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Russia’s Economic Sanctions: Perhaps Nigeria’s Elite Should Take Note
By Joel Popoola
Even for a country with as troubled a recent history – and present – as Nigeria, you cannot 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 Nigeria 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 that 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 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 shadow 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 Nigeria’s elected leaders 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 publicly accessible.
We have created a 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 appropriately.
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.
Former President, Chief Olusegun Obasanjo, has reiterated Nigeria’s vast potential and resources, emphasizing the country’s ability to become a global leader. Speaking at the ongoing Ecobank Design and Build Expo at the Ecobank Pan African Centre (EPAC) in Lagos, Obasanjo praised Ecobank for organizing the event, which highlights the architecture, building, construction and design sectors, National Association of Online Security News Publishers, NAOSNP can report.
During his visit, Chief Obasanjo toured the various pavilions showcasing cutting-edge trends, innovations, and sustainable practices in architecture, construction, building materials, household appliances, engineering, and interior design. He expressed admiration for the high quality of work displayed by the exhibitors.
The former president called on leaders at all levels to leverage Nigeria’s resources and drive the nation’s economy to new heights.
The five-day event, themed “Building Nigeria Together,” kicked off on November 27 and will run until December 1, 2024. Sessions begin daily at 10:00 am, with over 60 exhibitors set to showcase their latest products and innovations.
Among the prominent global brands exhibiting are SABA Steel, Nigeria’s largest steel manufacturer; Coleman Wire & Cables, West Africa’s leading cable producer; Donna Spectre, a key player in indigenous oil and gas logistics; Dulux Paints, a top paint brand in Nigeria; HTL Africa, a forward-thinking architectural firm; ITB Nigeria Limited, a leading construction company in Nigeria and West Africa; and Mota Engil Nigeria, a civil construction giant, among others.
The Nigerian Police Force has denied allegation of instigating Chieftainy Crisis in Osun community.
The Force made the rebuttal via a statement signed by the Public Relations Officer of the Force Criminal Investigation Department (FCID), ASP Mayegun Aminat, on behalf of the Assistant Inspector-General of Police incharge of the unit, AIG Ogundele Ayodeji, and made available to the National Association of Online Security News Publishers (NAOSNP).
The statement noted that it was imperative to make the clarification, stressing that both the Online report and the petitioners were false in their narratives.
The FCID maintained at no point did Inspector-General of Police Kayode Egbetokun involved himself or the police in the chieftaincy tussle of the community, adding the IGP has no knowledge of what was going.
The statement reads in full:
Clarification on False Report Regarding Chieftaincy and Police Involvement in Kingship Selection.
The Nigeria Police Force has become aware of a false and misleading report published by Sahara, which claims that the “Force Public Relations Officer, ACP Muyiwa Adejobi, passed down an order from the Inspector General of Police (IGP) to arrest the intending Chief and threatened other kingmakers who insisted that due process must be followed.”
We wish to categorically clarify that this report is inaccurate and does not reflect the facts. The Nigeria Police Force is not involved in the selection of traditional leaders, and at no point did the IGP order the arrest of any individual in connection with the kingship selection process.
The arrest mentioned in the report was carried out following a formal petition submitted by members of the community. The petition alleged that certain kingmakers were engaging in acts of extortion, bribery, conduct likely and threat to life and demanding money from individuals seeking to assume the position of the Olojudo. This form of conduct is not only unethical but violates traditional practices and undermines the integrity of the selection process.
Upon receipt of the petition, detectives from the Special Enquiry Bureau at the FCID Annex in Lagos launched a thorough investigation. The investigation led to the questioning of one individual who admitted to receiving money, as detailed in the petition. Furthermore, this individual acknowledged that others were also involved in this illegal practice and confirmed that payments were made to secure positions.
The investigation is ongoing, and additional individuals suspected of being involved in extortion and bribery will be invited for questioning. Once the investigation is complete, legal charges will be filed against those found culpable.
AIG Ogundele Ayodeji, psc+, the Assistant Inspector General of Police in charge of the FCID Annex Lagos, has urged the public to come forward with any relevant information that could assist in the investigation and ensure that justice is served. He also issued a stern warning to anyone attempting to involve the leadership of the IGP or the Nigeria Police Force in corrupt practices. AIG Ogundele Ayodeji emphasized that anyone found guilty of such behavior will face the full force of the law. As Nigeria police force is not part of kingship selection process and wont parake in such act as the Nigeria Police Force remains committed to maintaining professionalism, integrity, and transparency in all its operations. We reiterate the IGP’s zero-tolerance stance on corruption and affirm that the Force will continue to work diligently to ensure that justice is upheld in all matters.
NTT Summit confirms Keyamo, Musawa, three other ministers for 7th edition in Abuja
Minister of Aviation and Aerospace Development, Mr. Festus Keyamo SAN, and his counterpart at the Ministry of Culture, Arts, Tourism and Creative Economy, Dr. Hannatu Musa Musawa, are among a host of five federal ministers billed to participate at the 7th edition of the National Tourism Transportation (NTT) Summit and Expo, in Abuja, the nation’s capital.
According to the chairman, organizing committee, Mr. Odusanwo, this year’s Summit is to reaffirm the need for synergy and collaboration in areas of operations of the tourism transportation sector for national economic growth and development, as he reeled out some of the presentations expected as sub-themes of the Summit during plenary sessions.
He further disclosed that event speakers for this year’s edition are drawn from key players of the public sector, represented by Ministries, Departments and Agencies (MDAs), and the Organized Private Sector (OPS), as drivers of the industry.
“These include; the Nigerian Shippers Council (NSC), leading discussions on the sub-theme; “Encourage Massive Investment in Water Front Properties, Resource and Etiquette Training;” Nigeria Tourism Development Authority (NTDA), to head discussions on: ‘Connect and Explore: Trusted Travel Hub for Seamless Journeys’.
“The Federal Road Safety Corps (FRSC) will lead presentations on ‘The Relevance of Directional Signs in Tourism Transportation’ ; and the National Council for Arts and Culture (NCAC) will lead presentations on ‘Artistic Collaboration and Partnership in Tourism Transportation’
“The National Institute for Hospitality and Tourism (NIHOTOUR) to lead the panel of discussants on ‘Personnel Training for Enhanced Performance and Service delivery in Tourism, Transportation, and Allied Industries ‘; while the Nigeria Meteorological Agency (NiMet) is leading discussions on ‘Impact of Climate/Weather Forecasting on Tourism in the Sectoral Planning of Nigeria.’
“The Nigerian Export Promotion Council (NEPC) will chair discussions on ‘Nigeria’s Non-Oil Export Procedures: Sharing Expertise on Export Documentation, Logistics and Freight Management in the Tourism Transportation Sector.’
Odusanwo stressed that NTT summits has since inception in 2018, offered the platform for public and private sector stakeholders, producers and consumers in Nigeria and Africa to come together, share ideas, experiences, exchange knowledge and showcase their skills in the growth, development and promotion of the nation’s economic endowments, this time, by promoting the ideals of the value chain inherent in the tourism transportation sector.
Participants at the two-day event will be drawn from major key players and stakeholders in the transportation and tourism sectors such as the airlines, tour and travel operators, administrators of the aviation industry; the maritime industry operators, road transport operators, including major transport owners, car hire and hail ride services. In addition, road traffic and safety agencies, including the FRSC, motor insurance companies; state transport ministries and agencies; rail transport services, are also expected to take part.
Others are operators of the Tourism and Hospitality (T&H) industry including, tourism resort operators, national parks; museums and monuments, state tourism ministries and boards, festivals and tourism events managers; fast food operators; M.I.C.E and destination managers; as well as, service providers in the banking, oil and gas industries.
