any less potent in the development process. NEEDS has received global acclaim as a reform-based strategy that avoids the mistake of conventional plans that focus only on macroeconomic targets. Its thrust is multifaceted, including empowerment, wealth creation, employment generation and poverty reduction, as well as value reorientation. Within the framework of NEEDS, Nigeria witnessed unprecedented economic and social reforms geared to setting the country on the path of development. Most civil society leaders and most Nigerians saw a marked improvement in human rights and democratic practice under Obasanjo, especially during his first term of office. 97. President Obasanjo is also lauded for having spearheaded Nigeria’s war against corruption and money laundering. In the Obasanjo era, several laws targeting economic and financial crimes were enacted. These included the Corrupt Practices and Other Related Offences Act of 2000 [which saw the establishment of the Independent Corrupt Practices and Other Related Offences Commission (ICPC)] and the Money Laundering (Prohibition) Act of 2004. The authorities also established the Economic and Financial Crimes Commission (EFCC) through the EFCC (Establishment) Act of 2004. Other initiatives included the creation of the Due Process Office (DPO) and the Bureau of Public Enterprises (BPE) to stem accountability haemorrhages in the procurement process. Nigeria also took the decisive step in 2005 of consolidating and constricting the number of banks in the country in response to massive failures of undercapitalised, illsupervised and poorly managed banks and numerous companies in the financial sector. The above initiatives led to Nigeria being removed from the Financial Action Task Force list of noncooperating countries in the war against terrorism and money laundering. 98. In addition to the above, Obasanjo is remembered for the campaign to recover funds estimated at US$6 billion said to have been looted by General Sani Abacha. The funds were traced to Swiss, American, British and other bank accounts. Although large amounts of these funds were eventually remitted back to Nigeria, questions linger about the loot-recovery process and the actual use to which the recovered funds were put. 99. In May 2006, the National Assembly soundly defeated an attempt to amend the constitution by supporters of a third presidential term for President Obasanjo. The rejection by the National Assembly of the third-term bid was a breakthrough victory for Nigerian democracy. It was significant not only because the legislature, for the first time, had defeated a dominant executive and an influential president, but also because the vote was driven by a reform coalition of grass-roots activists, civil society, the media and elected representatives. First civilian-to-civilian transition – Obasanjo-Yar’Adua 100. 48 The 2007 national and state general elections, although regarded as flawed by national and international observers – and even by the elected president, His Excellency Umaru Musa Yar’Adua, himself – marked a record eight years of continuous, elected civilian rule in the country since 1960. It was also the first time in Nigeria for power to be transferred from one civilian to another.