General News
Clinton Blames Nigerian Leaders for Boko Haram, Other Ills
Bill Clinton, former United States President has blamed religious violence in Nigeria to poverty and wastefulness of her leaders.
He particularly accused Nigerian leaders of squandering the country’s resources and mismanaging money realised from oil.
Clinton, who spoke at the 18th Annual ThisDay Award for Teachers in Abeokuta, the Ogun State capital, noted that the country could have invested her earnings from oil in other entrepreneurial endeavours rather than squandering it.
He also charged Nigerian leaders to harness the “staggering” intellectual and organisational ability in the country which her citizens exhibit in every country of world where they are immigrants and to bring such to bear at home in order that the country could realise her potential for greatness.
“One of the people on my trip with me today who unfortunately could not come up here because he had to go visit his family is a young Nigerian-American named Nnamdi. He is an all proquarter back footballer for the Philadelphia Eagles. He’s a wonderful man; he does great work in America for poor kids in Arkansas City and he became a friend of mine.
“His parents have PhDs, his sister has a PhD; he often says ‘I’m the failure in my family and I only have a university degree and I play football.’ My point is: there are Nigerians who are like this all over the world.
“What you have to figure out is how to keep those people in Nigeria and how to ensure their success leads on into the rest of the country,” he said. Clinton also said that the country must evolve a national policy that would make local governments tackle poverty at the grassroots.
“Prosperity is heavily concentrated in and around urban areas. So, you have all these political problems and now violence problems, religious differences and all the rhetoric of Boko Haram, but the truth is the poverty rate in the North is three times greater than what it is in the Lagos area.
And to deal with that, you have to have both powerful stake in the local governments and a national policy that work together,” the former American president added. Clinton also said that the country must do more to alleviate the extreme poverty in the North to halt the wave of bombings, shootings and kidnappings by Islamic extremists. He said that poverty remained the main driver for the attacks and needed to be addressed by strong local and Federal Government programmes.
“You have to somehow bring economic opportunity to the people who don’t have it. You have all these political problems and now violence problems that appear to be rooted in religious differences and the all the rhetoric of the Boko Haram and others, but the truth is the poverty rate in the North is three times of what it is in Lagos,” he said.
Clinton advised that Nigeria must not take a “divide the pie” approach toward attacking poverty.
“That appeared to be a subtle reference to the endemic corruption that envelopes government and private industry in the country. It’s a losing strategy, the former president said.
“You have to figure out a way to have a strategy that will have share prosperity.” He advised Nigerian leaders to pay more attention to agriculture and education of her citizens to be able to actualise her potential on the African continent.
Dangote Petroleum Refinery is reportedly nearing completion of a $2.5 billion private placement that values the company at about $40 billion ahead of its planned public listing.
Private placement is the direct sale of company shares or bonds to pre-selected investors instead of the general public and it is used to raise money quickly while avoiding strict public reporting rules.
People familiar with the transaction said investors acquired as much as 6 per cent of the refinery, according to a BusinessDay report.
The reported terms would value the business at approximately $40 billion.
Neither Dangote Group nor the refinery has publicly announced the final amount raised, the identities of most subscribers or the precise percentage sold.
The figures should therefore be treated as transaction details supplied by unnamed sources rather than confirmed company disclosures.
The reported $2.5 billion total is nevertheless significant as it indicates strong demand for exposure to a privately controlled refinery that has rapidly become central to Nigeria’s fuel supply and an increasingly important exporter of petroleum products.
The placement was said to have attracted more demand than the available shares, allowing the company to secure substantially more than the amount initially associated with the fundraising exercise.
Femi Otedola, chairman, First HoldCo, is the only major participant publicly identified in the report.
He reportedly committed $100 million to the transaction and sold his investment in Geregu Power Plc to finance the acquisition.
Nigeria’s pension industry was also reportedly cleared to participate.
Access to more than $17 billion in retirement assets would broaden the refinery’s potential investor base beyond wealthy individuals and conventional institutional buyers.
Participation by Pension Fund Administrators would, however, require careful attention to valuation, liquidity and portfolio-concentration limits.
Retirement funds must balance the attraction of a large Nigerian industrial asset against their responsibility to protect contributors’ savings.
The implied $40 billion valuation represents investor expectations about the refinery’s future earnings rather than only the physical cost of constructing the facility.
Its ability to process 650,000 barrels of crude daily gives it a central role in supplying Nigeria and other markets, but its commercial performance remains connected to crude availability, product prices, exchange rates and regulation.
The refinery has struggled to obtain all the Nigerian crude it requires under the government’s naira-for-crude arrangement.
It has consequently purchased some feedstock internationally and recently moved local petroleum-product pricing into dollars to align sales revenue more closely with its foreign-currency expenses.
Those constraints will be important during any public offering.
Prospective shareholders will want greater clarity on crude-supply contracts, debt, operating margins, export revenue and the company’s relationship with Nigerian regulators.
It is also unclear whether the private placement involved newly issued shares, a sale by existing owners or a combination of both.
That distinction determines whether the reported $2.5 billion becomes fresh capital for the refinery or proceeds received by selling shareholders.
The transaction could provide a useful price reference for the planned initial public offering.
Federal government will next month launch Nigeria’s first national organized crime strategy to strengthen the country’s response to terrorism, cybercrime, human and drug trafficking, kidnapping, illicit financial flows, and other forms of organized crime.
Major General Adamu Laka, national coordinator of the National Counter Terrorism Centre under the Office of the National Security Adviser, disclosed this in Abuja during the validation of the strategy document.
He said the strategy provides a coordinated national framework for tackling organized crime through improved intelligence sharing, stronger collaboration among security agencies, and closer cooperation with the criminal justice system, civil society organizations, and international partners.
Major General Laka explained that the document was developed through a partnership involving the Federal Government, the United Nations Office on Drugs and Crime (UNODC), the United States Government, and other stakeholders.
Speaking at the event, Cheikh Toure, UNODC representative, said the strategy would strengthen Nigeria’s capacity to combat transnational crimes, including drug trafficking, cybercrime, human trafficking, kidnapping, and illicit financial flows.
Also speaking, Douglas Grane, acting director of the United States Department of State’s Bureau of International Narcotics and Law Enforcement Affairs, reaffirmed the U.S. government’s support for Nigeria’s efforts to tackle organized crime through stronger inter-agency and international cooperation.
Representatives of the National Institute for Strategic Studies, the Nigeria Financial Intelligence Unit, and the National Cyber Security Centre also endorsed the initiative, describing it as a major step towards improving Nigeria’s fight against organized crime.
FATE Foundation, with funding from the Citi Foundation, has launched the Youth Entrepreneurship Incubation Programme to equip young people in Nigeria with financial literacy and entrepreneurship skills.
Delivered through free, safe, and accessible platforms, the programme supports the incubation and scaling of youth-led enterprises, enabling income generation and job creation.
In October 2025, FATE Foundation was selected as a recipient of Citi Foundation’s 2025 Global Innovation Challenge to Accelerate Youth Employability. Joining the cohort of 50 organisations globally, the Foundation will receive $500,000 over two years to advance its youth employability initiative.
“We are excited to be selected for Citi Foundation’s 2025 Global Innovation Challenge,” said Ayomide Akindolie-Igwe, Executive Director of FATE Foundation.
“This support enables us to equip young entrepreneurs in Nigeria with the financial literacy and skills needed to build and scale sustainable businesses.”
The programme addresses youth employability by tackling Africa’s growing jobs crisis. By 2030, the African continent will be home to 40% of the world’s youth, and with one in three under 35 already unemployed, this initiative will support Nigerian youth with a two-phase approach. It begins with financial literacy training before progressing to entrepreneurship development, incubation support, and access to tools needed to build viable, job-creating businesses.
“Through this innovative initiative, FATE Foundation is supporting low-income Nigerian youth to develop essential financial and entrepreneurial skills using accessible platforms.
“This support is not just helping individuals to succeed; it is building a solid foundation for sustainable enterprises that will drive job creation and contribute significantly to our nation’s economic vitality. This initiative is empowering and investing in the future of Nigeria, one youth at a time,” said Nneka Enwereji, MD/CEO Citibank Nigeria Limited.
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