The kidnapped pupils and staff of Apostolic Faith Group of Schools, Emure Ekiti have regained their freedom.

A confirmation from the Ekiti State Police Command Spokesperson, Sunday Abutu on Sunday morning, however, indicated that the driver is dead.

The abductees were said to have been released in the early hours of Sunday.

They were kidnapped on Monday evening along Emure – Eporo Road while returning to Eporo after closing school.

AFCON 2023: Osimhen Taken In For Random Dope Test By CAF0.00 / 0.00

The kidnappers shot at the bus and later whisked away nine persons comprising five students, three female teachers and a driver among the occupants of the bus.

The police PPRO said, “All victims were rescued today at about 1.30am, but unfortunately, we lost the driver who was suspectedly killed by the abductors.”

A government official at Emure Ekiti, who confirmed the release of the abductees, said, “The abductees are here, the parents and family members are here. I will give you details shortly.”

A source, who also confirmed the development, said that officials of the state Ministry of Health were on the ground to take them to Ado Ekiti, the state capital for medical attention.

Meanwhile, Ekiti State Governor, Biodun Oyebanji, on Saturday assured parents and families of kidnapped pupils and staff of the Apostolic Faith Group of Schools, Emure Ekiti, that they would soon be rescued to rejoin them.

Watch video below

The   United States presidential election in November is looking more like a referendum. Though intended as a democratic ritual, it could end up as a choice between democracy and authoritarianism. That at least is what the rhetoric and track record of the two most likely  contenders now suggests. With his resounding victory in both the Iowa and New Hampshire caucus primaries, Mr. Donald Trump is galloping towards clinching the Republican nomination. Both Wall Street and Main Street America have in recent times been gripped by the trepidation that a return to the Trump nightmare is well within the realm of possibility come November.

On the other hand, an unchallenged Mr. Joe Biden is the undisputed choice of the Democrats. It is not just a disparity in partisan alignments that is tilting the election towards a referendum. It is the untidy manners and track record of Mr. Trump that is upsetting democracy’s apple cart in the place where it matters most. In the process, democracy in America seems to be on trial with the menacing silhouette of a home grown autocrat in the morror.

Mr. Biden has consistently presented as the candidate out to defend and protect classical American democracy. Somehow, the aggressive comeback campaign of Donald Trump has projected democracy and its very survival as the central issue of this campaign season. Ordinarily, Biden and Trump should have been dueling over abortion, the crisis at the border, unemployment figures, the wars in Ukraine and Gaza and the like. Biden should have been busy defending his policies and programmes in the last three years. But the re-emergence of a bullish Donald Trump has more or less made Mr. Biden the candidate of Democracy and no more. In the last campaign season, Trump gave Mr. Biden Covid-19 as a campaign gift and invariably lost the election to mostly on that account. Against a rampaging bull of a belligerent and autocratic Trump, Biden has no choice than to dig into the trenches as the mortal defender of democracy and the liberal heritage.

As things look now, Biden  wants to protect and preserve American democracy as we have come to know it. The rule of law, respect for individual rights, diversity driven by the understanding of America as a nation of immigrants, belief in the sanctity of the ballot as the determinant of who rules America, the requirement for decency as the unwritten code of conduct of those who must rule the free world and, above all, the projection of American democracy as a beacon to the rest of the democratic world. Implicit in the ritual of America’s democratic election every four years is the understanding that each election renews hope in democracy and strengthens democracy as a universal aspiration that holds out a promise for the free world. Somehow, Joe Biden has come to be the personification of these values and aspirations as well as an inspiration to all those who hold America tacitly responsible for the survival of global democracy and the enlargement of the coast of freedom all over the world.

Mr. Biden’s strengths as a symbol of democracy are ironically embedded in his perceived weaknesses as a person. He is not a demagogue. He is not necessarily a charismatic orator nor an electrifying presence. But he is a reassuring grandpa figure, the adult in the room as he was indeed in the Obama White House. His calming composure and attention to details is compounded by his long familiarity and multiple roles in the history of American democracy and the highpoints of America’s exploits on behalf of democracy around the world. If indeed America needed am embodiment of information and experience on the challenges and triumphs of democracy around the world, Mr. Joe Biden provides a ready historical centerpiece. 

However, many fear that Mr. Biden has not been sufficiently reassuring as a defender of democracy in terms of his performance on the job. The essence of democracy is ultimately in the ability of an elected sovereign to deliver on the expectations of a specific electorate. Mr. Biden is sometimes accused of the weakness that Mr. Trump frequently accuses him of. This can only be in the sense that his confrontation of autocrats has not been quite surefooted. He has largely ignored the baby tyrant in North Korea, been less than bullish in his psychological duels with Mr. Putin and has not quite campaigned openly against Mr. Trump’s anti democratic trail in America itself. He has allowed Mr. Trump to monopolize the use of fear rhetoric frighten ordinary Americans. In addition,  a good deal of the economic recovery under Mr. Biden in the last three years has been rather tepid and reversible.

On the contrary, Mr. Donald Trump has become etched in the imagination of Americans and the democratic world as something of an enfant terrible of deviant democracy. Mr. Trump’s initial emergence was greeted with some excitement as a refreshing departure. A Manhattan business man was heading for Washington to infuse the can do ethos of American capitalism into the boring rigidity of Washington’s politics of  same old correctness. At that point, Trump was an embodiment of the American dream and dictum of “In Gold We Trust” was emerging as president. The assumption was that the pursuit of happiness through hard work and the building of wealth would lead to the spread of prosperity for all hard working Americans through the example of a different type of President. After all, Trump was reputed to have built his humongous wealth and prosperity through hard work and entrepreneurial bravado. No one knew what a Manhattan real estate entrepreneur would make of the White House. But the risk fitted into the adventure prone American mass psychology. “Sure, why not?, was the refrain in bars, restaurants and subways.

Mr. Trump looked at Washington and saw mostly a political swamp that needed to be drained. And he assigned himself the task. Between the White House and the Capitol in Washington, there is a cultural assumption that the politics of American democracy is a cultural ecosystem in and of itself. Washington has its meta language, its traditions, its conventions, codes and manners. Mr. Trump was aware of the outlines of this political ecosystem but said he was determine d to replace same old Washington with a new spirit. But he had no name for his new system nor had he thought it through in any systematic way. He was later to come face to face with it in a historic collision that left a political and physical carnage. By the end of his turbulent and chaotic first term,  America was a junk yard of its former self and no where near the threshold of a new republic.

His first catastrophic tenure ended up enthroning  an American version of illiberal democracy. To a large extent, he came to embody the antithesis and corollary of classical American democracy. Mr. Donald Trump was stubbornly recalcitrant, unrepentantly rebellious and unrelentingly bullish in his affront of the best traditions of democracy. He constantly sought to bulldoze his views through Congress, adopted abuse and insult as his standard political language. He posited the demagogue and thug as the archetypal leader, a model from the authoritarian play book.

In his choice of leadership models around the world, Mr. Trump consistently showed a clear preference and open admiration for the worst autocrats and dictators. His chosen models have been Adolf Hitler, Vladimir Putin of Russia, Xi Jiping of China, Kim Jung Un of North Korea, Viktor Orban of Hungary and Tayeb Erdogan of Turkey. Against these authoritarian models, he has excoriated the past leaders of his own country like Barrack Obama, George Bush Jr. and the Clintons. He cherished and admired the traditions and habits of dictators including reckless abuses of human rights. He openly admired elaborate parades and open displays of military power like those in Moscow’s Red Square and imperial France.

Most leaders who crave a second shot at power usually show signs of some repentance or maturation in their intervening period outside power. Not for Donald Trump. It would instead seem that the last three years have only served to reveal, through the American judicial system, the real tragic essence of the identity of Donald J. Trump. He has faced investigations for storing classified official documents in the bathrooms of his Florida Maralago mansion. He has faced countless judicial indictments over his role in the January 6th mob invasion of the Capitol. He has been indicted for lying abut the net worth of is businesses. He has been variously indicted for business campaign funds  in payments for the services of porn artists and for defaming and harassing numerous women. His serial indictments for electoral offences in a number of states are on record just as some states supreme courts have ruled him out of the ballot in their states.  The vast majority of lawyers who staked their reputation and professional careers to defend or associate with Trump have ended up in jail themselves. Only Trump, courtesy of the elastic immunity of his office as a former President is still walking free but vastly injured and deformed. Yet, America’s rule of law provisions and strict judicial codes have not yet established anything that could possibly stop Donald Trump from standing in the November elections as the candidate of the Republic party.  The man remains fit to run for as long as he is not yet in prison uniform.

Yet there is an undeniable level of populism that has trailed Donald Trump ever since his chaotic first tenure ended. For a president who was impeached twice by the House of Representatives and only saved by the Republican Senate majority, his political base remains strong. It is a base of the vast majority who probably never went to college, work long days in factories, live mostly in rural America and are predominantly white, cocooned in the illusion that America was once the exclusive homeland of white middle America. They dream of a land with little immigrants, that abhors persons of color and those who do not look like them. But that is an illusion, a myth spurned by Trump and his mobs of rough thugs and supremacist bands.

In pursuit of his bigoted image of America, he has set up and inspired any number of white supremacist militias and street terror gangs. He has promoted any number of toxic conspiracy theories and pioneered countless divisive  loyalties. The Proud Boys, QAnon, Make America Great Again (MAGA) Brigade etc. In response, other groups like African Americans and Hispanics have set up self defense outfits and groups (Black Lives Matter etc), creating a very divided nation out of what used to be a multicultural and integrated  nation of diversity. Even in his Republican party, Trump has splintered the  GOP, alienated the mainstream Republic party elite and driven them to fringes of silence. The mainstream of the  party is now occupied by Donald Trump and his attack dogs and racist thugs.

Trump’s belief in electoral democracy begins and ends with elections if they end up re-anointing him as ‘winner’. For him, ‘winning’ in a democracy is triumphing over opponents and vanquishing political “enemies”. This is why he stopped at no excess in meddling with the presidential elections of November 2020. He endorsed all manner of conspiracies, election meddling antics, and open attempts at rigging which led to the fiasco of an attempted ‘coup’ of the Capitol invasion and storming of January 6th 2021.

What is remarkable about Donald Trump’s career to date and which has converted the next election into a virtual referendum is that he has hardly changed in his rhetoric, beliefs, defining warfare concept of power and overall  style. He has remained insolent, abusive, uncouth and thuggish as ever. More dangerously, Trump has remained unrepentant in his divisive views of the American nation. He wants to shut the borders, preside over the largest immigrant repatriation and deportation in American history. He has branded immigrants from Africa, Latin America and nearly everywhere else as toxic presences who are ‘poisoning the blood’ of his phantom pure idyllic America. The implicit racism, bigotry and decadent nationalism are right in your face.

The implications of a relapse into Trumpism in the United States for the rest of the world are too stark and frightening to contemplate. Trump will throw Ukraine under the bus and celebrate the triumph of Putin’s “Mother” Russia even if only to annul the emergence of Zelensky as a global super star and hero. The Palestinians had better forget their lifelong dream of an independent homeland. He will return to North Korea with a more elaborate utopian computer animation of what the Hermit kingdom will look like in return for dining with America. The hope of African countries (“S…hole countries”) for greater economic leverage in a new world of free enterprise and democracy would end up in the thrash can. An endless trade war with China will rage and bring world trade to a standstill. Europe will pretty much be on its own on world affairs, deprived of America’s historic trans Atlantic solidarity and support with which Europe stopped Nazism, Fascism and communism on their tracks for the decades after World War II. NATO would be deprived of American money if only to strengthen Putin as a counterweight to European strength and expansion.

China, Russia and their allies in the emergent axis of evil are waiting with optimism for the return of Vladimir Trump to the White House. That would give authoritarianism a major leverage in the coming world contest between liberal democracy and authoritarianism.

But the statistical reality both globally and in the United States is hugely in favour of the triumph of democracy and freedom. The inevitable defeat of Trump in America’s November elections will herald a setback for the advance of authoritarianism as a counter force to the global wave of democracy.

Politics has probably one million definitions but, for the purpose of this article, I mean the art of winning, keeping or jostling for state power. There is nothing wrong with politics, even though the conduct of many politicians tends to give it a bad name and you always hear a lot of decent people vowing to never dive into the “murky waters of politics”. Politics could be dirty but it does not have to be. Politicisation, on the other hand, is the framing of issues for political gain by those who have won or are jostling to win state power. It is not necessarily a bad thing, but it almost always leads to political polarisation, where commonsense has the tendency to disappear without a trace.

When I say “politicisation of politics”, therefore, it should be understood within the context of the Machiavellian politics “marked by cunning, duplicity, or bad faith” — as the Merriam-Webster dictionary describes it. Machiavellian ethics are built on the maxim that “the end justify the means”. It doesn’t matter what you do to achieve your goal — it is your goal that matters. That is the philosophy of Niccolò Machiavelli, the Italian political philosopher whose classic treatise, The Prince, ranks among the most famous books ever. Machiavelli said his experience and reading of history showed him that “politics has always been played with deception, treachery, and crime”.

From my balcony, I have been observing recent events under President Bola Tinubu and I am asking myself: haven’t I seen this kind of politicisation before? With kidnappers on a renewed rampage, someone whispered to me that “the north” is trying to destabilise Tinubu’s government because some “juicy appointments” have been taken away from them. Truly? Alhaji Atiku Abubakar, former vice-president and PDP candidate in the 2023 presidential election, has called on Tinubu to resign if he cannot tackle the insecurity in the land. Really? The relocation of certain offices of the CBN and FAAN from Abuja to Lagos is being described as an attempt to relocate the federal capital. Sure?

In truth, there is nothing new in this sort of politicking. In 1999, when President Olusegun Obasanjo directed that the headquarters of the Nigerian Maritime Authority (NMA, now known as Nigerian Maritime Administration and Safety Agency, NIMASA), and the Nigeria Ports Authority (NPA) be relocated to Lagos for administrative convenience, there was a similar outcry that he was trying to relocate the federal capital. Nearly 25 years later, Abuja remains the federal capital. The outcry over relocation is always from one region. If Abuja is indeed a neutral territory — as it was intended to be when the capital was moved from Lagos — why are the northern senators the most concerned?

Claiming that a part of the country is “fighting back” for losing power is not new either. In the early years of Obasanjo’s first term as president, there were ethnic and religious killings in several parts of the country, most notably Kaduna, Plateau and Kano. We were told then that fifth columnists were at work to end the “nascent” democracy because they were not comfortable that a southerner was in power and “restructuring” Nigeria. They wanted the military back, we were told. Almost 25 years later, ethnic and religious killings have not stopped, no matter who has been in power — Muslim or Christian, northerner or southerner — and, well, the conspiracy theories have not stopped either.

Nigerian politics has been predominantly Machiavellian since the return to democracy in 1999, but the endless politicisation of our politics appeared to have fully taken off in 2009 when President Umaru Musa Yar’Adua fell terminally ill and it became glaring that power would return to southern Nigeria in less than four years of moving to the north. There were calls on his deputy, Dr Goodluck Jonathan, to respect the power rotation arrangement in the PDP by not running in 2011. He did run and did win — with the backing of major northern power brokers — but that did not stop accusing fingers being pointed at “the north” when Boko Haram terrorism and insurgency exploded later.

Recently, when Atiku asked Tinubu to resign over the renewed insecurity in the country, it brought back memories of what the APC said to President Goodluck Jonathan ahead of the 2015 general election. At the time, Book Haram was at the height of its power. Alhaji Lai Mohammed, then APC’s spokesperson, asked Jonathan to resign. We are in 2024 and the APC is getting a dose of its own medicine. We spent valuable time then debating who was behind Boko Haram. We spent valuable time under President Muhammadu Buhari debating who was behind “Fulanisation”. We are spending valuable time again debating who is behind kidnappings under Tinubu. It is our political culture.

I would repeat what I said when PDP and APC were having a go at each other under Jonathan: it does not matter who is behind or beside Boko Haram — all Nigerians desire is for their lives and property to be protected by the government. That was what Jonathan owed all Nigerians. The rest is detail. I repeated the same argument under Buhari: it does not matter whether it is Fulani or Kanuri herdsmen — Nigerians are being kidnapped and killed by criminals all over the country and all they desire is security. The rest is detail. Now that we are back to our favourite ritual of propounding conspiracy theories, my message to Tinubu is the same: secure Nigeria. The rest is detail.

We have a big problem in Nigeria: politics always takes precedence over everything. A sense of responsibility to peace and progress is often an afterthought. We are immersed in polarising politics 24/7. At what stage do we focus on the purpose of politics which, as ironic as it may sound, is for the greater good of the society? At what time do we put partisan interests aside and see ourselves first as Nigerians who have a duty to make our country better, no matter who we voted or didn’t vote for? We are already fiercely preparing for the 2027 presidential election, less than a year into a new administration. We play partisan and divisive politics every day of our lives. That is who we are.

To be sure, playing politics is the food of democratic contests. I cannot argue against that. The intrigues and high-wire games could be exciting. There is nothing wrong with that. As I said, politics is not a bad thing, for as long as you are trying to win, keep or jostle for power. My worry is what we play politics with or over. It is okay, in my view, to play politics with the economic policy of the current administration. You can pillory the fiscal and monetary policies. You can ridicule the industrial, trade and agricultural policies. You can tear the policies on education and infrastructure apart. They will even become sweeter when you claim to have better policies if you are in power.

We saw the APC do a lot of that to the PDP and Jonathan ahead of the 2015 elections. It was N300/£ and N216/$. The APC made plenty political capital out of the falling exchange rates then and asked Nigerians to vote out Jonathan. There was a popular Muhammadu Buhari/Yemi Osinbajo advertising board with the message: “Is N216 to $1 Okay?” Today, the rates are N1600/£ and N1400/$ and PDP supporters and sympathisers have every right to play politics with it. There was this Buhari/Osinbajo poster beside a petrol station where the price displayed was N87/litre. Today, it is over N600/litre. Why should anyone begrudge opposition supporters who make fun of the APC? It is return match.

Since the APC came to power in 2015, we have seen a dramatic fall in the economy. Prices of goods and services have hit the sky. The APC government spent eight years blaming the economic downturn on “16 years of misrule by the PDP”. Many PDP supporters asked the APC to shut up and do the job since they promised Nigerians that they had the solution to the economic challenges. With the APC unable to solve the problem till today, the PDP and other opposition supporters are accusing the APC government of bringing misery on Nigerians. I do not see anything wrong with this kind of politics. It is a competition of words that is worth watching. That is very good for politics.

However, I cannot withstand the politicisation of insecurity. I think certain things should be off limits. Nobody should go around saying “northerners” want to destabilise Tinubu because he didn’t give them their “born-to-rule” appointments. We’ve gone this conspiracy route before and it only further hurt our nationhood. Politicians should also avoid the route of saying “I can secure Nigeria better” just because they want to win elections. The APC said more than this in 2015 but nine years later we are still fighting terrorism, insurgency, banditry and kidnapping. Talk is cheap. Our sincere concern should be about finding a lasting solution rather than engaging in grandstanding for political gain.

It is the duty of Tinubu, as president and commander-in-chief of the armed forces, to secure every nook and cranny of the country. We cannot begin to argue over that. As the chief security officer of the federation, he must find a solution. But, in the name of God, we should not go into another era of conspiracy theories because we want to play politics. Nigerians — northerners, southerners, Muslims, Christians, traditionalists, non-religious, men, women, children, APC members, non-APC members — are at the mercy of these criminals. Let us play politics with the relocation of CBN, the economy, and such like. But let us not return to the unhelpful politicisation of insecurity. Anathema.

AND FOUR OTHER THINGS…

MURDERING MONARCHS

Two monarchs returning from a meeting in Irele-Ekiti were gunned down on Monday. Oba David Ogunsakin, the Elesun of Esun-Ekiti, and Oba Olatunde Olusola, the Onimojo of Omojola-Ekiti, were brutally murdered. This was the first time monarchs would be killed in this manner. School children were also kidnapped in Emure-Ekiti. This also looks like a first of its kind in Ekiti state. In nearby Ekiti local government in Kwara state, Oba Peter Aremu, Onikoro of Koro-Ekiti, was also killed in cold blood. I am no security expert but these killings do not look random. Suspects have been arrested, thankfully, but police must dig deeper to establish the real motives of these attackers. Abominable.

FIRST AID

FBN Holdings Ltd, the parent company of First Bank of Nigeria, on Wednesday appointed Mr Femi Otedola, the billionaire businessman and investor, as the new chairman of its board of directors. Otedola became the bank’s biggest shareholder two years ago when he increased his stake to 7.57 percent, but a lot has happened in the boardroom that has not painted the bank in good light. With the squabbles, everything started going ding-dong. First Bank, as Nigeria’s oldest bank and one of the biggest financial institutions in Africa, should put its house in order if it wants to remain competitive in these times. I hope Otedola’s tenure will finally bring the needed healing and direction. Focus.

GO, EAGLES, GO

The Super Eagles beat Angola 1-0 on Friday to qualify for the semi-finals of the 2023 Africa Cup of Nations. Angola does not give me good memories — I always remember the death of Sam Okwaraji in a 1990 World Cup qualifier against them in Lagos. I also remember Angola knocking us out of the 2006 World Cup. I had a sense of satisfaction that we beat them to make it to the last four — our first since 2019. I must confess that these Super Eagles are nowhere near the most exciting teams we have had, but I am impressed with their discipline and work rate. As things stand, I would take any form of win. I wish the team all the best — meaning they should bring the trophy home. Goaaaaaal!

NO COMMENT

In the last few weeks, Governors Abba Yusuf of Kano, Caleb Mutfwang of Plateau, Francis Nwifuru of Ebonyi and Siminalayi Fubara of Rivers all thanked President Tinubu for the supreme court verdicts that affirmed their elections. Yusuf and Mutfwang, in particular, thanked Tinubu “for not interfering in the judgments”. Since when did the apex court start taking instructions from the president before deciding how cases would go? Or was it tongue in cheek? Ironically, Tinubu did not say anything to dispel the notion. The implication, at least from an ordinary reading of it, is that he admitted interfering in supreme court proceedings but was only kind not to do so in these cases. Wonderful.

The searing torment that everyday folks are going through in Nigeria right now is so dire, so unbearably extreme, and so unexampled in its rawness that even diasporan Nigerians like me who live tens of thousands of miles away from home can feel it not just vicariously but also experientially.

The unending streams of requests for help to meet the most basic obligations of life that we get from previously proud, resourceful, and self-sufficient family members, friends, acquaintances, and even strangers are the conduits through which we have experiential encounters with the ongoing cost-of-living turmoil in the country.

The lower classes are sinking deeper into soul-depressing depths of poverty, despair, and hopelessness, and the middle class is so hobbled by the economic crunch that it is disappearing faster than soap bubbles. The lower and the middle classes are now united by a common sensation of emptiness, agony, and anxiety for the future.

Every day is worse, less hopeful, and more precarious than the previous day for most Nigerians. Even hope, which French philosopher François de La Rochefoucauld assured us is the last thing that dies in humans, is desperately going into a death spiral. That’s an ominous signal President Bola Ahmed Tinubu would do well to not take lightly.

Nigeria is famous for its superabundant supply of self-regenerating hope, even in the midst of the most nerve-racking existential strain. You know you’re dealing with a potentially explosive social rupture when hope is grasping for breath among people who are famed for feasting on hope.

The current state of affairs isn’t unavoidable. It’s the predictable consequence of the pig-headed pursuit of a ruinous policy of subsidy removal from petrol, the lifeblood of Nigeria. I sounded an early warning about this a month before Tinubu was inaugurated.

In my April 29, 2023 column titled “Six Agenda Items for Tinubu’s Success,” I specifically warned Tinubu to resist the neoliberal anti-subsidy seduction of Western financial institutions, which they have successfully brainwashed Nigerian economists and civil society members into not just accepting but also aggressively evangelizing.

I wrote: “I know that there is now an artfully manufactured consent, particularly among the gilded classes in Nigeria, about the undesirability of ‘fuel subsidy.’ I don’t care what it’s called, but any policy (call it deregulation, subsidy removal, appropriate pricing, etc.) that results in an arbitrary and unbearable hike in the price of petrol without a corresponding increase in the salaries of workers and an improvement in the living conditions of everyday people will sink Tinubu.”

I concluded: “I can assure Tinubu that if petrol price hikes deepen people’s misery, he’ll have a tough time governing.”

The dramatic spikes we have seen in abductions for ransom all over the country are attributable to the rising tide of unheard-of deprivation that the removal of petrol subsidies has activated. And that’s just one auxiliary after-effect of the removal of petrol subsidies without a cushion or an alternative.

Other after-effects are the total collapse of the informal sector and what remained of Nigeria’s manufacturing sector. It also instigated the unprecedentedly hyper-inflationary pressures that are being exerted on the economy. Prices of basic goods and services and even of medications for common illnesses are now beyond the reach of people. That’s an unsustainable magnitude of agony.

But it was always obvious to anyone with even a halfway functioning brain that removing petrol subsidies in a weak, oil-producing economy that is organically petrol dependent, that has no well-developed public transportation system, that has weak infrastructures, and that is the poverty capital of the world would trigger infernal anguish on the vast majority of the people and tank the economy to the ground.

These are not birth pangs. They are not the pains before the gains. There is no light at the end of the tunnel. The tunnel is condemned to unrelieved darkness. The blight Nigerians are contending with now is the certain and inevitable result of a conscienceless implementation of disconnected and irrelevant economic policies inspired from outside Nigeria.

I came of age during General Ibrahim Babangida’s regime. IBB started the so-called Structural Adjustment Programs (removal of subsidies, devaluation of the naira, mass retrenchment, etc.), which inaugurated Nigeria’s descent into the abyss. I heard the exact same things the current government is spouting during IBB’s time: that it would get worse before it got better, that after the birth pangs a big bouncing baby would be born, that there was delayed gratification awaiting us if only we could be a little more patient.

None of the promises materialized. Instead, suffering was elevated to crushing heights. Advanced Fee Fraud (also called 419) blossomed. Corruption was fertilized. Brain drain to the West got wings. This period also unleashed the naira’s irrecoverable slide into the deep hole of worthlessness.

Decades after, the same SAP about which hundreds of books and articles have been written and whose irreversible damage we continually lament, has been artfully repackaged, disguised, deodorized, and huckstered by a well-oiled gang of soulless apes who deployed all manner of clever rhetorical trickery to coax Nigerians into consenting to their own self-incineration.

The idea that petrol subsidies had to go because they were riddled with corruption and that they consumed a disproportionate share of our national budget is a mere propagandistic cop-out. If petrol subsidy administration is rid of corruption (that is perpetrated in cahoots with the government, which explains why no “subsidy thief” has ever been apprehended much less brought to justice), it would consume no greater share of our national budget than any governmental obligation.

It certainly won’t be anywhere near the colossal venality that is perpetuated at the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development under the guise of giving money to the poor.

The truth is that we have no original, independent thinkers among people who make or influence economic policies in Nigeria. They are all hopelessly mindless parrots of ill-comprehended economic prescriptions of the Bretton Woods institutions. They do not have the cognitive and intellectual sophistication to transcend what I call derivative or regurgitative knowledge.

There is not a single example of a country in the world that has developed on the basis of the prescriptions of the World Bank and the IMF. On the contrary, the only countries that have achieved inclusive growth and development outside the West are precisely the countries that have bucked the World Bank and the IMF. And every country that uncritically adopts the recommendations of these institutions has been wracked by utter devastation.

Unfortunately, if either Atiku Abubakar or Peter Obi were president today, Nigeria would experience exactly what it is going through now. Like Tinubu, Atiku and Obi said they would remove petrol subsidies “on day one.” When you remove petrol subsidies “on day one” in a desperately poor, inordinately petrol-supported economy with no public transportation, you get what Nigerians are going through now. It’s not rocket science.

Similarly, both Atiku and Obi said they would float the naira and let its fate be determined by the vagaries of demand and supply. When you do that in an import-dependent economy, you can’t escape what the naira is going through now.

Atiku tweeted in March 2021—and in several policy documents—that “Nigeria must move towards a single exchange rate to be determined by market forces.”

On April 9, 2022, Obi also tweeted: “The truth is that for long market forces have not determined the exchange rate of the Naira…. It has to end. Let the exchange rate be determined by the forces of demand and supply. It’s that simple.”

In other words, Tinubu is doing exactly what Atiku and Obi had proposed they would do, and the results would have been the same. The hyperinflation and hurt Nigerians are going through now won’t have been evaded because it is Atiku or Obi who removed petrol subsidies “from day one.” The naira’s glide to the bottom wouldn’t have been avoided because Atiku or Obi “floated” the naira.

That is why Atiku- or Obi-supporting critics of Tinubu come across as ignorant partisans who have drunk the Kool-Aid of their cult leaders. Atiku and Obi supporters should be grateful that their idols are not president today. They would have been bearing the reputational brunt of the boneheaded, discredited rightwing economic policies they also advocated, which have thrown Nigeria into the current mess.

Interestingly, in response to Obi’s 2022 tweet rhapsodizing over the imperative of subjecting the naira to the “forces of demand and supply,” a supporter of his by the name of Abel (with the handle @governance9ja) wrote a riposte, which has turned out to be prescient. He wrote: “So @PeterObi will float the currency for a country where most factor inputs into local manufacturing is imported? We already have cost push inflation reducing real income of many Nigerians. Floating naira will ruin many households. @PeterObi and @OfficialABAT are two of a kind.”

Obi supporters who have wet dreams of a Nirvana if Obi were president should wake up. His economic policies are exactly like Tinubu’s. Personalities aren’t the issue; policies are.

Tinubu and his team need to face the reality confronting them and change course. I know that Nigeria has been so polluted by neoliberal propaganda that even news that the government was paying subsidies through the backdoor to stop petrol prices from getting to N1,000 per liter was seized upon by the opposition to poohpooh the government, which compelled the government to deny paying any subsidies.

I’ve never seen this level of self-crushing inanity in my life. Assistance to the needy (which is what subsidy literally means) is now a dirty word that everyone avoids like the plague.

But the government should know that even hope is dying in Nigeria. When a usually hopeful nation spawns armies of hopeless and angry people through thoughtless economic policies dictated by outsiders, it sows and nurtures the seeds of its self-destruction.

A new twist was introduced into the Ibadan explosion of 16 January, 2024 by the Yoruba Self-Determination Movement (YSDM) when it alleged that the explosion was not caused by any errant legal or illegal miner, be it Malian or Nigerian, but that it was a failed assassination attempt on the life of President Bola Ahmed Tinubu. Led by Prof. Banji Akintoye, YSDM is a pro-Yoruba or Oodua Nation nationalist group. In an open letter to Governor Seyi Makinde of Oyo State, it commiserated with the governor and people of Oyo State over the gruesome incident but also commented on what many have described as Makinde’s hasty conclusion that mining explosives, stored in a private home in a thickly populated residential area, was the cause of the explosion that was directly responsible for the death of seven people, with close to a hundred others wounded, and causing extensive damage to properties worth billions of Naira.

Said YSDM: “One group of our Yoruba patriots has suggested that the explosion was caused by a big military-grade bomb; that the bomb seems to have been brought to Ibadan for use to wipe out a large number of leading Yoruba citizens gathered at a large celebration in the International Hall, University of Ibadan, at which President Tinubu was scheduled to be present; and that when President Tinubu did not attend, the owners of the bomb took it back to an inappropriate storage in a living house in nearby Bodija Estate, where some sort of mishandling caused it to detonate…” This allegation is weighty and could not have been lightly made by an organization of YSDM’s stature or pedigree, which is the foremost assemblage of Yoruba self-determination protagonists. Akintoye himself is a scholar of international repute and a leading figure in the Yoruba socio-cultural-cum political organization, AFENIFERE.

It is instructive that neither Makinde nor the Federal Government has responded openly to YSDM’s allegation. The relevant agencies must still be investigating the matter. Could the allegation be true or is it a mere crying wolf? Hopefully, when the investigation is done with, the authorities will let us know. For sure, this incident is not one that should be swept under the carpet, not in view of other circumstances surrounding it, apart from the alleged threat on the president’s life. Remember, it was in this same city of Ibadan that the masterminds of the July 1966 counter-coup cornered and killed Nigeria’s first military Head of State, Gen. JTU Aguiyi-Ironsi, and his host, the Western Region governor, Col. Francis Adekunle Fajuyi. The events that followed led to a 30-month civil war. Can Nigeria afford another civil war?

Before arriving at its conclusion that the Ibadan explosion was an assassination attempt on Tinubu’s life, the YSDM laid the foundation as follows: “Those among us who are knowledgeable about explosives say that this explosion is not consistent with an explosion caused by a miner’s store of dynamites. They say that a miner’s dynamite can only be stored as packages in boxes and bags, and that a mishap with the contents of the storage can only set up a series of explosions lasting for some minutes, and cannot set up one mighty explosion that does all the terror and destruction (that took place at Ibadan)”.

Continuing, the YSDM told Makinde: “It does not sound plausible, Your Excellency, that any master miner would store a large quantity of dynamites of his profession in his home or bedroom. Furthermore, and very importantly, what do our Oyo State Government and people know about this miner who is said to be from Mali Republic, who does considerable mining on our land with a Federal Government licence, who pays business taxes to the Federal Government only, and who, according to some of our people who have had contacts with him before, desires no contact with the Oyo State Government or the local government of his place of residence?”

Not done yet, the YSDM argued: “And still further, Your Excellency, it is very well known that Dejo Oyelese Street, off Adeyi avenue, where the explosion happened, is one of the choicest parts of Bodija Estate, containing the homes of many prominent Yoruba persons – professors (retired and serving), highly-placed professionals, retired governors, retired senior civil servants, etc. – whose houses have now been destroyed. Does the importance of Dejo Oyelese Street have anything to do with this explosion? In other words, was the explosion meant to eliminate many important Yoruba citizens at one blast, with the purpose of seriously hurting the Yoruba nation? Is this (explosion) some sort of threat to us Yoruba people in Nigeria?”

Questions, questions, and questions but will the appropriate answers ever come other than those meant to sweep this matter under the carpets, like the others before it? The reason being that the authorities themselves are complicit in the criminal activities taking place all over the place. Where they are not criminally negligent, they are hands-in-gloves with the perpetrators of all sorts of criminal activities that hurt the people they are elected into office to serve and whose interests they swore on oath to protect and advance. Can our political leaders and top traditional rulers claim ignorance of both legal and illegal mining activities taking place in their domain? Where they and/or their cronies are not directly involved in these activities that destroy our environment and benefit the people, the communities and the government itself nothing, are they not in cahoots with those that do? Why is it that our governments cannot take these licences and partner with professional miners openly and transparently to mine our God-endowed mineral resources to our benefit? Why are aliens the ones carting away our resources before our very eyes? They feign it but can any of our governors in all honesty claim not to be aware of the rip-off going on? Are our leaders not part of the racket?

In the final analysis, nothing is hidden. There are no selfish and/or corrupt activities that anyone engages in that is hidden. Afterall, they have accomplices-in-crime. They have foot soldiers running their dirty errands for them. I will give a few examples. Why are they not allowing DAWN – Development Agenda for Western Nigeria – to function properly? Why the lack of synergy among them for the rapid development of the South-west? Why is everyone more concerned with the “development” of their individual pockets?  Why are we not properly funding Amotekun? With all the criminality being unleashed on Yoruba land today, why is securing the life and property of the people not a priority? Why do our leaders maintain criminal silence or speak tongue-in-cheek when they should have spoken out forcefully in defence of their people? I started my journalism profession at the Ibadan-based Sketch newspapers in 1985 but where is Sketch today? Why did our governors of the time allow it to die? From what we heard, when those who wanted to buy and convert it into their personal property failed in their bid, they let the newspaper die! The Yoruba used to be the doyen of the media; no more!

If you give ideas that can benefit the people to our leaders to execute, they always look for avenues to appropriate and corner it for themselves. Examples are legion. Ask our young men and women churning out proposals after proposals, they have stories of woes to tell. I, too, suffered such in the past. Ask our professionals in the Diaspora bristling with ideas and who, being patriotic enough, came home to sell their ideas to our leaders; they will regal you with stories of betrayal and selfishness. Ask our leaders what happened to Odua Net (O’Net). If you fling open the closets of our leaders, serving or retired, dead or alive, you will cry for Yoruba land. It is said that the enemy within throws the door open for the enemy without. I don’t know if I can make any exceptions, but if you can, please do! It is time we began to hold the feet of our leaders to the fire. What are they doing with the humongous amount they collect monthly from Abuja? What are they doing with their security votes that secure nothing? Why are the Yoruba regressing on all the fronts where they used to occupy the commanding heights – the professions, education, industries, name it! We have seen Dangote refinery; we have seen the BUA and Dangote cement factories; we have seen Ibom Air, among many others; let our leaders tell us the industries they, too, have established.

Having said all of the above, it does not in any way exonerate Miyetti and kidnappers from censure for their renewed criminality. I said somewhere else that I have removed “Allah” from Miyetti’s name because there is nothing godly in them and their activities. Now, why is Miyetti demanding that no Fulani should be arrested over the Ibadan explosion? What does Miyetti know about the explosion? If there was no Fulani involvement, why threaten the government not to arrest any Fulani over it? And if involved, why should any criminal be shielded by anyone, except like-minded criminals? Miyetti’s latest antics include the brazen setting up of an armed-to-the-teeth Fulani militia, whereas Amotekun and other para-military groups elsewhere were denied sophisticated arms. Not only that, they have begun hurling attacks at the Tinubu administration, threatening to make the country ungovernable for him and inhospitable for the generality of Nigerians.

In a statement issued on January 24, 2024, Miyetti virtually declared war on the country; that is treason. Not only its leaders but also all its militia members must be brought to book. Miyetti’s declaration of what it called “inevitable jihad” against Nigeria is a criminal act and the days of treating these criminals with kid gloves, which has emboldened them, must now come to an end. Fortunately, their grand patron is no longer in office. The new sheriff in town must act swiftly, firmly, and decisively if this country is to continue to hold together.

Now, the danger in Miyetti’s declaration of war on all Nigerians who do not subscribe to their hideous ideology is that they gave only two options: Either we succumb and become slaves to Miyetti or we pick up the gauntlet and fight to defend ourselves, our territories, our liberties and freedom. Unfortunately, I have not heard much condemnation of Miyetti from the North’s leaders and establishment. Does it mean that Miyetti has their back? Is Miyetti merely running errands? If the feudal North will not call its bad boys to order, then, bad boys from other parts of the land will rise and confront them. And their own leaders, too, will back them up. That appears to be the tone of a statement by the YSDM denouncing what it described as “the Fulani declared war on Yoruba Nation”. Reeling off case after case of embarrassing killing of traditional rulers and other citizens, and the kidnapping of school children in Yoruba land, the YSDM vowed that the Yoruba would defend themselves.

The die is cast! Before the vultures begin to swirl, we must act fast!

The Economic and Financial Crimes Commission has recovered over N30bn from the N37,170, 855,753.44 allegedly laundered in the Ministry of Humanitarian Affairs under the former minister, Sadiya Umar-Farouk.

Sources in the anti-graft agency, who spoke with our correspondent on Friday, said the commission had also uncovered over N500m from the scam associated with Umar-Farouk’s successor, Betta Edu, who was recently suspended by President Bola Tinubu.

Saturday PUNCH had in December reported that N37,170,855,753.44 was transferred from government coffers and sent to 38 different bank accounts domiciled in five legacy commercial banks belonging to or connected with a contractor, James Okwete.

It was gathered on Friday that N30bn was recovered by the EFCC following the placement of a lien on the bank accounts of Umar-Farouq and Okwete, who are still being grilled by the anti-graft agency’s investigators.

AFCON 2023: Super Eagles Through To Quarter-Finals0.00 / 0.00

The agency is also still grilling Edu in connection with an alleged N17bn fraud, while the suspended Coordinator of the National Social Investment Programme, Halima Shehu, is also still being questioned over an alleged N44bn fraud.

An EFCC source revealed, “The commission has now recovered over N30bn from the laundered N37.1bn that was linked to former minister Sadiya Umar-Farouq. We were able to recover the money after we placed liens on the bank accounts of the former minister and the contractor, Mr Okwete, who was linked to the fraud under probe. Both the minister and the contractor are still being grilled by our investigators daily.”

A senior EFCC investigator added, “We have uncovered another N17bn money laundering from the Ministry of Humanitarian Affairs, and for the alleged fraud linked to the suspended minister, Betta Edu, we have so far recovered over N500m. Edu is still answering questions about the fraud.

“The NSIPA coordinator, Halima Shehu, is still being grilled over the N44bn fraud linked to her at the NSIPA; our investigators aren’t leaving any stone unturned.”

When contacted for comments on the development, the spokesperson for the EFCC, Dele Oyewale declined comments.

In another development, the EFCC said it recovered a total of N70,556,658,370.5 between October 2023 and January 19, 2024.

Details of the recovery were outlined in an EFCC document titled, ‘Operations and Recoveries’, which was exclusively obtained by our correspondent.

The document revealed that in the period under review, the EFCC recovered N60,969,047,634.25, $10,522,778.57, £150,002.10 and €4,119.90, making a total of N70,556,658,370.5.

It added that the EFCC received a total of 3,325 petitions, accepted 2,657 of the petitions, and secured the conviction of 747 persons for financial crimes ranging from money laundering to Internet fraud in the same period.

A breakdown of the data shows that the EFCC headquarters alone recovered N49,607,391,330.44, $3,900,200.75, £2,000, and £110.

The Maiduguri Zonal Command recovered N58,065,870 and $3,370; the Gombe Command recovered N127,323,028.50 and $1,500; while the Kano Command recovered N141,944,451 and $365.

The Makurdi Command recovered N53,228, 325; Enugu Command, N202,117,000; and $1,950; Uyo Command, N25,299,950 and $710; and Port Harcourt Command, N2,412,247,210.05 and $5,714,389.21.

The Sokoto Command recovered the sum of N100,696,118.72; Kaduna Command, N331,494,710.81, $912, £50, and €1,610; Ilorin Command, N80,280,580.86 and $880; Abuja Zonal Command, N825,928,463 and $10,000; and Ibadan Zonal Command, N135,519,810, $14517, £280, and €500.

The Lagos Zonal Command was said to have recovered N6,826,993,798.78, $868,284.61, £147,672.10, and €1,899.90, while the Benin Zonal Command recovered n49,515,987.09 and $5,700.

Within the same period, the agency said it secured the conviction of 747 persons for offences ranging from money laundering to cybercrimes.

However, the Chairman of the EFCC, Ola Olukoyede, at a dialogue in Abuja on Wednesday, revealed that most of the 747 convictions involved persons who were prosecuted for cybercrime offences.

Meanwhile, the commission has said that it has deepened its probe into money laundering cases involving some high-profile public officials, especially former governors and ministers indicted for fraud.

The total amount involved in the money laundering cases rose to around N130.1bn as of January 31, 2024.

Details of the development were contained in an EFCC document titled, ‘100 Days in Office’, detailing ongoing probes, discoveries, and recoveries made by the commission under Olukoyede.

It is becoming increasingly dangerous to be poor. Don’t believe the yarn that all men are equal. Is the man eking out a living on a tired patch of earth on the desert fringes of Katsina equal to his compatriot luxuriating in the cosy embrace of Abuja without a visible means of livelihood?
The law behaves like society, too. There is one law for the rich and another set for the poor. Nowhere is this more apparent than in contemporary Nigeria where people are being made to feel that it is a crime to be poor. If being poor is a crime, imagine what now happens to a poor man found committing an offence.
One can argue that there are poor people all over the world and that no human society has yet succeeded in getting rid of relative poverty among its populace. But what would be the justification for having different scales for measuring the same infractions from the rich as against the poor?

POOR MAN’S BURDEN
Look at the case of 30-year-old Citizen Mande Zaki of Kuta, Shiroro Local Government Area of Niger State, who was recently sentenced to a two-year jail term for stealing a tuber of yam. He was, in addition, ordered to pay a fine of N1,000 for trespass. Zaki had spent some time in prison awaiting trial. It seemed luck was finally on his side when the Niger State Chief Judge, Justice Halima Ibrahim Abdulmalik embarked on a prison decongestion visit to correctional centres in the state.
When asked if he actually stole the yam, he confessed that hunger had driven him to do it: “It is true that I stole a tuber of yam because I was very hungry. I was in search of my goat and I entered the farm. This is the first time I am getting involved in this kind of problem. I have never stolen anything before. I was hungry and this pushed me to steal the yam, please have mercy on me.”
The “mercy” that the law would have on him was a sentence of two years in the slammer. On the instruction of the chief judge, the chief magistrate summarily tried and convicted him.
In a society where all men are supposedly equal before the law, it is difficult to reconcile the fate of Citizen Zaki with that of his ‘fellow countryman’, John Yakubu Yusuf, a former assistant director in the federal civil service, who was tried on a 20-count charge alongside his Permanent Secretary, Atiku Abubakar Kigo; a director, Ahmed Inuwa Wada; a cashier, Veronica Onyegbula; and an ICT officer, Sani Habila Zira.
Mr Yusuf had pleaded guilty to counts 19 and 20 involving betrayal of trust and the conversion of N1 billion on each count, to personal use. In a country where a man could be sentenced to jail for two years on account of stealing a tuber of yam, the maximum penalty for the offence of stealing N2 billion pensioners’ funds is two years!
After the theatrics of appearing stern, the judge of the Federal Capital Territory High Court, Gudu, Abubakar Talba, pronounced the two-year jail sentence with a N250,000 option of fine. The convict is to forfeit a property valued at N325 million traced to him by the Economic and Financial Crimes Commission, EFCC.

ONE COUNTRY, TWO LAWS
So, there you have it: One Nigerian goes to jail for two years for stealing a tuber of yam while another convicted of stealing N2 billion pays a fine of N250,000, forfeits a property of N325 million and goes home a free man to enjoy the rest of his loot. Most Nigerians can’t wrap their heads around such one-handed notion of justice where everything is loaded against the poor.
It can’t be a coincidence that the elite of the society constitute the legislature at every level of governance. So, they make laws that favour the rich or the politically connected. In addition, it is increasingly becoming obvious that many of the judges currently in service are spouses, children or close relatives of politically exposed persons. Between these two, the eminent thief is assured of soft landing whenever the law decides to use him as a token sacrifice to assure the public that a slap on the rich man’s wrist is the very equivalent of justice.

The morale? Before you decide to steal, ensure that the sum is big enough to enable you hire a senior advocate, grease the judicial path and still have enough to live happily ever after. The gallows and swords of amputation are reserved for petty thieves. Remember the case of Bello Buba Jangebe of Sharia-compliant Zamfara State whose hand was amputated in 2000 for stealing a cow?

It is as if we are a society of ‘one day, one trouble’. When there seems to be no trouble, or when everywhere seems at peace, some demons are activated to rouse us from our complacent reverie. Kidnapping for ransom was becoming so commonplace that it wasn’t really making the front pages again unless some touch of bestiality or savagery is involved. Then we are all roused. Dr. Tai Solarin warned us decades ago that we must always decry and rise against every crime and that every death mattered. According to him, one of the worst things that could happen to the society was unshockability— when frequency of occurrence numbs your sensibility.

BEYOND SHOCK
So, kidnappers roused us from our sleep with the recent killing of Nabeeha Al-Kadriyar to force the family to pay ransom. Then news came from Ekiti State that kidnappers had killed two traditional rulers in a failed kidnap attempt. The Elesun of Esun-Ekiti, Oba David Babatunde Ogunsakin, and the Onimojo of Imojo-Ekiti, Oba Olatunde Samuel Olushola, were killed by the gunmen while the Alara of Ara-Ekiti, Oba Adebayo Fatoba, escaped. It has since been revealed that Oba Olatunde Olusola of Imojo-Ekiti was on track to becoming a professor within a year before his untimely death.
And perchance we still were not bestirred enough by the sacrilege of spilling royal blood in such gruesome circumstances, another band of kidnappers on the same day abducted five school children of Apostolic Faith Group of Schools, Emure Ekiti, from their school bus together with some staff of the school.
The principal of the school related how the bandits were playing psychological games with the family of the hostages: “The kidnappers have started to maltreat the abductees … They called the parents of the pupils who were abducted and the husband of one of the women. We were told that during their calls, they heard how they were flogging the children and the way they were crying to call the attention of the parents…”
Imagine torturing children to force their parents to find, by whatever means, millions of Naira to satiate the satanic lust for money by common criminals!

And in neighbouring Kwara State, the police command confirmed the gruesome killing of a traditional ruler in the state, Oba Peter Aremu, the Onikoro of Koro-Ekiti in Ekiti Local Government Area. The police disclosed that, “The gunmen invaded the residence of the traditional ruler in the evening and killed him and went away with his wife”.
It seems that criminals are finally levelling the field of victimhood. No matter the status, tribe, age, and gender of the abductee, we are all potential hostages under enforced equality and foreboding hopelessness in this vast forest of a thousand demons.
Until we establish state and local government constabulary to augment this unitary police force pretending to be on top of the security situation, it is clear that this will not be the last report on the scourge of kidnappings ravaging the 36 states of Nigeria. The choice is ours.

Chartered Institute of Stockbrokers (CIS) has proposed to launch its first book and documentary on shaping the Nigerian Capital Market entitled, ‘History of the Nigerian Capital Market’.
The Book will be launched February 8, 2024, the documentary is enriched by the interview of some personalities, including one of the founding fathers of the Market, late Otunba Subomi Balogun, who had been interviewed before he passed on last year.
Scheduled for presentation at Nigerian Exchange Group House, the uniqueness of the first most comprehensive book on the capital market history, is that the story is told from the first-person point of view by some of the oldest operators and leading practitioners in the Nigerian capital market.

A statement from the Institute indicated that the special Guest of Honour, is the Executive Governor of Edo State, Mr. Godwin Obaseki, a Fellow of the Institute, the Chief Launcher, also a Fellow, is the chairman, Nigerian Exchange Group Plc, Dr. Umaru Kwairanga, while the Chief Host is the president and chairman of the Institute’s Governing Council, Mr. Oluwole Adeosun.
It stated that ‘History of the Nigerian Capital Market’, is an authoritative compendium that chronicles epochal issues such as the evolution of the legal framework of the Nigerian Capital market and that of the Institute, the Call-Over Trading System, Bonds Trading and other securities at the beginning, origin of the market technology- Central Securities Clearing System (CSCS), Automated Trading System (ATS), policy issues that affect the market, investor education, women in the Nigerian Capital Market, Fixed Income Securities, Commodities Exchanges, 30th Anniversary of the Institute and current initiatives of the professional body, future of the market and its pictorial history .
According to the statement, the narrative is written in simple prose with organic structure. It is a veritable source of reference for all stakeholders, including the regulators, operators, financial journalists, the academia, especially those in the areas of Economics, Finance, Accounting and Business Administration, researchers and the government at all tiers. The launch of the Book and Documentary will attract people from all walks of life. “, according to the statement.

The Chartered Institute of Stockbrokers is an autonomous, statutory and not-for-profit professional body established in 1990 and chartered by Act 105 of 1992. The enabling act and subsequent statutes, such as the Investment and Securities Act, empower the institute to determine the standards of knowledge and skill to be attained by persons seeking to become securities and investment practitioners in Nigeria, and to maintain the register of members of the profession.

[Leadership]

The searing torment that everyday folks are going through in Nigeria right now is so dire, so unbearably extreme, and so unexampled in its rawness that even diasporan Nigerians like me who live tens of thousands of miles away from home can feel it not just vicariously but also experientially.

The unending streams of requests for help to meet the most basic obligations of life that we get from previously proud, resourceful, and self-sufficient family members, friends, acquaintances, and even strangers are the conduits through which we have experiential encounters with the ongoing cost-of-living turmoil in the country.

The lower classes are sinking deeper into soul-depressing depths of poverty, despair, and hopelessness, and the middle class is so hobbled by the economic crunch that it is disappearing faster than soap bubbles. The lower and the middle classes are now united by a common sensation of emptiness, agony, and anxiety for the future.

Every day is worse, less hopeful, and more precarious than the previous day for most Nigerians. Even hope, which French philosopher François de La Rochefoucauld assured us is the last thing that dies in humans, is desperately going into a death spiral. That’s an ominous signal President Bola Ahmed Tinubu would do well to not take lightly.

Nigeria is famous for its superabundant supply of self-regenerating hope, even in the midst of the most nerve-racking existential strain. You know you’re dealing with a potentially explosive social rupture when hope is grasping for breath among people who are famed for feasting on hope.

The current state of affairs isn’t unavoidable. It’s the predictable consequence of the pig-headed pursuit of a ruinous policy of subsidy removal from petrol, the lifeblood of Nigeria. I sounded an early warning about this a month before Tinubu was inaugurated.

In my April 29, 2023 column titled “Six Agenda Items for Tinubu’s Success,” I specifically warned Tinubu to resist the neoliberal anti-subsidy seduction of Western financial institutions, which they have successfully brainwashed Nigerian economists and civil society members into not just accepting but also aggressively evangelizing.

I wrote: “I know that there is now an artfully manufactured consent, particularly among the gilded classes in Nigeria, about the undesirability of ‘fuel subsidy.’ I don’t care what it’s called, but any policy (call it deregulation, subsidy removal, appropriate pricing, etc.) that results in an arbitrary and unbearable hike in the price of petrol without a corresponding increase in the salaries of workers and an improvement in the living conditions of everyday people will sink Tinubu.”

I concluded: “I can assure Tinubu that if petrol price hikes deepen people’s misery, he’ll have a tough time governing.”

The dramatic spikes we have seen in abductions for ransom all over the country are attributable to the rising tide of unheard-of deprivation that the removal of petrol subsidies has activated. And that’s just one auxiliary after-effect of the removal of petrol subsidies without a cushion or an alternative.

Other after-effects are the total collapse of the informal sector and what remained of Nigeria’s manufacturing sector. It also instigated the unprecedentedly hyper-inflationary pressures that are being exerted on the economy. Prices of basic goods and services and even of medications for common illnesses are now beyond the reach of people. That’s an unsustainable magnitude of agony.

But it was always obvious to anyone with even a halfway functioning brain that removing petrol subsidies in a weak, oil-producing economy that is organically petrol dependent, that has no well-developed public transportation system, that has weak infrastructures, and that is the poverty capital of the world would trigger infernal anguish on the vast majority of the people and tank the economy to the ground.

These are not birth pangs. They are not the pains before the gains. There is no light at the end of the tunnel. The tunnel is condemned to unrelieved darkness. The blight Nigerians are contending with now is the certain and inevitable result of a conscienceless implementation of disconnected and irrelevant economic policies inspired from outside Nigeria.

I came of age during General Ibrahim Babangida’s regime. IBB started the so-called Structural Adjustment Programs (removal of subsidies, devaluation of the naira, mass retrenchment, etc.), which inaugurated Nigeria’s descent into the abyss. I heard the exact same things the current government is spouting during IBB’s time: that it would get worse before it got better, that after the birth pangs a big bouncing baby would be born, that there was delayed gratification awaiting us if only we could be a little more patient.

None of the promises materialized. Instead, suffering was elevated to crushing heights. Advanced Fee Fraud (also called 419) blossomed. Corruption was fertilized. Brain drain to the West got wings. This period also unleashed the naira’s irrecoverable slide into the deep hole of worthlessness.

Decades after, the same SAP about which hundreds of books and articles have been written and whose irreversible damage we continually lament, has been artfully repackaged, disguised, deodorized, and huckstered by a well-oiled gang of soulless apes who deployed all manner of clever rhetorical trickery to coax Nigerians into consenting to their own self-incineration.

The idea that petrol subsidies had to go because they were riddled with corruption and that they consumed a disproportionate share of our national budget is a mere propagandistic cop-out. If petrol subsidy administration is rid of corruption (that is perpetrated in cahoots with the government, which explains why no “subsidy thief” has ever been apprehended much less brought to justice), it would consume no greater share of our national budget than any governmental obligation.

It certainly won’t be anywhere near the colossal venality that is perpetuated at the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development under the guise of giving money to the poor.

The truth is that we have no original, independent thinkers among people who make or influence economic policies in Nigeria. They are all hopelessly mindless parrots of ill-comprehended economic prescriptions of the Bretton Woods institutions. They do not have the cognitive and intellectual sophistication to transcend what I call derivative or regurgitative knowledge.

There is not a single example of a country in the world that has developed on the basis of the prescriptions of the World Bank and the IMF. On the contrary, the only countries that have achieved inclusive growth and development outside the West are precisely the countries that have bucked the World Bank and the IMF. And every country that uncritically adopts the recommendations of these institutions has been wracked by utter devastation.

Unfortunately, if either Atiku Abubakar or Peter Obi were president today, Nigeria would experience exactly what it is going through now. Like Tinubu, Atiku and Obi said they would remove petrol subsidies “on day one.” When you remove petrol subsidies “on day one” in a desperately poor, inordinately petrol-supported economy with no public transportation, you get what Nigerians are going through now. It’s not rocket science.

Similarly, both Atiku and Obi said they would float the naira and let its fate be determined by the vagaries of demand and supply. When you do that in an import-dependent economy, you can’t escape what the naira is going through now.

Atiku tweeted in March 2021—and in several policy documents—that “Nigeria must move towards a single exchange rate to be determined by market forces.”

On April 9, 2022, Obi also tweeted: “The truth is that for long market forces have not determined the exchange rate of the Naira…. It has to end. Let the exchange rate be determined by the forces of demand and supply. It’s that simple.”

In other words, Tinubu is doing exactly what Atiku and Obi had proposed they would do, and the results would have been the same. The hyperinflation and hurt Nigerians are going through now won’t have been evaded because it is Atiku or Obi who removed petrol subsidies “from day one.” The naira’s glide to the bottom wouldn’t have been avoided because Atiku or Obi “floated” the naira.

That is why Atiku- or Obi-supporting critics of Tinubu come across as ignorant partisans who have drunk the Kool-Aid of their cult leaders. Atiku and Obi supporters should be grateful that their idols are not president today. They would have been bearing the reputational brunt of the boneheaded, discredited rightwing economic policies they also advocated, which have thrown Nigeria into the current mess.

Interestingly, in response to Obi’s 2022 tweet rhapsodizing over the imperative of subjecting the naira to the “forces of demand and supply,” a supporter of his by the name of Abel (with the handle @governance9ja) wrote a riposte, which has turned out to be prescient. He wrote: “So @PeterObi will float the currency for a country where most factor inputs into local manufacturing is imported? We already have cost push inflation reducing real income of many Nigerians. Floating naira will ruin many households. @PeterObi and @OfficialABAT are two of a kind.”

Obi supporters who have wet dreams of a Nirvana if Obi were president should wake up. His economic policies are exactly like Tinubu’s. Personalities aren’t the issue; policies are.

Tinubu and his team need to face the reality confronting them and change course. I know that Nigeria has been so polluted by neoliberal propaganda that even news that the government was paying subsidies through the backdoor to stop petrol prices from getting to N1,000 per liter was seized upon by the opposition to poohpooh the government, which compelled the government to deny paying any subsidies.

I’ve never seen this level of self-crushing inanity in my life. Assistance to the needy (which is what subsidy literally means) is now a dirty word that everyone avoids like the plague.

But the government should know that even hope is dying in Nigeria. When a usually hopeful nation spawns armies of hopeless and angry people through thoughtless economic policies dictated by outsiders, it sows and nurtures the seeds of its self-destruction.