Nigeria

One Hundred and Twentieth Sovereign Debt News Update: Nigeria’s Debt to GDP Ratio Goes Beyond 50% Against a 40% Limit

The African Sovereign Debt Justice Network, (AfSDJN), is a coalition of citizens, scholars, civil society actors and church groups committed to exposing the adverse impact of unsustainable levels of African sovereign debt on the lives of ordinary citizens. Convened by Afronomicslaw.org with the support of Open Society for Southern Africa, (OSISA), the AfSDJN's activities are tailored around addressing the threats that sovereign debt poses for economic development, social cohesion and human rights in Africa. It advocates for debt cancellation, rescheduling and restructuring as well as increasing the accountability and responsibility of lenders and African governments about how sovereign debt is procured, spent and repaid.

One Hundred and Fifteenth Sovereign Debt News Update: South Sudan, Nigeria, DRC, and Angola Resort to Collateralized Loans

The African Sovereign Debt Justice Network, (AfSDJN), is a coalition of citizens, scholars, civil society actors and church groups committed to exposing the adverse impact of unsustainable levels of African sovereign debt on the lives of ordinary citizens. Convened by Afronomicslaw.org with the support of Open Society for Southern Africa, (OSISA), the AfSDJN's activities are tailored around addressing the threats that sovereign debt poses for economic development, social cohesion and human rights in Africa. It advocates for debt cancellation, rescheduling and restructuring as well as increasing the accountability and responsibility of lenders and African governments about how sovereign debt is procured, spent and repaid.

Symposium on IFFs: Piercing the Veil of Secrecy in Illicit Financial Flows

In the last decade, there have been seven major leaks of financial documents in tax havens which have exposed the international web of financial flows, mechanisms to facilitate these flows and the major role players in these activities. In each leak, questions often arise on how both legal loopholes and illicit means are used to facilitate the outflow of funds from low- and middle-income countries to tax havens by corporations, wealthy individuals, and politically exposed persons (PEPs). These leaks are often the result of whistleblower-led investigations and the release of these financial documents has become a primary resource in understanding how financial corruption works globally. The effects of these leaks have seen heads of government sacked or resigned in some cases while little to no action takes place in other countries. However, what is undeniable is the role of whistleblowers is increasingly becoming central to curbing illicit financial flows (IFFs) especially as the global digital economy and stronger privacy-enhancing technologies make the detection of IFFs harder. Within Africa, very few countries have comprehensive national laws for whistleblowers despite the majority ratifying international agreements for the protection of whistleblowers. Using Nigeria, Kenya, and South Africa as case studies, this note reviews the regulatory landscape in the countries and the extent to which current laws and practices aid or hinder whistleblowing on IFFs.

One Hundred and Thirteenth Sovereign Debt News Update: African Countries and Eurobonds: An Avalanche of Buybacks in 2024

The African Sovereign Debt Justice Network, (AfSDJN), is a coalition of citizens, scholars, civil society actors and church groups committed to exposing the adverse impact of unsustainable levels of African sovereign debt on the lives of ordinary citizens. Convened by Afronomicslaw.org with the support of Open Society for Southern Africa, (OSISA), the AfSDJN's activities are tailored around addressing the threats that sovereign debt poses for economic development, social cohesion and human rights in Africa. It advocates for debt cancellation, rescheduling and restructuring as well as increasing the accountability and responsibility of lenders and African governments about how sovereign debt is procured, spent and repaid.

One Hundred and Eighth Sovereign Debt News Update: Nigeria’s Public Debt to hit N95trn as Senate Approves President Tinubu’s Request to Securitise N7.3 trillion owed to the Central Bank

It remains imperative for both the executive and lawmakers to find the political will to push for judiciousness in debt management; thus, eliminating the danger of excessive and unproductive debt. The government of Nigeria must adopt responsible borrowing practices in order to arrive at a sustainable debt stock. As it stands, the Ways and Means advances facility may be prone to abuse if Presidents can easily approach the CBN for loans without repaying and transferring the burden to the average citizen. The AfSDJN recommends that the Tinubu administration only approaches the Central Bank as a “lender of last resort” in strict conformity with Section 38 (1) of the CBN Act. The Federal Government must devise more proactive ways of raising revenue to reduce such borrowing activities as it increases Nigeria’s debt servicing burden as highlighted. Convened by Afronomicslaw.org with the support of Open Society for Southern Africa, (OSISA), the AfSDJN's activities are tailored around addressing the threats that sovereign debt poses for economic development, social cohesion and human rights in Africa. It advocates for debt cancellation, rescheduling and restructuring as well as increasing the accountability and responsibility of lenders and African governments about how sovereign debt is procured, spent and repaid.

The $11 Billion Dollar Question in The Federal Republic of Nigeria v. Process & Industrial Development: A Cultural Analysis

“You want to tell us you don’t want to sow, you want to reap” asked the Nigerian appointed arbitrator, Chief Bayo OJO, during oral argument in the arbitration proceedings, to which Nigerian counsel, Chief Ayorinde, responded: “You cannot reap where you do not sow. That is a very Nigerian saying.” (Nigeria v. Process & Industrial Development, para. 360). The Chair of the Tribunal, Lord Hoffmann, then intervened with his own cultural reference and said: “There is a passage in I think it is Shakespeare’s Henry VI where one of the rebels says: ‘Isn’t it terrible that people should be able to get into such trouble just by signing a document? Let’s kill all the lawyers.’” (Nigeria v. Process & Industrial Development, para. 360). Perhaps, underneath all the arbitral extravagance and incalculable network of disturbing corruption lurks a least appreciated cultural milieu worth $11 billion dollars.

Judgment of Mr. Justice Robin Knowles CBE in The Federal Republic of Nigeria v Process & Industrial Developments Limited [2023] EWHC 2638

This case has also, sadly, brought together a combination of examples of what some individuals will do for money. Driven by greed and prepared to use corruption; giving no thought to what their enrichment would mean in terms of harm for others. Others that in the present case include the people of Nigeria, already let down in so many ways over the history of this matter by a number of individuals in politics and administration whose duty it was to serve them and protect them.

Book Review: Intellectual Property Law in Nigeria: Emerging Trends, Theories and Practice, D.O. Oriahkogha and A.I. Olubiyi (Benin City: Paclerd Press, 2023)

This is the second collaboration by experts in the field of IP law, Dr. Desmond Oriakhogba and Dr Ifeoluwa Olubiyi, who have come together again to make substantial changes to the first edition of their text which assessed the theories, practices, and emerging trends of IP law in Nigeria. In their resourceful second edition, the authors have taken upon themselves the responsibility of analyzing the dynamic realm of IP law, and how it continues to shape and protect IP property rights in an increasingly multifaceted and interrelated world. They recognize that the Nigerian IP law landscape will need to keep up with technological advancements in the space even as technology continues to develop.

Eighty Sixth Sovereign Debt News Update: Nigeria’s President Bola Tinubu Inherits a Debt to GDP Ratio of 38% Against a 40% Limit

The African Sovereign Debt Justice Network, (AfSDJN), is a coalition of citizens, scholars, civil society actors and church groups committed to exposing the adverse impact of unsustainable levels of African sovereign debt on the lives of ordinary citizens. Convened by Afronomicslaw.org with the support of Open Society for Southern Africa, (OSISA), the AfSDJN's activities are tailored around addressing the threats that sovereign debt poses for economic development, social cohesion and human rights in Africa. It advocates for debt cancellation, rescheduling and restructuring as well as increasing the accountability and responsibility of lenders and African governments about how sovereign debt is procured, spent and repaid.