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AfDB Supports Development of ECOWAS Common Migration Policy

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The African Development Bank (AfDB) has said that any migration policy that will be meaningful to the lives of West Africans needs to have a West African outlook.

The bank spoke at a brainstorming workshop for migration experts and stakeholders from Economic Community of West African States (ECOWAS) member states it held in partnership with the sub-regional body in Dakar, Senegal recently.

The workshop, organized by the Regional Integration and Trade Division of the AfDB and supported by the Nigerian Technical Cooperation Fund, provided the basis for the development of a common regional migration policy.

The common migration policy, when developed, will provide critical materials for the review and modernization of the ECOWAS Protocol on the Free Movement of Persons and the Rights of Residency and Establishment.

The implementation of the Protocol, which was crafted in 1979, has shown weaknesses that a modernized Protocol would need to address.

Critical issues to address include skills shortages, harnessing region-wide talent, improving remittance transfer mechanisms, as well as addressing the issue of dual citizenships, while improving the protection of migrant populations around the region in line with international conventions.

Mamadou Seck, adviser to minister for Foreign Affairs of Senegal, who represented the minister at the opening ceremony, noted that “with its mutual and human riches, economic potential, historical and cultural affinities of its people, ECOWAS constitutes a homogeneous entity. A common migration policy elaborated and implemented in such a geographic space can only promote growth and development. That is why the Government of Senegal strongly supports this great initiative.”

Capturing the migration dynamics in the region, Inye Briggs of the AfDB re-iterated that more than 7.5 million West Africans (about 3 per cent of the region’s population) currently circulate within the sub-region – compared to 0.5 per cent of Europeans who circulate within Europe. These numbers do not include border dynamics or seasonal migration.

“These figures,” he continued, “show that West Africa cannot afford to ignore this trend, as the livelihood of a sizable part of its citizenry depends on intra-community migration. It also means that any migration policy that will be meaningful to the lives of West Africans needs to have a West African outlook.”

Briggs recalled that in 2009 the Bank launched the Migration and Development Initiative supported by a Fund to help maximize the development impact of remittances by channeling them into productive investments, promoting business opportunities and creating jobs at the grassroots level.

On migration and employment, N’Fally Sanoh, ECOWAS director of Free Movement and Tourism, spoke of what he terms “the ECOWAS Preference”, which should apply to employment in all sectors.   “It is important to create a regional job market within ECOWAS, which could be a short term solution to the lack of skilled workers in specific industries in all ECOWAS countries. It is also a possible alternative to emigration towards the global north,” he said.

“We are witnessing a strong momentum today, with nine West African countries developing migration policies, as well as ECOWAS progressing towards a common migration policy. This should be based on moving from immigration control to migration management of the rising numbers of youth in West Africa, and moving towards pro-active regional skills pooling, mainly through a harmonization of qualifications in order to facilitate recruitment of ECOWAS citizens within the sub-region,” said Anne Sofie Olsen, an AfDB migration expert who was also a participant at the workshop.

Delegates from ECOWAS countries shared their experiences of managing migration, interacting with their diaspora and developing national migration policies.

Four key issues arose during the deliberations that delegates would expect a common regional migration policy to address.

These are lack of mutual recognition of qualifications for professionals, lack of data on intra-regional remittances as well as lack of understanding of their development impact, lack of outreach to the diaspora within the sub-region to increase cross-border investments, and lack of cross-border trade facilitation.

Participants also discussed the cost of remitting money to West Africa, where 70 per cent of all transfers is handled by one money transfer operator, pointing to lack of competitive marketplace for money transfers.

Competitiveness is a function of the regulatory environment, capacity and resources, all areas the region must revisit in the future.

The market is also evolving, with a large informal component and new technologies, leading to new remittance distribution channels such as mobile transfers and retail outlets that represent new challenges for regulators.

A key resolution was that ECOWAS indeed needs a common migration policy that is in tune with modern day realities and that would provide the framework for addressing the migration dynamics in the region in a way that is beneficial to its citizens.


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CBN Disburses N3.5tr COVID-19 Intervention Cash

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Central Bank of Nigeria (CBN) had disbursed N3.5 trillion to different sectors of the economy to cushion the effects of the Coronavirus pandemic.

CBN Disburses N3.5tr COVID-19 Intervention Cash

Mr. Godwin Emefiele, CBN governor

It will also contribute N1.8 trillion into the N2.30 trillion Federal Government’s one-year Economic Sustainability Plan (ESP) through its Participating Financial Institutions (PFIs).

Godwin Emefiele, CBN Governor stated this on Tuesday after the Monetary Policy Committee (MPC) meeting in Abuja.

Emefiele gave a breakdown of who got what out of the N3.5 trillion COVID-19 intervention as follows: Real Sector (N216.87 billion); COVID-19 Targeted Credit Facility (N73.69 billion); Agri-Business/Small and Medium Enterprise Investment Scheme (N54.66 billion); Pharmaceutical and Health Care Support (N44.47 billion); and Creative Industry Financing (N2.93 billion).

Under the Real Sector Funds, Emefiele said: “a total of 87 projects that include 53 manufacturing, 21 agriculture and 13 service projects were funded.

He added: “In the health care sector, 41 projects which include 16 pharmaceuticals and 25 hospital and health care services were funded.”

The CBN boss also said: “Under the Targeted Credit Facility, 120,074 applicants received financial support for investment capital.

“The AGSMEIS intervention has been extended to a total of 14,638 applicants, while 250 Small and Medium Enterprises (SMEs), predominantly the youth, have benefited from the Creative Industry Financing Initiative.”

Emefiele said in addition to  the  initiatives, the   apex bank “is set to contribute over N1.8 trillion of the total sum of N2.30 trillion needed for the one year  ESP, through its various financing interventions using the  PFIs.”


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Banks Fingered in $2trn Dirty Money Scam

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Some of the world’s top banks have been found to be complicit in aiding criminals move $2 trillion in dirty money around the world, according to leaked government files.

Banks Fingered in $2trn Dirty Money Scam

The exposition was done by Buzzfeed News and shared with the International Consortium of Investigative Journalists (ICIJ), a group that brings together investigative journalists from around the world, which distributed them to 108 news organisations in 88 countries.

In the revealing documents, they said: “global banks including JPMorgan, HSBC, Standard Chartered Bank, Deutsche Bank, Bank of New York Mellon, among others defied money laundering crackdowns by moving staggering sums of illicit cash for shadowy characters and criminal networks that have spread chaos and undermined democracy around the world.”

It was also revealed that they kept profiting from these powerful and dangerous players even after the United States authorities fined these financial institutions for earlier failures to stem flows of dirty money.

FinCEN is the US Financial Crimes Enforcement Network. These are the people at the US Treasury who combat financial crime. Concerns about transactions made in US dollars need to be sent to FinCEN, even if they took place outside the US.

Known as the FinCEN files, these are more than 2,600 documents which banks sent to the US authorities between 2000 and 2017 which help show that these banks raise concerns about what their clients might be doing.

They have also been regarded as some of the international banking system’s most closely guarded secrets.

Some of what has been found so far showed that JPMorgan, the largest bank based in the United States, moved money for people and companies tied to the massive looting of public funds in Malaysia, Venezuela and Ukraine, the leaked documents reveal.

The bank moved more than $1 billion for the fugitive financier behind Malaysia’s 1MDB scandal, the records show, and more than $2 million for a young energy mogul’s company that has been accused of cheating Venezuela’s government and helping cause electrical blackouts that crippled large parts of the country.

JPMorgan also processed more than $50 million in payments over a decade, the records show, for Paul Manafort, the former campaign manager for President Donald Trump. The bank shuttled at least $6.9 million in Manafort transactions in the 14 months after he resigned from the campaign amid a swirl of money laundering and corruption allegations spawning from his work with a pro-Russian political party in Ukraine.

It was also revealed that one of Russian President Vladimir Putin’s closest associates used Barclays bank in London to avoid sanctions which were meant to stop him from using financial services in the West. Some of the cash was used to buy works of art.

HSBC allowed fraudsters to transfer millions of dollars around the world even after it had learned of their scam, leaked secret files show.

Britain’s biggest bank moved the money through its US business to HSBC accounts in Hong Kong in 2013 and 2014.

The United Arab Emirates’ central bank failed to act on warnings about a local firm which was helping Iran evade sanctions.

Deutsche Bank moved money launderers’ dirty money for organised crime, terrorists and drug traffickers.

Standard Chartered moved cash for Arab Bank for more than a decade after clients’ accounts at the Jordanian bank had been used in funding terrorism.

The FinCEN Files represent less than 0.02 per cent of the more than 12 million suspicious activity reports that financial institutions filed with FinCEN between 2011 and 2017.

Mr Fergus Shiel from ICIJ said the leaked files were an “insight into what banks know about the vast flows of dirty money across the globe”. He said the documents also highlighted the extraordinarily large amounts of money involved.


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SEC Boosts Investor Protection with Digital Assets

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The Securities and Exchange Commission (SEC) has explained that its Digital Assets and their Classification and Treatment is aimed at boosting investors’ protection in the capital market.

Emomotimi Agama, Head, Registration, Exchanges, Market Infrastructure and Innovation of the SEC speaking on the guidelines in an interview said: “The first thing the SEC bothers about is investor protection.

“This is no different from what we have been doing. We are looking at investor protection, integrity, transparency and of course we want to make sure that the market is safe and everyone is comfortable with what is going on in the investment climate”.

Agama noted that last year the Commission launched the Fintech Road map and after that was done, it went ahead to set up the block chain virtual financial assets committee.

“These committees are both market wide and principally done to engage the market, to be able to have discussions with the market and get their buy-in into what we are doing.

“What we found out today is that a lot of persons, youths are all involved in this space and it is important that even as far as that is the case, the SEC lives up to the expectations  and making sure that those people that are getting into the business are protected

“Clearly, that is our aim and the market is part of this and indeed the feedback has been wonderful. People are happy with what we are doing, being able to provide some clarity as to where we stand in terms of digital assets regulation.

“Digital assets is the next thing, our idea is not to stifle innovation, but to promote innovation within a reasonable space and that is exactly what we are doing. Section 13 of the ISA empowers us to do this and so we are doing what we have been empowered to do by law,” he said.

On what internal capacities the SEC is developing to meet the challenges of this fast changing digital financial world, Agama said “the SEC is a knowledge based institution and before we come out of this kind of initiatives, we would have done so much research.

“I need to tell you that the Cambridge Centre for Alternative Finance has been partnering with the SEC and up to this point, we have been engaging with them and several of our staff have been part of their programmes.

“The World Bank and other institutions are also working with us on Fintech to see that the Nigerian landscape is not left barren but guided with basic principles, we will not leave any stone unturned, but ensure that everyone within the SEC that has the responsibility to guiding investors and the populace in making sure we have an investment environment that people will be proud of is provided.

“Capacity building is a continuous exercise, we will continue to upgrade ourselves, we will continue to learn because knowledge is for life”.


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