Dark clouds loom in the horizon; turbulent weather is imminent; man-made ‘viruses’ lurk and search for victims; locusts swarm sprouting seeds; good people are hounded by evil machinations from the pits of hell. 

We draw strength from wise counsel and the simple prayer of the oppressed: ‘May the moment of our greatest Challenge become the moment of our greatest Triumph’. 

So, shall it be for Allen Onyema. 

I wake up a few days ago, and see my brother passing through a crucible of blazing fire. It is refinement. A reassuring calmness comes over me. I choose to look beneath the surface of the murky waters of obscure allegations dug up from hell. Accusers draw their swords, deploying opaque microscopic lenses in a scrutiny that they, themselves, cannot survive without a smear or a stain. Yet here they are continually prying at the distant past of a Nigerian man who turned opportunity into unbelievable success, and thereafter making a difference to the world, touching lives, healing wounds and the land, blessing the oppressed, recalling and rewarding forgotten deeds and neglected sports heroes, employing thousands, and shining light on darkness all over Africa. 

In Nigeria, this simple and humble pilgrim has become a model for success and humility and patriotism and courage, and a compass into endless possibilities for every young hardworking person. Conspirators and co-conspirators want to smother both the dream and the dreamer. 

I refuse to be distracted by convoluted and complicated allegations that ‘hide’ the goodness that lie beneath them. I choose to remain focused and to await the breaking of dawn and the guaranteed bright sunlight that will come again when these dark clouds clear up. 

I am a proud AirPeace Ambassador. 

On behalf of all my colleagues whose lives Allen Onyema and AirPeace have touched and blessed, I join all other Nigerians to celebrate 10 unblemished years of service to humanity, and of patriotism. I humbly shake the extended hand of friendship that AirPeace, a great advertisement of the Nigerian spirit to win against all odds, offers the world. 

Airpeace and Allen are winners, any day, anywhere. Nothing can make us forget! 

Dr. Olusegun Odegbami MON, OLY, AFNIIA, FNIS.

National Day Celebration Chairperson Han Kuo-yu, Vice President Bi-khim Hsiao, Premier Cho Jung-tai, Prime Minister of Tuvalu Feleti Teo and Madame Tausaga Teo, heads of delegations from diplomatic allies and friendly nations, distinguished guests from home and abroad, and my fellow citizens here in person and watching on TV or online: Good morning.

Today, we gather together to celebrate the birthday of the Republic of China, praise the beautiful Taiwan of today, and usher in the better Taiwan for tomorrow.

One hundred and thirteen years ago, a group of people full of ideals and aspirations rose in revolt and overthrew the imperial regime. Their dream was to establish a democratic republic of the people, to be governed by the people and for the people. Their ideal was to create a nation of freedom, equality, and benevolence. However, the dream of democracy was engulfed in the raging flames of war. The ideal of freedom had for long eroded under authoritarian rule.

But we will never forget the Battle of Guningtou 75 years ago, or the August 23 Artillery Battle 66 years ago. Though we arrived on this land at different times and belonged to different communities, we defended Taiwan, Penghu, Kinmen, and Matsu. We defended the Republic of China.

We will never forget the Kaohsiung Incident 45 years ago, or wave after wave of democracy movements. Again and again, people who carried the dream of democracy and the ideal of freedom, through valiant sacrifice and devotion, gave their lives to open the door to democracy. Over more than a century, the people’s desire to master their own destiny has finally been fulfilled.

My fellow citizens, though the Republic of China was driven out of the international community, the people of Taiwan have never exiled themselves. On this land, the people of Taiwan toil and labor, but when our friends face natural disasters or an unprecedented pandemic, we do not hesitate to extend a helping hand. “Taiwan Can Help” is not just a slogan. It is a movement by the people of Taiwan to cherish peace and do good for others.

In the past, our people, going out into the world equipped with only a briefcase, sparked Taiwan’s economic achievements. Now, Taiwan’s chip technology drives the whole world, and has become a global force for prosperity and development.

The people of Taiwan are diverse, and they are fearless. Our own Nymphia Wind is a queen on the world stage. The people of Taiwan are truly courageous. Lin Yu-ting, a daughter of Taiwan, is a queen of the boxing world. At 17 years old, Taiwan’s own Tsai Yun-rong put steady hands to work and won first place for woodwork in a global skills competition. Chen Sz-yua, at 20, took first for refrigeration and air conditioning, using the skills passed down by his father. A new generation of “Made in Taiwan” youth is putting a new shine on an old label.

I want to thank generation after generation of fellow citizens for coming together and staying together through thick and thin. The Republic of China has already put down roots in Taiwan, Penghu, Kinmen, and Matsu. And the Republic of China and the People’s Republic of China are not subordinate to each other. On this land, democracy and freedom are growing and thriving. The People’s Republic of China has no right to represent Taiwan. The 23 million people of Taiwan, now more than ever, must reach out our branches to embrace the future. My fellow citizens, we have overcome challenge after challenge. All along, the Republic of China has shown steadfast resolve; and all along, the people of Taiwan have shown unwavering tenacity.

We fully understand that our views are not all the same, but we have always been willing to accept one another. We fully understand that we have differences in opinion, but we have always been willing to keep moving forward hand in hand. This is how the Republic of China Taiwan became what it is today.

As president, my mission is to ensure that our nation endures and progresses, and to unite the 23 million people of Taiwan. I will also uphold the commitment to resist annexation or encroachment upon our sovereignty.

It is also my mission to safeguard the lives and property of the public, firmly carry out our Four Pillars of Peace action plan, strengthen national defense, stand side by side with democratic countries, jointly demonstrate the strength of deterrence, and ensure peace through strength, so that all generations can lead good lives.

All the more, my mission is to care for the lives and livelihoods of the 23 million people of Taiwan, actively develop our economy, and expand investment in social care. I must also ensure that the fruits of our economic growth can be enjoyed by all our people.

However, Taiwan faces relentless challenges, and the world’s challenges are just as much our own. The world must achieve sustainable development as we grapple with global climate change. Sudden outbreaks of infectious diseases impact human lives and health around the globe. And expanding authoritarianism is posing a host of challenges to the rules-based international order, threatening our hard-won free and democratic way of life.

For these reasons, I have established three committees at the Presidential Office: the National Climate Change Committee, the Healthy Taiwan Promotion Committee, and the Whole-of-Society Defense Resilience Committee. These committees are interrelated, and they are closely connected by the theme of national resilience. We intend to build up a more resilient Taiwan, proactively deal with challenges, and bring Taiwan into deeper cooperation with the international community.

We must strengthen Taiwan’s ability to adapt to the risks associated with extreme weather, continue promoting our second energy transition, and ensure a stable power supply. We must steadily advance toward our goal of net-zero transition by 2050 through the development of more forms of green energy, deep energy saving, and advanced energy storage.

In terms of health, we must effectively fight the spread of global infectious diseases, and raise the population’s average life expectancy while reducing time spent living with illness or disability. We must achieve health equality so that people are healthy, the nation is stronger, and so that the world embraces Taiwan.

Finally, we must strengthen resilience throughout Taiwan in national defense, economic livelihoods, disaster prevention, and democracy. As the people of Taiwan become more united, our nation grows more stable. As our society becomes better prepared, our nation grows more secure, and there is also greater peace and stability in the Taiwan Strait.

Taiwan is resolved in our commitment to upholding peace and stability in the Taiwan Strait and achieving global security and prosperity. We are willing to work with China on addressing climate change, combatting infectious diseases, and maintaining regional security to pursue peace and mutual prosperity for the well-being of the people on the two sides of the Taiwan Strait.

For a long time now, countries around the world have supported China, invested in China, and assisted China in joining the World Trade Organization, thereby promoting China’s economic development and enhancing its national strength. This was done out of the hope that China would join the rest of the world in making global contributions, that internally it would place importance on the livelihoods of the people, and that externally it would maintain peace.

As we stand here today, international tensions are on the rise, and each day countless innocents are suffering injuries or losing their lives in conflict. We hope that China will live up to the expectations of the international community, that it will apply its influence and work with other countries toward ending Russia’s invasion of Ukraine and conflicts in the Middle East. And we hope that it will take up its international responsibilities and, along with Taiwan, contribute to the peace, security, and prosperity of the region and the globe.

In an era when the international landscape is becoming increasingly chaotic, Taiwan will become more calm, more confident, and stronger; it will become a force for regional peace, stability, and prosperity. I believe that a stronger democratic Taiwan is not only the ideal of our 23 million people, but also the expectation of the international community.

We will continue to make Taiwan stronger and promote cross-sector economic development.

Taiwan’s economic strength is no “miracle”; it is the result of the joint efforts of all the people of Taiwan. We must strive for an innovative economy, a balanced Taiwan, and inclusive growth; we must stay on top of changes in global trends, and continue to remain a key player in supply chains for global democracies.

Going forward, in addition to our 5+2 innovative industries plan and Six Core Strategic Industries policy, we will more vigorously develop Taiwan’s Five Trusted Industry Sectors, namely semiconductors, AI, military, security and surveillance, and next-generation communications, and help expand their global presence. We will also promote the transformation and development of medium, small, and micro enterprises and help them develop their international markets.

My fellow citizens, we will continue working to achieve a Taiwan that is balanced across all its regions.

In the central government’s proposed general budget plan for next year, general grants for local governments and general centrally funded tax revenues increased significantly, by NT$89.5 billion, reaching a total of NT$724.1 billion, a record high. And our budget for flood control will be raised by NT$15.9 billion from this year, bringing the total to NT$55.1 billion. This will help municipalities across the country in addressing the challenges of extreme weather.

We will also expedite improvements to the safety of our national road network and create a human-friendly transportation environment. Furthermore, we will improve our mass rapid transit network and connect the greater Taipei area comprising Taipei, New Taipei, Keelung, and Taoyuan. We will roll out the new Silicon Valley plan for Taoyuan, Hsinchu, and Miaoli to form a central technology cluster connecting the north with the south and launch the Smart Technology Southern Industrial Ecosystem Development Plan. We will accelerate promotion of safety in our eastern transportation network so that locals can go home on safer roads. We will also enhance basic infrastructure in the outlying island areas to raise the quality of life for locals and increase their capacity for tourism.

My fellow citizens, we must all the more ensure the well-being of our people across the generations.

To our young parents, we will continue to promote version 2.0 of our national childcare policy for ages 0–6. We are going even further by already increasing childcare subsidies, and we will also enhance the quality of preschool services. Children are the future of our country, and the government has the responsibility to help take care of them.

To our young students, we will continue to provide free tuition for students of high schools and vocational high schools, and we will also continue to subsidize tuition for students of private junior colleges, colleges, and universities. And we are taking that a step further by establishing the Ten-Billion-Dollar Youth Overseas Dream Fund. Young people have dreams, and the government has the responsibility to help youth realize those dreams.

To our young adults and those in the prime of life, next year, the minimum wage will once again be raised, and the number of rent-subsidized housing units will be increased. We will expand investment in society and provide more support across life, work, housing, and health, and support for the young and old. Raising a family is hard work, and the government has a responsibility to help lighten the load.

To our senior citizens all around Taiwan, next year, Taiwan will become a “super-aged society.” In advance, we will launch our Long-term Care 3.0 Plan and gradually implement the 888 Program for the prevention and treatment of chronic diseases.

We will also establish a NT$10 billion fund for new cancer drugs and advance the Healthy Taiwan Cultivation Plan. We will build a stronger social safety net and provide enhanced care for the disadvantaged. And we will bring mental health support to people of all ages, including the young and middle-aged, to truly achieve care for all people of all ages throughout the whole of our society.

I am deeply aware that what everyone cares about the most is the pressure of high housing prices, and that what they most detest is rampant fraud. I give the people my promise that our administration will not shirk these issues; even if it offends certain groups, we will address them no matter the price.

We will redouble our efforts to combat fraud and fight housing speculation. We will expand care for renters and strike a balance with the needs of people looking to change homes. We will walk together, continuing down the path toward achieving housing justice.

We have with us today former President Chen Shui-bian, former President Tsai Ing-wen, and leaders from different political parties. I want to thank all of you for attending. Your presence represents the strength our nation has built up over generations, as well as the values and significance of Taiwan’s diverse democracy.

Our nation must become more united, and our society must grow more stable. I also want to thank Legislative Yuan President Han and Premier Cho for recently initiating cooperation among the ruling and opposition parties to facilitate discussion among the ruling and opposition party caucuses.

In democratic countries, political parties internally promote the nation’s progress through competition, and externally they unite to work toward achieving national interests. No matter our political party, no matter our political stances, national interests come before the interests of parties, and the interests of parties can never take precedence over the interests of the people.

And this is precisely the spirit upheld by those who sacrificed, who gave everything they had, in order to establish the Republic of China. This is the lesson we take from our predecessors who, generation upon generation, overcame authoritarianism, and sacrificed and devoted themselves to the pursuit of democracy. That is precisely why, regardless of party affiliation or regardless of our differences, we are gathered here today.

Regardless of what name we choose to call our nation – the Republic of China; Taiwan; or the Republic of China Taiwan – we must all share common convictions: Our determination to defend our national sovereignty remains unchanged. Our efforts to maintain the status quo of peace and stability in the Taiwan Strait remain unchanged. Our commitment to hoping for parity and dignity, and healthy and orderly dialogue and exchanges between the two sides of the strait remains unchanged. Our determination, from one generation to the next, to protect our free and democratic way of life remains unchanged.

I believe this is the dream that Taiwan’s 23 million people all share; it is also the shared ideal that Taiwanese society and the international community hold. The stronger the commitment of the Taiwanese people, the greater the tenacity of democracy around the world. The greater the tenacity of the Taiwanese people, the stronger the commitment of democracy around the world.

Let’s keep going, Republic of China! Let’s keep going, Taiwan! Regardless of our differences, let’s keep going forward! Thank you.

•President Lai Ching-te’s national address at the ROC’s 113th Double Tenth National Day Celebration in the plaza fronting the Presidential Office Building, titled ‘Taiwan Together for Our Shared Dream’.

The Nigerian Naira is among the worst-performing currencies in sub-Sahara Africa in 2024.

This is according to the World Bank in its latest edition of Africa’s Pulse report.

It showed that the Naira is at par with the Ethiopian Birr, and South Sudanese Pound in terms of decline in the region.

The report said the continued increase in the demand for dollars and limited dollar inflow is responsible for Naira depreciation in the last months.

According to the report, as of August, the Naira lost about 43 percent.

“By August 2024, the Ethiopian birr, Nigerian naira, and South Sudanese pound were among the worst performers in the region.

“The Nigerian naira continued losing value, with a year-to-date depreciation of about 43 percent as of end-August.

“Surges in demand for US dollars in the parallel market, driven by financial institutions, money managers, and non-financial end-users, combined with limited dollar inflows and slow foreign exchange disbursements to currency exchange bureaus by the central bank explain the weakening of the naira,” it said.

Daily Trust reports that the Naira plummeted to a new record low, closing at N1,700 per dollar in the parallel market on October 14, 2024, according to data from Bureau de Change (BDC) operators.

This represents a 0.29% drop from its previous rate of N1,695/$1 recorded on October 11, despite a surge in crude oil prices, which have surpassed $80 per barrel.

[DailyTrust]

According to the Nigerian Bureau of Statistics: “The history of modern Banking in Nigeria dates back to 1892 with the establishment of the African Banking Corporation in Lagos. In 1894, the Bank of British West Africa―now First Bank—took over the Africa Banking Corporation. The Bank for British West Africa remained the only bank in Nigeria until 1912 when Barclays Bank―now Union Bank—was set up. Subsequently, other banks came on-stream. Until 1959, the banking industry in Nigeria was largely unregulated. Thus, there were no reliable and organised data on the monetary sub-sector. As the country approached independence, the Central Bank of Nigeria was founded, on 1st July 1959. According to Section 4 of the 1958 CBN Ordinance, one of the principal objectives of the bank is “to promote monetary stability and a sound financial structure in Nigeria”.

Privatisation and commercialisation happened early for Nigeria’s banking sector. Owning bank accounts was elitist until the 1990s. Recall that depositing and withdrawing money from your bank accounts used to be ‘a day job’. Customers were handed ‘tally number’ as they arrived and the queue was often very long. Banking operations were then analogue with records kept in handwritten ledgers. Banks are open to customers from 8 am – 4 pm while Saturday and Sunday are observed as work-free days. Then came the computerisation of banking operations and banks started to digitise their services. Soon after, banks started the Know Your Customer policy where they collected detailed information and captured their biometrics.  The Bank Verification Number and National Identification Number collection were later introduced and made mandatory for customers. Thereafter came Automated Teller Machines aka ATMs and debit cards which made it easy to withdraw monies 24/7 that is, every hour of every day.

In order to drive financial inclusion, the CBN started licensing Micro Finance Banks in 1990. These banks operate at community levels and complement the commercial banks otherwise called Money Deposit Banks which are fewer in number.   Information Communication Technology has aided the digitisation of banking operations in Nigeria to the extent that bank customers no longer need to visit their banks to transact business. There are now online banking and mobile banking solutions. As such deposits and withdrawals can be made via mobile phones and laptops. Opening of bank accounts is now seamless and can be done with zero balance. This is unlike before when a potential customer needed to have a minimum deposit threshold to open certain categories of accounts.

In recent past many communities that have no bank branches have been saturated with Point of Sales machine operators or bank agents. They take deposits and also enable customers to withdraw cash from them by charging a token amount for the services. Indeed, Nigerians have largely embraced the cashless policy of CBN by making transactions through transfers rather than carrying on them huge cash for purchases. CBN has also introduced e-Naira. Sincerely speaking, banking in Nigeria has been made very easy considering where we are coming from when people have to endure long queues at banking halls to deposit and withdraw money. Internet banking has made banking ‘timeless’ and has eliminated the risk of carrying huge cash around for transactions, thereby exposing people to being robbed. It has also rendered the use of passbooks and chequebooks unnecessary.

On the flip side, however, digital transactions have exposed bank customers to internet fraud. Scammers are now on the prowl online using different tricks to defraud unsuspecting people. Bank accounts of customers are sometimes hacked and withdrawals are made from such accounts without the knowledge or approval of account owners. These fraudsters sometimes clone the debit cards of careless customers to make unapproved withdrawals from their accounts.  A couple of years ago, my aged mother was duped of N45,000 by a scammer using a PoS agent. Money Deposit Banks database have also been reportedly hacked by these unscrupulous elements and billions of Naira stolen from such banks. There is also the phenomenon of fake bank alerts which are being used to dupe unsuspecting customers.

This newspaper in its September 14, 2023 online edition reported that “Nigerian commercial banks have lost a total sum of N42.6bn to fraud and forgeries over a three-month period from April to June this year. The amount lost in the second quarter of 2024 alone exceeded the total amount lost to fraud by the banks throughout the entire year of 2023. In 2023, the banks lost a total of N9.4bn. The report quoted as its source the Financial Institutions Training Centre in its Q2 2024 Fraud and Forgeries report, highlighting a surge in fraudulent activities across banking platforms. The FITC report is based on returns on fraud and forgery cases received from 28 deposit money institutions in the country. This is mindboggling!

Apart from fraudulent activities of scammers and hackers, there are also the worrisome failed transactions where the bank ATMs, PoS, or online bank platforms will announce a failed or unsuccessful transaction yet the customer will be debited and the transaction is not reversed.   Many customers have also experienced frustrating times trying to open online bank platforms. This possibly is due to a system upgrade or internet downtime or poor network.

There are also multiple charges and levies deducted by banks on transactions or every month end. For instance, aside from bank charges on financial transactions, there is the debit card maintenance fee, endless SMS charges, stamp duty deductions, etcetera. Many bank customers have been complaining about these numerous deductions from their accounts. Banks have also been fingered in the unwholesome practice of round-tripping. For example, they collect foreign exchange from the Central Bank at the official exchange rate but rather than sell to customers at marginal profit, they sell to parallel or black market operators at a premium thereby making super profits. Some bank executives have been arrested and prosecuted for embezzlement and abuse of office.

Another unwholesome development in Nigeria’s banking sector is staff casualisation. In the past, studying Banking and Finance and working in banks and other financial institutions used to be the dream jobs of many graduates of tertiary institutions. Not anymore! In order to significantly reduce operational costs and improve their profit margin, many banks have resorted to outsourcing staff recruitment to employment agencies which serve as middlemen to the banks. These agencies recruit casual or temporary staff for the banks. This category of staff is not entitled to welfare benefits such as leave bonuses, transport, feeding, health, and accommodation allowances. They also don’t get pension or gratuity when disengaged. Banks pay the agencies monthly and they in turn deduct administrative charges from the salaries of the casual staff and pay them a paltry sum as emoluments. Daily Trust newspaper in its May 2, 2022 edition reported that over 75 per cent of workers in the banking sector are casual staff. This was credited to Oyinkan Olasanoye, National President Association of Senior Staff of Banks, Insurance and Financial Institutions. Little wonder there is a high turnover of staff in Nigeria’s banks as many of them are known to have resigned to seek greener pastures abroad. This is heart-rending!

While the revolution in the banking sector is a welcome development, concerns of customers in terms of fraudulent activities on their accounts, downtime on the bank’s online platforms, and the welfare of staff should be looked into.

A SERVING minister was quoted as saying that the crisis in the country is being sponsored by those who wish to share power with the President. To me, there is nothing wrong with power sharing. It is only in a country like our own that it is a sin to lose an election.

Much as it is wrong for the opposition to want to destroy the country because they are not in government, there is nothing bad in accommodating them in the government.

A coalition government is in no position an inferior government or illegitimate. Power sharing is good for democracy. It helps reduce the possibility of conflict between social groups. Power sharing makes people dependent and responsible. It is essential to avoid violent conflicts, tyranny of the majority and ensure political stability.

Democratic rule and power sharing have close links. Power sharing is an integral component of the spirit of democratic rule. It is highly applicable in a diverse society as ours. Let’s face it: a united Nigeria is still a dream. Ethnicity is still the rule here, and if power sharing will help bring about progress and unity, let’s adopt it.

Monopoly of power by group, a tribe, a political party, will lead to envy, hatred, disunity and jealousy, no matter how that party got to power, even if they bought their way to power.

In some countries, it is called coalition. In the First Republic we called it alliance; in the Second Republic we called it accord.

In his inaugural address on May 29 last year, President Bola Tinubu declared: “Today, fate and destiny join together to place the torch of human progress in our very hands. We dare not let it slip.

“We lift high this torch so that it might shine on every household and in every heart that calls itself Nigerian. We hold this beam aloft because it lights our path with compassion, brotherhood, and peace. May this great light never EXTINGUISH.

“Our administration shall govern on your behalf but never rule over you. We shall consult and dialogue but never dictate. We shall reach out to all but never put down a single person for holding views contrary to our own.

“We are here to further mend and heal this nation, not tear and injure it.

“In this vein, may I offer a few comments regarding the election that brought us to this juncture. It was a hard-fought contest. And it was also fairly won. Since the advent of the Fourth Republic, Nigeria has not held an election of better quality.

“The outcome reflected the will of the people. However, my victory does not render me any more Nigerian than my opponents.

Nor does it render them any less patriotic. “They shall forever be my fellow compatriots. And I will treat them as such. They represent important constituencies and concerns that wisdom dare not ignore”. 

I remember in the First Republic that there was an alliance between the National Council of Nigeria and the Cameroons, NCNC, and the Action Group. There was also an alliance between the Northern People’s Congress, NPC, and Chief Ladoke Akintola’s Nigerian National Democratic Party, NNDP.

While at Olofin Anglican Grammar School in Idanre in Ondo State in 1964, I remember the first time I saw Chief Obafemi Awolowo’s wife, Chief Hannah Dideolu Awolowo (November 25, 1915 – September 19, 2015) was when she came to Idanre, my home town, in company of Chief Michael Okpara (NCNC), then Premier of the Eastern Region, for a political rally. Their alliance then was called the United Progressive Grand Alliance, UPGA.

The alliance between NPC and NNDP transformed into what was known then as the NNA. That alliance produced the following as Ministers on March 31, 1965: Mr. M.T. Mbu(Minister of State in the Ministry of Defence, Navy); Alhaji Nuhu Bamali (Minister of State in the Ministry of External Affairs); Mr. Jaja Nwachukwu (Minister of State in the Ministry of Finance; Alhaji Usman Maitambari(Minister of State, Transport); Alhaji Ibrahim Tanko (Minister of State, Defence, Army); Alhaji Hashim Adaji(Minister of State, Works); Mr. T.E. Orodi (Minister of State, Lagos Affairs); Chief H.O. Davies (Minister of State, Industries); Chief A. Akerele( Minister of State, Information); Alhaji Abdul Rasaq(Minister of State, Transport); and Mr. D. Ibekwe(Minister of State, External Affairs).

To be concluded

The death of messianic or saviour politics

THE current state of ennui is to a large extent the result of the death of messianic or saviour politics. This is politics that revolves around a charismatic leader who is ascribed redemptive or saviour qualities. Until he became President in 2015, Buhari’s supporters passionately promoted him as an ascetic and incorruptible man who had the magic wand, or whose ‘body language’ alone could solve all, or most of the country’s problems.

However, by the time he exhausted his eight years in office, almost all indicators of human development in the country, including some progress made in nation-building, had nosedived. People who fervently argued that the country would have been transformed if his time as a military ruler in the 1980s had not been aborted by the Babangida coup in August 1985, were left shame-faced.

When Tinubu was campaigning for office, in contrast to Buhari, no one marketed him as ‘Mr Integrity’. Here his promoters, while not conceding the scandals and allegations linked to him, argued that since we have tried a man deified as a saint (Buhari) and it did not work, it might be time to try a man who had an opposite image. He was promoted as a talent spotter, creator of modern Lagos, and ocean tamer, who, when he was the governor of Lagos State, demonstrated his cosmopolitanism by having Nigerians from different ethnicities and religions in his cabinet.

As a very wealthy man, his promoters argued that at this point in his life, he needed nothing more than an opportunity to show gratitude to God. He was said to know the crooked and their ways and how to tame them. While Buhari’s saviour marketing revolved around his assumed integrity and incorruptibility,  that of Tinubu centred on his promotion as  a competent man who is both politically intelligent and street smart, who knows the ways of the crooked and how to tame them  to move the country forward, and who is willing to commit class suicide to achieve this goal.   Less than two years in office, many who promoted this brand of messianic politics have also become shame-faced.

There is also another thing about the Tinubu presidency. For a long time, politicians from the Southern part of the country, particularly opposition politicians from the South-West, appropriated to themselves the moniker of ‘progressives’.  The subtext is that the problem of the country is bad leadership and that if the ‘progressives’ were allowed to take over power, the challenges of the country would be fixed. Tinubu was one of the prominent faces of the ‘progressives’. However, with the Tinubu government making the incompetent and clannish Buhari government look good on all fronts, the ‘progressives’ have also been demystified. 

With the failure of messianic politics and the de-mystification of the ‘progressives’, a season of ennui seems to have taken over the land. Combined with unprecedented hardship in the land, people are simply being bored and tired of everything. They do not trust that the opposition angling to replace those in power, including the separatist leaders, would be any different, if given the chance. At the same them they can hardly withstand the names of those ruling over them. There is hardly any institution or individual that is able to command legitimacy across the fault lines. For many people, there is simply existential crisis.

What is to be done?

There is no magic bullet for the country’s numerous problems but I believe that three effective bullets, could in combination, help. These are:   hope to Nigerians; a leader who will be willing to commit class, ethnic and religious suicide; and the re-imaging of our politics:

Restoring hope to Nigerians

The key challenge the country faces is how to restore hope to Nigerians. Hope is that ingredient that makes life worth living. Obviously those who promised to renew hope have ended up pushing people into greater despair. There is less trust in people and key institutions of the state, including religious leaders. 

Class suicide

It was Amilcar Cabral, the revolutionary socialist leader of the national liberation movement in Guinea-Bissau, who formulated the theory of class suicide. He explained it as the act of dying to the privileged class of one’s birth or circumstance by sacrificing one’s own advantages in favour of full identification with the oppressed.

Given my argument that our current system of leadership recruitment can only throw up   people with deep pockets and certain rough edges, the hope seems to be for people to pray for the emergence of a leader who would be willing to commit class, ethnic and religious suicide. Unfortunately, since politicians promise heaven and earth when seeking for power, it is difficult to know beforehand a leader who will become radicalised by office.  While some leaders get radicalised by office, some previously radical individuals could also be de-radicalised by the system. 

Re-imagining our politics

It will not be enough to have leaders who will be willing to commit class, ethnic and religious suicide. There is also a need for the re-imagining of our politics. I feel that the nature of our politics (in which elections are conducted every four years) exacerbates the crisis in our nation-building process. Not only is politics seen as a veritable vehicle of wealth accumulation, there is also a pervasive fear that whoever captures state power will use it to privilege his or her in-group and disadvantage others.

For this, politics tends to be anarchic and almost a warfare, in which all forms of primordial identities, including ethnicity and religion, are mobilised in a simplistic binary of ‘we versus them’. Elections, therefore, deepen the chasms in our fault lines and the wounds from one election cycle are not given enough time to heal before another election cycle beckons. For this, I strongly feel that the Western brand of liberal democracy is unlikely to work in our environment and that we need a novel solution. I do not agree with those who argue that our problem is fundamentally the economy, because economic policies themselves are decided through the political process.

Since the fear of being excluded and marginalised is at the heart of the contentious nature of our politics, I will recommend a collegial presidency in which one candidate is elected from each of the six geopolitical zones, with each of the six persons elected into the college taking turns to serve as president of the college for two non-renewable years, while others become vice presidents responsible for constitutionally specified duties. 

In this collegial system, if just one of the six leaders of the college chooses to commit class suicide, it will have a domino-effect on others. For instance, if one of the collegial presidents is known to come to work in a bus, it will mount implicit pressure on the others who use long convoys.

A collegial system of presidency, with a single tenure of 12 years, will also give us a long break from presidential elections (which, besides the cost, have lost their value as credible vehicles for leadership recruitment). Remarkably nearly all the leaders deified by Nigeria’s public intellectuals – Lee Kuan Yew (Singapore), Mahathir Mohamad (Malaysia) and Paul Kagame (Rwanda) share one thing in common – longevity in office. 

I have no idea how we can give Nigerians hope in the midst of the current hopelessness and distrust of everyone and every institution; I have no idea how a leader who can commit class, ethnic and religious suicide will emerge, and I have no idea on who will champion the re-imagining of our politics. But I believe that the three, working in tandem, may give us succour and the necessary breathing space because Nigerians are indeed being squeezed and need space to breathe.

Leaders of Nigeria Labour Congress, NLC, and their Trade Union Congress of Nigeria, TUC, counterpart are currently meeting with the Federal Government.

Vanguard gathered that meeting is centered on the state of the nation, especially the petrol pricing and its consequences.

According to sources, the meeting is taking place at the Secretary to the Government of the Federation, SGF, George Akume.

Details coming.

Vanguard News

Yemi Cardoso, Governor of the Central Bank of Nigeria was guest of the Harvard Club of Nigeria in Lagos on Friday October 4th, 2024.

In speaking to the topic – “Leadership in Challenging Times: Restoring Credibility, Building Trust, and Containing Inflation”, he referenced the raising of the MPR from 18.45% in February 2024 a few months after he assumed office to the current level of 27.25% on September 24th, 2024.

According to a report, he told his audience that “Our decision to raise the Monetary Policy Rate (MPR) to 27.25% was a bold move. Higher interest rates, while painful for borrowers, are necessary to curb excess money in circulation and control inflation. Leadership is about making hard choices to secure long-term stability over short-term comfort in moments like these.”

Reading that portion of the report from his interaction with the Harvard Club of Nigeria Yemi Cardoso’s comments about the MPR, interest rates and inflation took me many years back to when I was a Deputy Manager in the Research and Economic Intelligence Department of Zenith Bank.

In that role, the bulk of my work was routine; stock and money market monitoring and analysis as well as analysis of foreign exchange transactions and trends.

But aside from data collection and trend analysis I did some writing; producing the Zenith Economic Quarterly and analyzing feasibility studies for new businesses. It was from analyzing feasibility studies that I gained some unique insights about setting up a business and the disposition of Nigerian entrepreneurs to banks and the loans they obtain from banks. It was there I learnt about interest rates and Nigerian businesses. But I will come to that shortly.

Back then at Zenith, I recall that when I started compiling money market reports, the reference for interest rates was something called the Minimum Rediscount Rate (MRR). It was replaced on December 4, 2006 with the now popular Monetary Policy Rate (MPR).

The CBN noted at that time that “The MPR would be the main instrument of the new monetary policy framework and will determine the lower and upper band of the CBN standing facility and is expected to have the capability of acting as the nominal anchor for other rates.” That lower and upper band is what we now know as the asymmetric corridors.

The MPR is therefore a benchmark that determines the interest rate at which banks lend to their customers. Raising or lowering the MPR also has an effect on inflation by controlling the amount of money in circulation. This is why Yemi Cardoso has made it a key aspect of his inflation control agenda.

Since taking office, the incumbent CBN governor has raised the MPR 5 times.

These increases have been anchored on what he described at the 294th Monetary Policy Committee Press Briefing as underscoring “the CBN’s commitment to the price stability mandate and the need to urgently bring inflation under control to ensure that the purchasing power of ordinary Nigerians is restored in the short to medium term.”

With each raise, financial analysts and commentators have expressed their opinions. While varied, the common denominator has been the fact that a high interest rate which is correlated with a high MPR will impact the borrowing costs for businesses and individuals.

The point has also been made that the negative impact on borrowing for investment and consumption purposes could slow down economic activity but what they do not say as loudly is that a high MPR rate means that those who put their money in savings deposits or TBs will get more bang for their buck and even foreign investors would be attracted by higher rates of return.

Basic economics tells us that inflation occurs when a few things happen, top of which is rising prices and too much money chasing too few goods. Others include, a rise in the cost of producing goods and services, demand exceeding supply, wages rising leading to increased purchasing power, natural disasters impacting farming or production, conflicts disruptingsupply lines or when tax cuts lead to higher purchasing power.

Almost all of these have happened since 2023 and led to an increase in headline inflation something Cardoso also noted at that MPC briefing. In his words “members note the continued rise in headline inflation driven largely by food prices because of supply shortages and high cost of logistics and distribution.”

The last bit was, of course, a euphemism for high transport costs exacerbated by the increase in the fuel price.

So, curbing borrowing which leads to more money in circulation is clearly a step in the right direction.

While it is true that a high interest rate will discourage borrowing and potentially impact productive activities, the point should also be stressed that all over the world, the interest rate and inflation rate are connected because central bankers realize that the interest rate should usually be higher than the rate of inflation if prices are to stay stable which is what Yemi Cardoso is trying to do – keep prices stable and low and restore the purchasing power of ordinary Nigerians who are the most impacted.

A quick look at statistics from Statista will show us a trend for inflation vs interest rates for a few countries as at July 2024:

Australia, inflation rate of 3.5% and interest rate of 4.35%

Brazil: inflation rate of 4.5% and interest rate of 9.5%

Canada: inflation rate of 2.5% and interest rate of 4.5%

Russia: inflation rate of 9.1% and interest rate of 16%

UK: inflation rate of 2.2% and interest rate of 5.25%

US: inflation rate of 2.9% and interest rate of 5.38%

Now, if central banks the world over have realised that interest rates must be higher than the inflation rate why do we scream blue murder each time the MPC raises the MPR?

The answer I believe is because we are looking at high double digits. Back in the mid noughties when I worked at Zenith bank interest rates were around 12 and 13% and I remember that fixed deposits used to attract less than 10% returns. So, if the MPR had been moved by 200 basis points from 12.75 to 14.75% there would be not so much hoopla.

To underline this point, let us go back to 2006. Resolutions from the MPC Meeting of February 14, 2006 included: “Resolved to work towards maintaining single digit (core) inflation… MRR will be maintained at 13% in line with the anti-inflation stance of the MPC.” This shows that the resort to MRR or MPR as an inflation monitoring tool is historic and pre-dated Cardoso and his team who have set an inflation target of 21.4% in the short term.

Another point that needs to be made is that if interest rates remain lower than the rate of inflation in an inflationary environment such as we have presently, it could be an invitation to financial rascality where loans are obtained and used for what they were not intended for.

And that point leads me back to my days as a researcher at Zenith bank. Back then, in analyzing and providing opinions on feasibility studies, I was often mystified when I read the financials presented by start-ups seeking loans. A service oriented business would,for instance, apply for N60m take off loan and present line items for its sunk costs showing – business registration, legal, rent, office equipment, salaries and wages etc. But then you would often discover that N25m had been allotted to be used for “buying cars for marketing.”

My boss back then always told me that such depreciating assets must never be allotted more than 20%!

The issue was that in those days, with interest rate at about 10%, the temptation to be imprudent was high. This is what Yemi Cardoso is fighting to stop in an era of high inflation. Whatever is borrowed now must be applied judiciously to productive activity.

So, do we expect the MPR to go higher? My view is that it should. The MPR must correlate in some particular with the rate of inflation and as the CBN governor noted at that Harvard Club event “in the face of economic challenges, it is imperative to focus on core objectives—restoring the credibility of the institution, building trust in the financial system, and, most critically, containing inflation. These are not just strategic goals; they are foundational to any meaningful recovery.”

In concluding, I must return to a submission I made in a previous intervention; for the economy to grow and the gains become apparent in the medium to long term, there must be a convergence of both monetary and fiscal policies? Monetary policy is not a silver bullet even though it seems to be working with headline inflation dropping and the gap between the official and parallel markets contracting. Interesting days lie ahead.

Kan is a PR expert and financial analyst.

Everyone knows what is good; why they cannot imitate it is what baffles me! Or are they just pretending? In the event that you think I am directing my question only at those in power, permit me to announce to you that you are mistaken! Gani Fawehinmi, remember him? He put himself forward for election as president of this country but failed woefully! In parliamentary parlance, he not only lost the election but also lost his deposit! Femi Falana, who takes after Gani, contested election to be governor of his home state of Ekiti but also lost woefully! I can go on and on!

We know the right people but always choose the wrong person. Like the Jews of biblical times, we crucify Jesus Christ and demand freedom for Barrabas (Luke 23: 18 - 25). It happened then; it still happens now! So, if we suffer for the choices that we make, it is our fault. Said Cassius to Brutus in William Shakespeare’s “Julius Caesar”: “The fault, dear Brutus, is not in our stars but in ourselves, that we are underlings!”

President Bola Ahmed Tinubu is reputed for head-hunting talents and good, quality hands. There are a few of them in his administration at the moment - but Nigerians, like Oliver Twist, want more! Ishaq Oloyede, Registrar of the Joint Admissions and Matriculation Board (JAMB) is one of them. Tinubu inherited him from his predecessor, former President Muhammadu Buhari. Retired General Mohamed Buba Marwa, Executive Chairman of the Nigeria Drug Law Enforcement Agency (NDLEA) is another.

 I once recommended that rather than waste time and resources conducting elections into the office of president, with all the bad blood it spins, we should just toss the coin for both Oloyede and Marwa; head or tail, whoever wins becomes the president and the other one the vice-president. The ink had not dried on the paper on which I wrote when people reminded me that both were Muslims! You see our problem!

Very well! I then made another proposition: that we toss the same coin for two Christians: the recently-retired judge of the Kogi State High Court, Justice Alaba Omolaye-Ajileye: cerebral, incorruptible and an authority on electronic evidence, and the husband and wife that own and manage BOVAS Petroleum (where, despite all the monkey games played by filling station operators, you still get value for money). For gender sensitivity, let us pick the madam, Dr. Victoria Adunola Samson. Between these four, let us settle for the leadership of this country.

 I can mention other names like Professor Eyitope Ogunbodede, immediate past vice-chancellor of my alma mater, Obafemi Awolowo University (Great Ife), Ile-Ife, and businessman Segun Olugboyegun (former Fagboyegun) as persons I know to be conscientious, passionate, and effective managers of men and resources with an uncommon love for our national well-being. You, too, can help hunt for more capable and trustworthy leaders. 

Again, the ink had not dried on the paper on which I wrote when someone said: “Bolawole, why is your own name not there?” I replied that it would be immodest for me to nominate myself; others can if they think I am worthy!

When Oloyede celebrated his 70th birthday recently, his landmark achievements at JAMB, which were there for even the blind to see and the deaf to perceive, were on everyone’s lips. I am not aware he got gifts of Lamborghini or Rolls Royce cars! So, see how perverse our values are in this country! Mercifully, he got something far worthier than those: The accolades of ordinary Nigerians who appreciate the good work he has been doing in the very important education sector of our national life. 

The icing on the cake was the tribute penned by President Tinubu. Titled “UNCOMMON SCHOLAR, EXCEPTIONAL ADMINISTRATOR: MY TRIBUTE TO PROF. OLOYEDE AT 70”, the president said: “As Professor Ishaq Oloyede turns 70… I pay a special tribute to this astute administrator, educator, author, and scholar, currently the Joint Admissions and Matriculation Board (JAMB) Registrar. As the former Vice Chancellor of the University of Ilorin, Prof. Oloyede's invaluable contributions to the nation through academia and public-sector administration have significantly impacted the academic community. His impactful tenure at the University of Ilorin, during which he introduced landmark ideas and innovations that helped the institution attain enviable heights, is on record.

“Through patriotic dedication and commitment to his craft, Prof. Oloyede imparted knowledge and character to thousands of students who underwent his teaching during his glorious and impactful academic career. Indeed, the bedrock of development lies in education. Developing nations, including Nigeria, are in dire need of more scholars like Prof. Oloyede. His selfless sacrifices and innovative approaches to learning and leadership give hope for a brighter future.

“Perhaps more remarkable is Prof. Oloyede's transformative leadership at JAMB. He pioneered and sustained a series of reforms and technological innovations that have made the admission process in Nigeria transparent and credible. In his eight years of stewardship at the board, thus far, Prof. Oloyede has demonstrated an uncommon commitment to financial integrity and accountability in public service. He has also raised the bar in administration and management.

“I am proud of Prof. Oloyede's accomplishments. The nation owes the professor of Islamic Jurisprudence a debt of gratitude for transforming JAMB, traditionally a non-revenue-generating government agency, into a consistent contributor to the national treasury through efficient financial management. His contributions to JAMB are invaluable and (are) greatly appreciated.

“On this occasion of his 70th birthday, I join members of the academic community, students, JAMB staff, and well-wishers in celebrating this scholar who, in words and deeds, has also done a lot to propagate the Islamic religion. I pray that Almighty Allah will continue to honour the distinguished professor with health, wisdom and strength to serve the nation for many more years”

Oloyede deserves this and every tribute marking his landmark birthday! But more than celebrate him, we should all emulate and imitate him - all of us from head to toe without an exception. Happy birthday!

Gov. Oyebanji’s second year in office

Ekiti State’s Gov. Abiodun Abayomi Oyebanji aka BAO marks his second year anniversary in office today! He is unlikely to roll out the drums and waste millions of Naira of Ekiti’s hard-earned money that the state can ill afford. Others will do but this governor is not cut out for that. Publicly shy and silent achiever, he is humility personified. If you are searching for the archetype Yoruba Omoluabi, BAO is one. He has been caught on camera prostrating full length for Ekiti Obas and elders like Aare Afe Babalola, legal luminary and founder of Afe Babalola University, Ado-Ekiti (ABUAD).

Although Ekiti is not one of the country’s richest states in terms of allocation from the Federation Account and Internally Generated Revenue, reports from the state indicate that BAO has managed the state’s meagre resources with the fear of God. Ekiti needs the even keel with which BAO has steered its ship. The location of this state of "The Land of Honour" at the northernmost tip of the South-west has meant security challenges from rampaging Fulani herdsmen, which reached its apogee during the presidency of Muhammadu Buhari. Successive Ekiti governors have battled this scourge with varying degrees of success.

Only last January 29, 2024, two Ekiti Obas were accosted and gunned down in broad daylight. I was a member of the AFENIFERE delegation that went to commiserate with the governor. I asked and he told me that the state and, indeed, the entire South-west governors, were making arrangements to use Forest Rangers (what our people used to call “So’gbo-So’gbo” or forest guards) to checkmate the marauders. I can still recall that my father wanted me to enlist as a forest guard when I left secondary school in 1974 because, according to him, they make money there! Corruption did not just begin today!

Ekiti’s tourism potential is another sector that interests me. During the tenure of Gov. Fayemi, my family enjoyed the holiday of a life-time at the Ikogosi Warm Spring Resorts. My wife and children still ask: when are we going back there! BAO’s administration has given pride of place to showcasing Ekiti’s tourism potentials and I think the good initiative should continue. It will pay off over time if he faints not.

Ekiti was noted for education. Every household is said to boast at least a professor! The story is told of how SL Akintola, foremost orator and one-time premier of the Western Region, squared up to another orator but of an opposing party, K. O. Mbadiwe (corrupted in Yoruba as M - BA - D’IWE: If I turn into a book); Akintola dared K. O. to turn into a thousand books and see whether Ekiti will waste any time in reading him! TI O BA D’IWE, EKITI O KA O! It is of the same Ekiti that Akintola boasted had all manner of professors: Professor Igun, Professor Aluko, Professor Akala, Professor Atioro! BAO’s investment in education, to return the state to its place of glory is, therefore, not misplaced.

But this is just half-way through the first term; BAO needs all the support and encouragement to continue the good work. It is not yet “Uhuru” as the finishing line is still far ahead. A lot of work remains to be done. Tell BAO there is no resting on his oars until he leaves Ekiti far better than he met it!  

 Former Editor of PUNCH newspapers, Chairman of its Editorial Board and Deputy Editor-in-chief, BOLAWOLE was also the Managing Director/ Editor-in-chief of The WESTERNER newsmagazine. He writes the ON THE LORD'S DAY column in the Sunday TRIBUNE and TREASURES column in NEW TELEGRAPH newspaper on Wednesdays. He is also a public affairs analyst on radio and television.

In a 2010 assessment report, the US-based group, Human Rights Watch (HRW), posited that the Economic and Financial Crimes Commission (EFCC) was envisaged to tackle corrupt politicians and public sector fraud effectively, but has contrary to expectations, continued to “reward rather than punish corruption”.

Coming just seven years after the establishment of the anti-corruption agency, HRW’s early verdict seemed a clairvoyant perception that has deepened over the years. Although a product of a United Nations Convention, the enthusiasm at the time to nip corruption persuaded the state governors to overlook what was supposed to be an established path to building a strong and enduring institution.

As a strategic agency with a national jurisdiction, the decision to overlook the error may have been inspired by hope that the EFCC may evolve into an independent organization led and run by persons that shared a common desire to chart a firm path where public office holders will be held accountable without fear or favour.

It may have started fairly well under its pioneer chairman, Nuhu Ribadu. But sooner rather than later, it became clear that politicians with views out of sync with those of Aso Rock chief occupant became the prime targets of its operatives. The still-born attempt to engineer a third term for then President Olusegun Obasanjo through a constitutional amendment turned the EFCC into an enforcer against politicians, especially members of the National Assembly where the constitutional immunity for then Vice President Atiku Abubakar and state governors shielded them from the arm-twisting that was generously applied to beat dissenting politicians into line.

At the end of Obasanjo’s second term and the ouster of Ribadu under controversial circumstances, EFCC shed whatever remained of its toga of independence and became a full-fledged tool at the disposal of the tenant of Aso Rock. It became a theatre of hysteria and a potent tool of vendetta without pretence. What with the comical manner Chairman of Globacom, Mike Adenuga, was chased out of Nigeria to Ghana and later Europe; the gestapo-style bid to arrest former governor of Kogi State, Yahaya Bello, not forgetting the invasion of the offices of Dangote Group in search of non-existent documents just to spite its President Aliko Dangote.

Yet, in the midst of all this and many more, nobody bothered to inquire into how the anti-graft agency was birthed. Was the infraction-burdened commission itself a child of Constitutional infraction? This is the matter before a seven-man panel of Supreme Court justices, led by Justice Uwani Abba-Aji. They are to adjudicate on a case first brought before the apex court by Kogi state through its Attorney-General. A good 15 other states have joined in the consolidated suit which seeks to determine whether the EFCC Bill followed due process of the law, in this case the Constitution, before it became an Act of Parliament. Hearing on the matter has been fixed for October 22.

The states that joined in the suit marked: SC/CV/178/2023, are Katsina, Sokoto, Jigawa, Ondo, Edo, Oyo, Ogun, Nasarawa, Kebbi, Enugu, Benue, Anambra, Plateau, Cross River and Niger. Their argument is that the enactment of the EFCC Act grossly undermined the powers and rights of the states as federating units within a Federation. The states have functional Houses of Assembly but the input of these State Assemblies was not sought in the course of the enactment of the EFCC Act as required by the 1999 Constitution (as amended).

This is a strong ground because it borders on Constitutional abuse.

The state governments are relying on the case of Dr. Joseph Nwobike Vs Federal Republic of Nigeria, wherein the Supreme Court held that it was a UN Convention Against Corruption (UNCAC) that the National Assembly converted into the EFCC Establishment Act and that in enacting this law in 2004, the provisions of Section 12 of the 1999 Constitution, as amended, were not followed.

The state governments argued that in transforming a convention into Nigerian law, the provision of Section 12 must be complied with. The 16 state governments assert that the provision of the Constitution demands that a majority of the states’ Houses of Assembly shall agree to bring the UN Convention into Nigeria before passing the EFCC Act or any other such law. They maintain that this critical requirement that underscores the sovereignty of Nigeria as a self-governing entity was never met neither was the constitutional procedure followed.

For the avoidance of doubt, section 12, subsection (2) of the Constitution states that “the National Assembly may make laws for the Federation or any part thereof with respect to matters not included in the Exclusive Legislative List for the purpose of implementing a treaty,” which in this case is the UNCAC, a treaty Nigeria ratified since 14 December 2004 from which the EFCC Act was enacted at the whim of the Executive and the National Assembly without the concordance and ratification from the state Assembles.

Subsection three(3) of section 12 states that “a bill of the National Assembly passed pursuant to the provisions of subsection (2) of the section shall not be presented to the President for assent, and shall not be enacted, unless it is ratified by a majority of all the Houses of Assembly in the Federation.”

The fact that 15 states have joined Kogi in challenging the legality of the process that birthed the EFCC across party and regional lines illustrates the common challenges states face when they hold contrary views with the occupant of Aso Rock. In the prayers brought before the Supreme Court, their major desire is not to be shielded from prosecution but for the process not to be activated at the whim and caprice of the party at the centre or the President at any point in time. The reality of imperial presidency is one of the major impediments to a functional federal structure. Despite being heads of sub-national governments, state governors still face the prospect of arbitrary persecution if they are not in the president’s good book.

The suit before the Supreme Court, if successful and should be, may open the door to the resolution of some contentious issues and proposed legislations that are emasculating the states and the citizens. One of such is the proposal for the Independent National Electoral Commission (INEC) to take over the conduct of local government elections as well as the criteria for choosing its chairman and national commissioners. With every electoral cycle, the overbearing power and influence of the presidency in conducting credible elections become more apparent. The recent gubernatorial election in Edo State is sticking out like a sore thumb.

Above all, what the suit seeks to achieve is to establish that Nigeria is a true Federation hence its statutes including Acts of Parliament must respect the constitutional roles and relevance of the federating units, the states.

Dr (Mrs) Ochioma, political strategy consultant, writes from Benin City