- Politicians Behind Nigeria’s Suspension from Egmont Group, Says EFCC
The Economic and Financial Crimes Commission (EFCC) Wednesday said Nigerian politicians were behind the suspension of the country from the Egmont Group.
Its acting Chairman, Ibrahim Magu, stated this when he received the Director General of Inter-Governmental Action against Money Laundering in West Africa (GIABA), Adama Coulibaly.
Magu noted that the suspension of the Nigerian Financial Intelligent Unit (NFIU) from the Egmont Group was based on “misinformation,” by those who are hell-bent on handicapping the EFCC, and it is a case of “corruption fighting back.”
According to him, “politicians are behind the NFIU crisis, because they want to destroy the achievements recorded by the EFCC.”
In a statement late yesterday, EFCC Head of Media and Information, Wilson Uwujaren, quoted Magu saying: “The frantic move by the Legislature to take the NFIU out of the EFCC was suspicious, and borne out of an ulterior motive.
“There is a complete misunderstanding about the workings of the NFIU, and it is surprising that the new bill by the legislators pushing for removal of the NFIU from the EFCC was passed in seven days,” he said, adding that it was “a practice that has never happened in any part of the world.”
Magu further stressed that the EFCC was not at loggerheads with the NFIU.
“I have confidence in the management of the NFIU and the Special Control Unit against Money Laundering, SCUML, and the relationship is very cordial and professional,” he said, adding that the EFCC was “very much in support of the NFIU’s autonomy.”
Coulibaly pledged support for EFCC’s efforts and the Nigerian government to ensure the lifting of the suspension in the NFIU from the Egmont Group in the shortest time possible.
While commending the EFCC for championing the anti-corruption crusade in Nigeria, Coulibaly said the agency’s achievements were not only for the country, but for the African continent.
According to him, EFCC was a “key player” to GIABA, and “if this suspension is not lifted early, it is going to have a negative impact not only on Nigeria, but the West African region.
“We are here to express our support to Nigeria on this noble objective of fighting corruption,” he said, adding that Nigeria will host GIABA’s plenary between November 13 and 19, 2017,” he said.
China and EU Seek Partnership: Xi Jinping Proposes Key Trade Alliance
Chinese President Xi Jinping expressed his desire for China and the European Union (EU) to become key trade partners and foster trust in supply chains, during a meeting with EU leaders in Beijing.
The talks marked the first in-person summit between the two sides in four years and addressed a range of economic concerns, including data flows and market access.
Xi emphasized China’s commitment to high-quality development and opening up, positioning the EU as a crucial partner in economic and trade cooperation.
He envisioned the EU as a trusted collaborator in industrial and supply chain cooperation, aiming for mutual benefits and win-win results.
The summit delved into longstanding issues, such as efforts by Europe to “de-risk” its supply chains and the EU’s anti-subsidies investigation into Chinese-made electric vehicles.
China criticized the investigation, urging the EU to avoid using it for “trade protectionism.”
Xi called for the elimination of interference between China and the EU, a statement likely directed at the United States, which has taken actions, including enlisting the Netherlands, to curb China’s development of high-end semiconductors.
The EU leaders, Ursula von der Leyen and Charles Michel, described their conversation with Xi as “good and candid.”
They discussed the main challenges amid increasing geopolitical frictions, emphasizing a commitment to balanced trade relations and pledging to enhance people-to-people exchanges.
During the meeting, Italy formally informed China of its exit from the Belt and Road Initiative, highlighting ongoing strains between the EU and China.
Xi discussed Belt and Road with EU leaders, expressing a willingness to connect it with the EU’s Global Gateway infrastructure plan.
However, deep issues remain, including Russia’s war in Ukraine, trade imbalances, and Chinese overcapacity exported to Europe.
Jens Eskelund, president of the European Union Chamber of Commerce in China, stressed the need to address these issues to foster a positive relationship between Beijing and Brussels.
UAE Commits $30 Billion as COP28 Climate Talks Kick Off in Dubai
Nigeria Eyes BRICS Membership within Two Years as Foreign Minister Emphasizes Strategic Alignment
In a strategic move towards global economic collaboration, Nigeria is aspiring to join the BRICS group of nations within the next two years.
The Minister of Foreign Affairs, Yusuf Tuggar, affirmed that Nigeria is open to aligning itself with groups that demonstrate good intentions, well-meaning goals, and clearly defined objectives.
Tuggar stated, “Nigeria has come of age to decide for itself who her partners should be and where they should be; being multiple aligned is in our best interest.”
He emphasized the need for Nigeria to be part of influential groups like BRICS and the G-20, citing criteria such as population and economy size that position Nigeria as a natural candidate.
BRICS, comprising Brazil, Russia, India, China, and South Africa, stands as a formidable bloc of emerging market powers.
In a recent move to expand its influence, BRICS invited six additional nations, including Saudi Arabia, Iran, Egypt, Argentina, Ethiopia, and the United Arab Emirates, to join the group.
Nigeria, as Africa’s largest economy, has been absent from the BRICS alliance, prompting discussions on the potential economic and political advantages the bloc could offer the country.
Analysts have noted that BRICS membership could provide Nigeria with significant leverage on the global stage.
Vice President Kashim Shettima clarified that Nigeria did not apply for BRICS membership after the bloc’s announcement of new members in August.
Shettima emphasized the principled approach of President Bola Ahmed Tinubu, highlighting a commitment to consensus building in decisions related to international partnerships.
As Nigeria eyes BRICS membership, the move is seen as a strategic step towards enhancing its global economic and diplomatic influence.
Flutterwave Expands Financial Frontier: Acquires Money Transfer Licenses for 13 U.S. States
Unity Bank MD Advocates Policy Actions to Stem Gender-Based Violence in Nigeria
Oil Prices Recover Slightly Amidst Demand Concerns in U.S. and China
Business3 weeks ago
Nigeria’s Logistics Sector Holds Untapped N3tn Potential, Says Courier and Logistics Management Institute
Black Market Rate3 weeks ago
Black Market Exchange Rate Today 14th November 2023
News4 weeks ago
Millionaire Powerplay Limited Unveils Unprecedented Odds in American Lotto’s Instant Cashless Payout
Black Market Rate4 weeks ago
Black Market Exchange Rate Today 9th November 2023
Forex3 weeks ago
Black Market Exchange Rate Today 16th November 2023
Forex4 weeks ago
Black Market Exchange Rate Today 10th November 2023
Black Market Rate2 weeks ago
Black Market Exchange Rate Today 21st November 2023
Telecommunications3 weeks ago
Airtel Africa Announces Interim Dividend Amidst Robust Half-Year Performance