Nigeria Gripped by ‘Civil War’ in Graft Fight: Lamido Sanusi...!!!

at 26-04-2013 05:45AM (6 years ago)

(7128 | Gistmaniac) (m)

Nigeria Gripped by ‘Civil War’ in Graft Fight: Lamido Sanusi


Bloomberg
April 25, 2013


Nigeria is gripped by a “civil war” over political patronage and the corruption it fuels, with government officials trying to end system-wide graft at risk of losing the battle, said central bank Governor Lamido Sanusi.

They “have to literally wage a war against those who believe that we should continue doing things the way they’ve always been done,” Sanusi, 51, said in an interview last month in Lagos, the commercial capital. “I don’t think the reformers are winning.”

Hopes for change have faded since 2011 when President Goodluck Jonathan promised to fight corruption and named Ngozi Okonjo-Iweala, a former managing director of the World Bank, as finance minister, Olusegun Aganga, an ex-Goldman Sachs (GS) managing director, as trade and investment minister, and retained Sanusi as central bank governor. Sanusi said on March 20 he won’t seek a second term when his contract ends in June 2014.

While the International Monetary Fund has praised the government’s “prudent macroeconomic policies,” corruption is costing Nigeria billions of dollars. The funds could be used to reduce the poverty that fuels insurgencies by the Islamist group Boko Haram in the north and militants in the southern oil-rich Niger River delta. As of 2010, more than 60 percent of Nigerians lived on less than $1 a day, up from 51.6 percent in 2004, according to the National Bureau of Statistics,

“Political corruption has always been one of the drivers of unrest and activism,” said Roddy Barclay, an analyst at Control Risks, a London-based business consulting group. “It plays into issues such as Boko Haram and the Niger delta militant campaigns.”

Foreign Bribes:
“They’re a tiny minority, because they are just like one island within a sea of graft,” he said. “There’s a well-entrenched system of graft and gratification system of corruption in place, and until it’s extricated, uprooted, individuals like Lamido Sanusi and Okonjo-Iweala will not make much difference.”
Nigeria’s 53 years of independence from the U.K. has been tainted by numerous examples of corruption, from the $5 billion Ajaokuta Steel plant that was never completed to last year’s conviction of former Delta state Governor James Ibori for 13 years in the U.K for stealing about $250 million of public funds.
Albert “Jack” Stanley, the former KBR Inc. (KBR) chief executive officer, was sentenced in February 2012 to 2 1/2 years in prison in the U.S. for bribing Nigerian officials to win $6 billion in natural gas contracts for the company and its partners.

“We just have to keep doing our best,” Sanusi said.“Everybody just has to keep trying not to give up and maybe something will give, and something has always given in the history of every country.”.....




winace at 26-04-2013 06:50AM (6 years ago)
(30152 | Addicted Hero) (f)

Sanusi if can tell ur northern theives owning oil blocks dat d oil belong to all of us and tell d ur president dat he shld flush all those short sighted and brainless politcians and advicers from his system , then nigeria is heading somewhere.
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