When public fund is looted, a large chunk of it is taken abroad.This has become a common place practice.What the money is used for is oftentimes, misty.But while it is in the foreign bank account,it flourishes the host economy.This makes a huge return for the depositors,in the long run.
Could this be the reason for the botched naira re-denomination/Your imagination can jigsaw the puzzle,if you try. But if the international community accuses Nigeria of corrupt practices especially in money laundering activities,with the comfort some Nigerians have to move money out of the country which is accepted for deposite, it is difficult not to believe if it is not abetting it. It is also a wonder that a public office holder is oftentimes allowed to enjoy his loot untill death before thorough investigation is initiated to recover looted fund as it suffices in Abacha’s case.
However,while Nigeria braces up with the fight against corruption,it is commendable that the Fedral Bureau of Information,FBI[USA]undertoke the training of one hundred and fifty officials of the Economic and Financial Crime commission,EFCC, between the 3rd-21st September,2007 on financial fraud, cash management, interviewing and interrogation,provided international law enforcement training as well as prevention of terriorist act.This partnerships as well as that coming from the World Bank,United Nation Office of drugs and Crime would give a meaning to the fight.
The initiative,in all ramification, is expected to assist developing countries recover assets that have been stolen,enable the process of reinvesting them in effective development programmes as well as combat crime and destroy international safe haven for such criminals.This gives the assurance that the needed cooperation between developed and developing countries is fostered.If sustained,the process would have been consolidated for public and private sector loots which has been put at about five hundred and twenty one billion dollars since 1960 to be recovered and returned to the Nigeria people.
Notably,the UN secretary,Ban Kimoon has envolved a stolen asset recovery initiative to collaborate Yar’Adua administrative thrust of recovering billions of dollars stached away by corrupt government officials.There should not be a safe haven for those who steal from the poor.World Bank president Mr Robert Zoellick has also risen to the course and said helping developing countries recover fund will be a key to have money available to finance social programmes.Corrupt leaders have therefore been put on notice that they can not always escape the law.
United Nation office of Drug and Crime, Executive Director Mr.Antonio Marva Costa said the global fight against corruption is an unrelenting one.He said a hard measure has been taken against Kleptocrats who steel public fund.
The cross border flow of global proceeds from criminal activities,corruption and tax evasion,he said is between one trillion and one point six trillion dollars per year. He pointed out that if one hundred million is recovered four million children will be provided immunization, water provided two hundred and fifty thousand household with six thousand people afflicted with HIV/AIDS given adequate medical attention
EFCC NEEDS MORE ENCOURAGEMENT
October 19, 2007 at 200700000031p00000031: 2:19 p10 (Uncategorized)
Tags: Community, education, finance, investment, leadership, relationship
THE CRUDE OIL FUND
October 17, 2007 at 200700000031p00000031: 2:19 p10 (Uncategorized)
Tags: Community
EXCESS CRUDE OIL ACCOUNT
In Nigeria, the money in the crude oil account is meant to be shared. This is always the case every month when the Federation Account Allocation Committee (FAAC) meets to use the formula that has been worked out mutually. But at the beginning of 2007, when the States were expecting to share about five hundred billion naira of the money at the monthly FAAC, Obasanjo had stopped the exercise insisting that details of projects for which the money would be use for be presented as a proof for the sharing and money collection as well as prevent the governors from using the money for electioneering.
These fears were corroborated earlier in the life of the administration by the then minister of state for Finance Mrs. Nenadi Usman who later became Minister of Finance. When she raised alarm concerning capital flight which was promoted by some governors who she said literally moved their state allocations to the informal foreign exchange (Forex) market immediately after each meeting to purchase forex that they took abroad for purposes other than state matters, nobody took her seriously.
Mrs. Usman alleged that the movement of the huge amount of money into the informal forex market always had the effect of a fall in the value of the naira. Not long after her allegation the celebrated cases of alleged money laundering and sundry matters against now ex-governors Joshua Dariye of Plateau State and Diepreye Alamieyeseigh of Bayelsa State broke. Other stories of choice properties, exotic cars and palatial homes bought by some of the then governors abroad also began to make the rounds. The question mark being that some of those people did not own some of those property before they became governors.
Now a new government has formed at the local, state and federal levels. Stories of widespread looting of state’s treasuries, of empty treasures and huge debts have inundated the media since the new governors took over on May 29th this year. The tragedy of most of the states with empty treasuries and those with huge debts is that there are little or no projects to show for these funds that have disappeared into thin air.
But there is need to take off on a smooth footing and plain.As it stands now all can not take off because their money is held up in trust by the Federal Government. This is reasoned along the part of the financial recklessness earlier mentioned earlier which made ex-president Obasanjo, while in office,to adopt a piece-meal release of the money to the chargrin of the governors. According to the voice out cry of some, this has been described as an anomaly in a federal set up.
After the maiden meeting of the serving governors’ forum, the Chairman of the forum and Kwara State governor, Bukola Saraki said they were demanding the release of the excess crude proceeds to enable the states deal with current issues like poverty in the states. This demand should be heeded because the 1999 constitution urges the federal government to distribute the fund in line with the prevailing revenue allocation formula between the federal states and local government.
While it will be unwise to continue to withhold the money on the premise that the money could be diverted, there is need to give them a good start. President Yar Adua has shown that he is willing to subject himself and his office to the constitution and the rule of law. He must therefore use this opportunity to prove it. It is also believed that the new and returnee governors have learned lessons in prudence and accountability and willing to rewrite the bad image of governors.
Governor Saraki has also urged his colleagues to work on this collective image. So that at the end of their tenure many of them would not need to be quest at the Economic and Financial Crime Commission (EFCC) as some of the immediate past governors did.
NIGERIA TO IMPROVE ON THE 2007 ELECTION
October 17, 2007 at 200700000031p00000031: 2:19 p10 (Community, NIGERIA, business, create the change, education, god is not a lie, leadership, niger delta, politics)
Tags: business, Community, create the change, leadership, niger delta, politics
Come and gone.This is one way to discribe the 2007 general election.
As we reflect on the several activities that characterised the election,it is difficult not to see the manifest discrepancies which some may call manipulaton.These, no doubt, has raised some questions in the parliament of the electorates and observers.The concern is on how best can the best method be found and adopted so that some of the lapses could be eliminated in subsequent elections.
Professor Murice Iwu, the chairman of the Independent Electoral Commission [INEC]believes that he has done a good job,conducting a so called ‘best election’ for Nigerians.But the people thinks otherwise and are calling for his sack.This call is not far from making it a personalisation of the issues.That appears too much of a demand.
But a public officer, for conscience sake, should resign his office if the people thinks otherwise especially when they think that the manifest impections that dotted the election were encouraged by him.If he accepts the blame the implication would be to cancell the results.In some states, the people have continued to cry so loud and condemned the conduct of the elections.
Indeed,the condemnation has taken a wider dimension with international watchers calling for a review of the structural defeats and how a good electoral process must be achieved.But at every opportunity,President Umaru Yar’Adua has assured Nigerians that he will take a decicive action to correct any lapses and effect a reform.This will be his administration priorities.But it was a subtle way to acknowledge the election errors.
However,the leadership of the Nigeria Labour Congress[NLC] and the Trade Union Congress[TUC] at a meeting during the three day industrial action in 2007 listened to the President and believe his promise of setting up a committee to work for the reform of the nation’s electoral process in line with international standards.
This appear convincing but the presidential candidate of the All Nigeria People’s Party [ANPP] rtd General Muhammadu Buhari is insisting on the sack of the of the National Chairman of the commission. This was the the attached condition to the letter he raised in support of Yar’Adua reform overtures.Only then can the reform decision be said to adress the problem.Is this not asking too much?.
On his part,Professor Iwu has acknowledged the lapses and promised to prosecute all those who were involved in one form of rigging or another during the elections.He resounded it to a delegation of the Ohaneze Ndigbo Youths who paid him a visit in his office that all those who made manifest effort to wreck havoc and visited mayhem on the election will not be allowed to go unpunished.
The assertion means that that the blame has been shifted.We note that there were ballot box stuffing,killing,abductions and hijacking of ballot boxes. If such things happened and he knew about.why was it difficult for him to curb them.If the forces against him were so strong for him to contend with then he failed in his duties.
But in the view of <INEC>,a lot has changed in the nation’s electoral process.What has not changed perhaps in the estimation of some people is the elements that control the commission from the without the organisation.This view is held by thes people because of the seeming silence on the involvement and the unimpeded exchange of money from hand to hand in the electoral process.
The persuasive influence monetary inducement,gift coupled with the notion that things can not changed; a mind set that frustrates genuine positive efforts made to fulfil the the aspirations of the people.
While Profession Iwu also involved academics,civil societies,communities,religious based organisations and political parties, to contribute their quota to building a framework that would guide the conduct of the elections,it was short of expected goals.
Professor Iwu also, for the first time,introduced electronic voters registration with voters cards bearing pictures.The introduction placed Nigeria on a plane of harnessing the gains that can be got from the information technology.This may be seen as to be in concert with best democratic practices as in the other parts of the world.
There was also the use of some temporarilly recruitment <adhoc> staff who were certified to have been trained and self respected as well morally disciplined.This institutions<INEC> branche offices located in each in each of the geopolitical zones in the country also undertook several intellectual activities that was intended to ensure a smooth process.These were real investment, probably, made in the hope that Nigeria’s democracy would acommodate a stream of ideas in a a cross fertization process.
But with the system frost with the attendant ills, Professor Iwu alone can not be the problem or the solutions to repair the damage.He may have had some difficult times and had tolerated the anomally.There yet to be indications that a failing public officer can resign if not performing.Professor Iwu would have to serve his tenure.What happens after him or subsequent elections is the concern.
The reform of the electoral system is now an accepted workable proposal.More so because since the 1960,elections have been clouded with imperfection and the results largely rejected.The proposed reform would no doubt be looking at the operating environment,the laws governing the election,political parties,party finances,the goverment,civil society and the media.
With the electoral reform panel now set up with its head as the former chief judge of the Federation,Justice Mohammed Uwais leading the twenty one others,there is the promise that the noticed errors will recieive an apt attention and modalities set out for prosecution of detractors.
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In fact President Yar’Adua has continued to say“We are reforming our electoral process to lay a solid foundation for political stability but there must be a complete change in the conduct of our politicians and political parties because their attitude will determine the success of the reforms.”
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October 17, 2007 at 200700000031p00000031: 2:19 p10 (Uncategorized)
Tags: Community
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