Nigeria says it has recovered $9.1 billion in looted funds

The Nigerian government says it has recovered assets and funds totaling $9.1 billion as part of its anti-corruption drive. The recovered assets “include monies withheld by past government officials, monies kept in private accounts, monies diverted to private pockets and monies in possession of government officials not disclosed after leaving government,” a spokesman said. The funds were recovered during president Buhari’s first year in office.

The news of the recovered funds signals gains made by president Buhari’s anti-corruption drive as he remains intent on ensuring transparency in state institutions and agencies previously known for being opaque and corrupt.

The recovery will also likely enhance Buhari’s reputation internationally as being intolerant of corruption despite aspersions cast inadvertently last month by David Cameron, prime minister of Britain. Cameron had described Nigeria as “fantastically corrupt” in the run-up to an anti-corruption summit in London but Buhari responded strongly asking Britain to return Nigeria’s stolen assets kept in the country.

But while the news of recovered funds has been hailed as a major win by the government, it has been received with a healthy dose of skepticism from many Nigerians. The skepticism is because the government did not release any names of persons and officials the assets were recovered from. This was despite an earlier promise by president Buhari to “make a comprehensive report” on “what has been recovered in whatever currency from each ministry, department and individual.” The report was expected to come during the president’s democracy day address on May 29.

The government says it cannot release names of looters for legal reasons but various groups within the country have questioned and criticized the government’s decision to withhold the names. Critics say by not naming the looters, there is little deterrent to prevent others from looting funds as they suffer no reputational damage. “These people will do it again and again,” said a comment on one of the country’s biggest newspapers. “Because all you have to do in the eventuality that a government changes, is that you simply return the money and you wait until you can do it again.”

The timing of the recovery of the funds is crucial for Nigeria’s stumbling economy. The recovered funds are set to come in at a time when the government is doubling down on efforts to diversify its oil-dependent economy and fund a record $30.6 billion national budget. With oil prices falling and state revenue dwindling as a result, Nigeria’s economy has had a rough year typified by job losses, investor reticence and slowed GDP growth.

Quartz

Germany to supply Nigeria with military hardware

The German Government on Monday confirmed that it would commence supply of military hardware to support Nigeria’s effort to address security challenges in the Northeast and Niger Delta, before the end of 2016.

The Permanent Secretary, German Foreign Office, Mr. Markus Elderer, said this in a chat with the News Agency of Nigeria (NAN) on the sideline of the defence session of the Nigeria-Germany Bi-National Commission meeting in Abuja.

He said the decision to support Nigerian security forces in their counter-insurgency operations was the German government’s response to a request made by President Muhammadu Buhari at the last G-7 summit hosted by the European nation.

Elderer said the equipment to be supplied to Nigeria are ground surveillance equipment, anti-mine equipment and gun boats, among others.

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Nigeria stalling in signing EU-ECOWAS trade agreement

Nigeria will continue consultations within the country regarding its stance on the Economic Partnership Agreement, EPA, between ECOWAS and the European Union, Vice President Yemi Osinbajo said at the just concluded Dakar meeting of West African leaders.

According to him “there are ongoing negotiations on it. We are discussing with the Manufacturing Association of Nigeria (MAN) and some other key economic players about it.”

In addition, the VP noted that “we understand some of the terms of this agreement are capable of restricting their-manufacturers-trading activities and we would not want this to happen.”

Prof. Osinbajo explained that in the consultation process “it is equally important that as we make the decision, we take into consideration the concerns of these critical stakeholders and tread cautiously.”

He noted at the meeting which ended later on Saturday that Nigeria is yet to fully endorse the agreement because of these concerns.

He stated that for now the federal government will continue to engage in wide consultations with relevant stakeholders before coming to a conclusion on the Economic Partnership Agreement.

While a number of West African nations have endorsed the deal, a few including Nigeria have raised issues regarding the implications of the deal, being championed by the European Union.

The EPA is a free trade deal that had been initialled by EU and ECOWAS negotiators covering trade in goods and development cooperation.

Speaking at the end of the 49th Ordinary Session of the Economic Community of West African States (ECOWAS) which took place in Dakar, Senegal this weekend where he represented President Muhammadu Buhari, Mr. Osinbajo stated that Nigeria cannot be committed to such an agreement without wide consultations.

Meanwhile, the Vice President also restated Nigeria’s constant commitment and obligations to the regional body having recently paid its dues. This is coming against the background of worries that some of the members of the body are not up-to-date in their financial obligations, with a call raised at the Dakar summit for such nations to do so.

Indeed Nigeria was openly commended at the summit for fulfilling its obligations by paying the community levies.

“We are also very committed to ECOWAS . As the largest economy in the region, we have constantly fulfilled our obligations and we intend to continue to do this, ” the Vice President declared.

Presidents, Prime Ministers and very top officials from the 16 ECOWAS members gathered in Dakar over the weekend to deliberate on important issues. The summit also witnessed the swearing-in of the new ECOWAS commission President, Marcel A. de Souza.

The meeting also featured commendations from ECOWAS leaders to the Nigerian President Muhammadu Buhari and the nation on the progress recorded by the country against terrorists.

At the end of the summit, Liberian President Ellen Sirleaf Johnson was chosen as the Chairperson of the ECOWAS Authority of Heads of State and Government taking over from her Senegalese counterpart, Macky Sall.

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