The Nation Newspaper

Tag: SWISS

  • Austria, Germany, Swiss seek stronger ties with Nigeria

    The delegation of German Industry and Commerce in Nigeria  in cooperation with the Austrian Embassy and the Consulate General of Switzerland, supported by the Consulate General of  Germany in Lagos and the Nigeria German Business Association (NGBA) has pledged to provide a solid platform for private enterprises in the country.

    Speaking on the  fourth edition of the Austrian-German-Swiss Business Outlook (AGSBO) yesterday in Victoria Island, Lagos, Deputy Consul General of Germany in Lagos, Ms. Alexandra Herr said  the long existing partnership and business relation between Nigeria and Germany in the areas of agriculture, food processing and manufacturing has led to the establishment of over 90 German firms in the country.

    “Some of the notable events and business delegations that was carried out last year such as the business and political delegations from Bavaria and Baden-Wurttemberg, trade missions in the energy sector as well as the agro-food and various trade fairs have  welcomed over 40 German companies to Nigeria under the German Pavilion,” she said.

    Herr expressed confidence that  interest in the local market will continue to translate into a series of initiatives, visits of trade delegations among others.

    “In the months to come, the German consulate will continue to work closely with the chambers of commerce and trade associations to promote bilateral trade relations between both countries,” she said.

    The Swiss Consulate General, Mr. Yves Nicolet  said  there are signs of recovery for the Nigerian economy as Swiss firms operating in the country has increased significantly from 45 to 54 within a year.

    He said there are  various initiative of the Swiss consulate to promote Nigeria as a business hub especially through the various event/exhibition platforms

    He said Swiss Nigerian Business Council was created in 2017 to inform and advise potential new companies looking to enter the  market.

    “Nigeria, especially Lagos remains a very important and potential place for business as there appear to be a lot of interest for Swiss companies to enter the Nigerian market,” he said.

    Commercial Attaché, Austrian Embassy , Mr. Hannes Scheiner said Nigeria is Austria’s second largest trading partner in Sub-Sahara Africa with Austria’s export to Nigeria fluctuating around 80 million Euro per year.

    Scheiner revealed that one of its major plans in 2020 is the re-launching of the Austrian lace in Nigeria through its participation in the Lagos Fashion Week 2020 edition.

    He said currently, Austria’a main export to Nigeria are high quality machine for the Nigerian manufacturing industry.

    He said: “We continue to see potential for economic exchange between Austria and Nigeria specifically as it relates to high quality, specialised machinery for the manufacturing industry; renewable energy solutions and environmental consulting; construction machinery and materials; supplies and general infrastructure improvement, but we also have an increased interest in the innovation and tech space”

     

     

  • Swiss govt to return $321m in stolen funds to Nigeria

    Swiss govt to return $321m in stolen funds to Nigeria

    Switzerland will return to Nigeria around 321 million dollars in assets seized from the family of former military ruler Sani Abacha via a deal signed with the World Bank, the Swiss government said.

    Transparency International, a corruption watchdog, has accused Abacha of stealing up to five billion dollars of public money during the five years he ran the oil-rich country, from 1993 until his death in 1998.

    In 2014, Nigeria and the Abacha family reached an agreement for the West African country to get back the funds, which had been frozen, in return for dropping a complaint against the former military ruler’s son, Abba Abacha.

    The son was charged by a Swiss court with money-laundering, fraud and forgery in April 2005, after being extradited from Germany, and later spent 561 days in custody.

    In 2006, Luxembourg ordered that funds held by the younger Abacha be frozen.

    The Swiss government said that Switzerland, Nigeria and the World Bank have agreed the funds will be repatriated via a project supported and overseen by the World Bank.

    “The project will strengthen social security for the poorest sections of the Nigerian population.

    “The agreement also regulates the disbursement of restituted funds in tranches and sets out concrete measures to be taken in the event of misuse or corruption,” the World bank said. (Reuters/NAN)

  • Federer eyes 7th ATP Finals title, after Shanghai triumph

    Federer eyes 7th ATP Finals title, after Shanghai triumph

    Roger Federer is eyeing a seventh ATP Finals crown and has not ruled out pinching the world no. one ranking from Rafa Nadal, if he maintains the form that won him his second Shanghai Masters trophy on Sunday.

     Federer the 19-times grand slam winner claimed his 94th title and sixth this year with an emphatic defeat of Nadal in the Shanghai final and is hungry for a first ATP Finals win since 2011.

    “London is my priority now and I really want to win the World Tour Finals,”  the evergreen 36-year-old told Sky Sports.

    “I am very excited to have had the year that I have had and everything that comes from here is a bonus.

    “Finishing the year as world no. one is a long shot and I don’t think it will happen, but if I play like this, who knows?

    “Maybe I will get close again.”

    Shangai was Federer’s first tournament since the U.S. Open and the confidence he gained from his opening matches helped him through a taxing schedule.

    “It’s been a tough week, five straight matches is always a test and a challenge for anybody’s body, especially with the pressure rising,” he said.

    “I felt I was playing well all week and that settled my nerves because I was returning well from the (opening) match here against (Diego) Schwartzman.

    “The serve only got better and I saved the best for last … In a way, not surprising because I felt good all week — I was ready.”

    The Swiss next headlines his home Basel International starting Oct. 21.

    NAN

  • Swiss Re acquires 25 percent stake in Leadway Insurance

    Leadway Assurance Company Limited has announced that Swiss Re has purchased a 25 per cent stake in the company.

    Leadway Managing Director Mr Oye Hassan-Odukale made this known  in Lagos.

    According to him, the acquisition of shares by Swiss Re marks the beginning of a new chapter in the firm.

    He said the complementary capabilities and philosophies of the two firms would bring great opportunities for Leadway to emerge as a leading African financial institution.

    He said: “Swiss Re was selected as an investor because of the existing and well-established relationship between the two organisations. This comes in addition to Swiss Re’s long-standing commitment to the insurance sector which combines financial strength, risk transfer expertise and its direct investments.

    “The investment allows Swiss Re to deploy capital in-line with its strategy of accessing new risk pools in emerging markets and to support insurance development across the globe. The investment comes after the exit of the International Finance Corporation (IFC), a member of the World Bank, which was the second largest shareholder of Leadway Assurance.

    “The relationship between Swiss Re and Leadway started nearly 40 years ago when the then domestic insurer was in the process of ramping up its direct and personal line insurance operations into commercial and industrial line insurance operations to compete in a market which was dominated by much older foreign linked insurers.’’

    Hassan-Odukale added: “For over 45 years, Leadway has enjoyed steady growth while providing integrated insurance and financial services to its numerous clients and policyholders. It has substantial investment in key sectors of the economy with a diversified portfolio of subsidiary investments in pension fund management, trusteeship and hospitality.The company’s remarkable success has been possible because of its sound professional and business standards backed by the integrity of its board of directors and executive management.’’

  • Swiss firm plans hospitality training for youths

    Young people or fresh graduates seeking new skills to improve their employability can gain from a hospitality workshop organised by the Swiss Education Group (SEG) on Saturday at the Eko Hotel and Suites, Victoria Island.

    Sally Mbanefo, Director-General, Nigerian Tourism Development Corporation (NTDC), is one of the five speakers scheduled to speak at the training open to prospective students, fresh graduates or those considering a change in career.

    The training would expose the participants to careers in the hospitality industry including luxury event management, culinary arts, travel as well as tourism with the aim of helping them tap into the opportunities in a sector expected to provide up to seven million jobs by 2025.

    Participants will also be exposed to business knowledge, challenges and opportunities in the industry and how to overcome them, among others.

    Other seasoned speakers expected at the event are: Obinna Ekezie, MD/CEO Wakanow; Belinda Nwosu, Head of Hospitality department, Wavecrest College of Hospitality, Lagos; Nkem Odewunmi,  CEO Food Fashion Fusion; and Funmi Victor-Okigbo, MD/CEO No Surprises Events.

     

  • $321m loot: Swiss gives conditions

    Switzerland has given Nigeria  conditions for the repatriation of the $321 million stolen fund in Swiss accounts.

    Swiss Foreign Minister Mr Didier Burkhalter said a treaty on use of the fund must be spelt out before the money would be released.

    Besides, the World Bank must be involved to monitor how the money would be spent.

    Burkhalter, who spoke in Abuja after meeting his Nigerian counterpart, Mr. Geoferry Onyeama, said if both countries signed a treaty to support social projects in Nigeria, with the World Bankmonitoring, the money would be restituted.

    The minister assured Nigeria that his country would write another chapter of the history of illicit asset recovery and restitutions from Swizerland to Nigeria

    He said: “Ten years ago, we repatriated the Abacha loot of $700 million and now there is a possibility and the decision as in principle to restitute another $321 million.

    “And for the Swiss government it is important to act swiftly, to act in a transparent way and act for the good of Nigeria.

    “And the decision of the prosecutor of Geneva set a condition and this condition is a monitoring mechanism by the World Bank.

    The envoy said the time to repatriate the fund “depends on the capacity of our finding the solution to the conditions that are set.

    “I mean monitoring mechanism on the projects that have to be supported, then it can be very swift because the decision as in principle of restituting the $321 million has been taken,” he said

    Onyeama announced that both countries have commenced the process to repatriate  the $321 million.

    The minister said there has to be an agreement on what the money would be used for.

    “So we have to agree before hand as a pre-condition on what the money would be used for.

    “And the World Bank would be part of the monitoring process to ensure that the money is used for the benefit of Nigerians,” he said.

    He said the visit of the Swiss minister helped with the commencement of repatriation of the looted fund.

    According to him Switzerland is helping in many areas, with the internally displaced persons in the North.

    “They are making significant financial contribution there as well, and in trade.

    “They are about to open a new consulate in Lagos  and this would be a mechanism that helps trade; Swiss investment in Nigeria, which is what we are looking for.”

  • Very apt

    Very apt

    A SWISS non-governmental advocacy group, the Berne Declaration, has turned in a scathing indictment on the activities of the Nigerian National Petroleum Corporation (NNPC). The report entitled, ‘Swiss traders’ opaque deals in Nigeria’ simply described the Nigerian National Petroleum Corporation (NNPC) as “the greatest fraud Africa had ever known”.

    The group would further add: “the all-powerful national company, the Nigerian National Petroleum Corporation, categorised as the most opaque national oil company on the planet, itself is evidence of Nigeria’s ‘resource curse’ at work”.

    Nothing, in the view of this newspaper makes the description as anything less than apt. Most Nigerians would probably accept it as most fitting for the corporation known for shady practices. The description is of course based on the specific findings of criminal collusion between the NNPC and local band of accomplices working in cahoots with a foreign syndicate. For this latest report, Nigeria ought to consider itself in debt to the Swiss advocacy group for helping to trace the intricate web of organised fraud, and for lifting the veil off the activities of the triumvirate of NNPC, Vitol and Trafigura –two Switzerland-based oil traders registered in Bermuda, and seven unnamed Nigerian oil importers behind what is arguably the biggest scam of all time.

    As with the typical Nigerian story of sleaze which borders on the fairy tale, the crux of the matter is that the two Swiss traders, with their seven local oil importer-accomplices allegedly used offshore subsidiaries described as ‘letterbox companies’ to defraud the country of over $6.8billion in subsidy payments between 2009 and 2011.

    This, according to the report, happened because Vitol and Trafigura enjoyed pre-eminent place among the leading traders in Nigeria’s oil, cornering as much as 36 percent of NNPC’s market share under a process that is less than transparent. On this, the Berne Declaration would note: “the Swiss traders do not acquire this crude oil based on public and transparent calls for tender… each year the NNPC grants the allocations of exports under obscure conditions and on the basis of criteria that are unknown outside the restricted circle of the decision makers.”

    Worse is that the “exclusive” relationship also guaranteed the Swiss firms hefty price discount on Nigeria’s oil. With NNPC refineries in abysmal states, and with the corporation known to retain crude allocation for the refineries as if they were operating at full capacity, the excess merely goes to feed its partnership via the dubious discretion of either selling the excess to them or their local accomplices through their fraudulent subsidiaries in Switzerland at lower prices, or as it is often the case, in exchange for refined petroleum products in shady swap contracts. Whichever way it goes, the Nigerian accomplices in crime are guaranteed their share from the fraud through the offshore subsidiaries created specifically for the purpose.

    There were of course the usual scams of ship-to-ship transfer of crude oil to create untraceable paperwork, payment of subsidy money to non-existing importers, and prevalent practice of partnering with politically exposed fraudsters in oil trade –all of these duly highlighted in the report, as if to buoy the image of an outlaw, anything-goes national oil corporation that Nigerians have come to know.

    We welcome the plan by the House of Representatives to investigate the report. As always, the million-dollar question is the extent that the House probe can go. Merely by the body of work already done by the Swiss group, the issues begging for resolution would appear straightforward. One is the benefit of knowing why the nation’s oil is sold through third parties when it could be sold directly to buyers; the other, related, is the authority behind the sale of the crude at discounted prices. As for the mystery promoters of the seven off-shore companies, Nigerians are interested in knowing them.