Sepp Blatter was reelected today to a fifth term as president of FIFA

Reuters is reporting,

Sepp Blatter was re-elected president of FIFA for a fifth term on Friday after the only other candidate conceded defeat after a first round of voting in an election overshadowed by allegations of corruption in world soccer.

Blatter’s victory came despite demands that he quit in the face of a major bribery scandal being investigated by U.S., Swiss and other law enforcement agencies that plunged the world soccer body into the worst crisis in its 111-year history.

Neither Blatter nor Jordanian challenger Prince Ali bin Al Hussein got the necessary two thirds of the vote in the first round, with Blatter on 133 and Prince Ali on 73. Prince Ali later conceded.

In a victory speech, Blatter declared: “Let’s go FIFA, let’s go FIFA,” to a standing ovation.

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While Asian, African and Latin American states had been expected to rally around Blatter, Europe, which accounts for all but three of the countries that have ever made it to a World Cup’s final match, had been keen for him to step aside.

On a visit to Berlin, British Prime Minister David Cameron told Blatter to go “the sooner the better”. Chancellor Angela Merkel said the dirty side of soccer must be cleaned up.

I do not see anything encouraging about this development, although I cannot say I am surprised. FIFA corruption is wide, deep and no secret. I believe Blatter’s reelection confirms that, even though he was not indicted by the federal grand jury that indicted 14 others earlier this week.

For more information on the federal indictment go here to read my article, Memo to US Attorney General Loretta Lynch: More Indictments Like FIFA Please.

Speaking of corruption, former Speaker of the House Dennis Hastert (R), who was selected to replace Bob Livingston (R) who withdrew his name from consideration after being selected to replace Newt Gingrich as Speaker of the House for corruption problems, was indicted this week for structuring multiple cash transactions in amounts less than $10,000 in order to evade the IRS requirement that cash transactions exceeding $10,000 must be reported to the IRS

Why did he do that? According to the indictment he was paying off someone to keep quiet about something he did during the 60s when he was a high school teacher and wrestling coach.

And what might that have been? Reports this afternoon on MSNBC say that two unnamed government sources say it had to do sex.

And Hastert was picked to be Speaker of the House because he was ‘squeeky clean.’

I can’t figure out whether to throw up or pop some corn and watch the news.

Nigerian President-Elect Seeks to Shift Investment From Oil to Other Sectors

Nigerian President-Elect Muhammadu Buhari, who beat incumbent Goodluck Jonathan and will take office on May 29, pledged to invest more resources into other sectors of the economy like agriculture instead of relying on oil.

Buhari believes such investments will provide much-needed jobs for Nigerians, especially amid the massive drop of oil prices:

In the economy, we have to quickly turn to agriculture and mining because that is where you can do the quickest work and earn results.

In terms of oil exports, Nigeria is a top producer with the country being Africa’s largest petroleum producer. Moreover, it holds the most natural gas reserves out of all African countries.

In addition, Nigeria is a member of OPEC after joining in 1971. The country depends so much on oil and gas that it “accounts for about 35 percent of [the nation’s] gross domestic product.”

Although, being the country with the most oil includes some downsides such as corruption. Indeed, The Wall Street Journal reported on June 19, 2000 how, in spite of their profitability, resources, including oil, have been a clutch for African nations such as Nigeria.

‘With the advent of oil, the government lost its initiative,’ sighs Chidi Duru, a Nigerian lawmaker who blames the oil feeding frenzy for the decline of the country’s once-prosperous farm economy. ‘In a sense it has become a curse, not a blessing.’

Recently, allegations arose that the previous administration, under President Goodluck Jonathan, took $20 billion from oil revenues. Ngozi Okonjo-Iweala, the country’s finance minister, denied it ever occurred.

Nigeria also depends on energy imports because its refineries are not reliable enough to fuel the country. For a country once believed to be the next Saudi Arabia or Kuwait when oil was discovered in the 1950s, oil has failed to develop the country, even though it accounts for as much as 25 to 30 percent of the country’s GDP.

In 2005, crude oil production peaked at 2.4 million barrels per day, yet “began to decline significantly as violence from militant groups surged, forcing many companies to withdraw staff and shut in production.” (more…)