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Corruption Weakens Nations Growth- Christine Lagarde

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International Monetary Funds(IMF) boss, Christine Lagarde said that nations effort for sustainable development and growth, that benefits its people is weakened by corruption, as a result of its micro economics implications.

The consequences of corruption formed the basis of the keynote address delivered yesterday by the Managing Director of the Fund, Christine Lagarde at this year’s International Bar Association (IBA) Conference in Washington DC, United States of America (USA).

Lagarde, a lawyer, said public sector corruption is hard to measure; yet its economic and social costs are substantial and afflict economies at all stages of development.

Addressing over 6, 000 IBA delegates, she charged lawyers to embrace transparency in carrying out their functions.

She said: “The annual costs of bribery alone-a subset of corruption-is estimated at a massive $1.5 to $2.0 trillion, roughly two per cent of global Gross Domestic Product (GDP). And the impact goes well beyond these direct costs.”

She urged lawyers to shun corruption and ensure appropriate legal frameworks are put in place to tackle the vice.

“Addressing corruption and unethical behavior involves not only improving the quality of the legal framework but also the quality of the individuals who implement this framework,” she maintained.

On what IMF is doing to arrest the situation, Lagarde said the institution for the past two decades, has been actively engaged with member countries in addressing corruption.

“Our experience has shown that mitigating corruption requires a holistic and multifaceted approach, tailored to the specifics of each country,” she declared.

President of the IBA, Mr. David Rivkin noted that the year has been a challenging one for lawyers around the world. According to him, lawyers and judges have been imprisoned, disbarred and removed from office in China, Turkey, Venezuela, Egypt and elsewhere.

The IBA chief charged lawyers to be better ambassadors of the profession maintaining that one way to benefit lawyers under attack is for all to do a better job, explaining to the general public the important role that they play in defending everyone’s liberties, the time and expense they commit to defending those who cannot afford to pay them, and in making the law fairer and just for all.

Rivkin said: “By all means defend your clients’ interests, but do so in a way that respects the ethics and morality that we expect of one another. The law does not give us an excuse to turn a blind eye to what we know is right or wrong. In this respect, we will soon announce an important project to explore the proper ethical rules for lawyers in light of the disclosures of the Panama Papers, and also how government should properly fight corruption without infringing on the attorney-client privilege and professional secrecy that are vital to our serving our clients.”

Source: guardian.ng

NEWS

Banky W Elated After Undergoing 4th Successful Surgery For Skin Cancer

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Banky W elated after 4th successful skin cancer surgery | fab.ng

Nigerian singer and politician Banky W is celebrating a victory! After successfully battling skin cancer for over 10 years, he recently underwent his fourth surgery for the disease.

On May 23rd, 2024, Banky W shared a heartfelt message on his Instagram.

The singer posted a video showing glimpses of his recovery journey. His wife, Adesua Etomi-Wellington, was like a pillar of support by his side. In a lengthy message alongside the video, Banky W encouraged anyone facing challenges. He expressed his faith that things would ultimately work out.

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MOVIES

Kanayo O. Kanayo Reacts To Ban On Ritual Scenes In Nollywood

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New Rules: Kanayo O. Kanayo reacts to ban in Nollywood | Fab.ng

Nigeria’s entertainment industry is buzzing with criticism over the government’s new rules for movies, music videos, and comedy skits. The government puts limitations on what can be shown in these forms of entertainment. This includes things like “money rituals,” “ritual killings,” and the use of tobacco products.

Big names in Nigerian entertainment are not happy about these rules. Renowned actor Kanayo O. Kanayo slammed the move as “arrant nonsense.” He questioned why the Minister of Arts and Culture, Barrister Hannatu Musa Musawa, would support such restrictions on creative freedom for filmmakers.

Veteran musician Mike Okri even suggested the government might be trying to hold back the entire film industry with these new regulations.

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MOVIES

I Was Collecting N4000 For A Lead Role – Lateef Adedimeji

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Lateef Adedimeji was collecting N4k for a lead role | fab.ng

Nollywood actor Lateef Adedimeji recently appeared on comedian Teju Babyface’s podcast, “Deep Dive.” He reminisced about his early days in the Nigerian film industry. He openly shared some of the financial realities he faced as a budding actor.

Lateef Adedimeji revealed that early on, in 2014, he was offered a lead role for a mere N4,000. This low payment reflected his position as a newcomer still trying to establish himself. However, things started to look up for him the following year.

By 2015, Adedimeji’s experience and talent began to be recognised, and his pay rose significantly. He mentioned roles in that timeframe that commanded fees between N100,000 and N200,000—a substantial increase from his initial starting point.

This discussion on the podcast highlights the challenges faced by many aspiring actors, who often have to accept lower pay until their talent and experience are recognised by the industry. Adedimeji’s story offers a glimpse into the perseverance and dedication it takes to navigate the early stages of an acting career.

“If I tell people that I wasn’t collecting N100,000, N200,000 until 2015/16, a lot of people would not believe me. Before then, the highest I collected for a lead role was either N4,000, N5,000, or N10,000. I was paid that low back in 2014 because it was more like a learning process.”

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