This is an article I wrote in Foreign Policy about the role that Western countries play in African corruption.
It’s no secret that corruption is a problem in Africa. Some $50 billion in illicit finance flows out of the continent every year, according to the United Nations. In the first 40 years of independence alone, Nigeria’s leaders stole or
squandered an estimated $400 billion. But as the barbed comments from Buhari imply, these leaders had accomplices in the West. Britain and other developed countries are not the cause of Africa’s corruption, but they are certainly an impediment to its eradication.
African governments are fighting a battle on two fronts. Even when they successfully prosecute corruption at home, they often have to restart litigation in foreign countries to have any hope of accessing the stolen funds. In other words, they must litigate every crime twice: domestically to secure a conviction, and abroad to recover the money. This all but ensures that the stolen funds won’t be repatriated in full, since foreign lawyers typically collect a percentage of the money they recover. For African governments, illicit financial flows are lose-lose. But for Western firms, they’re win-win: There are profits to be made whether or not the money is eventually recovered and returned.
Sub-Saharan Africa will be home to seven of the world’s ten fastest growing economies in the next five years. At a recent Thomson Reuters event, U.S. Sen. Christopher Coons joins top African investment managers and business leaders before a live audience to identify key opportunities and ways to address risks, in a panel moderated by Reuters Editor-at-Large Sir Harold Evans. The video features local investors such as Yemi Lalude of Adlevo Capital and Bismark Rewane of Financial Derivatives Company Limited as well as a number of Africa focused foreign investors. Watch the video below.
Is the new 5000 Naira note a good or bad thing? Some at the lower end of the income scale say a 5000 Naira note is superfluous since many Nigerians do not have enough money to make frequent use of it. Others argue that as Nigeria has a rapidly expanding middle class and upper class, the note will be of use to the higher income strata and will reduce bank costs of handling smaller denominations.
In other news, Dangote is apparently in talks with South African company Tiger Brands to sell a controlling stake in his flour company Dangote Flour Mills PLC for about $125 million dollars.
He also plans to spend $7.5 billion dollars in the next 4 years to expand his business.
Mobutu Sese Seko, Abacha and Babangida are there…
Nafissatou “Nafi” Diallo, the hotel maid at the Sofitel who accused Dominique Strauss-Kahn of rape has finally shown her face and gone public with her allegations of sexual assault against Strauss-Kahn. Watch the video of her televised interview at the li
Contrary to the media reports, she is NOT HIV+.