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

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

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

[Leadership]

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

 

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


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

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

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

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

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

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

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

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


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

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

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

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


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

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

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

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


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

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

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

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


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

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

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

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

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

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

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

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


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

Again, Abuja as an idea and reality, clocked 48 years yesterday (February 3, 1976 – February 3, 2024) without any fanfare. There should be some plaudit, however, to the management of the Abuja History and Archives Department because they marked the 32nd anniversary of the capital relocation proper (December 12, 1991 – December 12, 2023) in Abuja last December where I gave a keynote, among other influential speakers and stakeholders in Abuja.

My keynote then included the fact even the very tolerant Abuja original inhabitants should not be allowed to continue to campaign for Abuja to be made one of the States of the Federation. I have devoted most part of my contextual reporting and writing viewpoints advocating for the human rights of the natives of Abuja.

Specifically, on the same 32nd anniversary celebration in December last year, I advised the natives in the presence of some of their traditional rulers to desist from campaigning for Abuja to be made their state and indeed the 20th state in the North. I had then warned about the implications of destroying the specific objective the founding father, the late General Murtala Mohammed stated 48 years ago, which have been codified into the organic law of the land, the 1999 constitution. Nigeria’s 1999 constitution is quite clear on the fact that ‘Abuja shall be the capital of the Federation…’ The same constitution only provides that some of the institutions of governance should be run as if the Territory were one of the states of the Federation.

There is no ambiguity in the constitution that can be manipulated by politicians and stakeholders to make the ‘Capital of the Federation’ one of the states in the same Federation. Since the Supreme Court gave its verdict on the presidential election petition late last year without any references to two earlier judicial pronouncements on how Abuja’s 25 % should affect the outcome of the presidential election, Abuja’s original inhabitants have been agitating that Abuja should be regarded and run as their state and all state structures should be established including a state Assembly.
What is more visible, since then, from the body language and protocol structures being set up, even the current Minister of FCT and former Governor of Rivers State, Nyesom Wike would like to run Abuja as a State (Governor). His brand new vehicular convoy of seven solid and expensive SUVs now reflects regular state paraphernalia of office.

Now to the brass tacks, but for our lack of seriousness about public interest and unsettled national questions, why should we be re-debating the status of a nation’s capital that clocked 48 years yesterday? Why would a section of the country be uncomfortable with movements of some sections of its Central Bank to its former place where their operations are most relevant? What business have politicians with relocation of just an Aviation agency to its right place where the hub of Aviation is located in West Africa? Why do we have to play politics with simple bureaucratic procedures in Nigeria when the rest of the world is competing for places where science and technology determine progress of mankind?

 

Should we be shamelessly asking who owns Abuja 48 years after its creation? I think we need to bury the hatchet and move on. If we don’t keep quiet about some fundamental questions on the capital of the federation, we the people can ask too why the longest, the broadest and the most strategic Road in Abuja was named after the late Ahmadu Bello who was premier of Northern region? If we do not allow dead to bury their dead, we will begin to ask questions too why we have Ahmadu Bello Way on a strategic Road in Lagos Victoria Island because certain senior MusaYar’Adua and Ribadu were miniters of Lagos Affairs. We will thereafter begin to ask why we don’t have an Obafemi Awolowo Way in Kaduna or Kano. Besides, we will ask why there is no Michael Opara Way in Sokoto or Nnamdi Azikiwe Road in Katsina or Kano state, in the same vein. Let’s stop ‘politricking’ and face governance that will link us properly to happenings in 21st century.

We are simply too dubious to get even our national and state assemblies to table serious matters of urgent national importance including security and welfare of the very poor people at this perilous time when the cost of living has become basically unbearable. Let’s not ask questions about the status of Abuja that even state actors who live and work there can’t secure at the moment.

For instance, in a groundbreaking work by Adamu and Afaha ( ) there is a verifiable fact that: More than any other community, Suleja, the former Abuja played a very crucial role in the creation and development of the Federal Capital Territory, Abuja. Apart from conceding about 80 per cent of its land to the creation of the new nation’s capital in 1976, and being the community that played host to the administrators of the Federal Capital Territory( FCT) at its nascent stage, from 1976 to the early 1980s, when offices and housing accommodation were conspicuously absent in the capital city and the territory as a whole, Suleja yet made the biggest sacrifice in 1979, when it relinquished its former name – Abuja (a name she was bearing since its foundation in 1828) to the naming of the new nation’s capital in 1976, and took the name Suleja. Indeed, one can argue that since the creation of the new nation’s capital, Abuja in 1976, Suleja has been playing the role of an un-official satellite town of the Federal Capital Territory, Abuja.

Similarly, the proximity and accessibility of Suleja to the capital city and the territory at large provided an excellent opportunity to a substantial number of both the middle and low income earners who could not secure accommodation in the capital city to seek and obtain it in Suleja and its environs. Why can’t people of Niger State where Suleja and Zuma Rock we used to advertise Abuja in the beginning, are located even claim that they are the most strategic stakeholders in Abuja? Why can’t Keffi in Nasarawa state too stick out their neck as the authentic owner of the land since they are nearer Abuja than Niger, which contributed less than they did to Abuja land mass?

 

In my Inside Stuff piece titled, ‘Significance of Wike As FCT Minister’ here on Sunday August 20, 2023, I had made the point clear that the swashbuckling former Governor of Rivers state was the first senior Minister of the FCT of southern extraction. Let’s examine excerpts from the article:

‘…And so the most precious gift the Generals’ rule donated to the(ir) Federal Republic of the Nigerian Army as General Chris Ali succinctly puts it in his classic on Nigeria, Abuja has been there as “their capital” until this month and last week when President Bola Ahmed Tinubu took two significant steps to restore confidence in the national capital Hurricane Murtala sold to us 47 years ago as a “symbol of our unity”.

And here is the thing, since inception of the administration of the capital, Nyesom Wike would be the very first Minister of the Capital of the Federation from southern part of the country. Before you shout, what of the late Ajose Adeogun (1976-1979, here is the fact file: the late Adeogun (who died on Saturday July 1, 2023 at 96) was widely reported as the first Minister of FCT. He wasn’t. He was actually designated as Minister of Special Duties with additional responsibility to supervise Abuja to from 15B Awolowo Road, Ikoyi, Lagos as there was no structure yet on the 8,000 square kilometre FCT then. He was operating from a Field Base in Suleja in Niger State, a border town to the FCT. All other Ministers appointed since then from the South – from Mark Okoye 1980-1984) through Professor Ikejiani Clark to Jumoke Richard Akinjide have been Ministers of State. What’s worse, President Muhammadu Buhari who didn’t care a hoot about federal character in all his appointments for eight years desecrated the Territory as his last two ministers of FCT hail from the North (Adamawa and Kogi states). In other words, the first organic Minister of FCT was John Jatau Kadiya (1979-1982).

 

And so there is a sense in which we can report that President Tinubu has broken a 47 years old jinx. Just as he did the other day when he obeyed a 2018 Court of Appeal’s declarative judgment that an indigene,(original inhabitant) of the Federal Capital Territory should be appointed as a member of the Federal Executive Council (a Minister). The Indigene will be sworn in tomorrow. That was how in a twinkling of an eye, President Tinubu restored confidence of Nigerians including the original inhabitants (of Abuja) in the Capital of the Federation. We will no longer call it “Their Capital”. It is now “Our Capital”. In the same vein, the Niger Delta people who have been lamenting absence of their people in the mainstream political leadership and bureaucracy of the Capital despite alleged huge allocations from oil resources from Niger Delta spent so far on the capital project, can now relax their agitation for inclusion in the political leadership and bureaucracy of the FCT. Which reinforces the ancient word that only justice can guarantee peace and stability in any system.

According to a political geography scholar in Iran, Abolfazl Kavandi kateb, ‘Capital or capital city is the municipality exercising primary status in a country usually as its seat of government and the most important center of political organisation and management of space in the country’. The capital is one of the important subjects in political geography. The capital cities are the symbol of the state authority, the factor of creation of unification and national solidarity using their different functions. Besides cultural, geographic, economic, communicational and in particular political roles, the capital city has an important role and it is population attracting. The population that has grown in Abuja beyond the expectations of its Founding Fathers has so far not reflected the expected national character. And so the arrival of Wike is supposed to begin a damage control mechanism for peace building.

And so as I was saying, as Tinubu has begun restoration of stakeholder confidence in the Capital of the Federation, Abuja Wike too should be bold enough to study the present convoluted political and administrative structure of the Federal Capital Territory. Most of the structures of governance are neither state nor federal. The FCT Minister should, in this regard, not delay again the establishment of the FCT Civil Service Commission a 2018 law set up as I once reminded us here. He should not listen to politicians who want to ruin the letter and spirit of the law that sets up the capital of this already convoluted Federation because it is our very Nigerian capital!

 

 

• Priority Shifts To Rural Communities As 10 Emergency Socio-Economic Interventions Emerge In Area Councils
• More Security Outposts, Police Divisions In Villages, Communities Across FCT
• Monthly Town Hall Meetings Now Mandatory In Area Councils
• Task Force Begins Operation ‘Comb Criminals’ Hideouts
• Wike Begins Strategic Road Infrastructure In Area Councils
• Secured Public Transport System Initiated In Place Of ‘One-Chance’ Taxis
• Public Schools, Teachers, Area Councils’ Workers Get Top Priority

Thirty-Three years after the nation’s seat of power was moved from Lagos, the Federal Capital Territory (FCT) has begun a comprehensive rejig of its governance system to curb rising spate of insecurity threatening its 8.5 million population.

The major thrust of the rejig is the shifting of attention to rural communities, villages and towns in the six area councils in the FCT, which hosts 95 per cent of its 8.5 million population that have been thrown into fear and misery as a result of upsurge in kidnapping and banditry.

Between February 2023 and January 2024, no fewer than 300 persons were kidnapped in the FCT despite the presence of 17 arms-bearing security agencies in Abuja. Forty-five of these persons lost their lives in the process.

Last month, resurgence of kidnapping hit its peak as terrorists ravaged many parts of the territory including the city centre. Of note is the killing of a 13-year-old teenager, Folashade Ariyo, who was kidnapped alongside 10 residents of the Sagwari Estate Layout in Dutse-Alhaji Area of Abuja, and Nabeeha Al-Kadriyar, a 400-level student of the Ahmadu Bello University, Zaria, who was kidnapped alongside 22 other in Bwari.

The spate of kidnapping, in fact, led to many not reporting early to duties after the Christmas and New Year holidays. Disturbed by the rising trend of insecurity, FCT Minister, Ezenwo Nyesom Wike, after two weeks of interactive sessions and town hall meetings with security agencies, area councils’ authorities, traditional rulers, identified key governance issues that require urgent attention.

Those issues, which exist across the territory, but particularly in the villages, communities and towns, are decayed road infrastructure, poor internal security architecture, inadequate economic empowerment, inadequate communication between area council chairmen and other relevant stakeholders, unsecured transportation system.

The state of insecurity in areas such as Bwari, Kubwa, Lugbe, Kuje, Kwalu, Gwagwalada, and Abaji, worsened so much that it has attracted serious condemnation from the minister. He told the council chairmen, traditional rulers and security chiefs on the implications of incompetence or outright failure in the discharge of their responsibilities as regards security.

According to Wike, “the president has given me power to buy more vehicles. By next week, we shall give more vehicles to all police stations. We shall give them modern communication gadgets. The president has said he does not want to hear any story of kidnapping in Abuja again and the security agencies have promised to rise to the occasion. We are very serious. We are not playing. But we need your support too because security agencies cannot do this work alone. They need information. When you give them information, they will work better.”

He again reiterated his earlier advice to residents to stop crowdfunding for ransom, saying such action only serves to fuel more kidnapping. He said: “It is not also good to go to the radio to raise ransoms. It is a way of encouraging criminals. We know it is not easy when your people are in captivity but we have to avoid raising ransom. It fuels the activities of kidnappers.”

Chief of Army Staff (COAS), Major General Taoreed Lagbaja PHOTO: Twitter


On the need for well profiled and efficient private security arrangements, he directed the six area council chairmen in the nation’s capital to set up vigilante groups and also ensure the immediate profiling of members of the groups.

“We have asked all the area councils to set up vigilance teams and we believe that those teams won’t be the ones perpetrating the crimes. Therefore, they must be profiled so that they are known. Who are they? Are they from our communities? So that we won’t say we want to solve a problem and then cause another one. They (chairmen) will have to do that with you (traditional rulers).”

He further disclosed: “We have told the police and other security agencies to itemise all their needs and we are going to meet them so that our people can sleep comfortably with their eyes closed.

“Again, you would have heard that we are demolishing shanties. You know criminals won’t want to live in known houses. They commit crimes and run to shanties that can’t be easily traced. So, we will continue to demolish shanties. You need to support us. You don’t allow people to bring propaganda. There is nothing like that.”

He also reiterated his resolve to roll out buses in order to reduce the incidences of ‘one chance’ or taxi robberies pointing out that “Very soon we are going to roll out our buses which will be painted in Abuja colours and we won’t allow taxis that are not painted in our colours to operate so that this issue of one chance can be eliminated.

“This is the FCT where many Nigerians want to come and stay and so we are more concerned because when the capital is threatened, the whole country is threatened. So, we are very serious with security. We are not sleeping. We are working 24 hours.”

Speaking on the need for adequate intelligence and information to facilitate security, Wike said:
“We have met with the councils and we have told them the little we need which is information to be able to help security agencies that are directly involved in the fight against criminalities.

“The president has given us series of approvals to make sure that security agencies are fully equipped to fight this crime and we cannot do this alone without your support. You have a role to play in securing your domains. You know those around your domain. If there are unfamiliar faces, you can let the council chairmen know, so as to report to my office so that actions can be taken,” he added.

On the development of road infrastructure in the area councils, the minister has already commenced the construction of 30km road infrastructure across all six area councils to aid movement and security.

He did not mince words in warning the chairmen against frequent overseas trips pointing out that: “This time around, we will not be happy, where area council chairmen will leave their responsibilities and travel out. We have reports that council chairmen travel anytime and then, if anything happens, they will not call anybody’s name except the FCT Minister.”

Lingering industrial face-off between area council chairmen and the FCT chapters of the National Union of Teachers (NUT), National Union of Local Government Employees (NULGE) over welfare issues received attention during the town hall meetings.

Wike told stakeholders that after listening to the plight of striking workers, he had offered to pay 40 per cent of debts owed by area councils just as he charged the chairmen to immediately pay the balance of 60 per cent. He threatened that should there be delay or failure to pay the 60 per cent, he would pay the money, and deduct, at source from the monthly bills, allocations of area councils.

“Recently, the Nigeria Union of Teachers NUT embarked on strike and it is not our fault but the Area Councils. Primary schools are under the body of the Area Councils but again, it will look as if the Ministers are doing nothing but that is not our responsibility.

“So, council chairmen should know that, they must live up to their responsibilities. It is not everything that happens they would say that it is the Ministers that have not taken steps. So, for your information, we are doing everything we can to resolve the security challenges we are recently facing.He stressed.

Announcing the objective of the governance rejig, which began with the newly initiated town hall meetings, the minister said: “We thought that there is a need to meet with you and the council chairmen so that we can work in synergy and be on the same page. If there are things you think we should do too, we are willing to partner with you so that the challenges we are facing now will be a thing of the past.

“You must work hard because insecurity is not written on anybody’s face. Anyone can be a victim and that is why we must do everything possible to ensure that our subjects are not victims of these criminals.

“Security is one thing the president promised Nigerians because his job is to protect lives and property. If we can’t protect lives and property, then we have no reason being in government.”

He continued: “The president has asked me to assure you that he will not abandon you. So, all these criminals, be ready. Your time is up. You know if I say I will do something, I will do it. And now that I am here today, if you know you are an informant or even one of the criminals, the end has come for you. I and security agencies will follow you to the point that you won’t enter Gwagwalada again.

“Some of the people giving them information, we have arrested them. If they haven’t arrested you, it doesn’t mean that we won’t arrest you tomorrow or even before we leave this place,” Wike said.

Responding to requests for more police divisions in the council, the minister told the representative of the Police commissioner to work out the modalities.He said, “the Commissioner of Police should work out how we can provide two more police divisions in Gwagwalada. We must do this immediately. It is a security matter and must not be bogged down by bureaucratic bottlenecks.”

Provision of operational vehicles as well as provision of intelligence to security agents are other strategies introduced.Just last Thursday, he flagged off the construction of a five-kilometre road in each of the six area councils within the FCT.

IGP Kayode Egbetokun


The ceremonial launch commenced in Gwagwalada Area Council, focusing on the Paikon Kore – Ibwa road. Other road constructions include the Gaba-Tokula road in Bwari Area Council; the Garage Junction – to LEA Secretariat road in Kuje Area Council; Yangoji-Sukuku Ebo road in Kwali Area Council;

Simultaneously, an access road featuring a two-span river bridge over the Naharati River-Ukya is slated for construction in Abaji Area Council.
Within the Abuja Municipal Area Council (AMAC), a temporary access road linking Saburi 1 and two communities from the ONEX to the old Keffi road near Dei Dei will be developed.

And as part of measures to safeguard lives and property in Abuja, the FCTA has commenced profiling and massive raid of hideouts of criminals such as bridges and subways within Central Business District (CBD), Maitama and Wuse Districts of Abuja.

Commencing the operation, FCTA’s Joint Taskforce on City Sanitation, stormed and raided subways and bridges around the three Arms zone, especially roads connecting Women Affairs Ministry, Police headquarters, Court of Appeal and Federal Secretariat.

The team also raided tunnels and green areas beside Abia House, connecting to River Plate Park through to National Mosque and Yar’Adua center, including Millennium and Chescon Parks, in Maitama, and Wuse, where informal activities are taking place, side by side with people of questionable characters living under the facilities.

Coordinator of the Taskforce, Mukhtar Galadima, who led the operation, said it was pursuant to the directive of the FCT Minister, following complaints from residents in the city alleging the misuse and abuse of such facilities.

Galadima, who doubles as the Director, FCT Department of Development Control, described the sanitary condition within and around the affected facilities as very disturbing, which calls for immediate drastic measures to mitigate.

He said: “The FCT Minister directed that we should take necessary action, and today we are a fact-finding mission, to know what is really happening under the bridges and subways. From today, we can come out with our plan of action on the next step to be taken.

“With what we have seen today, it is really unfortunate that these things are happening in the city, where informal activities are taken place under the bridges and subways, as well as people of questionable characters are living there. We met some under 10 years kids under one the bridges.

“Considering the issues of security and looking at the these people residing under the bridges, it is of great concern to the FCT Administration, and we will not lay it low as we have to take it up immediately. We have to step up our action on combing and monitoring these facilities and activities taken place there.”

On the rehabilitation of dilapidated public primary schools, Wike has earmarked N30.9 billion to upgrade public schools across the Territory, an assignment he said, must be completed before May 29, 2024.

The Mandate Secretary, FCT Education Secretariat, Dr Danlami Hayyo, made this known in Abuja while intimating journalists on some of the interventions in the education sector received from the FCT Minister.He explained that the approved money would be spent holistically on renovation of 40 schools, a project designed to be completed before the end of May 2024.

Responding to questions on the criteria for the 40 benefiting schools, Hayyo said it was based on schools with the highest degree of dilapidation and out of school children orchestrated by insecurity, like the case of Bwari Area Council.

“In FCT, there are so many schools that need the support intervention, otherwise, maybe in few years, nobody will go to that school, even the children will not be happy to learn in the environment, total dilapidation, so, we decided to pick the schools that have serious dilapidation issues.”

Hayyo, who added that four additional schools would also be renovated in the second batch at the cost of N4.5 billion, also hinted that the FCTA had set up a temporary shelter to cater for the influx of out of school children from neighbouring states.

“You see the problem we are facing now is that, because of the security issues in neighbouring states such as, Kaduna, Nasarawa, Niger and some parts of Zamfara, Sokoto and Yobe, people are relocating to Abuja,” he said.

“So, establishment of these temporary shelters will address the issue of out of school children, and not only the learning, they are learning both literacy and numeracy, they are learning skills because we established skills acquisition centre in collaboration with mass education,” Hayyo explained.

[Guardian]
 
Sunday, 04 February 2024 06:54

Bandits Abduct 55 Wedding Guests In Katsina

Gunmen suspected to be bandits recently launched a vicious attack on a wedding convoy in Damari town, Sabuwa Local Government Area of Katsina State.

Reports had it that the assault, which transpired around 9pm on Thursday, resulted in the tragic death of three persons and the abduction of at least 55 wedding guests.

 

The victims, predominantly friends of the bride from Dandume, were escorting the bride home when they were ambushed while traveling in an open van.

Initial reports suggested that the total number of guests abducted was 30, as several had managed to escape by leaping off the moving vehicle during the attack.

Amidst the chaos, three local security volunteers attempting a rescue the victims were shot.

 

The area has long grappled with the scourge of banditry, further complicated by the presence of informants collaborating with the criminals.

The chairman of the neighbouring Dandume Local Government Area, Alhaji Basiru Musa, confirmed the incident.

 

Sabuwa and Dandume are among the local government areas in Katsina State significantly impacted by relentless banditry activities.

 

 

 

 

In a related incident, around the time of the wedding guests’ abduction, assailants believed to originate from the Siddi Forest attacked Tashar Nadaya near the Gazari district border in Sabuwa Local Government Area.

In this separate incident, a commercial motorcycle rider lost his life, and his bike was stolen. The attackers also targeted a group of four individuals, opening fire and seizing their motorcycles.

[DailyPost]

 

 

 

 

The Golden Glove at the 2023 Africa Cup of Nations will be contested between Nigeria’s Stanley Nwabali and Ronwen Williams of South Africa.

Both Nwabali and Williams have kept clean sheets in their last four matches and will face each other in the semi-finals.

The only goal Nwabali conceded at the tournament, was in the Super Eagles opening 1-1 draw with Equatorial Guinea.

 

Williams let in two goals for Bafana Bafana when they lost 2-0 to Mali in their first fixture.

Interestingly, both goalkeepers play in South Africa. Nwabali represents Chippa United while Williams turns out for Mamelodi Sundowns.

As it stands, both stoppers have four clean sheets, more than any other keeper has been able to secure in Ivory Coast.

[DailyPost]

Sunday, 04 February 2024 06:49

‘Why naira redesign policy failed’

 

 

 

The naira redesign policy failed because of the absence of certain critical measures required to ensure smooth implementation of the policy framework, Ebele Monye, a research analyst in the Carnegie Africa Program, United States has said.

Monye who attempted a prognosis of the problem of the naira redesign policy in a position paper titled, Why Nigeria’s Controversial Naira Redesign Policy Hasn’t Met Its Objectives and published recently in the journal of the Carnegie Endowment for International Peace.

The Washington, DC, based body provides analysis on key topics and regions, including East and South Asia, Africa, Europe, Russia and Eurasia, the Middle East, democracy and governance, nuclear, sustainability and geopolitics, global institutions, technology, and subnational regions, such as California.

 

In the view of Monye, at the centre of the crisis of the naira redesign policy is the problem of poor implementation of the policy.

“The redesign policy has not achieved the outcomes needed to meet most of its objectives. The policy resulted in a cash shortage and a black market for selling naira notes, causing economic difficulties for Nigerian businesses and individuals who rely heavily on cash. Beyond the direct adverse effects of the policy on Nigerians, macroeconomic changes and leadership shifts have also affected the country’s economic realities.

 

“Specifically, the new government has removed fuel subsidies, increased electricity tariffs, and unified the country’s exchange rate, which has led to higher inflation rates, lower disposable income for consumers, and decreased business productivity.”

 

It may be recalled that the apex bank introduced new banknotes on October 26, 2022, for the naira denominations of 200, 500, and 1,000.

The CBN’s governor at the time, Godwin Emefiele, announced the redesign policy, which aims to improve Nigeria’s monetary policy, promote digital alternatives like the eNaira, and enhance the currency’s integrity. Notably, it also aims to reduce cash circulation for illicit activities like kidnapping-for-ransom and vote-buying. The new naira notes have been in circulation since December 15, 2022.

 

Pressed further, Monye said several underlying factors have led to implementation problems, including the lack of a critical mass of easily accessible alternative financial products, the inadequacy of preexisting infrastructure to support the policy’s speedy rollout, low public trust, and limited public sensitisation coupled with tight deadlines.

The redesign policy also failed to adequately sensitize financial consumers, particularly on the CBN’s directives and deadlines.

 

Citing a report by the National Orientation Agency (NOA) agents, a campaign to raise awareness about the policy across all 774 local governments in Nigeria, failed because of its poor timing and clarity. According to reports from NOA agents working in various communities, people felt the awareness campaign should have started earlier and that the validity period for old notes should have been longer. Additionally, there was a communication mismatch between what the CBN conveyed and what consumers understood.

Also the digital financial infrastructure was insufficient to handle the increased digital transaction volume caused by the cash shortage, Monye stressed, adding that at the height of the cash crunch, many individuals resorted to making transfers via mobile apps and Unstructured Supplementary Service Data messages such that the existing digital payment system could not handle the surge.

The US-based researcher is however optimistic that improved implementation of the policy is still possible.

Nigeria, she stressed, could draw insights and lessons from other countries that have successfully carried out similar policies in recent years.

Citing the example of India and Sweden, Monye said such cases offer valuable recommendations for Nigeria’s policymakers and partners to consider.

“The experiences of India and Sweden offer valuable insights and ideas for how to ensure a seamless shift to new naira notes and increase the uptake of digital alternatives. While India shares similarities with Nigeria regarding policy objectives and implementation strategies, Sweden’s experience in successfully going cashless provides insights on the steps taken.”

While noting that Nigeria may not yet have the technological advancements of Sweden or the fintech infrastructure of India, but policymakers could learn from these countries’ successes and create multi decade systemic changes that would lead to a cashless society.

These changes, in turn, could make policies like the naira redesign more effective, she stressed.

Expatiating, she said, “Like Sweden, India has leveraged existing infrastructure and financial alternatives to drive financial digitalisation. India Stack, for instance, is a digital identification and payment system that relies on an open application programming interface.This system integrates user information from the country’s national identity programme, Aadhaar, which already has 1.25 billion registered users.

“Additionally, the RBI launched the Unified Payments Interface for mobile phones to enhance digitisation and extend access to the approximately 400 million individuals residing in rural areas by allowing transfers between multiple bank accounts using a single mobile application.”

[TheNation]

 

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

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

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

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

 AFCON 2023: Super Eagles Face The Indomitable Lions In Tough Round Of 16 Battle

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

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

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

Details later...

[Punch]

From the days of western philosophers – Jean Rousseau, John Locke and Thomas Hobbes, the concept of government has been the subject of unending commentary. Today, people see ‘government’ more as a product of the social contract theory which depicts the relationship between government and the people into two main parts of an unwritten contract. These are: (i) the immutable mandate of government to protect the people and (ii) the obligation of the people to undertake certain civic responsibilities. 

The people must pay taxes, they must vote and participate in community services such as the National Youth Service Corps programme in Nigeria. On its part, government offers a guarantee to ensure that people live meaningful lives without fear of any form of aggression. Nowhere else has this mandate of government as enunciated in the social contract theory been better illuminated than Nigeria where the express words of the country’s constitution in section 14, authoritatively state that “ the security and welfare of the people shall be the primary purpose of government.”

 

 However, attacks on people in different parts of Nigeria particularly since the days of Goodluck Jonathan till today have been direct and patently aggressive with little or no intervention from government in breach of the sacred contract between government and the people. Indeed, many citizens wanted Muhammadu Buhari to replace Jonathan as president in 2015, believing that Buhari a former army general would do a better job securing the people – a belief which turned out to be completely false.

In fact, Buhari’s minister of defence himself a former general, visibly despaired when he asked the people to defend themselves, a clear refutal of the justification for the existence of government. Till today, many government officials still erroneously believe that security is everybody business despite the fact that the nation’s highest law unequivocally names those whose duty it is. Government officials are yet to know the difference between appealing to the people for help with information on the movement of criminals and creating an official division of labour between public actors and private recipients of policy dividends.

Talking about information gathering, no one controverts the worthiness of good citizens providing useful information to authorities for the general good; which essentially exemplifies patriotism but if the tense insecurity in the affected localities of Nigeria is discretely considered,  government cannot depend solely on citizens who are in hiding instead of using technology to gather crucial information about a particular community several kilometres away before attacks happen. 

It is unmistaken failure on the part of government with all its instruments of coercion procured from taxpayers’ money to seek to rationalize incessant attacks on grounds of paucity of information. This is more so when a few people who attempted in the past to volunteer such security information were later attacked by the same criminals they reported to government agents. If information gathering is even to be seen as a civic duty, self-help which government calls on people to undertake amounts to taking the laws in their hands in a country whose citizens are generally not licensed to carry arms.

 The result of government’s tardiness in addressing insecurity is that everyone now lives in fear in Nigeria. In the past, people avoided road journeys mainly because of the dangers of plying bad roads, today a greater fear arises from insecurity on express highways that are almost as smooth as the ‘German autobahn.’ The only observable phenomenon arising from this is the abdication of government from its primary business which she has replaced with a design of governance by condolence.

It has since become the practice of government officials to send official delegations to condole with families and communities of people killed by unknown gunmen. Here, it is unnecessary to name more than a few of such condolences. One of the first assignments of the new governor of Zamfara state, Dauda Lawal was to send a delegation led by Bilyaminu Isma’il, the speaker of the state house of assembly to commiserate with Shinkafi Emirate over the bandit’s attacks on their communities. In December 2023, vice-president Kassim Shettima led the federal delegation to visit victims of Christmas eve’s attack on communities in Bokkos local government area of Plateau state.

 It would be unfair to suggest that condolence visits are current developments, when they have been the order of the day for decades. In January 2012 for example, it was President Jonathan himself who expressed his condolences to victims of the multiple bomb blasts and acts of violence which rocked the city of Kano. A broadcast journalist, Eneche Akogwu of Channels TV was among the dead. In 2020, Abba Kyari the then chief of staff to President Buhari was the leader of the federal delegation to Katsina state to commiserate with the people of the Batsari local government area where an attack had claimed several lives.

Katsina being the home of the then president establishes beyond doubt that no area whether in the North or South has been spared in the free killings in Nigeria. It also confirms that in all such killings, the response of the government was usually to offer condolences to the affected communities until another attack happens warranting the composition of another delegation with the same message that government would spare no efforts to bring the culprits to book. So, in Nigeria, the government has perfected the act of governance by condolence.        

 

 Just as the executive has been evasive about governance, the legislature’s approach has been to institute governance by summons. Whereas governance is about service to the people, the legislature in Nigeria offers service to self which explains their decision to appropriate hundreds of millions of naira to buy foreign-made luxury vehicles for themselves at a time of the nation’s precarious financial situation. Perhaps, a more obvious evidence that our legislators are nonchalant about governance is the way they perform their functions.

First, they are never diligent about clearing nominees to hold sensitive public offices. Second, they approve fresh budgets without reference to how the previous budget faired. Third, they actively support loans without evidence of sources of repayment thereby plunging posterity into debt in Nigeria. Most importantly, they carry out crucial oversight functions through summoning of public officials who merely appear to hold fruitless meetings with legislators.

Although they have unwieldy committees in charge of every type of  subject, at no time have we seen real monitoring leading to discoveries of lapses or poor execution of projects. Instead, each time legislators visit agencies of relevance to their committees, they eulogise them to the media. It is only when a member of the public raises an alarm concerning some controversies or improprieties in some agencies that both chambers of the national assembly would begin to fall on each other to summon the agencies for separate explanations to each of them thereby dramatizing the subject.

Asking officials to come and explain their activities is not bad of its own especially as the constitution provides for it in sections 88 and 89, but how can the summoning of officials for verbal discussions of any subject be better than moving supervision to the point of assignment for the same officials to demonstrate and illustrate their explanations on the relevant projects? Do our legislators not know that seeing is believing?

 The annoying part of the summoning is that it often becomes an issue of ego.  Legislators fix dates for agency heads to appear without reference to previous appointments of such heads thereby disrupting the free flow of policy implementation. At other times, summoning is used for blackmail. Officials are summoned either to extract promises from them for favours or to publicly disgrace those who refused to be compromised. The famous Arunma Oteh of the capital market fame and the ‘off the mic’ saga of the NDDC stand out.

 

As at the last count, the incessant summoning has been extended to the private sector where voices of concern have now been raised.  About 5 months ago, the organized private sector was forced to publicly condemn what they called ‘unbridled invitations and summons by adhoc committees of investigative hearings(OPSN). Claiming  that the constitution did not provide for such invitations to be extended to the private sector, they demand that the NASS should stop acting as law makers and enforcers/implementers of same laws. But will they hear and will the executive stop hiding under humane condolences?

Worried by the alarming rate of insecurity in the country, the National Security Adviser to the President, Mallam Nuhu Ribadu has ordered the immediate stoppage of the personnel of certain Para-Military Services from wearing camouflage uniforms henceforth.


This was contained in a press statement issued by the office of the NSA on January 16th, addressed to Interior Minister, Bunmi Tunji-Ojo.

The Circular directed the Federal Ministry of Interior to immediately withdraw all camouflage uniforms from security and law enforcement agencies under its supervision.


Citing a resolution from the 2015 National Security Council that limited the use of camouflage to law enforcement and the armed forces during joint operations, the NSA office explained that the action be viewed as “a pathway for enhancing Nigeria’s national security” and likewise made in response to the rise in criminals and impostors imitating and wearing military gear.

The circular titled “Observation on Proliferation in the Use of Camouflage Uniforms by Other Security Agencies in Nigeria” was personally signed by Mallam Nuhu Ribadu.

According to the circular, personnel of the Nigeria Immigration Service, NIS, and the Nigeria Security and Civil Defence Corps, NSCDC, together with the Federal Fire Service, among others, are to discontinue henceforth using the camouflage uniforms at the disposal, following the directive issued by ONSA.

The NSA observed that the persistent proliferation of camouflaged uniforms by the aforementioned security and law enforcement agencies makes the outfit easily accessible to criminals and impostors while also exacerbating the already challenging security situation facing the country.

According to the circular, “Case in point was the recent unfortunate attack on communities in Plateau State where the perpetrators were reportedly dressed in camouflage uniforms.

” This further underscores the need to ensure that the ban placed on camouflage uniforms by security agencies other than the Armed Forces and the Police on special occasions, such as joint operations, is strictly enforced”.

The NSA then urged the Interior Minister to take necessary steps and place stringent measures to ensure that the ban on camouflage uniforms is upheld, enforced, and strictly complied with by all security and enforcement establishments under his supervision.

It was gathered that the ONSA has been inundated with concerns over the upsurge in the use of camouflage uniforms by various security agencies other than the Armed Forces and, on special occasions such as joint operations, the Nigeria Police.

Over the years, the Federal Government had taken several measures to ensure that camouflage uniforms were restricted to the Armed Forces and, on special occasions, the Police.

The circular was, however, silent on the fate of the Nigeria Customs Service, NCS and that of the Department of State Service, DSS.