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‘Corruption is Not An African Issue’, AfDB President, Adesina Speaks to The Guardian

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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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Attempted Coup: DSS Arraigns Five for Alleged Refusal to Reveal Timipre Sylva’s Hiding Place

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The Department of State Services (DSS) at the Federal High Court in Abuja, arraigned five associates of former Minister of Petroleum Resources, Timipre Sylva.

They are accused of concealing information regarding the whereabouts of their principal, who is alleged to be a financier of an aborted coup attempt against President Bola Tinubu.

Sylva, a former Governor of Bayelsa State, has been declared wanted by the Federal government, and his identified properties have been marked for forfeiture following his indictment as the sponsor and mastermind of the alleged coup plot.

The five associates are Reuben Ayuba, Musa Mohammed, Friday Paul, Paganengigha Anagaha, and Ayebaifife Suobite. They were arraigned on Wednesday before Justice Peter Lifu.

A two-count charge filed against them indicates that the accused became accessories after the fact of felony on April 28, 2026, by concealing the whereabouts of Timipre Sylva, who is classified as a fugitive. The alleged offense is contrary to Section 519 of the Criminal Code Act Law of the Federation of Nigeria, 2004.

Additionally, the DSS has accused them of conspiracy to commit a felony, specifically for concealing the whereabouts of Timipre Sylva, also a fugitive, in violation of Section 516 of the Criminal Code, LFN 2004.

All the accused persons pleaded not guilty to the charges when they were read to them.

DSS lawyer, Emmanuel Orubor, requested that the judge schedule a date for the DSS to commence their trial by calling witnesses to testify against the defendants.

In response, Sunusi Musa (SAN), who represented Reuben Ayuba and Paganengigha Anagaha (the 1st and 4th accused persons), filed a bail application for his clients on various grounds.

Similar applications were made by Ibrahim Imadegbelo, representing Musa Mohammed (the 2nd accused), I. G. Kelubia, standing for Friday Paul (the 3rd defendant), and E. C. Sogo, who argued for Ayebaifife Suobite (the 5th accused person).

The lawyers pointed out to Justice Lifu that their clients have been in custody since October 25, 2025, and urged the court to grant them bail on liberal terms.

In a brief ruling, Justice Lifu granted them bail in the sum of N5 million each, along with two sureties for each, in a similar amount. The sureties are required to swear to an affidavit of means, provide evidence of three years of tax payment, demonstrate visible means of livelihood, and submit recent passport photographs.

Justice Lifu ordered that the claims of identities of the sureties must be verified by the Registrar of the Court.

Pending the perfection of the bail conditions, the Judge ordered that the accused persons be remanded in Kuje Correctional Centre in Abuja and fixed July 22 for the commencement of trial.

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UBA Reinforces Commitment to Rewarding Customer-Loyalty with N400m Bonus

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UBA Rewards Customer Loyalty with Over ₦400 Million Bumper Account Anniversary Bonus
…Reinforces commitment to rewarding customers for consistent savings
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has rewarded thousands of customers with over ₦400 million in anniversary bonuses under its flagship UBA Bumper Account, reaffirming the Bank’s unwavering commitment to rewarding customer loyalty and promoting a strong savings culture.

The payout, one of the largest loyalty rewards under the Bumper Account initiative since its launch, saw qualifying customers receive anniversary bonuses directly into their accounts, demonstrating UBA’s resolve to create lasting value for customers who consistently save with the Bank.

The UBA Bumper Account is a unique savings product that rewards customers simply for maintaining and growing their savings. Every year an eligible account reaches its anniversary, customers receive a cash bonus, making disciplined saving both rewarding and beneficial over time.
Speaking on the milestone, UBA’s Head, Retail Products, Tomiwa Sotiloye, said the Bank remains committed to ensuring that customers benefit directly from their relationship with UBA.

“At UBA, we believe customer loyalty deserves meaningful recognition. Every bonus paid is our way of saying ‘thank you’ to customers who continue to trust us with their financial aspirations. Surpassing the ₦400 million milestone reflects our commitment to creating products that not only help customers save but also reward them in tangible ways. It is another demonstration that when our customers grow, we grow with them.”

He added that both new and existing customers can open a UBA Bumper Account seamlessly through https://on.ubagroup.com/bumper-tc, any any UBA branch, the UBA Mobile Banking App, by dialing *919#, or online, positioning themselves to qualify for future anniversary rewards.

Also speaking, UBA’s Group Head, Brands, Marketing and Corporate Communications, Alero Ladipo, said the Bank’s customer-centric philosophy continues to shape its product offerings.

“The UBA Bumper Account reflects our unwavering commitment to putting customers first. We deliberately design products that reward responsible financial behaviour while delivering real value. Crediting over ₦400 million directly into customers’ accounts is not just a payout; it is evidence of our promise to make banking more rewarding and to continually appreciate the confidence our customers repose in us.”

The UBA Bumper Account remains one of the Bank’s flagship retail savings products, combining competitive savings benefits, digital convenience and attractive loyalty rewards. It forms part of UBA’s broader strategy to deepen financial inclusion by encouraging sustainable savings habits while delivering exceptional customer experiences.

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Dele Momodu Leadership Centre Hosts Media Scholar, Prof Abiodun Adeniyi

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By Anjorin Fehintola Stella

We often measure leadership by the institutions people build or the positions they occupy. Yet, during his visit to the Dele Momodu Leadership Centre, Professor Abiodun Adeniyi repeatedly returned to something less visible but perhaps more enduring; the responsibility of documenting one’s life and thoughts. He spoke as someone who understands, at a personal level, what is lost when experience is left unrecorded. His emphasis on documentation was not stylistic advice for writers. It was an argument about memory itself, about how societies retain or lose the wisdom of the people who pass through them.

Ideas disappear when they are undocumented because memory, at the collective level, is fragile and selective. A society does not remember everything that happens within it, it remembers what is written down, repeated, taught, or institutionalised. An undocumented thought, however brilliant, dies with the person who held it, or worse, drifts into vague anecdote, stripped of its original precision. This is why oral cultures, for all their richness, often struggle to transmit complex ideas across generations with fidelity. Professor Adeniyi’s point, then, was not simply about personal record-keeping. History remembers people largely through what they leave behind, not through what they intended to leave behind. Intention without artefact disappears.

When he spoke about travelling, it would be easy to reduce his words to a fondness for movement or exposure. But the deeper claim runs further than that. Travel disrupts familiarity. It exposes individuals to different ways of living, thinking, governing and imagining society. Professor Adeniyi suggested that travelling remains one of the simplest yet most profound forms of education because it broadens not only knowledge but perspective. A person confined to one environment mistakes the local for the universal. Movement across geographies forces a confrontation with alternative logics, alternative arrangements of power, family, and meaning, and that confrontation is often where genuine learning begins.

Perhaps the strongest advice he gave concerned the pursuit of a doctorate. When Aare Dele Momodu spoke of his desire to pursue a PhD, Professor Adeniyi’s response challenged a growing culture in which academic qualifications are sometimes pursued as symbols of prestige rather than vehicles of inquiry. A PhD earned for the title that follows a name produces a credential without a contribution. A PhD earned out of genuine curiosity produces new knowledge and, more importantly, sustains the kind of intellectual restlessness that defines a thinking life. Professor Adeniyi’s counsel was that one should choose a field that strikes them professionally and personally, something that connects to lived purpose rather than social signalling, because the value of advanced study lies in the questions it forces a person to keep asking long after the degree is conferred.

Professor Abiodun did not reserve his counsel for matters of scholarship alone. Turning to the younger staff in the room, Professor Adeniyi offered something closer to reassurance than instruction, that everything they are currently going through, the uncertainty, the striving, the sense of being far from where they hope to be, is a phase both he and Aare Dele Momodu have lived through themselves. It was a reminder that ambition rarely moves on a straight or visible timeline. The goals and dreams that feel distant now are not denied, only delayed, and what stands between the present moment and their fulfilment is simply time and dedication, applied without pause.

 

Underneath all these threads, travel, documentation, the meaning of scholarship, was a single, unifying idea about legacy. Legacy isn’t what people say about you. It’s what remains after you leave. This distinction matters because praise is temporary and circumstantial, shaped by mood, politics, and memory’s natural decay. What remains, however, is structural. It is the book on a shelf, the institution still running, the idea still being taught.

This is where the conversation returned, inevitably, to the Centre itself. The library. The scholars’ rooms. The conversations. The institution. Professor Adeniyi appeared genuinely moved by what he encountered, not by the scale of the buildings, but by what the buildings were designed to hold. Perhaps that is why Professor Adeniyi appeared genuinely moved by the Centre. It was never merely about architecture. It was about permanence. Buildings become legacy only when they preserve ideas.

Every visit leaves footprints. Some are physical. Others are intellectual. Professor Abiodun Adeniyi’s visit left the latter.

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