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How I Used ICPC, EFCC To Secure Debt Relief For Nigeria – Obasanjo

Published

7 months ago

October 25, 2024

Former President Olusegun Obasanjo has outlined the steps he took to secure substantial debt relief for Nigeria during his tenure from 1999 to 2007.

He noted that the creation of the Independent Corrupt Practices & Other Related Offences Commission, ICPC, and the Economic and Financial Crimes Commission, EFCC, were part of his policy moves that convinced Nigeria’s creditors to write off debts.

Obasanjo highlighted the challenges he faced upon assuming office, including Nigeria’s debt servicing burden of $3.5 billion annually and a total debt of approximately $36 billion, while the nation’s reserves stood at a modest $3.7 billion.

Obasanjo revealed that he successfully negotiated debt forgiveness by convincing international lenders of his administration’s commitment to channeling the funds saved into developmental projects aimed at sustainable growth.

He emphasised that presenting a credible and transparent plan was key, as global financial institutions required assurances that forgiven debt would foster positive development outcomes.

Reflecting on the current state of leadership in Nigeria, Obasanjo expressed concerns about a perceived decline in ethical leadership and effective planning.

He stressed that without a genuine development-oriented approach, requests for debt forgiveness are unlikely to gain international approval.

“When I became elected President of Nigeria, one of the things that worried me and that I wanted to do something about was debt relief. The quantum of debt that we were carrying, the burden was too heavy. We were spending $3.5bn to service debt, yet the quantum was not going down and I believed that we should seek debt relief.

“Many people inside and outside Nigeria thought it was a bad dream but I was convinced. I went to the World Bank and I started talking to our creditors,” Obasanjo said.

He explained that in his moves he found why the world lenders “did not feel that they owe us”, disclosing that they give consideration “when you make your case if they find that you are genuinely showing and trying to carry out what they call reforms, and the reforms they are asking us to carry out are reforms we should ordinarily carry out.

“How do you have public service delivered, how do you drastically reduce corruption, how do you manage your finances? And all these are reforms that nobody needs to tell us to do.”

Obasanjo noted that international lenders are more willing to engage with nations demonstrating accountability, stating, “when the world lenders believe that you’re doing what they expect of you, they will listen and you may even find the world more sympathetic than you thought. The world does not feel it owes you anything but if you show responsibility.”

He said, “I took over and I found they were using over $3.5b to service debt, that’s a lot of money but the problem was that the quantum of debt was not going down because that amount of money was being spent together to pay interests and to pay what they call penalties, because (for) any default you pay penalties and you can’t show good course for the debt.”

Illustrating the misuse of loans, he referenced a state project where a loan intended for carpet production was fully spent without any work being done on-site. He was told, “a small print which says once you sign, how the money is spent is not the responsibility of the lender, it’s the responsibility of the borrower.”

“With all these, I was convinced that I could make a credible case, a serious case, and then of course on the other hand they wanted me to do what’s right that I should not continue with the irresponsibility of the past, the corruption of the past.

“The point is that the international community know us more than we know ourselves and at times we bow our heads like ostrich in the sand. They know what you do,” he said.

The former president said the creation of the Independent Corrupt Practices & Other Related Offences Commission and the Economic and Financial Crimes Commission was borne out of the move to satisfy the course to secure debt forgiveness, as part of reforms to prove readiness to eliminate the stench of corruption and mismanagement.

“Of course, if you remember one of the first bills that I sent to the National Assembly was the ICPC bill to fight corruption. I followed that up later with the EFCC bill, again to fight corruption because the international community knows what you’re doing.

“So, convinced of the fact that we could not sustain the amount of money we were spending to service debt with the quantum of debt not going down, anytime we defaulted they gave us heavy penalties, and my determination to do what would convince Nigerians internally and convince our development partners/creditors, then it took almost six years before we got there and at the end of the day, they were satisfied.

“I even gave them assurance that the money saved from our debt relief would be spent on the sustainable development goals and that was been done.

“The world out there doesn’t feel that it owes you anything but if you do what is right, there’s a lot you can get out of the world,” the former president explained.

Obasanjo who lamented a situation “where leaders rather than manage the economy and prosperity of the nation for all, they manage it for themselves,” said, “Where there is no development you are actually inviting problems.”

He explained “When I came in 1999, I met $3.7bn in the reserves, and as I have told you, we were spending $3.5bn to service debt. That’s all we have. When I came in we had debt overhand of close to $36bn, by the time we left eight years later, with the debt relief and clearing what we had to clear, the quantum of debt I left was about $3.5/3.6bn from over about $36bn dollars.

“At the same time, the reserves that was $3.7bn went to $45bn, at the same time we had what we call the excess crude, the amount in excess between what we budgeted at which we seek to sell crude oil and we actually sold it.

“Normally, we were conservative in budgeting, we had about $25bn (in the excess crude account). When you add that to the reserves, we are talking about $70bn dollars.”

He however lamented, “The point is that I left in 2007, between 2007 and 2024 all that amount of money had gone. Not only that, all that money they made during that period had gone and today we own more than we owed when I came to government in 1999. Why? Poor leadership, poor management of economy, corruption galore, pervasive corruption.”

Expressing his disappointment in successive administrations, Obasanjo decried “the deficit of leadership” that has hindered the nation’s progress, adding, “I feel bad.”

“As I always say, leadership is not a thing that you pick on the road, and not everybody is given to it. When we identify leadership we should appreciate it and use it to good advantage…

“The point in Nigeria particularly is that we take two steps forward, we take one sideways and take two or three backward, that can’t get us far.

“Leadership is something we should pay attention to. What do you say of a Nigerian president who came to office without a plan? And then he woke up and just said three-point plans. What are the plans, what are they going to achieve, and who are the people who have worked on it? You came and just opened your mouth and make a pronouncement on something that has not been studied,” Obasanjo said.
VANGUARD

Related Topics:#Nigeria #Obasanjo EFCC ICPC

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[OPINION] President Tinubu And The Niger Delta: A Match Made In Heaven

Published

45 minutes ago

June 5, 2025

Editor

By Dennis Otuaro

The Niger Delta has never had it so good, enjoying a period of peace, stability and development. Although some challenges remain, the last two years under the administration of His Excellency, President Bola Ahmed Tinubu, have indeed been momentous for the region. Consequently, age-old grievances are melting away, hope is renewed, and the cry of marginalisation, which the area had been known for, is gradually fading as a result of this administration’s deliberate policies and interventions.

The first pointer that the President meant business for the Niger Delta was at his inauguration on that fateful day in May, 2023. He had pledged that, ’whether from the winding creeks of the Niger Delta, the vastness of the northern savannah, the boardrooms of Lagos, the bustling capital of Abuja, or the busy markets of Onitsha, you are all my people. As your president, I shall serve with prejudice toward none but compassion and amity towards all.’’

Two years on, the President has indeed kept that promise, with development strides and appointment of Niger Deltans into key government portfolios and roles. For me, as I listened to him on that inauguration morning, little did I know that I would be one of his foot soldiers to take the message of renewed hope and development ‘’to the winding creeks of the Niger Delta.’’

I was appointed in March 2024 as the Administrator of the Presidential Amnesty Programme (PAP), amidst keen competition for the role. I was selected, I believe, due to my academic and professional records and my history as a person who has been involved in the Niger Delta’s struggle for justice, equity, greater say in resource management, and a better life for our people.

Since my appointment, I have contributed my modest quota to ensuring that the President’s vision of development, peace and security in the Niger Delta is achieved. I have steered the Programme towards ensuring these goals through significant investment in human development, with the knowledge that the best way to develop a society is to empower its people by educating them.

When I was appointed, only a few hundred students were on the Programme’s scholarship. I have since expanded that to over 3000 students, selected across the length and breadth of the region, in a process that is open, fair and transparent. That way, the son of a fisherman and the daughter of a farmer stand a chance of a quality education, fully funded by the federal government, making the President’s promise of a renewed hope not just a campaign slogan, but something the Niger Delta can feel and touch.

We have also revitalised the overseas scholarship scheme, which had been suspended before my appointment. Now, over 60 Niger Delta indigenes are pursuing studies in the UK, US, Canada and other countries sponsored by the government. We also ensured that these courses, whether for undergraduate or postgraduate students, are development-focused, which can help the speedy growth and transformation of the Niger Delta.

Vocational training programmes have also been ramped up, with the training of 40 aircraft engineers, 98 maritime cadets at the Joemarine Institute in Delta State, and others, thereby enhancing the Niger Delta’s human capital in critical sectors. On the Programme’s core mandate of ensuring the rehabilitation and reintegration of ex-agitators, we have ensured the prompt payment of stipends and implemented comprehensive data management reforms to eliminate duplicates and update the records to reflect training completion. We also seek job placements, training and career opportunities for ex-agitators, their families, and those in impacted communities.

Perhaps because of these record achievements, the budget for the Programme was increased in the current financial cycle. In addition, I think it was reviewed upward because of the President’s love of the Niger Delta and commitment to right the historic injustices against the region and the people. This demonstrates that his pledge to be fair and just was not just political talk but one that he is truly committed to.

That is probably the reason why the Niger Delta is the only region with two intervention development agencies. The Niger Delta Development Commission (NDDC) was established by former President Olusegun Obasanjo in 2000 to address the socio-economic and environmental challenges of the Niger Delta region from the impact of oil and gas exploration and foster sustainable development.

The NDDC has played that role since its formation with some measure of success. However, recently, when regional blocs started clamouring for similar agencies to tackle their peculiar developmental challenges and the President acquiesced to their requests, setting up the northwest, north-central and other agencies, the popular thinking was that there was no need to establish one for the Niger Delta region because of the existence of the NDDC. But the president, perhaps aware of the outsize role the Niger Delta has played as the main source of foreign exchange revenue for the country in the last 60 years, didn’t follow this line of reasoning. He established the South-South Development Commission with its headquarters in Akwa Ibom State and approved a significant budget for its take-off.

The President deserves commendation for his bold efforts to tackle head-on the developmental challenges of the Niger Delta and bring the region to the central focus of his development agenda. If you asked me, I would dare say the President is positively biased in favour of the Niger Delta, quick to approve projects and key appointments for the region and its people.

A few examples will suffice. While the former President had dilly-dallied with endorsing the Maritime University Okerenkoko Bill, President Tinubu signed it immediately the bill reached his desk, thereby providing the necessary legal framework for the university to thrive and become a hub for maritime education and research in the coastal belt of the country.

He also signed the bill establishing the Federal University of Environment and Technology (FUET) in Ogoni land, Rivers State, designed to provide more opportunities and development in the area. The clean-up of Ogoni land through the environmental remediation efforts overseen by the Hydrocarbon Pollution Remediation Project (HYPREP) has also intensified under President Tinubu.

As with Ogoni, so it is with the rest of the Niger Delta. Our rivers are cleaner, our air is fresher, and our people can fish and farm again, as the government has tackled oil bunkering and theft, which have polluted both the rivers and land in the region. Security agencies, in collaboration with private consultants such as Tantita Security Services, under the supervision of the National Security Adviser (NSA), Mallam Nuhu Ribadu, have reduced oil theft, bunkering, and destruction of oil and gas infrastructure. The impact has been immediate and growing such that Nigeria has doubled its daily oil production to around 1.6 million, meaning there are more funds for the Niger Delta states to carry out development projects through the 13 percent derivation allocation.

And there is more. Niger Delta indigenes now lead key government agencies such as the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama; Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe; Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola; and Border Communities Development Agency (BCDA), Dr. George Kelly, amongst others.

As we roll out the drums to celebrate the President’s second anniversary, it is good to let the world know that the President’s Niger Delta scorecard is sterling, demonstrating his love and commitment to the region and people. We thank him with the assurance that someday soon, we will pay back in FULL.

Otuaro, Phd, is the Administrator of the Presidential Amnesty Programme (PAP).

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King Ateke Breaks Silence On Rumoured Clash With PAP Boss, Otuaro

Published

1 hour ago

June 5, 2025

Editor

Paramount ruler of Okochiri, Rivers State, His Royal Majesty, King Ateke Tom, has debunked the reports making the rounds that he clashed with the Administrator of the Niger Delta Presidential Amnesty Programme, Dr. Dennis Otuaro.

Recall that some platforms had reported earlier that King Ateke Tom had publicly humiliated the amnesty administrator during his birthday celebration in Okochiri, Monday, and that the development sparked tension during the event.

But in a statement signed and made available to newsmen by Ifeanyi Ogbonna, Media Assistant to King Ateke, the Amanayabo of Okochiri, while describing the report as false, emphasised that he has never had any form of misunderstanding with the amnesty boss.

He further stated that his interest has remained in the development of the region.

King Ateke noted that such a report was misleading, fabricated and nothing but a figment of the writer’s imagination, laced with mischief and aimed at stirring unnecessary controversy in the region.

The statement stated: “Contrary to the claims in the concocted report, King Ateke Tom’s birthday celebration held seamlessly, peacefully, and in high spirits. The celebration witnessed an influx of respected leaders, dignitaries, friends, and well-wishers from across the Niger Delta and Nigeria at large.

“We state that there was no time during the birthday event that confrontation, rebuke, or embarrassment, as alleged by the mischievous reporters, ensued between His Majesty and the Administrator of the Presidential Amnesty Programme.

“The allegation that King Ateke Tom rejected monetary gifts from Dr. Otuaro and labelled him as insincere is not only baseless, but an insult to the intelligence of all who were present at the event.

“This falsehood seeks to sow seed of discord, damage reputations, and derail ongoing peace-building efforts in the region. We urge the public to disregard this cooked up narrative designed to mislead and misinform them.

“However, it is important to state that His Majesty is deeply interested only in the peace and development of Niger Delta and would not derail any event that would strengthen it.”

Ateke, however, cautioned media practitioners and commentators against the dissemination of unverified and sensational information that threatened the peace and unity in the region, even as Ateke urged well-meaning Niger Deltans to focus on the bigger goal of regional development and transformation.

News

FG Lists New Rules To Deactivate Dormant Lines

Published

3 hours ago

June 5, 2025

Editor

The Nigerian Communications Commission, NCC, may have updated its telecom identity risk management policy, TIRMP, allowing a window of one year for an inactive phone line to be reassigned to a new subscriber.

The TIRMP platform is NCC’s way of developing a cross-sector platform to collect and share data on churned (recycled) phone numbers as well as numbers that have been flagged as having been used for fraudulent activities, as reported by other sector regulators.

A reliable source at the commission told Vanguard that the platform would help prevent the misuse of numbers when they change hands. The information on this platform will be made available to relevant stakeholders across various sectors.

Vanguard gathered authoritatively that the commission is putting plans in place to launch the updated policy framework by the 4th quarter of this year.

The source said the new initiative aligned with the commission’s strategic vision plan, which aims not only to meet the quality-of-service expectations of telecom consumers but also address their quality of experience, involving every touchpoint they encountered within the telecommunications ecosystem; from onboarding processes, such as SIM registration, to offboarding, which is when they choose to leave a network.

The new guidelines states that when a phone number has not carried out any revenue-generating event, outgoing or incoming calls or SMS, charged USSD sessions, data use, or any activity on the line that generates income for the operator, for over 180 days, the MSISDN is deemed inactive.

If this inactivity continues for another 180 days, that is a total of 360 days, the line becomes eligible for churning, and recycling.

“The QoS Regulation and Business Rules 2024 provides that after 365 days without any Revenue Generating Event carried out on a line it can be churned by the operator,” the source said.

What that means is that the Mobile Network Operators who have leased these lines from the Nigerian Communications Commission, NCC, are free to reassign them by putting them back into the market.

The source added: “Numbering resources, such as telephone numbers and short codes, are the backbone of modern telecommunications. They are governed globally by the International Telecommunication Union, ITU, under Recommendation E.164, which ensures efficiency, and equitable access to numbers across borders.’’

The NCC stated that numbering resources were inherently scarce because each number must conform to a fixed length and format, yielding only a finite set of valid combinations.

Information on the commissions website states: “In Nigeria, the NCC, mandated by the Nigerian Communications Act 2003, manages and allocates these critical resources on behalf of the federal government.

‘’The NCC assigns number ranges to licensed operators and services (mobile, fixed, and special) in a manner that promotes fair competition, protects consumers, fosters innovation, and aligns with ITU standards and global best practices.

“The recycling of lines presents challenges, particularly when the previous owners of reassigned numbers still have those numbers linked to services they used before the numbers were recycled. It presents issues of security and integrity of phone number ownership.”

The new policy will reduce fraud risks and improve digital and financial services by enabling service providers to proactively detect and act, particularly to high-risk numbers, while updating their customer details where applicable.

“The NCC will host the platform and establish its regulatory and operational framework. We are currently working with the CBN, security agencies, and other key stakeholders, with a beta solution already being tested” an NCC source revealed to Vanguard.