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Developing countries lose $1tr annually to corporate transgressions- Osibanjo


Vice President Yemi Osinbajo yesterday listed six obstacles facing Nigeria and other nations seeking to repatriate looted funds and confiscate assets of corrupt elements.
He also said developing countries lose $1trillion annually to corporate transgressions, adding that the private sector’s complicity in corrupt practices is significant.
In Osinbajo’s view, the procedures to obtain Mutual Legal Assistance to confiscate and repatriate proceeds of corruption need to be reformed.
To Commonwealth Secretary-General Baroness Patricia Scotland, the world is facing a Tsunami of corruption.
Osinbajo and Scotland spoke at the opening of the eighth Commonwealth Regional Conference for Heads of Anti-Corruption Agencies in Africa, hosted by the Economic and Financial Crimes Commission (EFCC) in Abuja.
Osinbajo said the procedures for repatriation of stolen funds and proceeds of corruption are complex.
He listed six major obstacles which have made the implementation of Mutual Legal Assistance among countries difficult. The challenges are:
absence of a legal basis for cooperation in some countries;
differences in legal and procedural frameworks;
language barriers;
bank secrecy;
jurisdictional issues; and
lack of funding.
Osinbajo said: “Dismantling the conspiracies that facilitate export of stolen assets is probably as important as the theme of this conference,
“Partnering towards Assets Recovery and Return”.
“Recovering stolen assets not only accomplishes the goal of restitution, it also serves as a potential deterrent to future corruption.
“Article 51 of the United Nations Convention Against Corruption states unequivocally that return of assets is a fundamental principle of the Convention, and mandates States Parties to afford one another the widest measure of cooperation and assistance in this regard. Similarly, Article 16(1) (c) of the African Union Convention for Preventing and Combating Corruption obligates States Parties to adopt such legislative measures as to enable repatriation of proceeds of corruption.
“The effective implementation of these Conventions depends to a considerable extent on the willingness, cooperation and the assistance of States in the areas of mutual legal assistance (MLA), law enforcement cooperation, asset recovery and return, and technical assistance. “Regrettably, the procedures to obtain Mutual Legal Assistance to seize, confiscate and repatriate proceeds of corruption are often complex and problematic, and in urgent need of reform.
“The absence of a legal basis for cooperation in some countries, differences in legal and procedural frameworks, language barriers, bank secrecy, jurisdictional issues, a lack of funding are some of the obstacles standing in the way of effective mutual legal assistance. I’m pleased to note that there is evidence of a renewed commitment to collectively identifying the most effective means of overcoming all of these existing legal and technical obstacles to asset recovery and return. “
Osinbajo also said developing nations had been losing $1trillion annually to corporate transgressions, adding that the private sector had been complicit in corrupt practices.
“The 2014 report claims that developing countries lose $1trillion annually to corporate transgressions, most of it traceable to the activities of companies with secret ownership,” Osinbajo said.
He went on: “Another report that may enjoy a major mention here is the 2015 report of the High Level Panel on Illicit Financial Flows from Africa. Chaired by our guest of honour, former South African President Thabo Mbeki, the panel stated in its report that Africa had lost over $1 trillion over a 50-year period and that Africa loses more than $50 billion annually to illicit financial flows. Most of these illicit flows are perpetrated in the extractive sector and through companies with hidden ownerships.
“The cost of corruption therefore imposes on all African countries and governments a moral obligation to fight it with vigour and political will, by strengthening all institutions and systems involved in law enforcement as well as in promoting a culture of transparency and accountability.
“While public sector corruption is the usual focus, the private sector’s complicity is significant, as when large multinational corporations engage in tax evasion or transfer pricing.
“But it is the complex web of public-private collusion and connivance that results in proceeds of corruption ending up in foreign countries and especially in their financial institutions and systems.”
He said anonymous corporate ownership serves as a vehicle for masking conflict of interests, corruption, tax evasion, money laundering, and even terrorism financing.
Osinbajo said: “If nothing else, the Panama Papers clearly illustrated the global scale and spread of this problem. So this is a global challenge and nothing less than a truly global approach will be needed to tackle it.
“This is why we salute the United Kingdom, Norway, Netherlands and Denmark for leading the way in establishing public registers of the real, human owners of companies in their countries. We call on other G8 and G20 countries not only to follow suit but also to initiate actions to end corporate secrecy in some of their dependencies.”
Osinbajo explained the condition attached to the return of $320million Abacha loot to Nigeria by Switzerland.
He said: “The GFAR saw the signing of a Memorandum of Understanding between Nigeria and the Government of Switzerland for the return of an additional USD$320 million of the Sani Abacha loot. Included in that agreement is the commitment that the funds would be invested in one of the Nigerian Government’s flagship social investment programmes – a Conditional Cash Transfer scheme targeted at the poorest and most vulnerable households in the country.”
The Vice President asked Heads of Anti-Corruption Agencies in Commonwealth Africa to collaborate to fight corruption and asset recovery.
Commonwealth Secretary-General Scotland said the world was facing a Tsunami of corruption.
She said globally about $800billion to $300 trillion had been lost to money laundering globally.
She said Africa loses $148billion to corruption per annum.
She said: “Globally, we are facing a Tsunami of Corruption. In 2015, UNODC estimated that the amount of money laundered globally each year is 2 – 5% of global domestic product or between $800 billion and $200 trillion.
“It is estimated that corruption costs the African continent over $148 billion per annum.
“You, the heads of anti-corruption agencies, will be seeking to meet this challenge. You are leading the fight against this Tsunami.
“You are the early warning mechanisms, the rapid responders, mobilisers; you put in place necessary, critical measures that enable us to build back better.
“I would like to share a few of the inspiring stories on how you and the continent are beginning to win the battle against corruption.”
Here in Nigeria, over $3billion of ill-gotten gains have been recovered.
“I would like to put on record my deepest admiration and gratitude for all anti-corruption agencies gathered here today, including those at the forefront of cases I have just highlighted.
“It is prescient that we are gathered here in Abuja at the invitation of the Economic and Financial Crimes Commission of Nigeria, which under the excellent and forthright stewardship of its Acting Chair, Mr Ibrahim Magu continues to effect real change and deliver positive results.
“I also want to recognise and applaud the distinguished efforts of Professor Bolaji Owasanoye and his team at the Presidential Advisory Committee Against Corruption in promoting the reform agenda of the government on the anti-corruption effort.
“We also owe His Excellency President Buhari immense gratitude for his wisdom and leadership.”
Acting EFCC Chairman Ibrahim Magu said President Muhammadu Buhari had kept his promise to fight corruption.
Magu said: “There are leaders of States today, who are not assertive on matters of state policy; you can hardly say with any conviction that such and such is the position held by such leaders on issues of national or international significance.
“You cannot however say that of President Buhari, who from the very beginning, even while he sought political office, publicly requested to be judged by his anti-corruption credentials than on any other.
“Very early in the life of his administration, the president declared that: ‘The institutions of State dedicated to fighting corruption will be given independence and prosecutorial authority without political interference.’
“I can confirm to you, Madam Secretary and my dear colleagues, that the promise has been kept.
“The fact that the fight against corruption is central to the administration of President Buhari is not accidental. That is what has defined the entire public lives of our first and second citizens and we are extremely lucky at this time in the life of our nation to have the most committed anti-corruption administration led by the President piloting the affairs of Nigeria.
“I dare say there has never been a better, more focused and committed team as far as anti-corruption is concerned, anywhere in Africa, than the current leadership in Nigeria.”
News
PRCAN Mourns the Passing of NIPR Council Member, Bashir Chedi


The Public Relations Consultants Association of Nigeria (PRCAN) has received with deep shock and sadness the news of the passing of Mallam Bashir Chedi, a distinguished member of the Council of the Nigerian Institute of Public Relations (NIPR), who died at the age of 65.
In a statement issued by PRCAN, the Association described the late Chedi as an accomplished professional, a consummate communicator, and a pillar of integrity whose contributions to the growth of public relations in Nigeria will remain indelible.
“Mallam Bashir Chedi was a respected voice in our profession, a mentor to many, and an advocate of ethical practice. His departure is not only a great loss to the NIPR family but also to the larger communication and public relations community in Nigeria,” PRCAN said.
The Association extended its condolences to Dr. Ike Neliaku, President and Chairman of Council of the Nigerian Institute of Public Relations, the NIPR Council, the family of the deceased, and the entire PR community, praying that Almighty God grants them the strength to bear the loss.
“While we mourn his passing, we take solace in the impactful legacy he has left behind, one that will continue to inspire present and future generations of PR practitioners,” the statement added.
News
Mbah to NBA: “Law, the Conscience of the Nation, Justice Sector Reform, a Cornerstone of Our Administration”
By ORJI ISRAEL


Governor of Enugu State, Dr. Peter Mbah, has reminded lawyers that the law is more than a profession, as it serves as the conscience of the nation.
Mbah, who spoke during the opening of the 2025 Annual General Conference, AGC, of the Nigerian Bar Association, NBA, at the International Conference Centre, Enugu, on Sunday, also restated the commitment of his administration to justice sector reform, saying that it remained the cornerstone of his government.
“Let me say this: the theme of this year’s conference, ‘Stand Out, Stand Tall,’ is a timely reminder of the responsibility we bear as lawyers and leaders. The law is not just a profession – it is the conscience of the nation. We are not only courtroom advocates; we are also defenders of truth, architects of peace, and champions of equity,” he said.
Listing some concrete steps by his administration towards justice sector reform, the governor said, “Since assuming office, we have made justice sector reform a cornerstone of our governance. Just a few examples will suffice.
“We were among the first states to fully implement financial autonomy for the judiciary in line with Section 121(3) of the 1999 Constitution (as amended). This has enhanced the efficiency, independence, and dignity of our courts.
“We have carried out a comprehensive rehabilitation and digitization of our courtrooms across the three senatorial zones. The High Court Complex in Enugu is equipped with e-filing, virtual hearing facilities, and an integrated case management system.
“To decongest our courts and promote alternative dispute resolution, we have strengthened and expanded the Enugu Multi-Door Courthouse, making it a model in the region for commercial and family dispute settlement.
“Through partnership with civil society and the NBA, we have expanded access to pro bono legal services for indigent citizens and detainees, especially in our rural areas. No one should be too poor to afford justice.
“We have also carried out an extensive codification and review of obsolete state laws to reflect modern realities, ensure gender justice, and promote the ease of doing business in Enugu.
“Perhaps one of the reforms I am proudest of – we introduced real-time transcription for our courts. Attaining Verbatim Reporting for the courts has eliminated the strain of longhand recording on judges, cut down on delays and improved productivity,” he said.
He, however, asserted that none of the reforms was an end in itself, noting that they remained part of a broader vision of his government towards making Enugu State the preferred destination for investment, innovation, and inclusive development.
“From smart schools, safe communities to accessible healthcare – our vision cannot be achieved without a justice system that is fair, functional, and trusted,” he added.
The opening ceremony was chaired by the Sultan of Sokoto, His Eminence, Dr. Sa’ad Abubakar III, while the keynote address was given by charismatic leader of the Economic Freedom Fighters of South Africa and a member of country’s national parliament, Julius Malema.
News
70% of Christians killed in 2024 are African – Group
ORJI ISRAEL reports that the group accused ANC of maintaining silence on religious persecution, while deepening ties with ideological extremists in Tehran


Recent reports indicate that over 4,400 Christians were murdered for their faith last year, while over the past decade, jihadist violence has driven 16 million Christians from their homes, millions of which are African citizens.
This is according to global Christian charity, Open Doors, which also confirms that for every five Christians, one will face persecution in Africa specifically.
Open Doors’ 2025 World Watch List reveals the top 10 most dangerous countries for Christians are dominated by Islamic states in the Middle East and Africa, including Afghanistan, Pakistan, Iran, Yemen, Sudan, Somalia, Libya, and Nigeria. A more detailed UK Parliament briefing recently noted that 70% of Christians killed in 2024 were indeed in Africa.
Over the last six months, the brutality against Christians in Africa has escalated to alarming levels, with a series of devastating attacks across the continent. Just last month, ISIL-affiliated rebels stormed a Catholic church in Komanda, DRC, murdering close to 50 worshippers, including women and children. That same month in Mozambique, Islamic State fighters captured and beheaded six Christians from Natocua village, just across South Africa’s border. A month earlier, in June 2025, armed militants in Nigeria massacred nearly 200 Christian civilians in Yelwata village.
“What we are witnessing is not random violence or isolated attacks. It is a deliberate, coordinated campaign by jihadist networks to wipe Christianity from vast regions of Africa and the Middle East,” says SAFI spokesperson, Bafana Modise. “These acts of terror are the early stages of a genocide against Christians, and history will record who spoke out and who shamefully looked away. Tragically, the ANC has chosen the latter.”
This silence is even more damning in light of last week’s news that South Africa’s military chief, Gen. Rudzani Maphwanya, met with Iranian Maj. Gen. Amir Hatami in Tehran to discuss deepening military and strategic ties, when Iran remains one of the world’s most notorious persecutors of Christians.
A recent report by the Middle East Africa Research Institute (MEARI) warned that Pretoria’s deepening ties with Tehran has compromised South Africa’s democratic foundations by defending Iran at the UN and IAEA, downplaying its human rights abuses, and potentially benefitting from covert support, including speculation around the ANC’s repayment of a multi-million-rand debt shortly after filing the ICJ case against Israel.
“These atrocities are not just crimes against individuals; they are part of a war against the freedom of religion itself,” Modise warns. “This is religious genocide, and it is gaining momentum as it edges closer to South Africa’s borders.”
Instead of defending religious freedom, the ANC government has remained silent. It has issued no meaningful condemnation or rallying call to protect persecuted Christians: “The ANC has done nothing to defend the rights of Christians,” says Modise. “Instead, it has squandered South Africa’s moral standing on discredited genocide charges against Israel – the one country in the Middle East where Christians live in safety and equality.”
This betrayal is even more unforgivable in a nation where 80% of South Africans identify as Christian. Freedom of religion is a fundamental human right, but the ANC, once the global champion of human rights, has made its bed with regimes and groups that have used Islamic law to suppress and destroy those freedoms.
“The ANC’s alliances make it clear: they have abandoned South Africa’s Christians, choosing friendship with the very forces driving this campaign of genocide,” Modise concludes. “Silence in the face of such evil is complicity, and the ANC is guilty of both. They have aligned themselves with Jihadist Islamic ideology, without further thought.”
We call on every pastor, every congregation, and every believer to demand that the ANC account for its indifference and betrayal. The blood of persecuted Christians cries out from across the African continent. If South Africa will not stand with them now, the day may come when their fate becomes our own.
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