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Fighting corruption, illicit financial flows in Nigeria is non-negotiable – Buhari

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“For my administration, fighting corruption and Illicit Financial Flows (IFFs) in Nigeria is non-gegotiable’, This was the statement by Muhammadu Buhari, President of the Federal Republic of Nigeria to Thabo Mbeki, former President of the Republic of South Africa and Chair of the AU/ECA High-Level Panel on Illicit Financial Flows from Africa.

The Chair visited the President who is also the current Champion of AU Anti-Corruption Campaign, to follow up on the efforts of AU Member States to implement the recommendations of the High-Level Panel Report (endorsed by the AU in 2015) and ultimately tackle IFFs nationally.  The visit also saw the Chair call upon the President in his capacity as the AU Anti-Corruption Champion to lead the efforts to engage action from other AU Member States towards tackling IFFs at the national, regional and continental level.

Prior to the Presidential visit, Mr. Mbeki met with representatives of the Ministries, Departments and Agencies (MDAs) of the Federal Government of Nigeria which deal with Financial and legislative matters to gain an understanding of the country’s ongoing efforts to tackle Illicit Financial Flows.

In his remarks to the MDAs, the Mbeki recalled the 2015 Special Declaration to address IFFs, which was a realization by African leaders of the excessive losses due to illicit outflows. “The view was that the continent was losing resources which should have been available for its development to these illicit outflows,” he said. He emphasized the level of losses from IFFs, which at the time of the Panel’s Report was 50bn USD annually, but has now grown to about 80bn annually.  He also indicated on a more positive note that, “Africa has led this agenda and brought it to global attention. This was evident when the African Heads of States asked our Panel to help address this issue”.

Mr. Mbeki highlighted some of the recommended actions to address these IFFs saying that Nigeria and in turn, all other AU member states need legislation to deal with money laundering, financial intelligence and tax evasion. He underlined that this issue also requires action from global partners stressing, “since these funds leave the continent to destination countries, this problem cannot be solved by Africa alone. He acknowledged the capacity constraints nationally and continentally, saying, “As Africans, we must say that having identified the nature and size of the problem, we must work to address the issue. We need to act on this matter in any capacity necessary.”

The Deputy Executive Secretary and Chief Economist of the United Nations Economic Commission for Africa (ECA), Abdalla Hamdok for his part said that as a result of the Chair’s leadership, Africa was able to put the challenge of illicit finance on the global map. He referred to the Panel’s work and Report, whose impact has led to several important continental and global frameworks, including the Addis Ababa Action Agenda, as well as its inclusion in the Sustainable Development Goals.

As the Chair is required to report back to the AU Assembly of Heads of States and Government annually on the progress of implementing the recommendations of his Panel’s Report, Mr. Hamdok said, “Several actions are being carried out, including this visit to Nigeria to determine the state of reaction to this issue, as well as “a technical project which is being worked on by the ECA to help capacitate AU member states against IFFs. Mr. Hamdok also stressed that all these efforts and those not yet mentioned are still, however, based on political will, which is crucial to reducing IFFs from the continent.

Abubakar Malami, Attorney General of the Federation (AGF) for his part elaborated on Nigeria’s efforts to implement strategies to curb corruption and reduce IFFs. “We have taken major multi-dimensional policy decisions relating to institutions, legislations…and above all, recognizing the need for international collaboration as it relates to the fight against corruption and the minimization of illicit financial flows”. He noted that through legislative processes, Nigeria has “succeeded in establishing and capacitating institutions which are mandated with the statutory role of working to enforce financial regulations as well as tackle various misconducts including corruption and IFFs.”

He also detailed the efforts of the country in fighting corruption and IFFs through the deployment of relevant technology and international collaboration. Additionally, he highlighted the need for collaboration to make it more difficult for IFF perpetrators to move freely, invest in businesses and benefit from the proceeds of crime. He stressed that “we must work to repatriate these funds from the external perpetrators while working to detain them.

The Permanent Secretary of Finance, Mahmoud Isa-Dutse delivered remarks on behalf of the Minister of Finance for Nigeria. In the speech, he commended the Chair and Panel for fighting this plague saying that IFFs have robbed Africa of the required wealth to help build schools, hospitals, roads and other necessary infrastructure. He added that the quest for Africa’s financial development will be accelerated if the efforts to recover these lost funds are successful and the continent’s development will no doubt receive a necessitated boost. In this regard, he spoke about the work of the Nigerian Extractive Industry Transparency Initiative (NEITI), which is being led by the Minister of Finance. This effort has helped the country recover lost assets from taxes because of the increased transparency.

The two-day event culminated with a technical workshop with Thabo Mbeki. Raymond Baker, President, Global Financial Integrity and Member of the High-Level Panel as well as the Secretariat of the Panel meet with the representatives of the financial agencies and departments. Part of the objectives of the workshop was to discuss the ECA’s proposed Development Assistance Project which aims to support Nigeria and other member states in the fight against IFFs. Following this visit, the Secretariat is expected to further engage the government of Nigeria and foster collaboration to build its capacity to stem IFFs from the country.

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Ford Trims Workforce: 4,000 Jobs to Go in Europe

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(FILES) The logo of carmaker Ford is pictured on the sidelines of a warning strike called by metalworkers’ union IG Metall at the plant of carmaker Ford in Cologne, western Germany, on October 29, 2024. – US car manufacturer Ford on November 20, 2024 announced plans for 4,000 further job cuts in Europe, mostly in in the UK and Germany, in the latest blow to the continent’s beleaguered car industry. (Photo by INA FASSBENDER / AFP)

US car giant Ford on Wednesday announced 4,000 more job cuts in Europe, mostly in Germany and Britain, in the latest blow to the continent’s beleaguered car industry.

“The company has incurred significant losses in recent years,” Ford said in a statement, blaming “the industry shift to electrified vehicles and new competition”.

The move will affect 2,900 jobs in Germany, 800 in the UK and 300 in western Europe by the end of 2027, a Ford spokesman told AFP.

“It is critical to take difficult but decisive action to ensure Ford’s future competitiveness in Europe,” said Dave Johnston, Ford’s European vice-president in the statement.

The company also said it was adjusting the production of its Explorer and Capri models, resulting in reduced hours at its Cologne plant in the first quarter of 2025.

Europe’s car industry has been plunged into crisis by high manufacturing costs, a stuttering switch to electric vehicles and increased competition in key market China.

 

Germany’s Volkswagen has been among those hardest hit, announcing in September that it was considering the unprecedented move of closing some factories in Germany.

 

“The European automotive industry is in a very demanding and serious situation,” Volkswagen CEO Oliver Blume said at the time.

 

Ford had already announced in February 2023 that it was planning to cut 3,800 jobs in Europe, including 2,300 in Germany and 1,300 in Britain.

The company said then it was planning to reduce the number of models developed for Europe, concentrate on the profitable van segment and speed up the transition to electric vehicles.

Ford currently has around 28,000 employees in Europe with 15,000 in Germany, according to the company’s works council.

 

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Tinubu Dissolves UNIZIK Council, Sacks VC, Registrar, Otukpo Pro-Chancellor

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President Bola Tinubu has approved the dissolution of the Governing Council of Nnamdi Azikiwe University (UNIZIK), Awka, Anambra State, and the removal of the institution’s Vice-Chancellor, Prof. Bernard Ifeanyi Odoh, and Registrar, Mrs. Rosemary Ifoema Nwokike.

The council, chaired by Ambassador Greg Ozumba Mbadiwe, comprised five other members: Hafiz Oladejo, Augustine Onyedebelu, Engr. Amioleran Osahon, and Rtd. Gen. Funsho Oyeneyin.

A statement released on Wednesday by presidential spokesperson, Bayo Onanuga, revealed that the council was dissolved following reports of procedural violations in appointing the vice-chancellor.

According to the statement, the council had allegedly appointed an unqualified candidate, disregarding due process, which triggered tensions between the university’s Senate and the council.

The Federal Government expressed dismay over the council’s actions, emphasizing the need for adherence to the university’s governing laws in decision-making.

“The council’s disregard for established rules necessitated the government’s intervention to restore order to the 33-year-old institution,” the statement noted.

In a related development, President Tinubu also approved the dismissal of Engr. Ohieku Muhammed Salami, the Pro-Chancellor and Chairman of the Governing Council of the Federal University of Health Sciences, Otukpo, Benue State.

Salami was accused of suspending the university’s Vice-Chancellor without following the prescribed procedures, a move the Federal Ministry of Education had previously directed him to reverse.

Despite the Ministry’s directives, Salami reportedly refused to comply and resorted to issuing threats and abusive remarks towards the Ministry’s officials, including the Permanent Secretary.

The Federal Government reiterated that the primary role of university councils is to ensure the smooth operation of academic activities, strictly adhering to the laws establishing each institution.

Tinubu warned university councils against engaging in actions that could destabilize their institutions, as his administration remains committed to enhancing the nation’s education system.

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Ekiti Workers to Earn N70,000 Minimum Wage as Govt Signs MoU with Unions

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The Ekiti State Government has reached an agreement with labour leaders in the state, signing a Memorandum of Understanding (MoU) for the payment of the N70,000 minimum wage approved by the Federal Government.

Addressing journalists at a brief ceremony in Ado-Ekiti on Tuesday, the Head of Service (HoS), Dr. Folakemi Olomojobi, announced that the payment would commence immediately.

She lauded Governor Biodun Oyebanji for prioritizing the welfare of workers despite the state’s limited resources.

“This development demonstrates the governor’s commitment to improving the livelihood of our workers,” Dr. Olomojobi stated, highlighting the proactive measures taken by the administration to ensure prompt implementation.

In their remarks, the Trade Union Congress (TUC) Chairman, Comrade Sola Adigun, and the Nigeria Labour Congress (NLC) Chairman, Comrade Olatunde Kolapo, expressed their appreciation to Governor Oyebanji for fulfilling his promises to workers.

They confirmed that the new minimum wage would apply to all cadres, including employees in ministries, parastatals, agencies, and pensioners.

The Chairman of the Joint Negotiating Committee (JNC), Comrade Femi Ajoloko, described the implementation as a fair and commendable adjustment.

“This decision reflects the governor’s magnanimity and his dedication to fostering a productive workforce in Ekiti State,” he said.

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