Headlines
Recovered Diezani Loot to Be Spent on Rural Electrification – FG
The Federal Government of Nigeria has announced that millions in recovered funds linked to former Petroleum Resources Minister Diezani Alison-Madueke will be used to fund rural electrification projects across Nigeria. The announcement followed the signing of an Asset Return Agreement between Nigeria and the United States, which enables the US to return nearly $52.9 million (€51.6 million) seized from the forfeiture of assets belonging to the former minister and her associates.
The agreement is significant in that it is the first repatriation of assets to Nigeria linked to Alison-Madueke. She was Nigeria’s oil minister from 2010 to 2015 and became the first female president of the oil alliance OPEC.
Nigerian Justice Minister Lateef Fagbemi said the recovered funds were an example of the countries’ unwavering commitment to fighting corruption. He added that “it also signifies the commitment of the United States of America to facilitating restitution and supporting integrity and accountability in governance.”
Lucrative contracts
In 2017, a civil complaint filed by the US Department of Justice requested the recovery of over $100 million (€97 million) in assets suspected of being obtained through bribes to the former minister for petroleum resources. The lawsuit alleged that between 2011 and 2015, two Nigerian businessmen conspired with others to bribe the former oil minister, who oversaw the country’s state-owned oil company NNPC Ltd. In return, the minister is said to have used her position in office to steer lucrative oil contracts to companies owned by the two businessmen.
According to court documents, proceeds from those illicitly obtained contracts were laundered through the United States and used to buy various assets via shell companies, including luxury properties in California and New York, as well as a 65-meter (214.5-foot) superyacht.
Alison-Madueke, who was Minister of Petroleum resources during the presidency of Goodluck Jonathan, has denied allegations of corruption. However, Nigeria’s anti–graft agency has obtained court orders to seize houses, cars and jewelry in Nigeria, which it claims were proceeds of corruption connected to the former minister and her associates, according to the Associated Press.
Corruption challenge
Despite a projected economic growth rate of 3.7% in 2024, according to the African Development Bank, most countries continue to grapple with extreme poverty. As of 2024, an estimated 464 million people in Sub-Saharan Africa alone live in extreme poverty, according to the World Bank. The economic situation is the result of decades of severe underfunding in critical public sectors, exacerbated by corruption and illicit financial flows which siphon public funds and resources away from citizens.
Nigeria is rife with corruption. A 2023 report by the country’s statistics agency, NBS, ranked corruption as the fourth-most significant problem affecting the country. Following shortly after, were other challenges including high living costs and rampant unemployment. In 2023 alone, about N721 billion (€451 million) was paid in cash bribes to public officials in the country.
Analysts are quick to point out that corruption could cost Nigeria up to 37 percent of its gross domestic product by 2030 if it is not adequately tackled.
Nigerian Justice Minister Lateef Fagbemi mentioned that diplomatic efforts such as the agreement between the United States and Nigeria highlight the “importance of international cooperation in addressing the global scourge of corruption, which is also linked to trans-border crimes.” He also pointed out that it “underscores the obligations and commitments enshrined in the United Nations Convention against Corruption (UNCAC) and the Proceeds of Crime (Recovery and Management) Act , which guide our collective efforts to ensure that stolen assets are returned and used for the benefit of our citizens.”
Funds bring light to rural communities
Nigeria has the world’s largest deficit when it comes to access to electricity, according to the World Bank, with 45% of Nigerians cut off from power. An even grimmer disparity exists between urban and rural areas. Only 26 percent of rural Nigeria is connected to the electricity grid.
Since President Bola Tinubu assumed office in May 2023, he has taken on various initiatives aimed at bridging the electricity gap and introducing economic activities in rural communities. Earlier last December, German President Frank-Walter Steinmeier made a state visit to Nigeria to bolster energy ties between the two countries.
Justice Minister Fagbemi said the recovered funds would be used to support rural electrification through the World Bank, with $50 million earmarked for improving access to renewable energy in Nigeria’s rural communities.
Fagbemi said the remaining nearly $2.9 million would be disbursed as a grant by Nigeria to the International Institute for Justice to support counterterrorism measures across Africa.
The justice minister said measures had been put in place to ensure that the returned funds are not only disbursed but also “utilized transparently and accountably by the World Bank and IIJ, with periodic reports to be forwarded to Nigeria and the US on the implementation of the projects.”
Agency Report
By Eric Elezuo
The Presidency has announce that President Bola Tinubu will be departing Abuja to (Wednesday) for Paris, France, on a ‘short working visit’.
A statement to the effect, signed and released by the Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, was however silent on the shape of international relationship the working visiting the president was embarking on will take, but noted that Tinubu will use the ‘retreat’ to review his administration’s mid-term performance and assess key milestones, as well as review progress of ongoing reforms.
While acknowledging that the president will spend ‘about a fortnight’ on the trip, the statement added he would supervise administration while away.
The statement in details
PRESIDENT TINUBU TO EMBARK ON WORKING VISIT TO PARIS
President Bola Ahmed Tinubu will depart for Paris, France, today on a short working visit.
During the visit, the President will appraise his administration’s mid-term performance and assess key milestones.
He will also use the retreat to review the progress of ongoing reforms and engage in strategic planning ahead of his administration’s second anniversary.
This period of reflection will inform plans to deepen ongoing reforms and accelerate national development priorities in the coming year.
Recent economic strides reinforce the President’s commitment to these efforts, as evidenced by the Central Bank of Nigeria reporting a significant increase in net foreign exchange reserves to $23.11 billion—a testament to the administration’s fiscal reforms since 2023 when net reserves were $3.99 billion.
While away, President Tinubu will remain fully engaged with his team and continue to oversee governance activities.
He will return to Nigeria in about a fortnight.
President Bola Tinubu has sacked the Group Chief Executive Officer (CEO) of the Nigerian National Petroleum Company Limited, NNPCL, Mele Kyari.
Tinubu also dissolved its board, removing the Chairman, Chief Pius Akinyelure.
Bayo Onanuga, Special Adviser to the President on information and strategy, announced this in a statement on Wednesday.
Onanuga said Tinubu invoked his powers under section 59(2) of the Petroleum Industry Act (PIA) 2021 to carry out the sweeping reconstitution, citing the need for “enhanced operational efficiency, restored investor confidence, and a more commercially viable NNPC”.
He announced that Tinubu has now approved a new 11-man board, which has Engineer Bashir Bayo Ojulari as the Group CEO and Ahmadu Musa Kida as non-executive chairman.
According to the statement, “Adedapo Segun, who replaced Umaru Isa Ajiya as the chief financial officer last November, has been appointed to the new board by President Tinubu.
“Six board members, non-executive directors, represent the country’s geopolitical zones. They are Bello Rabiu, North West, Yusuf Usman, North East, and Babs Omotowa, a former managing director of the Nigerian Liquified Natural Gas( NLNG), who represents North Central.
“President Tinubu appointed Austin Avuru as a non-executive director from the South-South, David Ige as a Non-executive director from the South West, and Henry Obih as a non-executive director from the South East.
“Mrs Lydia Shehu Jafiya, permanent secretary of the Federal Ministry of Finance, will represent the ministry on the new board, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources.”
He added said that all the appointments are effective today, April 2.
President Donald Trump claimed on Monday that Americans want him to run for another term, a step banned by the US constitution but which he continues describing as possible.
“People are asking me to run,” Trump told reporters in the Oval Office when asked about the possibility of a third term.
“I don’t know. I never looked into it. They do say there’s a way you can do it, but I don’t know about that, but I have not looked into it,” Trump said.
Trump was asked about the prospect of a race pitting him against former president Barack Obama, who served two terms.
“That would be a good one, I’d like that,” Trump said.
“I’m not joking” about the idea of seeking a third term, Trump said Sunday in an interview with NBC News.
The 78-year-old Republican served from 2017 to 2021 and began his second term in the White House on January 20.
The first US president, George Washington, established a tradition by not seeking a third term after completing his second one in 1797.
But this tradition was not formally added to the US constitution until after World War II, with the ratification of the 22nd amendment in 1951.
It says no one can be elected president more than two times.
