“This Particular President is not corrupt”

By Ugo Nwagwu

Earlier today, the British Prime Minister, David Cameron was caught on camera in a conversation with her Majesty, the Queen of England saying,

“We’ve got some leaders of some fantastically corrupt countries coming to Britain… Nigeria and Afghanistan, possibly the two most corrupt countries in the world.”

Nigerian President Muhammadu Buhari, said he was “shocked” when told of the remarks.

This is a classic definition of a “gaffe”. The term gaffe often refers to a politician carelessly saying something publicly that they privately believe is true, but would ordinarily not say because it is potentially politically destructive.

The Fallout

Well, the fallout of such a remark is not likely to be significant, it has drawn a lot of comments from Nigerian from all over the globe. Some have even cited David Cameron’s implicit association with the Panama Papers (amid reports that his father opened a shell corporation for him) as reasons why his statements are hypocritical. Others have pointed to Transparency International’s 2015 corruption perception index which places Nigeria at 136 (the higher the number, the more corrupt you are in ranking among other countries).

Good News?

Lost in the shuffle in large part is a comment, Archbishop of Canterbury Justin Welby made shortly after Cameron’s statement, “But this particular president is not corrupt… he’s trying very hard,” right before Speaker John Bercow said: “They are coming at their own expense, one assumes?”

The prime minister appeared to agree with the Archbishop of Canterbury indicating that Nigeria’s current president is working hard to fix the reputation, which was one of the anchors of his campaign for President. That mantra is widely attributed to bringing about the first party regime change since Nigeria’s return to democracy in 1999.

Conclusion

There’s little doubt that every major player in Cameron’s statement comes out looking bad including Cameron himself. But maybe these are the kind of moments to should cause Nigeria and Nigerians to look in the mirror and work together towards fixing our reputation abroad and maybe the next time a comment like this is made, more people like the Archbishop will chime up in defense of the progress we have made.

21 Questions Nigerians Need To Answer Immediately

By Ugo Nwagwu – 21 Questions Nigerians Need To Answer Immediately…according to Twitter

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21. One more…

Oil producers risk new crude price collapse

Producing nations risk an oil bust if they don’t reach a freeze agreement of some sort when they meet in Doha, Qatar, this weekend.

Market expectations are high and rising for a deal, and crude futures have been climbing as a result, but an accord that would halt production growth will be difficult to reach and difficult to keep. Even if there is an agreement among OPEC and non-OPEC producers, capping production would still leave a glut of oil on the world market.

Oil saw its latest pop after Russia’s representative to OPEC was quoted by Interfax on Tuesday saying that Russia hopes to reach a deal even though there are disagreements between Saudi Arabia and Iran. West Texas Intermediate futures settled at $42.17 per barrel, their highest close since November. Brent rose close to $45 per barrel.

“I think with all the countries gathering, if there is not an agreement, prices will fall sharply and for each of them, it means new pain in their budget. It will hurt them a lot,” said Daniel Yergin, vice chairman of IHS. “Being able to sustain prices convincingly above $40 is very much in their interest.”

Oil is now up 60 percent from where it bottomed in February, just five days before Saudi Arabia, Russia, Qatar and Venezuela said they would freeze production if others participated.

“I think there’s a lot invested now in a successful conclusion to this meeting so it would seem real easy to disappoint come Monday,” said John Kilduff, partner at Again Capital. Analysts say oil has seen most of the gains it would get from a freeze agreement, and Kilduff believes it could even trader lower on the news.

Some analysts do not expect a deal, and others say it’s still unclear how close the key players are to an accord. Interfax also reported that Russia said Iran was not critical to a production deal.

“The headlines are just reflecting the optimism from the Russian camp,” said Chris Weafer, senior partner at Macro-Advisory. “The Russians say there will be a freeze agreement because they want one, and they have no other choice. It’s quite clear that the Saudis don’t want to go to this meeting. This is something they’ve been almost dragged into, and they’ve indicated they prefer decisions stay within OPEC.”

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