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Nigerian Elites Beware As Illicit Overseas Assets Take Centre Stage in Russia/Ukraine War
By Joel Popoola
No Nigerian can fail to have been moved by the scenes of carnage coming out of Ukraine following the cruel and cowardly Russian invasion.
But there are lessons our nation must learn from this horrific situation too.
The international response to Russian aggression has by and large not been military, but economic.
Russia has been hit by severe sanctions designed not to attack her army, but hobble her economy – an indication future wars may be fought not on the battlefields but on the international finance markets.
And while Russia seemingly holds a military advantage over Ukraine – despite the heroism of the Ukrainian people – it is getting destroyed economically.
An international alliance has cut off some Russian banks from the SWIFT messaging system, used to facilitate trillions of dollars’ worth of international financial transactions every day, in what has been called “the nuclear option” of sanctioning.
They also promised to prevent Russia from accessing some of its foreign reserves. To put that in layman’s terms, Russian has gone to the bank and found its saving account empty.
When the stock market opened for the first time after the penalties were imposed, the value of Russia’s major banks halved almost instantly and the Rouble lost 30% of its value, making it much more expensive for Russian to trade – if indeed they can find anyone to trade with.
To combat inflation, the Russian Central Bank doubled its key interest rate to 20%. That’s higher than America’s equivalent rate has been in all of its history.
But what does this have to do with Nigeria?
A British parliamentary inquiry reported in 2018 that “despite the strong rhetoric, President Putin and his allies have been able to continue ‘business as usual’ by hiding and laundering their corrupt assets in London”
Hiding illicit assets overseas you say?
This may sound very familiar to Nigerians.
As part of the international response to Russia’s aggression, Russian elites have seen their overseas assets targeted too – which may be why Roman Abramovich suddenly seems so keen to sell Chelsea.
The message is clear. If you try to hide dishonestly or illegally gained money overseas, there is no place to hide. And if your country finds itself in embroiled in an international dispute, you may find yourself a target.
Russian is far from alone in seeing its very wealthy hide their wealth as far from home as possible.
In recent days, leaks from the Credit Suisse Bank have shown how comfortable the Swiss Bank was in having Eduard Seidel as a client.
The German was convicted of bribery in 2008 after overseeing a campaign of industrial-scale bribery to secure lucrative clients for his employer by shovelling cash to corrupt Nigerian politicians.
That leak follows last-year’s so called Pandora Papers leak, which pointed the finger at a number of high profile Nigerians – including current and former state governors, past and present lawmakers, and even a senior judge –for setting up shadowy shell companies in notorious tax havens to hide their wealth. That leak suggested that powerful Nigerians have bought UK property valued at £350m using 166 offshore companies.
The Ukraine situation has highlighted this issue. Soon there may be no hiding place for those who hide their wealth overseas. And if not in the national interest, our elites need to consider acting in their own self-interest when it comes to transparency and accountability.
But politicians need to take the same steps towards transparency and accountability too.
At the digital democracy campaign I lead, we have been trying to give them the tools to build back the trust and both their reputations and that of our entire political system, and to make all their financial interests publically accessible
We have created an free mobile app called Rate Your Leader, which was designed to reconnect electors and the elected, opening direct channels of communication between people and to their elected officials – giving local people the kind of access previously only enjoyed by funders.
Rate Your Leader encourages politicians to explain the decisions they have made and the reasons for making them directly to the people they affect. If the voters don’t like the answer they get, they can rate their politicians badly.
In the UK, a new Economic Crime Bill developed in response to Russian’s invasion of Ukraine will include a new register that will mean foreign owners of UK property must declare and verify their identities with the state.
That register will include Nigerians too.
This week the UK also signed another agreement relating to compensation for corruption in the Nigerian Energy sector.
The net is closing in on international corruption, and current international events are just making that net tighter. We now need to do our bit at home.
Joel Popoola is a Nigerian tech entrepreneur, digital democracy campaigner and creator of the Rate Your Leader app.
News
Akpabio Admits Deleting ‘Real-Time’ from Electoral Act, Proffers Defence
President of the Senate, Godswill Akpabio, on Saturday, admitted that the Senate deliberately deleted the provision for “real-time” transmission of election results from the Electoral Bill, 2026.
Akpabio said the Senate took the decision because it believed that “technology must save and not endanger democracy.”
He spoke in Abuja at the unveiling of a book titled “The Burden of Legislators in Nigeria”, authored by Senator Effiong Bob.
The Senate President likened the issues raised in the book to the challenges faced by lawmakers in the course of their duties, including the controversy and alleged “abuses” directed at the Senate following the passage of the electoral bill.
Defending the removal of real-time electronic transmission from the bill, Akpabio argued that the entire country could be thrown into chaos if, for instance, network or power failure affected the uploading of results.
He insisted that Form EC8A and other official election records should remain the most reliable means of declaring results.
“All we said was to remove the word ‘real-time’ to allow INEC decide the mode of transmission. If you make it mandatory and there is a system failure, there will be a serious problem,” Akpabio told the gathering, further confirming that the bill, as passed, excluded real-time electronic transmission of results.
He gave another example: “Real-time means that if there are nine states where there is no network, does it mean elections will not take place there?
“Or in any part of the country where there is a grid breakdown, does it mean there will be no election?
Reacting to the outrage that trailed the Senate’s action, the Senate President said the legislature would not be “intimidated” into passing a faulty law simply to please opposition political parties, civil society groups and non-governmental organisations (NGOs).
Akpabio criticised NGOs for insisting that because they organised retreats for lawmakers – where ideas were exchanged on the electoral bill – the Senate must adopt their positions, even if such positions did not align with the interests of all segments of the country.
“Why are people setting up panels on television stations and abusing senators? I leave them to God.
“We will not be intimidated but will do what is right for Nigeria, not what one NGO says. A retreat is not law-making.
“Why do you think that the paper you agreed to in Lagos must be what we must approve?” he asked.
Akpabio, who noted that many Nigerians had turned themselves into authorities on legislative matters despite being ignorant of the law-making process, however, softened his stance, promising that there was still a window of opportunity for amendments to the bill.
He cited the Votes and Proceedings of the day’s sitting, explaining that as long as they had not been approved, the bill could still be corrected if the majority of senators supported such changes.
“We have not even completed it until we look at the votes and proceedings. When we bring out the votes and proceedings, any senator has the right to rise and amend it.
“We can amend anything before we approve the votes and proceedings. Why abuse the Senate when what we have is incomplete?
“I can’t talk until they tell me to drop the gavel. In this case, we are yet to complete the process,” he said.
The Senate President also stated that attacks on the Senate were uncalled for, noting that any provision rejected by the Senate could be reinstated by the Conference Committee of the Senate and the House of Representatives. He said there was therefore no need to hastily criticise senators.
However, the National Chairman of the African Democratic Congress (ADC) and former President of the Senate, Senator David Mark, who chaired the occasion, immediately responded, cautioning Akpabio against speaking for the Independent National Electoral Commission (INEC).
“What the ADC is saying is: pass the law and let INEC decide whether it can implement real-time electronic transmission or not. Don’t speak for INEC.
“The position of the ADC is clear: pass the bill and let INEC decide what it will do with it,” Mark insisted.
Several speakers at the event, including Akwa Ibom State governor, Pastor Umo Eno, and the book reviewer, Professor Maxwell Gidado, praised Senator Bob’s courage in writing the book, describing it as a bold effort to highlight the challenges faced by Nigerian legislators in the course of their duties.
The author also outlined some of these challenges, listing electoral battles, conflicts with governors and political godfathers, judicial annulment of electoral victories, addressing private concerns of constituents, and self-inflicted challenges.
“The courage to defend democracy is in the legislature and the legislators,” he said.
News
Tinubu Approves Reopening of Tsamiya Border with Benin
President Bola Ahmed Tinubu has approved the reopening of the Tsamiya border between Kebbi State and the Republic of Benin to boost socio-economic activities between the two countries.
The Comptroller-General of the Nigeria Customs Service (NCS), Bashir Adewale Adeniyi, stated this during a stakeholders’ meeting in Kebbi State.
He said the President had approved for the transit of commercial trucks from Kebbi State into the Benin Republic, “without compromising national security.”
Comptroller Adeniyi explained that the reopening would facilitate the movement of goods and support legitimate trade, adding that measures were being put in place to allow the passage of about 2,000 trucks that had been stranded at the border for several months.
The Comptroller-General commended the contributions of retired Director of the Nigeria Customs Service and former Comptroller-General, Abubakar Musa Garkuwan Yauri, a native of Kebbi State, for his distinguished service.
Also speaking, Governor Nasir Idris said the Kebbi State Government would provide social amenities and critical infrastructure at the Tsamiya border to ensure smooth trade flow between Nigeria and the Benin Republic.
He praised President Tinubu for reopening the Tsamiya–Sagbana border crossing, describing the move as a major boost to economic and commercial activities.
“Kebbi State thanks President Bola Ahmed Tinubu for reopening the Tsamiya border and making it functional. The President keeps his promises and has demonstrated sincerity by authorising this reopening for the economic prosperity of both nations,” Governor Idris said.
He assured that the state government would fulfil its responsibilities to ensure efficient border operations and provide the necessary infrastructure after consultations.
Governor Idris also commended the Comptroller-General for transforming the Nigeria Customs Service, adding that Kebbi State would remain a customs-friendly state and continue to value its serving and retired customs officers.
Meanwhile, the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, said President Tinubu’s economic reforms were beginning to improve the national economy, with benefits expected to reach grassroots communities.
The meeting was attended by the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu; a representative of the National Security Adviser; heads of security agencies; senior officers of the Benin Republic Customs Service; and the Kebbi State Governor, Nasir Idris.
News
Food for Living: Be Intentional in Carrying Your Cross
By Henry Ukazu
Dear Destiny Friends,
Cross is a word that means several things to several people. For Christians, apart from serving as symbol of their faith, it refers to the agony Jesus Christ had to experience for the salvation of mankind. For a married couple, it refers to their partner’s excesses. For a grown man, it means the various endeavours required to provide for the family. For the woman, it can mean carrying a child for nine months, while for parents, it can be training and providing for their children, and for business people, it means developing, investing and growing their businesses. For employees on the other hand, it means doing the needful for the collective growth of the firm. On a general note, cross can refer to the burden or process one has to bear or undergo to be successful.
What therefore, is your cross? Yes, there’s no human being on earth without a cross. The crosses we carry however, vary. Cross is like pain. We all experience it differently. Just like it’s usually said in some social parlance, one man’s meat is another’s poison. Someone’s pain might be someone’s gain, and what might appear heavy for someone might be fun for another.
We can easily juxtapose the case of a wealthy man without a child with a poor man with children. They want what the other doesn’t have. Another scenario is where someone with enough wealth, but the children are not responsive to tutelage. Now contrast that to a case where someone might have just one or two children who are very responsible, but does not have money to support their needs and training.
Another scenario is where a student might have money, but lacks understanding to pass a subject unlike another student who might be poor, but he’s extremely intelligent. I can go on and on, but as a sage would say, a word is enough for the wise.
In the journey of life, everyone carries a cross at a particular point in time. This cross appears in various stages. The newly born child must undergo the process of crawling, walking and running. At each stage, the child carried a cross. In the same way, when the child is two years, the interest of the child changes. And it is when he becomes four years, six years, eight years, 10 years, 15 years, 20 years, 25 years, 30 years, 35 years, 40 years 50 years and 60 years, and continues to change as the years add. A closer look will explain that the child will definitely carry a cross at each stage of their life until they leave this world. The cross never ends, it just changes.
The same principle is applicable to relationships. During dating or courtship, the way partners relate is quite different from when they are married. When they are married, their love language hits different, and when the kids begin to come in, it’s a different story. When their marriage hits five, 10, 15, 20, and 30 years, it’s a different ball game entirely. The interesting thing here is that, what ordinarily might not be a problem during their first three years might threaten their marriage in five or ten years because the cross they carry has shifted.
Everyone has a cross irrespective if the profession or leaning. I call this cross “secret frustration”. What makes the ultimate difference is how we manage the pain or frustration. If the pain, challenge or cross is properly managed, one will not appear burnt, however, if the pain takes a toil on you, one will pay the price and if not properly managed it can have an adverse repercussion.
Furthermore, carrying one’s cross involves carrying one’s responsibility and vision. Nobody will carry it for you. Imagine, having a vision and giving it to someone else, nobody will carry your vision for you, neither will anyone do the work for you.
In my personal experience in life, I have always searched for men who can pour into me whether financially, academically, mentally, spiritually and health-wise. One may wonder what I gained during the period, I was disappointed on several occasions. It was the moment I realized my life and success was entirely in my hands, I became intentional in carrying my cross and results began to trickle in. The moral of my experience is that nobody will save you, you must save yourself. The best anybody can do is to assist you to save you.
One of the surprising things I have discovered when people carry their crosses is that others appear to be spectators; they observe with reservation to see how life will unfold for you. By the time one succeeds, these observers appear like flies to grab their own share of largesse they didn’t invest in. Suddenly, they become entitled to your hard-earned money and opportunities which they didn’t contribute to making. As one of my mentors will say, you are allowed to do the work, but you are not permitted to eat alone. These sets of ignorant minds fail to understand the importance of taking risks, sacrificing and building strategic relationships. These are the strong pillars which separate an ordinary mind from an extraordinary man.
The moral of this analysis is that the extra-ordinary man was intentional in carrying his cross by taking strategic risks, experiencing failures and building and investing in strategic relationships which culminated to their success, but the ordinary man was merely concerned in staying in their comfort zones.
It’s instructive to note that it’s not easy for anyone; everyone is dealing with something. Sometimes, people make foolish mistakes and take poor decisions which cause them a fortune and they expect someone who they consider as a Lamb of God to take away their sins, but life doesn’t work that way. If you ask someone for assistance and they say they can’t afford it, please don’t be mad, because if you can, you wouldn’t ask them.
In conclusion, I don’t know what your situation is, but I’m here to tell you, your cross is valid, and your cross will not only design your destiny, but it will unleash your destiny which will ultimately set you apart. So, don’t be hard on yourself when you are carrying your cross, it’s part of life’s journey and process to fashion and unleash you to the world.
Henry Ukazu writes from New York. He works with the New York City Department of Correction as the Legal Coordinator. He’s the founder of Gloemi. He’s a Transformative Human Capacity and Mindset coach. He is also a public speaker, youth advocate, creative writer and author of Design Your Destiny Design and Unleash Your Destiny . He can be reached via info@gloemi.com






