NATIONAL CONSCIENCE PARTY

MOTTO: ABOLITION OF POVERTY

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World Bank rates Nigeria second poorest nation

From Chinedu Uwaegbulam, New York Guardian News

YET, another World Bank report has put Nigeria at the lowest rung of the world's development ladder. The new publication released at the ongoing United Nations summit offers new estimates of total wealth including produced capital, natural resources and the value of human skills and capabilities, which show that many of the poorest countries in the world are not on a sustainable path.

It cites Nigeria as a resource-dependent nation, which could have produced capital five times higher than it did in 2000, if only it had made a moderate effort to save.

The document: "Where is the Wealth of Nations? Measuring Capital for the 21st Century" launched by the World Bank listed the top-10 richest countries and top-10 poorest countries. Sub-Saharan Africa dominates the latter, with Nigeria standing on the ninth position only before Ethiopia, which has the lowest level of total wealth.

Switzerland heads a list in which the top-10 performers are all Organisation for Economic Co-operation and Development (OECD) countries. European countries-of which two are Scandinavian-dominate the list and non-European economies are the United States and Japan.

Madagascar, Chad, Mozambique, Guinea Bissau, Nepal, Niger, Congo Republic, and Burundi are ahead of Nigeria in ranking. Their wealth per capital varies from $5,020 to $2, 859 while natural capital stood between 265 per cent and 42 per cent. The produced capital of the countries were put between 180 per cent and 6 per cent, and intangible capital 64 per cent and 39 per cent. Figures for Nigeria's wealth per capital are $2,748, natural capital 147 per cent, produced capital 24 percent and intangible capital is minus 71.

Although the statistics are four years late, World Bank officials defended the document saying, it is relevant as not much has changed in the countries listed in the report. "The calculations show how even a moderate saving effort, equivalent to the average saving effort of the poorest countries in the world, could have substantially increased the wealth of resource-dependent economies.

"In 2000, Nigeria, a major oil exporter, could have had a stock of produced capital five times higher.

Moreover, if these investments had taken place, oil would play a much smaller role in the Nigerian economy today, with likely beneficial impacts on policies affecting other sectors of the economy."

According to the World Bank, "the large share of natural resources in total wealth and the composition of these resources make a strong argument for the role of environmental resources in reducing poverty, fighting hunger, and lowering child mortality. The analysis in this volume proceeds from an overview of the wealth of nations to analyse the key role of the management of wealth through savings and investments. It also analyses the importance of human capital and good governance and engages finance ministries in developing a comprehensive agenda that looks at natural resources as an integral part of their policy domain."

Natural resource stock values are based upon country- Level data on physical stocks and estimates of natural resource rents based on world prices and local costs. Intangible capital, then, is measured as

the difference between total wealth and the other produced and natural stocks. The estimates of natural wealth are limited by data-fish stocks, and subsoil water over extraction are not measured in the estimates, while the environmental services that underpin human societies and economies are not measured explicitly.

"Everyday, decision makers in developing countries are faced with difficult choices regarding the exploitation of natural resources and the environmental impacts of development programmes and

policies," said Ian Johnson, World Bank Vice President for Sustainable Development. "But the tools currently being used are leaving out the natural resources stocks and intangible capital such as knowledge and skills. Sound management of ecosystems is key to a responsible path to growth. This publication challenges common assumptions about how nations generate their wealth."

Gov Alamieyeseigha Arrested in London

Bayelsa State Governor  Diepreye Alamieyeseigha was yesterday arrested in London, United Kingdom on allegation of money laundering. It could not be immediately confirmed if he was released yesterday or if he would be prosecuted in London.

THISDAY gathered from authoritative sources that Alamieyeseigha was arrested by men of the London Metropolitan Police yesterday afternoon at the Heathrow Airport on his way from Germany where he had gone for medical check up.

His arrest, a source said,  may not have been unconnected to the earlier interrogation of a lady who was said to have tried to transfer a huge sum of money believed to be between £10 million to £20 million from an account with the HSBC, a prominent bank in London.

The huge sum involved in the transaction had alerted the Metropolitan Police whose officers quizzed the lady. She was said to have revealed that she was only managing the account on behalf of Alamieyeseigha.

A source said since the lady's encounter with the Metropoli-tan Police, Alamieyeseigha had been on the watch list of the British law enforcement agencies.

Another source, however, added that Alamieyeseigha was taken to his house for a search after the arrest and that about one million pounds was found in a safe in the house.

Though this could not be independently confirmed, the source said the governor had been warned by his friends not to travel to Britain until investigations were concluded.

The British High Commissioner, Mr. Richard Gozney, yesterday confirmed that the Bayelsa state governor was questioned by the London Police. Gozney who spoke to THISDAY last night however refused to give further details on the arrest “because we have a strict policy of allowing the Police to explain themselves to the media”.

The envoy described the incident as a normal police work in Britain. The British government, Gozney said, is working closely with the Nigerian security agencies on “a collective effort by Nigeria to fight and eliminate trans-national crime”.

He, however, declined further comments saying “we do not comment on individual cases”.

A lady who spoke to THISDAY on phone from the London Metropolitan Police last night said she was aware further of the incident but could not give details. She then directed our reporter to the press section of the Scotland Yard where she said details of the case could be provided.

All efforts to get hold of any of the officers at the Scotland Yard however failed as the telephone was permanently on answering service. The Nigerian High Commission could not also be reached last night   for  comments.

There are however indications that Alamieyeseigha may not be released so soon for fear that he may jump bail and return to Nigeria where he enjoys immunity from civil and criminal prosecution as provided for in Section 181 of the constitution.

Attempts to get officials of Bayelsa State Government to react to the development proved abortive. Even several calls made to Alamieyeseigha by THISDAY were unsuccessful. The State Commissioner fior Information, Oronto Douglas is however, expected to address the press on the issue today.

There are unconfirmed reports that security has been beefed up in Bayelsa.

A few of the governor’s friends who were contacted in London to help reach him were not able to get across to him.

In 2003, the Independent Corrupt Practices Commission (ICPC) had quizzed Bayelsa State Government officials over the use of some phony companies not registered with the Corporate Affairs Commission (CAC) to secure multi-million naira contracts.

The various petitions bordering on corrupt practices almost stopped the renomination of Alamieyeseigha as Peoples Democratic Party (PDP) governorship candidate.

Also, last week, Bayelsa State Commissioner for Finance, Mr. Solomon Apreala, accountant general, Elder Steven Enanamu and Government House accountant, Olaitan Ikemike were arrested in Yenagoa, the state capital, by the Economic and Financial Crimes Commission (EFCC) and taken to Port Harcourt for interrogation over financial irregularities concerning the building of a Government House complex and an executive speed  boat for the governor.

Plateau State Governor Joshua Dariye had last year been arrested by the same London Metropolitan Police over allegations of money laundering and illegal transfer of funds.

But after his arrest, Dariye was released on bail and was to keep appointment with the London police. But he returned to Nigeria and has refused to make himself available for further interrogation by the London police.

Dariye was then on suspension from office following the declaration of a state of emergency in his state by President Olusegun Obasanjo. In an enquiry about his status from the Ministry of Foreign Affairs by the London Police, it was said that Dariye  enjoyed no immunity. It was argued that even if he was not suspended his immunity does not extend to a foreign country.