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

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.
READ ALSO: Nigeria Has Disappointed Africa, Black Race – Obasanjo
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.
READ ALSO: I believe God Didn’t Create Nigeria To Suffer- Obasanjo
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.
READ ALSO: Nigeria’s Problems Would Continue To Defy Solutions Until… – Obasanjo
“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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OPINION: The Girls Of Chibok, Maga, Papiri And Our Frankenstein
By Festus Adedayo
Famous Ogbomoso, Oyo State-born bard, Foyanmu Ogundare, had some words for evil spins and spinners. Religionists call these spinners “workers of iniquity”. They are a legion in Nigerian politics. Ogundare popularised this genre of oral poetry called Ìjálá Ọdẹ, traditionally chanted by hunters and warriors. Though a special verbal art of worshipers of Ogun, the Yoruba god of iron and war, Ìjálá is sung by hunters most times at their leisure, upon return from hunting expeditions. In an Ijala chant which he entitled Òré Òdàlè – Betrayer – Foyanmu chanted: “While the liar dies and his legs are buried in a sprinkle of ashes; the evil one, at death, has his legs laid inside hot charcoal, the legs of the righteous, at death, are stretched inside a coffin made of brass.” The bard rendered the poetry thus in Yoruba: “Purópuról’ókús’ójúeérú o/Sìkàsìkàkú, ò nasès’áàrò/Sòótó-sòótó nìkan l’óku sí’núpósí ide.” In this particular poetry, Foyanmu compared evil-doers to “alágàbàgebè” – hypocrites. They are deft and adept at killing and burying their victims, away from the gaze of the world. He, however, reminded them that when they have successfully killed and safely buried their victims, God alone is one who could take the evil shovel off their hands and unbowel their dark secrets. You will see Foyanmu’s poetry in action in Sayo Alagbe’s Ijala: Ogundare Foyanmu (2006).
On the night of April 14, 2014, rumour took over the Nigerian space. On that night, as Islamic jihadists’ trucks and buses forcibly conveying abducted 276 girls from Chibok, Borno State, disappeared into the Sambisa forest, a scary rumour whooshed in the Nigerian air. The girls were aged 16 to 18 and students of Government Girls Secondary School, Chibok. It brings the question, what is the place of rumour in our everyday society? Nicholas DiFonzo and Prashant Bordia, in their “Rumor, gossip and urban legends” Diogenes (2007) say rumour is an “unverified and instrumentally relevant information statement in circulation”. As such, even with power, majesty and Intel reports at his disposal, as the Jihadists ferried the girls into Sambisa, President Goodluck Jonathan chose to queue behind “rumour” as an instrumentally relevant information. Rumour then assumed the place of fact.
But, what was the rumour of Chibok? That the abducted schoolgirls, mostly Christians and a sprinkle Muslims, were instruments in the hands of Nigerian politicians. But, how? When? Why?
While the All Progressives Congress (APC) was seeking to meander its way into Aso Rock in 2014, it was caught in the web of that rumour. Before anyone could stand in its way, the rumour had spiralled in like a typhoon. Even the maishai hawking hot tea by the sidewalks was sold the hot rumour. It was retailed on every outlet. Deft politicians of the APC were said to have woven the plot like a spider weaves its gossamer. Having brilliantly pelted the sour grape of “lacklustre” and “clueless” on Jonathan, “ineptitude” would finally ram in the last nail on his government’s coffin. America would buy it and APC would coast home to power. The rumour goes thus: enlisting local militants to siphon the girls out of Chibok was a top-notch political masterplan to tar-brush Jonathan. It has been said that the global outrage the Chibok abduction courted, with Barack Obama and his wife becoming willing recruits of the agenda, incinerated Jonathan. Its effect was so massive that, when he got to the polls in 2015, Jonathan was as worthless as a roll of tissue paper. For a very long time, a Big Man in the APC, said to have been handed the job of ferrying those girls out of Chibok, was never in good terms with Jonathan. Now, payday is here.
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Fast-forward to last week. When their projection hits the bull’s eye, Yoruba say, the Babalawo had hardly unpacked his Ifa divination tablet, also known as an OpónIfá, than physical affirmation of his prophecy came to pass. DiFonzo and Bordia’s rumour definition again perched on us like a recalcitrant vulture on carcass. Events of last week earned the epaulette to be saluted as Nigeria’s most harrowing week. Gory occurrences happened in less than 24 hours span from one another. They were followed by high-quality rumours which traveled at the speed of light, bearing cadences of truth. Nigeria’s recent insecurity nightmares, the rumours say, are pay-day for persons in this government who, eleven years ago, gathered to cook a broth of lies with faggots of untruth.
If you saw last week’s viral video of worshipers at a branch of the Christ Apostolic Church (CAC) Eruku in Kwara State, the picture you would get is a prostrate Nigeria, on its knees. When you add that sobering picture to last Tuesday’s story of armed Islamic terrorists’ killing of a vice principal, abducting at least 25 students of Government Girls’ Comprehensive Secondary School, Maga, Kebbi State, as well as the killing of a Nigerian Brigadier-General by ISWAP terrorists, the picture becomes complete. The week was almost ending when another horror occurred. Three hundred and fifteen students of St. Mary’s Catholic Secondary and Primary School, Papiri, Niger State were abducted. So huge is the terror that, in panic, government shut all the 47 unity colleges.
When you dig a trench to bury your enemy, folk wisdom counsels that you dig it as shallow as possible. The nugget of the counsel is that, that same trench may well be your sepulcher. In the wake of the week of palpable agony that was unleashed on Nigeria last week, the Jonathan narrative returned to Nigerian public discourse. It is the narrative of a Nigeria being run by a government that is clueless in taming the shrew of insecurity, but heavy in propaganda. The Obamas have now been replaced by Donald Trump, Ted Cruz and co. as taunters of those who dug Jonathan’s grave. Evil has turned full circle.
The Eruku church invasion has preyed on the subconscious of the world ever since. Its preying comes with terrifying and terrorising images.
MORE FROM THE AUTHOR:[OPINION] Trump: Kurunmi’s Lessons For Tinubu
And then, the bandits stormed the church of God. Sporadic gunshots exploded. It was as if Eruku was Kyiv. When they eventually stepped their blood-stained feet on God’s sacred groove, the mainstreaming cameras caught the innermost recess of their hearts. It was thirsty for the blood of worshipers. Their physiognomy was unmistakable. It was that of our national tormentors, the Fula ethnic group, otherwise called Fulani. Dispersed across the Sahara, Sahel, West Africa and northern parts of Central Africa, South Sudan, Darfur and regions near the Red Sea coast in Sudan, this ethnic group has a sacred bonding that goes beyond the surreal.
In Nigeria, they are at the pinnacle of power. One of their topmost bloodlines in government today is Nigeria’s National Security Adviser, Nuhu Ribadu. So also, was Muhammadu Buhari, who was once quoted to have said in 2013 that “the military offensive against Boko Haram is anti-North”. Former Kaduna State governor, Nasir El-Rufai, was also openly supportive of Fulani terror. In a viral video which had him crying and asking for retaliation, Isa Pantami, Nigeria’s erstwhile Minister of Communications, cried that there were retaliatory attacks against insurgents. In another sermon, Pantami called Boko Haram Islamic Jihadists “our Muslim brothers” who were being massacred “like pigs” rather than being accorded the privileges of Niger Delta militants. Under the Muhammadu Buhari presidency, a top official of that government shocked Nigerians when he said the Fula of countries in Africa had the “inalienable rights” to ingress into and egress out of Nigeria. They didn’t need Visas.
Last Tuesday, the Fula tormentors, cuddling menacing rifles like a mother cuddles her newborn, stormed Eruku. They stomped in like an army of occupation. Inhabitants said they got prior Intel of their invasion which they shared with security agencies. The question is, would Fula top chiefs manning Nigerian security hurt their bloodline to appease Eruku ‘infidels’?
So, they struck. Viral videos of their clinical operation showed about five armed bandits. They must have muttered “Allahu akbar” as they killed. Kwara State has confirmed that 38 worshipers, which included the pastor and congregants, were equally rounded up and marched into the forest. But, judging by its contiguity to the southwest, does Tinubu know that the next place to walk into for the Fulani terrorists of Eruku is Yorubaland?
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Twenty four hours before, the terrorists found encore in Maga. Around 4a.m. on Monday, they struck this sleepy town in Kebbi State. It was the Government Girls’ Comprehensive Secondary School, Maga, in Danko/Wasagu Local Government Area that they chose. Maga brings fond memories of Kebbi State to me. Thirty two years ago, I saw caravans of traders, travelling on their mules galloping across the deserts through Yelwa-Yauri, Koko-Besse, Zuru, Suru, Jega, down to Argungu. Maga existed for us in conversations. Carrion-hungry ravens would seem to have polluted the unvarnished peace of Kebbi. When they concluded their pre-dawn raid of terror, 25 students were matched into the bush while the vice principal and a security guard were said to have been shot dead. In an interview, Malama Amina, wife of the slain vice principal, said the Jihadists, who dressed in army camouflage, spoke fluent Fulfude.
If you follow the unleashing of terror on the Nigerian space this past week, its abnormality would strike you firsthand. Was there a choreographed attempt to foist the narrative of an inept leadership? Or Christian persecution? The incongruities are manifest. One is that, kidnap of school students, since Chibok, would seem to have receded. Why is it resurgence now? Second is that, the inundation of the country with about four terrorist attacks in one week cannot be a happenstance. Piling the horrors into one single week raises a red flag of suspicion. At a time when America is firing its tempers at Tinubu from all cylinders, even an incompetent military analyst would confirm that this fusillade of attacks is not organic. In the manner of a recent lingo curated in Ibadan, Oyo State, that went viral, it looks like some persons, sitting somewhere, have chosen to cure past madness or even recent ones, with madness.
The upsurge of violence in Nigeria by Islamic fundamentalists looks like what Yoruba would refer to as egbìnrìn òtè. It is a complex and endless web of plots, intrigues and conspiracies. In this roller-coaster of intrigues, any attempt to find solution to one plot leads to more plots surfacing. It is comparable to a recurring infestation of disease.
To douse the fire of egbìnrìn òtè requires tact. Nigeria must do three things to wean this repeated violent blood-let off it. First, we must find out what the ideology of Boko Haram and other Islamists is. It is only when we know what makes them tick that we can find solutions to the insurgents’ irritancy. It is apparent that the “book is Haram” philosophy credited to the insurgents’ spiritual leader, Mohammed Yusuff, is no longer the Jihadists’ current ideology. Is the ideology a Fulanization agenda? Is it Islamic? Is it ethnic? These questions become necessary because there is so much Fulanization wrapped round the Boko Haram insurgency which makes prising them apart difficult. Second, in trying to tame this Frankenstein’s monster of insurgency and banditry, the Tinubu government must come clean with itself, just as it must be ready to clean the Augean stable.
For so long, Nigeria has accommodated seeds of destruction within itself like the proverbial foetuses within the gaboon viper, (Oka) which my people believe will eventually kill the snake. In Nigeria’s week of terror, security forces were fingered as enabling the insurgents. Government must clearly identify military barons and their civilian accomplices who see insurgency as business, religion or tribe. Upon identification, it must go after them with the venom of the western taipan, a species of extremely venomous snake of central east Australia origin. Saboteurs are a legion at the apex of power and are agents of the multiplication of the seeds of insurgency in Nigeria. It was this crack that Donald Trump entered in performing his “disgraceful country” showmanship. If Tinubu will, this hour, de-emphasise the politics of 2027 and embrace country, we will not have to repeat this orgy of bloodshed and kidnapping of our children.
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Edo Seeks FG’s Intervention On Land Dispute With Delta
The Edo State Government has appealed to the Federal Government to, as a matter of urgency, intercede on the land dispute between the state and its neighboring Delta.
Deputy governor of the state, Hon. Dennis Idahosa made the appeal when he led a delegation comprising officials of the state government and members of the Edo State Boundary Committee on a fact finding mission to disputed communities.
A statement by his Chief Press Secretary, Mr Friday Aghedo, said the fact finding mission was part of an effort to ensure peace,
Idahosa used the avenue to appeal to President Bola Tinubu to use his good office to ensure justice, equity, and fairness prevailed in the areas in dispute.
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“I passionately call on the President to use all necessary demarcation agencies to resolve these lingering issues,” he appealed.
While suing for peace from the affected communities, Idahosa noted that the state government was determined to protect the territorial dignity of Edo State and that of the people of Orhionmwon.
He pointed out that the Jameson River is a natural demarcation landmark to the disputed Ugbakele boundary Community.
While calling on the state boundary committee to be diligent in their investigation, he stressed that the outcome of the investigation will guide the recommendations of the committee to the governor.
READ ALSO:Drug Barons Abandon Sienna Buses With 1,455kg Of Cannabis In Edo, Flee
“We decided to ask questions and the history of this area. We found out that this Jameson River is the natural boundary between Edo and Delta States.
‘You can see the previous structures of the AT&P company. This land is clearly for Edo State.
“We thank the community people and settlers. We plead they continue to maintain the peace pending the outcome of the National Boundary Commission,” he pleaded.
Earlier, Idahosa and his team interfaced with stakeholders and community leaders of Oben, Ikobi, Iguelaba, and Obozogbe-Nugu communities to verify their claims and grievances.
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At the town hall meeting, the communities complained of non-regonition by oil companies operating in the area.
They further decried ceeding of their communal land to private individuals by the immediate past administration of the state without compensation.
“The previous government has done injustice to the Edo people by allocating land to investors without having interactive sessions with us,” they noted.
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Police Arrest, Charge Content Creator To Court In Edo
The Edo State Police Command says it has arrested a 24-year-old content creator identified as Osarobo Omoyemen, for allegedly sharing a content on Tiktok capable of “inciting hostility against the Police and triggering unnecessary tension within the state.”
In a statement made available to newsmen in Benin on Saturday, the command’s Police Public Relations Officer, Moses Yamu, said the suspect, popularly known as ‘Madam Oil Rice,’ recently circulated a “false claim on social media alleging that she was kidnapped along Upper Sakponba Road in Benin City and later rescued by Police operatives who purportedly detained her at Akpata Police Station and collected the sum of Ten Thousand Naira as bail.”
READ ALSO:Drug Barons Abandon Sienna Buses With 1,455kg Of Cannabis In Edo, Flee
Yamu said worried by the allegation, the command immediately commenced investigation, adding that it was revealed that the entire story was completely fabricated and deliberate.
According to the police’s imagemaker, Madam Oil Rice fabricated the story just to attract followers and viewership, stressing that she had confessed to having fabricated the story.
“During interrogation, the 24year old female suspect, Osarobo Omoyemen confessed that she staged the incident solely to generate online content and attract followers to her TikTok page.
“It was also discovered that she deleted an earlier video in which an accomplice in the background was appealing to viewers to follow her page, clearly exposing the motive behind the false alarm.
READ ALSO:Edo Market Women Protest Planned Eviction
“The content was not only misleading but capable of inciting hostility against the Police and triggering unnecessary tension within the state.”
Yamu, while noting that the “suspect has been identified, arrested, and charged to court on Thursday 20th November, 2025 for prosecution, said “efforts are ongoing to arrest her accomplices to ensure they face the full weight of the law.”
The PPRO, who said Madam Oil Rice’s arrest and charge to court was aimed at serving as a “deterrent to others who may attempt to misuse social media to create panic or disrupt public peace,” said “the Edo State Police Command strongly warns against the creation and circulation of fake news capable of disturbing the peace and security of the state.”
He urged members of the public “to verify information before sharing and to refrain from acts that may mislead the public or undermine the efforts of security agencies.”
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