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Tag: recovery

  • Empower citizens to take asset recovery actions, legal expert recommends

    Empower citizens to take asset recovery actions, legal expert recommends

    • Lawyer releases book on proceeds of corruption ownership

    The recognition that corruption in all its forms is a major obstacle to the development and enjoyment of human rights is well and long documented.  

    Corruption in the public and the private sphere not only encourages the breach of rights to life and personal integrity but it also hinders the fulfilment of the right to justice, exacerbates inequality and discrimination, and ultimately, entrenches injustice and impunity.

    This is according to the Professor of Human Rights Law in Residence, American University – Washington College of Law, Juan Mendez.

    To him, a recognition of the problem is not necessarily followed by the development of effective legal rules and mechanisms.

    That is why he is pleased that an anti-graft and human rights lawyer, Dr Kolawole Olaniyan, has contributed to the subject through his new book: “Ownership of Proceeds of Corruption in International Law.”

    Olaniyan, in the book, identified how to strengthen the rights of citizens over their wealth.

    He noted that the recovery of proceeds of corruption is now increasingly recognised as a principle of contemporary international law.

    Olaniyan, however, stated that people’s sovereign and ownership rights over their wealth and natural resources have remained more theoretical than real, especially in the global fight against corruption.

    As a result, the populations of victim states often cannot hold their governments accountable for misusing the proceeds of corruption.

    He also noted that they do not benefit from the recovery, repatriation, management, and use of returned proceeds.

    Olaniyan, therefore, embarked on the first comprehensive study on the issue.

    In the book, which is available on Amazon, he challenged the conventional notion that sovereign and ownership rights over wealth and natural resources – and by extension, the proceeds of corruption – should be exclusively exercised by states.

    The author, Legal Adviser at Amnesty International’s International Secretariat, London, said victim-states’ populations ought to be empowered to pursue grand corruption and asset recovery actions against their governments.

    He called for the development of domestic laws on stolen wealth recovery.

    Olaniyan also urged the international community to look to international human rights law to implement the growing consensus that corruption undermines the rule of law, hampers development efforts, stifles democracy, and harms the most vulnerable throughout the world.

    Mendez adds: “Finally, Olaniyan, an astute scholar and experienced practitioner on anticorruption and human rights law issues, has come up with an excellent and important analysis of the understanding of the complex issues of corruption, asset recovery and human rights.

    “Olaniyan’s book makes a significant contribution to the pursuit of access to justice and effective remedies for victims of corruption everywhere.

    “The book is also a huge contribution to the global efforts to prevent corruption as a central objective of democratic public policy and business and commercial policy.”

    The author, who was previously director of the Africa Programme, has been a researcher and visiting lecturer at universities in the United States and the United Kingdom.

    He holds a doctorate in international law on corruption and economic crimes from the Law School of the University of Notre Dame.

    Olaniyan is the author of a seminal book on Corruption and Human Rights Law in Africa. He has authored many other book chapters and articles on international law on corruption, economic crimes, and human rights law. He is a member of the Nigerian Bar Association.

    Falana: tiny fraction of loot recovered

    Activist-lawyer Femi Falana (SAN) said the book addresses lingering legal and practical challenges and discusses the complex interplay between the legal rules on corruption, asset recovery and human rights law.

    Stressing the extent of the problem, he said: “Corrupt officials routinely use states’ institutions and coercive powers to steal people’s wealth with almost absolute impunity.

    “Even though the value of the assets returned has varied over time, the total amount recovered since 2010 is reported to be just over $4 billion– a tiny fraction of the estimated staggering $3.6 trillion lost to international corruption every year.”

    Falana noted that when the very institutions and officials charged with preventing and combating corruption and pursuing asset recovery cases are themselves corrupt, the victims are left with no recourse, and the resulting sense of powerlessness and betrayal often compounds the injury and makes redress more difficult.

    “Through the analyses of theories, concepts, jurisprudence and case studies, the book makes a compelling case for people’s ownership rights of proceeds of corruption.

    “It discusses contemporary doctrinal issues as well as the legal and practical challenges confronting asset recovery.

    “By offering both a theoretical framework and an analysis of case studies in these fields, Kolawole seeks to advance the coherency, consistency and effective implementation and enforcement of both anticorruption and human rights standards.

    “Kolawole’s extensive treatment of the rarely addressed private sector corruption is particularly welcome. 

    “The focus on private sector corruption is quite important, especially given the well-documented complicity of private actors such as banks and financial institutions in public sector corruption.

    “Thorough and scholarly, yet eminently readable, the book addresses important and topical issues such as the sharing of proceeds of foreign bribery, universal jurisdiction, and international cooperation and assistance in asset recovery cases, including the proposed international anticorruption court.

    “The book also discusses how the current legal rules and mechanisms on corruption and asset recovery still have very little to offer to victims. Kolawole’s focus throughout is on the rights of individuals and people to seek redress when states are either unwilling or unable to pursue asset recovery cases.”

    In the preface, Dinah Shelton, Professor of International Law Emeritus at George Washington University Law School, says Olaniyan “combined theoretical and practical aspects of the struggle to recover the proceeds of corruption to create a masterful and comprehensive treatise”.

    He adds: “Along the way, he presents case studies and jurisprudence that support his main thesis that criminal law and efforts to enforce it have been inefficient and largely unsuccessful in preventing or remedying corruption. 

    “He addresses the focus on public sector corruption and explains why limiting concern to this topic is misguided because private sector corruption is just as problematic.

    “This will be a valuable resource for government officials, lawyers, practitioners, scholars, and students alike.”

    The book has also received positive global reviews from legal experts and other stakeholders.

    Judge Atoki: the people must become real beneficiaries of recovered assets

    A Judge at the ECOWAS Court of Justice and former Chairperson of the African Commission on Human and Peoples’ Rights, Dupe Atoki, said the book presents a seamless read on the important nexus between corruption and human rights law.

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    “This illuminating and timely book therefore is a natural follow up. The global fight against corruption can only be effective when upon eventual recovery of its proceeds, the owners (the people) become real beneficiaries.

    “In its absence, the fight will continue to be a rhetorical sing-song, rather deafening with no soothing sound to the victims.

    “While identifying the complex legal and practical challenges to asset recovery, Dr Olaniyan characteristically proffers well-thought-out suggestions for reforms which if implemented will be a welcome relief to victims denied of their natural wealth and resources.

    “Dr Olaniyan’s book is a seminar contribution to judicial and non-judicial approaches to issues of asset recovery and human rights. For this treatise, Dr. Olaniyan deserves our applause. All victims of corruption are indeed indebted,” Atoki said.

    Executive Secretary of the African Union Advisory Board against Corruption, Arusha, Tanzania, Charity Hanene Nchimunya, comments: “Dr Olaniyan, a seasoned legal guru and anticorruption and human rights lawyer, has meticulously explored the important issues of ownership of proceeds of corruption and highlighted the inadequacies in the current legal rules and implementation mechanisms on asset recovery.

    “Dr Olaniyan has further suggested ways in which these lacunae could be remedied, and the rules and mechanisms synchronised and strengthened to facilitate the recovery and repatriation of the proceeds of corruption to the rightful victims.

    “Dr Olaniyan’s book makes a compelling case for why the global efforts to prevent and combat corruption and advance human rights must be reinvigorated, refreshed and revised to meet contemporary challenges.

    “The book could not have arrived at a better time. This unique and important book is a great resource which should be embraced by all stakeholders; its scope is remarkable, and the suggested remedies could change the narrative in asset recovery.”

    Director of the Human Rights Implementation Centre, University of Bristol Law School UK, Professor Rachel Murray, said the book offers an original academic but also practitioner perspective on the interplay between the legal rules on asset recovery and human rights law.

    “Dr Olaniyan innovatively applies an international human rights law framework to issues of ownership of proceeds of corruption and in so doing advancing the idea of access of victims to effective remedies.

    “I would highly recommend this very impressive work as a valuable resource for students, academics, and professionals alike,” he said.

    Secretary General, African Development Bank Group. Professor Vincent Nmehielle, said Olaniyan raises provocative questions that entities and individuals in the space of preventing and combatting all forms of corruption in domestic and international jurisdictions need to think deeply about.

    He added: “The place given to the victims of corruption in the international efforts on asset recovery needs to be rethought.

    “Dr Olaniyan’s book provides compelling theoretical, philosophical and legal arguments to vindicate the basic rights of victims of corruption in the context of asset recovery.

    “I commend Dr. Olaniyan for his foresight in adding yet another important monograph to the scholarly literature on the impact of corruption on the lives of citizens of countries.

    “This timely book breaks new grounds and would be a very useful resource to scholars, private sector actors, and policymakers alike.”

  • Otu leads clergymen, others in prayers for recovery, prosperity in C’River

    Otu leads clergymen, others in prayers for recovery, prosperity in C’River

    The Cross River State governor Senator Bassey Otu led the entire members of the State executive cabinet, the legislature, judiciary and the clergymen in a solemn assembly to pray and solicit God’s favour to recover the State’s loss fortune and spread prosperity in the state

    Speaking at the interdenominational event held Saturday in Calabar at the Calabar International Conference Center, the Governor who was accompanied by his wife, Tev. Eyoawan Otu, the Governor said his administration is on a mission of total recovery in the state.

    He recalled the huge loss the state recorded during the ENDSARS insurgencies of 2020, the loss of Bakassi and the oil rich status among others

    Governor Otu also maintained that besides recovering the state, building and laying the foundation that will lead to the prosperity of the state, the mission we are on is total recovery and we will recover and add more.

    He emphasised his commitment to ensure there is discipline in the system and warned his appointees to note that he has pledged not to fail they people and the state, so they must not fail in their assignment.

    “We are building and laying the foundation that will lead to the prosperity of the state,” he said, adding that there are several challenges he inherited but God is always faithful.

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    He said his administration is repositioning several sectors of the state’s economy and most of what his government is doing behind the scenes will soon manifest.

    Also speaking, the convener of the assembly and wife of the governor Rev. Eyo-Anwan Bassey Otu said the essence of the gathering is to prayerfully recover all that had been stolen from the state.

    “Our things had been stolen and we have come together like the prodigal son to cry to God and get it back.

    “We had lost a lot as a state but we know God can do everything and dry bones shall rise again,” she said.

    On his part, the state Chairman of the Pentecostal Fellowship of Nigeria, Apostle Dr. Trinity Ogar said what the state is doing is a progressive action and they are going step by step.

    “After healing the land, it pleased God to give her Excellency the wisdom to put this together, in season of recovery

    “We can begin to see the evidence and I believe that anyone that came here today will begin to experience total recovery.

    “We will not stop at anything until we recover all that belongs to Cross River State spiritually, physically and otherwise and God by his mercies will endorse it, make it happen “, he said.

    The second edition had as theme Season of Total Recovery and was graced by the Speaker of the state Assembly Elvert Ayambem, the State Chief Judge Justice Akon Ikpeme and other top government officials.

  • Recovery or discovery

    •Did the police discover NNPC fraud or was it all a recovery hoax

    Curious but true. This best describes the reported recovery of $470million and N8billion from the accounts of the Nigerian National Petroleum Corporation (NNPC) but which the corporation denied. Is it possible for the police to recover what does not exist? Or, could the NNPC be amending the truth, if not lying outright? This is the poser that has to be resolved because the amounts involved are too huge to be ignored.

    The issue started with a press statement by the police to the effect that it had recovered “$470,519,889.10 belonging to NNPC Brass Brass Liquefied Natural Gas, LNG, stashed in some commercial banks.” Also reportedly recovered by the police was the sum of N8,807,264,834.96 belonging to NNPC/Brass Investment that was not remitted to TSA Account of the federal government.”

    According to the police statement, the money was hidden in some commercial banks despite the directives of the Federal Government on Treasury Single Account (TSA).

    But, in a swift reaction, the corporation debunked the alleged recovery, saying the corporation does not have any money that the Federal Government does not know about. It consequently described the allegations as misleading and misplaced. NNPC’s group general manager, group public affairs division, Mr. Ndu Ughamadu, said although some banks were yet to complete the remittance of US dollar deposits to the TSA as directed by the Federal Government, what was involved cannot reflect the said recovery by the police.

    Acording to Ughamadu, “Following TSA implementation, the corporation had made a report to the Presidency on the failure of some commercial banks to complete transfer of US dollar deposits and a presidential directive was issued for the Central Bank of Nigeria to ensure that the funds were completely transferred to the corporation’s Treasury Single Account in US dollars.

    “Most of the commercial banks have since complied with the presidential directive and completed the transfer to the corporation’s Treasury Single Account in US dollars, including the reported $470.5 million.” With regards to the purported recovery of N8bn, he said no such funds were deposited into the corporation’s CBN Treasury Single Account. The corporation added that, as a matter of fact, all the agencies that should know about its financial transactions – the Presidency, the Office of the Accountant-General of the Federation, AGF, and the CBN –  were fully aware of and received periodic status reports on balances yet to be remitted to TSA by commercial banks.

    So, who do we believe: the police or the NNPC?

    We know there is so much corruption in the land. We know as a fact, too, that NNPC has been described as a cesspit of corruption, apparently because of the opaque nature of its activities. We also know that the police force has a duty to pursue corruption wherever it rears its ugly head. But we wonder how it could say it recovered money that the organisation from which the purported recovery was made has denied.

    We are baffled by the silence of the police over the corporation’s denial. This silence is unhelpful because it has made the corporation’s denial all the more credible. Can we then assume that the police jumped the gun in this matter? Could it be evidence of shoddy investigation? Or is it the usual police force’s way of making allegation first before looking for evidence to back it up?

    We need to evaluate or properly interrogate the claim of the police versus that of the NNPC. Meanwhile, however, the police should help Nigerians by showing proof of their recovery.

  • IMF: Nigeria’s economic recovery lifts Africa’s outlook

    The International Monetary Fund (IMF) has said that economic growth in Nigeria due to rise in commodity prices will stimulate growth in other Sub-Saharan African economies.

    The IMF World Economic Outlook update released yesterday showed that Sub-Saharan Africa has Nigeria to praise for better economic growth prospects next year. The Fund saids the region’s economy will likely expand 3.8 per cent in 2019 as against  a 3.7 per cent prediction in April.

    The upgraded forecast “reflects improved prospects for Nigeria’s economy” and an increase in commodity prices. Gross domestic product in Nigeria will rise 2.3 per cent, it said, lifting its estimate from 1.9 per cent in April.

    Nigeria’s economy is recovering from the worst contraction in 25 years in 2016, which was caused by lower oil prices and output and shortages of foreign exchange to import raw materials. The IMF held its predictions for South Africa’s economy, saying it will expand 1.5 per cent this year and 1.7 per cent the next.

    “Despite the weaker-than-expected first-quarter out-turn in South Africa, the economy is expected to recover somewhat over the remainder of 2018 and into 2019 as confidence improvements associated with the new leadership are gradually reflected in strengthening private investment,” the fund said.

    South Africa, the continent’s most-industrialized economy, hasn’t grown at more than two per cent a year since 2013. GDP shrank the most in almost a decade in the first quarter as former President Jacob Zuma handed the reins to Cyril Ramaphosa. Zuma spent close to nine years in power, during which time the nation lost its investment-grade credit rating and policy uncertainty and unemployment increased. Nigeria and South Africa’s economies account for about half of the region’s GDP.

    Further analysis of the report showed that amid rising tensions over international trade, the broad global expansion that began roughly two years ago has plateaued and become less balanced.

  • Equities sustain recovery with N329b gain

    Nigerian equities sustain a two-day consecutive rally yesterday with a net capital gain of N329 billion as investors stepped up demand for shares that had witnessed considerable decline in recent period. With more than two gainers for every loser, equities recorded average gain of 2.46 per cent, reducing the negative average year-to-date return to -1.02 per cent.

    The All Share Index (ASI)-the benchmark index at the Nigerian Stock Exchange (NSE) rose from its opening index of 36,947.10 points to close at 37,854.92 points. Aggregate market value of all quoted equities increased from N13.383 trillion to close at N13.712 trillion.

    Most sectoral indices closed on the upside as bargain-hunters sought to lock in positions from banking sector to industrial and commercial goods sectors. The NSE Industrial Goods Index and NSE Banking Index rose by 3.2 per cent each. The NSE Consumer Goods Index appreciated by 2.7 per cent the NSE Insurance Index inched up by 0.2 per cent. On the downside, the NSE Oil & Gas Index declined by 0.6 per cent.

    Nigerian Breweries led the gainers with a gain of N5.30 to close at N111.30. Dangote Cement rose by N5 to close at N228. Okomu Oil Palm appreciated by N4 to close at N84. International Breweries added N3 to close at N42 while Lafarge Africa chalked up N1.65 to close at N34.75 per share.

    On the downside, Total Nigeria led the losers with a loss of N8.70 to close at N193.30. Presco declined by 90 kobo to close at N70.35. UAC of Nigeria dropped by 70 kobo to close at N14. Ecobank Transnational Incorporated dropped by 10 kobo to close at N19 while NPF Microfinance Bank lost 6.0 kobo to close at N1.69 per share.

    Total turnover stood at 339.68 million shares valued at N5.96 billion in 4,436 deals. Access Bank was the most active stock with a turnover of 133.07 million shares valued at N1.42 billion. Guaranty Trust Bank followed with a turnover of 39.32 million shares worth N1.62 billion while United Bank for Africa placed third with a turnover of 23.23 million shares worth N258.47 million.

    “In line with our expectations, today (Tuesday)’s performance was largely driven by bargain hunting in large cap value stocks and we believe this will remain a key driver in the near term,” Afrinvest Securities stated.

    Analysts at SCM Capital stated that the current sentiment will most likely persist today as overall market valuation remains cheap.

     

  • PDP tasks Buhari on recovery of stolen IDP funds

    The Peoples Democratic Party (PDP) has charged President Muhammadu Buhari to immediately recover over N28 billion meant for the rehabilitation of Internally Displaced Persons (IDPs) in the northeast.

    The party alleged that the said funds were stolen by members of the Presidency cabal and certain Interests in the ruling All Progressives Congress (APC).

    In a statement on Sunday by its National Publicity Secretary, Kola Ologbondiyan, the opposition party said the Presidency and the APC are not being sincere with the IDPs by providing cover for those who have been frittering away billions of naira donated for the well-being of victims of insurgency.

    It further stated that the President cannot in all honesty claim not to be aware of reported sharp practices, involving billions of naira in the management of funds in the Presidential Initiative for the North East, since the issues came into public domain.

    “Indeed, the Presidency cannot, in any way imaginable, claim not to be aware of reports that sometime in August 2017, a cabinet minister and a high ranking Presidency official were alleged to have diverted N18 billion from the N48 billion approved by the National Assembly for the rehabilitation of millions of IDPs and rebuilding of six Northeast states ravaged by insurgency in the 2017 budget.

     

  • NNPC commences recovery of N100b landed property

    The NNPC Properties Ltd (NPL), the real estate management company of the NNPC, has commenced the recovery of the corporation’s landed property worth N100b across the nation.

    This was disclosed by the NNPC Chief Operating Officer (COO) Ventures, Dr. Babatunde Victor Adeniran, at the maiden edition of NPL Property Festival which held yesterday the NNPC Towers, Abuja.

    Adeniran stressed that the focus of the NNPC Properties Ltd had shifted from the initial lease administration of collecting rents from tenants of the NNPC Properties to “exploring all commercial opportunities available in the real estate market to efficiently position itself as one of the key players of repute that fits the NNPC brand”.

    The Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu made this known in a statement yesterday.

    According to him, the current aggressive commercial drive by the NPL was yielding results as the company had recovered a number of the corporation’s landed property which had been lying idle across the country.

    He listed some of the recovered property to include: a 92-hectre parcel of land on Chevron Drive, Lekki, Lagos; Royal Grove Estate, Port-Harcourt, and others in Abuja and Kaduna.

    He said all the recovered property would be developed for the benefit of NNPC staff.

    Dr. Adeniran commended the Management of the NPL for developing the Third Party Home Ownership Scheme for staff with competitive interest rates from reliable banks and affordable deals from credible developers.

  • Oil sector set for recovery

    Oil sector set for recovery

    2018 offers new hopes and realities for operators in the oil and gas industry, amid challenges, writes AKINOLA AJIBADE.

    Rising output

    The country can produce of over 2.3 million barrels per day (bpd), which it hopes to achieve on the back of a sustained peace programme initiated by the Federal Government. The Nigerian National Petroleum Corporation (NNPC) General Manager, Corporate Planning and Strategy, Bala Wunti, said the 2018 crude oil national production projection for Joint Ventures(JVs), Production and Sharing Contract (PSC), Marginal Fields and Services Contract is about 2,298,000 barrels per day.

    He said the target was achievable, when one considered the peace initiatives spearheaded by the Federal Government and the NNPC in the region. At a forum in Abuja, Wunti said the relative peace in the region had led to improved crude production, adding that the country’s crude output would increase further, if the initiative was sustained in the new year. He said the development would help in increasing output, recover price and support the aspiration of the government to generate revenue for economic growth.

     

    Increase in crude oil prices

    The global oil sector will continue with its gradual, but steady growth in prices of crude, in view of various mechanisms put in place by the Organisation of Petroleum Exporting Countries (OPEC) to halt slide in prices at its Extra-Ordinary General Meetings in Geneva, Switerland. The development is expected to rub off on the prices of Brent crude, which have been projected to hit between $58 and $60 per barrel by March. Though global prices of crude globally have had unimpressive runs in recent times, due to turbulence in the market, the prices are swinging up.

    From less than $25 per barrel in 2008 to $52 per barrel in the last quarter of last year, Nigeria, which heavily relies on sustainance is better for it as the prices continue its gradual rise in the new year. An energy expert, Dr Ayoade Adedayo, said the rise in the price of crude oil is a good omen for Nigeria, which is looking for means of financing its over N7 trillion budget in the year. He said the country will record economic growth if the market sustains the growth in the prices of crude, adding that it holds much prospects for Nigeria, which recently exited recession.

    Adedayo,  a Senior Lecturer, Energy Law, University of Lagos, said the country would achieve its $72 per barrel benchmark set for the 2018 budget, once the price of crude continue to move at a much appreciable level.

    Adedayo said: “I believe that 2018 has much prospect for Nigeria’s struggling economy, in the sense that the country would garner enough funds to achieve fiscal goals from oil.Through this, the country’s economy, which is experiencing high inflationary rates amid huge unemployment, would get some form of repositioning.’’

     

    Improved power supply

    The plans by the NNPC to build power plants that would generate 4,000 megawatts (Mw) of electricity, coupled with the decision of Egbin Power plant, to generate between 1,350 megawatts 9Mw) of electricity and 1,800 megawatts(Mw) of electricity, would help in improving power supply, this year. With power generation a little above 5,000 megawatts of electricity last December, coupled with the decision by NNPC and Egbin Power to generate 4,000 Mw and 1,800 Mw, power supply will certainly improve in the next few years.

    Minister of Works, Housing and Power, Babatunde Fashola, said power supply is set for major improvement, in line with the government’s plan to galvanise investments to move the sector forward. He said the government is exploring opportunities in the Off-Grid and On-Grid methods of generating electricity to stabilise power supply, adding that 2018 will witness the implementation of more energy plants in the country.

    At a conference in Lagos, he said the deployment of three energy sources, namely, gas, hydro and renewable would help the country to enable it to reach sufficiency level as from this year.

    According to him, total percentage contribution of the three power generation companies in Nigeria – Kainji, Jebba, and Shiroro has increased from 15 per cent in 2015 to 26 per cent in 2017 and would likley increase this year.

    Fashola said: “Using three energy sources, such as gas, hydro and renewable, would help us (Nigeria) – as part of efforts by the Federal Government, to improve power supply for economic growth. The idea is in sync with the government’s plans to implement robust economic policies in the country. In the next few years, Nigerians would heave a sigh of relief, as the government would improve power supply

    Also, the Egbin Power Company Chairman, Mr Kola Adesina, said the firm will generate between 1,350 Mw and 1,800 Mw, using modern technologies and renewable energy sources, adding that the initiative would help in improving power supply in Nigeria. At the unveiling of the second edition of the company’s yearly sustainability report in Lagos, Adesina said the firm is bracing all odds to generate more 1, 800 megawatts of electricity, stressing that the idea would impact positively on the economy.

     

    DisCos ‘expectations

    The power distribution companies (DisCos) are targeting improved supply of electricity, investment in infrastructure, among others, in 2018. The Chief Executive officer, Association of Electricity Distributors of Nigeria (ANED), Mr Azu Obiaya, told the Nation, that the industry is seeking an improvement is service supply to individual and corporate customers. He said the DisCos  hope the Federal Government will pay them their debts in the year, adding the development would enable the power firms to improve supply of electricity. He said DisCos want the Nigerian Electricity Regulatory Commission (NERC) to implement the new tariffs in 2018, adding that any attempt to delay it till 2019 would affect their operation.

    He said: “2019 is an election year. If the implementation of the tariffs is delayed till 2019, the implication is that the DisCos may not be executing the tariffs plans to achieve their goal of improving their earnings.

    Also, ANED Executive Director, Research and Advocacy, Sunday Oduntan, said the expectations of the companies are high, adding that collaborative efforts, among all stakeholders, are required to improve supply of power. He said metering of customers would improve in the New Year, in view of the fact that the DisCos have invested heavily on infrastructural facilities, such as meters, transformers and other equipment.

     

    Solid Minerals

    The sector will contribute to the  Gross Domestic Product (GDP), improve the earnings of the Federal Government and open window of employment opportunities for the people. The Minister of Solid Minerals, Dr Kayode Fayemi, said the sector has been overlooked by past administrations, adding that the government of President Muhammad Buhari, is galvanising investment in the sector, by allowing investors to invest in it for improved activities.

    He said: “In view of the Blueprint unveiled and implemented for the growth of the solid minerals sector by the Federal Government recently, the sector is set for success. Resources, previously untapped, are now being tapped in the country. Many resources have been discovered to improved economic growth. The domestic and export use of solid minerals are improving daily and the government will not hesitate to appropriate the gains in the sector for growth.

    According to him, the World Bank has provided a $150million grant to the sector for distribution to operators. He said operators must have a proven record of operation in the sector, and should not have contravened the rules of corporate governance, among others.

    Fayemi said: “The government does not want to be biased on the issue of allocation of funds for operators, hence it decision to call prospective and current operators to apply for grant. It is being done in an open and transparent manner, to prevent clashes among the operators. Due diligence was followed in the ways and manners in which people applied for the grants and hopefully the sector will improve greatly in the coming years.

    “He said the government will improve exportation of solid minerals, adding that through this means, the government  will garner enough revenue from the sector for growth.

    ‘’There are immense opportunities in the sector. There is huge revenue in the industry. Unfortunately, past governments failed to improve the growth of the sector. The potential in the industry, if well harnessed can provide the government will enough funds, required to promote the growth of the economy. At least, the sector would first of all, provide over 100,000 jobs for Nigerians. This is a remarkable improvement on the country’s which unemployment is put at over 40 per cent, by the Nigerian Bureau of Statistics(NBS)s

    Also, the Special Assistant to the Minister on Media, Yinka Oyebode, said the sector would yield enough dividends for operators, including the government in 2018 and thereafter. He said efforts were ongoing by operators to create jobs for skilled and unskilled workers, stressing that Nigerians would derive a lot of benefits from the sector soon.

    The Ministry, he said, is creating job opportunities for the teeming unemployed, calling on the operators to use the loans or grants, which they received well.

  • Improving on asset recovery

    SIR: The inaugural Global Forum for Asset Recovery held in the District of Colombia has come and gone. I feel a sense of pride to know that some of the modest efforts we put in bore some fruit. Those first fruits came in form of an announcement from the Federal government and its Swiss counterpart that both parties signed agreement for the repatriation of $321million of the loot which the late Sani Abacha stashed in Switzerland. Prior to that announcement, a surprise one came from Nigeria’s number one lawyer, Abubakar Malami, that assets worth N861million from the Malabu deal had been returned to Nigeria.

    Only on Friday, December 15, a UK court ruled that an amount to the tune of $85million from the Malabu deal be made forfeit to the federal republic of Nigeria. That ruling in favour of Nigeria is a victory for Nigerians as it will soon make the money available to finance development initiatives in the country. It has come at a time when Nigeria is running a deficit budget and plans to borrow to finance the deficit. What has become evident and which holds true is that in the asset recovery tripod, the negotiations leading to a repatriation of stolen wealth anywhere in the world is much more dicey and sensitive much more than a freezing and seizure of such stolen funds.

    There are other asset recovery cases like the Malabu – the Diezani, the Dasukigate and the cases of Nigerians fingered as beneficial owners of offshore companies. These cases are unique in the fact that the usual suspects are here with us. They are not ghosts, and to that extent, they have put the full measure of the proceeds of their crime to bear in the fight to repatriate the monies which they are alleged to have made away with.

    I believe that it would take more than political will to recover and repatriate assets from the looters. The current administration must muster the courage to get to the root of all these cases; after all, they promised Nigerians that the fight against corruption was a priority. While the negotiations which led to the Swiss government signing an MoU/agreement with Nigerian government to return $321million, were on, some big questions kept bordering my mind, will the repatriated loot be re-looted as it happened in the past or will it be carefully used to improve the lives of poor Nigerians?

    To what extent has the federal government demonstrated the will to apply the fund where it will have maximum impact? Has the framework for monitoring the use of the repatriated look been properly laid down? We need to reflect on these simple but serious questions and if the right thing has not been done, there is still time to do the needed adjustments.

    In 2006 when Switzerland returned about $500million of the Abacha loot, it was said to have been factored into the national budget and used for the implementation of projects.  But a shadow report by the Nigeria Network on Stolen Assets revealed that some 29 of the 53 surveyed projects hardly met requirements of reasonable degree of completion or sufficient operation. (Peter Lang, 2011). Involvement of CSOs saved those monies from being re-looted. That monitoring framework used at that time involving CSOs, the World Bank and the Federal Government of Nigeria has been hailed internationally as a ‘paradigm for a truly  transparency process ’. That justifies why the proper application and monitoring of the $321m is of serious concern to all.

    Nigeria is ripe for a proper legal frame work on asset recovery and the Nigerian CSOs at the just concluded Global Forum for Asset Recovery made useful proposition which should be taken seriously. The CSOs urged the Nigerian government to accelerate action on the passage of pending bills – including, inter alia, the Proceeds of Crime  Bill – into laws in order to strengthen asset recovery framework in Nigeria. The POCA Bill would actualize the key commitment made during the London Anti-Corruption Summit in 2016. The CSOs also urged the Nigerian government to strengthen, through legislative action, the powers and autonomy of the Nigerian Financial Intelligence Unit (NFIU) so that the unit can operate in consonance with the standards of FATF and the EGMONT group. Channelling all recovered assets to compensate victims of corruption so as to meet the Sustainable Development Goals (SDGs), also came out as a strong recommendation, and the CSOs concluded that the monitoring of the use of recovered assets through a transparent and accountable framework by CSOs and other interest groups was critical.

     

    • Bob MajiriOghene Etemiku,

    Africa Network for Environment & Economic Justice, (ANEEJ), Benin City.

  • Fed Govt: we’ll sustain momentum of economic recovery

    The Federal Government has said it will not rest on its oars but sustain and maintained momentum of the various initiatives put in place for economic recovery.

    Senior Special Assistant on Media and Publicity, Office of the Vice President Mr. Laolu Akande stated this yesterday while addressing the Fourth Economic Communication Workshop for selected journalists at the Treasures Hotels and Suites, Abuja.

    The theme of the workshop was: “Budget, Presidential Executive Orders and Industrial Competitiveness as enablers of economic growth”.

    Although the country is not yet where government wants it to be, Akande said President Muhammadu Buhari and Vice President Yemi Osinbajo are determined to ensure full economic growth for the country.

    “A lot more is going to happen and the momentum is gathering for economic reforms. This leadership is committed to change and reform. We hope to wrap up and make impact on the people economically,” he stressed.

    He said there will be more diversification towards the non-oil sector of the economy next year and that government expects more revenue from this sector than from the oil sector.

    Akande noted that it was in recognition of what the government achieved through its various reforms that made the World Bank to rank Nigeria among the 10 most reforming countries of the world.

    Asked why government was requesting loans in spite of huge funds recovered from looters of the nation’s treasury, Akande said not much has been recovered to stop government from taking these concessionary loans that are meant for infrastructural growth.

    He, however, explained that there is a line in the yearly budget, like in 2017 and 2018 where government stated how much it is expecting to get from the recovered loot but that it is put back in the budget as income.

    He gave assurance that the whistleblower in respect of the Osborne, Ikoyi funds will be paid before the end of next week, notwithstanding it will be the largest pay-out to be made by the Federal Government.

    The vice president’s spokesman said government is going to improve on the ease of doing business in the country.

    He said this explains why Vice Osinbajo has been going round the country so that government agencies can see themselves as facilitators so that small-scale industries can do well in business.

    The Senior Special Adviser to the Vice President said the Home Grown Feeding Scheme of the government is now operating in 19 states and involving about four million school children, adding that the target is to attain five million school children by the end of the year.

    He said to date, no fewer than 267,000 small-scale enterprises (SMES) have been engaged while another 98,000 have been formalised by government.

    He said the uncertainties in the economy led to the collapse of the capital market in the past.

    “But the situation today is that Nigeria has become investors’ destination as efforts by government continue to attract investors. We would see inflow into capital market and this will increase employment,” he said.

    The Technical Adviser to the Vice President on Economic Matters, Mr. Fola Adejuwon, who remarked that inflation has been trending down within the last nine months, gave assurance that Nigerians would see the best side of the economy by January.

    Adejuwon, who admitted that it has been difficult for enterprises to flourish under the present interest rate regime, disclosed that all efforts are now geared towards reversing the trend, adding that the MPR, which is now 14 per cent, will be further reduced next year.

    He said the Federal government is also making efforts to reduce the risk of lending and defaults so that banks will be in position to reduce interest rates on loans.

    Adejuwon disclosed that Development Bank of Nigeria is coming upstream while Bank of Industries (BOI), Bank of Agriculture and others will be recapitalised in next fiscal year to enable them lend at single digit interest rate.

    Special Assistant on Micro, Small and Medium Scale Enterprises to the Vice President Mr. Tola Adekunle-Johnson said issue of the small scale industries are very close to the heart of Prof. Osinbajo.

    According to Adekunle-Johnson, the Vice President has taken their problems upon himself and has been going round the states and in partnership with state governments, finding solutions to them through SMEs clinics made up of agencies that have to do with giving approvals to SMEs.

    At such clinics, he said small scale entrepreneurs in just one day can approach any of these agencies and get solutions to problems which hitherto take months to resolve .

    He said efforts are also ongoing to enable SMEs secure loans at single digit interest rates from banks like BOI once they are able to provide guarantors.