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

Published

1 year 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.
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Related Topics:#Nigeria #Obasanjo EFCC ICPC

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Togo, Niger, Benin Owe Nigeria Over $17.8m For Supplied Electricity – NERC

Published

58 minutes ago

January 8, 2026

Editor

Nigeria’s electricity regulator has disclosed that three neighbouring countries, Togo, Niger and Benin, are indebted to Nigeria to the tune of $17.8 million, equivalent to more than N25 billion at prevailing exchange rates, for power supplied under bilateral electricity agreements.

The Nigerian Electricity Regulatory Commission, NERC, made this known in its Third Quarter 2025 report, which reviewed market performance within the Nigerian Electricity Supply Industry, NESI.

According to the report, the international customers were billed a total of $18.69 million by the Market Operator for electricity supplied during the third quarter of 2025. However, only $7.125 million was paid, leaving an unpaid balance of $11.56 million for the period under review.

NERC also revealed that the same international offtakers had outstanding legacy debts amounting to $14.7 million from previous quarters. Of this amount, $7.84 million was settled, leaving a residual balance of $6.23 million.

When combined with the Q3 2025 shortfall, the total outstanding debt stood at $17.8 million, which translates to about N25.36 billion at an exchange rate of N1,425 to one US dollar.

The regulator identified the international electricity customers as Compagnie Énergie Électrique du Togo, Société Béninoise d’Énergie Électrique of Benin Republic, and Société Nigérienne d’Électricité of Niger Republic.

NERC stated that the three utilities collectively paid just $7.125 million against the $18.69 million invoice issued for electricity supplied in the third quarter, resulting in a remittance performance of 38.09 per cent.

This meant that more than half of the billed amount remained unpaid at the close of the quarter.

The commission explained that the electricity exported to the three countries was generated by grid-connected Nigerian generation companies and delivered through cross-border bilateral power supply arrangements.

By contrast, NERC reported a stronger payment performance among domestic bilateral customers. According to the report, local customers paid N3.19 billion out of the N3.64 billion invoiced for the same quarter, representing a remittance rate of 87.61 per cent.

The regulator further noted that some bilateral customers, both international and domestic, made additional payments to offset outstanding invoices from earlier quarters.

Specifically, the Market Operator received $7.84 million from international customers and N1.3 billion from domestic customers in settlement of previous obligations.

Beyond bilateral transactions, NERC disclosed that Nigeria’s 11 electricity distribution companies remitted a total of N381.29 billion to the Nigerian Bulk Electricity Trading Plc and the Market Operator in the third quarter of 2025. This was out of a cumulative invoice of N400.48 billion, translating to an overall remittance performance of 95.21 per cent.

The commission said the figures were derived from reconciled market settlement data submitted as of December 18, 2025, as part of its statutory evaluation of the commercial health and performance of the electricity market.

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Expert Identify Foods That Increase Hypertension Medication’s Effectiveness

Published

8 hours ago

January 8, 2026

Editor

Hypertension remains one of the leading causes of premature death worldwide, contributing significantly to heart disease, stroke, and kidney failure. Despite the availability of effective antihypertensive drugs, long-term control of high blood pressure is often challenging because of drug resistance, side effects, and poor adherence.

This has fueled growing scientific interest in complementary strategies that can enhance drug efficacy while minimising toxicity. One promising approach is the combination of conventional antihypertensive medications with herbs and spices in many kitchens.

Recent evidence suggests that augmenting modern antihypertensive drugs with foods rich in p-coumaric acid, a naturally occurring phenolic acid, may offer a novel and effective strategy for blood pressure control.

Phenolic compounds, commonly found in fruits, vegetables, whole grains, and legumes, are known for their antioxidant, anti-inflammatory, and blood vessel–protective properties.

In a study, researchers investigated the combined effects of lisinopril, a widely used antihypertensive drugs and p-coumaric acid on hypertension.

They reported in the Comparative Clinical Pathology that p-coumaric acid enhance the antihypertensive action of lisinopril, potentially allowing for improved blood pressure control without increasing drug dosage.

The study used an established animal model in which hypertension was induced in rats through oral administration of L-NAME, a compound known to suppress nitric oxide production and raise blood pressure.

Following the induction of hypertension, the animals were treated for 14 days with p-coumaric acid (at two different doses), lisinopril alone, or a combination of both.

Untreated hypertensive rats showed significantly elevated activities of key enzymes linked to high blood pressure such as ACE, arginase, acetylcholinesterase, and phosphodiesterase-5 along with increased lipid peroxidation, an indicator of oxidative stress. At the same time, levels of nitric oxide, a critical molecule for blood vessel relaxation, were markedly reduced.

By contrast, rats treated with a combination of lisinopril and p-coumaric acid experienced notable improvements. Blood pressure was better controlled; harmful enzyme activities were reduced, oxidative stress declined, and nitric oxide levels increased. These improvements were mirrored in the tissues the heart compared with untreated hypertensive animals.

They said that the findings suggest that p-coumaric acid may enhance the antihypertensive action of lisinopril, potentially allowing for improved blood pressure control without increasing drug dosage.

This drug–food interaction model is particularly important in the circumstance of long-term hypertension management. Many patients rely on lifelong medication, and strategies that can improve treatment outcomes while reducing side effects are highly desirable.

The study also reinforces the growing recognition that diet is not merely supportive but can be biologically active in disease control.

The use of medicinal plants and plant-based therapies in the management of hypertension is deeply rooted in traditional medicine across many cultures. While such practices have often existed outside conventional healthcare systems, modern scientific research is now providing evidence-based explanations for their effectiveness.

While these findings are based on animal studies and cannot yet be directly translated into clinical recommendations for humans, they open the door to future research on dietary strategies that can safely complement antihypertensive drugs.

Further clinical studies are needed to determine appropriate dosages, safety profiles, and real-world effectiveness.

In the fight against hypertension, the future may lie not only in new drugs, but also in smarter combinations, where medicine and nutrition work together to deliver better, safer outcomes for patients.

Such nutrition to help maintain healthy blood pressure includes garlic, potatoes, walnuts,tomato and tomato products, legumes and citrus fruits (grapefruits and oranges).
(TRIBUNE)

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Researchers Develop Treatment For Advanced Prostate Cancer

Published

9 hours ago

January 8, 2026

Editor

Researchers at Case Western Reserve University have developed a treatment for advanced prostate cancer that could eliminate a side effect so debilitating that patients often refuse the life-saving therapy.

The innovative approach, according to the researchers, targets prostate cancer cells just as successfully as existing treatments while causing significantly less harm to salivary glands.

For many people with prostate cancer, it relieves the extreme dry mouth that makes speaking, chewing, and swallowing nearly impossible.

According to the findings published in Molecular Imaging and Biology, the treatment targets PSMA (Prostate-Specific Membrane Antigen), a protein present in high numbers on prostate cancer cells.

Radioligand therapy (RTL) attaches radioactive material to a targeting molecule that acts like a GPS system, guiding the radiation directly to cancer cells while avoiding healthy tissue.

Current PSMA-targeted radioligand therapy is one of the most promising precision cancer treatments for end-stage prostate cancer because it acts as a “smart bomb” that locates and destroys cancer cells.

The downside, however, is that this therapy often causes severe salivary gland damage, resulting in extreme dry mouth that can be so debilitating that patients choose to stop treatment that might save their lives.

James P. Basilion, professor in the Department of Biomedical Engineering at Case Western Reserve and co-leader of the Cancer Imaging Program at the Case Comprehensive Cancer Centre (Case CCC), explained that various strategies to mitigate this side effect have been attempted before, with limited success.

According to the study, PSMA-1-DOTA has a four-fold greater affinity for prostate cancer cells than current therapies.

In addition to having the same tumour-fighting effectiveness as the current standard radioligand therapy, it also significantly reduced damage to the tear and salivary glands, almost eliminating the risk of dry mouth.

This discovery has the potential to significantly alter the treatment of prostate cancer by making PSMA-targeted therapy an earlier intervention rather than a “last resort.”

The research included comprehensive testing on mouse models and in a human patient with metastatic prostate cancer at the Technical University of Munich in Germany.

The patient study confirmed the lab findings, showing the new treatment avoided the salivary glands (potentially preventing dry mouth) while still finding and attacking prostate cancer cells.

The researchers, from now on, are preparing for clinical trials late this year on about 12 prostate patients to validate the promising results and establish the most effective dosing procedures.
(TRIBUNE)