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Tag: Osinbajo

  • Osinbajo: bankers should face trial for stolen funds

    Osinbajo: bankers should face trial for stolen funds

    How to recover loot, by Malami, Onyeama, Sagay, Falana

    Acting President Yemi Osinbajo yesterday called for the prosecution of banks and their officials who aid corruption by hiding looted funds.

    He faulted those who accuse the Economic and Financial Crimes Commission (EFCC) of engaging in media trial, saying it was corruption fighting back.

    The Acting President spoke in Abuja at the opening of a three-day conference on “Promoting International Cooperation in Combating Illicit Financial Flows and Enhancing Asset Recovery to Foster Sustainable Development”.

    It was organised by the Presidential Advisory Committee Against Corruption (PACAC).

    Other speakers were Attorney-General of the Federation (AGF) Abubakar Malami (SAN), Foreign Affairs Minister Geoffrey Onyeama, PACAC Chairman Prof Itse Sagay (SAN), a member of the High Level Panel on Illicit Financial Flows from Africa, Mr Akere Muna, who was the keynote speaker, former EFCC chairman Nuhu Ribadu, PACAC Executive Secretary Prof Bolaji Owasanoye and activist-lawyer Femi Falana (SAN), among others.

    Referring to a report by the High Level Panel that was headed by former South Africa President Thabo Mbeki and commissioned by the African Union and the United Nations  Economic Commission for Africa (UNECA), Osinbajo said most of the illicit funds from Africa were from Nigeria.

    Anti-graft agencies, he said, should do more to curb the trend.

    “That shows us very clearly, especially the security agencies, that we simply have to do more. It is evident that so much money is leaving our shores,” he said.,

    Osinbajo said financial institutions that aid corruption should face the consequences.

    He said: “There is no way the transfer of these assets can happen without a handshake between the countries that they are transferred from and the international banking institutions in the countries in which they are transferred. There is no way it will happen without some form of connivance. ,

    “We have to look at somehow delegitimising those kinds of financial institutions and criminalising them.

    “Banks and financial institutions that actually engage in this must be called out and made to face the consequences of engaging in criminal practices. If that is not done, we are not likely to go very far.

    “In the agreement and conventions we will be signing, we must ensure that financial institutions are not given a free run and to hold them accountable., “

    The Acting President said corruption fights back when stolen monies find safe havens and are accessed by the corrupt.

    “In Nigeria, for instance, corruption fights back so eloquently that government itself, if not careful, can be overwhelmed,” he said. ,

    Osinbajo said some of those guilty of corruption fight back through media attacks on government.

    “If you look at the anticorruption fight in Nigeria, there is a major fight back in the media. There is a media war, between people fighting corruption and those behind the stolen funds. ,

    “It is called ‘media trial’ – I don’t know what that means. If you discover, for instance, large sums of money in an air conditioned room, there is no where it will not make news in the world. ,

    “So, this whole idea of trying to legitimise corruption is definitely being fuelled and sponsored by those who have these resources, who have stolen funds.

    “Unless we see it as a problem that can bring down our system then we will never be able to fight. I hope we will be able to advance this with other African countries,” he said.,

    The Acting President said some development partners were reluctant to provide funding for Nigeria because they believed the country was not poor.

    “Clearly it is sometimes absurd that when we are asking for aid, so much money is being stolen. So we ourselves must take responsibility and ensure we keep talking about this,” he said.

    Osinbajo said developing countries must realise that it is their responsibility to ensure that not only are stolen funds traced and returned, but calls for return of stolen assets must be strident.

    “Some countries are somehow reluctant about it. Many have civil processes that make it difficult. They said: ‘Our courts are handling this matter and there is very little we can do about it.’ ,

    “We must make it a national call, a call for other developing countries to have the same outrage for drugs, terrorism financing as for illicit financial flows.

    “We must emphasise at every point and call out institutions that are not cooperating and ensuring that they recognise that this for us is a serious issue,” he said.

    According to Muna, Africa loses between $50billion and $80billion through illicit financial flows; the continent remains a net creditor despite the inflow of development assistance.

    He said secrecy in financial transactions, which he noted had been hijacked by greed and self-interest, must end.

    “It is imperative that we make it a priority to double efforts to end the use of financial secrecy for corruption, drug smuggling, money laundering, terrorism, people trafficking and other illicit financial practices,” he said.

    Muna reiterated a recommendation by the Mbeki Panel – that escrow accounts should be created within development banks to keep recovered stolen assets, pending when they are returned to the owners.

    “Frozen money should not stay with the complicit bank, but in an escrow account with a third party pending the courts’ or competent authorities’ determination as to the rightful owners of the funds,” he said.

    Sagay said most of the financial assets pillaged from state coffers deprive Nigeria of the capacity to realise the sustainable development goals of no poverty, zero hunger, good health and wellbeing, quality education, clean water and sanitation and affordable clean energy.

    “None of these goals is affordable in a developing economy whose wealth is hemorrhaging and flowing to already developed societies,” he said.

    Noting that an annual flow of proceeds of crime is an estimated $1.6trillion, half of which he said come from developing economies, Sagay said Africa must improve its capacity to stem illicit financial flows if it must realise its development goals.

    To Onyeama, the fight against corruption and illicit financial flows is a shared responsibility that must be tackled by the global community.

    “We urge the international community to strive to eliminate safe havens that create incentives for foreign transfer of stolen assets and illicit financial flows.

    “We urge destination countries to remove bottlenecks and conditionalities hindering the recovery of illicitly acquired funds and assets,” he said.

    Onyeama said there was the need for the global community to urgently redouble efforts to substantially tackle illicit financial flows through strengthened national regulation and increased international cooperation.

    “We urge that concerted efforts be directed at the enhancement of disclosure practices and transparency in both source and destination countries, including by seeking to ensure transparency in all financial transactions between countries and companies to relevant tax authorities,” Onyeama said.

    Malami said Nigeria must join the international community in stemming illicit financial flows, improving asset return and ensuring sanctions for perpetrators of acts of corruption.

    According to him, the passage of the Mutual Legal Assistance Bill by the Senate shows a political will to fight corruption and trace, freeze and recover stolen assets.

    Malami called for international support “through aggressive action of repatriation of illicit wealth,” adding that government has the political will to tackle graft.

    “The initiation of the ongoing review of the Nigeria Financial Intelligence Agency Establishment bill will aid in tackling illicit flows.

    “The commitment to prosecute corrupt public officials and recovered looted public funds is reflected at all levels and sectors where corrupt practices occur,” the AGF added.

    Prof Owasanoye said PACAC was pushing for the prosecution of “middlemen” such as accountants, lawyers and customs officials who aid looting.

    “When you pick up the politically exposed person, you must also pick up the middleman – the accountant, the lawyer, the customs official who looks the other way. Let them suffer the consequences together. That is what we are pushing for at PACAC,” he said.

    Ribadu, who chaired a session, said corruption cannot take place without the active connivance of banks and other financial institutions. To him, the culpable officials must be brought to book.

    Falana said no developed country would willingly return stolen assets, as they use such funds to develop their countries.

    He urged the AGF to set up team of lawyers who will file lawsuits against foreign banks holding funds taken away from Nigeria.

    “Once we locate the illegal funds, they should go after the banks warehousing the funds and file actions in court on behalf of our government,” Falana said.

  • Looters worse than drug traffickers, says Osinbajo

    Looters worse than drug traffickers, says Osinbajo

    •Acting President seeks sanctions against banks aiding looting

    To those accused of plundering the commonwealth, the Federal Government’s anti-graft battle is a media trial. But Acting President Yemi Osinbajo says the discovery of large sums of money in ‘unusual’ places, including grave yards, soakaway and private apartments, will make news anywhere in the world, report Augustine Ehikioya and Collins Nweze.

    BANKS and other financial institutions withholding illicit funds should be made to face the consequences of engaging in criminal conduct, Acting President Yemi Osinbajo has said.

    Osinbajo made the recommendation yesterday in an address at the “Conference on Promoting International Cooperation in Combating Illicit Financial Flows and Enhancing Asset Recovery to Foster Sustainable Development” at the old Banquet Hall of the State House in Abuja.

    According to the Acting President, public assests and funds’ looters are worse than drug traffickers.

    He said those plundering the commonwealth were worse than perpetrators of crime against humanity.

    The Acting President said: “It is a good thing that we are here with our partners who agree that not only are these stolen assets criminalised but that they are returned to their appropriate owners.

    “There is no way the transfer of these assets can happen without a handshake between the countries that they are transferred to and the international banking institutions in those countries. There is no way it will happen without some form of connivance.

    “We have to look at how to delegitimise the financial institutions involved in such transactions and criminalise them. The banks and financial institutions that actually engage in such acts should be called out and made to face the consequences of engaging in criminal practices. If that isn’t done, we are not likely to go very far.

    “For there to be collaboration, there must first be connivance. In the agreement and conventions we will be signing, we must find a way and ensure that financial institutions are not given a free run but hold them accountable.”

    He described as unacceptable a situation in which proceeds from political corruption do not attract the same outrage that proceeds from narcotics and trafficking in persons attract internationally.

    Osinbajo said: “It took years for some people to agree that when somebody loot money where people make decent living that is more criminal than crime against humanity, more dangerous than trafficking in drugs.,

    He said: “It took years for some people to agree that when somebody loot money where people make decent living, that is more criminal than crime against humanity, more dangerous than trafficking in drugs., “

    African countries and developing countries, he said, must take it as their responsibility to find the funds and ensure their repatriation.

    Noting that it was not enough to talk about the stolen funds, he described as unfortunate that some countries have been reluctant to return looted funds.

    He also said many countries have civil processes that make it difficult to return stolen assets being kept in their domains.

    Osinbajo said: “They say our courts are handling this matter and there is very little we can do about. – We must make it a national call, a call for other developing countries to have the same outrage for drugs, terrorist financing for illicit financial flows.

    “We must emphasis at every point and call out institutions that are not cooperating and ensuring that they recognise that this for us is a serious issue.

    “Like President Buhari has said repeatedly that if we don’t kill corruption, corruption will kill us. When corrupt funds find safe havens, it will begin to fight back; and if the government is not careful, it can fight back.,

    “In Nigeria for instance, where corruption fights back so eloquently, the government itself, if not careful, can be overwhelmed.

    “If you look at the anti-corruption fight in Nigeria, there is a major fight back in the media. There is a media war, between people fighting corruption and those behind the stolen funds.

    “They call the anti-corruption crusade media trial. I don’t know what that means. If you discover for instance, large sums of money in an air conditioned room, there is no way it will not make news anywhere in the world.

    “So, this whole idea of trying to legitimise corruption is definitely being fueled and sponsored by those who have these resources, those who have stolen funds.

    “Unless we see it as a problem that can bring down our system, then we will never be able to fight it. I hope we will be able to advance this other African countries., “

    He also pointed out that the report of the Thabo Mbeki’s High level panel on illicit financial flows” showed that Nigeria accounts for most of the illicit funds flow that comes out of Africa.

    Osinbajo said: “And that shows us very clearly, especially security agencies that we simply have to do more. It is evident that so much money is leaving our shores.”

    Recalling an encounter with a friend, he said: “- I was arguing with somebody about the fact that they were stopping certain funding, and he kept telling me Nigeria is no longer a poor country but now a mid-income earning country so, they shouldn’t be giving us those kinds of aids.

    “It was barely a week after that a large sum of money was found at the Kaduna airport and it was roughly about half of the money we were looking for.

    “So, he sent me a text telling me that the money has been discovered at Kaduna. Of course I didn’t reply him but, when he persisted and I called him and asked if this was his own form of a joke.

    “But clearly, it is sometimes absurd that when we are asking for aid and so much money are being stolen. So, we ourselves must take responsibility and ensure we keep talking about this.”

    In his remark, Justice Minister & Attorney-General of the Federation, Mr Abubakar Malami, said Nigeria had signed accords to ease investigation, tracking and return of stolen assets.

    Malami said the country needed global support in those directions.

    “The commitment to curb corruption is rooted in all programmes of the Muhammadu Buhari administration. The return of the country’s stolen assets will help Nigeria to quickly overcome recession”, Malami said.

    In his keynote address, the Chairperson of International Anti-Corruption Conference Council, Akere Muna, called for a meeting to consider the recommendations in the Thabo Mbeki panel Report.

    Muna is the Sanctions Commissioner at the African Development Bank (AfDB) and a member of the Mbeki-led High level panel on illicit financial flows from Africa.

    Pushing for the creation of escrow accounts within AfDB, he said that frozen funds should not be allowed to domicile in complicit banks, but in an escrow account with a third party, pending the courts’ or competent authorities’ determination  as  to the rightful owners of the funds.

    He said: “I have seen, in the context document prepared for the meeting, the issue of the management of recovered funds. I personally resent the fact that people who were complicit in the theft should turn around and start laying down conditionalities for the recovery of the same assets.

    “Funds, whether recovered or still in the government coffers should not be stolen, period.  The fact that for budgeting reasons, these may be earmarked for specific projects and under certain criteria, like the state or region from which the funds were stolen, is entirely a different matter for the countries themselves to decide in all sovereignty.

    “All I have said underpins the fact that the fight is global and must necessarily be engaged by the originating countries and the destination countries with the same vigor”, Muna said.

    He commended the President Buhari administration for making the fight against corruption its number one priority. Osinbajo stood him for the President.

    His words: “The simple fact of your presence here is witness to this. It is not an easy choice. As you know or must have found out by now, when you fight corruption, it fights back.

    “The fight against corruption in our continent is indeed the fight for the soul of Africa. How much longer will we watch our resources depleted and the future of our children mortgaged for the sake of a greedy few?”

    Stressing that the winds of change are blowing across the African continent, he said that the young people, who know better and want better, deserve better.

    “For those who feel that their own personal interest can always take precedence over that of their people, they should take a good look at history. We can certainly hide to do certain things, but it is certain that we will never be able to always hide the things we do”, he submitted.

    He went further: “For illicit financial flows to be tracked, he said, that there is need to know how they move.  To recuperate them, we need to know where these flows are parked.”

    According to him, Transparency International (TI) research published in March 2017 looked at 10 key anti-money laundering measures for the real estate sector in four key markets, and found that Australia and the United States (U.S.) had severe deficiencies across their entire real estate sector.

    He said: “In December last year, TI Canada found that of the  100  priciest homes in Vancouver, 46 were owned through offshore shell companies, trusts and nominees.

    “In March (this year), TI UK looked at new developments in London worth 1.6 billion pounds  and found that four in 10  homes have been sold to investors from high corruption-risk countries or those hiding behind anonymous companies.

    “In April, TI Brazil found that in Sao Paulo, Brazil, $2.7 billion in property has been linked to offshore companies.

    “In April, a TI Report on the luxury sector found that compliance by high-value good dealers with due diligence obligations is remarkably low. Legislation and policy also have weaknesses in the largest consumer luxury markets including the US, UK, France, China, Italy and Germany.

    “Time and again, large-scale corruption cases show that the proceeds are laundered through luxury assets from cars and super yachts to jewellery and art.

    “Think about the situation in Africa. I am sure many of you have noticed the sudden upturn in large-scale farming by people with no affinity to the soil, whatsoever.

    “The reason for this is that it is a sector which is labor intensive and in which almost every transaction is done in cash. What is exported or sold thereafter is from an identifiable source. I suppose this is one way to harvest the fruits of corruption and create a green economy!

    “It is still a mystery, what happens to funds between the time when they are frozen and the time when they are repatriated.

    The World Bank has an initiative known as StAR (Stolen Assets Recovery Initiative), which is supposed to deal with the theft of stolen assets from developing countries. If these assets are described as stolen, inevitably therefore those who are keeping those assets are handlers of stolen goods.

    He said it has no moral basis for assets to be frozen and still left in the hands of those who were complicit and are otherwise called handlers of stolen goods.

    “Handlers of stolen goods are as punishable as the thieves themselves. In certain countries, the handlers even get a more severe punishment than the thieves,” he stated.

    What the law says

    THE Nigerian Financial Intelligence Unit (NFIU), as part of its regulatory mandates, works closely with all the core regulators of financial, other-financial institutions and designated non- financial businesses and professions.

    They include: Central Bank of Nigeria (CBN), National Insurance Commission (NAICOM), Securities & Exchange Commission (SEC) and Special Control Unit against Money Laundering (SCUML).

    Any transaction, particularly in the receipt of international transfer of funds and securities exceeding $10,000 or naira equivalent, must be reported to the NFIU as required by Section 2 (1) of the Money Laundering Prohibition (MLP) Act.

    The NFIU has the responsibility to receive reports on currency transactions; suspicious transactions; currency declaration and other information relating to money laundering and terrorist financing activities from financial institutions and designated non-financial institutions (DNFIs).

    The body is also expected to receive reports on cross-border movement of currency and monetary instruments.

    The Act stipulates that:

    • The Suspicious Transaction Reports mentioned under Section 6 (2) of the MLPA 2011 shall be reported by financial institutions exclusively to the NFIU to aid intelligence gathering and in line with Financial Action Task Force (FATF) 2012 Recommendations 20 and 29.
    • Declaration of more than $10,000 or its equivalent made to the Nigerian Customs pursuant to the Foreign Exchange Act, 1995 and Section 2 (3) of the MLP Act, 2011 as amended.

    The NFIU is expected to receive mandatory disclosures by financial institutions and any other individual (voluntarily) – related to single transaction, lodgment or transfer of funds in excess of N5, 000,000 or N1, 000,000 by an individual and N10, 000,000 or N5, 000,000 by a corporate entity as provided Section 10 (1) and (2), MLP Act.

    It has a mandate to determine the flow of transactions and the beneficiaries for individual and corporate accounts as provided by Section 14 MLP Act, 2011 as amended.

    Why CBN introduced BVN

    The Central Bank of Nigeria (CBN), in collaboration with the Bankers’ Committee, introduced the Bank Verification Number (BVN) to ensure unique identity for all bank customers and other users of financial services in the country by the use of their biometrics as means of identification.

    Every bank customer now has a BVN, which enables the CBN to unify and link the customer’s accounts across all the banks in the country.

    The BVN has also given every bank customer a unique identity across the banking industry, since it has a centralised biometric identification system which can be used for every identification and verification at Point of Banking Operations.

    The BVN is also accepted as a means of identification across all Nigerian banks; cuts down fraudulent activities on bank accounts and gives easy access to Banking operations.

  • Osinbajo, Amosun, Akeredolu, minister, UNFPA, others express shock

    Osinbajo, Amosun, Akeredolu, minister, UNFPA, others express shock

    Acting President Yemi Osinbajo, Ondo State Governor Oluwarotimi Akeredolu, Ogun State Governor Ibikunle Amosun, Minister of Health Prof. Isaac Adewole and United Nations Population Fund  (UNFPA)  have expressed shock over the  sadden death of Prof. Babatunde Osotimehin.

    He was until his death, UNFPA Executive Director and a former Minister of Health.

    The Acting President, in a statement by his Senior Special Assistant on Media and Publicity, Laolu Akande, extended heartfelt condolences to Osotimehin’s wife, his children and entire family.

    He commiserated with UNFPA workers and the entire UN system on the demise of “a very remarkable international public servant, who served passionately, diligently and worked tirelessly at the global and national stages to reduce maternal mortality and promote universal access to reproductive health”.

    The late Osotimehin, he noted, also had a distinguished career as medical doctor and teacher before he served as a cabinet minister in Nigeria and later at the UN.

    He said the deceased will be long remembered for his many significant developmental contributions at home and in the international community.

    As Prof. Osotimehin is being mourned internationally, the Acting President urged the Osotimehin family, friends and associates to take solace knowing that his notable service and worthy contributions, especially towards improving women and children’s health across the world are widely acclaimed, deeply appreciated, and would be long remembered and honoured.

    Akeredolu commiserated with the Osotimehin family and Nigerians over the demise of the former minister.

    According to a statement by his Chief Press Secretary Segun Ajiboye, Akeredolu lamented the death of Osotimehin, describing the professor’s death as a big loss to Nigeria.

    He said: “The death of Prof. Osotimehin is a big loss, not only to his family, but the country as a whole. His death, coming at this crucial time when the nation needs his service most, is no doubt a huge blow.”

    Amosun described the death of the UNFPA Executive Director as a big loss to Nigeria and the world.

    The governor said the death of the professor of clinical pathology, who he described as a world acclaimed public servant, was particularly saddening for Ogun State, as he was one of the many illustrious sons and daughters that the Gateway State is proud of.

    “We cannot forget his invaluable contributions as Provost, College of Medicine, University of Ibadan and the war against HIV/AIDS, when he served as Executive Director of the National Agency for the Control of AIDS (NACA), which no doubt, significantly tamed the spread of the disease in Nigeria.

    “His achievements, definitely earned him a well-deserved seat in the Federal Executive Council of the previous administration, where he held the portfolio of the Minister of Health,” he added.

    He prayed that God grants the Osotimehin family the fortitude to bear the irreparable loss.

    UNFPA yesterday promised that it would keep Osotimehin’s grand vision for women and young people. It added that it would continue to stand up for the human rights and dignity of everyone, particularly the most vulnerable adolescent girls.

    In a statement on its website, the organisation wrote: “This is a devastating loss for UNFPA and for the people, especially women, girls and youth he dedicated his life to serving, starting from when he became a doctor in Nigeria.

    “UNFPA expressed its deep sympathy to his family and prays that they have the fortitude to bear this great loss.”

    “Dr. Osotimehin was bold and never afraid of a challenge and his strong leadership helped keep the health and rights of the world’s women and girls high on the global agenda.

    “He understood that the world’s 1.8 billion young people are truly its greatest hope for the future.”

    Adewole described Osotimehin’s death as shocking.

    The late Osotimehin, according to the minister, will be remembered for his role and global contributions to increased access to Family Planning as well as sexual and adolescent health, especially in Low and Middle Income Countries (LMICs).

    “Professor Osotimehin whom I fondly called the ‘Big Boss’ during his lifetime will definitely be missed for his dedication, humility, mentorship and patriotism,” Adewole said.

    The minister, who spoke on behalf of the management and staff of the Federal Ministry of Health, condoled with the family, friends, associates and colleagues of the late professor at the United Nations.

  • Osinbajo, Onnoghen for IIPELP/NIJ workshop

    Acting President Prof Yemi Osinbajo (SAN) is expected to declare open a two-day International Institute for Petroleum, Energy Law and Policy (IIPELP) workshop scheduled for Abuja on June 19 and 20.

    The event, organised in collabo-ration with National Judicial Institute (NJI) third annual Judges’ Workshop on Petroleum, Gas and Power Sectors, will be chaired by Chief Justice of Nigeria (CJN) Justice Walter Nkanu Onnoghen.

    The theme is Law and the changing face of petroleum, gas and power sectors inNigeria.

    It will hold at Andrews Otutu Obaseki Auditorium, NJI, from 10am,  IIPELP founder/president Prof Niyi Ayoola- Daniels stated this during a courtesy visit on Attorney-General of the Federation (AGF) and Minister of Justice Abubakar Malami (SAN) by IIPELP advisory board members.

    Malami, according to Ayoola- Daniels, confirmed his attendance and will also deliver a speech at the workshop.

    Also at the weekend NJI’s management board led by its administrator Justice Roseline Bozimo visited IIPELP and “paid huge encomiums” on Ayoola-Daniels and his team for “the great vision of organising the workshop”.

    Ayoola-Daniels said the workshop would “equip judicial  officers and judges with appropriate legal, fiscal, and regulatory skills”.

    Apart from the Minister of State for Petroleum Dr Emmanuel Ibe Kachikwu, who will deliver Osinbajo’s speech, other expected guests include Senate President Dr. Bukola Saraki, Speaker House of Representatives Rt Hon. Yakubu Dogara, Former CJN Justice Alfa Modibbo Belgore, who is IIPELP’s Advisory Board chairman, Minister of Power, Works and Housing Babatunde Raji Fashola (SAN).

    Others are the CBN Governor Godwin Emefiele, Director-General NIMASA Dr. Dakuku Peterside, Executive Secretary/CEO Nigerian Shippers Council (NSC), Mr Hassan Bello, MD/CEO NPA Hadiza Bala Usman and Executive Chairman, FIRS Babatunde Fowler.

    Prof Barth Nnaji, Dr Timothy Okon, Dr David Ige, Prof. Ibironke Odumosu-Ayamu, Prof Omowunmi Iledare, Ernest Nwapa and Immediate Past National Publicity Secretary of NBA Gbolahan Gbadamosi are also expected.

  • Osinbajo seeks sanctions against banks aiding looters

    Osinbajo seeks sanctions against banks aiding looters

    Acting President Yemi Osinbajo on Monday pushed for sanctions against banks aiding looting of funds from one country to another.

    He made the remark at the old Banquet Hall of the State House, Abuja, during the Conference on Promoting International Co-operation in Combating Illicit Financial Flow and Enhancing Asset Recovery to Foster Sustainable Development.

    The Acting President also noted that those involved in looting assets and funds of their country are worse than drug traffickers and more criminal than crime against humanity.

    He said: “It is a good thing that we are here with our partners who agree that not only are these stolen assets criminalized but that they are returned to their appropriate owners.

    “There is no way that transfer of these assets can happen without a handshake between the countries that they are transferred and the international banking institutions in the countries in which they are transferred. There is no way it will happen without some form of connivance.

    “We have to look at somehow delegitimizing those kind of financial institutions and criminalizing them, so that banks and financial institutions that actually engage in this be called out and made to face the consequences of engaging in criminal practices. If that isn’t done we are not likely to go very far.

    “For there to be collaboration there must first be connivance. In the agreement and conventions we will be signing we must find way and ensure that financial institutions are not given a free run and hold them accountable.”

    According to him, proceeds from political corruption has not attracted the same outrage that proceeds from narcotics and trafficking in persons have attracted internationally.

    “It took years for some people to agree that when somebody loot money where people make decent living that is more criminal than crime against humanity, more dangerous than trafficking in drugs,” the acting President added.

  • Osinbajo commends SON for ‘promoting’ FG’s business initiative

    Osinbajo commends SON for ‘promoting’ FG’s business initiative

    Acting President Yemi Osinbajo has commended the Standards Organisation of Nigeria (SON) for promoting Federal Government’s initiative on the ease of doing business in Nigeria.

    Osinbajo, who spoke at SON exhibition stand during the just concluded Micro, Small and Medium Enterprises (MSMEs) Clinic held in Calabar, Cross Rivers State, said, “ I know this is a new SON that is ready to go. A business facilitator and not one that hinders business.”

    The acting President was accompanied to the SON stand by the state Governor, Prof. Ben Ayade and other dignitaries that attended the Clinic.

    They were received by SON officials led by the Regional Coordinator for South South, Mr. Papaye Don-Pedro, who represented the agency Director-General, Mr. Osita Aboloma.

    Addressing the participants on behalf of the SON director- general, Don- Pedro said the mandate of SON include the provision of relevant Nigerian industrial standards as benchmark for products’ quality.

    “Others are promotion of quality assurance, accurate testing and measurement regimes for trade and commerce to thrive in Nigeria,” Don-Pedro added.

    He added that great emphasis is placed on grooming of budding MSMEs using the instrument of standardisation.

    This, he said supports federal government’s industrialization efforts as well as promoting consumer safety.

    He reaffirmed SON’s commitment to improving life through standards.

    He enjoined stakeholders to join hands with the agency in the fight against substandard products in the interest of the nation’s economy and well- being of Nigerians.

     

  • Why Osinbajo is under attack, by Senator Sani

    Why Osinbajo is under attack, by Senator Sani

    Those attacking acting President Yemi Osinbajo might have been unwittingly creating room for a North-South crisis, Senator Shehu  Sani has said.

    Some politicians from the North at the weekend accused the acting president of nepotism in appointments, but the senator said the criticism was uncalled for.

    Sani (Kaduna Central) spoke in Kano yesterday after paying a condolence visit on Mallam Aminu Kano family over the death last month of Aishatu, the widow of the late Second Republic presidential candidate of the Peoples Redemption Party (PRP). He accused the northern politicians “who have suddenly derived the pleasure in attacking the acting president as “hell bent on creating religious and ethnic disaffection among Nigerians”.

    He said: ‘’The actions and utterances of these northerners are designed to ignite disturbances and conflict between Osinbajo and President Muhammadu Buhari.

    ‘’The acting President has proved to be a consistent and absolute loyalist of President Muhammadu Buhari. It is unfair for anyone to accuse him of ethnic or religious bias or tribalism. Osinbajo has kept the flame of progress alight since the absence of the President. Those attacking Osinbajo are reactionary conservative elements.

    ‘’I believe that they have the fundamental right to express their opinion and make public their own perception but we must be very careful not to instigate crisis and conflict between the North and the Southern part of Nigeria.”

    He recalled that some progressives across the country came together to install the Buhari government, adding: ‘’I think we should appreciate the contributions of Asiwaju Bola Ahmed Tinubu, Osinbajo and others, who worked tirelessly and invested so much to see that we have fundamental changes.”

    To Sani, ‘’Acting President Osinbajo has proven to be a capable, able and a determined leader, who has remained consistent on the side of his principal”. I think he should be appreciated rather than being condemned,” he said.

    Sani advised the Acting President to be very watchful and very careful not to make a mistake so as not to give room for ethnic and religious forces to capitalise and create crisis and conflict within the administration”.

    The senator extolled the virtues of Hajiya Aishatu, saying her death had created a gap between the past and the future.

    ’’She gave us hope and encouragement. She inspired us and served as the guardian of politics of principle and ideology.

    ‘’She lived long to see the good and the bad, as well as the worst of Nigeria and she lived long to see the dream of her late husband metamorphose to a political change in Nigeria,” he said.

    ‘’ We will forever remember her as the woman behind the stitch of revolutionary politics,” Sani said, adding that we will remember her as “an invisible, hard and a silent voice in the struggle for liberation, social justice and emancipation of the poor”.

  • Ex-militants to Osinbajo: rescue us from hunger

    Ex-militants to Osinbajo: rescue us from hunger

    Niger Delta ex-militant leaders yesterday implored Acting President Yemi Osinbajo to rescue them from hunger by wading into their arrears of unpaid stipends.

    They argued that paying them the money would help to consolidate the federal government’s peace efforts in the region.

    The ex-militant leaders under the Phase two Presidential Amnesty Programme (PAP) lamented the Coordinator of the Programme, Gen. Paul Boroh (retd) had not paid them their stipends since January.

    Six of the phase two leaders, who spoke in Yenagoa, commended the peace initiatives of the government in the Niger Delta but claimed that the non-payment of their stipends if not addressed urgently could truncate the existing peace in the region.

    They, however, mentioned one Major Bernard, who they said work in the office of Boroh, as a major obstacle to the coordinator’s desire to address their plight.

    They said initially those of them that nominated their relatives to be trained in academic institutions received N65, 000 monthly but that the current coordinator was no longer paying them the money.

    Some of the leaders, who expressed their frustration, are Paul Ebibokefie, John Esuku, Joseph Alfred, Esau Amaebimo, Goddy Kaduna, Clement Wodo and Passman Golukumor.

    Ebibokefie insisted that the amnesty office had failed to complement the efforts of Osinbajo to ensure peace in the Niger Delta.

    He said: “The federal government has not paid our stipends since January 1st, 2017.

    “We are therefore calling on the appropriate body, the good people of Nigeria and President Muhammadu Buhari’s administration to order retired Brigadier-General Paul Boro to pay us our stipends.

    “I can remember that the acting President, Yemi Osinbajo, came here two months ago saying he wanted peace in the Niger Delta on behalf of the Federal Government, and there has been peace since then.

    “But, unfortunately, we have not been paid our stipends for five months and we are begging the government to look into the issue. There is hunger in the society but peace in the region”.

     

     

     

     

  • How Nigeria will improve trade ties with US, by Osinbajo

    How Nigeria will improve trade ties with US, by Osinbajo

    To improve trade ties with the United States (US), Nigeria will continue to seek potential and greater areas of cooperation with the Corporate Council on Africa (CCA), Acting President Yemi Osinbajo has said.

    He spoke when CCA President and CEO  Ms. Florizelle Liser visited him at the State House, Abuja, during her maiden trip to West Africa as part of the ongoing efforts to promote trade, investment and business engagement between the US and Africa.

    CCA, a Washington D.C.-based organisation, is the leading US business association focused solely on connecting business interests between the US and Africa.

    The Acting President said Nigeria would take advantage of the African Growth and Opportunity Act (AGOA) to the US market beyond oil.

    Osinbajo noted the importance of Nigeria being positioned in global supply chains; the progress being made in Niger Delta and the efforts at regaining the ease of doing business.

    On this inaugural visit to West Africa as CCA’s CEO, Ms. Liser visited Ghana and Nigeria. In Nigeria, aside meeting with the Acting President, she also met with other high level government officials and business leaders including Minister for Foreign Affairs, Geoffrey Onyeama and Minister of Industry, Trade And Investment, Dr. Okechukwu Enelamah.

    Others were Minister of State for Petroleum, Dr. Ibe Kachikwu; CEO, Nigerian Investment Promotion Commission (NIPC), Mrs. Yewande Sadiku; Executive Director and CEO, Nigerian Export Promotion Council (NEPC), Mr. Olusegun Awolowo, as well as the US Ambassador to Nigeria.

    At the Ministry of Foreign Affairs, Onyeama spoke about his plan to drive economic diplomacy and leverage Nigeria’s 114 foreign offices to drive Foreign Direct Investments (FDIs) into Nigeria.

    “At the last United Nations General Assembly (UNGA), we were in touch with CCA and we were very impressed with the enthusiasm of US businesses to engage with Nigeria,” Onyeama said.

    Enelamah commended Ms. Liser and CCA for their work in supporting Nigeria’s efforts to create an enabling business environment in Nigeria and promote US.-Nigeria business partnerships.

    On his part, Kachikwu discussed plans for modular refineries with the CCA President. According to him, the modular refineries model being introduced will be tailor-made to the Niger Delta, adding that the ministry would support investors looking to navigate the complex business environment.

    The Ministry also asked for CCA and its members’ support in streamlining and standardizing technology in the oil and gas sector in Nigeria. “We look to CCA when we have something strategic to do with the governments of Africa and promoting greater US FDI into Africa. We are in a trying period and we are looking at whatever investments that comes into Nigeria” the Minister said.

    Ms. Liser commended his efforts on “7-big wins” in the oil sector and stressed the importance of Africa to the US especially in the oil and gas sectors.

    She also had individual meetings with CCA members including Mr. Aliko Dangote of Dangote Group and Mr. Jim Ovia of Zenith Bank, both of whom sit on CCA’s Board of Directors.

    Ms. Liser was thereafter hosted to a special dinner by Dangote, which was attended by Ovia and a dozen leading Nigerian private sector stakeholders to discuss ways to promote greater US.-Nigeria investment and business partnerships, and more broadly, to raise the continent’s profile as an important US partner for global business.

    They also discussed CCA’s upcoming US-Africa Business Summit in June in Washington, D.C. as an important opportunity to showcase that partnership.

    CCA has 30 member companies in Ghana and Nigeria – indigenous and multinationals – including leading businesses like Dangote Group, Microsoft, Zenith Bank, ExxonMobil, Procter & Gamble, Adepetun Caxton-Martins Agbor& Segun (ACAS-LAW), Caterpillar, Kusamotu & Kusamotu and Afro Tourism.

    About 15 per cent of CCA member-companies are Africans, and Nigerian firms make up almost 50 per cent of that number. CCA has a satellite office in Abuja, which is led by Mr. Ekenem Isichei, Director for West Africa.

  • Nigeria’s diversity its greatest strength – Osinbajo

    Nigeria’s diversity its greatest strength – Osinbajo

    Acting President Yemi Osinbajo on Thursday called for unity of the country.

    Speaking at the Palace of the Obong of Calabar, Edidem Ekpo Okon Abasi Otu V, Osinbajo said the Federal Government was doing everything possible to accommodate all Nigerians.

    The acting President was in Cross River in continuation of federal government’s dialogue with people and communities of the Niger Delta region.

    He said President Muhammadu Buhari’s administration would continue to work assiduously for the interest and development of all sections of the country.

    He warned against compromising Nigeria’s unity, saying the country’s greatness was derived from its diversity and population.

    He said rather than engaging in activities that would compromise the status of the country before the international community, the various ethnic groups that make up Nigeria should work together and support each other.

    Osinbajo said, “The country is only great because of its diversity. The reason why the country is great is because of its diversity. It is because we have here people of every race, people of every tribe, bringing in their different cultures and strengths. All the things that make each one of our ethnic groups great come together in one country.

    “We are greater when we are together than when we are apart. This country is greater together than apart. Every one of our ethnic groups needs the support of the other. When people speak of Nigeria, and respect this country, it is because of the diversity, it is because of the strength in the numbers that we are considered great. That is why the whole of Africa looks to us for direction. If we were one small enclave nobody will look at us with the seriousness they look at us today.

    “And so unity is absolutely important, unity is absolutely important. We must be prepared to work with every other ethnic group and be united.

    “God himself wants us to be united. That is why in the scripture He says there is neither Greek nor Jew, neither male nor female; all of us children of the Almighty God and we must come together. If we are much stronger, we are greater when we come together than when we are apart.”

    The acting President said the federal government would support the state government’s projects aimed at developing the state.