SERVING THE QUANTITATIVE FINANCE COMMUNITY

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ppauper
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Posts: 70239
Joined: November 15th, 2001, 1:29 pm

Nigeria

June 25th, 2005, 1:13 pm

from today's torygraph:--------------------------------------------------------------------------------PAPER: £220bn - THE AMOUNT STOLEN OR MISUSED BY CORRUPT NIGERIAN RULERS...£220bn - THE AMOUNT OF AID DONATED BY THE WEST TO AFRICA IN 40 YEARS... -----------------------------------------------------------------------------------Quote£220bn stolen by Nigeria's corrupt rulersThe scale of the task facing Tony Blair in his drive to help Africa was laid bare yesterday when it emerged that Nigeria's past rulers stole or misused £220 billion.That is as much as all the western aid given to Africa in almost four decades. The looting of Africa's most populous country amounted to a sum equivalent to 300 years of British aid for the continent.Former leader Gen Sani Abacha stole between £1bn and £3bn The figures, compiled by Nigeria's anti-corruption commission, provide dramatic evidence of the problems facing next month's summit in Gleneagles of the G8 group of wealthy countries which are under pressure to approve a programme of debt relief for Africa.Gordon Brown, the Chancellor, has spoken of a new Marshall Plan for Africa. But Nigeria's rulers have already pocketed the equivalent of six Marshall Plans. After that mass theft, two thirds of the country's 130 million people - one in seven of the total African population - live in abject poverty, a third is illiterate and 40 per cent have no safe water supply.With more people and more natural resources than any other African country, Nigeria is the key to the continent's success.Mallam Nuhu Ribadu, the chairman of the Economic and Financial Crimes Commission, set up three years ago, said that £220 billion was "squandered" between independence from Britain in 1960 and the return of civilian rule in 1999."We cannot be accurate down to the last figure but that is our projection," Osita Nwajah, a commission spokesman, said in the capital, Abuja.The stolen fortune tallies almost exactly with the £220 billion of western aid given to Africa between 1960 and 1997. That amounted to six times the American help given to post-war Europe under the Marshall Plan.British aid for Africa totalled £720 million last year. If that sum was spent annually for the next three centuries, it would cover the cost of Nigeria's looting.Corruption on such a scale was made possible by the country's possession of 35 billion barrels of proven oil reserves. That allowed a succession of military rulers to line their pockets and deposit their gains mainly in western banks.Gen Sani Abacha, the late military dictator, stole between £1 billion and £3 billion during his five-year rule."We are only now beginning to come to grips with some of what he did," Mr Nwajah said.Nigeria has scoured the world for Abacha's assets but has recovered only about £500 million.Olusegun Obasanjo, the current president, founded the commission and launched a crackdown on corruption to try to end the country's reputation as Africa's most venal. The figures all apply to the period before he came to power.The amount of money involved has prompted the Government to seek ways to enhance Britain's ability to help developing countries recover stolen funds. In the autumn the Government will introduce legislation to pave the way for British ratification of the United Nations convention against corruption.A money laundering directive agreed by EU finance ministers this month will impose new responsibilities on banks, casinos and other establishments to be more alert to signs of corruption. They will be expected to help stamp out financial abuse by high-risk customers in a position to abuse public office for private gain.Mr Obasanjo will travel to the G8 summit to press the case for debt relief. Nigeria is Africa's biggest debtor, with loans of almost £20 billion, because previous rulers not only looted the country but also borrowed heavily against future oil revenues.The G8 has refused to cancel Nigeria's loans, despite writing off the debts of 14 other African countries this month.Prof Pat Utomi, of Lagos Business School, said that was the right decision. "Who is to say you won't see the same behaviour again if it is all written off?" he said.
 
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farmer
Posts: 13462
Joined: December 16th, 2002, 7:09 am

Nigeria

June 25th, 2005, 1:26 pm

See, this is why it is important to have other nations like you. Because if you say all the right things, they'll send you $220 billion you can spend on hookers.
 
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Etuka
Posts: 319
Joined: January 1st, 2002, 7:40 pm

Nigeria

June 25th, 2005, 4:36 pm

Gosh - Nigeria's corrupt rulers launder their takings through UK banks, and the Daily Telegraph thinks it has news?
 
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DominicConnor
Posts: 11684
Joined: July 14th, 2002, 3:00 am

Nigeria

June 25th, 2005, 4:58 pm

Etuka is bang on the money.We've all sat through money laundering blurbs, and it's clear that it's set up to stop ordinary people money laundering, not people in governments.A senior official can generate a passport, and all the other bits of paper required.A good question is what you might plausibly do about it ?
Last edited by DominicConnor on June 24th, 2005, 10:00 pm, edited 1 time in total.
 
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Cuchulainn
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Nigeria

June 25th, 2005, 7:35 pm

The Wilmotter who has an intimate knowledge of this subject is JMR.
http://www.datasimfinancial.com
http://www.datasim.nl

Every Time We Teach a Child Something, We Keep Him from Inventing It Himself
Jean Piaget
 
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ppauper
Topic Author
Posts: 70239
Joined: November 15th, 2001, 1:29 pm

Nigeria

June 27th, 2005, 12:47 pm

QuoteOriginally posted by: DCFCA good question is what you might plausibly do about it ?maybe stop giving them our money ?
 
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MattF
Posts: 925
Joined: March 14th, 2003, 7:15 pm

Nigeria

June 27th, 2005, 1:03 pm

You mean these emails wanting my help in moving millions secretly out of Nigeria through my bank account are genuine?
 
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ppauper
Topic Author
Posts: 70239
Joined: November 15th, 2001, 1:29 pm

Nigeria

July 6th, 2005, 12:33 pm

meanwhile, the mozambique government promises that "this time" they'll actually spend foreign aid on helping the people rather than helping themselvesQuoteMozambique says days of squandering aid are overMozambique President Armando Guebuza, whose country will win more than $2 billion in debt write-off under a plan by rich nations, said on Wednesday the days of squandering foreign aid were over in Africa.and we should believe him this time because ? QuoteIn an interview with Reuters after an African Union summit in Libya, Guebuza urged wealthy countries to put their faith in what he said was a new Africa prepared to confront its problems and keen to invest in fighting poverty."There are those who do not see that we can define strategies of our own to grow our economies and they only see what they think are wrongs of the continent and say it is the way of the African to be wasteful or corrupt," Guebuza said."The days of squandering aid are over," he told Reuters ahead of a summit of the Group of Eight industrialized countries in Scotland, adding that close government monitoring of donor funds would help ensure it reached the intended recipients.Donors needed to streamline their own accounting practicesto make it easier for african dictators to steal the money ?Quote to beat bureaucratic delays that slowed the flow of cash to help the poor, added the president, a wealthy former businessman.Guebuza saw himself as a symbol of good governance emerging on the continent, having taken over as head of state and government from Joaquim Chissano, who retired from office after last year's presidential and parliamentary elections.Mozambique, a model pupil of World Bank and International Monetary Fund (IMF) reforms, has grown by an average of 10 percent over the last decade. Market reforms in the former Marxist country have attracted big business in mining and energy, the pillars of the country's growth.The country was among those to benefit from a $40 billion debt relief deal agreed last month. But Washington and others oppose a more ambitious plan -- an International Finance Facility which could raise an extra $50 billion in aid up front by issuing bonds using future development budgets as collateral.For Mozambique, Guebuza said gains of debt relief and additional aid would go to building schools and providing teachers, water, sanitation and health.Fighting chief Mozambique killers malaria, tuberculosis and AIDS through the supply of life-prolonging anti-retroviral drugs were key priorities, he said."What we are going to do with the additional money is plug the gaps especially in the social sectors," he said."There is a lot of work to be done and I am glad to say we are up to the task," he said, adding that the debt forgiveness would be seen in continued stability and growth of the economy of this country of 18 million people over the next few years.
 
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Etuka
Posts: 319
Joined: January 1st, 2002, 7:40 pm

Nigeria

July 6th, 2005, 5:09 pm

ppauperThat brand of counter-rhetoric can be applied to amost anything any politician says. Try it sometime on your favourite domestic political bugbear.
 
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player
Posts: 2290
Joined: August 5th, 2002, 10:00 am

Nigeria

July 6th, 2005, 5:57 pm

Mozambique is one of the fastest growing economies in the world.....
 
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mdubuque
Posts: 2411
Joined: July 22nd, 2004, 9:04 pm

Nigeria

July 6th, 2005, 6:10 pm

I don't think Mozambique can really be compared to Nigeria.It would be helpful if some folks in the North would learn a bit more geography.All of Africa is not completely homogeneous in every respect.Matthew
Last edited by mdubuque on July 5th, 2005, 10:00 pm, edited 1 time in total.
 
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ppauper
Topic Author
Posts: 70239
Joined: November 15th, 2001, 1:29 pm

Nigeria

July 7th, 2005, 12:56 pm

QuoteOriginally posted by: mdubuqueI don't think Mozambique can really be compared to Nigeria.in the sense of a history of squandering western aid, oh yes it canQuoteAll of Africa is not completely homogeneous in every respect.in the respect of a history of squandering western aid it seems fairly homogeneous
 
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ppauper
Topic Author
Posts: 70239
Joined: November 15th, 2001, 1:29 pm

Nigeria

July 7th, 2005, 12:56 pm

QuoteOriginally posted by: playerMozambique is one of the fastest growing economies in the world.....in that case, they should be giving us aid
 
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ppauper
Topic Author
Posts: 70239
Joined: November 15th, 2001, 1:29 pm

Nigeria

December 12th, 2006, 7:26 pm

Nigeria cracking down on homosexuals QuoteEngaging in homosexual acts is already illegal in Nigeria, with those convicted facing jail terms in the mainly Christian south and execution in the mainly Muslim north. The traditional execution ? thrown from the highest building then stoned ?
 
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NorthernJohn
Posts: 632
Joined: June 2nd, 2003, 9:07 am

Nigeria

December 13th, 2006, 8:49 pm

QuoteOriginally posted by: ppauperQuoteOriginally posted by: DCFCA good question is what you might plausibly do about it ?maybe stop giving them our money ?If you have been giving them your money, you are even sillier than you seem.
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