Tinubu Wants UN Member States To Crackdown On Terror Financing, Economic Sabotage
President Bola Tinubu has asked the United States (UN) member States to Crackdown on terror financing, economic sabotage and illicit mineral and arms smuggling in the developing world.
The Nigerian leader spoke yesterday, September 19, in New York City, at the 78th United Nations General Assembly.
He said that the time is now for member states to show, with their actions, that they mean what they say on the issue of terror financing and others in the developing world.
“The fourth important aspect of global trust and solidarity is to secure the continent’s mineral rich areas from pilfering and conflict. Many such areas have become catacombs of misery and exploitation. The Democratic Republic of the Congo has suffered this for decades, despite the strong UN presence there. The world economy owes the DRC much, but gives her very little.
“Foreign entities that are abetted by local criminals, who aspire to be petty warlords, have drafted thousands of our people into servitude to illegally mine gold and other resources. Billions of dollars meant to improve the nation now fuel countless violent enterprises. If left unchecked, they will threaten peace and place national security at grave risk. Given the extent of this injustice and the high stakes involved, many Africans are asking whether this phenomenon is by accident or by design. Member nations must reply by working with us to deter their firms and nationals from this 21st century pillage of the continent’s riches. To keep faith with the tenets of this world body and the theme of this year’s Assembly, the poverty of nations must end. The pillage of one nation’s resources by the overreach of firms and people of stronger nations must now end.”
President Tinubu said that his aggressive economic development diplomatic push for new investment has been demonstrably effective in presenting Nigeria as business-ready, but the ease of doing business, according to the President, might not be the major encumbrance to large scale investment.
“The question is not whether Nigeria is open for business. The question is how much of the world is truly open to doing business with Nigeria and Africa in an equal, mutually beneficial manner. Direct investment in critical industries, opening their ports to a wider range and larger quantity of quality African exports, and meaningful debt relief are important aspects of the cooperation we desire.”
The President said that the global fight against the effects of climate change can not be based on a “one size fits all” approach and that nations must be cooperated with in the design and implementation of their own strategies, which are tailored to their respective socio-economic strengths and weaknesses.
“African nations will fight climate change, but we must do so on our own terms. To achieve the needed popular consensus, this campaign must accord with our overall economic efforts. In Nigeria, we shall build political consensus by highlighting remedial actions which also promote the broader economic good. Projects such as ‘The Great Green Wall’ to stop desert encroachment; halting the destruction of our forests through the mass production and distribution of gas burning stoves; and the provision of employment through local water management and irrigation projects are examples of efforts that equally advance both economic and climate change objectives simultaneously. Continental efforts regarding climate change will register important victories, only if established economies were more forthcoming with public and private sector investment for Africa’s preferred projects and initiatives.”
President Bola Tinubu reminded the world what Africa truly represents in the global village, advising them to work with Africans as true friends and partners. “Africa is not a problem to be avoided, nor is it to be pitied. Africa is nothing less than the key to the world’s future.”
Despite CBN Ban, Crypto Usage In Nigeria Is Growing, Hits $56.7 Billion
Frankfurt, Hesse, Germany – April 17, 2018: Many coins of various cryptocurrencies
Cryptocurrency usage is growing in Nigeria as Africa’s largest economy grapples with a weakening currency and soaring inflation.
A New York-based blockchain research firm, Chainalysis, made this known in a report today, September 19.
This is coming on the heels of Central Bank of Nigeria ban on banks allowing such transaction through the financial services provider in the country. Nigeria’s volume of crypto transactions grew 9 per cent year-over-year to $56.7 billion between July 2022 and June 2023.
In Uganda, crypto use is smaller but growing fast, rising 245 percent to $1.6 billion in the same period, while its use in Kenya fell more than a half to $8.4 billion, the report said.
In Nigeria, interest in bitcoin and stablecoins – crypto tokens whose monetary value is pegged to a stable asset to protect from wild volatility – increased when the Naira’s value plunged, particularly during the most extreme drops in June and July of 2023, Chainalysis said. The currency weakened to record lows after President Bola Tinubu embarked on some of the boldest reforms that Nigeria has seen in years, including scrapping a popular but costly petrol subsidy and removing some exchange rate restrictions.
“People are constantly looking for opportunities to hedge against the devaluation of the Naira and the persistent economic decline since COVID,” Moyo Sodipo, co-founder of Nigeria-based cryptocurrency exchange Busha, said in a statement shared with the report.
Nigeria barred its banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies in 2021.
Last year, the country’s financial regulator published a set of regulation for digital assets, signalling Africa’s most populous country was trying to find a middle ground between an outright ban on crypto assets and their unregulated use. Nigeria’s young, tech-savvy population has eagerly adopted cryptocurrencies, for example using peer-to-peer trading offered by crypto exchanges to avoid the financial sector ban.
IPOB Launches Artillery Attack On, Kills 5 Security Operatives In Owerri – Army
The Nigerian Army has reported an Artillery attack on and killing of five security operatives who were on motorised Patrol along Mbaise – Obowo road in Imo State.
In a statement today, September 19, M. S Lamuwa confirmed that the attack took place today at about 10.30 am.
“The combined team of FOB on motorised Patrol along Mbaise – Obowo road in Imo State came under Artillery attack by the outlawed ESN/IPOB. “In the process, Five Security personnel sadly paid the supreme sacrifice. One Airforce, One Civil Defense, One Policeman and Two NDLEA personnel – Isaac Yakubu SN and Sampson Edeh NA While Ibrahim Mohammed NA escaped with bullet wounds.”
The statement said that as at the time of the report, sporadic shooting was ongoing in the area while reinforcements and rescue efforts are ongoing.
More later….
NDIC Begins Dividend Payment To Depositors Of Failed Peak Merchant Bank
The Nigeria Deposit Insurance Corporation (NDIC), has announced that it has concluded plans to pay all depositors of the failed Peak Merchant Bank their liquidation dividend.
A statement today, September 18, by Bashir Nuhu, the NDIC Director of Communications and Public Affairs, asked all eligible stakeholders of the bank to visit any NDIC office or visit NDIC Website for verification of their claims, starting from today, September 18 to 1October 6, 2023.
The statement said that the verification exercise would enable depositors of the bank to cross-check and ascertain their account information as well as balances with the bank as at closure.
The NDIC said that the duly completed verification forms could also be sent to the Corporation’s email address.
We Generated N8.5 Trillion For Nigeria, Nami Says, As He Hands Over FIRS To Ag. Chairman
Photo credit: Nigeria TodayThe Executive Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami has said that the Service generated the sum of N8.5 trillion for the Nigerian government over the years.
Nami, who spoke today, September 18, during the handover ceremony to the incoming Acting Chairman of the Service, Zach Adedeji in Abuja, said that over 70 per cent of the funds shared during the monthly Federation Account Allocation Committee used to come from tax collected by the Service.
According to him, the FIRS had, to a large extent, boosted government revenue,
adding that he implemented reforms that repositioned the operations of the FIRS in line with the mandate given to him when he took over in December 2019.
The Acting Chairman, Adedeji was appointed last week by President Bola Tinubu to take charge of the affairs of the Service.
She’s Not My Wife, Obasanjo Disowns Woman Who Has 2 Kids For Him
Former President Olusegun Obasanjo has disowned a woman, Taiwo Martins, who claim to be his wife even as he admitted that she had two children for him.
“For the records, Ms. Martins has two children, Jonwo and Bunmi, for Chief Obasanjo but to say emphatically that she is not his wife nor a member of the Obasanjo family.
“Her posturing as Chief Obasanjo’s wife is false and that of an impostor.”
Obasanjo was reacting to Taiwo’s reported apology to Yoruba traditional rulers over the way Obasanjo spoke to them in Oyo State, ordering them to stand up and sit down.
The occasion the commissioning of projects in Iseyin in Oyo State by the state Governor, Seyi Makinde.
Reacting to the apology on his behalf by Taiwo Obasanjo described her as an impostor.
A statement by his Special Assistant on Media, Kehinde Akinyemi, today, September 18, said: “the attention of former President, Chief Olusegun Obasanjo has been drawn to a statement purported to be issued by a wife of the President with the photograph of one Ms. Taiwo Martins as the author of the statement.
“Nobody makes statement on behalf of the Obasanjo family except Chief Obasanjo or people delegated by him to do so.
“It must be noted that the state of health of Ms. Martins is known to all and sundry and whatever she says or does has nothing to do with Chief Obasanjo as an individual or the Obasanjo family as a whole.
“However, the former President has affirmed that he stood firmly, unapologetically and uncompromisingly on the position that the Governor of a State holds the highest office in the State.
“By that position, the respect, protocol and dignity that must be given to the office by virtue of the Constitution must not be denied. To do otherwise is to deride the office and the Constitution.”
To Develop New Technologies, NCC Hunts For Talents; Opens Applications For 2023
The Nigerian Communications Commission (NCC) has kicked off activities for the third edition of its Talent Hunt Research through Hackathon to give expression to its Strategic Vision Plan 2023-2025. It is aimed at encouraging the development of new technologies and indigenous content through cutting-edge research.
A statement by the Commission’s Director of Public Affairs, Reuben Muoka said that the goal of the initiative is to stimulate sustainable economic growth and development in Nigeria.
He announced that the Commission is inviting Tech Hubs and Innovation-Driven Enterprises (IDEs) in Nigeria to enrol their start-ups and their solutions in the Talent Hunt Research through a Hackathon organised by NCC.
He said that the Hackathon focuses on Blockchain-enabled Data Protection Solutions for Enhancing Regulatory Compliance; Assistive Technology Solutions for the Elderly and People with Disabilities; and Technology Solutions for Renewable Energy in Rural Areas.
Muoka said that the NCC Talent Hunt Research Through Hackathon leverages Emerging Digital Technologies to facilitate the development of home-grown innovative solutions and local content development in the telecommunications sector while fostering economic growth and social advancement in Nigeria.
He said that the competition would enable the translation of novel ideas into the development of hardware/software solutions that address industry and societal challenges.
“The best three solutions, one from each of the three areas listed above will receive grants of N10 million each for the development of the solutions.
“The Commission has set out eligibility criteria for those seeking to participate in the competition, which include that the Enterprise must provide a certificate of registration with the Corporate Affairs Commission (CAC), the Enterprise must not have previously received support from the Commission, the project should have clear relevance to one of the three thematic areas above, it must provide a clear problem statement, proposed solution, and roadmap to deployment.
“Other requirements include a proof of concept (which may also include technical feasibility of the idea with diagram, algorithm, existing models, or case studies; the solution must be novel with the applicant making a declarative statement on ownership of the intellectual property, the solution including prototype development shall be concluded within six months of receipt of the Grant and must propose a detailed commercialization plan of the prototype.
“The Entry Submission format indicated that the proposal must include ideation,
“Minimum Viable Product (MVP) and solution, Current Sweat Equity Investment, Product-Market Fit status, Verifiable Go-to-Market status, Growth Feasibility Assurances, Maturity Model and Timeliness and existing time: Disaster Recovery, where applicable
“All applications should be made online and must follow the stipulated entry format and there is no financial cost to participating in the competition while full control and ownership of the intellectual property of the developed solutions remain with the Commission.
“The entries must be made by a Tech Hub/Innovation-Driven Enterprise that must show evidence of the relationship with the Start-up/solution being entered, a 4-page Executive summary of the project concept, a 3-5 minute video of the pilot project, names, age, contact details, passport photos and profile of all team members and the website (if available) as well as an E-mail address of the applicant.
“All interested and qualified enterprises should submit requested documents in a zip folder to https://ncc.gov.ng/talenthuntresearchhackathon2023 with the subject of the mail titled “Submission from
Muoka said that application closes by Friday, 22nd September 2023.
Tinubu’s Neo-Liberalism Cannot Reduce Poverty In Nigeria, By Audu Oseni
President Tinubu makes no pretense about his alignment with the neo-liberal model of development.
His policies support a naked neo-liberal capitalist system. And the economists and free market fundamentalists have continued to hail him as a man with the big balls to have followed that path.
But, here is the big issue the market fundamentalists and neo-liberal propagandists are not telling Tinubu. They have refused to tell him the bitter truth that Neoliberalism only favours and pushes for more markets and cares less about governance.
The trouble with the economists that propagate market fundamentalists using the neo-liberal model is that they imagine in their heads that economics is a science that does not need the application of common sense. They believe that an advanced capitalist system in the guise of a neoliberal model is a magic solution to building economic viability without consideration of peculiar circumstances of applicability.
Tinubu’s economic policies that are capitalist driven, that allow decisions to be made by private individuals who are comprador bourgeoisie and firms, cannot provide a platform that will build a viable economy that will reduce poverty and inequality, NO, it will not. This is solely because the basic laws of capitalism are profit-making maximization and exploitation. Capitalism which the Tinubu government favours has no place for citizens’ welfare, it’s all about the market and profits.
China’s economic success has since proven the neoliberal model to be faulty thinking as a model for economic growth and development. China followed an orthodoxy model that defied the neoliberal market fundamentalist prescription. Yes, China embraced markets but did not copy them from the standpoint of the neoliberal prescription.
Although China took from the market incentive which the neoliberal favours, she did so through radical reforms and unusual institutional tinkering within her local context. Rather than allow the state to private ownership the neoliberal favours, she relied on mixed reforms that allowed for citizens’ empowerment that triggered entrepreneurial development.
In the 1980s, China in the pursuit of viable economic reform, introduced Township and Village Enterprises (TVEs) which allow for collective ownership and control of enterprises by the local governments. The TVEs were publicly owned, and the local governments had a direct stake in profit and control.
Tinubu government must learn from China. The country protected its large state sector from global competition, China put in place exceptional economic zones where foreign companies could function with different guidelines than in the rest of her economy. Considering China’s action regarding the neoliberal prescription, it would be a deliberate distortion of intellectual fact to say China relied on the neoliberal model to build a viable economy she enjoys and now projects itself as a global economy giant.
Tinubu and his team must come to terms that China and countries that have built viable competitive economies did that within their local context and not by embracing the neoliberal model. The facts are there for us to see, countries whose leaders violate local context and initiative and embrace neoliberalism have their economy shattered with high rates of poverty and inequality.
What Tinubu and his team have since failed to understand and acknowledge is that economics is not abstract, but principally common-sense principles. They think what they are doing is creating an atmosphere for economic growth. But, they fail to understand that progress in economics is based on the application of economic logic within the local context that serves the targeted beneficiaries, largely the majority of the citizens.
The neoliberal propagandists who are making those in political power think market and forget governance, often think they have a common solution to all economic challenges. They failed to understand that we have different approaches depending on the nature of the problem at hand. For instance, those traveling on motorbikes, need a map for bike trails, those on foot need a map for footpaths and those on airplanes need a flight compass. Therefore, prescribing a neoliberal model for an economy like Nigeria with a huge number of poor citizens and a lack of basic amenities is a mere abstract that has no economic sense.
Tinubu and his team may be good at making policies and choosing economic models, but unfortunately, they are not good at choosing one that is most appropriate for the problem at hand. Their neoliberal laissez-faire approach is not relevant to the current Nigerian economic reality and challenge. Economics is not the science of thinking in terms of models as opined by John Maynard. It is the application of common sense and principles within the context of the problem that needs to be solved in a particular society.
The economic debates of Tinubu and his team, their enthusiasm for free markets, and their less concern about governance is a simple defilement of development logic that will not improve the economy but rather breed poverty and frustration among the citizens.
What the pro-market fundamentalists will not tell Tinubu is that countries that have built viable economies by creating sustainable jobs, did that by violating the neoliberal structures. Pointer examples are South Korea and Taiwan. Both countries had committed their huge resources to subsidizing exports. A system neoliberal disallows.
If Tinubu and his team think the neoliberal model that favours markets and discourages governance is the way to go, they should please study Chile’s example. Chile’s neoliberal experiment produced the worst economic crisis in all of Latin America.
Clearly, Tinubu is not wrong in his belief that Nigeria will be better when its economy is vibrant, strong, and growing. He is only wrong in his believe that the neoliberal model is a unique solution that must be applied across all countries. The fatal flaw of neoliberalism is that it does not even get the economics right. Nigerians must reject the neoliberal model for the simple reason that it is bad economics that will not allow for poverty reduction and better citizens’ welfare.
Audu liberty Oseni is Coordinator of the Media Advocacy West Africa Foundation (MAWA – Foundation) and can be reached on libertydgreat@gmail.com
Mobile: +2348030899992