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‘Corruption is Not An African Issue’, AfDB President, Adesina Speaks to The Guardian
Published
2 years agoon
By
Eric
Africa holds the future workforce for the ageing economies of the west, according to one of the continent’s leading financial figures, who also said it was time to ditch the myths around corruption and risk.
In an exclusive interview before this weekend’s World Bank meetings in Morocco, Akinwumi Adesina said there was a resurgence of belief in Africa’s economic prospects and attacked negative stereotyping, adding that there was “every reason to be optimistic”.
Now midway through his second five-year term as president of the African Development Bank (AfDB), the Nigerian former agriculture minister said the continent’s demographic advantage, expanding middle class, and vast investment opportunities meant a shift was under way.
“And not before time – we’re tired of being at the bottom of the value chain,” Adesina said. “The fastest way to poverty is through exporting raw materials, but the highway to wealth is through global value chains by adding value to everything you have, from oil to gas to minerals to metals and food. We must add value.
Established in 1964, the AfDB is Africa’s only AAA-rated financial institution, focused on what Adesina said were his “high fives”: enabling universal access to electricity, improving quality of life, industrialising, food self-sufficiency, and integrating the continent’s 54 countries to create larger and more efficient markets.
“I don’t think that you can have development with pride unless you can feed yourself,” he said.
He said the record-breaking amounts attracted from international investors in the past few years pointed to a renewed trust in the bank’s ability to fast-track development across Africa, particularly in the 37 low-income countries.
“The 81 shareholders of the bank provided us with an increase in the bank’s capital at the end of 2019, from $93bn to $208bn [£76bn to £171bn] – the highest capital increase in the bank’s history. That was timely because little could we have imagined that we were going to move into the world of Covid.
“So that increase allowed us very quickly to do an emergency support facility of $10bn in Covid crisis response for Africa and to immediately respond when the global food crisis was coming from the Russia’s war in Ukraine. We launched a $1.5bn emergency food-production facility to mitigate that global geopolitical crisis leading to a food crisis in Africa.”
But he does want the international financial systems to be structured fairer, so that African nations have as equal access as the developed nations to reserves and liquidity. Adesina will be taking his call for equity to this weekend’s World Bank summit.
“What is very important for us is the issue of the special drawing rights. Africa needs to have a lot more resources for financing climate, but what is actually out there it’s not enough. We have on the table right now the special drawing rights of the IMF. But when they were issued, US$650 billion were issued, Africa got US$33 billion. It’s 4.5%, it’s not good. You have small countries in Europe that got more and that is not fair and not inclusive.” With 190 member states in the IMF, Africa’s 54 countries should have been closer to receiving 25% of the special drawing rights.
“African heads of state are asking for US$100 billion to be re channelled from the countries that got it and don’t use it, or need it,” Adesina said, and he believes this could be key to real progress.
“We might think of maybe just adjusting it a little bit. And calling it supporting development revitalisation. That’s also SDRs.”
Corruption, he said, is actually less in Africa than other parts of the world. “The global financial crisis that brought the world down in 2008 – that was not in Africa,” he said. “We have no Wall Street.
“That collapse came from greed, from corruption, from fraud.
“You have people cooking the books that are in the financial industry in Europe, not in Africa. Corruption is not an African issue.
“The issue is, that’s not to say that there’s none. What you have to do is to continue to improve transparency, accountability and the use of public resources.
“I just came back from Eritrea. I hear a lot of things about Eritrea but my first time there and I was talking to UN Development Programme staff. You know what they told me? That, in Eritrea, corruption is 0%. Why do we not talk about that? That’s the kind of thing that we want to do. For us as a development bank, we take good governance very, very seriously.
“As far as I am concerned, people’s resources do not belong in other people’s pockets. Governments must be accountable to their people. There has to be transparency in how the resources are acquired and used. That’s why we have a governance programme. When you get money from us, we also support you technically. You are accounting for those resources.
“I don’t want to minimise that Africa has a significant amount of illicit capital flows; it does – anything between $80bn and $100bn a year. But guess what? Those that are doing that are the multinational companies. And so what we have got to do is bring a searchlight to that.”
However, the biggest challenge lay in the climate crisis, he said. “Africa today is losing $7bn to $15bn a year from climate change. And that’s going to rise to $50bn a year by 2030. Yet it receives only 3% of the global climate finance.”
The African climate summit in Nairobi last month was a “great success”, he said.
“For the first time, African countries got together to say we’re not going to talk about climate issues individually; we’re putting forward African issues collectively. That itself was a success.
“I made a case at the summit that Africa’s wealth should be revalued based on the value of its natural capital; if you did that, these countries that are currently rich in natural capital, but are cash poor, will become richer. Many people think the largest carbon lung in the world is the Amazon. But it is the Congo basin forest. Now, if Africa is providing this global good, why is it not accounted for in its GDP?
“I’m an eternal optimist – they call me Africa’s optimist-in-chief – because look at the numbers: Africa’s population is going to be 1.72 billion by 2030. Seven years from now. That’s larger than China, larger than India. 477 million of those are young people, between 15 and 35. That’s a skilled workforce; that would be the labour, a workforce for the world.
“I can go into any country you have in Europe, or in Japan, and it’s a rapidly ageing workforce and they are looking for people. A skilled African population would be able to supply that. And when they do that, guess what: they put a lot of remittances back into the continent. So Africa is part of the solution of the lack of skills in the global labour market.”
He said renewable energy and agriculture were also growth opportunities. “Africa has 60% of the world’s solar power. That is an $100bn investment opportunity for Africa to become able to light up itself, but also to harness a renewable energy and reduce global emissions.
“Take food: the ability to feed the world by 2050 will not depend on the US or China, Japan or Europe, because 65% of the arable land left uncultivated in the world is in Africa. So what Africa then does with agriculture and how we all invest in agriculture will determine the future of food in the world.
“Also, take a look at other opportunities that Africa has: mobile money services, financial services – there’s tremendous growth. If you look at the number of people using mobile phones in Africa: 650 million. That is larger than the US and Europe together, and when you look at the financial services – whether mobile phone or e-health, insurance, digital payments – a revolution has happened in Africa.
“You have $701bn just from digital payments in the world – 70% of digital payments in the world happening in Africa.
“I go out and I see young people in the fintech industry that are leading today globally. So, my optimism, it’s realistic.
“Take a look at electric vehicles. Guess what: the metals for all of that are in Africa. Africa has 80% of the world supply of platinum, 50% of copper, 40% of manganese. Huge amount of lithium all about.
“We want to have investors globally investing. We have to make sure the governance environment is right, that incentives are right.
“Don’t just believe what I say, believe what the data says. Bloomberg did an analysis of the default rates on infrastructure globally over the past 14 years, around the world. Guess what they found: Africa’s default rate is the lowest in the world – 2.1%. Eastern Europe: well over 10%. Asia: well over 8%.
“We’re doing everything we can to make sure investments can land in Africa, like a plane on a smooth landing strip.”
Culled from The Guardian – Story by Kenneth Mohammed
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Memoir: My Incredible 10 Years Sojourn at Ovation by Eric Elezuo
Published
1 day agoon
February 1, 2026By
Eric
By Eric Elezuo
It seems like yesterday, but like a joke well cracked, a whole 10 years have come and gone since I ventured into the new lease of life called Ovation Media Group. The experience has been a pot pourri of incredibilty, sensation, hits, near hits and a mixed fortune of the good, bad and ugly. Of course, what does one expect?
The Ovation brand has been not only big, but larger than life. To us out there savoring their sensational releases in terms of publications, it was much more than a media organisation, but something in the neighborhood of myth tingled with legendary. In my little circle, people talked about Ovation Magazine as a garden of Eden that can only be imagined with utmost reverence, but can never be reached or accessed.

Sometimes, you hear people talk about an event, and the next thing you hear is ‘even Ovation covered it’. That alone is a proof that there was nothing ordinary about the occasion. It was only meant for ‘gods’ in human form; the be all and end alls of world politics, entertainment and enterprise. Ovation was just big, so big among Africans that describing it will completely leave one gaping and lost for words.

If the brand was this huge, you can imagine what the mention of the brain behind it, Dele Momodu, conjure to the mind, of both the speaker and the listener. He was the big masquerade that can only be felt, heard and never seen except for the members of the inner caucus. At a stage, I vowed to be a member of this inner caucus. I didn’t know how it would happen, but I decided something; that when I would get married, Ovation would be there to cover it, the cost notwithstanding. I knew I would’ve been rich enough to afford their services, and so come face to face with the big masquerade, Dele Momodu himself. Well, I’m still not ‘rich enough’, but I have not only come face to face with the big masquerade, but has risen to become the Editor of the most sought-after celebrity journal in Africa, and all its appendages or titles including The Boss Newspaper and Ovation Television.
The day was Wednesday, January 20, 2016, when I first sat face to face with Chief Momodu, who over the years has steadily and graciously transformed into Aare, Dr among many impressive titles, in the company’s then new office at Opebi, Ikeja. It was my interview to be absorbed as a Correspondent into the organisation. The opportunity dropped on my lap, made possible by my good friend and ex-classmate at the University of Lagos, Mr. Mike Effiong, who was the substantive and hardworking editor then.

My desire to work with Ovation transformed into hunger when I discovered that Mike, as I use to call him at UNILAG, or Editor, as I called him when with I joined the organisation, was the second-in-command. I told myself, and to wife that if only I could reach out to Mike, it would be easy to know availability in the organisation. We were very close at close though he was already very career minded then, supping and dining with those that matter in the industry at that level. The last I saw him before his Ovation rise was when he was at Encomium Magazine. We lost contact afterwards. It was the days of no GSM. They were moving with pagers. I had no such privilege. I can’t remember exactly how his number dropped on my lap one day many years after. I called and got to him. We reconnected, and reminisced. I was a school teacher then. I seized the opportunity to explain that I still wished to practice journalism. We have had the discussion earlier shortly after graduation. He invited me to his office – then at Excellence Hotel, Ogba. We met in the ‘luxurious’ lobby of the hotel the day I came. There was no place for me then as he told me. Though I was disappointed, I doubted if I was ready for the kind of job description I noticed that day. Mike seasoned my coming by patronizing my book. Yes, I was marketing my first book then, ‘The Dedication Tragedy’, and was fresh from Master’s degree class after getting my Masters in International Law and Diplomacy (MILD) from the University of Lagos.

We lost contact again. It was not until 2015 he returned my call, after several calls, and talked about a certain ‘The Boss’, which is the newest brainchild of the organisation. I was ready to move to anything, that can help me offset my highly accumulating bills. I was working with National Mirror, where I was owed months of salary. The funniest part was that I moved from Newswatch, where I was owed years of salary to National Mirror. Incidentally, both organizations were owned by one person. That’s a story for another day.

So on that fateful January 20th of 2016 after several failed appointments owing to Chief Momodu being out of the country, we finally met. The interview was sharp but detailed. It was beyond paper qualifications though I was armed with requisite qualifications. It was a case of wits, reposition of knowledge and ability to navigate through the world of news gathering and dissemination, and not forgetting ability to withstand pressure and travel at short notice. I did not only nod in the affirmative to all, but proved my hunger in words and action to take up the challenge. I was found worthy, and asked to assume duties. I requested for the rest of the month to sort myself out. There was nothing to sort out. I just needed time to calm my head, and douse the euphoria so as not to make a mistake on the first day.
So on Monday, February 1, 2016, I appeared completely suited with tie to begin a new trend in professionalism. The suit was just appropriate for a worker, who has not been paid for ages, if you get what I mean. I was slammed with the title of Correspondent, but given a job description that equalled editor, reporter and supervisor combined. I wrote, edited, proofread, set page, go on field assignment, publish and share. It was a handful, but I was happy to have a job, and the job I wanted. So I adapted with equanimity. In fact, my publisher was a no-nonsence person. Mistakes were not permitted. Missing deadlines were taboos. Tough as it was, it toughened me. Today, I’ve graduated from being a better journalist to whatever you can think of.

Shortly after assuming office, I got the privilege to interview and engage staff, mostly interns to work directly under me. My first staff was Temitope Ogunleye, a young corper from Kogi State University. She is still with me today, having grown in leaps and bounds. Others followed including Morakinyo Ajibade from Nigerian Institute of Journalism, David Adeyemi, Isaac and Annabelle from Babcock University and Mariam. Ajibade is also still with me today. His level of growth is tremendous. There were many others, and they are all helpful to my career success. There was also Joguomi, Victoria, Christiana and many others. I did my best to support their mentoring, and they are performing brilliantly in their various worlds.
This is not forgetting the men with the camera I met on ground and those that joined afterwards; Koya, Ken, Iroko, Funmi, Solomon, Abraham, Femi, Ben, Tunde, Daala Taiwo, Abbey and a host of others. We did many things together including our botched Christmas party. That happens to be the biggest blow any staff has suffered. Today, it’s worth looking back at, and laughing loudly at.

It has not all been rosy though; twice I have been sacked for operational deficiency (not incompetence), and twice I have been restored for obvious reasons. And today, God is still helping us.
In 2020, I was upgraded to the post of Assistant Editor of The Boss Newspaper, and in late 2021, I was elevated to the position of Editor, The Boss Newspaper.
In November 2023, precisely on the sixth, I was privileged to be considered and appointed as the Editor of the Ovation brands or Ovation Media Group. The editor of Ovation is a title for the General Administrative and Editorial Head of the Group, answerable to only the Publisher and Board of Directors.
My appointment was sequel to the elevation in politics of my immediate boss, Mike Effiong, who was appointed as Senior Special Adviser to the Governor of Akwa Ibom State.
It’s not yet uhuru though. I’m still learning and taking instructions from superiors in the industry and elsewhere. I must add that humility and acceptance of everyone I’ve met in the line of duty, has helped in no small measure to fasttrack my growth. Yes, I can beat my chest and say that I have delivered, and still delivering.
Yes again, I’ve not been able to traverse the globe as regards traveling or amass wealth, but my experience can dictate for any world leader. It is worth noting that waking up to work for Ovation every day (morning, afternoon, evening, night and midnight including wee hours), and this is not an exaggeration, but bare facts, has taught me life, in both the hard and acceptable ways.
To my boss of inestimable value, Chief Dele Momodu, my appreciation is limitless; my friend of many years, Mike Effiong and past and present staff of the brand, thank you for the opportunity. I don’t know where the next 10 years will meet us, but I know for sure it would be in a good place, and much bigger than we are today.
Cheers to February One!
Eric Elezuo is the editor, Ovation Media Group, and writes from Lagos
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CAN Tackles Shariah Council Over Call to Remove INEC Chair Amupitan
Published
4 days agoon
January 30, 2026By
Eric
The Christian Association of Nigeria (CAN) in the 19 Northern states and the Federal Capital Territory (FCT) has rejected the call by the Supreme Council for Shari’ah in Nigeria (SCSN) seeking the removal of the Chairman of the Independent National Electoral Commission (INEC), Professor Joash Amupitan.
The Shari’ah Council, earlier this week, demanded the immediate removal and prosecution of Amupitan, as members of the Council questioned his integrity over a legal brief in which he reportedly acknowledged claims of persecution constituting genocide of Christians in Nigeria.
Reacting to the development in a statement on Thursday, the Chairman of Northern CAN, Reverend Joseph John Hayab, and the Secretary General of Northern CAN, Bishop Mohammed Naga, questioned the motive behind the demand, asking who was sponsoring the call and why such interests are hiding behind the platform of a religious body.
Describing the call as a dangerous attempt to politicise religion and undermine a critical national institution, Hayab stressed that Professor Amupitan has a constitutional right to freedom of religion, adding that expressing concern over challenges faced by his religion does not amount to bias or disqualification from public service.
He also pointed out that many Muslims who had served in key government positions in the past had troubling religious antecedents, yet were not subjected to similar scrutiny, urging national actors to prioritise competence and national interest over sectarian sentiment.
Hayab, who warned that the controversy further reinforces concerns about persistent religious discrimination against Christians in Nigeria, particularly in appointments to sensitive national offices, recalled that the two immediate past INEC chairmen were Muslims from Northern Nigeria, and warned against narratives suggesting that only adherents of a particular religion are qualified to lead the electoral body.
“Anyone hiding under the guise of the Shari’ah Council to demand the removal of the INEC chairman over political or sectarian interests should come out boldly. Otherwise, the ploy has died naturally, he said.
“”Are they saying that no other religion should serve as INEC chairman except Muslims? The most important question Nigerians should ask is whether Professor Amupitan is competent or not.
That should be the focus, not his faith,” the statement added.
The association commended President Bola Ahmed Tinubu for what it described as a deliberate effort to promote national unity by appointing a Christian as INEC Chairman, despite being a Muslim.
It noted that the decision reflected statesmanship and inclusivity, similar to precedents set under the previous administration of President Goodluck Jonathan, who kept a northern Muslim as INEC Chairman against all odds.
The Christian leaders advise the Shari’ah Council to publicly identify any individual or group behind the campaign against the INEC chairman, insisting that religious platforms must not be used as “cheap cover” to pursue political interests or intimidate public officials.They, however, called on the INEC chairman not to be distracted by the controversy, urging him to remain focused on his constitutional responsibility of conducting free, fair and credible elections.
“He should concentrate on doing the right thing for Nigerians and not behave like others who openly manipulated elections in the past and now seek to remain relevant through religious blackmail,” the statement said.
Northern CAN also raised concerns about what it described as emerging signals of a coordinated political agenda ahead of the 2027 general election, citing recent comments by the Minister of Culture, Tourism and Creative Economy, Hannatu Musawa, who warned that the All Progressives Congress (APC) risks electoral defeat if it drops a Northern Muslim-Muslim ticket from President Bola Tinubu’s re-election ticket.
According to the association, such statements, when viewed alongside the sustained attacks on a Christian INEC chairman, raise legitimate questions about whether there is a deliberate effort to undermine Christian participation and confidence in the country’s political process.
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Sit-at-Home: Soludo Threatens Anambra Traders with Forfeiture of Shops
Published
5 days agoon
January 29, 2026By
Eric
Anambra State governor, Prof. Chukwuma Soludo, has escalated the enforcement of his earlier directive to traders at Onitsha Main Market, warning that shops of defiant traders will be forcibly closed if they continue ignoring government orders to open for business on Mondays.
The development follows Soludo’s initial announcement on Monday, when he ordered a one-week closure of the market over traders’ persistent defiance of the state’s anti-Monday sit-at-home directive.
Addressing the situation during an on-the-spot inspection of the market this afternoon, the governor said past efforts to persuade traders had failed, and the government is now moving to a more assertive approach.
“If you deny 20% of workdays in a year, you are undermining our prosperity, job creation, and the economy. In 2022 and 2023, we fought it. In 2024 and 2025, we pleaded. But in 2026, we are shifting to gear 4, no backing down. Anyone who closes their shop, we will help them close it for one week. From next week, if they refuse to open by Monday, I will shut down the market and take over some of them,” Soludo declared.
He described traders’ repeated Monday closures as deliberate economic sabotage, stressing that the closure ordered on Monday was a protective measure for law-abiding citizens.
Security personnel, including the police, army, and other agencies, have been deployed to enforce the closure and maintain order. Soludo warned that non-compliant traders after the one-week shutdown risk a longer closure of up to one month.
The measure is part of the state government’s ongoing effort to end Monday sit-at-home practices, which have continuously disrupted economic activities across the South-East.
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