News
Alams’ Pardon: US to Cut $600m Aid to Nigeria
The United States of America may cut aid to Nigeria following the presidential pardon granted a former governor of Bayelsa State, Diepreye Alamieyeseigha and seven others.
Nigeria is one of the biggest recipients of US aid in Africa. Last year the US gave Nigeria about $226 million in development aid and is expected to spend $600million this year.
Alamieyeseigha was found guilty and convicted of corruption before he was pardoned on Tuesday by the National Council of State after a meeting in Abuja.
The US stated that it was disappointed that those convicted of corruption could be pardoned by the President Goodluck Jonathan’s administration.
It said the move was a setback for Nigeria’s anti corruption crusade.
The Hill, a US newspaper, quoted Victoria Nuland, State Department spokeswoman as saying, “The United States government is deeply disappointed over the recent pardons of corrupt officials by the Nigerian government.
“We see this as a setback for the fight against corruption and also for our ability to play the strong role we’ve played in supporting rule of law and legal institution building in Nigeria, which is very important for the future of the country, obviously.”
Asked if the US could cut off aid, Nuland said it was possible, adding that the pardon put a dent on the collaborative efforts between Nigeria and the US in fight against corruption.
She said, “We have made clear to the Nigerians that this puts a question mark on the kinds of work that we’ve been trying to do with them.
“We haven’t yet taken the kinds of steps that you’re suggesting, but we’re continuing to look at what’s appropriate.”
The US embassy in Abuja had also condemned the pardon via its Twitter handle @USEmbassy saying it was “deeply disappointed.”
“We see this as a setback in the fight against corruption,” the embassy said.
Nigeria was slated to receive $660.5 million in the US 2012 budget, more than any other sub-Saharan country except Ethiopia.
Meanwhile, President Jonathan’s aides have continued to defend the government’s action saying it was in order.
On Saturday, the Special Adviser to the President on Media and Publicity, Dr. Reuben Abati, who appeared on a breakfast television show on Channels Television, Sunrise Daily, said commentators’ views on the pardon smacked of ignorance.
Abati said, “There has been a lot of ignorance about what has happened, and sophisticated ignorance. But I respect the fact that part of our responsibility is to explain to people.
“The first thing to note is what a state pardon is not. One, a state pardon does not mean that an individual was not convicted at a particular time; in fact state pardon means that you have been convicted for a particular crime and you have been punished.”
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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