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SERAP Gives Governors & Wike 7 Days To Account For ₦5.9trn, $4.6bn Loans
Socio-Economic Rights and Accountability Project (SERAP) has urged Nigeria’s 36 state governors and the Minister of the Federal Capital Territory, Abuja, Mr Nyesom Wike to “widely publish copies of the loan agreements and spending details of some N5.9 trillion and $4.6 billion loans obtained by their states and the FCT, including details and locations of projects executed with the loans.”
SERAP also urged them to “promptly invite the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and Economic and Financial Crimes Commission (EFCC) to investigate the spending of the domestic and external loans obtained by your state and the FCT.”
SERAP’s request followed the disclosure last week by Governor Uba Sani of Kaduna State that the immediate past administration of Nasir El-Rufai left $587m, N85bn debt and 115 contractual labilities, making it impossible for the state to pay salaries.
In the Freedom of Information requests dated 30 March 2024 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “It is in the public interest to publish copies of the loan agreements and details of how the loans obtained are spent.”
SERAP said, “Nigerians have the right to know how their states are spending the domestic and external loans obtained by the governors.”
SERAP said, “Widely publishing copies of the loan agreements and spending details of the loans obtained would ensure that persons with public responsibilities are answerable to the people for the performance of their duties in the management of public funds.”
The FoI requests, read in part: “We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel you and your state to comply with our request in the public interest.”
“SERAP is seriously concerned that many of the country’s 36 states and FCT are allegedly mismanaging public funds which may include domestic and external loans obtained from bilateral and multilateral institutions and agencies.”
“Transparency in the spending of the loans obtained by your state is fundamental to increase accountability, prevent corruption, and build trust in democratic institutions with the ultimate aim of strengthening the rule of law.”
“According to Nigeria’s Debt Management Office, the total public domestic debt portfolio for the country’s 36 states and the Federal Capital Territory is N5.9 trillion. The total public external debt portfolio is $4.6 billion.”
“Many states and the FCT reportedly owe civil servants’ salaries and pensions. Several states are borrowing to pay salaries. Millions of Nigerians resident in your state and the FCT continue to be denied access to basic public goods and services such as quality education and healthcare.”
“Several states including your state are also reportedly spending public funds which may include the domestic and external loans to fund unnecessary travels, buy exotic and bulletproof cars and generally fund the lavish lifestyles of politicians.”
“SERAP is seriously concerned that the domestic and external loans obtained by your state and the FCT are vulnerable to corruption and mismanagement. Your government has a responsibility to ensure transparency and accountability in how any loans obtained by your state are spent, to reduce vulnerability to corruption and mismanagement.”
“Publishing copies of the loan agreements obtained by your state and the FCT would allow Nigerians to scrutinise them, and promote transparency and accountability on the spending of public funds including the loans obtained.”
“SERAP believes that providing and widely publishing the details of the spending of the domestic and external loans obtained by your state and the FCT would enable Nigerians to effectively and meaningfully engage in the management of the loans.”
“SERAP believes that the constitutional principle of democracy also provides a foundation for Nigerians’ right to know the details of loan agreements and how the loans obtained are spent. Citizens’ right to know promotes openness, transparency, and accountability that is in turn crucial for the country’s democratic order.”
“The effective operation of representative democracy depends on the people being able to scrutinize, discuss and contribute to government decision making, including on the spending of loans obtained by your state and the FCT.”
“To do this, they need information to enable them to participate more effectively in the management of public funds by their state government and the FCT.”
“The public interest in obtaining information about expenditures relating to the loans obtained by your state outweighs any privacy or other interest. Moreover, the oversight afforded by public access to such details would serve as an important check on the activities of your state and help to prevent abuses of the public trust.”
“SERAP is concerned that there is a significant risk of mismanagement or diversion of funds linked to loans obtained by state governments including your state. The accounts of Nigeria’s 36 states and the FCT are generally not open to public scrutiny.”
“Your state has obligations under international anticorruption and human rights law, including a responsibility to promote transparency and accountability in the management of public funds, prevent mismanagement or diversion of public funds, and redress any abuse of public trust.”
“The Nigerian Constitution, human rights and anticorruption treaties to which Nigeria is a state party also impose obligations on your state to prevent mismanagement or diversion of public funds including the loans obtained.”
“SERAP is seriously concerned that years of allegations of corruption and mismanagement of public funds including the loans obtained by states have contributed to widespread poverty, underdevelopment and lack of access to public goods and services.”
“Opacity in the spending of loans obtained by states has continued to have negative impacts on the fundamental interests of the citizens and the public interest.”
“Transparency would ensure that these loans are not diverted into private pockets, and increase public trust that these loans are used and any future loans would be used to benefit Nigerians resident in your state.
“The Freedom of Information Act, Section 39 of the Nigerian Constitution, article 9 of the African Charter on Human and Peoples’ Rights and article 19 of the International Covenant on Civil and Political Rights guarantee to everyone the right to information, including about the loan agreements and how the loans obtained are spent.”
“Your state cannot hide under the excuse that the Freedom of Information Act is not applicable to your state to refuse to provide the details being sought, as your state also has clear legal obligations to provide the information as prescribed by provisions of the Nigerian Constitution 1999 [as amended], and the African Charter on Human and Peoples’ Rights (Ratification and. Enforcement) Act.
The board of trustees of Stakeholders in Blockchain Association of Nigeria (SiBAN) has removed Mr. Obinna Iwuno, its national president for abuse of position.
In a statement made available to Nigeria CommunincationsWeek, the board accused him of unilaterally registering an illegal body named “The Registered Trustees of SiBAN” without proper consultation or approval by the community or the SiBAN leadership. “This act amounts to utter fraud.
“Mr Obinna Iwuno, while under suspension as president, has appointed himself as the Chairman of his own Board of Trustees, and Mr. Emeka Ezike, the suspended VP (Media & Publicity) designated as the Secretary of the Board of Trustees.
“Other SiBAN-registered members named as members of the Board of Trustees of this unauthorized association include Rabiu Abdulhameed Jibia (suspended Acting Vice President, Memberships) Dania Oluwaseun Narudeen (aka Seun Dania), and Mela Claude Ake.
“The date of this registration is 17 August, 2024, apparently after Mr. Iwuno and the Executive Council had been suspended and a Panel of Inquiry was still sitting.
“This disregard for our dear association, its founders, its past and present leaders, and its members gravely and flagrantly undermines the principles on which SiBAN is founded since 2018. Apparently, the illegal and unauthorized action of Mr Obinna Iwuno and his accomplices was carried out in bad faith,” the statement stated.
Another allegation levelled against him includes:
Insubordination and Lack of Cooperation: Despite being entrusted with a leadership role, Mr. Obinna Iwuno has displayed a persistent lack of cooperation with the ongoing efforts to maintain transparency and integrity within our community.
Said to have acted independently, ignoring repeated calls for accountability and oversight, and refusing to engage constructively with the SiBAN Caretaker Committee or other leadership bodies and stakeholders.
“We, the founders and members of our dear association will not tolerate any impersonation and passing-off of SiBAN, especially perpetuated in the most fraudulent manner by a supposed leader whom we, as guardians, stewards, and members, entrusted our dear association to as president in December 2022.
“Given these criminal, grave, and condemnable violations, all individuals listed as trustees of this newly formed association purportedly holding out itself as “SiBAN” are hereby expelled from our dear association with immediate effect. Consequently, all our members, affiliates, partners, government agencies, including CBN, NITDA, CAC, NFIU, SEC, the media, other associations and bodies, blockchain organizations, and members of the general public are hereby put on notice to beware of this development and avoid having any dealings whatsoever with the fraudulently registered association known as the “Registered Trustees of SiBAN,” the board concluded.
Following months of comprehensive planning, the Federal Government has unveiled details of its bold and strategic plans to generate at least $100 billion and create over two million jobs from Nigeria’s creative economy yearly.
The Government’s plan was unveiled Wednesday September 11, 2024 by the Honourable Minister of Art, Culture and the Creative Economy, Hannatu Musa Musawa at a roundtable for local and international investors where she presented her ministry’s 8-Point Plan and Roadmap.
Speaking at the event hosted by the Ministry at the Wheatbaker in Ikoyi, the Minister said that if implemented to its fullest, the plan has the potential to achieve the above-stated objectives. She listed the 8-Point Plan as follows:
Nigeria Destination 2023, a national initiative designed to grow the arts, culture and creative economy under one united vision
Skills Development
Fastrack Policy Frameworks
Strategy Governance and Collaboration
Smart Strategic Partnerships
Growth Targets for GDP Contribution & Sectoral Output
Enabling Business Environments
Cultural Heritage Preservation and Sustainability
She lamented that despite its huge potentials, Nigeria’s creative industry currently contributes just $5 billion to the economy, with its different sub-sectors at various stages of development.
The sectors include music (sound recording, live performances and music videos), visual media (movies, TV shows, comedy shows, podcast, content creation), visual arts & craft (canvas painting, design, sculpturing, woodwork and other craft works), heritage & museums, culinary arts, fashion, publishing (books, literary arts, poetry, magazine, etc), and video gaming.
According to the National Bureau of Statistics, Nigeria’s creative economy has a very low contribution to overall GDP in comparison with benchmark countries, with the industry contributing just 1.2% to Nigeria’s GDP in 2022, the least when compared to other African countries like Morocco (2.7%), South Africa (3.0%), and Egypt (4.3%). It also ranks low (1.0%) in its ability to earn government revenue from the sector, compared to South Africa’s 12.5%.
To achieve its ambition, Musawa said the ministry has identified 14 pivotal initiatives that will drive the sector’s growth and significantly boost government revenue $10b – $20b. She grouped these initiatives under four unique pillars, namely: Technology, Infrastructure and Funding, International Culture Promotion, and Intellectual Property Monitisation.
Under the Technology pillar, the Minister said the Ministry intends to launch a digital content creation tool accessibility program to provide improved and discounted digital tools for Nigerian creatives. Others include the launch the Nigeria content distribution initiative to increase the nationwide adoption of digital tools for content distribution, the launch of a study to estimate the size of the creative industry in Nigeria including a framework to size the market going forward, and the expansion of internet accessibility in underserved regions in Nigeria to expand the reach of the other digital initiatives.
For Infrastructure and Funding, she said, this entails cataloguing existing infrastructure for the Arts, Culture and Creative Economy and its current state, developing the appropriate infrastructure needed to the industry and leveraging public-private partnership to fund development, providing incentives to stakeholders in the creative economy to boost investment and adoption of strategic initiatives, and launching a creative accelerator program to provide capital, and capacity building to creative companies.
Under International Culture Promotion, Musawa said the Ministry will establish a culture promotion office collaborating with Nigerian embassies abroad, to promote Nigerian arts, culture and creative economy, and leverage AFCTA to boost Nigerian creative output export regionally and globally.
For Intellectual Property Monetisation, she said the Ministry will seek to establish Globally standardised CMOs (Collection Management Organisations) for most of the sectors, launch a Copyright Oversight Initiative in partnership with the Nigeria Communications Commission (NCC) to enhance tracking, monitoring, and enforcement of copyright standards, ensuring CMOs’ adherence to CISAC standards.
It will also develop and implement the intellectual property framework and operationalise Nigeria’s IP licencing framework.
Musawa said that Nigeria’s Creative Economy has the potential to grow by 400% by 2027, positioning the sector to leapfrog in the long term and deliver the vision for the sector. She revealed that the Ministry has already created several initiatives and entered collaborations towards the realisation of its set goals.
She listed some of these initiatives to include, among others, the Creative Leap Acceleration Program, CultRise, an infrastructure development initiative and Origins, an advanced data capture and management initiative designed to collect, store, analyse, and share critical data related to Nigeria’s cultural and creative industries.
The Minister also listed some of the Ministry’s infrastructure project pipelines, including the Digital & Immersive Art Centre, the Renewed Hope Creative City at the Wole Soyinka Centre, Arts Village in Abuja, setting up of Creative Hubs in Nigeria’s 36 states, the National Entertainment Centre, Abuja Creative City, and the National Gallery of Art, among others.
To aid in the realisation of the government’s job creation target in the creative industry, the Minister disclosed that the Ministry has entered a partnership with BigWin Philanthropy, a major international development partner, to deliver a transformative capacity building and job creation strategy.
The event featured a panel session involving the Minister herself and top officials of the Ministry including: Director-General, National Council for Arts and Culture, Obi Azika; Principal Adviser to the Minister of Art, Culture and Creative Economy, Faiz Imam; Managing Director, Nigerian Film Corporation, Aliyu Nuhu.
#StartupSouth, the premier Technology and Business Innovation Conference in the South-South and South-East regions of Nigeria will take place on October 3rd and 4th, 2024 in Port Harcourt.
Announcing this in a media parley, Uche Aniche, Convener and Cofounder of #StartupSouth said this year’s theme, “Deep & Broad: Extending Frontiers of Technology and Economic Development,” is a reflection of the organization’s ongoing mission to drive innovation and deepen economic growth in Nigeria’s frontier regions.
Nothing that the event promises to be the largest and most impactful edition yet, showcasing the latest trends in technology, innovation, and entrepreneurship across Africa and the region in particular.
“#StartupSouth started in 2015 as an ambitious initiative with the goal of inspiring and enabling the next generation of dexterous founders and innovators.
“Today, nine years later, I am proud to say that we have grown into the foremost community of founders, policy makers and investors as well as a premier platform for technology, business innovation, and networking through our events and programming.
“We’ve not only expanded in terms of scale and reach but also in the impact we’ve made on Nigeria’s startup ecosystem”.
This year’s Conference is designed to offer a rich and immersive experience for participants with over 50+ Session, 70+ Speakers in 6 Tracks.
The tracks cover areas like Policy Innovation, Technology & Business Innovation, EdTech and Talent Development, Climate Resilience, Creative Economy and Creative Enterprise Support.
The annual Startup Awards has also received a refresh in format as well as the introduction of new Categories – particularly the Most Innovative Public Institution and Leader – both of which will spotlight outstanding public servants and institutions leveraging technology to drive public good.
The Startup Awards ceremony, scheduled for October 4, 2024 is one of the most anticipated parts of the event.
Key Features of #StartupSouth9:
Over 70+ speakers including renowned leaders such as Tomi Davies, a key player in Africa’s tech ecosystem, Seun Onigbinde (Co-founder, Budgit), Ugochukwu Aronu (Founder, Xend Finance), Yen Choi (Board Chair, ChipLab), Adebayo Adedeji (Group CEO, WakaNow), Jane Egerton-Idehen (MD/CEO, Nigerian Communications Satellite Limited) and many more.
50+ sessions across 6 content pillars including Technology, Creative Economy, Policy, Capital, Entrepreneurship, Climate Resilience and the Future of Work.
Networking opportunities with investors, founders, talents, and executives from across the globe.
The unveiling of the Ecosystem Mapping Report, which will provide insights into key players, sectors, and trends within the South-South and South-East startup ecosystem.
Unveiling of South-South-East Angel Network (SSEAN) Impact Report
$RWA Hackathon – that will give $4000+ in Prizes to participants plus the opportunity of upto $1Million in investment for the Winner
Female Focused Founders Investment Conversation and Pitch Session by Rising Tide Africa and EHA Impact Ventures
Partners and Sponsors:
#StartupSouth9 is sponsored by Zoho Corporations, MainOne, Xend Finance, Cool FM with support from Rising Tide Africa and Eha Impact Ventures and many others.
Call to Collaborators:
As we continue to grow, we welcome more partners and collaborators to join us in amplifying the success stories emerging from the South-South and South-East regions. Together, we can create a thriving ecosystem that nurtures innovation and entrepreneurship, driving sustainable development and long-term prosperity.
Tickets for #StartupSouth9 is currently on sale, with options for individual and team passes at 9.startupsouth.org/tickets.
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