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Full Text of President Buhari’s Speech at Paris Peace Forum

Published

7 years ago

November 12, 2018

Eric

The

STATEMENT BY HIS EXCELLENCY, PRESIDENT MUHAMMADU BUHARI, PRESIDENT OF THE FEDERAL REPUBLIC OF NIGERIA, ON ILLICIT FINANCIAL FLOWS (IFFs) AND CORRUPTION: THE CHALLENGE OF GLOBAL GOVERNANCE; AT THE FIRST EDITION OF THE PARIS PEACE FORUM 11TH NOVEMBER 2018

PROTOCOLS:

I am delighted to be part of the inaugural edition of the Paris Peace Forum and would like to commend the Government of France for this laudable initiative.

2. We also thank France for inviting Nigeria to participate in the forum on the sidelines of the Centenary Celebration of the Armistice. It is important to recall that although Nigeria was not independent at the time, the fact remains that it had participated in the war efforts.

3. Nigeria contributed a company of riflemen and support services to the war under the Royal West African Frontier Forces.

4. I should like on this Remembrance Day, to pay tribute to the sacrifice and bravery of all those who had fallen in battle and the pain and suffering of those they left behind.

5. More than half a million Africans fought in the trenches of the First World War for France alone. There was bitter fighting also in east and southern Africa and around Cameroon and Nigeria. We shall not forget.

6. I believe this Forum would provide the needed opportunity for knowledgeable exchange and sharing of best practices on the challenges militating against the much needed good governance in many countries of the world. It is on this premise that my presentation will dwell on “Illicit Financial Flows And Corruption: The Challenge of Global Governance”.

Distinguished Participants,

7. The cancerous effects of Illicit Financial Flows and corruption on the socio-economic development of countries are glaringly evident. The negative impact and ramifications of Illicit Financial Flows are many-sided.

The list which is long and ever-growing, includes:

a. Draining of foreign exchange reserves;

b. Reduction of tax/revenue collection;

c. Poor investment inflows due to near absence of credibility, transparency and policy stability.

8. Illicit financial flows escalate poverty by denying the citizens the benefit of the resources meant for development.

9. This is a crime of opportunity which thrives most in permissive environments. Such outflows further undermine the rule of law, stifle trade and worsen macro-economic conditions.

10. These reprehensible acts are being perpetrated by several international tax havens and secret jurisdictions, which facilitate the operation of:

a. Disguised corporations;

b. Anonymous trust accounts;

c. Fake charitable foundations;

d. Money laundering and transfer pricing mechanisms.

11. Indeed, Illicit Financial Flows have exacerbated poverty and inequality in many societies of the world. Thus, concerted and multi-jurisdictional efforts must be deployed to frontally tackle the menace.

12. Combating corruption has been a defining feature of our Government. Upon assuming office on 29th May, 2015, we made fighting corruption one of the three pillars of our Administration’s priority programmes, given the fact that corruption was threatening the very foundation of our national life, socio-economic development, security and even the consolidation of our democracy.

13. We continue to demonstrate zero tolerance for corrupt practices and non-conformity conduct in public life, by confronting corruption head-on. This is predicated on the fact that we remain steadfast in our commitment of ensuring integrity and ethical conduct in the task of governance. We are mindful of the primacy of leadership by example in this regard.

14. Our efforts at fighting corruption are firmly within the limits of the rule of law, in spite of the interest-forcing strategies of those who chose to discountenance the fundamental value of compliance with the laws of the land.

15. With the progress we have made, we feel the need to ensure that we put enduring institutional frameworks in place for action and measures that will consolidate our achievements in the fight against Illicit Financial Flows and corruption.

16. In the circumstances, strengthening the institutional capacity of anti-corruption bodies has been accorded due attention. For us, therefore, effective institutions and political will are strong counter-measures against corruption and Illicit Financial Flows.

17. In addition, we introduced the Whistle-Blowing policy, whereby information on the violation of financial regulations, mismanagement of public funds and assets, financial malpractices or fraud as well as theft can be reported to authorities.

18. This policy is geared towards ensuring public accountability and transparency, and it has yielded dividends, as we have recovered billions of Naira from corrupt persons and companies.

19. We have also redirected recovered funds to the development of critical infrastructure and programmes that will benefit our people. Funds and assets recovered through our actions, will be deployed in delivering the Sustainable Development Goals (SDGs).

20. At the continental level, the African Union also launched the war against corruption and bestowed on me the honour to champion the cause. In this connection, our priorities for international cooperation as a continent will focus on the following:

a. Strengthening international cooperation on asset tracing, recovery and repatriation;

b. Enhancing cooperation between the African Union and the United Nations’ anti-corruption monitoring mechanisms through stronger engagement; and

c. Widening the understanding and relevance of anti-corruption efforts towards the realization of Agenda 2063 and the Sustainable Development Goals.

21. Appropriate legislation and policies which promote transparent financial transactions should be encouraged.

22. In addition, regulatory institutions and agencies should be strengthened to fight corruption. Nigeria has a good example in this regard with the Tax Appeal Tribunal inaugurated recently. The Tribunal arbitrates between tax payers and government in order to ensure equity and fairness in tax administration.

23. In accordance with relevant international statutes, asset return is unconditional. It is a commitment which members of the international community must abide by.

24. Nigeria, therefore, reiterates its commitment to all existing international legal frameworks to enforce anti-corruption measures, including the recovery and return of stolen assets.

Distinguished Participants,

25. While acknowledging the tremendous progress that has been achieved through the enactment of global instruments, some fundamental technical issues remain unresolved.

26. These revolve around the formulation of policy and regulatory frameworks that cut across different jurisdictions. We must not lose sight of the role played by secret companies, banks and law firms, all too often based in developed economies and their related offshore centres.

27. Recent studies reveal that flaws in the global financial system enable corrupt individuals to hide details of their financial dealings under the noses of governments and law enforcement agencies. This underscores the need to urgently address the issue of Mutual Legal Assistance, as well as continental legal frameworks, in the context of safe havens for illicit transfers.

Distinguished Participants,

28. Our experience in Nigeria is that financial crimes, such as corruption and fraudulent activities, generate enormous unlawful profits which often prove so lucrative that the threat of a jail term is not sufficient to deter perpetrators.

29. A more powerful deterrent is to ensure that profits and assets generated from illicit financial flows and corruption are recovered and returned to countries of origin.

30. This is not to under-estimate the value of strong institutions. It only indicates that asset recovery represents significant deterrence compared to the traditional focus on obtaining conviction by the law enforcement agencies of the countries of origin.

Distinguished Participants,

31. As we take stock of the strengths and weaknesses of domestic, regional and international mechanisms against Illicit Financial Flows, I seize this opportunity to recall the Global Declaration Against Corruption made in London in 2016 and our commitment thereto.

32. Among other things, the Declaration encapsulates our collective commitment to the principles of Open Government Partnership, especially the National Action Plans to actualize beneficial ownership transparency, enhance the capacity of Financial Intelligence Units (FIUs), reinforce Independent Reporting Mechanisms and support the activities of the Global Forum on Transparency and Exchange of Information for Tax Purposes. We should remain resolute in our commitment to the aforementioned goals.

33. Similarly, we must crack down on safe havens for corrupt assets. I also advocate sanctions by professional bodies against transactional middlemen (lawyers, bankers, brokers, public officials, etc.) who facilitate Illicit Financial Flows.

34. I would like to reiterate that the Government of Nigeria remains open and is ever willing to continue to identify and share experiences and strategies to give life to the ideas that will lead to winning the fight against corruption.

Esteemed Ladies and Gentlemen,

35. Finally, let me reiterate the importance of unity and collective action. It is only together that we stand a better chance to win the fight against the menace of Illicit Financial Flows and corruption.

I thank you for your patience and attention.

(NAN)

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Tinubu Forced Obi, Kwankwaso to Work Together – Dele Momodu

Published

2 days ago

May 7, 2026

Eric

A chieftain of the African Democratic Congress, Dele Momodu, has claimed that President Bola Tinubu is the one who forced opposition leaders such as Peter Obi and Rabiu Kwankwaso into working together ahead of the 2027 elections.

In an interview on Channels Television on Wednesday, Momodu argued that the current unity among some opposition figures is not born out of genuine long-term commitment but is a reaction to pressure from the ruling government.

“Tinubu forced all of them together. And that is why they all moved in one direction. Which would have been beautiful, because it would have been like a two-party race,” Momodu said.

The publisher of Ovation International made the comment while reacting to the defection of Obi and Kwankwaso to the Nigeria Democratic Congress.

Obi, the 2023 Labour Party presidential candidate, dumped the ADC on Sunday alongside former New Nigeria People’s Party presidential candidate, Kwankwaso, citing legal disputes within the coalition and a toxic political climate.

The move sparked debate about a possible joint presidential ticket between the two opposition figures in the 2027 election.

Momodu, however, warned that the political situation has changed significantly since the 2023 election and cautioned against assumptions of automatic voter retention for major candidates.

“Are you saying that Tinubu will retain all the 8 million plus people that voted for him last time? How are you sure… What is the guarantee that Obi and Kwankwaso are the only people who will retain all those who voted for them last time? The situation has changed,” he queried.

Momodu added that if Tinubu allows a free and fair election, “he might not even get 3 million votes.”

He cited the poor performance of some G5 governors who could not secure senatorial seats in their states, including Enugu, Abia, and Benue, as evidence of shifting voter loyalty.

On coalition talks, the ADC chieftain said his party remains focused and steadfast.

He welcomed those willing to join but rejected any form of blackmail or the idea that victory depends on a single individual.

“Those who want to join should join. Those who do not want to join, you cannot succumb to blackmail. That only one man can make us win,” he declared.

He noted that the 2019 alliance between Atiku Abubakar and Obi did not produce victory, while their separate contests in 2023 also failed to unseat the ruling party.

He advised political actors to remain calm, quoting his late unlettered mother: “Stop running from whatever is chasing you, because you might run into what is chasing you.”

He wished the former Anambra governor well in testing his popularity elsewhere and stressed that no one should be forced out of the race based on one person’s claims.

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Nigerians Won’t Eat Your Bogus GDP Figures, ADC Tells FG

Published

2 days ago

May 7, 2026

Eric

The African Democratic Congress (ADC), on Wednesday, faulted the Federal government’s celebration of Nigeria’s reported GDP growth, saying the figures do not reflect the economic strain facing ordinary citizens.

The party’s position speaks to a growing gap between official claims of progress and the daily reality of rising food prices, shrinking incomes, job losses and mounting business costs across the country.

In a statement by its National Publicity Secretary, Bolaji Abdullahi, the ADC said economic growth is meaningless if it does not improve how people actually live.

“People do not eat GDP,” Abdullahi said.

The party said millions of Nigerians remain trapped in hunger, inflation, unemployment and weakening purchasing power despite government claims of recovery.

Rejecting the government’s narrative, the ADC said, “The African Democratic Congress (ADC) rejects the Federal Government’s attempt to use headline GDP figures to whitewash the deep economic suffering Nigerians are currently enduring across the country.

“No government should be celebrating economic statistics while millions of its citizens are battling hunger, poverty, collapsing purchasing power, and rising hopelessness.

“The reality of the Nigerian economy is not what is written in government presentations. The reality is what Nigerians confront every day in markets, on farms, in factories, in shops, and in their homes.”

The party pointed to intensifying pressure on households and businesses nationwide.

Abdullahi said: “Food prices are unbearable. Transportation costs have become punitive. Small businesses are shutting down daily under the crushing weight of inflation, energy costs, and weak consumer demand. Salaries have lost value. Families who once lived modestly are now struggling to survive.

“Economic growth that does not reduce suffering, create jobs, improve incomes, or restore dignity to citizens is empty growth. Growth that only exists in official reports while citizens descend deeper into hardship is not meaningful progress.”

The ADC also questioned what Nigerians are being asked to celebrate under current conditions.

The party said, “The purpose of governance is not to manage public relations for economic statistics. The purpose of governance is to improve the living conditions of the people.

“What exactly should Nigerians celebrate? The fact that food inflation continues to devastate households? That millions of young Nigerians remain unemployed or underemployed? That businesses are collapsing faster than new ones are emerging? That more citizens are slipping into poverty despite working harder than ever?”

Calling for a shift in approach, the party urged the government to prioritise measurable improvements in citizens’ welfare over headline figures.

The ADC said: “A government that is serious about economic recovery would show humility, acknowledge the pain Nigerians are experiencing, and focus on delivering measurable improvements in living conditions instead of celebrating figures that have no meaning to hungry citizens.

“The ADC believes that the true test of economic policy is simple: Can Nigerians live better today than they did yesterday? For millions of Nigerians, the answer is no.

“Nigeria needs an economy that works for ordinary people, not an economy that only looks impressive in presentations to investors and international institutions.

“Until growth is felt in the homes of ordinary citizens, through affordable food, stable electricity, decent jobs, lower business costs, and improved purchasing power, this government has no moral basis to declare economic success.”

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I’m Not Leaving ADC, Rhodes-Vivour Vows

Published

4 days ago

May 5, 2026

Eric

The 2023 governorship candidate of the Labour Party (LP), in Lagos State, Gbadebo Rhodes-Vivour, has opted out of the Obidient Movement, saying he is not leaving the African Democratic Congress, ADC.

Rhodes-Vivour is a staunch supporter of Peter Obi, who moved from the ADC to the Nigerian Democratic Congress, NDC, on Sunday.

Since Obi and his prospective 2027 running mate, Rabiu Kwankwaso, joined NDC, there has been a gale of defections from the ADC to NDC.

However, in a statement on Tuesday, Rhodes-Vivour said himself and his team would remain in ADC to fight for a better Nigeria.

“To those who have made the difficult decision to move on to a new platform, I offer my genuine respect and best wishes.

“These are hard choices, We are all fighting for a better Nigeria, even when our roads diverge. I want to make it clear that I am staying in the ADC,” he said.