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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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Okpebholo Fires EDOGIS Managing Director

Published

39 seconds ago

November 27, 2025

Editor

Managing Director of the Edo State Geographic Information Service (EDOGIS), Dr. Tony Ikpasajah has been sacked.

Ikpasajah was reportedly sacked over issues relating to revocation of a 13, 545 hectares of land belonging to Presco Plc in Ologbo, Ikpoba-Okha Local Government Area of the state.

Government sources said the Governor was embarrassed that he was not properly briefed about the issues.

The source, who confirmed the sack, said Ikpasajah has been issued an official letter relieving him of his appointment.

On Wednesday, Edo State Government, in an advertorial invoked sections Sections 28 and 38 of the Constitution to revoke the Presco land.

Barely 24 hours later, Secretary to the Edo State Government, Musa Ikhilor, said Ikpasajah acted unilaterally, without authorisation, and in complete disregard for established procedures and the actual number of hectares intended for excision from PRESCO PLC’s total landholding.

The statement said a formal administrative review has been initiated to address the unauthorised actions of the former EDOGIS Managing Director and to strengthen internal controls to prevent future breaches.

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Edo Govt, PDP Biker Over PRESCO’s Statutory Right Of Occupancy

Published

7 minutes ago

November 27, 2025

Editor

The Edo State Government and the main opposition—Peoples Democratic Party (PDP) on Thursday engaged in verbal war over PRESCO PLC’s Statutory Right of Occupancy, a parcel of land Governor Monday Okpebholo purported revoked and later reversed within 24 hours.

In an advertorial (public notice) published by two national dailies on Wednesday, 26th November, 2025, and signed by Governor Okpebholo with the titled: ‘Revocation of Statutory Rights of Occupancy Pursuant to Sections 28 and 38,’ the Edo State Government announced the revocation of a parcel of land belonging PRESCO PLC in Ologbo, Ikpoba-Okha Local Government Area of the state.

But in a swift backtrack on Thursday, 27th November, 2025, the Edo State Government in another advertorial published by the same national dailies, and signed by Umar Ikhilor, Secretary to the State Government with the title: ‘Disclaimer on Public Notice Purportedly Revoking Statutory Rights of Occupancy of PRESCO PLC,’ the state government distanced itself from the public notice (advertorial).

Ikhilor, who said the publication did not “emanate from the Executive Governor of Edo State nor from any authorised organ of the state government, added: “The government has verified that the immediate past Managing Director of Edo State Geographic Information Service (EDOGIS), acted unilaterally, without authorisation, and in complete disregard for established procedures and the actual numbers of hectares intended for excision from PRESCO PLC’s landholding.” As at when the first public notice was published, The EDOGIS MD was still an appointee of Governor Okpebholo.

Reacting to the development in a statement, State Publicity Secretary of the PDP, Daniel Osa-Ogbegie, described the revocation and counter-revocation, as shameful.

The State Publicity Secretary who said “Edo people are witnessing a government that does not know what it signs,” stressed “it does not understand what it announces, and cannot defend what it authorises.”

He added: “This, apparently, is not governance.It is a circus. A dangerous circus.”

Osa-Ogbegie, while noting that “PRESCO PLC is not just a company; it is the single largest agro-industrial investment in Edo State, a 34-year pillar employing thousands directly and indirectly,” said: “Edo people deserve honest answers. Instead, they got a contradictory drama that exposes the hollowness of this administration.”

Reacting to PDP’s statement, the state Commissioner for Information and Strategy, Prince Kassim Afegbua, who described the PDP as crying than the bereaved.

Afegbua, while stating that “the release by the Secretary to the Edo State Government that captured the essential details of the Government’s position should suffice, especially the Constitutional dimensions,” however admitted that there was an initial mix-up.

He said: “There were initial mix-up on the issue under discourse, but the explanation by the Secretary to the State Governor, gave a constitutional rationale for the position taken by government concerning land in oil minerals areas and one had thought, that was self-explanatory to any reasonable and rational mind, but because comedians must always trivialise scenarios, the PDP will never disappoint in their vainglory.”

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Edo: Foundation Puts Smile On Less Privileged Faces, Gives 100 Free Medical Surgery

Published

3 hours ago

November 27, 2025

Editor

Not less than a hundred less privileged patients on Wednesday in Benin benefited from a free medical surgery carried out by Dr. Paddy Emmanuel Foundation.

The surgical operations were carried out on ailments ranging from Fibroids, Hernia, Liponia breast lump and others.

Speaking, the founder and Edo State Commissioner for Education, Dr. Paddy Iyamu, said since the commencement of the free medical outreach in 2014, over 3000 persons have benefited in Edo and Delta.

Paddy, who said the programme was driven purely by compassion and not political motives, added: “Life is all about what you can give back to the people because you came with nothing and you go back with nothing. I have been giving back to society in the past 10 years to impact the people”, he said.

He stressed that many of the beneficiaries could not have afforded the cost of treatment on their own.

“This gesture is outside politics. We started as far back as 2014 and we have been doing it every year. Some persons who come for treatment tell you they have not had food to eat, not to talk of getting money, which sometimes runs into millions, to give to the doctor.

“The experience in the last 10 years has been fulfilling and impactful. I am happy to see burdens lifted off people.

“Life is vanity and when you are gone, you will be remembered for what you have done. I hope to continue till Jesus calls me.”

Director General of the foundation, Mr. Zion Oshiobugie, explained that while the first nine editions of the medical outreach were held in Delta State, the 10th edition marks the first time Edo residents were benefitting from the initiative.

Oshiobugie noted that the annual programme is fully funded by the founder, Dr. Paddy Iyamu, who dedicates his birthday every year to providing life-changing healthcare for indigent citizens.

According to him, “What he does is to mark his birthday on the 30th of November every year with the free surgeries which have benefitted 3,000 persons. He wants humanity to benefit from his birthday instead of just partying.

“So this programme, which takes place for one week every year, is borne out of love for humanity, which is in line with the motto of our foundation, ” Touching Lives”

“Every year, we partner with our surgeon, Dr. Benjamin Olowojebutu, who brings his team from Lagos. He has been one of our partners and he is a respected member of the Nigeria Medical Association.”

Partners and team lead of the medical personnel from Lagos, Dr. Benjamin Olowojebutu, expressed his commitment to the outreach, disclosing his personal calling to give back after surviving a ghastly motor accident years ago.

“I am here with 24 members of my team from Lagos. We perform fibroid surgeries which have allowed women to have their own children. We also perform hernia, lipoma, breast lump and other surgeries.

“Last week, we got a text that one of the women we operated on in 2020 now has three kids. That means this intervention is creating relief for our people.

“The focus is on the less privileged because when you do this, you give it to God. Each year we come back, people give testimonies of the good things that have happened to them.”

A 19-year-old Nelson Ehigie who benefited from the free medical operation, thanked the foundation for the free surgery.

“I’m very grateful to Dr. Paddy Foundation. My parents couldn’t afford the cost so we had to come here for the surgery. God bless Dr. Iyamu,” he said.