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Govt Officials Receive N400Bn Bribe Per Annum

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National Bureau of Statistics (NBS) has said roughly N400 billion is spent on bribes each year in Nigeria, taking into account that nine of every 10 bribes are paid in cash.

The NBS stated this in “Corruption in Nigeria, Bribery: Public Experience and Response 2017 Survey’’, posted on the bureau’s website in Abuja.

The bureau stated that it was estimated that the total amount of bribes paid to public officials in Nigeria in the 12 months prior to the survey was around N400 billion.

The survey was conducted in April/May 2016 in all 36 states and the Federal Capital Territory (FCT) of Nigeria.

It said that the amount was equivalent to 4.6 billion dollars in purchasing power parity (PPP); the sum is equivalent to 39 per cent of the combined federal and state education budgets in 2016.

The NBS said that bribe-payers in Nigeria spent an eighth of their salary on bribes.

On average, the report stated that almost one bribe was paid by every adult Nigerian per year.

It stated that by combining the total number of people who paid a bribe to a public official with the frequency of those payments, it was estimated that a total of roughly 82.3 million bribes were paid.

It added that roughly 82.3 million bribes were paid in Nigeria in the 12 months prior to the survey.

According to the report, this results in an average of 0.93 bribes paid per adult, or almost one bribe paid by every adult Nigerian per year.

The report further revealed that almost a third of Nigerian adults paid bribes when in contact with public officials.

It stated that almost a third of Nigerian adults (32.3 per cent) who had contact with a public official between June 2015 and May 2016 had to pay, or were requested to pay a bribe to that public official.

The bureau, however, stated that the magnitude of public sector bribery in Nigeria became even more palpable when factoring in the frequency of those payments.

It stated that it became more palpable when factoring in the frequency in those payments as the majority of those who paid a bribe to a public official did so more than once over the course of the year.

According to the bureau, bribe-payers in Nigeria pay an average of some six bribes in one year, or roughly one bribe every two months.

In addition, the report revealed that Nigerians considered bribery the third most important problem facing the country.

It stated that the findings could explain why, after the high cost of living and unemployment, Nigerians considered corruption to be the third most important problem affecting the country.

The report stated that corruption was the third most important problem facing the country well ahead of the state of the country’s infrastructure and health service.

It stated that public sector bribery was not the only form of corruption affecting Nigeria, the prevalence of bribery in relation to selected employees of private companies was 5.5 per cent.

The report stated that the 5.5 per cent denoted that bribery was also significant in the private sector in Nigeria.

It, however, stated that the payment of bribes to public officials was the most familiar and widespread form of corruption directly experienced by the population and the one that most affects the lives of ordinary citizens.

The survey was based on data collected in a large-scale household survey (33,067 households) on corruption conducted in April/May 2016 in all 36 states and the Federal Capital Territory (FCT) of Nigeria.

The survey was conducted as part of a technical assistance project on corruption funded by the European Union (Support to Anti-Corruption in Nigeria) and was implemented by the NBS in partnership with UN Office on Drugs and Crime.

The Federal Government’s frontline anti-corruption agencies, the EFCC, ICPC, CCB and CCT, have been revitalised and made more proactive in the pursuit of perpetrators of corrupt practices, irrespective of their social status and political persuasion. This is a radical departure from the past.

The government says the implementation of the Treasury Single Account (TSA) whereby all Federal Government revenue goes into one account now makes it impossible for public officers to divert public funds to private accounts as was the practice before.

“Through the effective application of TSA and the Bank Verification Number (BVN), we have been able to remove 23,000 ghost workers from our pay roll, thereby saving billions that would have been stolen.

“We are also reviewing our anti-corruption laws and have developed a national anti-corruption strategy document that will guide our policies in the next three years, and possibly beyond, ” according to Acting president Yemi Osinbajo.


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Detained Binance executive drags EFCC, NSA to court

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Binance executive Tigran Gambaryan has has dragged the National Security Adviser Nuhu Ribadu and the Economic Financial Crimes Commission (EFCC), to court alleging violations of his fundamental rights.

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In a filing dated March 18 and presented by his lawyer Olujoke Aliyu from Aluko and Oyebode Law Firm, Gambaryan sought redress before Justice Inyang Ekwo, requesting five reliefs. Similarly, Nadeem Anjarwalla, Binance’s Africa regional manager who escaped custody on March 22, initiated a separate suit before Justice Ekwo.

Gambaryan and Anjarwalla, in the suits marked: FHC/ABJ/CS/356/24 and FHC/ABJ/CS/355/24, had sued the Office of NSA (ONSA) and EFCC as 1st and 2nd respondents.

Gambaryan, a US citizen overseeing financial crime compliance at the crypto exchange platform, alleged that his detention and the confiscation of his international travel passport violated Section 35 (1) and (4) of the 1999 Constitution, constituting a breach of his fundamental right to personal liberty. He further requested the court to order his immediate release and the return of his passport. Additionally, he sought an injunction preventing further detention related to any Binance investigations and demanded a public apology from the respondents, along with costs incurred.

Gambaryan stated that he visited Nigeria on February 26 alongside Nadeem Anjarwalla, representing Binance, in response to invitations from ONSA and EFCC. Despite attending the meeting as requested, both were detained afterward without formal charges.

During the court proceedings, T.J. Krukrubo, SAN, representing Anjarwalla and Gambaryan, informed the court of the respondents’ absence despite being served. Krukrubo also mentioned their notice of withdrawal of legal representation for Anjarwalla, filed on March 26.

Justice Ekwo noted the withdrawal of legal representation and adjourned the matter to April 8 to allow the applicants to seek new representation and give the respondents an opportunity to appear.

In Gambaryan’s case, Krukrubo stated that although the processes were served on ONSA and EFCC, they still had time to respond. He requested an adjournment, indicating that the respondents’ deadline to file their applications would expire the following week.

Consequently, Justice Ekwo scheduled the next hearing for April 8 to continue proceedings.


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AXA Mansard Empowers Female SMEs with Financial, Digital Skills

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AXA Mansard, a member of AXA has empowered 200 female Small and Medium Enterprises with financial literacy and digital business skills.

In collaboration with SME 100 Africa, the two-day training, which was held in Lagos, is part of AXA’s lined-up programmes to commemorate this year’s International Women’s Day.

Speaking, Olusesan Ogunyooye, Head of Marketing AXA Mansard, said the training was aimed to empower female SME owners with skills to improve business output and position them for the increasing economic opportunities available in an increasingly digital marketplace.

Ogunyooye noted that the move was in line with AXA Mansard’s sustainability agenda, explaining that the company was convinced that support for women through its inclusive protection programmes was pivotal to its purpose of acting for human progress by protecting what matters and its mission of moving from being a payer to a partner.

He further said that focusing on digital skills was important because the company realised the importance of digital skills to the growth of the SME sector in Nigeria and wants to ensure that women were empowered enough to be a consequential part of that growth.

“It’s almost trite to say that SMEs are the engine for economic growth, especially in developing countries like Nigeria, where over 45 million adults are business owners. What needs to be continually discussed is how Nigeria is going to unlock that potential for economic development and how much of that potential will be unlocked by women and for women.”

“For us at AXA Mansard, we are aware that digital will play a major role in unlocking these current opportunities and Nigeria’s economic future. So, to ensure that women are equally represented in unlocking these future potentials, that’s why we have collaborated with SME 100 Africa to support them in developing the required skills”.

“Our choice of digital and financial literacy skills is deliberate. We understand the power of the duo. We understand that helping these SMEs with the skills to attract more customers will be a faster means to empower them.

“We see that they have amazing products and services, but they need to understand how to attract value for themselves by attracting the right customers, and you will agree with me that virtually all customer segments are online in one way or another today.

“So, if we can empower them with digital business skills, we would have helped them with the heavy lifting of trying to find and attract customers”. Ogunyooye explained.

According to him, AXA Mansard believes that for the world to experience progress truly, there must be an equitable distribution of creation and access to opportunities for men and women. This quest for balance informed the SHE for Shield initiative, a women-centred inclusive protection programme of AXA Mansard.

SHE for Shield is a group of initiatives designed for the Nigerian woman. The goal is to see them grow, add value, and help them mitigate risks at every step.

According to the company, research has found that access to health care is one of the most important things to Nigerian women, regardless of their economic segment. They desire to be financially independent, secure, and respected in the community.

 


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IFC Invests in New 4DX Ventures Fund to Support Tech Startups in Africa

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IFC is investing $10.5 million in a new fund by 4DX Ventures, a New York-based venture capital firm focused on supporting early-stage African technology companies across a broad set of sectors, including fintech, e-commerce, edtech, climate tech, and health tech.

IFC’s investment in 4DX Ventures Fund III will come from IFC’s $225 million venture capital platform, which was launched last year to strengthen emerging VC ecosystems and invest in early-stage companies in Africa, the Middle East, Central Asia, and Pakistan.

Africa is among the regions least served by venture capital, receiving just 2% of global venture deal volume in the third quarter of 2023. Access to capital on the continent has been further exacerbated by a slowdown in global venture capital investment.

Tech ecosystems are nascent, or even nonexistent, outside of more established markets such as Egypt, Kenya, Nigeria, Senegal, and South Africa.

“IFC and 4DX Ventures share the commitment to supporting tech entrepreneurs with innovations that will help Africa leapfrog in critical areas such as climate, health care, fintech, e-commerce, and education,” said Walter Baddoo, Co-Founder and General Partner of 4DX Ventures.

“We look forward to partnering with IFC to help promising tech startups build transformative businesses and realize sustainable development impact on the continent.”

4DX’s new fund will invest in companies with tech solutions that can improve productivity, efficiency and competitiveness across Africa. The firm’s first two funds invested in companies such as Egypt-based e-commerce platform MaxAB, an IFC portfolio company; Ghana-based health tech firm mPharma; and Kenya-based B2B e-commerce platform Wasoko, formerly known as Sokowatch.

“By supporting the development of tech ecosystems in emerging markets, IFC’s venture capital platform aims to improve access to key services, boost business competitiveness, and promote job creation through digital transformation,” said Mohamed Gouled, Vice President of Industries at IFC.

“Our investment in venture funds such as 4DX Ventures will help African entrepreneurs access more financing and resources they need to scale tech innovations and bolster sustainable growth across the continent.

In addition to providing capital, IFC will work with 4DX Ventures to implement their environmental and social management system.


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