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Nigeria, Others Lose $20b Yearly to Corrupt Officials—World Bank

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By Dipo Olowookere

The fight against corruption is no doubt a global one and efforts are being made to ensure the menace is defeated or at best curbed to the barest minimum.

Since the inception of the administration of President Muhammadu Buhari in 2015, he has devoted much of his time to go after corrupt officials.

However, his government has sought the assistance of international community in giving corruption a hard fight.

According to the World Bank, over $20 billion is stolen annually by corrupt officials from African, Asian, South American and European countries.

As the world marks the International Anti-corruption Day on Saturday, December 9, 2017, the United States said it was glad to co-host the December 4-6 inaugural Global Forum on Asset Recovery (GFAR) with the United Kingdom, as a demonstration of its continued commitment to preventing and combatting corruption globally.

The US said the over $20 billion lost to corruption should have been used for sustainable development of these countries for essential services such as schools, hospitals, and roads. Rather than lining the pockets of corrupt officials, these funds should help grow economies and improve the well-being of the people of these countries.

To help prevent and combat kleptocracy, US assistance helps strengthen transparency and accountability within government institutions.

Since fiscal year (FY) 2016, the Department of State and US Agency for International Development (USAID) have dedicated more than $115 million annually to a wide range of foreign assistance efforts to counter corruption, including capacity building of foreign governments to create stronger laws and more effective institutions; investigate, prosecute, and secure convictions for corruption offenses; and put in place measures to prevent corruption, foster oversight, and promote government integrity and transparency.

US support of global efforts to recover stolen assets and ensure corrupt actors cannot benefit from their ill-gotten gains is an important part of this work.

The United States contributed $1 million to the World Bank and United Nations Office on Drugs and Crime’s (UNODC) Stolen Asset Recovery Initiative (StAR) to organize GFAR and provide technical assistance to support country-level capacity building and coordination on asset recovery cases.  GFAR provides a platform to enable the four focus countries: Nigeria, Sri Lanka, Tunisia, and Ukraine, to make tangible progress on significant asset recovery cases in connection with financial centers and other jurisdictions.

In addition to co-hosting GFAR, the United States has provided significant technical assistance to the four focus countries to strengthen anticorruption and asset recovery efforts.  Several bilateral and regional multi-year programs, including support for the United Nations Convention Against Corruption (UNCAC) and UNCAC mentors and for the Global Focal Points Network supported by INTERPOL and StAR, have bolstered anticorruption mechanisms necessary to recover stolen assets, helping to ensure countries continue progress achieved through participation in GFAR.

Nigeria

Since FY 2013, the U.S. government has provided foreign assistance to increase the Nigerian government’s capacity to investigate and prosecute corruption and financial crime cases, including asset forfeiture and anti-money laundering. Programs also seek to bolster Nigerian civil society’s capacity to ensure transparency and accountability in government.

Over the past three years, the United States has funded a project with the Economic and Financial Crimes Commission (EFCC) to mentor officials investigating and prosecuting money laundering crimes, including on asset forfeiture and counter financing of terrorism, in addition to providing technical assistance to the Nigerian judiciary. We will continue to work with the EFCC to further strengthen EFCC institutional development.

The U.S. government funds the Open Government Partnership’s (OGP) Support Unit through a joint grant between the Department of State and USAID to work with civil society and governments to develop commitments aimed at countering corruption and promoting transparency. The United States also funded a project which led to the drafting of Nigeria’s OGP National Action Plan through collaboration with EFCC, the Independent Corrupt Practices and Other Related Offenses Commission (ICPC), Nigeria Police Force (NPF), and several civil society organizations.

U.S. foreign assistance also supported outreach efforts through infographics and social media on corruption-related issues, making public data from Nigerian anti-corruption agencies more accessible, and training Nigerian journalists on best investigative journalism practices.

Sri Lanka

Since FY 2016, the U.S. government has provided foreign assistance for anti-corruption efforts in Sri Lanka to improve the functioning of Sri Lanka’s legal system and civil society, and to enhance good governance.

Programs include the provision of a Resident Legal Advisor to provide anti-corruption and asset recovery training, and support to the Commission to Investigate Allegations of Bribery and Corruption.

Tunisia

Since FY 2013, the U.S. government has provided foreign assistance for anti-corruption efforts in Tunisia, including strengthening rule of law and Tunisia’s law enforcement sector. Technical assistance programs improved public financial management; capacity building through the Open Government Partnership (OGP) helped Tunisia’s government and civil society to establish the necessary tools to bolster transparency and accountability in the public sector.

The Department of State is funding a grant to increase the capacity of the Tunisian Financial Judicial Police, the body responsible for prosecuting complex financial corruption cases.

Ukraine

Since FY 2013, the U.S. government has enhanced Ukraine’s anti-corruption efforts by strengthening Ukraine’s legal system, law enforcement investigations, civil society, and customs enforcement.

U.S. foreign assistance contributed to Ukraine’s seizure of roughly $1.3 billion in cash, with the discovery of more than $3.24 billion in stolen public funds. U.S. law enforcement professionals are embedded in Ukraine’s National Anti-Corruption Bureau (NABU) to help build anti-corruption and asset recovery capacity and strengthen Ukraine’s overall anticorruption efforts.  U.S. support has contributed to 333 criminal proceedings, 207 notices of suspicion, and the finalization of 108 indictments in cases related to corruption.  Ongoing programming will continue to build on these achievements.

The United States also provides funding through a Fiscal Transparency Innovation Fund, which works with civil society organizations to collect, analyze, and publicly disseminate energy-related information; works with the legislature, media, and civil society to promote transparency; promotes the accounting of quasi-fiscal activities within the budget; creates an energy sector discussion platform; and supports sub-grants to local civil society groups to promote transparency at city or local levels.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Nigeria-China Strategic Partnership to Deepen Economic Ties

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Nigeria-China Strategic Partnership NCSP

By Adedapo Adesanya

The Director-General of the Nigeria-China Strategic Partnership (NCSP), Mr Joseph Tegbe, is currently visiting China to bolster China-Nigeria relations and foster economic and sustainable development between both countries.

The DG, with the Nigerian delegation, on Monday was at the headquarters of the National Development and Reform Commission (NDRC) of the People’s Republic of China where the NDRC Deputy Chairman received them, Mr. Zhao Chenxin, and other top officials, as well as the Nigerian diplomatic community and the Chinese Business Community.

Mr Tegbe is expected to cement strategic agreements in line with President Tinubu’s vision, with China for national growth and in vital sectors of the economy such as agriculture, to boost food security, alternative energy for developing renewable energy sources, healthcare, mining for harnessing Nigeria’s mineral resources to drive economic growth, education to strengthen Nigeria institutions and promote cultural exchange.

Other areas include technology, to foster innovation and advancement, and the support initiative of China’s Belt and Road Initiative (BRI).

The visit of the NCSP ‘s DG underscores the federal government’s commitment to establishing strong bilateral relations and supporting Nigeria’s economic diversification plans, infrastructure development, technology transfer, and job creation to foster mutually beneficial collaboration between the two nations.

Through this initiative, Nigeria can leverage its resources and human capital to develop key industries, bolster infrastructure, and enhance youth capacity through skills acquisition programmes.

On Monday, the DG NCSP and his team visited the CCECC Head Office, had dinner with the CHEC, and will on Tuesday, visit the Governor of the Central Development Bank, the Ministry of Foreign Affairs, and the China Export, Import Bank, as well as the China Development Bank. They also met with Power China Representatives.

They will on Wednesday, visit the Chief Harbour, the CHEC, CNCEC, and the CCECC Chairman, before moving to the CSCS Haishen Medical on Thursday, the CCECC, the China Building Materials, amongst others.

They will on Monday, 20th January, visit the Consulate General/Trade Mission Office, the Yang Shang Deep Sea Port, and Danghai Bridge (Sea).

The team is also expected at Huawei, before going to the CEC/ Long UAV, for a meeting with Diana Chen on Saturday, before returning to Nigeria.

This initiative comes on the heels of President Bola Tinubu’s official visit to China before the 2024 Forum on China-Africa Cooperation (FOCAC), where he had talks with China’s President Xi Jinping on improved economic cooperation, with the latter pledging 360 Billion Yuan, (about $51 billion), financing to African nations in the next three years, and support for 30 infrastructure projects to boost connectivity across the continent.

Last week, Chinese Foreign Minister Wang Yi visited Nigeria to reinforce the growing partnership between China and Africa, especially Nigeria, with discussions on strengthening economic ties, enhancing security cooperation and mutual developmental goals.

As Nigeria, Africa’s largest economy, seeks to become a net exporter to China in the next five years, the consolidated partnership is aimed at playing a crucial role in achieving this goal.

The country also remains China’s major partner on the continent for trade and technology investments.

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Adelabu Claims Power Generation Rose 30% in 2024

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Adebayo Adelabu

By Adedapo Adesanya

The Minister of Power, Mr Adebayo Adelabu, said power generation in the country increased by about 30 per cent in 2024, but missed crucial targets in the review year.

Mr Adelabu made the disclosure during his ministry’s 2025 budget defence before the Senate Committee on Power at the National Assembly complex on Monday.

He said that when he assumed the leadership of the ministry in 2023, he met an average of 4,100 megawatts of power generation.

“I can tell you authoritatively that by the end of 2024, we had a peak generation of 5,528 megawatts of power from 4,100 megawatts that we met on ground and the reason for this is not far-fetched. We added a new hydroelectric power dam, Zungeru, with 700 megawatts.

“There was also a tremendous increase in the generation lines by other existing generation companies,” he said.

The Minister said that the target for power generation was 6,000 megawatts, adding, however, that due to the challenges experienced toward the end of 2024 in terms of grid collapses, the ministry missed the target by a minimal margin.

He further said that apart from energy access expansion, the sector had plans to stabilise the grid and other transmission infrastructure.

“I’m happy to also inform you that out of the eight collapses of the national grid that we experienced during 2024, five were full collapses, while three were partial collapses.

“Out of the five full collapses, three were actually due to generation problems. So, as against the 12 collapse that were publicised, it was just about eight collapses.

“We have been trying very hard to ensure that we manage the grid that was inherited.

“Unfortunately, it is still very old. It is dilapidated. And we are just managing it until we are able to fix it permanently.

“This is the focus of the Presidential Power Initiative, to ensure that the entire grid is revamped so that we won’t be having all this vandalism.

“So these are the summaries of our activities. And we are proud to say that we almost met all our targets for 2024.

“Our hope is that 2025 will be a better year for us, and we will be able to address all the existing issues in the sector,” he said.

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Sanwo-Olu Denies Involvement in Obasa’s Removal as Lagos Speaker

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sanwo-olu Obasa

By Dipo Olowookere

The governor of Lagos State, Mr Babajide Sanwo-Olu, has refuted claims that he was involved in the removal of Mr Mudashiru Obasa as the Speaker of the Lagos State House of Assembly.

Mr Obasa was impeached on Monday after being on the seat since 2015 by 32 of the 40-member state parliament for alleged gross misconduct.

The action was carried out while the Speaker was away in the United States, with Mrs Mojisola Meranda elected as his replacement, becoming the first female to occupy the position.

It happened a few weeks after Mr Obasa said during the presentation of the 2025 budget by Mr Sanwo-Olu that he was qualified to be the governor of the state and even better than those who have occupied the position.

This statement by the former Speaker was seen as an affront on the previous governors of the state, including President Bola Tinubu, who governed Lagos between 1999 and 2007.

It has been speculated that Mr Obasa kept Governor Sanwo-Olu waiting for long during the budget presentation last month. It was claimed that this action infuriated the governor and leaders of the ruling All Progressives Congress (APC).

Yesterday, members of the parliament in Lagos said they had had enough of Mr Obasa, moving to remove him from office.

As this happened, there were claims that Mr Sanwo-Olu instigated members of the Lagos State House of Assembly to impeach the former Speaker.

But the governor, through his Special Adviser on Media and Publicity, Mr Gboyega Akosile, distanced himself from the impeachment, emphasising that it was purely a decision of the legislative arm of government.

“This is a legislative matter, and the Assembly handled it as they saw fit. The governor has no involvement,” Mr Akosile, who once served as the Chief Press Secretary (CPS) of Mr Sanwo-Olu, said in an interview, noting that his principal does not interfere in the other arms of government.

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