The signing of the Money Laundering (Prevention and Prohibition) Bill, 2022, the Terrorism (Prevention and Prohibition) Bill, 2022, and the Proceeds of Crime (Recovery and Management) Bill, 2022 into law by President Muhammadu Buhari is one of the trending stories in Nigerian newspapers on Friday.
The Punch reports that President Muhammadu Buhari on Thursday, signed into law, three bills; the Money Laundering (Prevention and Prohibition) Bill, 2022, the Terrorism (Prevention and Prohibition) Bill, 2022, and the Proceeds of Crime (Recovery and Management) Bill, 2022.
According to a statement signed by the Special Adviser to the President on Media and Publicity, Femi Adesina, the pieces of legislation are meant to improve the anti-money laundering and counter-terrorist financing/proliferation financing framework in the country.
The statement was titled, ‘In the renewed fight against money laundering, terrorism and other financial crimes, President Buhari signs three bills into law.’
Speaking at a signing ceremony at the Council Chamber, State House, the President described the bills as being in tandem with his regime’s commitment to fighting corruption and illicit financing activities, as well as critical to the governance agenda and the development of Nigeria.
He said, “The new laws have provided enough punitive measures and containment strategies against abuses and compromises.
“We will not rest until we rid the nation of the menace of money laundering, terrorism, and other financial crimes.
“The signing of these bills into law today not only strengthens the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) framework in the country but addresses the deficiencies identified in Nigeria’s 2nd round of Mutual Evaluation as assessed by Inter-Governmental Action Group Against Money Laundering in West Africa on compliance with the Financial Action Task Force global standards.
The newspaper says that the Norwegian Agency for Development Cooperation has called for improved soil fertility to boost cocoa production in Nigeria and other cocoa-producing countries in Africa.
A Senior Adviser at NORAD, Daniel van Gilst, on Thursday at the 2022 CocoaSoils Forum held at the International Institute for Tropical Agriculture, Ibadan said there was the need for an alternative to chemical fertilizers.
He said the war in Ukraine and other factors had caused inorganic fertilizers to be more expensive and unavailable in some countries.
He said, “The steady increase of energy prices over time and the recent war in Ukraine, has caused fertilizer and other input costs to soar in price. Availability of inputs is also becoming difficult in some countries. This will affect access and consequently will affect the cocoa production negatively.
“There is, therefore, a need to look at alternatives to chemical fertilizers. There is a need to look at the production system. Is it sustainable under the present and near future conditions? Should satellite trials include other/different trials that could assist farmers in financially stressed times – like Biochar As a way to see if it should be taken up by a core trial?
“Sustainable cocoa systems which people can live off and is not harmful to the environment is our goal – All aspects of that production system need to be under the loop.”
The Sun reports that the African Development Bank (AfDB) says the cost of bread is now beyond the reach of many households in Africa due to food price increases caused by the Russia-Ukraine conflict.
Dr Akinwumi Adesina, the President of the Bank’s Group, said this in a speech posted on AfDB’s official Twitter handle on Thursday.
Adesina delivered the speech at the United States Senate Appropriation Sub-Committee on State and Foreign Operations with the theme: “Global Food Security and COVID-19 Crises: U.S. Response and Policy Options’’.
He said that Ukraine exported 40 per cent of its wheat and corn to Africa.
Adesina quoted the United Nations as saying “15 African countries imported more than half of their wheat, and much of their fertilisers and oil from Ukraine and Russia.’’
He said that the continent was also dealing with a 30 million metric tonnes loss of wheat and corn that would not come from Russia as the conflict raged.
According to him, the economic shocks from the Russian war in Ukraine are causing all of us to pay more to put food on the table.
“The magnitude of food price increases and trade disruptions caused by the Russian-Ukraine conflict have hit Africa harder than other developing regions.
“This is threatening to topple the continent’s food systems already stressed by the COVID-19 pandemic,” he said.
The Guardian says that some stakeholders have described as obscene, money laundering scheme, investment and fund-raising tactics, the rave purchase of nomination forms and the slush fund in the hands of political parties ahead of 2023 general elections is creating fresh worries of a situation that could harm national development and the nation’s economy, financial experts and civil society organisations have said.
From indications, The Guardian’s estimates show that the ruling party, All Progressives Congress (APC) stands to earn nothing less than N32.1 billion from sale of nomination forms to aspirants across all offices, from presidential, Senate, House of Representatives, governorship to state Houses of Assembly.
While the forms sell for N100 million for presidential, governorship goes for N50 million, Senate for N20 million, N10 million for House of Representatives and N2 million for House of Assembly.
More than 27 presidential aspirants already picked the form, totaling over N2.7 billion, at least three aspirants are expected across the 36 states (108 aspirants) for governorship, totaling N5.4 billion and at least three forms are also expected to be picked for 109 Senate seats (327) standing at N6.5 billion.
For the House of Representatives, which has 360 slots, at least three aspirants are expected (1,280) per Federal Constituency, bringing the earning to N12 billion and in the Houses of Assembly where there are 990 seats, at least three aspirants each totaling 2,970 aspirants are expected, bringing the earnings to N6 billion. The ruling party is therefore projected to raise N32.1 billion.
The major opposition party, Peoples Democratic Party (PDP), is expected to raise nothing less than N11.8 billion with N680 million already raised from presidential aspirants. At least, N2.2 billion is expected from governorship forms, N1.1 billion from Senatorial aspirants, N3.2 billion from House of Representatives aspirants and N4.5 billion from House of Assembly aspirants. These are projected to bring total earnings of PDP to N11.9 billion.
This development is coming at a time Nigeria’s economy has been struggling and currently faced with yearly widening budget deficit, rising inflation that has worsened prices of food items and other products, high foreign exchange, unemployment rate standing at 33.3 per cent, debt burden at a time President Muhammadu Buhari has already approached the National Assembly to borrow N965.42 billion from the domestic market to fund the deficit in the 2022 budget.
The Catholic Bishop of Sokoto Diocese, Matthew Hassan Kukah, has expressed worry over the huge amount being charged for presidential nomination forms by both APC and PDP, saying the country may soon jettison democracy for plutocracy.
Speaking on the topic ‘Citizens Participation in a Democracy’ during a brief ceremony to mark the 60th birthday of veteran civil society activist and Director of the Policy and Legislative Advocacy Centre (PLAC), Mr. Clement Nwankwo, the Bishop said Nigeria cannot get citizens’ participation in governance right if people don’t believe in the constitution or electoral process.
“We went for democracy because we think it is the best form of government, but as it is now, if you want to declare interest to participate in the process or to pick your expression of interest form, despite the quality of your certificate, you must have a deep pocket.”
GIK/APA