Business

IMF Chief Resigns To Defend Self

Published

15 years ago

May 20, 2011

The head of the International Monetary Fund (IMF) has tendered his resignation amid mounting calls. In a brief letter to the IMF executive board late Wednesday, Dominique Strauss-Kahn proclaimed his innocence.

He said he was stepping down to “protect this institution which I have served with honour and devotion, and especially…I want to devote all my strength, all my time and all my energy to proving my innocence.”

“To all, I want to say that I deny with the greatest possible firmness all of the allegations that have been made against me,” he said.

The resignation came as his attorneys are preparing to appeal Thursday to New York’s Supreme Court to release their client on bail.

He has agreed to post $1 million in cash, to be confined to home detention in Manhattan with electronic monitoring and to turn over his U.N. travel document to “eliminate any concern that Mr Strauss-Kahn would or could leave this court’s jurisdiction,” attorney Shawn P. Naunton wrote in the appeal.

A tentative deal was in the works that could result in his release on bail as early as Thursday, a source close to the defense told CNN.

The appeal adds a number of conditions, including electronic monitoring, which were not in a bail request turned down Monday by a criminal court judge in Manhattan.

The appeal to the state Supreme Court describes the accused as “a loving husband and father, and a highly regarded international diplomat, lawyer, politician, economist and professor, with no prior criminal record.”

It also said Strauss-Kahn has been married for more than a decade and has four children from a prior marriage, one of whom is a graduate student at Columbia University in New York.

The case has captured worldwide attention since Strauss-Kahn was pulled off an airplane and charged with the sexual assault and attempted rape of a 32-year-old Guinean maid in his hotel suite.

His arrest has set French political circles abuzz as the international economist was widely considered the French Socialist Party’s best hope to unseat President Nicolas Sarkozy in next year’s elections.

Calls for Strauss-Kahn’s resignation have mounted in recent days.

U.S. Treasury Secretary Timothy Geithner said Strauss-Kahn was “obviously not in a position to run the IMF.”

Austria’s finance minister Maria Fekter urged him to step down.

“He should think about whether he is damaging the institution,” Fekter said.

Analysts suggest his career and political future are in jeopardy, if not already dead.

“I do not see how he can perform his duties as director of the IMF,” Jean-Francois Cope, secretary-general of France’s ruling UMP party, told reporters Wednesday.

“So, by definition, this issue should be resolved in the coming days.”

Prosecutors allege that a naked Strauss-Kahn, 62, chased the housekeeping employee through his Manhattan hotel suite on Saturday and sexually assaulted her.

But his attorney Benjamin Brafman disputed the allegation, saying “forensic evidence, we believe, will not be consistent with a forcible account, and we believe there is a very, very defensible case.”

The IMF chief faces an array of charges, including two counts of first-degree criminal sexual act, one count of first-degree attempted rape, one count of first-degree sexual abuse, one count of second-degree unlawful imprisonment, one count of forcible touching and one count of third-degree sexual abuse.

Strauss-Kahn is accused of attacking the maid about noon, shortly before he checked out of the Sofitel. After lunch, he was driven to John F. Kennedy International Airport and boarded an Air France flight, authorities said.

As he sat in first class awaiting takeoff and a planned meeting the next day with German Chancellor Angela Merkel in Berlin, followed by a meeting with European finance ministers on Monday in Brussels, his world of luxury and power came crashing down.

Police, alerted by hotel staff to the maid’s accusations, ordered him off the plane and placed him in custody.

Strauss-Kahn was examined for scratches and DNA samples were taken, and investigators searched for other evidence in the suite, including possible bodily fluids from both individuals, a law enforcement official told CNN.

He consented to the testing after investigators prepared a search warrant, said the official, who spoke on condition of anonymity. The official was not authorized to release the information.

Business

Customs Seek Support To Curb Smuggling In Ogun

Published

11 hours ago

February 13, 2026

The Tide

The Nigeria Customs Service(NCS), Ogun 1 Area Command, has solicited support in fighting smuggling and other economic crimes at the Nations border.

The Area Comptroller, Olukayode Afeni made the appeal in an interview with Newsmen in Idiroko, Ogun.

The comptroller stressed the need for the public to provide timely and reliable information to the Service, saying noting that fighting smuggling is a collective effort

“I urge the general public to join hands with NCS by providing timely and credible information that would help toward suppressing smuggling and other economic crimes.”

“Together, we can build a prosperous nation where compliance is the norm, and criminality has no place,” he said.

Afeni reiterated the command’s commitment to combat smuggling, and facilitating legitimate trade, as well as generate revenue for national development.

Chinedu Wosu

Business

IFAD: Nigeria Leads Global Push For Youth, Women Investment In Agriculture

Published

12 hours ago

February 13, 2026

The Tide

The 49th Session of the International Fund for Agricultural Development (IFAD) Governing Council has concluded in Rome, with Nigeria taking a prominent leadership role in advancing global agricultural development priorities, particularly strategic investment in youth and women.

The biennial meeting, themed “From Farm to Market: Investing in Young Entrepreneurs,” underscored the growing recognition of young people as critical drivers of job creation, innovation, and inclusive economic growth across global food systems.

The session opened with the election of Nigeria’s Minister of Agriculture and Food Security, Senator Abubakar Kyari, as Chairperson of the IFAD Governing Council.

Having previously served as Vice Chair, his emergence as Chairperson reflects the strong confidence reposed in Nigeria by Member States, recognising the country’s constructive engagement and leadership in promoting global food security.

In his acceptance remarks, Senator Kyari expressed deep appreciation to Member States for the trust placed in him, pledging to serve with humility, diligence, and a strong commitment to improving the livelihoods of rural women and men across the world.

Addressing delegates during the session, the Chairperson emphasised that prioritising youth and women in agriculture is key to unlocking economic opportunities, accelerating innovation, and driving inclusive growth.

He noted that such investments would ultimately strengthen global food systems while helping to reduce hunger and poverty.

Senator Kyari also commended President Bola Ahmed Tinubu for placing food security at the centre of Nigeria’s national priorities.

He noted that Nigeria’s leadership role at IFAD aligns with the President’s directive to boost agricultural productivity, expand economic opportunities for youth and women, and build resilient food systems capable of withstanding climate and market shocks.

The Minister further praised the IFAD Nigeria Country Office, led by Country Director Ms Dede Ekoue, for translating global development commitments into measurable outcomes for rural communities.

He highlighted the office’s role in strengthening agricultural value chains, empowering youth and women, and improving resilience among smallholder farmers nationwide.

Business

Expert Tasks FG On Food Imports To Protect Farmers

Published

13 hours ago

February 13, 2026

The Tide

The Federal Government has been urged to balance consumer protection with farmers’ sustainability by ensuring timely food imports, input subsidies expansion and price stabilisation mechanisms to secure investments across the agricultural value chain.

An agriculture expert, Dr Fatai Afolabi, gave the advice at a forum organised by the Plantation Owners’ Forum of Nigeria (POFON), in collaboration with the Oil Palm and Other Oil Seeds Value Chain, themed ‘Current Government Food Strategy, the Concomitant Effects and Implications for Food Security in Nigeria’, and held in Lagos, Wednesday.

Afolabi cautioned that the recent food import policies, while easing consumer prices, could undermine local farmers and long-term food security if not carefully managed.

He noted that Nigeria’s food system was navigating an exceptionally difficult period, marked by inflationary pressures, climate variability, insecurity in major food-producing regions, and rising energy and logistics costs.

He said the Federal Government’s decision to temporarily relax restrictions on selected food imports was understandable, noting that the market had responded swiftly with a reduction in prices of major staples.

However, the convener observed that while the policy had brought much-needed relief to consumers, it posed significant challenges for local farmers and agriculture value chain investors.

“While output prices have fallen, the cost of producing food in Nigeria remains stubbornly high.

“Farmers continue to contend with expensive fertilisers, rising transport costs, costly improved seeds and agrochemicals, limited access to affordable credit, poor electricity supply, weak road infrastructure, and inadequate storage and processing facilities, which result in significant post-harvest losses.

“This situation, where farmers sell produce at declining prices while production costs remain elevated, has created widespread distress across agricultural ecosystems,” he said.

Afolabi said the effects were being felt across all segments of agriculture, with rice farmers among the hardest hit.

He said reports from producing states indicated that about 3,500 rice farmers were considering exiting rice cultivation after incurring estimated losses of over N93 billion.

He added that cassava farmers were selling produce at prices that barely covered harvesting costs, leaving them unable to recover their investments.

According to him, vegetable and edible oil producers are also under pressure as imported vegetable oil brands reduce demand for locally processed alternatives.

He added that cocoa farmers continue to battle price volatility in international markets amid rising domestic labour and maintenance costs.

Afolabi noted that tree crops such as oil palm and cocoa, which require long gestation periods, were particularly vulnerable to sudden market disruptions that undermine investor confidence and discourage new investment.

He said the effects extended downstream to agro-processing and value addition, with soybean farmers supplying vegetable oil processors experiencing reduced demand and lower prices.

He said the development threatened not only farm incomes but also rural employment and agro-industrial growth, raising concerns about national food security.

According to him, sustained losses could force farmers out of production, increasing Nigeria’s dependence on food imports and exposing the country to global supply shocks, foreign exchange pressures and long-term vulnerabilities.

Afolabi cited India and the Netherlands as countries offering useful lessons in balancing consumer protection with farmer sustainability.

He said India deploys food imports strategically during shortages, while complementing them with strong domestic support systems.

He added that the Netherlands, despite being one of the world’s leading agricultural exporters, supports farmers through input subsidies, tax incentives, affordable energy, strong cooperatives, and close integration with research and extension services.

He said agricultural students in both countries also benefit from subsidised tuition, transportation and meals, as well as grants and start-up support for farm enterprises.

“This approach ensures generational continuity and innovation in the agricultural sector,” he said.

Afolabi said Nigeria’s current food import policy could play a stabilising role if complemented by deliberate measures to protect local producers.

He recommended carefully timed imports to avoid peak harvest periods, strengthened price stabilisation mechanisms, aggressive subsidies for critical farm inputs, and support for agro-processors to remain competitive.

He also called for clear communication of policy intentions to reassure farmers that import measures were strategic and temporary.

“Food imports should function as a strategic shock absorber rather than a permanent market feature.

“Government should develop and publish a national crop production and harvest calendar for major staples and align import decisions with documented supply gaps.

“Affordable food and profitable farming are not mutually exclusive goals. With thoughtful coordination and sustained support for farmers, Nigeria can achieve both,” he said.