The World Bank has stated that Nigeria has one of the highest inflation rates, which pushed an estimated four million people into poverty between January and May 2023.

This was disclosed during the launch of the June 2023 edition of the Nigeria Development Update on Tuesday in Abuja.

The Washington-based lender also said about 7.1 million poor Nigerians would become poor if the Federal Government failed to compensate or provide palliatives for them, following the removal of fuel subsidy.

According to World Bank data, 89.8 million Nigerian were poor as of the beginning of this year. The lender noted that additional four million Nigerians became poor between January and May this year, raising the figure to 93.8million.

Latest projection means the number of poor Nigerians will rise to 100.9 million if the government fails to compensate vulnerable citizens for fuel subsidy removal.

The World Bank Nigeria Development Update report noted that Nigeria’s inflation has risen to a 17-year high, and has been driven by a number of factors, such as CBN funding of budget deficit, previous multiple exchange rates, devaluation, and trade restrictions.

The report read, in part, “Consumer price inflation has surged and is currently one of the highest globally, which is related to Nigeria’s fiscal imbalance and points to the urgency of reform efforts. Inflation in Nigeria has been high for many years due to structural factors, but it escalated in 2022, to the point where consumer prices increased at their fastest pace for 17 years.

“The consumer price index further accelerated in 2023 through May, up to 22.4 percent y-o-y. High inflation has been driven by the monetization of the fiscal deficit by the CBN, multiple exchange rates and exchange rate depreciation in the parallel market, and intensified trade restrictions, exacerbated by the spike in global food and energy prices.

“The CBN implemented measures to control rising inflation, including raising the monetary policy rate by 700 basis points, but these proved ineffective and monetary policy remained loose overall in the first half of the year. The loss of purchasing power from high inflation has increased poverty in the short-term, pushing an estimated 4 million Nigerians into poverty between January and May 2023.”

The National Bureau of Statistics recently disclosed that inflation in the country rose to 22.41 per cent in May, which is the highest in about 19 years.

Also, the NBS, in its National Multidimensional Poverty Index report, disclosed that 133 million Nigerians are multi-dimensionally poor.

The NBS said 63 per cent of Nigerians were poor due to a lack of access to health, education, living standards, employment, and security.

The Multidimensional Poverty Index offered a multivariate form of poverty assessment, identifying deprivations across health, education, living standards, work, and shocks.

In its new report, the Washington-based bank noted that the loss of purchasing power increased the poverty headcount rate by an estimated 2 percentage points or 4 million people.

This may mean that the total number of poor people in the country has risen to 137 million this year.

The World Bank added that the number of poor people in rural areas increased by an estimated 4 percent, while in urban settings, there was an estimated increase of 11 per cent.

The Brenton Woods institution further noted that with the removal of fuel subsidy, about 7.1 million people are at risk of becoming poor if no form of compensation is provided by the government.

The report read, “In the immediate term, the removal of the petrol subsidy has caused an increase in prices, adversely affect ting poor and economically insecure Nigerian households. Petrol prices appear to have almost tripled following the subsidy removal.

“The poor and economically insecure households, who directly purchase and use petrol as well as those that indirectly consume petrol, are adversely affected by the price increase. Among the poor and economically insecure, 38 percent own a motorcycle and 23 percent own a generator that depends on petrol. Many more use petrol dependent transportation.

“The poor and economically insecure households will face an equivalent income loss of N5,700 per month, and without compensation, an additional 7.1 million people will be pushed into poverty.

The World Bank warned that many newly poor and economically insecure households will likely resort to consequential coping mechanisms, such as “not sending children to school, or not going to the health facilities to seek preventative healthcare or cutting back on nutritious dietary choices.”

The bank stressed the need for adequate compensation, noting that compensating transfers will be essential in helping to shield Nigerian households from the initial price impacts of the subsidy reform.

The lending institution further applauded the removal of the subsidy and FX management reforms, which are crucial measures to begin to rebuild fiscal space and restore macroeconomic stability.

It stressed that the opportunity should be seized to take further necessary policy reform steps.

The report added, “Following a bold start with the recent PMS subsidy reforms and FX reforms, the urgency remains for Nigeria to seize the opportunity to chart a new course with ambitious and comprehensive reforms to raise long-term growth prospects.”

In his remarks, the governor of Oyo state, Seyi Makinde, said the reforms of the new administration are a step in the right direction.

However, he said there is a need to ensure that social safety nets are put in place because other than the local disruptions, there are also global headwinds that affect Nigeria as well.

“Social protection programs must be taken with a systemic approach towards long-term objectives,” he said.

Abia State Governor Alex Otti stressed the need for deregulation in the oil sector in order to maintain the reforms in this sector.

“What is important is not that the subsidy is removed, but the ability to sustain that removal, and the only way to do is moving from regulation to deregulation,” he said.

He further stressed the need for a sustainable cash transfer programme and other programmes that are well-targeted to the poor affected by the reforms in the country.

The Resident Representative for Nigeria of the International Monetary Fund, Ari Aisen, noted that the current reforms of the new administration are expected to have side effects.

He said, “There were so many distortions accumulated in the past, it is naturally that when these policies are implemented, you have some side effects. We should all expect that.”

Aisen added that inflation will likely keep rising, and stressed the need for policies that would curb inflation.

“Here, inflation is the main culprit in the room. We have seen inflation already high before the implementation of these policies. Inflation is likely to increase further. In our view, it is going to be critical to tailor macroeconomic policies to reduce inflation,” he said.

The IMF Representative further said that there is a need for further tightening of the monetary rates, which he said, remain loose.

He added that the IMF hopes to continue its long-term relationship with Nigeria, supporting the country with capacity building, policy advisory, and financing.

The Director General, Debt Management Office, Ms Patience Oniha, noted that although the government can borrow from the Central Bank of Nigeria through the Ways and Means Advances, it is important to stick to the limit.

She further stressed the need for urgent support from multilateral organisations in addressing the tough time Nigerians are going through.

Oniha said, “These are tough times because the policies have all been introduced now. In what ways can we get real support? We do appreciate all the concessional funding that we get from the multilaterals. In this short time, in what way can we get that assistance?”

The Special Adviser to the President, Bola Tinubu, on Monetary Policies, Wale Edun, said that other than the $800m loan from the World Bank, there may need for additional financing to ensure the sustainability of the bold reforms under the administrations.

“We have identified some sources of funding, but we are going after many more,” he said.

The World Bank Country Director for Nigeria, Shubham Chaudhuri, further disclosed that Nigeria is the biggest beneficiary of concessional financing from the World Bank, with over $10.5bn since February 2020.

The World Bank lead economist for Nigeria, Alex Sienaert, during a presentation at the event, said that Nigeria is projected to save up to $5.1bn (N3.9tn) in 2023 alone after the removal of fuel subsidy and reforms of its foreign exchange market.

Sienaert also said that the gains from these policies are expected to reach over N21tn between 2023 and 2025.

An All Progressives Congress (APC) Chieftain in Kaduna, Engineer Mohammed Khailani, has called for inter-Agency synergy against insecurity , particularly banditry.

He urged the new service Chiefs to ensure they work together towards ending the insecurity bedeviling the country.

Speaking with newsmen in Kaduna, Engineer Khailani who is the Director-General of Amalgamated APC Support Groups, noted that “some of them will just keep intelligence within instead of sharing it with other sister agencies. if they can come together and form a formidable force, we will deal with the issue of insecurity in this country.”

He also spoke on the recent allegation made by ex-Militant leader Asari Dokubo that 99 percent of oil theft in the oil-rich Niger Delta were being perpetrated under the watch of some military personnel.

He alleged that there was also the involvement of some very highly placed Nigerians in the oil theft running into billions of dollars since 1983.

Expressing dissatisfaction with the management of the apex bank under the leadership of Godwin Emefiele, Muhammad criticized recent calls for Emefiele’s release, asserting that such actions were not in the best interest of Nigerians.

He lauded President Tinubu’s bold economic initiatives, as he appealed for patience from the Nigerian populace and expressed confidence in Tinubu’s ability to steer the nation towardrds prosperity.

The APC chieftain commended Tinubu’s dedication to the progress of Nigeria.

At least, 51 Nigerian Universities led by Covenant University, Ota, have made impressive outing in the first Times Higher Education 2023 Sub-Saharan Africa rankings.

At a colourful unveiling event in Accra on June 26, Times Higher Education announced the results of its 2023 Sub-Saharan university rankings.

The event was attended by a delegation from Nigeria led by Professor Peter Okebukola, Chairman of the Nigerian Universities Ranking Advisory Committee.

According to a statement by the National Universities Commission, on Wednesday, Okebukola led the Nigerian delegation.

According to him, “Covenant University emerged in the 7th position in Sub-Saharan Africa and the No. 1 in Nigeria.

“Other universities that appeared on the elite list and their ranks are Federal University of Agriculture, Abeokuta (26th) Benson Idahosa University (30th), Nnamdi Azikiwe University (31st ), Redeemer’s University (35), University of Ibadan (36), CRUTECH (37th), OAU, Ife (39th) Umaru Musa Yar’Adua University (43rd ), Adeleke University (45th), and Ahmadu Bello University (46th ).

“Others are: the University of Benin (47th), Landmark University(49th), Babcock University (50th), Ajayi Crowther University (51-60th), the Bells University of Technology (51-60th ), Federal University Kashere (51-60th ), Federal University Lokoja (51-60th ), Gombe State University (51-60th ), Lagos State University (51-60th ), the University of Port Harcourt (51-60th ), Baze University (51-60th ), Delta State University (61-70th ), Elizade University (61-70th ), Niger Delta University (61-70th ), Abia State University (71+), Alex Ekwueme Federal University, Ndufu-Alike (71+), Bamidele Olumilua University of Education, Ikere (71+), Bauch State University (71+), Bayero University (71+), Edo State University (71+), LAUTECH (71+), Lead City University (71+), NOUN (71+), Glorious Vision University (formerly Samuel Adegboyega University (71+), Veritas University (71+), and Yusuf Maitama Sule University, Kano (71+).

According to the former Executive Secretary of the National Universities Commission, “the methodology of the sub-Saharan African rankings is on “five pillars- resources and finance (20%); access and fairness (20%); teaching skills (20%); student engagement (20%) and Africa impact (20%)”.

He noted that on all measures, Nigerian universities did impressively well, with much room for improvement.

Okebukola was the immediate past Chairman Governing Board of the National Open University of Nigeria, NOUN noted that “since this is the first edition of the sub-Saharan university rankings, by the next and subsequent editions, Nigerian universities will leap to the lead.

“We will continue to improve on the metrics through better quality teaching, especially with the incoming Core Curriculum and Minimum Academic Standards research and provision of better services for our students.”

Okebukola further noted that during the unveiling ceremony and the Sub-Saharan University Forum which preceded it on “Revolutionising African Higher Education”, Duncan Ross, Chief Data Officer of Times Higher Education, lauded Nigerian universities on progress made in the last two years on global and regional league tables.

According to Ross, of the 121 universities that contributed data, Nigerian universities make up the “largest proportion (42%) followed by South Africa (12%) and Ghana (7%) Professor Okebukola explained this as the impact of the revolution towards improving quality of delivery of university education in Nigeria, initiated by Professor Abubakar Adamu Rasheed, Executive Secretary NUC and supported by the immediate-past Minister of Education, Adamu Adamu”.

President Bola Tinubu, former President Muhammadu Buhari, Senate President, Godswill Akpabio, speaker of the House of Representatives, Tajudeen Abbas, former Vice-President, Atiku Abubakar, Labour Party presidential candidate, Peter Obi, yesterday called for sober reflection as they felicitated with Muslims on this year’s Eid-el-Kabir celebration.

State governors, Christian Association of Nigeria, CAN, and telecoms company, Glo, among others, also made similar calls.

Nigeria’s problems not insurmountable –Tinubu

In his message, President Tinubu enjoined Muslims to show mercy and compassion to others. He acknowledged the challenges people were going through but assured that the problems were not insurmountable as he was working hard with his team for solutions

He said: “As we immerse ourselves in the joy of this moment and celebrate, let us remember those who may not be as fortunate as us. There is no greater sense of duty ever recorded in history outside the ennobling example of Prophet Ibrahim in offering his only son Ismail as a sacrifice to Allah.

“The best way by which we can demonstrate this example is in how we conduct ourselves in relation to our fellow citizens and in our duties to our beloved country. We must imbibe and manifest those values inherent in Prophet Ibrahim’s life, namely; complete devotion to Allah, tolerance, patience, perseverance, selflessness, love and compassion.

“At the moment, our country is going through some challenges, especially with our struggling economy and simmering security challenges. While I acknowledge all of these, I want to assure you that they are not insurmountable. ‘’I am working day and night with my team, fleshing out solutions. We have started with the decisions taken so far, to reform our economy and remove all impediments to growth.”

Support Tinubu to succeed – Buhari

On his part, former President Muhammadu Buhari, while congratulating Muslims, urged them to support President Tinubu’s administration to succeed.

According to him, “leading a country like Nigeria is one of the hardest challenges in life and urged Nigerians to fully support the Tinubu administration to succeed. Leadership is a challenging task that demands the sacrifices and support of the citizens.”

Imbibe love, unity and faith — Akpabio

President of the Senate, Senator Godswill Akpabio, in his goodwill message, urged Muslims not to forget the tenets of the season, which are love, obedience and perseverance, as they celebrate.

He also urged Nigerians to eschew bitterness, and hatred and imbibe the spirit of love, unity and faith during the celebration, noting that “it is only in a state of peace and tranquillity that governments at all levels would be able to get the country out of its current economic situation”.

Pray for the success of leaders- Abbas

In his message, the speaker of the House of Representatives, Tajudeen Abbas, called on Nigerians to pray for the unity, peace and progress of the country. Abbas urged the citizens to use the occasion to pray for the success of the administration of President Tinubu while calling for their spiritual and moral support for all elected and appointed leaders nationwide.

“It is a time to thank Almighty Allah for His grace and mercy upon our nation. It is a time to reflect on the prospects and the brighter future ahead of the nation. It is also a time to pray for the success of our leaders, as they move to tackle the challenges facing the country, counting on the prayers and support of the people,” he said.

Live a life of sacrifice – Atiku

Former Vice President, Atiku Abubakar, asked Nigerians to seek God’s blessings to elevate the country “to a path of peace, harmony, and prosperity” while also enjoining them to live a life of sacrifice,
Abubakar said the significance of the celebration is about the “profitability of being patient with God in our affairs as human beings, and most especially, as Muslims.

“We are also enjoined to follow the footsteps of the prophets, especially Prophet Muhammad, which means that we must live our everyday life as a sacrifice, not just for our families, but the communities where we find ourselves.”

Obi calls for more prayers

Presidential candidate of the Labour Party, Peter Obi, called on Nigerians, especially the Muslim Umma, to intensify their prayers for the security and prosperity of the nation.

Obi in his Sallah message via tweeter, said: “An intense prayer for our dear country has become very necessary more than ever before as our nationhood is in dire need of divine intervention to survive.

“Our economy is already under severe stress, the currency is losing value daily, unemployment and inflation rising at unprecedented speed, and people living in multi-dimensional poverty are increasing by the day.”
Govs call for sober reflection

Osun

Osun State governor, Ademola Adeleke, rejoiced with the Muslim faithful, assuring them of his commitment to delivering good governance.

The governor in a Sallah message issued by his spokesperson, Olawale Rasheed, urged Muslims in the state to rededicate themselves to serving Allah and humanity for a prosperous state.

Ogun

On his part, Ogun State governor, Prince Dapo Abiodun expressed his gratitude to Allah for the success of pilgrims at Arafat noting that it was a great achievement.

He rejoiced with Ogun Pilgrims on the success of the 2023 Hajj exercise, praying that all that they have prayed to Allah be granted.

Katsina

Katsina State governor, Mallam Dikko Radda admonished Nigerians to treat each other as one irrespective of religious differences. Radda urged Muslims in Katsina and other parts of the country, to steadfastly pray for national unity, peace and integration during this season.

Niger

Niger State governor, Mohammed Bago urged Muslims to imbibe the virtues of love, obedience, and sacrifices as exemplified by Prophet Ibrahim. The Governor stressed the significance of Eid-El-Kabir to Muslims and called on them to use the occasion to deepen their faith and submission to the will of Allah.

Oyo

Oyo State governor, Mr Seyi Makinde, who appreciated the Muslims for their support and prayers, called on them to continue to pray for his administration, the state and Nigeria.

According to the governor, the continued peace and prosperity of Oyo State and the success of his government are hinged on the prayers and support of the people.

Ekiti

Ekiti State governor, Mr. Biodun Oyebanji, described Eid-el-Kabir as a time to appreciate the Almighty Allah for his mercies and benevolence. The governor rejoiced with the Muslim faithful for another opportunity to witness the celebration of an important festival in the Islamic Calendar.

Enugu

Enugu State governor, Dr. Peter Mbah, while felicitating with Muslims, called on both the Muslim Ummah and other Nigerians to make uncommon sacrifices for the development of the country and further urged them to sustain the spirit of the Sallah celebration which encapsulates peace, love, unity, progress, neighbourliness, development and nation-building, promising to forge a common front for the wellness of the society.

Nigerians must embrace peace, love — CAN

The Christian Association of Nigeria, CAN, extended warm felicitations to Muslim faithful in the country urging all Nigerians to embrace peace, unity, and love for one another. In a press statement yesterday, CAN President, Archbishop Daniel Okoh, highlighted the significance of the Eid-el-Kabir celebration, which commemorates the values of sacrifice, love, and obedience.

“We join our Muslim brothers and sisters in marking this auspicious occasion and call on all Nigerians to put aside our differences and work together to build a stronger, more united, and prosperous nation,” he said.

Apex Igbo socio-cultural organisation, Ohanaeze Ndigbo, on Tuesday, appealed to the British government for leniency for convicted former Deputy Senate President, Ike Ekweremadu.

The Igbo group made this known when the leadership of Ohanaeze Ndigbo received the British High Commissioner to Nigeria, Dr Richard Montgomery at the National Secretariat of Ohanaeze Ndigbo in Enugu.

Ohanaeze Ndigbo affirmed that it accepted the pronouncement of the trial court that approved nine year and eight months jail term for Ekweremadu in the matter of organ harvesting.

The UK court on May 5, also sentenced his wife, Beatrice and the doctor, Obinna Obeta to four years six months and 10 years in prison respectively.

One of the leaders of the group, Archbishop Emmanuel Chukwuma, said that Ndigbo would be happy should Ekweremadu’s jail term be reduced.

Chukwuma said, “There is a very important issue that we have to bring to your attention. You’re aware of the case of Nigeria’s former Deputy Senate President, Ike Ekweremadu who was convicted and is in jail in your country. He’s from this state and we all know the circumstance he got entangled in that unfortunate incident because he wanted to save his daughter.

“He is already serving a jail term. It’s unfortunate but it has happened. I testified for him during the trial and in fact, the judge mentioned my name two times while delivering his judgment.

“But we’re using the opportunity of your visit to ask for leniency for him so that he doesn’t spend the number of years in jail. We have accepted the judgment, but are saying if there’s anything that could be done to reduce the jail term. He’s from this area and if we don’t bring this thing up as Ohanaeze or from us here, concerning this important son of Igboland, it wouldn’t be nice of us. We are quite overwhelmed”.

1. IN EXERCISE of the powers conferred on it by Sections 33, 42(2)(e) and 38A (as amended) of the Constitution of Sierra Leone, 1991 (Act No. 6 of 1991) and pursuant to Sections 7 and 68 (1) of the Public Elections Act, 2022 (Act No.17 of 2022), the Electoral Commission for Sierra Leone (ECSL) conducted a Presidential election on 24th June, 2023.

2. Both the polls and tallying processes were observed by political parties' agents, various National and International Observation Missions/Groups, Embassies and the Media.
3. The Results:

• 11,712 polling station results were entered into the result database, representing 98.98% of all polling stations across the country.

• The national turnout is 2,800,691 representing 83 % of all registered voters.

• The total number of valid votes cast is 2,789,808

• The total number of invalid votes cast is 10,883 representing 0.39 % of the votes cast

• A total number 120 polling stations were not entered into the Result Database due to either being tampered with and therefore quarantined at Regional Tally Centres; or unavailability of Result Forms caused by violence at identified polling stations.

• The above outstanding results cannot materially affect the outcome of the final Presidential election results.

• Details of the results at polling stations will be posted on the ECSL website at https://ec.gov.sli

• A full breakdown of the results by districts is attached to this statement.

5. Therefore, by the powers vested in me as the National Returning Officer by Section 67, 51(2) and 92(4) of the Public Elections Act 2022 (Act No.17 of 2022) and pursuant to section 42(2)(e) of the Constitution of Sierra Leone, 1991 (Act No. 6 of 1991), I hereby certify that BIO, JULIUS MAADA, having polled 1,566,932 of valid votes cast representing 56.17 % of total valid votes cast in the 24th June, 2023 Presidential election duly elected President of the Republic of Sierra Leone.

6. Any citizen who has lawfully voted in this election may challenge the validity of the said election of the President by petition to the Supreme Court of Sierra Leone within seven days after the declaration of Presidential result pursuant to Section 54(1) of the Public Elections Act, 2022 (Act No.17 of 2022).

According to Final Results of Sierra Leone's 24 June 2023 Presidential Election announced by the Commision for Sierra Leone (ECSL) on Tuesday, 27 June 2023:

Incumbent President Julius Maada Bio of ruling SLPP was re-elected with:
1,566,932 votes or 56% of the valid votes cast.

Dr Samura Kamara of main oppostion APC came second with 1,148,262 or 41.16% of the votes cast.

Eleven other candidates received combined vote of less than 3%.

A candidate required 55% of valid votes to win the first round, otherwise, the two frontrunners go into run-off vote, which is unnecessary in this case going by the ECSL announcement.

The 2023 general elections did not ensure a well-run transparent, and inclusive democratic process as assured by the Independent National Electoral Commission (INEC), the European Union Election Observation Mission (EU EOM) has said.

The EU EOM noted that shortcomings in the law and electoral administration hindered the conduct of well-run and inclusive elections and damaged trust in INEC.

In its final report released on Tuesday in Abuja, the EU EOM said public confidence and trust in INEC were severely damaged during the presidential poll and were not restored in state-level elections, leading civil society to call for an independent audit of the entire process.
“The widely welcomed Electoral Act 2022 (the 2022 Act) introduced measures aimed at building stakeholder trust. However, the Act’s first test in a general election revealed crucial gaps in terms of INEC’s accountability and transparency, proved to be insufficiently elaborated, and lacked clear provisions for timely and efficient implementation.
Thugs Kill Naval Rating In Ondo

sanctions for electoral offences and breaches of campaign finance rules.

“Furthermore, the presidential selection of INEC leadership at the federal and state level leaves the electoral institution vulnerable to the perception of partiality. Closer to the polls some started to doubt INEC’s administrative and operational efficiency and in-house capacity. Public confidence gradually decreased and was severely damaged on 25 February due to its operational failures and lack of transparency.

“While some corrective measures introduced before the 18 March elections were effective, overall trust was not restored,” it said.

Addressing a press briefing in Abuja, the Chief Observer, EU EOM, Barry Andrews, noted that his team carried out its work between 11 January and 11 April on the invitation of the INEC.
The EU EOM offered 23 recommendations for consideration by the Nigerian authorities that would contribute to the improvement of future elections.

Andrews said: “We are particularly concerned about the need for reform in six areas which we have identified as priority recommendations, and we believe, if implemented, could contribute to improvements for the conduct of elections.”

The six priority recommendations point to the need to; remove ambiguities in the law; establish a publicly accountable selection process for INEC members; ensure real-time publication of and access to election results; provide greater protection for media practitioners; address discrimination against women in political life, and; impunity regarding electoral offenses.

Reacting, INEC’s National Commissioner and Chairman, Information and Voter Education Committee, Festus Okoye, who spoke to journalists after the presentation said: “We are going to harmonise all the reports by international observers that have been presented and we are going to look at the reports holistically.

“From the report presented, the EU made mention of the fact that there have been significant improvements in our electoral process and there have been so many positives to this particular election.

“One of the positives is that we registered over 93 million Nigerians during this election. Not only that if you look at the reports submitted by international observers, in terms of voters accreditation, the BVAS performed optimally.”

Okoye, however, admitted that there were challenges, promising that recommendations from international observers would be worked on and implemented.

The Indian government has approached an Abuja High Court seeking an order compelling the Federal Government of Nigeria to extradite two of its nationals whom it has accused of financial crimes but are living large in Africa’s biggest economy.

After failed diplomatic efforts to have the Nigerian government extradite the Indian brothers, Nitin and Chetan Sandesara, who own Sterling Energy and Exploration Production Ltd in Nigeria, the country is seeking a court order to extradite them and seize their Nigerian assets.

When contacted, Vipul Mesariya, spokesman of the Indian high commission in Nigeria, said: “It is sub judice. The matter is in court. We cannot comment on it.”

Indian Prime Minister Narendra Modi’s government has accused the tycoons of absconding after defrauding public banks of more than $1.7 billion. They were declared Fugitive Economic Offenders.

A Fugitive Economic Offender is a legal term in India. It relates to any individual against whom a warrant for arrest in relation to a “scheduled offence” has been issued by any Indian court under the Fugitive Economic Offenders Act. It applies to individuals who either left India to avoid criminal prosecution or, being abroad, refuses to return to India to face criminal prosecution.

However, under Nigerian law, extradition isn’t often a straightforward process. It gets complicated when the subject has been accused of a crime in Nigeria.

Last year, a Federal High Court sitting in Abuja rejected an application by the Federal Government seeking the extradition of Abba Kyari, the suspended deputy commissioner of police, accused of fraud and money laundering in the United States.

In dismissing the application, Justice Inyang Ekwo said “the application is in breach of Section 3(f) of the Extradition Act, and by that Act, it is incompetent.”

Section 3(f) provides that “a fugitive criminal who has been charged with an offence under the laws of Nigeria or any part thereof, not being an offence for which his surrender is sought, shall not be surrendered until such a person has been discharged either by acquittal or on the expiration of his sentence”.

Extradition matters in Nigeria are governed by the Extradition Act 1966, the Extradition Act Modification Order 2014, Federal High Court Extradition Proceedings Rules 2015, Extradition Amendment Act 2018 and its various treaties with nation-states.

Section 1 empowers the president to extend the application of the Extradition Act to any country with which Nigeria has signed a treaty regarding the surrender of persons wanted for prosecution or punishment.

Under Nigerian law, a Nigerian citizen, as well as a non-citizen, can be extradited provided that such a person has been accused of a crime and proper application has been made for the surrender of such person to face trial.

The case of the Indian brothers is more nuanced. While the Indian government has charged them with crimes, the Nigerian government is treating them like guests as they have enough dollars to invest in the oil sector.

Sandesara Group’s Nigerian arm Sterling Global Oil Resources Ltd in 2004-05 won a small area of 29 sq. km for exploration in Nigeria via bidding. The company said it has a licence to explore and produce crude oil from four onshore blocks with a total acreage of almost 2,000 sq. km, with Shell and Chevron as neighbours.

The group’s subsidiaries — Sterling Oil Exploration & Production Co. and Sterling Global Oil Resources Ltd. — pump about 50,000 barrels of crude a day in the delta via contracts with the state-owned Nigerian National Petroleum Company Limited.

Another unit expects to bring a third block into production this year that will eventually raise total daily output to above 100,000 barrels per day in a period of five years.

Section 3 of the Extradition Act provides that a fugitive may not be extradited for political crimes, or if he sought merely to be punished on account of his race, religion, nationality or political opinion. If the application was otherwise not made in good faith or in the interest of justice, or in the case that if surrendered, the person is likely to be prejudiced at his trial.

Nigeria has refused India’s request to extradite them, and BusinessDay has seen Nigerian government documents shielding them from extradition to India.

Some analysts contacted said the issue has implications. Paul Ananaba, a senior advocate of Nigeria, said: “Nigeria has a moral obligation to allow anyone being prosecuted to face trial; however, countries often act in their best interest and Nigeria may have its reasons for refusing.”

There is a concern that sheltering persons accused of using the proceeds of crime to facilitate oil investments in Nigeria apart from damaging the country’s reputation does not help current efforts to remove Nigeria from an international list of countries with weak systems to check money laundering and other financial crimes.

The Financial Action Task Force (FATF), a global money laundering and terrorist financing watchdog, identifies jurisdictions with weak measures to combat money laundering and terrorist financing in two FATF public documents that are issued three times a year.

The FATF’s process to publicly list countries with weak anti-money laundering and counter-financing of terrorism (AML/CFT) regimes has proved effective. As of June 2023, the FATF has reviewed over 125 countries and jurisdictions and publicly identified 98 of them. Nigeria is one of them.

Nigeria is classified under Grey-list countries, which refers to those actively working with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing.

Nigerian authorities responsible for implementing the country’s AML/CFT framework say they are working hard to exit Nigeria from FATF’s grey list.

At a retreat in Abuja on June 23, Modibbo Tukur, CEO of the NFIU, through a representative, said: “Stakeholder agencies involved in the country’s AML/CFT framework together with representatives from the private sector met in May this year and agreed a revised strategic roadmap to exit the grey-list.”

President Bola Tinubu has returned to Lagos from his international trips to Paris and London respectively.

The President, on Tuesday, arrived at the Murtala Muhammed International Airport in Lagos at exactly 05:13pm.

Tinubu was received by supporters and high-ranking members of the ruling All Progressives Congress (APC) including Governor Babajide Sanwo-Olu of Lagos state, amid warm display by colourful members of the Presidential Guards.

Recall that the President had travelled to the Paris, France on Friday during, where he participated in the summit for ‘A New Global Financing Pact’ hosted by French President Emmanuel Macron.

After the two-day summit, the President proceeded to London, United Kingdom, for a “short private visit”, according to his spokesman, Dele Alake, in a statement last Saturday.

Alake had hinted that the President would be back in Nigeria today (Tuesday) for the Eid-el-Kabir festivities on June 28 and 29, 2023.