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U.S. Treasury Official Harps on Safeguarding Nigeria’s Financial Sector to Combat Corruption

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U.S. Treasury Official Harps on Safeguarding Nigeria's Financial Sector to Combat Corruption

U.S. Treasury Official Harps on Safeguarding Nigeria’s Financial Sector to Combat Corruption

In a recent meeting with Mr. Gregory LoGerfo, the deputy coordinator for the Bureau of Counterterrorism overseeing Regional and Multilateral affairs in Nigeria, Mr. Eric Meyer, U.S. Treasury Deputy Assistant Secretary, underscored the critical importance of securing Nigeria’s financial sector in the fight against corruption.

Meyer highlighted the need to root out bad actors who exploit the financial sector for illicit activities like terrorism support, money laundering, and corruption. He emphasized the U.S. Department of the Treasury’s commitment to fortifying Nigerian financial and law enforcement institutions in the battle against corruption and illicit finance.

He stated, “We will share information on identified risks and vulnerabilities resulting from bad actors who persistently misuse Nigeria’s financial sector for corrupt practices. Our collaboration with the Nigerian government aims to combat money laundering and terrorism financing.”

Meyer further emphasized that the U.S. Department of the Treasury is actively working to strengthen partnerships with Nigeria, with the aim of generating increased investment and opportunities for both nations. He outlined key areas of focus, including a stable Naira, a strategic fiscal plan for vital investments in infrastructure and social services, eradicating corruption, and safeguarding the integrity of Nigeria’s financial system.

In his remarks, Mr. Gregory LoGerfo expressed pride in the U.S.’s substantial investments in Nigeria, totalling over $5.5 billion in foreign direct investment. He highlighted Nigeria’s significance as the U.S.’s second-largest trading partner in Africa, with bilateral trade surpassing $10 billion. Additionally, he noted Nigeria’s pivotal role as the second largest U.S. export destination in Sub-Saharan Africa, reaching $3.4 billion in 2022.

LoGerfo recognized the active involvement of prominent American companies in Nigeria, including Google, Microsoft, Corning, Equinix, and others, who have demonstrated a strong commitment to Nigeria’s digital economy. He also emphasized Nigeria’s eligibility for preferential trade benefits under the African Growth and Opportunity Act (AGOA).

In conclusion, LoGerfo reiterated the U.S.’s dedication to collaborating closely with Nigeria to create a secure environment conducive to economic growth and development, emphasizing the critical role of eliminating financial insecurities in achieving this goal.

U.S. Treasury Official Harps on Safeguarding Nigeria’s Financial Sector to Combat Corruption
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China Introduces Instant Tax Refunds for Foreign Tourists to Boost Shopping Experience

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China Introduces Instant Tax Refunds for Foreign Tourists to Boost Shopping Experience

China has revamped its tax refund policy for foreign tourists, shifting from a refund-upon-departure model to a more convenient refund-upon-purchase system, according to the State Taxation Administration (STA).

The STA announced on Tuesday that under the new system, foreign visitors can now claim Value Added Tax (VAT) rebates instantly at designated tax-free stores. This change allows tourists to use their refunded amount immediately for additional shopping, enhancing their overall experience in China.

Previously, VAT rebates could only be withdrawn upon departure, but with the new policy, tourists will be able to access their refunds in real-time during their stay. The policy, which was initially tested in cities like Shanghai, Beijing, and Guangdong, has now passed all operational requirements and will be rolled out nationwide.

The STA emphasized its dedication to improving policy guidance and simplifying refund procedures to better serve international visitors.

Li Xuhong, Vice-President and Professor at the Beijing National Accounting Institute, welcomed the change, stating that the nationwide implementation would raise China’s tourism service standards. “It will foster a friendly, efficient, and convenient tourism environment,” Xuhong added.

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Nigeria Reaffirms Commitment to One-China Policy Amid Taiwan’s Trade Office Claims

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Nigeria Reaffirms Commitment to One-China Policy Amid Taiwan's Trade Office Claims

Rep. Jaafaru Yakubu, Chairman of the House of Representatives Committee on China-Nigeria Parliamentary Relations, has reiterated Nigeria’s firm commitment to the One-China Policy, following recent comments by Taiwan’s Trade Mission Head in Nigeria, Andy Yih-Ping Liu.

Speaking in Abuja on Tuesday, Yakubu firmly declared that Nigeria continues to recognize Taiwan as an integral part of the People’s Republic of China. He rejected Liu’s claim that Taiwan was not part of China, labelling it as “propaganda” aimed at undermining the strong diplomatic ties between Nigeria and China.

“For the record, United Nations General Assembly Resolution 2758, adopted in 1971, recognised the People’s Republic of China as the sole legitimate representative of all of China, including Taiwan,” Yakubu stated. “The One-China Policy remains the cornerstone of China-Nigeria relations.”

He emphasized that since Nigeria and China established diplomatic ties in 1971, the country has consistently upheld this principle. “Efforts by Taiwan’s trade office to challenge this stance are futile and will not succeed,” Yakubu added.

Yakubu criticized Liu’s comments as an attempt to draw Nigeria into China’s internal matters, accusing the Taiwanese official of deliberately sowing discord and provoking a diplomatic rift. “Nigeria’s relationship with China is built on mutual respect and non-interference in each other’s political matters,” he said.

In response to Liu’s claim that China acted as a bully, Yakubu pointed to the positive trajectory of Nigeria-China relations. “Contrary to these baseless assertions, Nigeria has enjoyed a mutually beneficial partnership with China, yielding tangible results for both nations. Since 1971, our ties have grown significantly.”

He highlighted the strategic nature of the partnership, referencing the elevation of the relationship to a Comprehensive Strategic Partnership during the 2024 FOCAC Summit in Beijing. “Today, Nigeria stands as China’s second-largest trading partner in Africa, with bilateral trade surpassing 20 billion dollars,” Yakubu noted.

Furthermore, Yakubu praised China’s role in Nigeria’s infrastructural development, with investments in sectors such as rail networks, roads, ports, power stations, and water treatment facilities.

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Shettima Warns Media Against Romanticising National Challenges

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Shettima Warns Media Against Romanticising National Challenges

Vice President Kashim Shettima has cautioned Nigerian media practitioners against the growing tendency to romanticise serious national issues, describing the trend as a dangerous departure from the media’s constitutional duty of promoting truth and accountability.

Represented by his Special Adviser on Special Duties, Modibbo Umar, the Vice President issued the warning on Tuesday while delivering a speech at the 17th LEADERSHIP Conference and Awards held at the Old Banquet Hall of the State House, Abuja.

“We must resist the temptation to romanticise serious national issues or frame them in ways that distort public understanding,” Shettima said. “Doing so only weakens the fabric of our democracy and derails our collective efforts at nation-building.”

The Vice President’s remarks came as stakeholders in governance, business, and civil society gathered to reflect on the theme of the event, “Challenges and Opportunities in Nigeria’s Fiscal Federalism.” The conference provided a platform for thoughtful engagement on some of the country’s most pressing issues, with a focus on the responsibilities of leadership at all levels.

Shettima also used the occasion to commend LEADERSHIP Newspapers Group for its consistent contributions to national discourse and its commitment to celebrating excellence in leadership.

“I commend LEADERSHIP Newspaper for the vision to convene this vital discourse and for shining the light on those who have chosen to lead with courage and competence. May we never tire of striving for a better Nigeria,” he said.

The annual LEADERSHIP Conference and Awards continues to be a major event that brings together influential voices to deliberate on national progress and honour individuals and institutions making meaningful impact in society.

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