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Obasanjo reveals how ICPC, EFCC secured debt relief for Nigeria

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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.

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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.

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“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.”

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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.

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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.

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“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.

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“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…

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“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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Stone Age lost Atlantis about 8,500 years discovered beneath the waters of Denmark

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By Ojomah Austin.

 

The mystery of Atlantis has created a city-sized gap in our grasp of history, with archaeologists searching the oceans for any trace of this submerged civilisation.

A prominent theory suggests that Atlantis never actually existed. Nevertheless, as we’re now aware, the notion of a coastal settlement being consumed by the ocean is entirely plausible.

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Subsequently, archaeologists in Europe believed they’d discovered the missing piece of the puzzle. You wouldn’t necessarily expect Denmark to be the maritime location of an exotic lost metropolis from ancient times, yet this is precisely where archaeologists unearthed the most compelling proof of Atlantis, according to Global News.

“Europe’s Atlantis”, stretching back to the Stone Age, was discovered beneath the waters of Denmark’s Bay of Aarhus. Researchers unearthed numerous artefacts that paint a picture of a civilised community that inhabited the area nearly 8,500 years ago.

These included stone implements, arrowheads, animal remains, and even fragments of timber that appeared to be rudimentary tools.

Researchers plunged 26 feet beneath the surface of Denmark’s second-largest city, employing specialised suction apparatus, to retrieve the remains of Europe’s Atlantis.

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The location dates back to the conclusion of the last Ice Age, when climbing sea levels submerged entire coastal communities, forcing Stone Age hunter-gatherer societies inland.

Because the artefacts have remained underwater for millennia, they are significantly better preserved than they would be inland. “What we actually tried to find out here is how life was at a coastal settlement 8,500 years ago,” archaeologist Peter Moe said.

He added: “Here, we actually have an old coastline. We have a settlement that was positioned directly at the coastline. What we actually try to find out here is how was life at a coastal settlement.

“It’s like a time capsule. When sea level rose, everything was preserved in an oxygen-free environment … time just stops. We find completely well-preserved wood. We find hazelnut. … Everything is well preserved.

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“We can say very precisely when these trees died at the coastlines,” Moesgaard Museum dendrochronologist Jonas Ogdal Jensen, according to Fortune.

 

The specialist explained how this remarkable find has shed considerable light on how sea levels have shifted throughout history.

Stone Age lost Atlantis found is Denmark

He said: “It’s hard to answer exactly what it meant to people,” Moe Astrup said. “But it clearly had a huge impact in the long run because it completely changed the landscape.”

Researchers are keen to press ahead with investigations at a further site off the German coastline, with ambitions to examine locations in the notoriously unforgiving North Sea also in the pipeline.

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Yet this is not the first occasion archaeologists have drawn comparisons between a site and Atlantis. Doggerland was a landmass that once extended between Britain, Denmark, and the Netherlands, linking the corners of Europe.

In 1931, evidence of this lost territory began to emerge after a Dutch fishing vessel retrieved artefacts from the seabed. A portrait of a hunter-gatherer community thousands of years old began to take shape. Yet, some 8,200 years ago, rising sea levels and a catastrophic tsunami ultimately swallowed this civilisation whole.

A colossal underwater landslide set off a chain of unstoppable natural disasters that plunged the landmass beneath the waves. Today, all that remains of this lost world lies buried under the North Sea.

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Amnesty International condemns attack on Abuja protesters as Sowore lands in hospital

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By Kayode Sanni-Arewa

Condemns his alleged “deliberate targeting”

Amnesty International has condemned what it described as a “reckless attack on peaceful protesters” during a Democracy Day demonstration in Abuja, where activist and African Action Congress 2027 presidential candidate, Omoyele Sowore, reportedly collapsed after security operatives allegedly fired teargas.

In a statement released on Friday, the rights organisation said Sowore was “subsequently taken to a hospital” following the incident at Unity Fountain, Abuja, and called for an immediate investigation into what it described as his “deliberate targeting.”

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The Nigerian authorities are clearly using violence to crack down on human rights, including the rights to freedom of expression and peaceful assembly,” the statement said.

Amnesty International also warned that targeting activists for participating in peaceful demonstrations amounted to unlawful conduct and a breach of fundamental rights.

“Such targeting of activists solely for exercising freedom of assembly is unlawful and shows utter disregard for the rule of law,” it said.

The organisation further accused the authorities of failing to demonstrate commitment to constitutional and international human rights obligations, alleging a continued crackdown on civic freedoms under President Bola Tinubu’s administration.

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Sowore’s collapse reportedly occurred during a protest in Abuja where security operatives allegedly dispersed demonstrators with teargas in front of the Force Headquarters.

Videos shared online showed him on the ground amid confusion as protesters attempted to assist him.

The protest was part of a nationwide mobilisation by a coalition of civic groups, labour activists, youth organisations and social movements, which had declared June 12 a day of mass action over insecurity, economic hardship and worsening living conditions. (Text, excluding headline:

(The PUNCH)

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Falana, Falz lead protest over kidnappings, hardship

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By Kayode Sanni-Arewa

Activist lawyer, Mr Femi Falana (SAN), his son – afrobeats singer, Mr Folarin Falana, popularly known as Falz, alongside civil society organisations, youth groups, among others, on Friday staged a protest in Lagos.

They demanded urgent action to address worsening insecurity and economic hardship in the country.

The protest came as Nigeria marked Democracy Day, set aside in remembrance of the June 12, 1993 presidential election, widely acclaimed to have been won by late Chief MKO Abiola.

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The election, though regarded as the freest and fairest in the nation’s history, was annuled by the then military government.

Chanting, the protesters converged on the Ikeja Under Bridge, carrying placards with inscriptions such as “No Democracy Without Security,” End Bad Governance,” and “End Insecurity and Kidnapping.”

Others include, “End Hunger,” “Free All Captives Now,”End all anti-people policies now,”

The demonstration was aimed at drawing attention to rising insecurity, economic hardship and policies affecting ordinary Nigerians.

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Speaking during the protest, Falana called for the immediate release of abducted pupils and teachers in Oyo State, expressing concern over their welfare in captivity.

According to him, the protest is not only about demanding the rescue of the abducted victims but also about highlighting broader issues of injustice, insecurity and poverty confronting Nigerians.

“We are protesting the kidnapping of our children in Oyo State. We are also protesting injustice in our country, a situation whereby innocent school children in Oyo and Borno states have been in the custody of criminals for several weeks now.

“We are also protesting injustice meted out to young people who are regularly arrested on the highways by the police.

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“We are protesting hunger and poverty in the land, and we are calling on the government to address these challenges,” he said.

Falana, a human rights advocate, lamented the condition of the abducted children and teachers, and regretted the killing of one of the latter.

He called on the authorities to intensify efforts to secure the release of the remaining victims.

Also addressing the protesters, Falz bemoaned what he described as worsening insecurity and economic hardship across the country.

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The entertainer and activist said Nigeria was grappling with increasing cases of kidnappings and killings, urging the government to do more in its responsibility of protecting the citizens.

“Everybody can see the worsening insecurity. It is becoming unbearable,” he said.

Falz cited recent abductions in different parts of the country, including the kidnapping of students and the abduction of a relative of a former minister in Oyo State.

“Every Nigerian life matters and must be protected at all costs,” he stated.

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He said that the repeated abduction of students had heightened public frustration and anxiety.

Also speaking, human rights activist, Mr Olumide Ogunsanwo, popularly known as Seaking, called for stronger government action to tackle insecurity across the country.

He said Nigerians were demanding better governance and an end to the growing wave of killings, kidnappings and other violent crimes.

“We say no to insecurity. Insecurity has to end,” he said.

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Ogunsanwo urged the Federal Government to intensify efforts against bandits, insisting that decisive action, rather than rhetoric, was needed to end the insecurity.

Security operatives maintained presence around the protest venue and monitored activities throughout the demonstration.

(NAN)

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