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Curbing Illicit Financial Flows Needs Global Framework—Owasanoye

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Bolaji Owasanoye

By Adedapo Adesanya

The Chairman of Nigeria’s Independent Corrupt Practices and Other Related Offences Commission (ICPC), Mr Bolaji Owasanoye, has rallied a global action against Illicit Financial Flows (IFFs), including a call for a global framework on IFFs similar to corruption.

Mr Owasanoye made this call at a side event of the ongoing hybrid 54th Conference of the United Nations Economic Commission for Africa (UNECA) taking place in Dakar, Senegal.

According to a statement issued by the ICPC’s spokesperson, Mrs Azuka Ogugua, the conference would focus on regional efforts to track, recover and return stolen assets from Africa through the IFFs.

She said that the meeting was attended by representatives of member countries of the Economic Community for Africa, heads of anti-corruption agencies and international bodies.

Addressing the meeting virtually, the ICPC boss emphasised the need for a global framework on IFFs as part of a determined commitment to tackle the menace.

“The challenge we found ourselves today is that the rules have always been skewed in favour of those who export capital and against those who import capital. Corruption is a global issue and we have a global framework for corruption.

“The IFFs is also a global issue but does not have a global framework.

“A way out of the problem is to institute a global framework on IFFs which, among others, will address the huge financial losses suffered by African countries,” the ICPC chairman stated.

He noted that the COVID-19 pandemic and the Russia-Ukraine war had complicated the financial resources of African countries, hence the need to tackle the IFFs and stop the further haemorrhage of the financial resources on the continent.

Further to the global framework on IFFs, Owasanoye also proffered legal and policy measures that should be implemented by African countries to address the IFFs risk.

These legal and policy measures, according to the ICPC boss include a review of agreements entered into with Multinational Corporations (MNCs), a review of inimical double taxation agreements.

Others are the enactment of laws, rules or regulations on unexplained wealth orders or lifestyle audits, introduction of civil forfeiture of assets and beneficial ownership standards; and design of a framework for trans-digital transactions.

The ICPC chairman also advocated tougher measures against corrupt state officials who collude with the MNCs against their countries.

“African countries must understand that the MNCs split contracts.

“The juicy parts of the contracts with MNCs are domiciled in their home countries while the non-juicy parts of the contracts are domiciled in Africa.

“We need to deal with the MNCs’ collaboration by government officials who look the other way in international agreements,” he said.

In her remarks, the Secretary-General of the United Nations Conference on Trade and Development (UNCTAD), Mrs Rebecca Grynspan, said the global economy was under enormous stress due to the COVID-19 pandemic, Russia–Ukraine war, and climate change.

She noted that IFFs posed a huge challenge to African countries in realising the Sustainable Development Goals (SDGs).

“We are aware of the increasing rates which make it more difficult and harder for African countries to access finance.

“The African economies are also feeling the impact of the Russia – Ukraine war and thereby widening the financing gap.

“Africa requires US$2.45 trillion to meet its SDG financing gap. We can close half of the SDG financing gap for Africa if we are able to curb IFFs.

“We, therefore, cannot continue to allow the billions of dollars of IFFs slipping out of Africa every year,” she said.

She added that “The IFFs and Asset Recovery are more critical to Africa today. Both are required by African Countries to achieve the SDGs.”

She emphasised the need for data and collaboration among African institutions like Customs and Central Banks as a necessary condition for tracking the IFFs.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Nigeria’s Cocoa Output May Fall 11% in 2025-26 Season

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cocoa-farmers

By Adedapo Adesanya

Nigeria’s cocoa output is projected to fall by 11 per cent to 305,000 tons in the 2025-2026 harvest season, Bloomberg reported on Monday.

Cocoa is one of Nigeria’s agricultural products, with the country ranked among the top five producers in the world.

The country’s output could be down by a difference of 39,000 tons from a projected 344,000 tons in the current season, which ends in September.

According to the publication, this development is part of a wider problem among West African producers which will see the region head into another disappointing harvest.

Bloomberg said despite favourable weather in previous seasons, structural constraints including aging cocoa trees and crop diseases may continue to limit output and keep prices high.

According to Mr Mufutau Abolarinwa, the head of the Cocoa Association of Nigeria, changing weather patterns have delayed key rainfall and strong winds have damaged fresh flowers and young cherelles.

He added that these have reduced the number of pods that could have contributed to output.

According to Bloomberg, while the situation is bleaker for Nigeria, it is comparatively better for bigger producers like Cote d’Ivoire and Ghana.

In Cote d’Ivoire, the biggest producer, is projected to collect 1.4 million tons during the main crop harvest between October and March, which is about in line with the expected total for this season’s main crop.

In neighboring Ghana, where the harvest begins this month, the output is projected at 620,000 tons, well below the country’s historical peak.

Cameroon is an anomaly with production expected to rise 12 per cent to 300,000 tons, according to the country’s Cocoa and Coffee Interprofessional Council.

The result means global cocoa supply will likely stay tight and prices will rise, even as weaker demand offers some relief following an estimated 40,000-ton shortfall this year.

According to analysts, JPMorgan forecasts prices staying above $6,000 a ton, while Citi expects $7,000 in the next year , which more than double the long-term norm.

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Lagos Declares Adron Homes, Aina Gold Estate, Diamond Estate, 173 Others Illegal

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Lagos State government

By Modupe Gbadeyanka

The Lagos State Government has listed 176 estate developments spread across the state as illegal, giving them 21 days to process their layout approvals.

In a document published by the Ministry of Physical Planning and Urban Development on Monday, owners and developers of these estates described as illegal failed to register with the appropriate agencies before embarking on the projects.

In the notice signed by the Permanent Secretary in the Office of Physical Planning, Mr Oluwole Sotire, the importance of all developers and real estate practitioners registering with the Lagos State Real Estate Regulatory Authority (LASRERA), which is responsible for regulating, coordinating, and monitoring real estate practitioners in the sector, was emphasised.

The notice listed the illegal estates, mostly located in the Eti-Osa, Ajah, Ibeju-Lekki, and Epe axis of the state, as Adron Homes, Elerangbe; Aina Gold Estate, Okun-Folu; Diamond Estate, Eputu; Prime Water View Garden, Ikate Elegushi; Lekki Palms Estate, Olomowewe; Living Spring Estate, Lafiaji; Atlantic View Estate, Lekki; Yomade Heritage, Epe Road; and Royal View Estate, Ikota, among others.

The developers have been asked to submit the necessary documents to Mr Sotire within 21 days at the Ministry of Planning and Urban Development in Alausa, Ikeja, for the necessary layout approvals.

Below are all the affect estates;

176 illegal estates Lagos

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Guild of Editors, SERAP Kick Against Niger Governor’s Closure of Badeggi FM

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Badeggi FM

By Adedapo Adesanya

The Nigerian Guild of Editors (NGE) and the Socio-Economic Rights and Accountability Project (SERAP) have separately condemned the recent order for the closure of Badeggi Radio by Governor Mohammed Bago of Niger State.

Business Post reports that the Niger State Governor had stripped Badeggi FM radio station of its license and allegedly threatened to demolish the station’s premises over its allegations of inciting violence in the state.

On its part, NGE, which is the apex body of editors in Nigeria, said in a statement that the governor’s action was a “blatant attack on press freedom and democracy.”

Speaking on behalf of the organisation, the guild‘s President, Mr Eze Anaba, and its General Secretary, Mr Onuoha Ukeh said, “This act of censorship and intimidation undermines the fundamental principles of a democratic society where free press is essential for holding those in power accountable,” adding that the governor acted outside his powers to order the closure of a radio station.

“The power to sanction television and radio stations only lies with the Nigerian Broadcasting Commission (NBC) after a thorough investigation of any alleged breach of the code.

“We are happy that the Minister of Information and National Orientation, Mallam Mohammed Idris, has pointed this out.

“This should go beyond observing the anomaly. The Federal Government should order the unsealing of the premises of the radio station, while investigation is carried out.”

The statement said arbitrary closure of media houses was a reminder of the dark days of military rule.

It, however, noted that Mr Bago’s allegation of incitement of violence by the radio station was a serious issue which had to be investigated and proven before any action could be taken.

“We urge the media to operate under strict adherence to the code of ethics of journalism, with responsible conduct at the back of the minds of the professionals,” it said.

The statement called on the authorities to take measures to respect the rights of citizens to access information and express themselves freely.

On its part, SERAP urged Governor Bago to “immediately reverse the arbitrary and unlawful decision to strip Badeggi FM radio station of its licence, reinstate the station’s licence, and withdraw your threat to demolish the station’s premises”

The organisation said: “Your vague, unfounded and unsubstantiated allegations of ‘inciting violence’ against Badeggi FM and its owner are apparently made to silence the radio station and its owner.”

SERAP said, “Silencing critical or dissenting voices under the guise of vague and unsubstantiated national security concerns is a fundamental breach of your constitutional oath of office and Nigeria’s international human rights obligations.”

“Silencing Badeggi FM and its owner would have a chilling effect on the protection of freedom of expression and media freedom across several states.”

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