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Report Names Nigeria as Organized Crime Hub of Africa

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A damning report by StrategyPage, a leading resource on armed forces affairs worldwide said that Nigeria is seen by international crime experts as the center for organized crime in Africa because the culture of corruption makes it easier for major criminal enterprises to survive in the country.

According to StrategyPage, even without all the oil wealth to steal, the Moslem north in Nigeria also suffered from this culture of corruption, which it claimed , is the main reason for the appearance of Boko Haram.

“While these Islamic radicals blame the corruption on Western influences, the north was corrupt long before European colonialists showed up two centuries ago.

The corruption is worse now because there’s more to steal and the participation of so many senior government and commercial officials makes it easier to launder money and get it out of the country” the report added.

StrategyPage said that these are bad times for Nigeria, pointing at a number of issues bedeviling the polity.

It said that “ the continuing Boko Haram violence in the north and growing proof of massive oil revenue loss ($6 billion a year, at least) from theft down south has led to a the ruling Peoples Democratic Party (PDP) splintering into factions accusing each other of corruption and incompetence.

Well publicized and energetic efforts to halt oil theft in the Niger Delta have failed, despite very visible military efforts to find oil thieves out in the swamps, arrest them, and seize their boats and crude oil refineries” the report said

According to StrategyPage, the problem, as always, is the corruption adding “Who guards the guards? Boats seized by the troops are sometimes spotted back in use by other gangs of oil thieves.”

“When arrested, oil thieves complain that their efforts are nothing compared to what the politicians and oil companies steal.

There’s a certain amount of truth to that but the oil thieves who tap into pipelines waste 70 percent of the oil that comes out of those punctures.

These oil thieves live in the area and now their robberies are the major cause of oil pollution. The tribes demand compensation for the ecological damage from the oil companies who blame the government for not being able to control the pipeline attacks and the resulting leaks” StrategyPage added.

Oil theft related arrests in the Niger Delta usually involve shutting down thieves who do not have a politician sponsor (who takes a cut of the profits for providing protection).

The foreign oil companies that run the drilling and pipeline operations are threatening to leave if something is not done about the oil theft gangs.

The stealing has become so extensive that daily production fell from 2.3 million barrels a day to about 2 million this year. This is despite efforts to increase production. The government hoped to increase production to 3.7 million barrels a day.

The previous peak was 2.6 million barrels a day 7 years ago (before the Niger Rebels got going and oil theft became a much larger problem). It proved impossible to get back to 2.6 million but production might get back to 2.4 million barrels a day. That will be difficult because oil theft is now all the rage in the Niger Delta and the popular enthusiasm for it is not slowing down.

In addition to the oil thieves, investigators have documented decades of theft from oil profits once they are in government bank accounts. The thefts from pipelines and government bank accounts has amounted to over $10 billion a year in the last decade. The annual GDP of Nigeria is $238 billion, for a population of 165 million ($1,440 per capita).

Oil accounts for about 14 percent of GDP and unemployment is currently about 25 percent. These revelations document what a lot a lot of Nigerians had known for a long time. The theft is so pervasive (40 percent of refined petroleum products are stolen) that the activity is hard to miss.

Eliminating the stealing has been difficult because most politicians and political parties are financed by stolen oil money.

The well-funded thieves are organized and determined to hang on to their wealth. Judges and police can be bought and many oil thieves have already been prosecuted and escaped via bribes. But there is progress.

The oil thieves are under attack, some do lose, but the war will go on for years and there will be a lot of obstacles.


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Verve Partners Ali Express On Seamless Cross-Border Shopping

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Verve International, Africa’s domestic payments card scheme and token brand, has announced that its cards are now accepted on AliExpress, one of the world’s largest online retail platforms.

This landmark partnership expands Verve’s global reach, offering seamless and secure payment solutions and providing millions of Verve cardholders and merchants worldwide with easy access to AliExpress’ extensive range of products, including fashion, electronics, home goods, beauty, and more.

The collaboration empowers Verve cardholders, both locally and internationally, to engage in cross-border transactions.

It also reinforces Verve’s unwavering commitment to delivering inclusive, innovative, and secure digital payment solutions that empower individuals and businesses alike, while bridging the gap in global digital commerce.

Speaking on the partnership, Vincent Ogbunude, Managing Director, Verve International, remarked: “We are excited to announce that Verve is now accepted on AliExpress, a globally recognised e-commerce leader.

This marks a significant milestone in our global expansion journey, reflecting our commitment to providing cardholders with access to more possibilities in today’s digital economy.

The addition of AliExpress to our growing network is just the beginning, there’s much more to come as we continue to innovate, expand, and deliver value to millions of Verve cardholders in Nigeria and beyond.”

Verve’s expanding global network is bolstered by partnerships with renowned brands such as Google, YouTube, Netflix, Amazon Prime, Facebook, Uber, Spotify, among others, enabling cardholders to conveniently pay for subscriptions in naira.

These alliances solidify Verve’s position as a trusted leader in the digital payments space, ensuring that consumers can access top-notch services across diverse industries.

With AliExpress joining this network and Verve integrated into its payment options, Verve cardholders can easily shop and pay for a wide range of products.

To shop on AliExpress using a Verve card, simply sign in, select the items to buy, and click ‘Buy now.’ When prompted, add a new card and enter the Verve card details. Save the information for future use, confirm the details, and complete the payment seamlessly.


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Stanbic IBTC Asset Management Unveils Anti-scam Measures to Protect Mutual Fund Holders

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Stanbic IBTC Asset Management has introduced strong measures to safeguard its customers from scams targeting mutual fund holders.

In response to this trend, the company has launched a strategic campaign to educate customers on protecting their investments and understanding the correct procedures for mutual fund subscriptions.

The Company, in a statement disclosed that recently, enquiries about the authenticity of messages for mutual fund subscription have surged. It stated: “Many of these messages contain differing and potentially incorrect account numbers, leading to confusion and concern among investors.

“In response to these concerns, Stanbic IBTC Asset Management launched a campaign to educate customers by providing accurate information and security tips to reduce the likelihood of clients falling prey to scam attacks.

“The campaign has established three main objectives: first, to educate customers about the mutual fund subscription process by providing precise and accurate information that empowers them to make informed decisions.

Second, it aims to ensure that customers verify the payment accounts for any Stanbic IBTC mutual fund investments, encouraging due diligence in confirming the legitimacy of financial communications”.

The statement further stated that the campaign seeks to raise awareness of scam attempts that may mislead customers into using incorrect account details, highlighting the tactics used by scammers to keep customers informed and vigilant.

Busola Jejelowo, the Chief Executive of Stanbic IBTC Asset Management, recently addressed the importance of a new initiative to safeguard customers in an increasingly complex financial landscape.

“At Stanbic IBTC, our top priority is our customers’ financial safety, and we are fully committed to ensuring that our clients have the security they need while managing their investments”.


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Amnesty International Condemns Police Actions During #EndBadGovernance Protests

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Amnesty International has accused Nigerian police of using excessive force against demonstrators during the #EndBadGovernance protests, which took place from August 1 to 10 across the country in response to Nigeria’s harsh economic conditions.

According to the human rights organization, the police crackdown resulted in the deaths of at least 24 people, including 20 young adults, two children, and an older person.

Amnesty’s report claims that the victims were shot by police at close range, often in the head or torso, indicating an intent to kill. Two survivors sustained severe injuries, while others suffered from the indiscriminate use of tear gas. The organization condemned the actions of security personnel, describing the violence as “unbelievable lawlessness” and accusing authorities of covering up the atrocities to downplay the death toll.

Eyewitnesses from Kano, Katsina, Jigawa, and other states told Amnesty that the protests began peacefully but escalated into chaos when police opened fire with live ammunition and tear gas. In Kano, 12 people were killed, while Jigawa and Niger states reported three fatalities each. Kaduna and Maiduguri also recorded multiple deaths.

In addition to the killings, over 1,200 protesters, including minors, were detained, and more than 146 were charged with treasonable offenses. Some detainees reported being subjected to torture. One protester, Khalid Aminu, described being beaten with sticks and iron cables while in the custody of the Department of State Services (DSS). Another detainee, Michael Adaramoye, was held for two months for participating in a protest in Abuja.

Despite mounting evidence, including eyewitness accounts, medical records, and video footage, Nigerian authorities have denied involvement in the violence, attributing the deaths to “unknown gunmen” or dismissing reports as “fake news.” Amnesty International has called on President Bola Tinubu to establish an independent and impartial investigation into the violations and to hold those responsible accountable.

The protests, triggered by widespread corruption and economic hardship, have reignited concerns about the Nigerian government’s disregard for human rights. Amnesty International stressed that law enforcement’s use of firearms against peaceful protesters violates international standards, urging authorities to end impunity and ensure justice for the victims.


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