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SERAP Wants World Bank to Halt Loans to Nigeria

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SERAP

By Adedapo Adesanya

The Socio-Economic Rights and Accountability Project (SERAP) has written to the World Bank to suspend issuing loans to Nigeria’s 36 states over allegations of mismanaging public funds which may include loans obtained from the institution.

In the letter dated November 25, 2023, the group specifically wants the bank’s President, Mr Ajay Banga, “to promptly, transparently and effectively conduct an investigation into the spending of loans and other facilities by the country’s 36 state governors and to suspend any loans and funding if there is relevant admissible evidence of mismanagement or diversion of public funds by any of the states.”

It also asked the Bretton Wood institution to “suspend further applications for loans and any other funding to the 36 states until these states can satisfactorily explain details of spending of loans and other facilities obtained from the bank and its partners.”

This was disclosed in a statement on Sunday by SERAP deputy director, Mr Kolawole Oluwadare.

“The World Bank and its partners cannot continue to give loans and other funding to these states where there are credible allegations of mismanagement or diversion of public funds,” the statement read.

“We are concerned that there is a significant risk of mismanagement or diversion of funds linked to the bank’s investments in many of the country’s 36 states. It is neither appropriate nor responsible lending to give loans to these states only for the loans to be misspent.”

Citing data from Nigeria’s Debt Management Office (DMO), the group said the total public debt portfolio for the country’s 36 states and the Federal Capital Territory is N9.17 trillion. It also said the federal government’s total public debt portfolio is N78.2 trillion.

SERAP also urged the global lender’s chief to demand expressed commitment from Nigeria’s 36 governors to address credible allegations of mismanagement or diversion of public funds in their states.

Business Post found that Nigeria owes the International Development Association (IDA) about $14 billion and the International Bank for Reconstruction and Development (IBRD) about $485 million. Both are under the World Bank Group.

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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Eyesan Promises Enhanced Transparency, Digital Transformation at NUPRC

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By Adedapo Adesanya

The chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs Oritsemeyiwa Eyesan, has promised to enhance transparency and ensure that the NUPRC’s internal communications are fully digital.

Mrs Eyesan said this when the Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Mr Musa Adar, visited the commission’s corporate headquarters in Abuja.

“We have set for ourselves a 60-day programme to digitise our interactions and communications within the commission. I can assure you that once we get to day 60, there will be no paper trail within the Commission. All our transmissions will be electronic, which also means speed is assured. It means we will be able to trace where we have hiccups,” Mr Eyesan said.

The NUPRC boss said digitising processes often leads to better results, like the enforcement of payments of royalties.

“I can tell you without a shadow of doubt that for royalty payments, the default rate was enormous prior to 2025 when the Commission went live on the system. Now, compliance has improved,” Mrs Eyesan said.

The NUPRC boss sought a deepened relationship with NEITI, which will foster transparency, especially amid the 2025 Licensing Round.

In his remarks, the NEITI’s scribe said there was a need for the NUPRC to carry the agency along in its operations as this would not only enhance transparency but also deepen investor confidence.

Mr Adar also urged the commission to be firm on oil companies that run afoul of the Petroleum Industry Act.

Speaking on the Extractive Industries Transparency Initiative, Mr Adar asked that the NUPRC actively participate in the 2026 EITI flagship conference, which will provide the Commission with better insights into the standards that guide EITI implementation.

The NEITI boss also sought support from the Commission in the area of data sharing, which will enhance the operations of the agency.

“We are here to seek understanding, and we must collaborate,” Mr Adar said.

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Tinubu Tasks Acting IGP Disu to Restore Peace, Strengthen Security Nationwide

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Tunji Disu decorated IGP rank

By Modupe Gbadeyanka

The acting Inspector-General of Police (IGP), Mr Tunji Disu, has been charged to do everything within his powers to restore peace and strengthen security across the nation.

This task was given to the new police chief by President Bola Tinubu after being decorated at the State House in Abuja on Wednesday.

Mr Disu was chosen to succeed Mr Kayode Egbetokun on Tuesday. His appointment is expected to be approved by the Nigeria Police Council and confirmed by the Senate next week.

President Tinubu described Mr Disu’s appointment as coming at a critical moment, urging him to rebuild public confidence in the police’s capacity to do their job in collaboration with other security forces.

“I made this decision for you to assume this responsibility. I know your record. I saw the dedication you exhibited while you were in Lagos when I was governor,” the President said.

“Lead firmly but fairly, demand professionalism at every level and ensure that the safety of lives and property remains our highest priority. It’s a daunting challenge. I know you can do it. You have my word, you have my full support,” he added.

Mr Tinubu urged him to advance the security pillars of his administration’s Renewed Hope Agenda. He expressed confidence in the Acting IGP’s discipline, operational experience and leadership capacity.

“Nigeria is challenged with banditry, terrorism and other criminal activities. You will be part of the thinking and innovation to overcome them,” the President said, reaffirming his belief that Nigeria would prevail under a committed leadership.

The President also paid tribute to Mr Egbetokun, who was present with his spouse, saying, “We are a grateful nation. Nigeria appreciates your contribution to maintaining law and order.”

He urged Egbetokun to be ready to offer useful advice to his successor and wished him and his family peace, good health and success in future endeavours, noting,

“You have not succeeded without a good successor. His success will also be part of your legacy.”

Mr Tinubu urged all security stakeholders to work collectively to safeguard lives and property during this critical period.

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Real Estate Sector Now Safe Haven for Fraudsters—EFCC

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By Modupe Gbadeyanka

The chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, has lamented how “people now defraud the government and individuals and invest in real estate.”

He raised this concern when he received the executives of the Association of Real Estate and Property Managers (AREAPM) in Edo State on Wednesday.

The EFCC chief, represented by the acting Zonal Director and Deputy Commander of the Commission, Mr Sa’ad Hanafi Sa’ad, warned real estate managers against money laundering.

“We have noted with grave concern that fraudsters are laundering money and hiding proceeds of crime through real estate and property. People now defraud the government and individuals and invest in real estate,” he stated.

He noted that the agency would continue to discharge its statutory mandate of bringing those who seek to circumvent the system to book.

“As a commission, we recognise the role of Real Estate and Property Managers. Property Managers are designated non-financial businesses and professions.

“So, we expect them to be professionals and uphold the relevant rules and regulations in the discharge of their duties,” he stated, adding that, “The commission will apply the laws when there is a breach of relevant rules and regulations.”

He assured the AREAPM executives of the organisation’s willingness to collaborate with them in dealing with fraud and criminality in the sector.

“We have a unit, the Land and Property Fraud Section, which attends to issues in that regard. So, when you have challenges, you can report to us,” he stated.

In his remarks, the chairman of AREAPM in Edo State, Mr Akpesiri Michael Egbonoje, stated that the essence of the visit was to seek areas of collaboration with the commission and work out ways of combating real estate financial crimes and fraud in the state.

“Part of our strategy is to familiarise ourselves with law enforcement agencies in the state and seek for collaborative relationships. As a body, we cannot do it alone; we need help in the areas of financial crimes.

“We have tried to sanitise the space, but we realised that your agency is at the apex when it comes to dealing with financial crimes.

“We believe that structured collaboration between AREARM and the EFCC will promote financial transparency, investor confidence, and accountability within the real estate sector.”

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