Economy
ECOWAS Group, ICPC Urge African Leaders to Step up Fight Against Illicit Financial Flow
Mr Edwin Harris, the Director-General of the ECOWAS Inter-Governmental Action Group Against Money Laundering In West Africa (GIABA), Senegal, has urged African leaders to step up efforts in the fight againsr Illicit Financial Flows (IFF) in the region.
Harris made the call while delivering a lecture at the 11th anniversary annual lecture of Realnews and investiture into the Realnews Hall of Fame on Tuesday in Lagos.
The theme of the lecture is :” The Threats of Illicit Financial Flow to the African Economy”.
He stated that IFFs are a systemic problem requiring a systemic solution and as such, African leaders cannot afford to relax in the fight against a cankerworm that threatens their sustainable development.
The director-general noted that IFFs as money illegally earned, transferred or used in violation of laws in their origin, or during their movement or use, and are therefore considered illicit.
”IFFs from Africa typically originates from three sources, which are : corruption, including money acquired through bribery and abuse of office by public sector and private sector officials.
”Others are criminal activities, ranging from trafficking in people and drugs, arms smuggling, fraud in the financial sector, such as unauthorised or unsecured loans, money laundering, stock market manipulation and outright forgery,” he said.
Harris also mentioned commercial activities, arising from business-related activities, and having several purposes, including hiding wealth, evading or aggressively avoiding tax, and dodging customs duties and domestic levies.
The GIABA director-general said that the United Nations Economic Commission for Africa (UNECA) High Level Panel (HLP) on IFFs had stated that Africa is estimated to have lost one trilliondollars or more over the past 50 years to IFFs.
The commission, he said also revelealed that the continent is estimated to lose more than 50 billion annually in IFFs .
Harris stressed that this was corroborated by the Organisation for Economic Co-operation and Development (OECD) which estimated that Africa loses as much as $60 billion each year in IFFs.
He stated that in 2020, the UN Conference on Trade and Development (UNCTAD), in its report on Economic Development in Africa, estimated that Africa loses about US$88.6 billion, 3.7 per cent of its Gross Domestic Product (GDP), annually in IFF.
Harris said, at a regional level, the scale of criminal proceeds in the West Africa has been estimated at 3.6.per cent of global gross domestic product (GDP) .
“IFF are a global phenomenon and do not respect borders. They undermine global social, political and economic security and have become a serious threat to the attainment of development agenda, particularly in Africa.
“Africa’s efforts to ensure the reduction of IFFs must be pro-active, firm and unwavering while activities that give rise to IFFs must be vigorously fought without compromise.
“The key task is to take bold steps, cooperate and coordinate efforts, and unit to dismantle the system extracting wealth from Africa, ” he said.
According to him, this requires collective actions by all critical stakeholders, including national authorities, the private sector and civil society organisations to press for change in their countries and the continent at large.
Harris commended Realnews and other media houses in Africa for their effort in fighting against IFFs.
In her welcome address, Ms Maureen Chigbo, the Publisher of Realnews said that the anniversary lecture series is one way the medium contributes to nation-building and development.
Chigbo said Realnews does this by providing a forum for policy change-oriented discussions by professionals, scholars, technocrats and decision-makers on the way forward for our great nation and Africa in general.
“The lecture series since 2014 have focused elections, economy, security, challenges of leadership in Africa, Africa’s political transitions oil and gas, unfolding integration of the African Market, and drug abuse among youths in Africa.
“This year, we zeroed in on “Threats of Illicit funds flow to the African Economy”, because of our deep concern about the nefarious effect of illicit funds flow on the economy, resulting in dwindling revenue for Africa governments,” she said.
According to her, the theme of the lecture was borne out of a revelation by Mr Auwal Rafsanjani, Executive Director, Civil Society Legislative Advocacy Centre (CISLAC) on Oct. 22, that Nigeria lost $18 billion yearly to IFFs through the banking sector.
Chigbo stated that Rafsanjani, also Head, Transparency International (TI) Nigeria, had disclosed that Nigeria is one of the 23 countries ranked as non-co-operative in the combined efforts to fight money laundering globally, since its establishment in 2003.
She said to address this burning issue, the medium searched for Harris and other selected panel of discussants with relevant expertise, knowledge and experience to shed more lights on the topic.
The publisher appreciated the speakers and sponsors of the event in various capacities for their unwavering support to the medium.
In a panel discussion, Mr Kayode Adedayo, Director of Proceeds of Crime Department, Independent Corrupt Practices and Other Related Offences Commission (ICPC) said African countries must prioties the prevention of the movement of illicit funds from their territories.
Adedayo noted that this was imperative because once the funds are moved, particularly to the Western countries and discovered, and effort is made for its repatriation, they are returned after several years without interest.
Also, Mr Felix Obiamalu, Associate Director of Legal and Sanctions, Nigeria Financial Intelligence Unit (NFIU) urged the Federal Government to establish a clear and up-to-date policy and guidelines on how to combat IFF in Nigeria.
Obiamalu stated that while IFF is a menace that has eaten deepen into the Nigerian system, government at all level should lead by showing a political will to destroy it and promote the whistle blower mentality among the citizens.
The News Agency of Nigeria reports that the highlight of the event was induction of new members into the Realnews Hall of Fame.
The new members are : Harris, Adedayo, Obiamalu, Mr Mohammed Bello-Koko, Managing Director, Nigeria Ports Authority (NPA), Mr Aminu Maida, Executive Vice Chairman, Nigerian Communications Commission and Mr Ahmed Karu, Managing Director, Assets Management Corporation of Nigeria. (NAN)
The Nigerian Exchange Ltd. (NGX) market capitalisation declined further on Wednesday by 0.12 per cent or N68 billion, following selloffs in Tier-one banking stocks.
The market capitalisation, which opened at N56.898 trillion, closed at N56.830 trillion.
The All-Share Index also shed 0.
12 per cent or 121 points to settle at 100,365. 17, compared to 100,486.12 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return declined to 34.
23 per cent.Sell pressure in FBN Holdings, Guaranty Trust Holding Company (GTCO), United Bank of Africa (UBA), Access Corporation, Fidelity, among other declined equities, were the main drivers of the negative performance.
Meanwhile, the market breadth closed negative with 21 losers and 18 gainers on the floor of the Exchange.
Secure Electronic Technology Plc led the losers’ chart by 9.43 per cent to close at 48k, RT Briscoe followed by 8.22 per cent to close at 67k per share.
UBA lost 5.07 per cent to close at N21.22, Livestock shed 4.56 per cent to close N2.30, United Capital dropped 4.27 per cent to close at N37 per share.
On the other hand, International Breweries and Sovereign Trust Insurance led the gainers’ chart by 10 per cent each to close at N4.07 and 55k per share respectively.
Deap Capital Management and Trust Plc gained 9.80 per cent to close at 56k, The Initiative Plc rose by 7.50 per cent to close at N2.15.
FCMB appreciated by 5.26 per cent to close at eight Naira per share.
On market activities, trade turnover settled higher relative to the previous session, with the value of transactions up by 137.35 per cent.
A total of 497.84 million shares valued at N8.61 billion were exchanged in 8,412 deals, against, 280.92 million shares valued at N3.63 billion exchanged in 8,403 deals posted in the previous session.
First City Monument Bank(FCMB) led the activity chart in volume with 133.92 million shares valued at N1.4 billion, Access Corporation followed by 72.82 million shares worth N1.41 billion.
Zenith Bank sold 60.06 million shares worth N2.19 billion to lead the chart in value, UBA transacted 29.08 million shares valued at N639.55 million and Universal Insurance traded 22.92 million shares worth N7.68 million. (NAN)
The Speaker of the House of Representatives, Rep. Tajudeen Abbas, says Nigeria can empower youth and women in Agriculture with the development and implementation of bankable business proposals.
Abbas said this at the Second Interactive Session and Workshop on Developing Bankable Business Proposals/Business Plans for Youths and women in Agriculture on Monday in Abuja.
The Speaker, who was represented by his Deputy, Rep.
Benjamin Kalu, said youth and women are the most vital demographics in the society.The event was organised by the African Development Bank (AfDB) Group.
While acknowledging the bank and its partners for their contribution and interventions in the sector, Abbas said the need to diversify Nigeria’s economy could not be over emphasised.
According to him, our over-reliance on oil as primary resource has become neither sustainable nor profitable as the global community shifts towards greener, more sustainable energy sources.
“This reality makes it not just necessary, but urgent for us to explore and invest in alternative sectors.
“By focusing on developing and implementation of bankable business proposals, we can empower our youth and our women, to become key players in these sectors.
“Their active participation is not only essential for economic diversification, but also for ensuring food security and sustainable development through agriculture and technological advancements through high safety,” he said.
Abbas recognised AfDB’s hi-5 priorities to empower, feed, industrialise, integrate and improve the quality of life for the people of Africa.
He expressed the commitment of the legislators to support youth and women development through various projects and programmes.
He urged for more collaboration of the AfDB and other stakeholders to advance initiatives that could drive significant progress in the country and across the continent.
“Through this, we will certainly build a better, more resilient future for Nigeria and for the world,” he said.
Earlier, the Minister of Agriculture and Food Security, Sen. Abubakar Kyari, said any workable concept on youth and women in agriculture would contribute to sustainable agricultural development across the continent.
Kyari said the country was committed to work closely with bilateral and multilateral development partners, in advancing the engagement of youth and women in agriculture.
“Notably, agriculture remains the singular sector with the highest potential for mass job creation.
Youth participation will further bridge the gap for aging farm population.
“It will take development back to the rural communities, cause a significant improvement in production and overall productivity and offer a veritable platform to accentuate the poverty reduction drive of government,” he said.
Kyari said President Bola Tinubu’s Renewed Hope Agenda for Food Security was poised to change the narrative of agriculture of a way of life.
“And agriculture as a wealth creating sector with sustainable, marketable, and bankable business prospects for youth and women engagement.’’
Similarly, the Minister of Youth Development, Dr Jamila Ibrahim, said it was crucial to build capacity of youth and women to see agricultural beyond subsistent but as an enterprise.
Ibrahim expressed the commitment of the ministry to work with stakeholders to co-create initiatives to support women and youth.
“We are open to working with partners to strengthen what we are doing. By doing so, we will build a brighter future for Nigeria,” she said.
For the Minister of Communications, innovation and Digital Economy, Dr Bosun Tijani, innovation is key to solve most challenges we face in Nigeria and the continent.
Tijani said that this innovation could not be done without including the young people including women, thus the need to invest in them.
Also speaking the Director-General, West Africa Region of AfDB, Mr Lamin Barrow, said the event was part of activities to celebrate the bank’s 60 years anniversary.
According to the director-general, Africa’s progress will be driven by young dynamic workforce, thus the importance to boost investment in them.(NAN)
The Securities and Exchange Commission (SEC) has approved the commencement of the N351 billion rights issue capital raising programme of Access Holdings Plc.
A statement made available by the Holdings to newsmen on Sunday in Lagos confirmed this.
The group said that the approval marked a significant milestone in its previously announced capital raising programme, which aimed to generate up to $1.
5 billion.It also said that the rights issue was strategically structured to boost Access Holdings’ financial position and support ongoing working capital needs.
According to the holdings, the programme will also provide funding for organic growth across its banking and non-banking subsidiaries.
“The approved rights issue offers 17,772,612,811 ordinary shares of N0.50 each at a price of N19.75 per share.
“The offer will be issued on the basis of one new ordinary share for every two existing ordinary shares held as of June 7, 2024,” it said.
The lead issuing house for Access Holdings’ rights issue is Chapel Hill Denham Advisory Ltd., while Atlas Registrars Ltd. will serve as the Registrars to the offer.
The offer will open on July 8 and close on Aug. 14.
It noted that the rights circular would be distributed to shareholders by Atlas Registrars Ltd., and application forms would also be available on its various websites.
The holding company advised its shareholders to contact their stockbrokers for more details about the offer.
Access Holdings said that it remained committed to its strategic vision of expanding its footprint and delivering exceptional value to all its stakeholders.
It noted that the successful execution of the rights Issue would further solidify the group’s position as a leading financial services provider in Africa and beyond.(NAN)
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