I will Recommit to People's Welfare -Erelu Adeleke

Governor Ademola Adeleke has called on traditional rulers to deepen unity among their ranks even as he spoke on his plans for the agricultural sector.

The Governor represented by the Commissioner for Agriculture, Hon Tola Faseru made the call at the coronation of the wife of the Governor, Her Excellency, Erelu Ngozi Adeleke as the Erelu Soludero of Erinmo Ijesa.

The paramount ruler of Erinmo land, His Royal Majesty, Oba Odunayo M. Ajayi, Arowotawaya II had this Saturday conferred the prestigious title on Mrs Adeleke who was already the Erelu Soludero of Oke Ila in Ifedayo Local Government.

Governor Adeleke expressed heartfelt appreciation to his royal highness for conferring this prestigious title on my wife, Erelu Ngpzi Adeleke, adding that “This is an open demonstration of affection and love for my family and the entire Adeleke dynasty.

“I must congratulate my dear wife for this honour conferred on her and the family. This chieftaincy title symbolizes the sustained efforts of our government and the Adeleke family to bring succor to the people of the state. I thank Kabiyesi for honoring my wife. This will propel us to do more for the people of Osun state”, the Governor posited.

While congratulating the royal father on his coronation anniversary, the State used the opportunity to affirm the importance of royal institutions, submitting that “ the contributions of our royal institutions to communal and state development cannot be brushed aside. 

“In the turbulent art of governance, our royal fathers provide invaluable counsellings and moral support which steadied the ship of state and facilitated good governance.

“Our government will continue to accord traditional rulers their rightful place in the scheme of things. We will continue to consult and tap into the fountain of wisdom for which our fathers are made of. 

“In this collaborative effort for the good of the people, our government will not abandon its responsibility to deliver dividends of democracy and to lift our people out of poverty and under-development.

“I must however plead with our royal fathers to revive and deepen the old spirit of unity across the traditional councils. We must avoid actions and inactions that breed disunity and fragmentation. 

“A united traditional council across the local government will strengthen the capacity of our royal fathers to influence government policies. The increasing sign of fragmentation is worrisome and constitutes a threat to the sanctity of our traditional institutions”, Mr Governor advised.

On state governance , Governor Adeleke told the gathering that his government is implementing several initiatives in the agriculture sector. 

According to the Governor , “We are specifically pursuing expansion of activities within such sub-sectors as cocoa, cashew and rice value chains. We will support provisions of facilities for paddy rice processing as well as further incentives for farmers in that sector. 

“We are extending similar back up to farmers for other cash crops as a deliberate strategy to expand the state economy and deepen the state Gross Domestic Product (GDP).

“In the next few days, our government will be unveiling and distributing several farm equipment and inputs including tractors, fertilizers and seedlings. This is a golden era for our farmers. We are determined to raise Osun into an agro-industrial state with excellent infrastructure for economic sustainability”, Governor Adeleke narrated.

I will Recommit to People's Welfare -Erelu Adeleke

Responding to the coronation, Erelu Ngozi expressed appreciation to the royal father and the entire people of Erinmo Ijesha , pledging to "redouble her efforts towards development of the town and realization of the aspirations of the young and the old in the state.

" I will push ahead with a vision of an Osun State where every citizen is empowered, embraced, and equipped to reach their full potential. I envision a future where compassion, integrity, and innovation drive our efforts to create inclusive opportunities for all.

"Together, we will champion education, healthcare, and sustainable development, ensuring that no one is left behind. With unity and determination, I will build a legacy of resilience, prosperity, and hope for generations to come", the new Erelu told the gathering.

Erelu Ngozi Abeni Adeleke founded the Esther Adeleke Humanitarian Foundation, an NGO dedicated to providing healthcare services, food aid, and education to those in need.

She is affectionately known as “Mummy Triplets” for her unwavering commitment to supporting families blessed with twins and triplets in Osun state. Through her foundation, she is providing care, support, and financial assistance to four sets of triplets and three sets of twins and still counting.

The Erelu has earned many honours and awards in recognition of her immeasurable contributions to the well being of children, women and less privileged members of the society.

The event was attended by the Ooni of Ife, Oba Enitan Ogunwusi, the Chief of Staff to the Governor , Hon Kazeem Akinkeyeand his wife, members of the State Executive Council, Hon Ibukun Fadipe, and other dignitaries from home.and abroad.

Signed:

Mallam Olawale Rasheed,

Spokesperson to the State Governor.

The month of August is typically filled with celebrations in my household – a wedding anniversary and two birthdays; but this year, there’s additional reason for a drink. It is the 40th anniversary of my debut as an opinion writer. It was in August 1984 that my first opinion piece appeared on the op-ed page of The Guardian newspaper – beginning what has turned out to be a lifelong passion. Titled ‘’The way we are’’, the piece was a piercing review of the insincerity within the Buhari military government. The Nigerian Prisons Service had taken out several pages in newspapers to advertise for tender for the supply of firewood to prisons across the country, essentially undermining a national campaign against deforestation, launched earlier in the year by the same government, to check desertification in the North and erosion in the South. In my young mind (I was only 23, going to my final undergrad year), I could sense internal conflict within the government that had prided itself as a no-nonsense disciplinarian out to correct the ills of the society.

How could a government launch and fund such a massive campaign, asking citizens to plant trees and protect environment, and at the same time, a department in the same government is seeking contractors to supply firewood to be used for cooking food for millions of prisoners. From where would the firewood come? The article, I understood, caused some dismay within the Buhari/Idiagbon government and triggered a search for alternative cooking fuels in the prisons.

Since that first outing, I have been writing regularly, virtually on every subject under the sun - apart from religion - asking questions, criticizing, analyzing, proffering solutions and taking leaders to task. I have found no other art more innervating than writing. It is, indeed, one of God’s noblest gifts to humanity and it has given me a voice to refine my ideas and reach out to the world.

A lot has happened since then. The ownership, composition and structure of the media have changed considerably, just as the character of the newsroom and the production processes of news have also been transformed. But the most fundamental change was wrought by the Internet and subsequent births of the social media and online publications. The media now includes a wide range of electronic platforms, while journalism has a new variant known as ‘’citizen journalism’’, which is practiced by anybody with a handheld device. As a citizen-journalist, you don’t have to possess a formal or on-the-job training on the rudiments of journalism before you create a sensation. This variant has done a great disservice to the profession because it has little or no regard to ethics and standards.

Social media has also diminished kingdoms and dethroned emperors. When I wrote my first piece, the publisher was worshipped as an emperor and the editor venerated as a king. That era is long gone. The influential person is no longer a publisher or the editor with a daily print run of 400,000 copies. We now have young social media ‘influencers’ with over five million followers on Instagram or Tiktok. Brands flock to them for endorsements, while newspapers scrounge for obituaries to survive.  

Writers and readers now have bigger access to national platforms. When I debuted, it was hard for the editorial page editor to accept your work for publication. The copy had to be typed double-spaced and posted (or hand delivered) to the newspaper, addressed to the Editor. I posted mine at Uyo post office. Hundreds of such mails were received daily and you would be both lucky and outstandingly good to be chosen for publication. Today, there are many online publications to write for and any piece, whether good, sensational or simply fake, could go ‘viral’, reaching millions of readers. The tyranny of the publisher and his editor has been broken!

 With the growth of social media, a new ‘industry’ has emerged within the media: the production and distribution of unsubstantiated information. Whether it is disinformation, misinformation, malinformation or fake news, these materials are created and deliberately spread by competitors, divorced spouses, jilted lovers, aggrieved former employees or other persons to damage reputation of certain persons, brands or destroy businesses. Even the dead are not spared! Fake news makes truth hard to find and could also be one of the leading sources of danger to personal security and health. The ongoing violent riots in the UK were caused by the spread of fake news! Thankfully, the traditional media and some reputable online publications have remained impenetrable to fake news; and so, they are important source of news and information to the few that controls the most.

Forty years ago, columnists, opinion writers and pundits were fewer in number, but more influential than they are today. The military generals in power then, ever so eager to gain legitimacy, were attentive to what the pundits wrote. They read everything, and sometimes, responded harshly. But these days, I wonder whether our ‘democrats’ even read newspapers. While the military administrators were scared of negative public perception that could trigger a revolt within and outside the barracks, today’s ‘democrats’ are not bothered by our opinions because they do not owe their legitimacy to public acceptance. Many of them did not even get into office through a legitimate electoral process, and so the peoples’ voice doesn’t matter.

Reflecting on the essence of my maiden article, I marvel at how unchanged the character of the Nigerian government has been these past 40 years. It is still full of duplicity, hypocrisy and deceit. Officials inflict hardship on the people; ask them to tighten their belt and make sacrifices, while they revel in opulence and luxury, living large on the treasury. The way we are!

The Nigerian contingent has officially wrapped up their Paris 2024 Olympics campaign with no medals, despite the participation of 88 athletes in 12 different sports.

Team Nigeria’s performance mirrored the country’s disappointing showing at the 2012 London Olympics, where the team also failed to win a medal.

The Minister of Sports, Senator John Enoh, described the team’s performance as a “disaster” and vowed to prevent a repeat of such results in the future.

Despite Nigeria not winning any medals, athletes of Nigerian descent secured medals at the Games.

Here are five athletes of Nigerian origin who won medals at the Paris 2024 Olympics.

Yemisi Ogunleye

Germany’s Yemisi Ogunleye grabbed the gold medal in the women’s shot put at the Paris Olympics on Friday, throwing her winning 20.00m with her final attempt.

With her victory, Ogunleye became the first German to win the shot put event in 28 years, since the Atlanta 1996 Olympics.

Ogunleye was born in Germany to a Nigerian father from Ekiti and a German mother.

After her win, Ogunleye acknowledged her diverse background in a video trending on social media and sang a Yoruba gospel song.

Annette Echikunwoke

Echikunwoke is the only athlete to have represented Nigeria in this list but opted to represent the United States after her disqualification at the 2020 Tokyo Olympics.

She missed out on competing in the hammer throw at the Tokyo 2020 Olympics because the Athletics Federation of Nigeria (AFN) failed to conduct the required drug tests for athletes. 

The 28-year-old, who holds the African record in the hammer throwing event, won an Olympic silver medal in women’s hammer throw.

Commenting on the feat, Washington Post quoted her as saying, “I’m happy it’s happening now. Everything happens for a reason, even if it’s bad or good or ugly. But this is beautiful.” 

Samu Omorodion

Born in Melilia, Spain,  to Nigerian parents, the 20-year-old forward is set to sign for Premier League side, Chelsea, from Atletico Madrid, according to football transfer expert Fabrizio Romano.

Omorodion was part of the Spanish side that defeated host, France, 5-3 in extra time to win Olympic gold in men’s football.

He scored just once in the competition, in a 2-1 loss to Egypt in the group stage.

Salwa Eid Naser

The Nigerian-born sprinter won silver for Bahrain in the 400m women’s event at the 2024 Paris Olympics.

She crossed the finish line in 48.53 seconds, trailing Marileidy Paulino of the Dominican Republic, who set a new Olympic record with a time of 48.17 seconds.

The 26-year-old formerly known as Ebelechukwu Agbapuonwu was born in Onitsha, Anambra.

Michael Olise

Bayern Munich’s new signing Olise was part of the French team that won silver in men’s football.

Olise was born in England to a Nigerian father and a French-Algerian mother.

His younger brother, Richard, plays for Chelsea FC in England.

[Vanguard]

I am writing this on Friday morning to meet production deadline.

Truth be told, as we approach the finish line of Paris 2024, Nigeria’s name is nowhere near the top of the final medals table. Of course, Nigeria is not a sports superpower.

After the Olympics, Team Nigeria are unlikely to be scored high, in the absence of a last-minute haul of medals to show. 

I still hope that Wrestling and Tobi Amusan(unfortunately, Amusan failed to qualify for final) and any one of the three female jumpers(all three failed as well) underlining the natural ability of Nigerians in the sport, will bring back home the few medals Nigeria deserves from the games.

As usual and before every Olympics, expectation of Nigerians soars to the heavens, an unrealistic exercise based on unearned achievements. The country has surely not invested enough in what are required to become consistent winners of medals at the Olympic Games. Always, the country seeks to harvest from what it never plants.

A close look at the results of the few events Nigeria participated in reveals Nigeria’s huge potentials. To extend that and expect a haul of medals would not do justice to sports and to what is required in order to become champions.

Having said that, Nigeria’s very impressive performances in some specific sports events, must be acknowledged. They confirm the Olympic Movement’s fundamental philosophy that all participants are ‘winners’, and that ‘you do not have to be First to be a winner’.

To be one of the 11,000 athletes that represent the best in the global human population of over 8 Billion people is no mean feat. Olympians are special. They are gods and must be celebrated, Gold or not.
To compete and to leave a good impression in the minds of the global audience of sports’ followers is hard enough. That’s why, sometimes, even a good ‘fight’ is considered as good as Gold, a reward for total commitment and effort!

Such is the case of Team Nigeria 2024, in my humble opinion, far from the unproductive outcry that will come in the aftermath of Paris 2024, unless, of course, if Tobi Amusan pulls out the rabbit from the hat and wins a Gold medal, and soothes the pain of Nigerians up till now. Alas that remains a dream.

As the sprints relays and wrestling events start, there is some hope that a few medals may still come Nigeria’s way to improve the country’s standing on the final table which does not look impressive presently despite some performances that must be considered as good as Gold. Top of that list is the performance of D’Tigress, the female national basketball team. The team has put up a great display in all their matches, showing the clear possibility of basketball also becoming one of Nigeria’s greatest strengths at the Olympics, next to the sprints and long jump events in athletics.

That three girls are representing Nigeria in the finals of the long jump clearly underlines Nigeria’s strength in the event, validating Chioma Ajunwa’s 1996 Gold medal victory. This is an event that Nigeria 

What applies to the long jump event also applies to the short sprints, the relays and the 100m hurdles. These events appear to come naturally to Nigerians.

Nigeria’s wrestlers have also been consistent. Blessing Oborodudu, who missed out on the medal podium by whiskers, must be commended for effort. One or two other wrestlers have just started their competitions at the time I am writing this. They may go far and even win medals.

What must be acknowledged at the end of Paris 2024 is that Nigeria’s performances clearly show that if and when the processes of discovering talented athletes and providing them with the necessary development tools and processes are honed properly, Nigeria will surely become a global force in certain sports.

That is the greatest lesson that I take away. Nigeria must invest more in institutionalised sports development, and strategically pay special attention to some specific sports for which the environment may be a natural breeding ground.

Team Nigeria have done as well as the investment on them. To achieve more would be unrealistic expectation. You do not plant coco-yam and expect a harvest of yam.

Qualifying for the Olympics is difficult. It is a long, hard and torturous journey. To win a medal is the most difficult journey for any athlete. That’s why, the Olympic Games were conceived in the spirit that at the Games there are no ‘losers’, every athlete that participates is a ‘winner’ and goes home with a replica Medal.

In Paris 2024, Nigeria participated in only a few sports. The athletes put up creditable performances but are mostly not enough to win medals this time around. Winning a medal at the Olympics is a Marathon race, not a sprints event.

I hope Nigeria will aim to invest in the development of a proper production line for elite athletes and sports development. It is only then that Nigerians can realistically start to expect a haul of medals at the Olympics.

For now, I commend Team Nigeria. They did well. They remind us that Nigeria is at the periphery….. of greatness, just ahead, in sports.

The country’s hunger protests have brought about a great deal of sorrow, violence, and property destruction, which have taken a toll. Over twenty lives have been lost. These tragedies could have been prevented if better coordination and cooperation had existed between the government, security services, and protesters.

Sadly, if the protest fizzles out without achieving any of its objectives despite the heavy cost it has incurred, blame it on the factors reviewed hereunder.

It is not impossible for peaceful protests to happen in the current situation. Peaceful protests have occurred in Nigeria in recent past. Furthermore, as long as protest stays within the bounds of the law, it is an essential component of any functional democracy. To be clear, the freedom to protest is guaranteed by United Nations Human Rights Charter No. 12, African Union Human Rights Charter No. 9, (all of which Nigeria has ratified) and articles 39 and 40 of the 1999 Constitution (as amended). Protests are therefore morally and legally acceptable, and they even constitute a fundamental human right.

Nonetheless, human rights are not absolute. Rights come with obligations. Anyone participating in a protest advocating for fundamental human rights must do so without violating the rights of others. Protests must also not tolerate criminal actions or acts of treason, such as pushing for regime change. This was what led to the motivation of some protesters to protest against the protest. Some even later protested against protesting against the protest.

Although the government acknowledged the right of Nigerians to protest, it questioned how arson and other criminal activity could be prevented. As a result, security agencies, in particular the police, insisted that the protest organisers reveal their identities. The government was initially alarmed by the organisers’ lack of identity and the protest’s general vagueness, even though a few figures are known—Omoyele Sowore, Deji Adeyanju, and Ebun-Olu Adegboruwa SAN, who wrote the IGP as the protesters’ lawyer—as well as a few others who also appeared but were of a sundry kind based on reputation.

The truth is that there was a glaring lack of leadership and coordination. Omoyele Sowore, for instance, has been abroad in the United States, and Ebun-Olu Adegboruwa, in contrast to Gani Fawehmi, was nowhere to be seen throughout the protests, limiting his involvement to a legal brief. He also never disclosed whether or not he agreed with the demonstrators on any key demands. The only person who could be considered a leader in the Abuja protests was Deji Adeyanju, who led from the front.

That explains why the IGP called the protest organisers “faceless” on multiple occasions. IGP once questioned how he could have delivered the court order to the demonstrators that were hiding on social media and refusing to disclose their identities or addresses.

The majority of Nigerians concurred that the protest was required to emphasise that the country’s levels of hunger and suffering had become intolerable. But the lack of clear leadership and coordination became its undoing, like what happened in the EndSars protest of 2020. For instance, the start and finish points of the protest processions in each area would have been decided upon by the organisers and the security services. This way, the security agencies will be able to deal with the miscreants and criminals who organised their own protests for looting and plundering.

Therefore, those who accuse the security services of trying to suppress the protest needed to have taken into account this serious omission. Though the government equally made a significant mistake in its assessment of the protest. Erring on the side of caution, the protest should not have been permitted at all if the two requirements—knowing the identities of the organisers and reaching an agreement on the routes of the protest processions’ takeoff and finish points—were not agreed. The reason is that controlling the protest would be difficult, if not impossible, as the protest fatally proved soon after takeoff.

The government ought to have filed a lawsuit over those prayers rather than frivolously requesting that the demonstrators be confined inside Moshood Abiola Stadium in Abuja or any other location.

Then there’s the problem of demonstrators’ staccato and shifting demands. The protesters’ vague and confusing demands amply demonstrated the lack of effective organisation. As of the most recent tally, the demonstrators’ demands came in at least six different versions, ranging from “end hunger” to “end bad governance” and “end bad government” (regime change).

It does seem that the various people and CSOs that made up the protest movement each had a unique set of demands based on a variety of motives. This is a tactical error in and of itself. Given the fatality of flaws in the current protest, the organisers should have settled on a set of objectives that are realistic, achievable, and quantifiable rather than allowing shifts to vacuous demands that are beyond the core goal of the protest.

Unfortunately, the ambiguities in their demands escalated to calls for foreign countries to intervene militarily and to replace the Tinubu government. To emphasise their rejection of the Nigerian government as currently constituted, this group flew Chinese and Russian flags. They also directly invited Russia to intervene, as they had done in Burkina Faso and Niger, where the military recently toppled democratically elected governments. Thus they deviated from the primary goal of the hunger protest and shifted to what the government interpreted as treason, rightly or wrongly.

Speaking on behalf of the national security council, Chief of Defence General Chris Musa called this an act of treason after that august body’s meeting on the protest. While flying a foreign flag during protests might not be treason, the government can legitimately argue that advocating for regime change and calling on foreign forces to step in after such forces have committed a similar act in another nation constitute treason.

It is imperative that protests be planned appropriately going forward. The organisers need to take the initiative and decide on the paths for the processions in the future. Both sides need to adopt a new perspective on protest; demonstrators and their organisers need to understand that using violence is not necessary and should be avoided. Peaceful protests have happened in Nigeria on several occasions, including in 2012 during the “Occupy Nigeria” protests and fuel hike protests during the days of Senator Adams Oshiohmole as NLC president.

The government should be more tolerant, especially the IGP, whose PhD thesis, one understands, was on protest management. The police are the most valuable social asset of any nation, and ours must make every effort to remain so in the eyes of the citizens. Nigerians have no other police to call their own.

Furthermore, those protest organisers who are afraid to reveal their faces and lead from the front for fear of whatever should stop organising protests that put innocent Nigerians in harm’s way, as they did again with the ongoing End-Hunger protest, which has so far claimed over 20 irreplaceable lives.

Lastly, protest cannot be suppressed in a real democracy or by a president who himself is a prominent protester and an ace democrat; protest also shouldn’t be permitted in a way that makes its management impossible just because the organisers are anonymous and making demands that aren’t even within the president’s constitutional powers.

Dr. Law Mefor, an Abuja-based forensic and social psychologist, is a fellow of The Abuja School of Social and Political Thought. He can be reached via This email address is being protected from spambots. You need JavaScript enabled to view it.; Twitter: @Drlawsonmefor.

Nigeria stands at a pivotal juncture in its economic trajectory, navigating through a myriad of challenges and opportunities. The country’s financial outlook is being shaped by a confluence of factors ranging from regulatory changes and technological advancements to global economic trends and internal policy shifts. 

This piece aims to dissect these elements, drawing insights from the recent Bloomberg Discovery Series (Nigeria) panel session where I had the privilege of participating.

The Current Economic Landscape

Nigeria’s economic landscape is characterised by a complex interplay of growth and stagnation. The National Bureau of Statistics reports growth, which is promising. However, the true metric of economic vitality lies in long-term investment. Unfortunately, Nigeria has been grappling with a significant exodus of multinational companies such as Glaxo, Proctor & Gamble, and PZ Cussons over the past year. This trend underscores a crucial issue: the need for robust domestic investment.

Strengthening Nigeria’s capital markets is paramount. These markets will serve as the bedrock for future investment, ensuring sustainable economic growth. Achieving this necessitates macroeconomic stability, particularly in currency and inflation management. Stability in the naira’s value against the US dollar and controlled inflation are essential for fostering an environment conducive to long-term business planning and investment.

Recent regulatory changes are set to reshape Nigeria’s financial sector significantly. The ongoing bank recapitalisation process, which requires banks to raise over N2.0 trillion in fresh capital, is a transformative initiative. This move mirrors the impactful reforms initiated by Governor Soludo two decades ago, promising rapid consolidation and enhanced borrowing capacity within the banking sector.

Beyond banking, the Nigerian Exchange (NGX) is witnessing a surge in initial public offerings (IPOs), including the highly anticipated NNPC and Aradel IPOs. These developments signal a bustling year ahead, with increased market activity and potential for substantial economic gains.

Technology and Digital Transformation

The impact of technology and digital transformation on Nigeria’s financial services industry is profound. Internally, banks have leveraged technology to streamline processes, enhancing efficiency and customer satisfaction. Externally, technology is broadening financial inclusion, integrating more individuals into the formal financial system.

Start-up internet-only banks are making significant strides, though they have yet to displace established banks. Traditional banks have swiftly adapted, launching their own digital products and leveraging their expertise in liquidity management to maintain a competitive edge. The synergy between fintech innovations and traditional banking institutions is driving a more inclusive and efficient financial ecosystem.

Domestic and Foreign Investment Trends

While the departure of multinational companies highlights a challenging investment climate, Nigeria’s future lies in its capital markets. These markets must be robust enough to attract and sustain both domestic and foreign investments. Controlling inflation is critical to achieving this goal, as inflation undermines business planning and investor confidence. Once inflation is stabilised, consensus on the naira/dollar exchange rate can be established, fostering a more predictable and attractive investment environment.

Central Bank of Nigeria’s Monetary Policies

The Central Bank of Nigeria’s recent shift towards orthodox monetary policies marks a significant development. With Nigerian Treasury Bills yielding around 25.0% for one-year T-bills and OMO bill auction yields reaching 29.0%, there is a renewed attraction for investment in the financial system. These high returns are enticing foreign portfolio investors and bolstering the naira.

However, there are trade-offs. High-interest rates impose a burden on borrowers but simultaneously strengthen the case for saving in naira. This policy approach is crucial for stabilising inflation and, by extension, the currency. As these policies take root, Nigeria can expect a more stable and prosperous financial landscape.

Risks Facing Financial Institutions

Nigeria’s financial institutions are navigating a landscape fraught with risks. High-interest rates, while offering opportunities for profit, also pose significant challenges. Borrowers are under stress, and the valuation of investments must reflect these elevated rates, introducing volatility into financial statements.

The adoption of mark-to-market accounting, championed by the Fund Managers Association of Nigeria, is a crucial step towards mitigating these risks. This accounting method ensures that financial statements accurately reflect current market conditions, fostering transparency and stability in the capital markets.

Sustainable Finance and ESG Considerations

Sustainable finance is gradually taking root in Nigeria, integrating environmental, social, and governance (ESG) considerations into financial activities. Regulatory policies by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) are paving the way. These policies encompass principles of environmental and social risk management, financial inclusion, and guidelines for green bonds.

Banks and financial institutions are also investing in capacity building and training, equipping themselves to better assess and manage ESG risks. Despite progress, challenges remain. Limited awareness, inadequate regulatory enforcement, and a nascent market for green financial products hinder widespread adoption. However, the global shift towards sustainability presents significant opportunities for Nigeria to leverage its natural resources for sustainable development.

Financing SMEs: Challenges and Opportunities

Small and medium-sized enterprises (SMEs) are the backbone of Nigeria’s economy, yet they face formidable challenges. Limited access to finance, due to high risk, lack of collateral, and inadequate financial records, is a primary barrier. Additionally, many SME owners lack financial literacy and management skills, further impeding their ability to secure loans.

However, there are promising opportunities. Government initiatives, such as the SME Credit Guarantee Scheme and the Youth Entrepreneurship Support (YES) programme, provide much-needed funding. Policy reforms, like the National Collateral Registry, enhance access to finance by allowing movable assets to be used as collateral.

Innovative financing solutions are also emerging. Crowdfunding platforms, angel investors, and venture capital firms are providing alternative sources of capital. Fintech companies are leveraging technology to simplify the loan application process and reduce reliance on traditional collateral. Microfinance banks (MFBs) offer tailored financial products to SMEs, making microloans more accessible.

Global Economic Trends and Their Impact

Global economic trends, particularly commodity price fluctuations and geopolitical tensions, significantly impact Nigeria’s financial sector. While commodity prices are relatively stable, the real concern lies with US bond rates. High yields on US Government bonds are drawing dollars away from emerging markets, including Nigeria. This trend is likely to persist until US bond rates decline.

The Future of Technological Innovations

Technological innovations, particularly blockchain and artificial intelligence (AI), hold transformative potential for Nigeria’s financial industry. Blockchain can enhance security and transparency in financial transactions, while AI can drive efficiency and inclusivity. However, realising this potential requires a supportive ecosystem.

Collaboration among stakeholders – government, financial institutions, technology providers, and academia – is crucial. By fostering such partnerships, Nigeria can harness these technologies to spur innovation, improve financial services, and stimulate economic growth.

Conclusion

Nigeria’s financial outlook is at a crossroads, shaped by a dynamic interplay of internal and external factors. Strengthening capital markets, stabilising the macroeconomic environment, and leveraging technological innovations are essential for sustainable growth. By addressing these challenges and seizing the opportunities, Nigeria can build a resilient and inclusive financial ecosystem, paving the way for a prosperous future.

Protests become legitimate means of social expression when they are structured in such a way that their objectives revolve around the desire to effect useful, and positive, interventions in the society. They may take the form of written correspondence, verbalized and non-violent submissions, or physical displays of discontent; including street matches and the display of placards with inscriptions depicting the issues in contention.

Now, that is different from a riot, wherein aggravated misconduct is the norm; very often with no higher social purpose in view. Most riots are characterized by deeds of madness, with no clear objectives beyond the general and specific acts of vandalism that could acquire a life of their own if unchecked. Even when they are checked, riots are what they are: riots. Unstructured, self-defeating and sometimes driven by that can best be described as motiveless malignity.

The protests of the last week here in Nigeria were no riots in most places. No! But they were taken advantage of by different species of highwaymen, and also highway-children, in some northern states, who set about looting whatever they could lay their hands on. Which is hardly surprising, given the amount of hunger, privation and insecurity in the land.

But let us get real! This nation was born in protest, or even as a protest.

It was the long-drawn “protests” our our founding fathers, in written addresses, in several constitutional conferences and some other means, that eventually birthed an allegedly independent Nigerian in 1960. Just as sceptics had their doubts about the sincerity of the colonialists when they promised us independence, many reasonable Nigerians also doubted the sincerity of the military whenever a ruling junta announced plans to return the nation to civil rule.

Even more sceptics looked on with grave misgivings at the protracted military rule that began in the unconvinced that it was serious when it “threatened” to birth a democratically elected government. Twenty-five years later, and despite the apparent shortcoming, we are making progress; willy nilly if you will. And that progress has more elements of suffering, misgovernment, lack of intraparty cohesion and the absence of a memorable ideological focus from the political class.

As was observed here not too long ago: “Our progress is coming through bitter, mind boggling, morally disorienting and psychologically devastating lessons. The lessons are apparently unscripted, and the teachers are teaching away without Lesson Notes and conventional teaching certificates. And they are exacting and merciless – these teachers. The names of the teachers include the following: (1) Dishonest politicians, (2) Broken promises, (3) The consequences of citizen gullibility, (4) The results of supporting the wrong candidates, (5) The progressive denudation of the capacities of our national defense and security forces, and (6) The increasing inability of the ruling elite to protect itself from its own depredations”.

As was further observed, “President Obasanjo, coming in as the first to hoist the flag of democratic rule after the military, was a quasi-military-civilian president. He did his best to craft good policies and establish institutions that would aid good governance… Presidents Goodluck Jonathan and Muhammadu Buhari were the circumstantial by-products of a system of elite myopia that had prevailed in the land for over 50 years. They were not entirely responsible for the problems they inherited. Their parties, the PDP the APC, were, again, not entirely responsible for everything that went wrong with Nigeria under their watch.

The Nigerian State was taken hostage long ago. For over 50 years now, many powerful individuals and groups have succeeded in pushing personal and limited group interests into the front row of national consciousness; such that, today, 25 years into a now-unsettling experience with a fledgling democracy, we are not sure where we really are as a nation. Those whose interests are at variance with wider and deeper national interests have become the real enemies of Nigeria. They may well have actually constituted themselves into a team of highway men and women who waylay everything that could rescue Nigeria and consolidate our current democratic experiment.

Protests are coming and going, because our “25 years old democracy is being bombarded from all sides by (1) A fundamentally distorted eldership recruitment process, (2) Skewed values, (3) A largely dysfunctional educational system, (4) A flawed national psyche and (5) A youth bulge that is increasingly becoming the biggest unaddressed national crisis. With every passing day, these problems morph into new, and self-replicating, societal challenges”.

The Nzeogwu coup d’état of January 1966, and the counter coup that came some six moths later, set the tone for much of the paralyzing elite impunity that we are living with today. Hell was let loose on Nigeria and Nigerians by that military intervention. This initial coup, and the subsequent ‘retaliatory’ one, banished the nation’s true leaders from the political and leadership playing field”. They lived in silent protest for over a decade.

“The ‘replacement generation’ for the founding fathers and leaders of Nigeria, whom they were grooming along ideological lines for the propagation of specific ideological norms, stagnated for 12 years, until 1979. Zik, Awo and Aminu Kano, who would since have given way to the likes of Tafawa Balewa, Michael Okpara, Bola Ige and others before 1979.

The backlog of two generations of leaders, who were left unfulfilled by the military interventions, did not exercise and fulfil their calling. The petulant idealism and uninformed exuberance of the groups of coup makers trampled upon traditional rulers, traditional values, and almost every other thing that was generally respected as instruments for social control”. So, it has all been series of voiced and unvoiced and unclear protests at every turn.

The many institutional, sociopolitical and axiological problems plaguing the nation today, and which have plagued it for over 50 years now, got all the fillip they needed from the actions and inactions of the past. We got a deluge of prematurely retired military officers within a span of 20 years, precisely because of the negative dynamics of coup making in Nigeria. Many such retired military personnel became frustrated and unfulfilled professionals because of the new character of the Nigerian state after the 1966 military coups. Without intending it, many of them ended up being pushed into areas they would never have contemplated. And their new trajectories naturally elicited protests.

The point was also made here that: “Our nascent 25 years old democracy has thrown up leaders with sudden stupendous wealth from questionable sources. Their wealth has mostly impacted their immediate and extended families, of less than 15 persons, and a few friends. Their local communities, members of their religious congregations, most of their friends and even members of their extended families know how poor or rich they were a few years before they went into politics. The priests, traditional rulers and other supposed custodians of public conscience ask no questions”.

Is this new reality not markedly different from the profile of our very first set of leaders, including traditional rulers, religious leaders, district and village heads, uncles and aunt? Does anyone still ask another the sources of any sudden? Not at all.

Now that the decades-long effects of the overlooked fundamentals of true patriotism and nationhood have caught up with us, we are looking at the immediate causes of problems that have shockingly remote and well-nourished roots.

When Nigeria threw away the chance to rise from the ashes in the name of true democracy in 1993, protests erupted. The voters were sure of the expected outcomes; so, the protests were grounded in some measure of logic. Even then: rioters also poured out in their dozens here and there to take advantage of the situation and make a quick haul through opportunistic criminality.

Yes, riots may accompany protests, not as part of the plans of the protesters. This singular fact makes it imperative that the reasons for he recent national protests are not swept under the carpet because of the misconduct of some equally aggrieved Nigerians who are simply driven by hunger, poverty and lack of survival skills to see any security lapse as their means of livelihood. The lesson from the protests is this: The Federal Government should take a dep look at the hunger in the land and review the impact of the measures he has so far take n to alleviate it.

There should be a rededication to the pursuit of our long-term national interests, so that our young, and reborn, democracy is not asphyxiated by the overwhelming evidence of insensitivity and leadership irresponsibility at all levels of government; especially at the sub-national, level

The security challenges threatening the nation today fuels declining national productivity. Farming communities are being displaced; eve as refugee camps are springing up anew in many places. Can this be right? I think not. Add to the foregoing the historically unparalleled grand larceny in the form of institutional and personal corrupt practices. What does it all portend?

If we count our gains of the last 25 years, they would be found more in the areas of suffering for refusing to learn from our past mistakes. “A lot, in terms of the lessons of life. There are more to lessons to learn, and the teachers are lined up to deliver them; until we come to our senses. Tottering, wobbling and flip flopping, we are being taken on a path of growth which many great nations of today have gone through. It is not yet time for the ideal, because the profane is still tolerated and celebrated. But a time will come when that will also not be possible”.

Yes, the protests are justified. But the purpose would be lost if it only ends as a media event. The specific demands of the protesters should be addressed in a comprehensive and convincing manner.

QUOTE

“Our nascent 25 years old democracy has thrown up leaders with sudden stupendous wealth from questionable sources. Their wealth has mostly impacted their immediate and extended families, of less than 15 persons, and a few friends. Their local communities, members of their religious congregations, most of their friends and even members of their extended families know how poor or rich they were a few years before they went into politics. The priests, traditional rulers and other supposed custodians of public conscience ask no questions”.

The 10-day nationwide #EndBadGovernance protests that end today, known by the   reduplicative compound “Zanga-Zanga” in Hausaphone northern Nigeria, have ruptured the coalition that President Bola Ahmed Tinubu managed to build with a portion of the northern Muslim political establishment since 2014, which put Muhammadu Buhari in power in 2015 and 2019 and him in 2023.

But this Zanga-Zanga-inspired rupture also reveals the initial precarity and fragility of the strange-bedfellows coalition. Buhari and Tinubu were previously fierce political adversaries who distrusted each other’s motives and undermined each other. Their alliance was more accurately a political scaffold that papered over their contradictions for a temporary gain, which was the ouster of Goodluck Jonathan from power.

Tinubu’s associates and acolytes in the Southwest, who said they protected Buhari from revolt in their region even when he bungled governance with uncommon ineptitude, are understandably miffed at the rawness, fierce intensity, and undiluted anti-Tinubu fervor of the protests in northern Nigeria.

They are wondering why Buhari, his associates, and even the APC establishment in the North didn’t return the favor. The answers are obvious, but people in power are often blind to the obvious, especially if the obvious is disquieting.

First, Buhari and his supporters know that the Tinubu group, which had a tight leash on the Southwest political space, didn’t protect Buhari from the consequences of his infernal incompetence out of any high-minded considerations. They did so because they needed power after Buhari’s term in office. It was unvarnished calculative opportunism.

Since Buhari’s people have no expectation of any kind of requital from Tinubu, like Tinubu did from them, they felt no obligation to protect or explain away Tinubu’s own hard-hearted incompetence. The chase often stops after a conquest. Men who woo women can relate to this sentiment.

Second, the misery that Tinubu’s simultaneous policies of never-before-seen astronomical petrol price increase and devaluation of the naira unleashed on the country are felt more deeply in the North than in any part of the country because of the preexisting multidimensional poverty in the region and the pervading insecurity that makes farming almost impossible.

Money is now both hard to find and worthless when it is found, and food is both hard to find and unaffordable when it is found. That is an unprecedentedly profound, not to mention unsurvivable, existential torment.

Two days after the #EndBadGovernance protests started, I told someone that many people in the North have been rendered so desolate, so destitute, and so despondent by the economic crunch that they are looking to cash in on the protests to commit suicide by police bullets because Islam forbids suicide.

Islam teaches that committing suicide guarantees an unfettered passage to the hottest depths of hellfire in the hereafter. I said many people who couldn’t survive the pain and humiliation of perpetual hunger might tempt security forces to shoot them so they could end it all and not fear that they would provoke the wrath of their Creator for committing suicide.

Of course, this is twisted thinking because a famous hadith, which every Muslim who took Islamic Studies in secondary school knows, says “Actions shall be judged according to intention.”

Well, my predictions turned out to be accurate. A friend shared a video of scores of protesters in a northern city chanting, “da yunwa ta kashe mu, da ma bullet ya kashe mu" (rough translation: "Instead of dying of hunger, we would rather be killed by a bullet”) as they confronted gun-wielding military and police officers.

There is also the viral video of protesters bursting into the Zamfara State Government House in Gusau and defying, even daring, menacing, gun-toting soldiers who tried to stop them. Several such scenes have been replicated throughout the North.

The mistake the government is making is to dismiss the protests as entirely politically motivated. They are not. Even if they wanted, Buhari and his associates couldn’t stop the protests both because the shelf life of Buhari’s “magic” has expired (his own house was besieged in Daura, and he had been pelted with stones while he was in power in cities like Kano and Maiduguri where he had been idolized) and because the extent of anguish people are going through now is unappeasable.

Apart from the usual criminals of opportunity (who exploit every unrest to steal and destroy), the vast majority of protesters think their only hope of living is to risk death and push back at policies that kill them slowly but surely. You can’t persuade people who have nothing to lose by dying.

That was why American author Dan Groat pointed out in his 2014 book titled In Monarchs and Mendicants, “Not interested in scarin’ anybody, but people with good sense are afraid of a man with nothin’ to lose.” Lance Conrad echoed this in his book The Price of Nobility when he said, “Only a fool would underestimate a man with nothing to lose.” 

People who weren’t exempt from the rage of protesters can’t stop protesters from protesting.

The self-inflicted attenuation of Tinubu’s political capital in the North plays into the old debate in the Southwest about the best coalitional strategy to attain and retain power for the Yoruba. 

The Chief Obafemi Awolowo strategy, which Afenifere still believes in, sees the Muslim North as a competitor and not an ally. The Awo strategy for getting power is to build an alliance between the entire South and Northern Christians.

But the Chief Ladoke Akintola template sees the Muslim North as a strategic partner in light of the deep historical and cultural ties that bind Yoruba people and several linguistic, ethnic, and cultural groups in the Muslim North, such as Borgu, Nupe, Igala, and Hausa people. (Read my October 9, 2021, column titled “Arewa and Oduduwa More Alike than Unlike.”) This is hardly surprising because even though Akintola was a Christian, he was from Ogbomoso whose traditional ruler traces ancestral roots to Borgu.

Chief MKO Abiola—and now President Tinubu—subscribe to the Akintola template. Abiola was briefly vindicated when he won the June 12, 1993, presidential election with enormous support from the North, including Kano, his opponent’s home state.

But the revocation of his epochal electoral triumph by a Northern military head of state—and the decidedly ethnic and regional character the fight for and the opposition to his mandate later took—appeared to justify the distrust of the Muslim North by the Awo group, which nonetheless gave full-throated support to Abiola to reclaim his mandate.

Tinubu, undeterred by Abiola’s experience, reinvented the Akintola template. It’s as if he wanted to prove that he could tread the same path and get to the destination that Abiola couldn’t get to. That must be why he called his presidential bid “Renewed Hope.” Abiola’s was “Hope.” Like Abiola, he chose a Muslim running mate. And, like Abiola, his running mate is a Kanuri man from Borno.

With the Muslim North now souring on him only one year into his first term and the unlikelihood of his ever recovering whatever goodwill he had from the region if he continues with his economic policies that push people to the brink of the existential precipice, the Awo/Afenifere group may be having the last laugh.

So, what should he do? The best option is to discard the IMF/World Bank neoliberal policies he’s enamored with (which have never worked anywhere in the world) and embrace Awolowo’s welfarist capitalist template of governance that puts the development and wellbeing of people at the center of policies. That may restore his goodwill with the North—and even earn him more support elsewhere.

The other options are non-starters, but I’ll mention them anyway. Like Chief Olusegun Obasanjo who won his first term with the support of the Muslim North, but who later used the Awo/Afenifere template to get a second term, Tinubu can court the Christian North and galvanize the South. Goodluck Jonathan used this template in 2011 and won.

The problem is that if Peter Obi runs in 2027, and I don’t see any reason why he won’t, Tinubu won’t be able to galvanize the South into a unified voting bloc. And, although the worst fears of his Muslim-Muslim ticket among Christians haven’t materialized, northern Christians are unlikely to embrace him wholeheartedly, however hard he tries to woo them.

In other words, Tinubu is cooked, as Gen Zs say. Anything short of bringing down the cost of petrol, restoring the value of the naira, and making everyday things affordable will doom Tinubu’s first term and deny him a second term because he is now effectively a political orphan. 

Botswana recently marked a significant moment in its sporting history by declaring a public holiday to honor Letsile Tebogo, who clinched a gold medal at the ongoing Paris Olympics. As the nation celebrates this extraordinary talent, it is worth exploring the broader implications of such an event through the lens of Victor Vroom's Expectancy Theory. This psychological framework highlights the interplay of motivation, expectation, and outcomes in driving behavior, providing valuable insights into the impact of this declaration on both individual and national levels.

For the sake of clarity, Victor Vroom's Expectancy Theory, developed in the 1960s, posits that individuals are motivated to act in a certain way based on three key components: expectancy, instrumentality, and valence.

This refers to an individual's belief that their effort will lead to the desired performance. In the context of Tebogo’s victory, young athletes in Botswana may perceive that hard work and dedication can lead to similar success, encouraging them to commit to their training and sporting aspirations.

In a similar vein, the component of instrumentality is the belief that successful performance will result in specific outcomes, such as rewards or recognition. The declaration of a public holiday serves as a strong signal that exceptional performance, like Tebogo’s, is not only acknowledged but celebrated at a national level, enhancing the perceived value of hard work in sports.

Analyzed from the perspective of the component of Valence, the value an individual places on the rewards they receive after successful completion of a task comes into play. The enthusiasm surrounding Tebogo’s achievements can enhance the allure of pursuing athletics, as the public holiday reflects societal appreciation for sporting success, making it more appealing to young athletes.

Botswana's decision to create a public holiday in honor of Letsile Tebogo can be interpreted as a strategic motivational tool that impacts various stakeholders, including aspiring athletes, the sports community, and the nation as a whole.

By recognizing Tebogo’s accomplishments with a public holiday, the government can inspire future generations of athletes. Young individuals observing the high regard in which sporting achievements are held may feel a stronger sense of motivation to engage in athletics. The belief that their efforts can have tangible rewards fosters an environment where young talent can thrive, thus nurturing a culture of athletic excellence.

In conjunction with inspiring young athletes, the public holiday serves to strengthen national identity. Letting citizens take pride in a shared success fosters a sense of unity. Under Vroom’s theory, this collective recognition bolsters the expectancy among individuals that participating in sports can lead to outcomes that benefit not just the person but society as a whole. When citizens see their nation honoring its heroes, it enhances the valence of achievement in that field.

In fact, the public holiday declaration also promotes a culture of excellence within Botswana. It sends a clear message that achieving high standards in athletics (or any field) is both attainable and worthy of national celebration. That expectation can encourage a competitive environment, resulting in a rise in the number of athletes striving for greatness, who believe that their talent can be recognized in similar ways.

At this juncture, it is germane to opine that Botswana’s dedication of a public holiday to honor Letsile Tebogo illuminates the interplay between motivation and recognition through the framework established by Victor Vroom’s Expectancy Theory. By celebrating high achievement, the country not only recognizes individual talent but also cultivates a culture that values effort, commitment, and national pride. The holiday is more than just a day off; it symbolizes an investment in the country’s future, motivating generations to strive for excellence and embodying the hopes and aspirations of a nation united through sport. As citizens reflect on this moment, they may find inspiration to pursue their dreams, knowing that their efforts can lead to recognition and societal acclaim.

Without a doubt, motivating the youth is crucial for the holistic development of any nation, and Nigeria stands at a pivotal moment to harness this potential. The accolade given to Letsile, serves as a prime example of how honoring young achievers can inspire a generation. By recognizing the accomplishments of our youth, we not only celebrate individual excellence but also foster a culture of ambition that encourages others to strive for greatness. A well-structured system of awards can galvanize young Nigerians to pursue their passions, whether in sports, science, arts, or entrepreneurship.

Honoring young achievers with attractive and motivational awards sends a powerful message that their efforts and aspirations are valued and celebrated. It can range from scholarships and financial grants to public recognition and mentorship opportunities. Such initiatives can evoke a sense of pride and ownership among the youth, motivating them to set high standards for themselves while contributing positively to society. When young people see their peers being celebrated for their hard work and dedication, it ignites a spirit of competition and encourages them to dream bigger and work harder towards achieving their goals.

Moreover, these awards can play a significant role in building a narrative of positivity and hope amidst the challenges facing Nigeria. By investing in the dreams and achievements of the youth, the country can create a ripple effect that not only boosts individual morale but also promotes national unity and progress. Recognizing young talents cultivates a robust future generation equipped with the skills, creativity, and drive necessary for nation-building. Therefore, it is imperative for Nigeria to implement a comprehensive strategy that consistently honors and motivates its youth, ensuring that they feel supported and empowered to make their mark on both the national and global stage.