Nigeria News
Nigeria leads Africa in illicit forex outflows to the world
The image of Africa is that of a continent with the beggars bowl, urging richer nations to bankroll development.
But a new report has shown that Africa, due to the incorrigible behaviour of its elite, has been for decades a long term net creditor to the rich nations.
The surprising report released today at the 48th AfDB Annual Meetings in Marrakech, Morocco was the joint effort of the African Development Bank (AfDB) and Global Financial Integrity (GFI).
The report reveals that Africa suffered between US$ 597 billion and US$ 1.4 trillion in net outflows between 1980 and 2009 after adjusting net recorded transfers for illicit financial outflows. The figure will surely balloon if outflows in the last four years of unprecedented oil boom, are considered.
Nigeria leads Africa’s drain pipe to the developed world, posting a record $ 252 billion in 29 years. Libya comes second with $ 222 billion, while South Africa, Africa’s biggest economy comes third with $ 183billion. Algeria is fourth on the list with $ 173 billion. Outflows recorded by West and central African nations, totalled between $ 459 billion and $ 493 billion in the period under review, with Nigeria accounting for more than 50 per cent.
“The resource drain from Africa over the last 30 years—almost equivalent to Africa’s current GDP—is holding back Africa’s lift-off,” said Prof. Mthuli Ncube, Chief Economist and Vice-President of the African Development Bank.
“The traditional thinking has always been that the West is pouring money into Africa through foreign aid and other private sector flows, without receiving much in return. Our report turns that logic upside down – Africa has been a net creditor to the rest of the world for decades,” said Raymond Baker, President of GFI, a Washington-based research and advocacy organization.
Prepared by a joint team consisting of GFI Chief Economist Dev Kar, GFI Economist Sarah Freitas, AfDB Senior Economist Jennifer Mbabazi Moyo, and AfDB Economist Guirane Samba Ndiaye, the study finds that cumulative illicit financial outflows from the African continent over the 30-year time span ranged from between US$ 1.2 trillion to US$ 1.3 trillion in real terms.
These unrecorded illicit outflows considerably swamped cumulative net recorded flows over the same period. As such, cumulative net resource outflows from Africa ranged from US$ 597 billion to US$ 1.4 trillion between 1980 and 2009.
Titled “Illicit Financial Flows and the Problem of Net Resource Transfers from Africa: 1980-2009,” the report does not consider the drivers behind the illicit financial outflows, noting that country-specific case-studies would have to be performed to determine the underlying causes, which likely vary between African nations. Also, much of the proceeds of drug trafficking, human smuggling, and other criminal activities—which are often settled in cash—are not included in this work.
However, the AfDB and GFI note that such significant transfers of capital out of the continent are likely to have a negative effect on economic development.
“The African continent is resource-rich. With good resource husbandry, Africa could be in a position to finance much of its own development,” said AfDB’s Ncube.
“More than one trillion dollars flowed illicitly out of Africa over the past 30 years, dwarfing capital inflows, and stifling economic development,” noted GFI Chief Economist Dev Kar, who previously served as a senior economist at the IMF. “Curtailing these outflows should be paramount to policymakers in Africa and in the West because they drive and are, in turn, driven by a poor business climate and poor overall governance, both of which hamper economic growth. The slower growth rate results in more aid dependency with foreign taxpayer funds filling the shortfall in domestic revenue—to the extent that tax evasion is a part of illicit flows.”
For the full report, please go to: http://www.gfintegrity.org/storage/gfip/documents/reports/AfricaNetResources/embargoed-gfi_afdb_iffs_and_the_problem_of_net_resource_transfers_from_africa_1980-2009-web.pdf
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Posted in Nigeria News. A DisNaija.Com network.
Source: PM News
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Nigeria News
Kano Transfers Over 1,000 Almajiris To Different States Amidst COVID-19 Pandemic
The Kano State Government on Saturday said it has transferred 1,098 ‘almajiris’ to different states of the country.
The commissioner for local government, Murtala Garo, disclosed this while presenting a report before the state’s task force on COVID-19 at the government house, Kano.
Almajiris are children who are supposed to be learning Islamic studies while living with their Islamic teachers. Majority of them, however, end up begging on the streets of Northern Nigeria. They constitute a large number of Nigeria’s over 10 million out-of-school children.
Mr Garo said the Kano government transported 419 almajiris to Katsina, 524 to Jigawa and 155 to Kaduna. He said all of them tested negative for coronavirus before leaving the Kano State.
Despite the coronavirus test done in Kano for the almajiris, the Jigawa government earlier said it would quarantine for two weeks all the almajiris that recently arrived from Kano.
Mr Garo said another 100 almajiris scheduled to be taken to Bauchi State also tested negative to COVID-19.
In a remark, Governor Abdullahi Ganduje said the COVID-19 situation in Kano was getting worse. He appealed for a collaborative effort to curtail the spread of the virus in the state.
Mr Ganduje, who commended residents for complying with the lockdown imposed in the state, said the decision was taken to halt the spread of the virus.
Kano State, as of Saturday night, has 77 coronavirus cases, according to the Nigeria Centre for Disease Control.
The decision to transfer the Kano almajiris is part of the agreement reached between Northern governors that almajiris in each state be transferred to their states of origin.
However, even before the latest agreement by the governors, the Kano government had been transferring almajiris to other states and neighbouring countries after it banned street begging in the state, most populous in Northern Nigeria.
Despite the transfers, however, no concrete step has been taken to ensure such children do not return to Kano streets as there is freedom of movement across Nigeria although interstate travel was recently banned to check the spread of the coronavirus.
Sourced From: Premium Times Nigeria
Nigeria News
COVID-19: ‘Bakassi Boys’ Foil Attempt To Smuggle 24 Women Into Abia In Container
By Ugochukwu Alaribe
Operatives of the Abia State Vigilante Service, AVS, popularly known as ‘Bakassi Boys’ have arrested 24 market women hidden in a container truck, at Ekwereazu Ngwa, the boundary community between Abia and Akwa Ibom states.
The market women, said to be from Akwa Ibom State, were on their way to Aba, when they were arrested with the truck driver and two of his conductors for violating the lockdown order by the state government.
Driver of the truck, Moses Asuquo, claimed he was going to Aba to purchase stock fish, but decided to assist the market women, because they were stranded.
A vigilante source told Sunday Vanguard that the vehicle was impounded while the market women were sent back to Akwa Ibom State.
Commissioner for Home Land Security, Prince Dan Okoli, who confirmed the incident, said that smuggling of people into the state poses great threat to the state government’s efforts to contain the spread of COVID- 19.
Sourced From: Vanguard News
Nigeria News
Woman Kills Her Maid Over Salary Request
Operatives of the State Criminal Investigation and Intelligence Department (SCIID), Yaba of the Lagos State police command have arrested one Mrs Nene Steve for allegedly killing her maid, Joy Adole
The maid was allegedly beaten to death by Nene for requesting for her salary at their residence located at 18, Ogundola Street, Bariga area in Lagos.
Narrating the incident, Philips Ejeh, an elder brother to the deceased said that he was sad when they informed him that his sister was beaten to death.
He explained that the deceased was an indigene of Benue State brought to Lagos through an agent and started working with her as a maid in January 2020.
‘’She reported that her boss refused to pay her and anytime she asked for her salary she will start beating her.
She was making an attempt to leave the place but due to the total lockdown she remained there until Sunday when her boss said she caught her stealing noodles and this led to her serious beating and death,’’ Ejeh said.
He called on Lagos State Government and well- meaning people in the country to help them in getting justice for the victim.
The police spokesman, Bala Elkana, stated that the woman and her husband came to Bariga Police Station to a report that their house girl had committed suicide.
Detectives were said to have visited the house and suspected foul play with the position of the rope and bruises all over the body which confirmed that the girl had been tortured to death and the boss decided to hang up the girl to make it look like suicide.
He said: “The police moved on with their investigation and found a lot of sign of violence on her body that she has been tortured before a rope was put on her neck.’’
He added that the police removed the corpse and deposited it in the mortuary for autopsy to further ascertain the cause of the death.
Elkana said the matter has been transferred from Bariga police station to Panti for further investigation while the couple have been arrested and will be charged to court.
Tribune
Boko Haram Attacks: Buhari Summons Urgent Meeting Of Service Chiefs
Ostensibly alarmed by the latest killings of dozens of soldiers by Boko Haram insurgents, President Muhammadu Buhari has summoned an urgent meeting of Service Chiefs to find ways to stop the trend.
He has also dispatched the Minister of Defence, Mansur Dan Ali, to the neighbouring Republic of Chad for an urgent meeting with President Idris Deby and his defence counterpart.
Knowledgeable sources said in Abuja on Friday that the president is worried by on the deterioration of security situation on the Nigeria – Chad Border that has led to the recently increased Boko Haram terrorism in the area.
The sources which did not want to be named in Abuja said: “Nigeria has a Chad problem in the Multi-National Joint Task Force (MNJTF) put together to secure the Lake Chad basin areas and repeal the Boko Haram terrorist attacks against all the countries neighbouring the Lake.”
The sources noted that Chad is believed to be having their own internal security challenges and this has reportedly led to their pulling away their own troops manning their own border around Lake Chad, saying: “That lacuna is being exploited by the Boko Haram terrorists, who go in and out of Nigeria, Niger and Cameroon to launch terrorist acts. This is a clear illustration of the fact that terrorism is beyond national borders.”
When contacted, the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, confirmed that the Defence Minister is going to Chad but said he is unaware of the purpose.
Meanwhile, the military authorities are said to be in the process of identifying the families of the latest victims with a view to making contact with them.
Credible sources revealed that it is the reason the president is yet to make any pronouncement on the matter.
“The President has called an urgent meeting with the Service Chiefs, as well as the fact that families of the latest victims of the Boko Haram are being identified and contacts made before a government pronouncement on the tragic attacks. This, it is understood, is the reason for the silence of the government over the incident,” the source said.
Sourced From: Tribune