STATE HOUSE PRESS RELEASE
President Bola Tinubu says collaboration and inclusiveness are invaluable to achieving global food security, addressing collective challenges, and driving innovation across a chain of interests for a more stable and prosperous world.
Speaking during a high-level panel session at the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh, Saudi Arabia, on Sunday, President Tinubu said “collaboration and inclusiveness”, especially with regard to Africa, are elemental to building a future of hope, peace, and progress for all.
He said capital mobilization, which is needed to spur economic growth and associated advancements in Africa, cannot be overlooked any longer.
The President posited that the continent is richly endowed but that the diversity of its resources must reflect in its wherewithal and economic realities.
“The capital formation that is necessary to drive the economy, agriculture, ensure food security, innovation, and technological advancement must be an inclusive programme of the entire world. No one should be left behind.
“I am glad the world is recognizing the need for cooperation, and that with the type of population growth that Africa is experiencing; the diversity of its resources must be married with economic opportunity. We must collaborate to achieve that,” President Tinubu said.
The President called on global leaders to pay attention to the developments in the Sahel, emphasizing the need for a studied understanding of the vectors of the current situation, while suggesting collaboration in the pursuit of enduring solutions.
“We are encouraging the entire world to pay attention to the Sahel and the other countries around us. As the Chairman of ECOWAS Authority of Heads of State and Government, I have wielded the big influence of Nigeria to discourage all unconstitutional change of government. Equally, we have eased the sanctions. We need to trade with one another; not fight each other. It is very necessary and compulsory for us to engender growth, stability, and economic prosperity for our people in West Africa.
“The rest of the world needs to look at the fundamentals of the problem; not just geopolitically, but at the root. Has the world paid attention to the poverty level in the Sahel and the rest of ECOWAS? Have they facilitated the infusion of capital and paid adequate attention to ensuring the exploitation of resources and the creation of opportunities presented by the mineral resources available?
“Are we going to play a big-brother role in a talkshop without taking necessary action? We just have to be involved in the promotion and prosperity of that region in order to see peace, stability, and economic growth,” President Tinubu said.
Detailing the steps taken to set Nigeria’s economy on the path of expeditious recovery, the President said he had to take tough but essential decisions like removing fuel subsidy – with its attendant perils – and managing the nation’s currency, effectively removing corruption-laden arbitrage.
“Concerning the question of subsidy removal, there is no doubt that it was a necessary action for my country not to go bankrupt and to reset the economy and the pathway to growth. It was going to be difficult, but the hallmark of leadership is making difficult decisions when they need to be made.
“That was necessary for the country. Yes, there have been drawbacks. Yes, there was the expectation that the difficulty would be felt by a greater number of people. But, of course, it was the interest of our people that was the primary focus of the government. Along the line, there was an arrangement to cushion the effect of the subsidy removal on the vulnerable population of the country. We shared the pain across the board. We cannot, but include those who are very vulnerable.
“Luckily, we have a very vibrant youth population interested in innovation and highly ready to leverage technology, good education, and who remain committed to growth. We were able to manage that and partition the economic drawback and the fallout of the subsidy removal equally; engendering transparency, accountability, and fiscal discipline for the country. And that, to me, is most important, which is focusing on what direction we should head in. I will pursue that rigorously.
“The currency management was necessary, equally to remove the artificial element of value in our currency. Hence, our local currency finds its level and competes with the rest of the world’s currencies as we remove corrupt arbitrage and opaqueness. That, we did. At the same time, that is a two-engine problem in a very turbulent situation for the government. But we are able to manage that turbulence because we prepared for this with inclusivity in governance and rapid communication with the public,” the President concluded.
In her remarks, Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva commended President Tinubu for offering insights on how to execute strategic economic reforms.
“President Tinubu has emphasized the right things about what world leaders must consider primary in the execution of strategic economic reform. He said there is a need to ensure that reforms are accompanied by a human touch. The needs of people must be identified and catered to as governments implement tough but necessary reforms,” the IMF Managing Director said.
During the session, the President of Rwanda, Paul Kagame, who was also on the high-level panel, said: “I am happy that the Nigerian President spoke on the need for inclusive economic growth. Africa is the stage for an expanding middle class. As the growth of the middle class in developed economies stagnate, Africa’s middle class is growing. It is our human resources and not natural resources that make our continent strategic and central to the global community moving forward.”
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
April 28, 2024
STATE HOUSE PRESS RELEASE
PRESIDENT TINUBU MEETS CHAIRMAN OF DANISH SHIPPING GIANT MAERSK; SECURES $600 MILLION INVESTMENT IN NIGERIAN SEAPORT INFRASTRUCTURE
President Bola Tinubu has secured an investment of $600 million from Danish shipping and logistics company, A.P Moller-Maersk, to expand existing port infrastructure to accommodate more container shipping services in Nigerian ports.
Chairman of A.P Moller-Maersk, Mr. Robert Maersk Uggla, disclosed the decision during a meeting with President Tinubu on the sidelines of the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh, Saudi Arabia, on Sunday.
President Tinubu noted that this investment will complement the administration’s ongoing $1 billion investment in seaport reconstruction across the eastern and western seaports of Nigeria.
The President added that it would further support the country’s port modernization efforts and port process automation through his administration’s implementation of the national single window project, which is aimed at enhancing trade facilitation, easing import/export flow, reducing corruption at the ports, while improving the efficiency and transparency of port processes in Nigeria.
“We appreciate your business and the contribution you have made and continue to make to our country’s economy over time. We do not take our partners for granted. A bet on Nigeria is a winning bet. It is also a bet that rewards beyond what is obtainable elsewhere.
“More investment opportunities are available, and my government has worked on various reforms to encourage investments. We need to encourage more opportunities for revenue expansion and minimize trans-shipments from larger ships to smaller ships,” he said.
The President assured Maersk of his administration’s commitment to collaborating and creating an enabling environment for businesses to thrive in the country.
He cited Maersk’s previous partnership in the development of the Ogun State container terminal as a testament to fruitful partnerships with the reputable logistics company.
Highlighting Maersk’s longstanding engagement in Africa’s most populous nation and his belief in the future of Nigeria, Chairman of A.P Moller-Maersk, Mr. Robert Maersk Uggla said his company had made significant investments of over $2 billion in Nigerian ports and other activities.
He emphasized the potential for Nigerian ports to accommodate larger container ships and stressed the need for expanding port infrastructure to meet this demand while reducing the cost of logistics.
”We have seen a significant opportunity for Nigeria to cater for larger container ships. Historically, most of the West African coasts are already served by smaller ships. Currently, we see an opportunity to deploy larger ships to Nigeria. To achieve this, we need to expand the port infrastructure, especially in Lagos, where we need a bigger hub for logistics services. The growth potential is hard to quantify.
”We believe in Nigeria, and we will invest $600 million in existing facilities and make the ports accommodating for bigger ships.
”In my humble view, given that Nigeria is the most populous country in Africa, Nigeria should have the best and biggest port and we are very eager to invest, and we will continue that dialogue with the relevant Nigerian authorities to explore further investment opportunities,” the Maersk Chairman said.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
April 28, 2024
STATE HOUSE PRESS RELEASE
PRESIDENT TINUBU TO SAMSUNG CEO: NIGERIA IS THE BEST DESTINATION IN TERMS OF VALUE FOR MONEY; YOUR TECHNOLOGY WITH NIGERIAN INGENUITY WILL CREATE LIMITLESS OPPORTUNITIES
President Bola Tinubu says Nigeria’s investment environment operates on the principle of ‘a willing-buyer and willing-seller’, which ensures seamless access to capital for investors both within and outside the country.
The President gave the assurance on Sunday in Riyadh, Saudi Arabia, during a meeting with the President and Chief Executive Officer of Samsung, Hong Namkoong, and the Chairman of Samsung Investment Global, Jungwook Kim.
The meeting took place on the margins of the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development.
”Nigeria is a very huge country with a huge and able population. We have vibrant youths ready to learn and progress. In fact, our young do not wait for us. They go ahead of us in their determination to succeed. We must keep up and provide opportunities for them to excel with. We have an infrastructure deficit and you can take advantage of that and invest early and deeply in an environment that is absorptive and ready for it. It is modeled after a willing-buyer and willing-seller arrangement. Easy capital in and easy capital out.
The President took time to detail the significant opportunities across sectors for investment within the Renewed Hope Infrastructure Development Fund, which involves the potential utilization of co-finance instruments on critical infrastructure and technology which Samsung is well known to produce.
President Tinubu also harped on the importance of deepening collaboration in the crude oil, natural gas, renewable energy, engineering, technology and agriculture sectors, emphasizing the potential for vast private sector participation in the establishment of fully-embedded, off-grid, cold-chain integration across sub-industries in the agriculture sector to forestall post-harvest losses with mass refrigeration capacity.
”We are ready to discuss and discover one another more. We can benefit so much from collaborative effort. You have the know-how, and we have the willingness. Seize this opportunity,’’ the President told the Samsung executives.
Samsung Chairman Kim expressed Samsung’s interest in expanding its presence in Nigeria, citing the successes of sister companies already operating in the country while laying out potential new opportunities in Nigeria.
”We have built many power stations around the world. We are top of the class in gas-fired power plant construction. We have an ever-increasing portfolio in the production of renewable energy solutions around the world. We can make a lot of progress in Nigeria’s energy sector as well as bringing our technology to other key productive sectors.
”Transmission lines and smart grids are areas where we see increasing demand globally. You need infrastructure anywhere you go. We are good at metropolitan rail lines; we are good at bridge construction and any of these types of infrastructure projects, in addition to oil and gas engineering projects. We are looking forward to knowing Nigeria better under your leadership and to see how we can penetrate the Nigerian market deeper. This is a great opportunity for us,” Mr. Kim concluded.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
April 28, 2024
STATE HOUSE PRESS RELEASE
PRESIDENT TINUBU TO BILL GATES: TECHNOLOGY IS THE ENEMY OF CORRUPTION; WE ARE INVESTING IN TECHNOLOGY TO ENSURE TRANSPARENCY AND ACCELERATE PERFORMANCE
President Bola Tinubu says his administration is investing in technology that is tailored towards ensuring transparency and accountability in government and accelerating public-sector performance and service delivery to the Nigerian people.
Speaking during a meeting with Microsoft Founder and Philanthropist, Mr. Bill Gates, on the sidelines of the World Economic Forum Special Meeting in Riyadh, Saudi Arabia, on Sunday, President Tinubu said technology is a potent weapon against corruption and financial impropriety in public service.
Emphasizing his unwavering commitment to deliver reliable technology that will support a national consumer credit system and many other critical new government interventions for all Nigerians, the President said resistance is often expected when efforts are made to strengthen systems and forestall malfeasance.
“Technology is the enemy of fraud, corruption, and irregularity. We have been working hard on improving technology.
“There is always the initial resistance. Corruption, self-interest, and fraudulent activity will always be an enemy, but when you bend that curve, you will receive the benefit. The nation will receive the benefit,” the President said.
Recounting how he deployed technology to enhance the revenue base of Lagos State as governor, President Tinubu said he ensured the collection and utilization of essential data, creating an efficient tax system for the state.
“When I was governor of Lagos State, I faced challenges. I started with N600 million and ended up with over N8 billion. And right now, they are targeting a trillion naira with the use of technology in the state. There is no other shortcut. We must invest in technology. We must focus, be diligent, and work hard,” the President said.
In his remarks, Mr. Gates informed the President of a one-identity technological platform that can integrate variegated data, while explaining the centrality of data harmonization to planning, security, and tax efficiency.
“We are working with Mr. Wale Edun, the Coordinating Minister of the Economy and Minister of Finance, on digitization. Before you came into office, there were a few things attempted in identity management. But they have been very scattered. There have been multiple identification systems.
“Now, there is a plan to take that technology called MOSIP and use it for this identification platform so that people can get digital benefits. We are providing support for that, and we can provide more support.
“With MOSIP ID, there is potential application in all government payment programmes. It helps with payment efficiency and bank accounts, and eventually, when everyone is using that, it makes tax collection easier. That benefit will take a few years. However, there will be more bank accounts, more financial inclusion, and effective government payment programmes,” the former Chief Executive Officer of Microsoft said.
Mr. Gates said Nigeria has the capacity to manage this system and related-technological systems as the nation brims with talented youths.
“The last time I went to the Microsoft office in Lagos, I saw the amazing work that they were doing and how they were growing their operations. So, you have a lot of Nigerian talents to manage these systems,” he said.
The businessman also spoke about some high-yield seeds and a variety of crops with the potential for improved productivity and nutrition in all regions of the country.
He said countries like the United States and Brazil have been using these seeds and that they have been tested and certified as safe.
“There is no safety issue with these seeds. Supporting the Minister of Agriculture’s effort in this regard is something that we feel is important and worth supporting,” Mr. Gates added.
Responding to Mr. Gates’ submission, President Tinubu said: “We will look at this and work on it further. I am proud of Nigeria’s youths. They are very excited and creative with technology. They encourage us as we continue to press our reform efforts forward for their future prosperity. This is Nigeria’s time to become what it ought to be.”
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
April 28, 2024
SERAP sues NNPC over failure to account for ‘missing $2.04bn, N164bn oil revenues’
Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company (NNPC) Limited over the “failure to account for and explain the whereabouts of the alleged missing USD$2.04 billion and N164 billion oil revenues.”
The suit followed the allegations documented in the recently published 2020 audited report by the Auditor General of the Federation that the NNPC failed to remit the money into the Federation Account, saying that the money may have been diverted.
In the suit number FHC/ABJ/CS/549/2024 filed last Friday at the Federal High Court in Abuja, SERAP is seeking: “an order of mandamus to direct and compel the NNPC to account for and explain the whereabouts of the missing USD$2.04 billion and N164 billion oil revenues, as documented in report by the Auditor-General.”
SERAP is seeking: “an order of mandamus to compel the NNPC to hand over suspected perpetrators to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for investigation and prosecution.”
SERAP is also seeking: “an order of mandamus to compel the NNPC to ensure the full recovery and remittance of the missing USD$2.04 billion and N164 billion into the Federation Account.”
In the suit, SERAP is arguing that: “There is a legitimate public interest in providing the details sought. The NNPC has a legal responsibility to account for and explain the whereabouts of the disappeared money.”
SERAP is arguing that, “The missing oil revenues have further damaged the already precarious economy in the country and contributed to high levels of deficit spending by the government.”
SERAP is also arguing that, “Without the full recovery and remittance of the missing USD$2.04 billion and N164 billion oil revenues, the dire economic situation may worsen and Nigerians will continue to be denied access to basic public goods and services.”
According to SERAP, “the Auditor-General has for many years documented reports of disappearance of public funds from the NNPC. Nigerians continue to bear the brunt of these missing oil revenues.”
The suit filed on behalf of SERAP by its lawyers, Kolawole Oluwadare and Kehinde Oyewumi, read in part: “The alleged missing oil revenues reflect a failure of NNPCL accountability more generally and are directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability.”
“The failure by the NNPC to account for and explain the whereabouts of the disappeared money is a grave violation of the provisions of the Nigerian Constitution 1999 [as amended], the Freedom of Information Act, national anticorruption laws, and the country’s obligations under the UN Convention against Corruption.”
“Had the NNPCL and its subsidiaries accounted for and remitted the disappeared public funds into the Federation Account, it is likely that more funds would have been allocated to the fulfillment of economic and social rights of Nigerians, such as increased spending on public goods and services.”
“The missing oil revenues have also impeded Nigerians’ ability to enjoy their economic and social rights, and denied them access to essential public goods and services, especially at the time of cost of living crisis in the country.”
“Nigerians have the right to know the whereabouts of the disappeared oil money. Ensuring transparency and accountability in the management of oil revenues would advance the right of Nigerians to restitution, compensation and guarantee of non-repetition.”
“According to the recently published 2020 audited report by the Auditor General of the Federation (AGF), the NNPC failed to remit over USD$2 billion and N164 billion oil revenues into the Federation Account.”
“The Auditor-General fears that the money may have been diverted into private pockets, denying the government the funding needed to carry out its activities.”
“The NNPCL reportedly failed and/or refused to remit N151,121,999,966. The NNPCL without any justification deducted the money from the oil royalties assessed for 2020 by the Department of Petroleum Resources (DPR) now Nigerian Upstream Petroleum Regulatory Commission (NUPRC).”
“The NNPCL has failed to account for the missing public funds. The Auditor-General wants the money recovered and remitted into the Federation Account.”
“The NNPCL also failed to remit USD$19,774,488.15 collected as government revenue into the Federation Account. The Auditor-General wants the NNPCL to account for the money, recover and remit it into the Federation Account, and to hand over those suspected to be involved to the ICPC and the EFCC.”
“The NNPCL also reportedly failed to account for USD$2,021,411,877.47 and N13,313,565,786.49 of royalties collected from crude oil and gas sales and gas flare.”
“The Auditor-General wants the public funds fully recovered and remitted into the Federation Account and for those suspected to be responsible for the missing public funds to be handed over to the ICPC and the EFCC.”
“Despite the country’s enormous oil wealth, ordinary Nigerians have derived very little benefit from oil money primarily because of widespread grand corruption, and the entrenched culture of impunity of perpetrators.”
“SERAP notes that Section 15(5) of the Nigerian Constitution 1999 (as amended) requires public institutions to abolish all corrupt practices and abuse of power.”
“Section 16(2) of the Nigerian Constitution further provides that, ‘the material resources of the nation are harnessed and distributed as best as possible to serve the common good.’”
“Section 13 of the Nigerian Constitution 1999 [as amended] imposes clear responsibility on the NNPCL to conform to, observe and apply the provisions of Chapter 2 of the constitution.”
“Paragraph 3112(ii) of the he Financial Regulations 2009 provides that, ‘Where a public officer fails to account for government revenue, such officer shall be surcharged for the full amount involved and such officer shall be handled over to either the Economic and Financial Crimes Commission (EFCC) or the Independent Corrupt Practices and Other Related Offences Commission (ICPC).’”
“Nigeria has made legally binding commitments under the UN Convention against Corruption to ensure accountability in the management of public resources. Articles 5 and 9 of the UN Convention against Corruption also impose legal obligations on the NNPCL to ensure proper management of public affairs and public funds. These commitments ought to be fully upheld and respected.”
No date has been fixed for the hearing of the suit.
Kolawole Oluwadare
SERAP Deputy Director
28/4/2024
Lagos, Nigeria
Emails: info@serap-nigeria.org; news@serap-nigeria.org
Twitter: @SERAPNigeria
Website: www.serap-nigeria.org
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