“It’s an unfathomable paradox”, ruefully stated the woman sitting next to me at the discussion segment of the three-day Energy Summit at the Landmark Events Centre when the 2024 annual conference started on Tuesday, October 15, “that a country so blessed with brilliant and talented persons could be in the present development morass”. The lady, in her early 30s and from one of the largest commercial law firms in the country, was impressed, like the rest of the considerable audience, at the presentations of executives of different power generation firms in the country. The discussants were Meyen Etukudo, the CEO of Ibom Power; Edu Okeke, CEO of Azura Power Ltd; Oti Ikomi, Vice Chairman & CEO of Proton Energy Africa; and two amazons, Mrs Atinuke Taiwo, Executive Director and General Counsel of Mainstream Solutions Ltd, and Mrs Agatha Nnaji, Group Managing Director of Geometric Power.

Mrs Nnaji received the most sustained applause each time she spoke. Each time, she provided a new, totally refreshing insight into the electric power sector. The first insight is the imperative of aligning interests between public servants and entrepreneurs in the power sector. The second is the revelation that her Geometric Power firm has been operating effectively without government subsidies, in contrast to the case with other power generation and distribution firms in Nigeria.

She believes that Nigeria will remain in the woods unless there is a new culture and mindset in the public servants, including civil servants who run agencies dealing with the sector.

Nnaji argued that if civil servants, for instance, continue to earn their salaries and benefits regardless of their performance, it would be difficult for the country to make a dent in the electricity sector. She wants civil servants to be incentivized so as to develop an entrepreneurial spirit that will benefit them and the nation.

Nigerian top officials and civil servants need to learn a lesson from China in this respect. China has five government tiers, stretching from over 40,000 townships to 2,800 counties to 333 municipalities to 31 province-level regions and the national administration. One critical criterion for promoting a person from one layer to another is the number and size of investments attracted to a person’s area within a given period.

In a well-circulated article entitled “What the West Misunderstands about Power in China” and published in the influential thought magazine, Noema magazine, on November 10, 2023, Xiao Ma of Peking University wrote: “The desire to reach higher positions generates incentives for local officials to reach and balance goals such as promoting growth, attracting investment, preserving the environment, and maintaining social stability.

“Local leaders have to be entrepreneurial to outperform their equally motivated peers in local development. Some resort to policy experiments, transforming the local bureaucracy to make it more amicable to residents and outside investors; others lobby their superiors, in particular those in the central government, for additional policy handouts”.

In a popular book published in the United States in 2009 entitled The China Strategy: Harnessing the Power of the World’s Fastest-growing Economy, Edward Tse, an investment consultant based in Hong Kong who writes for Harvard Business Review, notes on page 10 that the amazing success of Chinese new cities and towns owes to officials who govern them in a way to “attract as much business as they can”.

On page 18 of the book, Tse, who notes the immense patriotism in all Chinese officials, continues: “They have taken on responsibilities beyond their job description, acting as the guiding hand in the creation of China as a world-leading country. Their interests extend beyond self-enrichment to the creation of national wealth and pride. This has been the motive behind building up the infrastructure necessary to economic development. It also means a long-term commitment to ensuring incremental development, as well as a willingness to experiment and collaborate across government agencies and with the private sector”.

What led Mrs. Nnaji to call for a new culture and mindset in the public agencies dealing with the power sector was a question from the moderator of her session on power generation and sustainability. The moderator, Nicholas Okafor of Belo-Osagie and Udo Udoma law firm wondered how the Geometric Power group, comprising the 188-megawatt Geometric Plant in Aba, Abia State, and the embedded Aba Power distributing firm, Nigeria’s 12th distribution power company, was able to survive despite being in limbo for 20 years as a result of deliberate man-made obstacles before it was eventually commissioned last February 26 by Vice President Kashim Shettima.

While the other electricity generation and distribution companies have been lamenting that the Federal Government, which has paid over seven trillion naira (N7tr) to them since their privatization in 2013 as subsidy, is still owing them so much money, the Geometric Power group has not received a kobo from any person as subsidy. More incredibly, the Geometric Power group it is not expecting any because it is designed to operate with no such support.

No wonder, the Minister of Power, Chief Adebayo Adelabu, has been saying that the Federal Government is studying the Geometric Power model intending to replicate it in other parts of Nigeria. The minister says that the DisCos cover very wide territories which makes efficient management difficult, citing the example of the Ibadan DisCo that services industries in Ogun State and places in Oyo, Ondo, Osun, and even Kwara states. In contrast, Aba Power serves only nine local government areas in Abia State, making it efficient to manage.

But the more important point about Geometric Power operations, as Mrs. Nnaji revealed, is that it is Nigeria’s foremost power-integrated group, that is, it generates its own power and sells it to itself for a dedicated or niche market. Other electricity companies in Nigeria are either power generation firms or electricity distributing ones. Therefore, when other GenCos complain of not being paid by DisCos after supplying them electricity, Geometric Power doesn’t complain because Aba Power does not owe it.

As Dr Shamsudeen Usman, the former Minister of Economic Planning, revealed recently, most of the 11 DisCos privatized in 2013 were hijacked by extremely greedy people in the Federal Government and their agents. They are today’s in a big mess. They are perhaps the weakest link in the country’s electricity value chain. The Federal Government, which still retains a 40% stake in them, should consider selling them to GenCos willing to purchase them. There is no future for eight of the 12 DisCos in Nigeria. There is a limit to how long the Federal Government can subsidize them.

Dr (Mrs) Adewala-Johnson is a business consultant in Lagos.

Following enquiries by journalists as to who is in charge of our country as the President and Vice President are out of the country, we want to clarify:

1. It is important to note that the President and Vice President are fully engaged with the nation's affairs, even while they are away. There is no leadership vacuum in the country.

2. President Tinubu left the country on 3 October and is on a two-week working vacation. During this time, he has been busy answering phones and issuing directives on matters of state. He will soon return to the country before the vacation officially expires. 

3. The vice president departed the country Wednesday for Sweden on an official visit, working for Nigeria.

4. All state organs are functioning as usual. The Senate President, the Secretary to the Government of the Federation, Ministers, and Service Chiefs are all in their respective positions, ensuring the smooth operation of the government.

5. We had a similar situation in 2022 when former President Buhari and former Vice President Osinbajo were found to be simultaneously out of the country. President Buhari attended UNGA 77, while Osinbajo participated in the burial of Queen Elizabeth ll. 

6. We have also experienced it during this administration. Between late April and early May this year, while President Tinubu was in London, after visiting the Netherlands and Saudi Arabia, where he attended the World Economic Forum, Vice President Shettima left Nigeria, first of all for Nairobi to attend the International Development Association (IDA21) Heads of State Summit. After returning, he left for Dallas, Texas, to attend the US-Africa Business Summit organised by the Corporate Council on Africa. President Tinubu returned home on 8 May. During this time, the government's machinery did not halt. 

7. The Constitution, a testament to our adaptability in the virtual age, does not explicitly require the physical presence of either the president or the vice president in the country at all times to fulfil his duties.

Bayo Onanuga 

Special Adviser to the President

(Information and Strategy) 

President Bola Tinubu has directed the Secretary to the Government of the Federation (SGF), Senator George Akume, to lead a Federal Government delegation to Jigawa in response to Tuesday night inferno in Majia town, which claimed over 100 lives. 

The government delegation will comprise the Minister of Defence, Mohammed Badaru Abubakar; Minister of Transportation, Senator Saidu Alkali; Corps Marshall of the Federal Roads Safety Commission (FRSC), Mr Shehu Mohammed; and the Senior Special Assistant to the President on Community Engagement (North West), Abdullahi Tanko Yakasai. 

While in Jigawa, the delegation will visit the scene of the incident to assess the situation and visit injured persons in the hospital.

President Tinubu further directs that emergency aid, including medical supplies, food, and shelter, be extended to the 50 victims receiving treatment and others affected by the fire.

The President, with a heavy heart, joins the Vice President in extending his deepest condolences to the families of the victims of this devastating incident.

He expresses his heartfelt prayers and support to the government and people of Jigawa during this time of tragic loss and grief.

He prays for divine comfort for the bereaved families and the peaceful repose for the souls of the departed.

President Tinubu reassures the nation that the Federal Government, in collaboration with states, is committed to the swift and comprehensive review of fuel transportation safety protocols across the country.

He restates his directive to the Federal Roads Safety Corps (FRSC) to strengthen night travel measures, such as increased patrols, stricter enforcement of safety regulations, and other highway safety mechanisms.

He said those found responsible for breaches of safety standards will be held accountable, reaffirming the government's unwavering commitment to ensuring such incidents do not recur.

Bayo Onanuga

Special Adviser to the President

(Information and Strategy)

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