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

Published

12 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.
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Related Topics:#Nigeria #Obasanjo EFCC ICPC

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The Audacity Of Hope: Super Eagles And Our Faltering Political Class

Published

3 hours ago

October 15, 2025

Editor

By Israel Adebiyi

There are moments in a nation’s story when a game becomes more than a game-when the sweat on the pitch mirrors the struggle of a people, and the roars from the stands echo the collective heartbeat of a nation desperate for redemption. Such was the scene when the Super Eagles clawed their way back from the brink of elimination to secure a playoff spot in the race to the 2026 FIFA World Cup.

It wasn’t just football; it was symbolism-a parable in green and white. From the dreary days of uninspired draws, missed opportunities, and lackluster displays, the Eagles stood on the edge of national disappointment. The odds were stacked, the critics were loud, and the faith of millions trembled. Yet, when the final whistle blew in their emphatic victory over the Cheetahs of Benin Republic, something shifted-not merely in scoreline, but in spirit. It was a triumph of grit, not glamour; of will, not wealth; of belief, not bluster.

Nigeria needed that moment. In many ways, the Super Eagles’ journey mirrors the story of the country itself-a people endowed with talent, weighed down by inconsistency, often their own worst enemies, yet still capable of soaring when purpose meets passion.

Comebacks do not happen by accident. They are built on self-reflection, discipline, and a renewed sense of mission. Before the turnaround, the Eagles had looked like a team without direction. Disjointed in play and spirit, they embodied what happens when leadership loses vision and followership loses faith. But something changed-the game plan was redefined, individual brilliance gave way to teamwork, and complacency bowed to hunger.

Therein lies the first lesson for our nation’s leadership: redemption begins with recognition of failure. It takes humility to accept that the path one treads leads nowhere. For months, Nigerians cried out for accountability and vision-not just from their footballers but from those who govern. Our leaders, like the Eagles before their awakening, must learn that no nation moves forward when its strategy is based on improvisation rather than introspection.

In that decisive match, the Eagles played not as men protecting a privilege, but as warriors defending pride. They fought like men who knew the alternative-failure-was too bitter to bear. Hunger, it turns out, is the secret engine of excellence. When comfort sets in, mediocrity follows; but when hunger burns, possibilities unfold.

That, again, is the Nigerian story. For too long, we have watched leaders bask in comfort zones while the nation groans under the weight of complacency. The hunger for transformation-the fierce desire to prove that we can rise beyond our failures-must return to our national psyche. The Super Eagles didn’t win because they had better boots or bigger names; they won because they had something to prove. And perhaps that’s the mindset we need in our public offices, our schools, our industries-men and women who are driven, not by perks of position, but by purpose.

The audacity of hope is what keeps nations alive when all else fails. When the Eagles faltered in earlier matches, Nigerians lamented but did not surrender. Hope persisted, sometimes faintly, but enough to keep the drums beating. It was hope that made millions still tune in, still believe that perhaps, just perhaps, the tide could turn.

That same hope must animate our civic and political life. Hope that the economy can recover from its staggering inflation. Hope that our schools can rise again from neglect. Hope that insecurity can yield to peace, and that leadership can once again mean service, not self-interest.

But hope, on its own, is not magic-it must be partnered with strategy and sacrifice. The Eagles did not just hope their way into victory; they trained, they adjusted, and they fought. In the same way, our national rebirth will not happen through wishful thinking. It will require collective participation-citizens holding leaders accountable, leaders inspiring citizens with vision, and institutions working beyond selfish agendas.

Every government, like every football team, begins with a promise-to perform, to deliver, to inspire. Yet, how many administrations start strong and end in disarray, having lost both focus and the trust of the people? The Eagles’ story reminds us that it’s not how well you start, but how courageously you finish.

For our political class, the message is clear: when the people you lead lose faith in you, it is not a media problem-it is a leadership problem. The Eagles didn’t silence their critics through propaganda; they did it through performance. They let their results speak. Leadership must learn the same principle. The Nigerian people have heard enough speeches; what they crave are results-visible, tangible, life-changing results.

In the end, what happened on the field was more than a sporting victory. It was a moral sermon, a national mirror. It said to us: “You can stumble, you can fall, but you must not stay down.” It said to the struggling student, the weary civil servant, the disappointed voter-keep faith. There is always another match, another chance, another season.

And that is the essence of nationhood. We rise, we falter, we rise again. The story of Nigeria, like that of the Super Eagles, is not one of perfection but of perseverance. We are a work in progress-a people of resilience, resilience born from countless setbacks and sustained by an unyielding belief in tomorrow.

The Super Eagles have given us more than joy; they have handed us a metaphor for redemption. They have shown that no matter how dark the first half, the game is not lost until the whistle blows. But they have also challenged us-to find in our collective life that same hunger, that same resolve, that same audacity to hope.

For Nigeria, as for her footballers, the message is timeless: the future belongs not to the loudest, but to the most persistent; not to the privileged, but to the purposeful.

If we can summon, as a people, the discipline of the comeback and the hunger of the Eagles, then perhaps one day, our national anthem will no longer sound like a prayer for what could be-but a celebration of what we have finally become.

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Two Schoolchildren Electrocuted In Anambra During Rainfall

Published

13 hours ago

October 14, 2025

Editor

Tragedy struck in Nnewichi, Nnewi North Local Government Area of Anambra State on Monday when two schoolchildren were electrocuted while taking shelter from the rain at a roadside shop.

The incident, which occurred at St. Peter’s Claver Junction, threw the community into mourning.

Eyewitnesses and CCTV footage revealed that several pupils had gathered at the shop to escape the downpour when the tragedy happened.

A resident near the scene, who pleaded anonymity, recounted, “Several pupils were taking shelter at the roadside shop during the heavy rainfall. But tragedy struck when the wet bodies of two of the schoolchildren came in contact with a live metal, and they were instantly electrocuted.”

According to witnesses, panic spread as the children collapsed instantly, while others narrowly escaped.

The shop owner was said to have not yet opened for business when the incident occurred.

“It took the intervention of some security officers and passers-by, who used protective gloves to evacuate the bodies,” another eyewitness said.

The incident came just days after a similar tragedy in the same Nnewi area, where a woman was swept away by floodwaters in the Uruagu community.

When contacted, the Anambra State Police Command spokesperson, SP Tochukwu Ikenga, confirmed the incident, noting that an investigation was underway.

“The facts are not clear yet, but the divisional police officer has been directed to find out the details for a comprehensive report,” Ikenga stated.

The latest tragedy adds to recent cases of electrocution in the state.

In May, a three-year-old girl was killed in Awka after stepping on a live cable belonging to the Enugu Electricity Distribution Company.

Residents had reportedly alerted officials about the fallen high-tension wire, but it was not repaired until after the fatal incident.

A resident, identified as Uche, said, “The cable fell on Friday and wasn’t fixed until Sunday, after it had electrocuted the girl. The officials even requested ₦30,000 to fix it but didn’t show up until it was too late.”

The repeated incidents have reignited public concern over poor electricity infrastructure and safety negligence in Anambra communities.

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Oyo Orders Traders To Vacate Airport Road In Two Weeks

Published

13 hours ago

October 14, 2025

Editor

The Oyo State Government has issued a two-week ultimatum to traders operating along Airport Road, Old Ife Road, and Onipepeye areas of Ibadan to vacate the roadside or face enforcement action.

The directive was detailed in a Tuesday statement released by the Chief Press Secretary to Governor Seyi Makinde, Dr. Suleimon Olanrewaju.

He warned that the state would no longer tolerate roadside trading or the placement of container shops on drainage.

According to the statement, “the government has provided markets and other designated spaces for trading across the city, making it unnecessary and unsafe for traders to occupy roadsides.”

The government said the action was necessary to safeguard lives, prevent environmental hazards, and protect public infrastructure.

It also warned that trading on walkways and blocking drainage channels increases the risk of flooding and undermines the state’s efforts to promote tourism.

“The government has a duty to protect citizens from all manner of danger,” the statement said, noting that roadside trading exposes people to serious risks.

The ultimatum expires on October 27, after which enforcement will begin.

The government said “non-compliance could lead to the confiscation of goods and prosecution of offenders.”

It appealed for cooperation from residents to ensure a cleaner, safer, and more sustainable environment in the state.