Economy
ECA calls for policies, infrastructure to promote digital innovations
By Eyewitness reporter
A statement from the ECA, on Sunday, quoted Mr Jean-Paul Adam, Director, Technology, Climate Change and Natural Resources Management at the commission as making the call at a side event to the ongoing 53rd session of the ECA Conference of Ministers.
The event was tagged “Driving Africa’s Industrialisation Agenda by Investing in Youth’s Digital Innovations Post COVID-19″.
In his keynote address, Adam noted that young entrepreneurs could propel Africa’s industrialisation, emphasising that the youths were a critical part of recovery and reset in response to the pandemic.
“We need to reset our development framework for Africa to succeed and digitalisation will play a key role in this,” he stressed.
The director also explained that the reset was about reconsidering sustainable development for Africa and tapping the energy of young people to build forward better.
“Young people are key agents of that reset, the digital space should be one of empowerment and not restriction.” Adam said.
He further said Africa was impacted more than other regions in the context of COVID-19 and climate change, due to its vulnerability, lack of safety nets and minimal fiscal space to adequately respond to such issues.
“We need to respond. We need to address the immediate impact we are facing in terms of lost jobs, in terms of economic opportunities.
”These have been disrupted and we also need to recover from the initial impacts of the crisis of this unprecedented magnitude.” he said.
Adam disclosed that 110 million young people entered the job market in the last 10 years, but only 37 million wage paying jobs were created.
He said the pandemic, however, had presented opportunities for a reset and green recovery for Africa around sustainable energy access for more than 590 million people, without access to electricity.
Furthermore, Adam stressed that digital services were also an opportunity to move Africa’s commerce into the digital space.
He said consideration should be given to specific digital skills which should be invested in and upgrading digital infrastructure like the internet, enhancing digital services, digital identities, and online payment systems.
“We have to ensure access to markets for young people,” he said.
He, however, added that young entrepreneurs must have access to finance and the procurement space.
“E-commerce has emerged as a trade facilitator and the AfCFTA must be leveraged to facilitate trade for young people.
“If we empower young people to enter the digital space and create their own business space, we can expect that every young person will probably create one other job for another person.
“This is the promise that we have for that reset in reviewing the development architecture we believe is necessary for the empowerment of young people and green recovery for Africa.” Adam said.
Economy
Dangote Refinery reduces ex- depot price of petrol from N950 to N890
Economy
CBN fines Fidelity bank, Zenith Bank, First bank, UBA, five others N1.35b for hoarding cash at Xmas
The statement read, “In a clear message of zero tolerance for cash flow disruptions, the Central Bank of Nigeria has sanctioned Deposit Money Banks for failing to make Naira notes available through automated teller machines, during the yuletide season.
“Each bank was fined N150m for non-compliance, in line with the CBN’s cash distribution guidelines, following spot checks on their branches.
Economy
EFCC under fire over failure to disclose identity of ex- government official owner of forfeited Abuja estate
Funso OLOJO
Enraged Nigerians have taken a swipe at the Economic and Financial Crimes Commission (EFCC) for keeping silent on the identity of a “former government official” who owns 753 units of duplexes on a 150, 500 square metres in Abuja which the commission said was from proceeds of corruption and forfeited to the Federal Government.
However, in a statement on Monday December 2nd, 2024, the anti- graft agency announced with glee the final forfeiture of the estate to the federal government.
According to the EFCC, the forfeiture order was made by Justice Jude Onwuegbuzie, on Monday, December 2, 2024 when he gave a ruling on the EFCC application that the gigantic estate be forfeited to government.
The estate is in Abuja measuring 150,500 square metres and containing 753 Units of duplexes and other apartments.
“This is the single largest asset recovery by the EFCC, since its inception in 2003.
” The Estate rests on Plot 109 Cadastral Zone C09, Lokogoma District, Abuja” the statement declared.
The commission said the forfeiture of the property to the federal government by the owner who was simply described as “a former top brass of the government” was pursuant to EFCC’s mandate and policy directive of ensuring that the corrupt and fraudulent do not enjoy the proceeds of their unlawful activities.
In this instance, the Commission relied on Section 17 of the Advance Fee Fraud And Other Fraud Related Offences Act No 14, 2006 and Section 44 (2) B of the Constitution of the 199 Constitution of the Federal Republic of Nigeria to push its case.
Ruling on the Commission’s application for the final forfeiture of the property, Justice Onwuegbuzie held that the respondent have not shown cause as to why he should not lose the property, “which has been reasonably suspected to have been acquired with proceeds of unlawful activities, the property is hereby finally forfeited to the federal government.”
The road to the final forfeiture of the property was paved by an interim forfeiture order, secured before the same Judge on November 1, 2024.
The government official which fraudulently built the estate is being investigated by the EFCC.
The forfeiture of the asset is an important modality of depriving the suspect of the proceeds of the crime.
The justification for the forfeiture is derived from Part 2, Section 7 of the EFCC Establishment Act, which stipulates that the EFCC “has power to cause investigations to be conducted as to whether any person, corporate body or organization has committed any offence under this Act or other law relating to economic and financial crimes and cause investigations to be conducted into the properties of any person if it appears to the Commission that the person’s lifestyle and extent of the properties are not justified by his source of income.”
However, the action of the anti graft agency has attracted scathing remarks from members of the public who were enraged by the failure of the commission to name and shame the owner of the forfeited property.
Nigerians, who took to their X handle, lambasted the EFCC, describing the non disclosure of the owner of the estate as inimical to the fight against corruption.
They disclosed that naming and shaming the owner would have sent a strong signal to all corrupt individuals, both in government and out of government of the genuine intentions of the EFCC to fight corruption.
The enraged respondents inquired that if the EFCC could quickly name and display the pictures of Internet fraudsters otherwise known as “Yahoo boys” publicly, they saw no justification for covering the identity of this ” ex government official”
Nevertheless,the Commission’s Executive Chairman, Mr. Ola Olukoyede, has repeatedly described asset recovery as pivotal in the fight against corruption, economic and financial crimes and a major disincentive against the corrupt and the fraudulent.
Addressing members of the House of Representatives Committee on Anti-corruption recently, he said, “If you understand the intricacies involved in financial crimes investigation and prosecution you will discover that to recover one billion naira is war.
“So, I told my people that the moment we start investigation we must also start asset tracing because asset recovery is pivotal in the anti-corruption fight; and one of the potent instruments that you can deploy as an anti-corruption agency for an effective fight is asset tracing and recovery.
“If you allow the corrupt or those that you are investigating to have access to the proceeds of their crime, they will fight you with it.
” So one of the ways to weaken them is to deprive them of the proceeds of their crime. So, our modus operandi has changed simultaneously.
“The moment we begin investigation, we begin asset tracing. That was what helped us to make our recoveries.”
-
Customs3 months agoHigh rate of retirement of senior officers worries Customs leadership, as 40 percent management staff exit in 2024
-
Economy3 months agoNNPCL signs 10- year deal to supply gas to Dangote Refinery
-
Headlines2 months agoAnother boat capsizes in Kogi as NIWA sends team to rescue missing passengers.
-
Economy2 months agoEFCC under fire over failure to disclose identity of ex- government official owner of forfeited Abuja estate
-
Customs2 months agoCustoms gets green light to recruit 3,927 officers in 2025 to bridge personnel gap.
-
Headlines2 months agoNIWA issues safety guidelines for accident- free yuletide, new year boat navigation on Nigeria’s waterways