Fela Anikulap-Kuti, the inimitable Nigerian musician, was a trail-blazer in many parts. He created the music genre called Afrobeat; he rendered the lyrics of his popular tunes in pidgin English, and he deployed his music to fighting social ills and the government’s oppressive policies. He had a running battle with the Nigerian police, more than any other establishment. As their regular guest, he must have visited police detention centres over a hundred times in his chequered life. 

After one of his controversial arrests and detention at Alagbon Close, a cul-de-sac of a street in Lagos Island that served as the police criminal investigation facility in 1974, he released a song called Alagbon Close, with lyrics that lampooned the police for maltreating him. The popular refrain…uniform na cloth, na tailor dey sew am…mocked the police for being inhuman, just because they were putting on uniforms that any tailor could sew. 

Uniforms are not the only clothes that change the status and circumstances of men. Flags are even more so. Though simply a piece of cloth, or pieces of clothes sewed together, flags symbolize things of different meanings; it is an instrument of authority and it symbolizes the status of sovereignty. 

So when the #EndBadGovernance protests got underway 11 days ago, it was expected to be a show of public disapproval of President Bola Ahmed Tinubu’s handling of the socio-economic affairs of the country. In less than 15 months, his administration has shown great incompetence in managing the nation’s economy. While it embarked on questionable expenditures, some of the major projects are either self-serving or have no significance to the needs of the poor. 

Tinubu set the wrong foot forward from day one. While many agreed on the need to remove the subsidy on petroleum products which was guzzling humongous amounts of our resources, the manner it was arbitrarily removed at the inauguration ground, without first studying the books, consulting with industry stakeholders and emplacing social safety nets for the people whose life and livelihoods revolve around the industry, was fatal. 

There were other neo-liberal policies like the much-criticized floating of the Naira which plunged the nation’s currency into a tailspin it has not recovered from till today. Unable to survive in the harsh operating environment, over 12 major multinational companies have exited Nigeria within the period, while countless local business concerns have folded up. In nearly all sectors, production has plummeted and food insecurity has added to the general insecurity ravaging the country. 

In the midst of all the adversity, the Tinubu administration and the National Assembly that enables its every financial request rides the wave of luxury. The presidential air fleet that boasts 5 aircraft recently welcomed one more super jet; convoys of officials in the executive got longer with more shinning vehicles; the legislators use the latest SUVs from Japan’s Toyota, and the Vice President has moved into his mansion that cost a princely N21 billion to complete. Even the presidential guest house in Dodan Barracks, got about N5 billion for another face-lift, just in case the president may want to spend a few minutes there while in Lagos.

If that is not profligacy, Nigerians wonder what is?

In the build-up to the protest, Tinubu showed nonchalance, Senate President Akpabio taunted the poor masses the more while Police IG Egbetokun talked tough. The protesters must have thought a mere demonstration against the pervasive profligacy was not enough since no official of any consequence appeared to be losing sleep. 

The idea of the Russian flags must have been a brilliant idea to draw attention and frighten security personnel out of their slumber. So, after a violent first day of the protests in Kano during which buildings and cars were torched and offices and shops looted, they arrived the streets of Kano the next day with Russian flags.

A year after Nigeria’s northern neighbours, Mali, Burkina Faso and Niger expelled the French authorities and entered a security understanding with Russia, the sight of Russian flags on the streets of Nigeria was not just embarrassing, it was scary. Have the Sahel nations that spurned Nigeria and the ECOWAS headed by President Bola Tinubu become a route through which our sovereignty could be threatened?

All attention turned to Kano. Has the state with two ‘governors’ and two ‘emirs’ for one emirate, also split into people of two nationalities?

For a moment, the security chiefs who had been scare-mongering about a possible foreign sponsorship of the protests, appeared to have hit the bulls eye on intelligence. Though the Russian government – through its Embassy in Nigeria – denied any involvement, our security analysts seized the stage with extrapolations on the wider ideological battles the two major world powers were turning Nigeria into. To say that it was a frightening scenario is to put it mildly, especially when some of the protesters were calling for regime change, a senseless and outrageous proposition. 

But after three days of doomsday analyses, and a national broadcast that some people say was forced on the President by the dire circumstances in Kano, the chips finally came down to one tailor called Ahmed. 

The Directorate of State Security announced that it has apprehended Ahmed, the tailor that made the Russian flags. The picture of Ahmed appeared with pieces of clothing materials in the colours of the Russian flag. Could this haggard-looking man be the source of the events that caused the nation so much scare and discomfort? If he is, then the reports of massive infiltration of Vladimir Putin’s supporters from neighboring countries may have been exaggerated or totally off-point.

As it turned out, the flags that some people were prepared to swear were first soaked in the communist chambers of the Kremlin, were actually produced in the dingy backstreets of Gyadigyadi in Kano City by one ‘Obioma’ tailor.

The result of investigation by security agencies is not out yet, but one question comes to mind: was Ahmed the tailor aware of the consequences of his treasonable acts? I wager he didn’t but it doesn’t count for an excuse. Any 100 level law student will tell you that ignorance is not an excuse in law. He may jolly well be a pawn in the hands of some more enlightened sponsors. Or like the tailor in Fela’s ‘Alagbon Close’ who innocently sew the uniforms that turn the mere mortals in police uniforms to beasts that delight in the ill treatment of fellow citizens. 

As the nation awaits the outcome of investigations, the fact is that flags – even the Russian flag – is, after all, mere pieces of clothes that any tailor can turn into an instrument of national scare.

Sheddy Ozoene, Editor-In-Chief of People&Politics, is Vice President of the Nigerian Guild of Editors. 

An American immigration officer caught me unawares with a probing question. I was doing a research on five oil-producing countries on a comparative scale with Nigeria to draw out lessons for our leaders on policy environment, windfall management, upstream-downstream linkages, local content, and operations of national oil companies. I had travelled to Washington, DC to use the libraries of the World Bank and the International Monetary Fund (IMF). In my hand was a book, ‘The Paradox of Plenty: Oil Booms and Petro-states’,  authored by Terry Lynn Karl who explored why the oil boom of the 1970s produced disappointing outcomes in some countries, Nigeria inclusive.

“So, what do you think Nigeria’s problem is?” the immigration officer, who obviously saw the book, asked me. I was not expecting that. Until 2006, my answer to every question about “Nigeria’s problem” had always been “corruption”. I never had to think twice. The evidence was everywhere. However, upon deeper reflection — after studying the development trajectories of many countries across the world — I had come to realise that as big a problem as corruption was, incompetence would give it a run for its money. That was how I began to develop and peddle my pet theory that for Nigeria to break out of underdevelopment, our leaders must be BOTH patriotic and competent.

“Umm,” I stammered a response to the officer. “I think it is—”

He cut in, with a smile: “Let me help you. Some countries have political problems. Some have economic problems. Nigeria has both political and economic problems.” What a summary!

The recent (or ongoing) protest in Nigeria reminded me of this conversation. There were clearly two aspects to the protest: there were those complaining about the economy and there were those playing politics. It was very glaring. Those interested in the economy were complaining about the price of garri and the cost of running government. Those playing politics were waving the Russian flag (ignore the lie that it was the flag of the Nigerian military) and calling for President Vladmir Putin to help overthrow President Bola Tinubu’s government. Some of the protesters said Tinubu should resign and hand over to Alhaji Atiku Abubakar, who came second in the 2023 presidential election.

Governor Uba Sani aptly captured this about the violent protest in Kaduna, his state. “When you see children within the ages of nine, 10 and 14 now raising the flag of another country, you will agree with me that it’s well designed, sponsored by some elements who are calling for anarchy in their own country. They took advantage by using the psychology of those children, knowing fully that here in Northern Nigeria, our people are close to our neighbouring countries, such as Niger Republic, making them to believe that what happened in Niger Republic can happen in Nigeria; what happened in Burkina Faso can happen in Nigeria and what happened in Mali can happen in Nigeria.”

I read several comments in WhatsApp groups and the platform formerly known as Twitter. Some suggested that the north was ganging up against Tinubu and would do anything to regain political power in 2027. One commenter argued that northerners never protested over economic hardship under President Muhammadu Buhari but have suddenly found their voice because a southerner is president. The central theory, from what I can glean, is that some northern forces are moving against Tinubu because they cannot control him. Well, I am not a fan of conspiracy theories so don’t expect me to jump on the bandwagon. In any case, I also have my own issues with Tinubu’s leadership style.

However, there is nothing happening so far that surprises me. I am well aware that the political and economic history of Nigeria did not start in 2023 or 2019 or 2015 — as you could be misled to think if you spend too much time on social media. Nigeria has always been complicated; the mistrust and competition between the north and the south has always been there. We went to war in 1967 basically as an aftermath of the 1966 coup which pitted a part of the country against another. More so, there is nothing strange about mutual suspicion in a multicultural society. Even in societies that are seemingly monolithic, there is still room for rancour. There is no perfect society in the world.

I am not suggesting that all conspiracy theories are false. Some things are too striking to be coincidental. Some of the protests and violence in the north are definitely politically motivated and have nothing to do with the inflation rate. Why would protesters invade the Kano government house? The state is governed by the New Nigeria Peoples Party (NNPP), not the All Progressives Congress (APC), so why should Governor Abba Kabir Yusuf be the target of protesters when the macro-economic policies are orchestrated by the APC-led government in Abuja? Why should Tinubu be asked to resign and be replaced by Atiku when the constitution is clear on who succeeds him?

Being president of Nigeria is no tea party. Challenges must come. Conspiracies must surface. Let us look back a bit. When President Olusegun Obasanjo was in power, he faced quite a number of crises in his early days. Perhaps, the biggest was the introduction of Sharia criminal code by 12 northern states. Shari’a had always been for civil affairs, but it was being scaled up to criminal matters which had been the exclusive preserve of our criminal laws. Zamfara state, which in 2000 became the first to adopt the Sharia criminal code, amputated the hand of Bello Buba Jangebe, a cow thief, to show that it meant business. Two women were sentenced to death for adultery in other Shari’a states.

Obasanjo’s initial response was to fiercely condemn and threaten the Shari’a states but having seen the brick wall ahead of him (there were unconfirmed rumours that the Supreme Court was going to rule in favour of the states), he decided to calm down. It seemed to me that he realised, and accepted, that it was a political challenge that he needed to handle with tact. He changed rhetoric, saying that there was the “real Shari’a” and the “political Shari’a”. He predicted that the “political Shari’a” would soon fade out. Today, it appears only Kano is still operating Shari’a in a newsworthy format with the frequent breaking of bottles of beer and mass arrest of “immoral” mannequins.

It was not easy for Obasanjo. The Shari’a riots between 2000 and 2002, mostly in the north-west, claimed thousands of lives. It was bloodshed upon bloodshed. As if this was not enough trouble, Jos, Plateau state, exploded. The riot of September 2001, sparked off by some seemingly innocuous development (they said one Christian lady walked past a Muslim praying ground or one Muslim politician got a political appointment ahead of a Christian — all sorts of theories), led to the deaths of at least 1,000 persons. Jos has not known peace since then. Obasanjo also faced an impeachment process in 2002. His supporters blamed his travails on northerners who wanted power back in 2003.

It may also interest us to recall that some anti-Obasanjo protesters called for the military to overthrow him, although they did not fly the Russian flag. Rather, pro-Osama bin Laden and “Death to America” rallies were common in Kano. When people make it look like Obasanjo had an easy time in power, I tend to think time has erased our memory. He had it rough and tough, some of his own making and some out of political intrigues. He survived and somehow got a second term. But he managed to unite almost the entire country against himself with the ill-fated third term agenda. Overall, he played the complicated politics of leading Nigeria and implementing economic reforms.

Tinubu is now facing his own baptism of fire. How will he handle it? Will he play the regional card by insisting it is a northern conspiracy against him in order to gain the sympathy of southerners, most of whom voted against him in 2023? Will he engage in pragmatism — “give a little, take a little” — in order to keep his northern friends onside? There is no card he plays that will not come with a price. The regional card can backfire and make Aso Rock hotter for him (President Goodluck Jonathan definitely has a story to tell about this) but some southerners will be happy if it will eventually lead to balkanisation. The pacification card will require changing his style but it may hurt his ego.

Running a delicate country like Nigeria requires a lot of tact. Many presidents discover this too late, to their own hurt. As the US immigration officer told me, we have both economic and political problems. These are hefty weights. Fixing the badly broken economy is a monumental challenge on its own, but at least it is largely a technical issue. Managing political interests in a complex polity is another thing altogether. It requires a different skill set and mindset. What did Obasanjo get right (or wrong) when he faced his own baptism of fire in the games of policy, power and politics? What did other presidents get right (or wrong)? I am curious to see how Tinubu will handle his own baptism.

AND FOUR OTHER THINGS…

MISS CHIEF

Ms Chidimma Adetshina, born in South Africa to a Nigerian father and a Mozambican mother, found herself in a nasty situation when she decided to contest for Miss South Africa. She ordinarily should qualify to be a South African — having lived there all the 23 years of her life so far — but she was branded a “foreigner” and now, one of her parents is being investigated for allegedly obtaining citizenship through identity theft. This is not a coincidence. We may talk all the legal jargons, but the fact is that this is indisputably another episode in the senseless cold war between Nigeria and South Africa, or should I say between Nigerians and South Africans. MTN, Multichoice and all that. Silly.

CAMPAIGN PAIN

Governor Bala Mohammed of Bauchi state aimed hot shots at President Tinubu on Wednesday in what may be an effective kick-off of the 2027 presidential election campaign. Commenting on the nationwide protest, Mohammed — who was minister of the Federal Capital Territory (FCT) from 2010-2015 and is a staunch member of the Peoples Democratic Party (PDP) — took aim at the government of the All Progressives Congress (APC). “It’s their programmes that have caused all these problems. If Tinubu continues like this, in 2027, I will invite him to be our campaign director because everywhere would be PDP, and we are going to win because it is self-inflicted injury,” he fired. Ouch!

HAMMER BLOW

I watched in pains as Ms Annette Echikunwoke represented the US in hammer throw at the Paris Olympics. It is not strange for athletes to fly “a flag of convenience” and win medals for their adopted countries. But Echikunwoke’s case is different and painful. Born in the US to Nigerian parents, all she wanted to do was represent her ancestral country where her heart was. But we messed her up. Because of an administrative lapse, she was disqualified from the 2020 Olympics over Nigeria’s failure to comply with the out-of-competition testing (OCT) requirement. Echikunwoke had already set the African record by then. Nobody can blame her for deciding to jump ship. Heartbreaking.

NO COMMENT

A state in the Federal Republic of Nigeria has not recruited into its civil service in 25 years. Those are not my words — they belong to Mr Erasmus Ekpang, commissioner for information, Cross River state. Governor Bassey Otu has now lifted the embargo. “As we speak, the state civil service is almost depleted and we are indeed happy that the governor has considered it necessary to recruit at this point in time,” Ekpang said. A quarter of a century? A whole generation? Civil service is the engine of government. It is where policies are formulated and implemented. Entries and exits are critical to keeping the wheel running. You mean a state has not replenished the stock in 25 years? Wonderful.

In a way, the #EndBadGovernance or #EndHunger protests have not panned out exactly the way the organisers had planned. A few cities—notably Abuja, Lagos, Bauchi, Maiduguri, Kano and Kaduna—were grounded for a few days, and the president was dragged into making a national broadcast. But weariness and complications crept in, most citizens expectedly hurried back to their normal businesses, and the protests petered out.

Having weathered this storm—without sustaining more than a mere scratch—the President Bola Tinubu administration could be led to think that its containment strategy worked well, that it has developed a good template for handling future iterations, and that all is well and good. That will be a wrong lesson to take from these protests. As long as the underlying reasons for the protests remain or even worsen, all cannot be said to be well and good. The country will remain a tinderbox, and be vulnerable to the slightest spark.

A few complications helped the government in taking the heat out of the hunger protests. The most obvious one is that the protests were quickly infiltrated or hijacked by those whose agendas went beyond the cost-of-living crisis: those calling for a coup and for regime change; those trying to relitigate the outcome of the 2023 elections or positioning ahead of 2027; those calling for the president to resign and be replaced by one of his competitors in the last election; and those flying Russian flags and asking Vladmir Putin to intervene in Nigeria. Then, there was the looting of public and private property, and there was the fact that the protests were more pronounced in certain parts than others.

It became clear these other dimensions were clearly well-orchestrated and that some bad-faith actors were pulling the strings behind the scene. Not a few had to reconsider their stance and avoid becoming mere pawns in the high-wire political chess game they didn’t sign up for. This twist created a dilemma for even some of the leaders of the protests, divided the larger populace, and weakened support for the cause. Unwittingly, these became a boon to the government.

However, it will be a mistake for the president and his team to think they will always be presented with such a luck. The right approach will be for them to understand why many Nigerians were willing to participate in or to support the call for street protests that started on social media, how this administration contributed to that willingness from even among some ardent supporters of the president, and where and how the government needs to make quick course correction.

The simple truth is that even when most Nigerians have had it rough for a while, their suffering has been of a higher concentration in the past year or so.  Times have become extremely hard—most Nigerians are struggling to feed themselves and straining to afford other key necessities of life. There is hunger mixed with angst in the land. The angst is so thick you can slice it.  

So, this is not the time for the administration to congratulate itself on successfully sitting out the first major confrontation with the masses. The urge to declare victory may be tempting, but it will be clearly wrongheaded. If the status quo subsists, it is just of a matter when, not if, the next and the next confrontations will happen, and there is no guarantee that things will not turn out in a totally different way. The administration will help itself and the country by taking this slight brush as a wake-up call, and as a major opportunity for rigorous introspection and for a step-change.

As said earlier, things were not particularly rosy when the president assumed office on May 29^th, 2023. Headline inflation was 22.41% while food inflation was 24.84% as at May 2023. Inflation rate above 20% is a danger sign that should keep policymakers constantly awake and worried. Nigeria crossed the 20% barrier in August 2022 when headline inflation hit 20.52%, and has kept a steady climb since.

But things have got rapidly and remarkably worse in the 14 months of the current administration. As at June this year, headline inflation had jumped to 34.2% and food inflation had soared to 40.87%, up from 22.41% and 24.84% respectively when the president assumed office. And by the way, the inflation rates are aggregate figures, and as such are not fully representative of the extent of the hit that Nigerians have taken in their pockets and in their savings. Prices of some commonly used or consumed food items have tripled or even quadrupled. According to the National Bureau of Statistics (NBS), the prices of brown beans surged by 252% and tomatoes by 320% between June 2023 and June 2024. The corresponding months of the two years indicate this is not about seasonality. A country with such rapid hikes in food prices is just an orange-pip-spit away from trouble.  

To be sure, there are different drivers of the current high prices in the country. But the major culprits are the after-effects of the signature reforms of the Tinubu administration: removal of petrol subsidy and floating of the Naira. Both reforms are necessary and should have been implemented long ago, as I have submitted here on many occasions. For instance, Nigeria splurged $10 billion on petrol subsidy alone in 2022, a year when debt service consumed more than 80% of Federal Government’s retained revenue. The country was simply burning the money it didn’t have and was hurtling towards a thinly-disguised ditch. So, petrol subsidy was unsustainable and an unwise way of allocating scarce resources. It needed to go.

However, while the president still deserves applause for having the guts to take on the subsidy that most Nigerians have become passionately wedded to, he cannot be absolved of the charge that he undertook this significant reform without adequate thoughts and provisions for those that would be disproportionately affected it, especially the poor. It is well documented that petrol subsidy removal would lead to a hike in the costs of transportation and food, two things that the poor spend almost all of their incomes on. More than a year after what has come off more like an impulsive than a considered policy action, we are still discussing how to cushion the effects of subsidy removal on the poor, and petrol subsidy, clearly, has crept back because of the next thing the government did.

On 14^th June 2023, the Central Bank of Nigeria (CBN), with a clear nod from above, introduced another major shock: the floating of the Naira. This can be termed the most egregious step taken by the administration so far. The gap between the official and parallel exchange rates has narrowed and forex-denominated revenue of the government has swollen to the extent that exchange gain is now the third highest component of revenue shared by FAAC (after statutory revenue and VAT). But Naira has experienced a massive plunge, losing 53% at the parallel market and 71% at the official window. In an economy that imports a lot, businesses and individuals are reeling from the double and persistent whammy of price hikes and instability.

One of the things that the president and his team say so often these days is that the pains from the reforms are unavoidable. No, that is not exactly accurate. Yes, reforms come with pains, and delayed adjustments are accompanied by a higher order of anguish. But there is nothing inevitable about the quantum or the calibration of the misery inflicted through the reforms, especially the forex reform. One, floating the Naira was totally ill-advised. The CBN could have gradually devalued the Naira to what is now considered the fair value of our national currency. With that a dollar would still be below N1000 by now.

Two, floating the Naira without first securing adequate supply of forex to meet pent-up demands and muster enough firepower against speculators is a recipe for the rapid depreciation that we are living through. And three, floating the Naira shortly after removing petrol subsidy amounts not only to introducing double shocks simultaneously on a long-suffering people but also to ignoring that there is a limit to the amount of pain the human body can tolerate. Pacing or sequencing is a key element in reform management. But it seems the reform team, if there was any, missed that memo.

So, it will be important for the Tinubu administration to acknowledge that it tried to do the right thing but in the wrong way or in the wrong order. It needs to own its mistake, make reasonable adjustments, and ensure that future actions are more carefully considered and undertaken with clear and robust strategies and plans. In terms of needed adjustments, it might be necessary, for example, to move from a free float of the Naira to a managed float. It is also worth considering freezing the forex rate used for imports or adjusting it on a quarterly basis. That will make for better planning and less fluctuation.   

There are some areas where the government needs to take a hard look at itself. The first is its speed of response. Measures to cushion the effects of petrol subsidy removal should have been frontloaded or fast-tracked. There was a vacuous debate about the social register because some governors want to control the paltry sums meant the poorest households. In July, the Federal Government announced some consequential actions against soaring food prices. Those were good, emergency and time-barred moves that could have come at least three to six months earlier. Precious time had been wasted by key government officials in looking for scapegoats for high food prices. It is important not just to act, but also to act on time.

The second is the need for the government to actively model the time we live in and take the lead in demonstrating the sacrifice that it is asking of or imposing on the citizens. Neither the pattern of budgetary allocations nor the way public officials carry themselves suggests that Nigeria is passing through a tough period. With the business-as-usual approach to budgeting in the main appropriation, with the mind-boggling extravagance in the budgets of the government-owned entities, and with the talks about new presidential jets, the government either doesn’t get it or doesn’t care or is just plain insensitive. You can’t be inflicting pains on your citizens and be coasting around in obscene convoys, be prioritising new cars and new buildings, be fielding huge delegations to international meetings and be running a bloated, and mostly lacklustre, cabinet.

Third, the president needs to adopt a more inclusive, less alienating and more practical approach. He seems too eager to reward his Lagos loyalists with key appointments, without due sensitivity to the need for national spread. He is alienating key individuals and major sections of the country. Ruling a country, as with politics, is a game of addition, not subtraction. It is strange that this seems lost on someone regarded as a master political strategist. The triumphalist edge to his politics overlooks the point about the harm that a growing army of the alienated can do, especially in moments of real or concocted crisis.

President Tinubu, unexpectedly, has enjoyed a long honeymoon. But all honeymoons are like weekends: they don’t last forever. It is safe to assume that with the protests, Tinubu’s extended honeymoon has lapsed or is about to. He should brace himself for more confrontations. The right lesson for him to take from the protests this time will not be how to continue to win against those who confront or oppose him. But about the need to significantly address the underlying conditions that can make it easy for the genuinely hurting masses and various interested parties to join forces.  

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”.