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WTO Set to Name Okonjo-Iweala First Woman DG

Published

3 years ago

February 15, 2021

Eric

Ngozi Okonjo-Iweala looks set to be confirmed Monday as the first woman and first African leader of the beleaguered World Trade Organization, a near-paralysed institution desperately needing a kick-start.

The WTO has called a special general council meeting at which the former Nigerian finance minister and World Bank veteran is expected to be formally selected as the global trade body’s new director-general.

US President Joe Biden strongly swung behind her candidacy shortly after the only other remaining contender, South Korean Trade Minister Yoo Myung-hee, pulled out.

“I look forward to finalising the process,” Okonjo-Iweala said on February 6 after securing the Biden administration’s support.

The organisation is also eager to conclude the drawn-out process, having been leaderless since Brazilian career diplomat Roberto Azevedo stepped down last August, a year ahead of schedule.

The process of picking one of eight candidates to succeed him had been expected to wrap up by November, but the administration of former US President Donald Trump blocked the consensus to appoint Okonjo-Iweala.

– ‘Reform candidate’ –

The 66-year-old will not be at the WTO’s Geneva headquarters for Monday’s virtual session and it is not known when she would take up her duties.

The 164-member organisation’s special session gets underway at 1400 GMT and Okonjo-Iweala is scheduled to hold an online press conference two hours later.

The WTO picks its leaders through consensus-finding, so even though she is the only candidate still in the race — boasting US, EU and African backing — there is always the chance of a spanner being thrown in the works.

She will take over an organisation mired in multiple crises and struggling to help member states navigate the severe global economic slump triggered by the coronavirus pandemic.

Okonjo-Iweala argued during the race that she was best placed out of the eight candidates for the post to steer the WTO through the crises.

“I am a reform candidate,” she insisted.

She has among other things warned that growing protectionism and nationalism have been spurred on by the pandemic and insists barriers need to be lowered to help the world recover.

Even before Covid-19 battered the global economy, the WTO was weighed down by stalled trade talks and struggled to curb trade tensions between the United States and China.

The WTO also faced relentless attacks from Washington under Biden’s predecessor Donald Trump. Among other things, Trump brought the WTO’s dispute settlement appeal system to a grinding halt in late 2019.

– ‘Boldness, courage’ –

Okonjo-Iweala has said her priorities include getting long-blocked trade talks on fishery subsidies across the finish line and breathing life back into WTO’s Appellate Body.

Twice Nigeria’s finance minister (2003-2006 and 2011-2015) and its first female foreign minister in a two-month stint in 2006, Okonjo-Iweala is seen as a trailblazer in her West African homeland.

She has brushed off claims she lacks experience as a trade minister or negotiator, insisting that what is needed to lead the WTO is not technical skills but “boldness, courage”.

She has portrayed herself as a champion against Nigeria’s rampant corruption — saying her own mother was even kidnapped over her attempts to tackle the scourge.

But her critics argue she should have done more to tackle it while in power.

A development economist by training with degrees from the Massachusetts Institute of Technology and Harvard, Okonjo-Iweala has also had a 25-year career as a development economist at the World Bank, eventually becoming its number two.

She is on the Twitter board of directors and chaired Gavi, the Vaccine Alliance.

AFP

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Cubana Chief Priest Arraigned, Granted N10m Bail

Published

11 hours ago

April 17, 2024

Eric

Instagram celebrity, Pascal Okechukwu aka Cubana Chief Priest, on Wednesday, pleaded not guilty for alleged Naira abuse.

He pleaded not guilty to the three-count charge filed against him by the Economic and Financial Crimes Commission (EFCC).

The socialite was arraigned at the Federal High Court, Lagos before Justice Kehinde Ogundare on Wednesday.

The anti-graft commission filed a three-count charge against Cubana Chief Priest accused of abusing the naira at a social event, an act said to be contrary to the provisions of the Central Bank Act of 2007.

After pleading not guilty, the court granted him bail in the sum of N10million with two responsible sureties in like sum, who must be gainfully employed with the federal or state government and not less than grade level 16.

The sureties, the court emphasized, should have landed property and the document must be verified by the court.

Cubana Chief Priest is also to submit his travel passport to the custody of the court.

The bail conditions must be perfected within seven days but in the meantime he was released to his lawyer who must give an undertaken to produce him later. Failure to do so, he will be remanded in correctional facility.

The charge filed on April 4 by EFFC’s prosecutor Rotimi Oyedepo (SAN) alongside seven other lawyers representing the chairman of the Commission, are as follows:

Count 1: “That you, Okechukwu Pascal on 13th February, 2024, at Eko Hotel, within the jurisdiction of the court, while dancing during a social event, tampered with funds in the denomination of N500 (Five Hundred Naira) issued by the Central Bank of Nigeria by spraying same for two hours, and you thereby committed an offence, contrary to and punishable under Section 21(1) of the Central Bank Act 2007”.

Count 2: “That you Okechukwu Pascal sometime in 2020, in Lagos during a social event, tampered with funds in the denomination of N500 (Five Hundred Naira) issued by the Central Bank of Nigeria by spraying same for two hours, and you thereby committed an offence, contrary to and punishable under Section 21(1) of the Central Bank Act 2007”.

Count 3: “That you Okechukwu Pascal sometime in January 2024, in Lagos during a social event, tampered with funds in the denomination of N500 (Five Hundred Naira) issued by the Central Bank of Nigeria by spraying same and you thereby committed an offence, contrary to and punishable under Section 21(1) of the Central Bank Act 2007”.

Meanwhile, the defendant also informed the court of his pending application to challenge the jurisdiction of the court to hear the charge.

Justice Ogundare has adjourned till May 2nd to hear the application

This is coming days after the EFCC arraigned controversial cross-dresser Idris Okuneye better known as Bobrisky on similar charges for which he was sentenced to a six-month jail term.

Featured

EFCC Charges Cubana Chief Priest to Court over Naira Abuse

Published

1 day ago

April 16, 2024

Eric

The Economic and Financial Crimes Commission (EFCC) has filed a three-count charge against Instagram celebrity, Pascal Okechukwu aka Cubana Chief Priest, for allegedly spraying and tampering with the Naira at a social event, in violation of the provisions of Central Bank Act of 2007.

Cubana Chief Priest will be arraigned on Wednesday, April 17, 2024, before Justice Kehinde Ogundare of the Federal High Court, Lagos.

Reports say the charge against Okechukwu was filed on April 4, 2024 by EFFC’s prosecutor Rotimi Oyedepo (SAN) alongside seven other lawyers representing the chairman of the Commission.

In Count 1, it was alleged, “that you, Okechukwu Pascal on 13th Feb. 2024, at Eko Hotel, within the jurisdiction of the court, while dancing during a social event, tampered with funds in the denomination of N500 (Five Hundred Naira) issued by the Central Bank of Nigeria by spraying same for two hours, and you thereby committed an offence, contrary to and punishable under Section 21(1) of the Central Bank Act 2007”.

In count 2, it was alleged, “that you Okechukwu Pascal sometime in 2020, in Lagos during a social event, tampered with funds in the denomination of N500 (Five Hundred Naira) issued by the Central Bank of Nigeria by spraying same for two hours, and you thereby committed an offence, contrary to and punishable under Section 21(1) of the Central Bank Act 2007”.

In Count 3, it was alleged, “that you Okechukwu Pascal sometime in January 2024, in Lagos during a social event, tampered with funds in the denomination of N500 (Five Hundred Naira) issued by the Central Bank of Nigeria by spraying same and you thereby committed an offence, contrary to and punishable under Section 21(1) of the Central Bank Act 2007”.

This is coming days after the EFCC secured the conviction controversial cross-dresser, Idris Okuneye aka Bobrisky, on similar charges. He was subsequently sentenced to six months imprisonment without an option of fine.

Featured

El-Rufai Accuses Tinubu’s Govt of Paying Trillions of Naira in Fuel Subsidy

Published

2 days ago

April 16, 2024

Eric

The immediate past Governor of Kaduna State, Nasir El-Rufai, has ignited debate on fuel subsidies, alleging that President Bola Tinubu’s government has spent trillions of Naira subsidizing petrol (PMS) since taking office in May 2023.

This revelation comes amidst ongoing discussions about fuel subsidies in Nigeria. The government previously announced a removal of fuel subsidies, leading to a rise in pump prices. However, El-Rufai suggests the effort was unsuccessful, forcing a return to subsidies at a reportedly higher cost.

The former governor spoke on Monday in Maiduguri, the Borno State capital while delivering a Lead Paper at the occasion of Capacity Building Workshop on Enhancing Skills of Government Officials in Policy Implementation.

“The present administration,” El-Rufai said, “has so far spent trillions of naira for subsidy,” even exceeding pre-removal levels, ha stated.

He claimed the current price of petrol, between N600 and N750 per litre, is artificially low due to the subsidy. Without it, prices could be closer to those of diesel, which currently exceed N1,000 per litre in some areas.

“But as I also said earlier during my presentation, the removal of fuel subsidy by the present administration is another good policy by President Tinubu. I have always supported withdrawal of fuel subsidy.

“But as you can see, in the course of implementation, the government has now realized that the subsidy has to be back, because right now, we are paying a lot of money amounting to trillions of naira for subsidy even more than before, because the impact has been seen and the packages of support that will reduce the impact have not been effective in reducing the impact, and so, the federal government has to backpedal by subsidizing petrol.

“Many people don’t know this. If they want to know whether there is fuel subsidy or not, they should compare the prices of petrol and diesel per litre. This is because, under normal circumstances, petrol suppose to be more expensive than diesel. As it is, diesel is above N1000, while petrol stood at about N600 per litre. So we are still subsidizing for fuel in Nigeria,” he stated.

El-Rufai’s comments raise questions about the effectiveness and sustainability of fuel subsidies in Nigeria. The high cost highlighted by El-Rufai suggests the program may be straining government resources. It remains to be seen how the Tinubu administration will address this issue and whether they plan to revisit subsidy removal attempts.