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I’ve Not Violated AfDB’s Code of Ethics — Adesina

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  • I’ve Not Violated AfDB’s Code of Ethics — Adesina

The President of the African Development Bank, AfDB, Dr Akinwumi Adesina, has reiterated his confidence in the integrity of the Bank, saying that he has not violated the Code of Ethics of the bank.

In a statement he signed yesterday and made available to Vanguard, Adesina said despite unprecedented attempts by some to tarnish his reputation and prejudice the Bank’s governance procedures, “I maintain my innocence concerning trumped-up allegations that unjustly seek to impugn my honour and integrity, as well as the reputation of the African Development Bank.”

On May 5, the ethics committee of AfDB, headed by Takuji Yano, cleared Adesina of all allegations of impropriety and fraud, but the United States government is still demanding that a fresh and in-depth investigation be conducted into the allegations against him using an independent investigator.

But in a veil reaction to the call for his probe again, Adesina in the statement said “ in recent weeks and over the last few days especially, I have been overwhelmed by the tremendous support received from around the world.

“I have absolute confidence in the integrity of the Bank that I lead and its governance systems, rules and procedures.

He added, “Despite unprecedented attempts by some to tarnish my reputation and prejudice the Bank’s governance procedures, I maintain my innocence concerning trumped-up allegations that unjustly seek to impugn my honour and integrity, as well as the reputation of the African Development Bank.”

While appreciating the support of the Bank’s shareholders, Adesina said he remained confident that ultimately and as one collective, “the bank will emerge stronger than before and continue to support Africa’s development drive.

The 2017 World Food Prize winner added I am confident that fair, transparent and just processes that respect the rules, procedures and governance systems of the Bank, and the rule of law will ultimately prove that I have not violated the Code of Ethics of this extraordinary Institution.

“I will, therefore, continue to work with every one of our shareholders to ensure that the African Development Bank maintains its hard-earned global reputation and that our credible and well-functioning institutional and governance systems and reinforced, as we collectively press on to fulfil the mission of our founders to accelerate and transform Africa’s development.”

Dr Adesina said he draws his inspiration from his heroes, Nelson Mandela and Kofi Annan, whose lives have shown that through pain we grow.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Tanker Drivers Suspend Strike as NNPC and DSS Intervene

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NARTO Called Off Strike as NNPC and DSS Intervene

The Nigerian Association of Road Transport Owners (NARTO) on Tuesday said it has called off its two-day warning strike that began on Tuesday.

On Monday NARTO had directed all its members to halt operations following the new policy of the federal government that restricted truck above 45,000 litres from plying Nigerian road.

The National President of the association, Yusuf Othman, said the directive was sudden with little to no time for affected tanker drivers to make adjustments.

However, on Tuesday in Abuja, Othman said the association had to call off the strike following the intervention of the Nigerian National Petroleum Corporation and the Department of State Services.

He said “Yesterday (Monday), following an emergency meeting of the National Executive Council of our association, it was resolved that transport owners would park their trucks from 22nd to 23rd September, 2020.

“This was in protest of the Federal Government’s decision to ban all trucks of over 45,000 litres capacity from loading petroleum products from all depots throughout the country.”

He added, “However, following the intervention of the Group Managing Director of NNPC and the Director-General of the DSS, we are hereby directing all our members to resume operation nationwide.

“This is a directive that we revert to status quo until January 2021 to allow for wider consultation.”

NARTO president said the association now await peaceful resolution and hope that the agreed time would be enough for affected members to re-engineer their trucks in accordance with the 45,000 litres directive.

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FG to Boost Foreign Revenue Through Methylformate Production

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FG to Enhance Methylformate Production

The Federal Government has started unlocking domestic capacity to up foreign revenue generation and deepen domestic productions through various means including enhancing the production of methylformate.

The Minister of Environment, Dr. Mohammad Abubakar, disclosed this during the inauguration of Systems House of Vitapur Nigeria Limited on Tuesday in Ikeja.

He said the Federal Government was committed to improving the nation’s foreign reserves by unlocking domestic capacity in methylformate productions.

Speaking further he said domestic capacity in methylformate would help in phasing out ozone depleting substances and mitigate climate change, adding that such technological innovation also has potential to enhance Nigeria’s foreign revenue generation, among others.

According to him, such domestic production have advantages, including availability of ozone-friendly and low global potential blowing agents in the production of rigid foam, generation of forex for the country from export of methylformate and forex savings from local production, building of local capacity in the formulation of methylformate-based systems and consequently generation of employment and wealth.

The methylformate systems will serve as source of raw material to ice making machine manufacturers. The project will lead to increased capacity utilisation in enterprises that will be using the methylformate being produced by Vitapur,” Abubakar said.

He reiterated the commitment of the government towards creating enabling environment that will enhance the global competitiveness of manufacturers, especially through fiscal incentives.

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N-Power Beneficiaries Receives N13.3bn in Kwara State

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NPower Beneficiaries in Kwara States Received N13.3bn

The National Social Investment Programme (NSIP) has said N-power beneficiaries in Kwara State received a total sum of N13.3 billion.

The amount was paid to 15,246 beneficiaries from both batches A and B that exited the programme.

Hajia Bashirah Abdulrazaq, the Focal Person of the programme in the state, said batch A beneficiaries were paid N7.4 billion for the 42 months period they were engaged.

She said batch B beneficiaries who were engaged for about 24 months received a total sum of N5.7 billion.

Non-graduates received the sum of N10,000 every month and were engaged for a period of 24 months with a total sum of over N24 million spent,” she added.

Abdulrazaq also said Kwara state government had created a replica of the empowerment programme, codenamed K-power, in order to support beneficiaries after exiting the N-power programme.

She said around 10,000 of N-power beneficiaries benefited from “trader moni’ programme in the state with over N1.3 billion disbursed to them.

She, however, said the people are not willing to repay the loan.

Said she: “Poor masses are not ready to repay the loan after collection because of the attitude of Nigerian to anything from the government thinking it is national cake. Also, those that disbursed the money do not have records of beneficiaries like phone numbers and addresses. Thus, making it difficult to track them for repayment.

“The programme is designed to provide soft loans to boost small scale businesses in the markets which Vice President Yemi Osinbajo flagged off sometime last year to support women with N10,000 as soft loans to
be paid back and then enjoy the next stage of N50,000.

“Unfortunately, many beneficiaries didn’t pay back or the channel for payment was not identified, therefore, beneficiaries could not fulfill their pledges. Though, the component is going through restructuring to
seeing it achieves its objectives,” she said.

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