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

Published

1 year ago

October 25, 2024

Editor

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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PAP Sends Additional 34 Foreign Post-graduate Scholarship Beneficiaries To UK Varsities

Published

4 hours ago

January 9, 2026

Editor

The Presidential Amnesty Programme (PAP) has deployed an additional 34 foreign post-graduate scholarship beneficiaries to various universities in the United Kingdom for the 2025-2026 academic year.

This was contained in a statement made available to newsmen in Warri by Mr Igoniko Oduma, Special Assistant on Media to Dr. Dennis Otuaro, the Administrator, PAP.

According to the statement, the scholars’ programmes include data science, fintech analytics, cyber security, international energy law and policy, construction project management, public health, agri-food technology, electrical and petroleum engineering, among others.

The statement added that more foreign post-graduate scholars will be sent to UK universities in the current academic session.

“In December 2025, nine students, who were the first set of offshore post-graduate scholarship developments by the PAP Administrator, Dr Dennis Otuaro, for the 2024-2025 academic year, graduated from their various programmes in UK universities.

“Otuaro has deployed over 9000 students to universities within and outside Nigeria for different industry-relevant programmes since he assumed office in March 2024,” the statement partly reads.

Speaking at the pre-departure orientation programme for the scholars at the PAP headquarters in Abuja, on Thursday, Otuaro said that the large-scale deployment was aimed at making the Niger Delta a knowledge-driven region.

He said that his leadership reinvigorated the programme to give it a new momentum in service delivery to the people of the region based on the mandate of President Bola Tinubu.

Otuaro said, “We are sending all of you for post-graduate studies in various universities in the United Kingdom.

“The PAP now has a new momentum and direction because of the repositioning and broad reforms that we carried out in line with the mandate of His Excellency, President Bola Ahmed Tinubu GCFR.

“The objective behind the huge scholarships deployment is to ensure that we develop the needed human capital to transform the Niger Delta and generate knowledge-wealth.

“We want to develop relevant manpower in critical disciplines for our region and by extension, the country, because you are expected to contribute your quota to national development after successful graduation.”

The PAP boss, who was represented at the event by his Technical Assistant, Mr Edgar Biu, advised the scholars to study hard to achieve academic excellence in their various fields of research.

According to him, the scholars have an obligation to justify the Federal Government’s investment in their education and future.

He reiterated his warning that beneficiaries should not take for granted the opportunity to further their academic pursuits in the interest of the Niger Delta and indeed the country.

Otuaro expressed appreciation to President Tinubu for his “enormous interest and support for the Programme”, particularly the approval of an upward review of the programme’s budget from N65billion to N150billion.

He also expressed gratitude to the National Security Adviser, Mallam Nuhu Ribadu, for his impeccable guidance and supervision of the programme’s initiatives.

Otuaro, therefore, cautioned the scholars to obey their host country’s laws and the rules and regulations of their various institutions, stressing that they are ambassadors of Nigeria, the Niger Delta and their communities and families.

Highpoint of the orientation programme was the presentation of laptops to the scholars to help them in their studies.

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Industrial Court Bars Resident Doctors From Strike

Published

5 hours ago

January 9, 2026

Editor

The National Industrial Court in Abuja has issued an interim injunction restraining the Nigerian Association of Resident Doctors (NARD) and its agents from embarking on any form of industrial action, including strikes, go-slows, picketing, or preparatory steps for protest, from Monday, January 12, 2026.

Justice E.D. Subilim ordered that the injunction remain in force pending the hearing of the motion on January 21. The suit was filed by the Attorney General of the Federation (AGF) and the Federal Government against NARD, its president, Dr Mohammad Suleiman, and Dr Shuaibu Ibrahim.

The court order comes days after resident doctors at the Usmanu Danfodiyo University Teaching Hospital (UDUTH), Sokoto, declared their full support for the nationwide strike announced by NARD over the government’s alleged failure to honour critical welfare and training agreements.

UDUTH doctors cited the non-reinstatement of five disengaged resident doctors at the Federal Teaching Hospital, Lokoja, unpaid promotion and salary arrears, and incomplete implementation of the Professional Allowance Table as key grievances. Other unresolved issues include withheld specialist allowances, delayed house officers’ salaries, postgraduate training certification delays, and deteriorating hospital infrastructure.

However, NARD had on Tuesday noted that there was no going back on the industrial action, insisting that the strike is necessary and not politically motivated. Speaking in Abuja, Dr Suleiman said the withdrawal of services from midnight on Monday is a response to “unmet commitments, shifting government positions and worsening working conditions for resident doctors, not partisan considerations.”

He argued that none of the demands outlined in the Memorandum of Understanding signed with the Federal Government on November 27, 2025, have been implemented.

“Every issue is either at the same point where it was when we signed the MoU or we have even gone backwards,” Dr Suleiman said, adding that claims by the Ministry of Health that some issues had been resolved were misleading.
He further challenged the government to show where N90 billion, allegedly allocated in the 2026 budget for health workers’ professional allowances, has been provided.

The association also demanded the immediate reinstatement of the five disengaged resident doctors at FTH Lokoja with full back pay and rejected plans to redeploy them elsewhere.

Other grievances include delayed promotion arrears across 62 tertiary institutions, non-recognition of specialist certificates, and outstanding salary and allowance payments affecting nearly 40 percent of resident doctors.

While NARD remains open to dialogue and has appealed to President Bola Ahmed Tinubu for decisive intervention, it warned that unless concrete action is taken, the planned industrial action will go ahead, potentially disrupting healthcare services nationwide. Dr Mujitaba Umar, President of the UDUTH chapter, described the situation as “difficult but unavoidable,” while the chapter’s General Secretary, Dr Muhammad Abdulrahman Hassan, urged the Federal Government to act swiftly “in the interest of the Nigerian populace and the healthcare system.”

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Nigeria To Get Fresh $9.5m Abacha Loot From UK’s Jersey

Published

6 hours ago

January 9, 2026

Editor

Nigeria to receive fresh $9.5 million (£7 million), believed to be stolen funds linked to former military Head of State, Sani Abacha, from the United Kingdom’s Jersey.

According to the BBC, Jersey has agreed to repatriate the fund to the Nigerian government.

The money, described as proceeds of “tainted property,” is said to be part of the vast fortune stolen by Abacha, who ruled Nigeria between 1993 and 1998.

The funds were kept in a bank account in Jersey and had been tied up in legal proceedings for several years.

Although the assets were first recovered during the administration of former President Goodluck Jonathan, court challenges stalled their return to Nigeria. Progress was made in December 2025 when Jersey’s Attorney-General, Mark Temple, signed a memorandum of understanding, MoU, with Nigerian authorities to enable the repatriation.

The latest agreement builds on two earlier arrangements between Jersey and Nigeria that led to the return of more than $300 million (£230m) in recovered assets.