General
Curbing Illicit Financial Flows Needs Global Framework—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.
General
Adelabu Calls for Calm After 100 Days of UCH Power Outage

By Adedapo Adesanya
The Minister of Power, Mr Bayo Adelabu, on Monday addressed students of the University College Hospital (UCH), Ibadan who are staging a peaceful protest on the lingering power cut at the school.
Business Post reports that the outage has lasted over 100 days, with Monday making it 101 days since the hospital was disconnected from the grid in October 2024 by Ibadan Electricity Distribution Company (IBEDC) over an outstanding debt of about N500 million.
The Student Union of the University of Ibadan in conjunction with the College of Medicine staged a peaceful protest to draw the attention of the Federal Government to the development but nothing has been done to the effect.
The protesters demanded an immediate reconnection of UCH and the implementation of a 50 per cent tariff reduction they claim the Minister promised the hospital.
Meanwhile, Mr Adelabu appealed to the students to allow for dialogue while proposing a truce between the IBEDC and UCH.
The students carried placards with different inscriptions such as +100 Days of Darkness: Save UCH; Save ABH Hall; Save Falade Hall; Give Us Light; This Is Not How We Want To Live; Medical School Is Hard Enough—Give Us Light; All We Are Saying, Give Us Light, among others.
The students had protested on January 26, 2025, to the State and Federal Secretariats, Agodi, Ibadan, with the hope that the management would fix the issue, but with the 100-day milestone, the new protest hopes there will be resolution
General
Regional Imbalance: CNPP Proposes Creation of Five States

By Modupe Gbadeyanka
The National Assembly has been advised to consider the creation of five additional states to address regional imbalance in the number of states in the country’s six geopolitical zones to ensure equity, fairness, and justice in the distribution of resources and opportunities among various regions.
Over the weekend, the nation was busy with proposal from some Nigerians on the creation of additional 31 states to bring the total to 67 states.
Reacting to this, the Conference of Nigeria Political Parties (CNPP) submitted that instead of creating almost double of what the country currently has, five fresh states should be created from four regions.
In a statement signed by its Deputy National Publicity Secretary, Mr James Ezema, the CNPP argued that, “Democracy does not support injustice. The basic principles of democracy derive from free, fair, justice, and equitable distribution of resources, and the rule of law.”
The group emphasized that addressing the imbalance in the number of states in each geopolitical zone was crucial for promoting unity, stability, and progress in Nigeria.
“The CNPP proposes that each of the six geopolitical zones should have seven states each, based on economic viability and other relevant factors for the new states to be created.
“Specifically, the North Central and North West zones already have seven states, while the rest of the zones have six states each, except the South East region with only five states.
“There is the need to create one additional state each for the South West, North East, and South-South zones and two additional states should be created in the South East zone.
“Once this is achieved, the National Assembly can consider creating additional states in each of the six geopolitical zones.
“The CNPP believes that this is a necessary step towards ensuring that every region in Nigeria has an equal opportunity to develop and contribute to the growth and prosperity of the nation.
“We urge the National Assembly to take this matter seriously and work towards creating a more just and equitable society for all Nigerians.
“The CNPP has consistently advocated for good governance, transparency, and accountability in Nigeria. The CNPP as the umbrella body of all registered political parties and political associations in Nigeria remains committed to promoting the principles of democracy and ensuring that the rights and interests of all Nigerians are protected and advanced,” it noted.
General
Nigeria, Bahrain to Strengthen Trade, Investment Ties

By Adedapo Adesanya
Nigeria and Bahrain are working to strengthen diplomatic ties, focusing on trade, investment, and oil and gas cooperation.
The two countries recently engaged in bilateral discussions aimed at facilitating foreign direct investment, enhancing trade and investment opportunities and equally fostering cooperation in the oil and gas sectors.
A statement on Sunday by the spokesman of the Minister of Foreign Affairs, Mr Alkasim AbdulKadir, said his boss, Mr Yusuf Tuggar, recently visited Manama in the Kingdom of Bahrain and engaged in bilateral discussions with his Bahraini counterpart, Mr Abdullatif bin Rashid Al Zayani.
It was revealed that the meeting focused on strengthening diplomatic relations, facilitating foreign direct investment from Bahrain, enhancing trade and investment opportunities, and fostering cooperation in the oil and gas sectors, with particular emphasis on onshore projects and the development of the 8th train LNG.
Train 8 is part of efforts for Nigeria to boost its Liquified Natural Gas (LNG) capacity but it hasn’t been able to do so because of low investments and insecurity with its energy infrastructure.
The Ministry also said the both parties also deliberated on the training of Nigerian diplomats and collaboration within multilateral forums.
He disclosed that both ministers signed a Joint Communiqué, officially establishing diplomatic relations between the Federal Republic of Nigeria and the Kingdom of Bahrain, noting that this agreement marks a significant milestone in fostering closer ties and mutual cooperation between the two nations.
He said this development aligns with Bahrain’s ongoing efforts to strengthen international partnerships, stating that recently, Mr Abdullatif bin Rashid Al Zayani, chaired the third meeting of the national committee for monitoring the implementation of the outcomes of the Bahrain Summit Initiatives, underscoring the kingdom’s commitment to global collaboration.
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