “It is meant to make funds available to our own development institutions so that they can give out loans because access to finance has been difficult for the SMEs.”

    On the debt profile, the minister said: “The 2016 – 2018 external borrowing plan is for the federal and the state governments. So, some states would be responsible for the repayment of some of the loans.”

    On the sustainability of the nation’s debt portfolio, Mrs. Ahmed noted the current debt portfolio ceiling as set by the Fiscal Responsibility Act is 25 per cent of total debt to GDP.

    “The ratio for December 2018 is 19.09 per cent, but it reduced to 18.9 per cent by the middle of 2019,” she explained, adding: “The debt service to revenue ratio is, however, high and it provides us strong justification for us to drive our revenue. For 2017, the ratio was 57 per cent and 51 per cent in 2018.

    “Our debt level is low compared to other countries. For instance, the USA, United Kingdom and Canada has debt rate to GDP ratio of 105 per cent while their debt to revenue service is 12.5 per cent.”

    Bello said that the $470 million being requested for would be used to fund water and rail projects in the capital city.

    Fashola, Senator Gbemisola Saraki and Mohammed also gave the breakdown of their ministries component of the loan.

    Kaduna defends loan

    Also on Tuesday, the Chief of Staff to the Kaduna State Governor, Mohammed Abdullahi, defended the state’s $305 million external loan request.

    Abdullahi said: “The loan is specifically designed to fund capital projects with socio-economic impact on Kaduna State and its residents in line with the state development plan. This is reflected from the budgetary provisions, where 22.13 per cent is allocated to the Ministry of Works, Housing and transport; 12.57 per cent is allocated to the Ministry of Education, Science and Technology; 8.71 per cent is allocated to the ministry of rural and community development; 8.36 per cent is allocated to the Kaduna Geographical Information Service (KADGIS); while the rest is distributed amongst other MDAs.”

    On the sustainability of the state’s debt and ability to repay, Abdullahi said: “Based on the economic indices, Kaduna state can comfortably repay the loan.

    “The state average monthly FAAC allocation for the preceding twelve months is N3.295 billion while our current monthly debt service is N467.12 million.

    “Also, the monthly debt service forecast on the FGN Budget support facility of N4.169 billion with a moratorium of 18 months and World Bank loan of $350 million with a moratorium of 10 years are N191.767 million and N98.843 million respectively.

    “If the state was to repay all loans today, the total monthly debts service would be N757.735 million representing 23 per cent of total deductions as a percentage of total allocations.

    “This is less than the threshold for sub-national borrowing which is capped at 40 per cent in view of this, Kaduna State is within the sustainable debt level.”

    A representative of the Katsina State Government said the state also plans to borrow $100 million from the Islamic Development Bank.

    He said the state would enjoy between 20 to 50 per cent grants and that projects to be executed would cover the entire local government areas of the state.

    Besides, he said that the loan was interest free.

    The Kogi State Government, represented by the Commissioner for Finance, Budget and Planning, Ashiru Idris, said the $100 million being requested by state was would be used to develop agricultural in the Staple Crop Processing Zone of the State.

  • NCC commences nationwide cybersecurity awareness campaign

    NCC commences nationwide cybersecurity awareness campaign

    The Nigerian Communications Commission (NCC) has, again, demonstrated its commitment to making sure that Nigerian children and youth are protected from cybercriminals and their antics, as it commenced a nationwide cybersecurity awareness campaign at a conference attended by students from 24 private and public secondary schools in Abuja.

    The campaign, which held on Tuesday at the 650-seater conference hall of the NCC Head Office Annex at Mbora District, Abuja, gives concrete expression to the Commission’s effort at strengthening Child Online Protection within the country, as the country deepens its embrace of the digital culture.

    The significance of the event was seen in its attendance by three Ministers of the Federal Republic of Nigeria. They include the Minister of Communications & Digital Economy, Dr. Isa Ali Ibrahim (Pantami), represented by his Special Adviser on Technical Matters, Dr. Femi Adeluyi; Minister of Women Affairs, Dame Pauline Tallen, represented by her Special Adviser on Technical Matters, Princess Jummai Idonije; and the Minister of Education, Mallam Adamu Adamu, who was also represented by the Director, Information and Communication Technology (ICT) in the ministry, Abubakar Isah.

    The event was also attended by officials of the Economic and Financial Crimes Commission (EFCC), the Federal Capital Territory Universal Basic Education Board (FCTUBEB), the Federal Capital Territory Secondary Education Board (FCTSEB) as well as Management and other staff.

    Representatives of the Ministers of Communications and Digital Economy, and Women Affairs applauded the intervention of NCC in not only stimulating accessibility and availability of digital access to Nigerians but also making a priority the sensitization of users, especially the younger generation on the proper use of the Internet and enlightening them on how they can be protected when using the Internet.

    Addressing the students and other participants at the event, Pantami, who commended the NCC leadership for the cybersecurity awareness initiative, stated that as Federal Government is driving digital economy, through the ministry and its agencies, especially the NCC, it also places primacy on proper and continuous education of end-users of telecom services.

    He said together with its various agencies, the ministry is working to implement the eight pillars of its recently-unveiled National Digital Economy Strategy and Policy aimed at unleashing robust digital economy where everything is ICT-driven towards accelerating economic prosperity.

    Earlier in his address, the Executive Vice Chairman of NCC, Prof. Umar Danbatta, said the NCC-sponsored cybersecurity enlightenment programme has a specific interest in online protection of the youth especially the children both in public and private schools.

    “It is an undeniable fact that the Internet has become an indispensable element of everyday life, for that reason, our children and youths are not excluded; they are highly involved in the use of new technology applications, especially since it provides opportunity for research, learning, communication, entertainment, and business for those with entrepreneurial minds,” the EVC said.

    Danbatta explained that the pervasiveness of the Internet and the proliferation of mobile phones make it difficult for parents and guardians to effectively monitor the online activities of their wards in comparison to the old system of connecting to the Internet via desktops and laptops.

    He emphasised that although the Internet provides countless opportunities for children, it also exposes them to potentially harmful content. He cited a United Nation’s report on Nations Populations Estimates and Projections, which looked at Nigeria’s population from 1960-2019, indicating that children and youths constitute a large portion of the country’s population. The report further indicates that the median age of the country is 18.4 years as of 2019.

    Accordingly, and based on other statistics, Danbatta said children and youths are the most active participants online via social media networking sites, making them potential victims of grooming, inappropriate content and exposure to unscrupulous actors in the cyberspace.

    In addressing all of these issues towards protecting the young population against cybercriminals, the EVC said the Commission has instituted various initiatives. One such initiative, he said, is the ongoing awareness campaign to sensitise secondary schools children across the country to cyber-related crimes, such as cyberbullying, Internet fraud, identify theft, online soliciting of minors.

    According to the EVC, this explains NCC’s plan to educate many audiences on the necessary information and knowledge required to safeguard against cyber criminality in line with the Commission’s responsibilities as a regulator that is Irrevocably committed to protecting and empowering consumers of all ages and statuses.

    Other initiatives include collaborating with key cybersecurity stakeholders to foster and engender a robust cybersecurity environment, and the involvement of the Commission in all the collaborative process that culminates in fashioning various cybersecurity policies, strategies and laws.

    It also informed NCC’s involvement in the establishment of a Cyber Security Incidence Response Team (CSIRT) as well as the establishment of the Internet Industry Code of Practice by the Commission. The foregoing according to Danbatta was to ensure that industry-wide standards and obligations of minimum cybersecurity provision are implemented for the protection of child online and securing communication infrastructure.

    While noting that the fight against cybercrimes transcends geographic jurisdictions, Danbatta affirmed that the Commission is working to build strategic partnerships and collaborative alliances with stakeholders, agencies, and organisations to ensure safety of the cyberspace for users in Nigeria.

  • Customs impounds pangolin scales worth N10.26bn in Lagos

    The Nigeria Customs Service (NCS), Zone A, has seized 147 sacks of pangolin scales weighing 9,504.1kg worth N10.26 billion.

    The Comptroller-General of Customs, Retired Col. Hameed Ali disclosed this at a media briefing in Lagos on Tuesday.

    Pangolin scales, like rhino horn, have no proven medicinal value, yet they are used in traditional Chinese medicine to help with ailments ranging from lactation difficulties to arthritis.

    The scales are typically dried and ground up into powder, which may be turned into a pill.

    Ali said that Nigeria, as a signatory to CITES (Convention on International Trade of Endangered Species), categorises this species under absolute prohibition; therefore, its importation or trade is illegal globally.

    “It is my pleasure to brief you again on the recent gains of Nigeria Customs Service anti-smuggling operations.

    “On Jan. 19, the roving team of the NCS, Federal Operations Unit, while on credible intelligence, uncovered an abandoned warehouse at Isheri Estate, Lagos, where 2x20ft containers were stacked.

    “The containers were immediately evacuated to the premises of FOU Zone A, Ikeja, where physical examination revealed 147 sacks weighing 9,504.1kg of pangolin scales worth N10,264,428,000.00,” he said.

    Ali said that the pangolin would be handed over to the National Environmental Standards and Regulations Enforcement Agency.

    He said that the service also seized a total number of 3,067 bags of smuggled foreign parboiled rice (50kg), 3,722 of 25 litres and 1,040 of 4.73 litres of foreign vegetable oil and 14 units of exotic vehicles.

    The comptroller-general listed other items seized as: 575 pieces of used tyres, 703 cartons of foreign poultry products, 543 jerry cans of petroleum products and 416 bales of used clothing, among others.

    He said that the items had a Duty Paid Value (DPV) of N303,244,066.00, making a cumulative duty paid value of N10,567,672,066 within the month under review, Jan. 7 to Feb. 3.

    The NCS boss said that the seizures underscore the determination of the service to enforce all laws relating to importation and exportation of goods, thereby contributing to the economy, security and wellbeing of every Nigerian.

    He commended the Ag. Comptroller, FOU ‘A’, DC Usman Yahaya, and other members of the unit for a job well done, ”considering the fact that he took over barely a month ago.’’

    Ali appealed to all well meaning Nigerians to support the service with information that could assist in discharging its statutory responsibilities in the interest of the nation.

    “The borders are closed but not sealed and our men cannot be everywhere. These criminals go through creeks and various means to bring these items into the country.

    “If they succeed in crossing the border and into Lagos, we will still go after them, and we are not relenting in our duty to stop smuggling into the country,” he said.

  • Samsung launches powerful memory chip for AI, supercomputing systems

    Samsung launches powerful memory chip for AI, supercomputing systems

    Samsung Electronics Co. on Tuesday said it has launched a new memory chip suited to high-performance computing (HPC) systems and artificial intelligence-powered data analytics.

    Samsung said the Flashbolt is the industry’s first third-generation High Bandwidth Memory (HBM) 2E memory chip and would deliver twice the capacity of its previous-generation Aquabolt.

    “The new 16-gigabyte HBM2E is uniquely suited to maximize high-performance computing systems and help system manufacturers to advance their supercomputers, AI-driven data analytics and state-of-the-art graphics systems in a timely manner,’’the company said.

    Samsung said the Flashbolt offers a data transfer speed of 3.2 gigabits per second (Gbps), while providing a memory bandwidth of 410 gigabytes per second per stack, which is enough to transmit 82 full HD movies in one second.

    The South Korean tech giant said it expects to begin volume production of the new DRAM chip in the first half of the year.

    “The company will continue providing its second-generation Aquabolt lineup while expanding its third-generation Flashbolt offering, and will further strengthen collaborations with ecosystem partners in next-generation systems,’’ Samsung said.

  • Reps uncover N65bn non-remittance in FAAN

    Reps uncover N65bn non-remittance in FAAN

    The House of Representatives Committee on Finance has uncovered over N65 billion of unpaid revenue remittances from Federal Airports Authority of Nigeria (FAAN).

    Chairman of the committee, Rep. Abiodun Faleke made this known during an investigative public hearing with the leadership of FAAN led by the Managing Director, Captain Rabiu Yadudu on Tuesday.

    Faleke said that the total sum of expected revenue remittance was N74.66 billion from FAAN from 2014 to 2019, but only N9 billion was remitted.

    “We have given you information that 2014 we expected N9.48 billion from the actual money collected but you remitted ₦500 million.

    “In 2015 we expected N10 .89 billion was expected but you remitted only N2.151 billion. This is according to your records. We are not even dealing with Accountant-General’s records; even your remittances do not tally with Accountant-General’s record.

    “In 2016, we expected N11.6 billion. You remitted N1.565 billion. 2017, we expected N13.19 billion; you remitted N1.511bn.

    “In 2018, the government expected N14 billion; you remitted N1.788 billion. 2019, you were expected to remit N15.49 billion but you remitted N1.35 billion.

    “Between 2014 and 2019 the government, by our law, should have earned N74.663 billion from FAAN but what was earned was just N9 billion. You are part of the system that underpaid the government.”

    The committee chairman emphasised that what the federal government borrowed to finance the agency’s budget was “not up to the amount you under remitted”.

    “You did not build new airports; even if you had built new airports, you do not have the authority to spend that money. You have to seek the approval of the National Assembly,” he said.

    The committee gave the management of FAAN three weeks to report back with relevant documents.

    “I just want you to have records when you are coming back; the records we need from you.

    “We expect all original receipts from 2014 to 2019 for your remittances; the list of invoices you issued to your customers and the value; the reason for the difference between your remittance and the actual collection; your internal auditor’s report; comprehensive details of contracts awards from 2014 till date showing tax deducted and the original treasury receipts of those remittances, and your bank statements for First Bank and Zenith Bank and any other bank.

    “We need the documents four days before our meeting date.”

  • Senate against dissenting views passes N238.15bn budget for Nigerian Customs Service

    Senate against dissenting views passes N238.15bn budget for Nigerian Customs Service

    The Senate on Tuesday at plenary passed the Nigerian Customs Service (NCS) 2020 budget of N238.15 billion amidst dissenting views by some senators.

    The passing of the budget followed the presentation of a report on the budget by the Senate Committee on Customs, Excise and Tariff and consideration of the report.

    Some of the senators at plenary had raised concerns that the budget report presented by the Senate Committee on Customs, Excise and Tariff was not detailed.

    The senators, had noted that the report presented by the Committee Chairman Chairman, Sen. Francis Alimikhena (APC -Edo) was not tidy, noting that some of the figures were not adding up.

    They also noted that the NCS like others Ministries, Departments and Agencies (MDAs) have for the past six years not submitted their audited reports.

    The senators who kicked against the report, noted that Customs cannot be getting seven per cent from revenue collected, two percent from all Value Added Tax (VAT), allocation from federation account and other revenues and still be receiving allocation from the Federation Account.

    In his contribution on the report, Sen. James Manager (PDP-Delta) said: “This report is too scanty for us to look at.

    “The Committee should have taken a proper look at the report before submitting it to us. We need to look at the federation account properly.”

    Sen. Gabriel Suswam said that before the Customs budget could be passed, proper explanation should be made, so that the senate would understand why some figures are not adding up.

    Sen. Solomon Olamilekan (APC-Lagos) had earlier observed that the seven per cent allocated to Customs from revenue generated was enough to defray its expenditure.

    He, however, said NCS was still drawing funds from the federation account despite the allocation of 7 per cent.

    Sen. Matthew Urhoghide(PDP-Edo) said, : “The fact that Customs is collecting seven per cent does not mean that its budget should not be audited.”

    Sen. Ibn Na’allah, (APC -Kebbi) said: “This Senate has a duty to bring all agencies into conformity with the vision of federal government.

    “We must bring our institutions to conform with what will make the country proud. We can’t pass this kind of budget.”

    But Sen.Adamu Alerio (APC -Kebbi ) in his contribution however urged the Senate to pass the budget given the steering performance of NCS in revenue generation in 2019 and improved welfare of its personnel.

    Earlier, Sen. Alimikhena while presenting the committee’s report explained that the proposal was based on Federal Government’s Medium Term Expenditure Framework (MTEF).

    He said a total expenditure of N238.15 billion was been proposed for the 2020 .

    Highlights of the budget proposal, according to him includes, the establishment of the E-Customs Project through massive deployment of information communication technology to eliminate personal interface in customs operations.

    “The implementation of the Nigeria Customs Service Salary Structure for 15,892 officers and men of the Service; the recruitment of three thousand two hundred (3,200) officers and men and their training among others.

    In his remarks after the passage of the budget, President of the Senate, Ahmad Lawan said:

    “We expect MDAs to present their audited accounts before the end of the year especially towards the end of December or at least the first quarter of the year.

    “If any agency refuses or fails without any congent reason, we have reason to take a drastic action when it comes to appropriation because not to account for what you have been given in the previous year, that is to say you are not prepared to take a new budget.

    “So I’m advising the MDAs, especially those that are not up to date with their audited accounts to do so.

    “We could decide as a National Assembly to take measures against agencies of government that are not up to date with their audited accounts.”

  • NLC opposes FG’s plan to borrow N2trn Contributory Pension Fund

    NLC opposes FG’s plan to borrow N2trn Contributory Pension Fund

    The Nigeria Labour Congress (NLC) has opposed plans by the Federal Government to borrow Two trillion naira out of the Contributory Pension Fund of N10 trillion for infrastructural development.

    Mr Ayuba Wabba, NLC President said this while addressing newsmen during the meeting of the National Administrative Council of the congress on Tuesday in Abuja.

    According to him, recently, the National Economic Council gave approval to the Federal Government to borrow two trillion naira from the pension funds presently put at N10 trillion to finance the development of national infrastructure.

    He said the decision was devoid of effective consultation with the stakeholders who own the funds collectively.

    The NLC president said government should come to the realisation that pension funds was a joint contribution belonging to workers and the employers, hence cannot be borrowed at will.

    “Government need to be reminded, that the contributory pension scheme which came into being in 2004 is fully funded by workers and employers and its privately managed by Pension Fund Administrators (PFAs).

    “The funds are in the individual Retirement Savings Account (RSA) of beneficiaries.

    “The main objective of the scheme is to ensure that after retirement every worker in public or private sector, who had contributed to the scheme, receives his/her retirement benefits as at when due.

    “It is important to stress that the N10 trillion pension fund is not warehoused in pension commission which is the regulator, the Central Bank of Nigeria, the Pension Fund Administrator or the pension fund custodian.

    “The fund is warehoused in the private individual Retirement Savings Accounts of contributors, who are workers and beneficiaries.

    “The guidelines on investing pension funds, which had the input of organised labour, pension union has the primary objective of adequate return on investment and the safety of the fund.

    “The pension fund administrators are investing for maximum return on investment for the benefit of the beneficiary and not borrowing,” he said.

    Wabba said that the Pension Fund Administrators are to invest based on their risk and reward appetite; but usually in minimal risk entities.

    He added that, they are not to be coerced or cajoled to invest because it is criminal to do so.

    “It is curious that Labour as a critical stakeholder as provided in the Act was not consulted. It is equally a violation of provision of the Pension Act, five years down the line.

    “The board of PENCOM statutorily saddled with taking or approving decisions as weighty as this has not been constituted. PENCOM is a very critical labour market institution.

    ” Our concern is further deepen by the fact that at the moment government’s indebtedness to pensions in accrued rights, pension differentials, minimum pension guaranty, pension increase, among others.

    “These are in excess of N400 billion. Government has to be inclined to pay this debt,” Wabba said.

    He therefore said, NLC strongly advised government to shelve its plan and not do anything that would undermine the integrity of the pension scheme.

    Speaking on current security challenges in the country, Wabba said that the Federal Government was in dire need of assistance on how to address the challenges.

    He said that the congress had decided to convene a national peace and security summit, where ideas on how to help the government would be proffered.

    Wabba said the situation on ground does not call for blame game from Nigerians, rather efforts should be geared to salvage the country.

    He said it has become necessary for Labour to intervene because many workers have fallen victims of banditry and kidnapping, noting that over seven hundred teachers have died from attacks occasioned by insurgents.

    Wabba also said that the recent decision by the Federal Government to allow for the implementation of a regional security unit, code named Amotekun, in the South West region was a welcomed development.

  • What we know about return of Abacha’s $308 million loot

    What we know about return of Abacha’s $308 million loot

    As Jersey, Nigeria and the United States of America concluded plans to return over US$308 million in confiscated funds to Nigerians in a landmark agreement, here is everything we know.

    On Monday, 3 February 2020, the Government of Jersey, the Federal Republic of Nigeria and the Government of the United States of America entered into an Asset Recovery Agreement to repatriate over US$308 million of forfeited assets to Nigeria.

    The funds were laundered through the US banking system and then held in bank accounts in Jersey in the name of Doraville Properties Corporation, a BVI company, and in the name of the son of the former Head of State of Nigeria, General Sani Abacha.

    In 2014 a U.S. Federal Court in Washington DC forfeited the money as property involved in the illicit laundering of the proceeds of corruption arising in Nigeria during the period from 1993 to 1998 when General Abacha was Head of State.

    This case is a result of extensive co-operation between the Jersey authorities, the Money Laundering and Asset Recovery Section of the United States Department of Justice and the Federal Bureau of Investigation, and the Federal Republic of Nigeria, with crucial assistance from other governments around the world.

    At the time the case was filed as part of the U.S. Department of Justice’s Kleptocracy Asset Recovery Initiative in 2013, it was the largest U.S. kleptocracy forfeiture action ever commenced.

    In 2014 the Attorney General of Jersey applied for, and was granted, a Property Restraint Order over the Jersey bank account balance of Doraville. This was challenged in the Royal Court of Jersey and Court of Appeal, and an application for permission to appeal to the Privy Council by Doraville was refused. France and the United Kingdom restrained additional funds at U.S. request.

    General Abacha and his associates stole and laundered many hundreds of millions of dollars of public money during his military regime, doing vast harm to the futures of his own people.

    The monies were laundered by his family, including his sons Ibrahim and Mohammed, and a number of close associates. The laundering operation extended to the United States and European jurisdictions such as the UK, France, Germany, Switzerland, Lichtenstein and Luxembourg.

    In 2018, Governments of the Federal Republic of Nigeria, United States of America and the Bailiwick of Jersey commenced the negotiation of the procedures for the repatriation, transfer, disposition and management of the assets.

    The tripartite agreement signed this week represents a major watershed in international cooperation in asset recovery and repatriation, and will provide benefit to people throughout Nigeria.

    The projects on which the funds will be expended will be administered by the Nigeria Sovereign Investment Authority and independently audited. The Federal Republic of Nigeria will establish a Monitoring Team to oversee the implementation of the projects and to report regularly on progress.

    The Nigerian government, in consultation with the other Parties, will also engage Civil Society Organisations, who have expertise in substantial infrastructure projects, civil engineering, anti-corruption compliance, anti-human trafficking compliance, and procurement to provide additional monitoring and oversight.

    The Solicitor General and Attorney General designate of Jersey, Mark Temple QC, who signed the Agreement on behalf of Jersey, commented:

    “This Agreement represents the culmination of two decades of intensive work by Law Officers in Jersey, the United States and Nigeria. The return of the assets to Nigeria had been delayed by a number of hard-fought challenges by third parties which were defeated in the Courts in Jersey and the United States.

    “The Agreement establishes a framework based on fruitful co-operation, trust and respect so that the forfeited funds can be repatriated to benefit the people of Nigeria, from whom they had been taken. The use of the funds will be subject to monitoring and reporting obligations.

    “This is a very significant achievement, and, once again, demonstrates Jersey’s commitment to tackling international financial crime and money laundering.”

    Jersey’s Minister for External Relations, Senator Ian Gorst, said:

    “Since becoming aware that the alleged proceeds of Abacha corruption and money laundering had passed through Jersey financial institutions, the Jersey authorities have done everything within their power to investigate what happened and to return the money to its rightful owners, the people of Nigeria.

    “I would like to offer my sincere thanks and appreciation to the dedicated team within the Law Officers’ Department, and their colleagues in United States and Nigeria. Their excellent level of cooperation in the fight against corruption, at domestic and international levels, should be an example for other jurisdictions to follow.

    “As a leading international finance centre with an effective and robust regulatory regime, Jersey has a responsibility to firmly address any instances of alleged money laundering and corruption. Our commitment to seeing these funds repatriated has led to a positive outcome for the people of Nigeria, has established lasting partnerships and given us a pioneering role in asset-recovery that is based on the principles of national interest, trust and mutual respect.”

    Deputy Assistant Attorney Brian Benczkowski announced the agreement on behalf of the United States and stated:

    “The Department is pleased to enter into this agreement with The Bailiwick of Jersey and the Federal Republic of Nigeria to return this enormous amount of stolen funds for the benefit of the people harmed by the corruption in Nigeria.

    “Through the recovery of these funds — and this mutual agreement — the people of Nigeria can see the money they lost to corruption in flagrant disregard of the rule of law is returned through a lawful process, and in a manner that ensures transparent and accountable use of the funds.

    “This is a major achievement. It also stands as a clear statement of our commitment to safeguard the United States from those who seek to launder the proceeds of corruption through the abuse of our financial system.”

    Mr. Abubakar Malami, SAN, the Attorney General of the Federation and Minister of Justice, Nigeria who signed on behalf of the Nigerian government noted that this agreement has “culminated in a major victory, for Nigeria and other African countries as it recognizes that crime does not pay and that it is important for the international community to seek for ways to support sustainable development through the recovery and repatriation of stolen assets”.

    He noted further that “without the commitment of the three parties to the Agreement (Nigeria, Jersey and the United States) and that of the legal experts and Attorneys representing Nigeria, it would have been impossible to achieve the success recorded today”.

    Mr. Malami, also stated that “As you are aware, the government of Nigeria has committed that the assets will support and assist in expediting the construction of the three major infrastructure projects across Nigeria – namely Lagos – Ibadan expressway, Abuja – Kano express way and the second Niger bridge.

    “These projects currently been executed under the supervision of the Nigeria Sovereign Investment Authority (NSIA) as a public private partnership (PPP) will boost economic growth and help alleviate poverty by connecting people and supply chains from the East to the West and to the Northern part of Nigeria, a vast area covering several kilometers with millions of the country’s population set to benefit from the road infrastructures.”

    He urged for greater cooperation and mutual respect amongst countries in the implementation of expeditious cooperation measures already set out in the United Nations Convention Against Corruption and in the implementation of the GFAR principles on the repatriation of stolen assets.

    He called for civil society organizations and the Nigerian public to be involved in the monitoring of the implementation of the key infrastructure projects that will greatly enhance road transportation in Nigeria.

  • Fear of coronavirus: Reps reject motion to evacuate Nigerians from China

    Fear of coronavirus: Reps reject motion to evacuate Nigerians from China

    Members of the House of Representatives on Tuesday rejected a motion calling for the evacuation of Nigerians in Wuhan, China over fears of contracting the dreaded coronavirus.

    Wuhan is the city where the dreaded coronavirus emanated from with Nigerians resident there reportedly sending in a Save Our Souls message to return home.

    Hon. Ben Kalu had sought the permission of the House to move a motion of urgent public importance on the need to evacuate Nigerians from the city.

    A stunned Speaker Femi Gbajabiamila fought to ensure the motion was moved by Kali but members moved against it as the Chamber became rowdy.

    Deputy House Leader however sought to withdraw the motion in view of the stand of the members.

    The Speaker appealed for the motion to be moved but members will not allow the motion, insisting that China has better facilities to take care of the virus.

  • Harvard names Ngozi Okonjo-Iweala Global Public Leaders Fellow

    Harvard names Ngozi Okonjo-Iweala Global Public Leaders Fellow

    Dr. Ngozi Okonjo-Iweala, a former finance minister of Nigeria and former managing director of the World Bank, has been named the next Angelopoulos Global Public Leaders Fellow at Harvard Kennedy School.

    The announcement was made on Monday by Harvard Kennedy School Dean Douglas Elmendorf, revealing Okonjo-Iweala begins her fellowship this month.

    “Ngozi Okonjo-Iweala will bring to the Kennedy School a wealth of practical experience and insights into the development challenges and achievements in Africa and across the developing world.

    “As the longest-serving finance minister in Nigeria and a leader at the World Bank for more than two decades, she engineered successful new approaches to fostering sustained and inclusive growth in developing countries.

    She will enrich our campus conversation on the public policy choices needed for effective governance that serves societies,” Elmendorf said.

    In October 2019, Okonjo-Iweala delivered the Robert S. McNamara Lecture on War and Peace in the John F. Kennedy Jr. Forum at the Kennedy School.

    “I am honored to be able to return to the Kennedy School as the Angelopoulos Fellow, and to work with students and faculty who are wrestling every day with the world’s most complex development problems,” she said.

    Okonjo-Iweala was the longest-serving finance minister in Nigeria and the first woman to hold that position. She was also the first female foreign minister.

    Okonjo-Iweala drove systemic financial reforms and strengthened fiscal transparency to fight corruption, tripling the country’s growth rate. She also negotiated a $30 billion reduction in Nigeria’s external debt.

    In her 25-year career at the World Bank, she rose to the No. 2 position of managing director of operations and oversaw the development portfolio for South Asia, Africa, Europe, and Central Asia.

    A magna cum laude graduate of Harvard University (1976), Okonjo-Iweala earned her doctorate from MIT and has been awarded 15 honorary degrees.

    She was recognized as one of the 100 most powerful women in the world by Forbes magazine for four years in a row, and by Time magazine as one of the 100 most influential people in the world.

    She was elected to the American Academy of Arts and Sciences in 2019. Currently, Okonjo-Iweala is chair of the Board of Gavi, the Vaccine Alliance, which has immunized 760 million children in the developing world against infectious diseases.

    She is also co-chair of the Global Commission on the Economy and Climate.

    The Angelopoulos Global Public Leaders Program was established with support from Gianna Angelopoulos-Daskalaki, president of the Athens 2004 Olympics, former ambassador of Greece, lawyer, and recently appointed committee chair of “Greece 2021.”

    The program provides opportunities for high-profile public leaders who are transitioning from office or other leadership roles to spend time in residence at Harvard Kennedy School reflecting, teaching, learning, and conducting research.

    During her time at the Kennedy School, Okonjo-Iweala will meet with students and scholars as well as lecture, write, and participate in public discussions and forums.

    Okonjo-Iweala becomes the fifth Angelopoulos Global Public Leaders Fellow since the program’s inception in 2011. Previous fellows are Juan Manuel Santos, former president of Colombia; Ban Ki-moon, former secretary-general of the United Nations; Tarja Halonen, former president of Finland; and Felipe Calderon, former president of Mexico.