The Governor of Nasarawa State, Abdullahi Sule, has disclosed that his undergraduate days in the United States were not easy.

Naija News reports that Governor Sule said his skill paved the way for him when he graduated without having a certificate.

Sule said that his vision for skill-based knowledge for youths in the state was driven by his experience in the country, stressing that corporations achieve their goals with skilled workers, not certifications.

He stated this while he spoke at the inaugural Engineer Abdullahi Sule Colloquium in Lafia, with the theme “Technological-Driven Entrepreneurship as a Panacea for Unemployment and Catalyst for Economic Growth and Development”.

The governor explained that worked as a welder at night and schooled during the day to survive as an undergraduate in the United States.

“When I was graduating from Government Technical College Bukulu in 1980, I got a scholarship to study at Indiana University in the US. Then I worked as a welder at night and attended school in the day time just to make money through skills I acquired.

“Throughout the period of my stay in the university as I worked in the night, and after graduation, the first job I got, nobody asked me to present any certificate. All they needed was my skills and my ability to do the job,” he said.

Sule stated that his government planned to train would-be retirees who were still agile with technical skills and financial support to invest in the skills acquired, adding that youths would be trained with starter packs for self-employment.

[NaijaNews]

The former Speaker of the Lagos State House of Assembly, Mudashiru Obasa, has filed a lawsuit against the Assembly and the new Speaker, Mojisola Meranda, before the Lagos State High Court in Ikeja, challenging the legality of his removal from office.

The suit, which is yet to be assigned to a judge, seeks a court declaration that his colleagues in the House acted unlawfully by removing him while the Assembly was on recess.

In the application dated 12 February 2025 and filed by his lawyer, Chief Afolabi Fashanu, SAN, the plaintiff claimed that he was removed from his position on 13 January 2025 by 36 lawmakers while he was out of the country.

The impeached lawmaker is seeking the following reliefs: an order of the court to fix a date for an accelerated hearing of the case and to shorten the time allowed for the defendants to respond with counter-affidavits or written addresses to seven days after the hearing.

Obasa also asked the court to limit the time for the plaintiff to file replies on points of law to three days.

His application is based on nine grounds, focusing on the interpretation of various sections of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), and the Rules and Standing Orders of the Lagos State House of Assembly.

The plaintiff challenges the constitutionality of the Lagos State House of Assembly’s sitting and proceedings during recess without the Speaker convening the House or delegating authority to another person.

“Public interest necessitates that this case be heard and resolved quickly to avoid disruption of legislative activities in the state,” Obasa argued.

He maintained that the court must urgently determine the legality of the Assembly’s current leadership, as it violates applicable laws and rules.

He further asserted that the court holds inherent powers to grant expedited hearings and impose time limitations.

No date has been fixed for the hearing.

Obasa was impeached on 13 January while he was out of the country by more than two-thirds of the 40-member legislative house over alleged misconduct and other offences.

His deputy, Mojisola Meranda, was immediately elected as the new Speaker, making history as the first female to lead the legislative body in the South-West state.

Obasa returned to a welcome rally at his residence in GRA, Ikeja, on 25 January, maintaining that he was not afraid of being impeached but insisted that due process had not been followed.

The former Speaker alleged that his removal was orchestrated while he was away and accused the Lagos State Commissioner of Police of facilitating the process.

He claimed that security agents, led by the police commissioner, invaded the Assembly complex and his homes in Agege and Ikeja, locking his family indoors with over 200 officers present.

Obasa also dismissed allegations of misappropriation.

[DailyPost]

Singer L.A.X has shared how he begged his girlfriend to stay after discovering she cheated on him.

In a conversation with Chude Jideonwo, L.A.X recounted the incident where his girlfriend returned home intoxicated, and he found evidence of nfidelity on her phone. 

Instead of confronting her angrily, L.A.X said he surprisingly found himself begging her to stay in the relationship.

“I was dating this girl, she came in drunk and I held her to the bed. She even threw up. I checked her phone and I saw, ‘I enjoyed this night. I think we should do this again.’

“As I showed her the phone, she just looked at me and said, ‘He’s just my friend. We just spent the night.’ Trust me, it was me that was now begging. I said we can work it out and she said, okay, don’t worry,” L.A.X recounted

Popular actress, Funke Akindele, has opened up about her passionate approach to love. She revealed that she is a lover girl who loves seriously and goes the extra mile for her lover.

Speaking in an interview with Saturday Beats, Akindele said, “I am a lover girl and I love seriously. Because I am a bit of an extremist, I go the extra mile. I can wake up tomorrow and buy my spouse a car. The green light for me is someone who pampers me and checks on me genuinely. I love a real and positive guy. I also love intelligent men.”

Reflecting on her personal journey, Akindele admitted there was a time when she almost gave up on love. Offering advice to others who may feel similarly disheartened, the ‘Everbody Loves Jenifa’ actress said, “I used to be like that. Don’t give up on anything in life but look at the brighter side of things. If you have given up on love, just take a chill pill and don’t force it. Don’t look for it; it will find you.”

Akindele also disagreed with critics who claim the industry is losing its quality storytelling. “I will never agree to that. We are creatives and we tell our stories from different angles. What is in my head is not in your head. There is no bad story; it is about how you execute it. Don’t forget, that is my economic power— the fact that I can tell my story how I want it. I am not tired of Nollywood stories; just tell your stories well,” she said.

Speaking on the secret to her remarkable success in Nollywood, Akindele noted, “It is just consistency and the fact that you need to study your audience and tell relatable stories and never get tired of it. For you to be outstandingly successful, you need to put in the hard work and not just the smart work.”

[Punch]

Nigerian music legend, Innocent Idiaba known with his several aliases has a trajectory that bears an uncanny resemblance to that of the Nigerian nation, if not, then in the instability of his romantic inclinations.

The first thing that draws a comparison between Innocent Idiaba and Nigeria is that of an identity crisis.

For any journalist following the triumphs and trials of Innocent Idiaba, a major issue is how to identify him. Innocent Idiaba first evolved with the moniker, 2Face. That byname first adopted in his early days in Enugu was to differentiate his double identity as a businessman and as an artiste.

From 2Face the name grew into Tuface as the musician sought a stylistic shade to his stature in the industry.

By 2016, having established himself in the industry, he transformed into 2Baba. However, it is remarkable that Tuface is what many of his followers continue to identify him with.

Google searches show that Tuface by far ranks above every other identity that the music star bears. So, some can dare say that given the fact that he is more popularly searched for as Tuface, a name that he has discarded, the musical icon may well be living in the glory of the past.

Only a few in the ruling All Progressives Congress, APC would disagree that Nigeria is not living in the glory of the past. With economic and political indicators alarming many, there is no doubt that Nigeria just like TuFace is also living in the glory of the past.

In an interview on Arise News Tv earlier this week, African Development Bank president, Dr Akiwunmi Adesina spoke of how he was able to travel to the United States with less than N500 in his pocket in the eighties.

That old glory of Nigeria was also seen by some of us who made night trips across Nigeria on good motorable roads. There were those of us who also saw bustling factories in Kano, Ikeja, Ogba. Such glories of the past were also seen when university undergraduates were served a quarter chicken for a ticket of 25 kobo.

The back and forth on Tuface’s identity also bears a resemblance to Nigeria and the back and forth with a National Anthem. An anthem is a song that binds a group, a society, state or nation.

In that respect, many will agree that Nigeria was stronger together as a nation in the past than today with ethnic jingoists taking centre stage in the polity.

After Nigeria discarded the colonial anthem, ‘Nigeria we hail thee’ in October 1978, it is significant that ideological rebels and student bodies in the heat of protest often resorted to that anthem to express their displeasure. For them singing the new anthem, “Arise o Compatriots” was reflective of submission to the authority.

After President Bola Tinubu railroaded the National Assembly to return to that colonial anthem in 2024, we have now seen those who in the spirit of rebellion rejected Arise o Compatriots now reprising the same Arise O Compatriots to express their rebellion.

However, what may have drawn out the comparison on Tuface and Nigeria is the instability in his dalliances.

Tuface presently has seven children from three women. It is remarkable that by the time he married Annie in 2012, one of the baby mamas already had three children for him. Another had two. The lady with two, who was actually the First Republic, has since covered up that “dirty” chapter of her life by marrying a pastor. 

They now have a thriving Christian ministry operating out of Lagos. US-based Pero Adeniyi, who was the Second Republic with three children for Tuface and from an elitist home was a recurring nightmare for Annie, the Third Republic.

While Annie, may have been Tuface’s longest republic, it now appears that like Nigeria’s Third Republic masterminded by General Ibrahim Babangida, it was a web of intrigues and deceit.

Just as Babangida forced the Third Republic on Nigeria for his interests, Tuface and Annie appeared to have coerced themselves into a Republic out of emotion.

Now about to enter his Fourth Republic with lawmaker, Natasha Osawaru, there is increasing scepticism on the prospects of this Fourth Journey. It cannot be otherwise given the official and unofficial tales of philandering credited to Tuface, an otherwise very nice, respectful and good fellow.

There are very few who believe that this Fourth Republic with Honourable Natasha Osawaru will last.

Natasha, daughter of Desmond Osawaru and Philomena (Igbinedion) Osawaru is the grand-daughter of powerful Benin chief, Chief Gabriel Igbinedion.

Her parents’ wedding about 35 years ago was officiated by Dr Benson Idahosa and broadcast live on television. Dr Idahosa had at that wedding warned against marrying for wealth. It is thus significant that such will not be said for Natasha or Tuface.

Philomena’s mother, Madam Maria Igbinedion, and father, Sir Gabriel were already divorced by the time the wedding took place.

So, for those giving dire warnings to Natasha about Tuface’s unstable love life, she undoubtedly has a history of marital discord in her lineage to know the dangers ahead.

It is worthy to note that at the commencement of Nigeria’s Fourth Republic, many who fought for democracy detached themselves believing that it will not last. That is why Gani Fawehinmi, Femi Falana and many other zealots kept away.

However, the Fourth Republic has now lasted more than 24 years and surprised many. So for sceptics of the Tuface-Natasha affair, they could well be surprised that this his Fourth Republic may endure!

In preparation for the 2027 general elections, a faction of the Labour Party (LP) loyal to the interim Chairlady, Nanedi Usman has launched a comprehensive strategy to revive the party’s fortunes and position it as a major party to beat.

The strategy, tagged “Operation Recover and Redeem,” was aimed at addressing the party’s internal challenges and repositioning it as a viable force in Nigerian politics.

The interim Chairman of the party in Ogun State, Apagun Olaolu Samuel, disclosed this when he led a delegation of the party in the State on a courtesy visit to the Nigeria Labour Congress (NLC) National Political Commission, where they expressed concerns about the party’s current state.

Olaolu expressed his displeasure over the perceived silence of the NLC on matters affecting the party, as well as prolonged court cases stalling party operations.

He said, “as part of the “Recover and Redeem” strategy, the Labour Party has resolved to launch a nationwide congress, leading to a legitimate and all-inclusive national convention. This move aims to restore the party’s integrity, protect its human capital, and rebuild its image ahead of the 2027 general elections”.

“The party, also said it will implement legal and organizational measures to counteract manipulations and external influences that have undermined its values and progress”.

“We are committed to recovering our party from those who have hijacked it and restoring its integrity,”.

“We urge all our members to remain steadfast and committed to this process, as we work towards rebuilding the Labour Party into a formidable force for the 2027 elections.”

The development is seen as a significant step towards revitalizing the Labour Party, which has faced numerous challenges in recent years. With the “Recover & Redeem” strategy, the party aims to reassert its relevance and influence in Nigerian politics.

Responding, the NLC Political Commission, led by Acting Chairman, Professor Theophilus Ndubuaku, reassured the Labour Party leadership of their commitment to addressing all the concerns raised.

The commission also formally recognized the Labour Party’s Interim Executive Committee in the State, and commended their efforts in maintaining party cohesion during challenging times.

[Vanguard]

Olu Fasan’s opinion piece in the Vanguard of Thursday, February 13, 2025 entitled: ” EFCC’s Failure: Olukoyede’s Blame- Shifting is Mere Shadow- Boxing”, clearly brought to the fore precipitate desperation to deny, ignore, lampoon and disregard the obvious and undeniable achievements of the Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr Ola Olukoyede since he assumed office more than a year ago. Besides, the piece equally exposed Fasan as lacking total grasp of the position of Olukoyede on the character traits of many Nigerians in their disposition to the fight against corruption.

Recently, Olukoyede decried the hypocritical tendency of some Nigerians towards the vexed issue of corruption in the land. He rightfully observed that ” Everyone is crying that Nigerians are corrupt, that the system is corrupt, that corruption is killing us and destroying our system, but when we investigate high- profile cases and arraign people in court, the same poeple will carry placards and be supporting corrupt leaders. It doesn’t show that we are serious about this fight”.

Nothing can be more factual than this. There is no ” blame- shifting” or “shadow- boxing” in this but ungarnished reality about the attitudinal trajectory of many Nigerians regarding the issue of corruption. Fasan’s backgrounding of his visceral attacks of Olukoyede and the EFCC on such a disclosure clearly shows malice, prejudice or a naked dance to please some paymasters. We all know that corruption has leprous fingers contaminating the masses of our people. A recent show of shame in Okenne where a former governor standing trial for suspected money laundering charges drew tumultous cheers from the same people he allegedly defrauded, is enough cause for concern.

Across the country, the EFCC is sensitive to the unhelpful embrace and canonisation of many suspects of corruption cases. Rather than hold them at arm’s length, we regularly offer them front seats in social gatherings, religious meetings, tribal festivities and other public functions. Our social media is always awash with rationalisations, justifications and shameful defences of even convicts of corruption. Fasan’s tirade and gratuitous insults on the EFCC and its hard- working Chairman is another parade of corruption in bold statements. How do we make progress in such a society where anti- graft fighters are seen as enemies and their genuine efforts are treated as smelly trash cans?

Talking about the mud Fasan splashed on the EFCC and its operations. How on earth will anyone dismissively describe Olukoyede’s EFCC as a failure? In recent times, it is public knowledge that the Commission uncovered several underhanded dealings across the country, resulting in unprecedented recoveries, arrests, arraignments and ongoing trials of many suspects of economic and financial crimes. It is also clear as crystal that such operational dynamics are without comparison locally and globally.

Is it the Lokogoma, Abuja’s recovery of 753 duplexes and other apartments? Or the arrests and arraignments of 792 suspected cyber terrorists, investment and romance fraudsters? Or the several high- profile cases the Commission is prosecuting in our courts? To denigrate such open attainments, Fasan may either be living in Mars but if he is on planet earth and denied such global records of the EFCC, then, every fair- minded Nigerian should be able to discern mischief and calumny in his commentaries.

Now, let’s get to the brass tacks. Since assuming office in October, 2023, Olukoyede has turned the anti- corruption war into a redemptive engagement. The three-pronged agenda which has become his blueprint for fighting economic and financial crimes is all too known. So far, the EFCC under his watch is witnessing steady turnaround. In 2024 alone, the Commission achieved monetary recoveries in billions and unmatchable convictions and advances in all the cases it is handling. His policy thrust of tackling corruption through preventive frameworks has birthed
a full- fledged department, Fraud Risk Assessment and Control, FRAC, in the Commission. There is no time in the annals of the EFCC that such progress has been made.

Fasan’s diatribe that Ola Olukoyede ” is full of hot air on corruption in Nigeria” is not true. Evidently, Nigerians are feeling the impact of the policy drives he has initiated. The onslaught on Naira abuse and dollarisation of the economy is gaining traction. Till date, more than 50 Nigerians from all walks of life have been convicted on this matter. The whole issue is protecting the local economy from heamorrage and reversing age- long traditions pulling back growth and development. The courageous tackling of internet fraud and associated criminalities is re- building the foreign direct investment profile of Nigeria. Steadily, our nation is bouncing back and it is owing to the relentless efforts of the Commission Olukoyede is heading.

At this point, Fasan’s claims that ” the EFCC is too incompetent, corrupt and politicised to tackle endemic corruption in Nigeria” deserve closer examination. To all intents and purpose, these claims are without any sound basis or empirical strength. Only last year, four former governors were brought before the courts to answer charges of corruption preferred against them. Four former ministers followed the same route and are standing trial on their stewardship. All these are outside ongoing investigations which will soon be made public. So, where is incompetence in all these? Can a lameduck anti- graft agency achieve such a feat?

To the credit of Olukoyede, internal corruption is becoming a taboo in the EFCC. For the umpteenth time, the Commission has come out clearly on its ethics and integrity policies which have since sent 27 officers out of its workforce. A corrupt agency will not go that far. The EFCC’s boss has never claimed to be heading an angelic agency. Rather, he has been forthright in driving internal cleansing to make the Commission free of compromisers and sharp dealers. Fasan glossed over this important credit of the Commission in his hurry to cast aspersions on its works.

Nigeria is better with EFCC. Every well- meaning Nigerian knows this. The international community knows it. We know that corruption fights back. However, calling white black or driving chariots of warfare against the Commission owing to some vested interests would not serve any purpose. Olukoyede is drawing meaningful local and international accolades everyday owing to verifiable proofs of his achievements on all fronts. We can only advise Nigerians like Fasan to be more positive and see the stars on the sky rather than its dark clouds. Olukoyede will continue on his winning strides and Nigeria will surely get better.

Oyewale is head, media & publicity of the EFCC.

Tigran Gambaryan, the Binance executive, insists Nigerian officials demanded bribe from him despite the denial of the federal government.

Gambaryan, who serves as Binance’s head of financial crime compliance, was detained in Nigeria from February to October 2024.

According to the federal government, his arrest was part of a broader investigation into alleged money laundering and economic destabilisation attributed to Binance’s activities in Nigeria. 

Recounting his experience in a post on X, formerly Twitter, Gambaryan alleged that certain Nigerian lawmakers demanded substantial bribes in cryptocurrency. He accused three lawmakers of soliciting a $150 million bribe.

Additionally, he claimed that Nuhu Ribadu, the national security adviser, sought significant payouts from Binance for his political ambition.

In response, Mohammed Idris, Nigeria’s minister of information and national orientation, dismissed Gambaryan’s allegations as “outrageous” and “defamatory”.

Idris said the Nigerian government had rejected a $5 million offer from Binance intended to secure Gambaryan’s release, opting instead for a more favourable settlement with the US government.

He said Gambaryan’s claims lack credibility and appear to be an attempt to discredit Nigerian officials.

Reactjng in another statement on his X handle, the Binance official said the federal government used him as leverage to negotiate a beneficial settlement with the US government.

“I was invited by the Nigerian FIU to a meeting in January. Last time I checked, they are part of the Nigerian government. House members also invited us to the meeting. Last time I checked, the legislative branch is also part of the Nigerian government,” he said.

“You said the second part was part of a probe? Lol. So when you invited us to a friendly meeting, you even lied about that? 

“I was in a safe house for a month, watching TV, while you were trying to use me as leverage. You then panicked and knowingly charged me with blatantly false accusations.

“So I was released on humanitarian grounds? At least you’re finally admitting the need to release me. Last time you posted, you claimed my health was fine and that there was nothing wrong with me.

“You investigated? Yet you didn’t take a statement from me?  A person with direct knowledge. What a joke.

“You dragged my name through the mud for the past year with zero evidence against me, nearly killed me, and caused trauma to my family. And now you have the nerve to talk about defamation?

“I’ll put my credibility on the line anytime. In court? You mean like last time, when your attorneys didn’t even show up to the human rights suit in Abuja?

“Get your facts straight. I am done with this foolishness. I said my part. I’ll be off Twitter now since it’s pointless to argue with evil.”

[TheCable]

Our people say everyone should be careful about the predictions of a fortune teller, or seer, who could not foresee the collapse of his house, or the coming of the downpour that took the house away. Our people also say that it is not forgetfulness when a man who has the duty of saying “watch out” at the approach of danger fails to do so; such that danger overtakes him and his society. I state the above, just-invented proverbs, with reference to the presumed superior and reverential status we have come to attach to the pronouncement of S&P, Fitch, Moody and similar organizations of the family of supposed economic fortune tellers.

But more about that later.

A Thisday Newspaper front page report of last Thursday had this title: “Fitch Ratings: Nigerian Banks Progress towards New Capital Requirements”.   The report said: “Nigerian banks are making significant progress in raising core capital to meet new paid-in capital requirements, and they are generally on track to meet the end of first quarter 2026 deadline set by Central Bank of Nigeria (CBN). Fitch Ratings, one of the global rating agencies, disclosed this in a statement posted on its website yesterday”.

Problem number one here is that Fitch is doing us the great favour of revealing to us facts it obtained from our own Central Bank. Alright, I get it: Fitch is explaining the implications of these facts, which implications are also available to anyone who checks the records. But no matter.

The Fitch report was also reported to have told us that the ongoing recapitalization would support a recovery in capitalization from the impact of naira devaluation and provide fuel for business growth, among other things. Listen: “Fitch-rated banks have made notable progress towards compliance. Almost all have raised capital or formally launched the process to do so. The two largest banks, Access Holdings and Zenith Bank, are the first to secure enough fresh capital to meet the N500 billion requirement for an international licence”.

Good news, but then again what are we dealing with here? Revelation, intuitive insight? What is it that we celebrate when we hear of a positive Fitch rating? What makes us feel so terrible, or terrified, about a negative Fitch rating?

There was a major financial crisis between 2007 and 2008, tagged the subprime crisis, which the three big credit rating agencies, Fitch, Moody’s and S&P did not see coming. At least they were nearly as dumbfounded, and confounded, as everyone else. In all fairness, the ratings of these Big Three are usually taken seriously; especially when thinking or speaking of the creditworthiness of governments, corporations, and financial institutions. But, like every human endeavour, these ratings have their limitations and intimations of bias here and there.

It is to the credit of these rating agencies that they are respected enough globally for many investors, governments, and financial institutions to rely on their offerings – particularly Fitch Rating – for some important policy decisions. Fitch Rating, for instance, deploys well laid out, arguably transparent, criteria and painstaking reports to back its ratings. It also has global reach and covers a broad range of entities; including sovereign states, credible corporations, banks, and structured finance products.

Notwithstanding the foregoing, however, there is the possibility, or at least veiled suspicion, of possible conflict of Interest now and again; because issuers often pay for their own ratings. When we also consider that these agencies base their ratings mostly on historical and current data, it become easy to understand why they are sometimes accused of not being forward looking; and of being ill-equipped to predict sudden downturns.

Thus, while Fitch ratings provide valuable benchmarks in many situations and cases, those who use the ratings alongside other financial analysis and risk assessment tools stand a better chance of being secured. That is why many organization, investors and economic trend analysts and students of political economy compare ratings from several agencies, as a form of due diligence, before taking positions on many economic issues.

Let us recall that Fitch, Moody’s and S&P neither anticipated, nor knew how to respond to, the 2008 subprime crisis. They also had no clear ideas about how to deal with the full impact of the crisis. Before the calamitous downturn, these agencies had given very high ratings, such as AAA, to Mortgage-Backed Securities (MBS) and Collateralized Debt Obligations (CDOs) that were actually high-risk. This would not have happened if these agencies were as perspicacious as they are taken to be. That the securities quickly lost value and led to the, arguably global, financial crisis when the housing market collapsed, is traceable to this lapse.

On closer examination, the conclusion that inflicts itself on us, regarding the 2008 global fiasco, includes the fact that Fitch and Co. were using what can best be described as a flawed model for the matter they were dealing with. They stood squarely on historical data, which data is likely to easily underestimate the likelihood of future, potential or precipitate widespread mortgage defaults.

There is also the fact, hinted at earlier here, that once it is known that issuers of securities paid for their own ratings, the suspicion that rating agencies could give favorable – or at least tendentious – ratings can be taken for granted. Added to the above is the charge that Fitch as a rating agency is guilty of overreliance on Structured Finance; such that it is always dealing with complex financial products, wherein it is difficult to accurately assess all the risk factors; leading to the possibility of underestimating the risks and dangers involved in certain transactions.

Perhaps the most compelling reason to handle the offerings of rating agencies with some caution, especially bearing the events of 2008 in mind, is the fact that they appear not to react quickly enough to budding signs of trouble. The danger signals, which latter morphed into the House Fire of 2008, became visible in 2007. But Fitch and similar agencies did not quickly downgrade securities. The behaviour delayed market corrections and made the full-scale crisis inevitable. It is now a matter of history and record that, following the 2008 crisis, regulators began to scrutinize rating agencies more closely. They also began to demand greater scrutiny. These demands led to reforms; like the Dodd-Frank Act and to changes in how structured products are rated.

Of course, Fitch has improved its methodologies since then. We shall get to that, after explaining the qpurport of the Dodd-Frank Act.

The collapse of major banks and financial institutions, like Lehman Brothers, exposed weaknesses in the financial system. The evidence of high-risk Lending, wherein subprime mortgage lending and securitization led to widespread defaults and market instability emerged. This exposed the failure, or at least limited capacity, of Credit Rating Agencies, like Fitch, Moody’s, and S&P; and the problem posed by their sometimes overly questionably optimistic ratings on risky financial products.

The Act was an institutional response to the need for better regulation, to ensure that shadow banking, derivatives trading, and proprietary trading by banks came under serious and rigorous scrutiny and regulation. It was also the outcome of a public outcry, demanding that calls for government bailouts cannot be open ended; and that stricter rules should be put in place to prevent future crises of the 2008 variety.

Thus, the Dodd-Frank Act came out with several provisions, to give rating agencies and everyone else a marked lane to travel on. One of such provisions was the Financial Stability Oversight Council (FSOC), which monitors systemic risks in the financial system. Another is Consumer Financial Protection Bureau (CFPB), which protects consumers from predatory financial practices. The Volcker Rule, for instance, limits banks from engaging in risky proprietary trading, is yet another provision of the Act.

In addition to the foregoing, there is the Increased Oversight of Credit Rating Agencies, which introduced accountability measures for agencies like Fitch; such that greater transparency became evident in their ratings. There is also the Stronger Derivatives Regulation, which requires derivatives (like credit default swaps) to be traded on transparent exchanges. These measures provided have improved financial stability, reduced risky practices, and increased consumer protection.

Now, to the matter of why fitch Ratings had to do some things differently.

The global shock of 2008 for national economies and economic actors, and the institutional scandal that nearly overwhelmed Fitch Ratings after the 2008 economic crisis, were fundamental game changers. Fitch and other credit rating agencies were roundly lambasted for underestimating the risks attendant upon mortgage-backed securities and other complex financial instruments. It was in response to the new demands for greater proof of responsible engagement that Fitch implemented some improvements to its methodology and governance templates.

The significant changes subsequently introduced by the Fitch include Enhanced Criteria for Structured Finance, which meant stricter criteria for rating mortgage-backed securities (MBS) and collateralized debt obligations (CDOs). There was also increased stress-testing, to account for extreme economic downturns, in addition to greater scrutiny of loan-level data and originator quality.

It all came down to increased Transparency and more detailed disclosures on rating methodologies and assumptions. The agency put out publicly available stress test results and sensitivity analyses, alongside clearer explanations of rating changes and outlooks. These were in addition to stronger Corporate Governance and Conflicts of Interest Management rules; with rating analysts and commercial teams disaggregated, in order to minimize conflicts of interest.

Then you have the introduction of an independent review function to oversee rating decisions, with stricter policies on interactions with issuers. The more conservative sovereign and bank ratings, as well as revised criteria for rating sovereign debt to better incorporate fiscal and economic risks, were some of the new measures. With these came more stringent assessments of bank liquidity and capital adequacy.

These new measures were meant to place greater focus on systemic risks and the contagion effects in global finance, all in aid of regulatory compliance and oversight. The efforts to comply with new regulations, such as those introduced by the Dodd-Frank Act in the U.S. and ESMA regulations in Europe, crated a new rule for more rigorous internal controls and oversight by regulators and periodic review of methodologies to ensure they reflect evolving risks.

Then what? While it is true that much has changed with the ratings agencies, to strengthen investor confidence and improve the accuracy of their credit ratings in assessing financial and economic risks, the question still is: what has really changed; especially given the “profound revelations” from Fitch Ratings about the status and health of some of our banks?

QUOTE

There was a major financial crisis between 2007 and 2008, tagged the subprime crisis, which the three big credit rating agencies, Fitch, Moody’s and S&P did not see coming. At least they were nearly as dumbfounded, and confounded, as everyone else. In all fairness, the ratings of these Big Three are usually taken seriously; especially when thinking or speaking of the creditworthiness of governments, corporations, and financial institutions. But, like every human endeavour, these ratings have their limitations and intimations of bias here and there.

They are on all social media platforms. They have a knack for leaving comments on everything posted on social media. They move from Facebook to Instagram, X (formerly Twitter), TikTok and other social media platforms you can think of. They have an idea of everything. From marriage, politics, governance, public policy, religion, entertainment, and any other issue you can think of, they are experts. They are the social media police.

Today, they are marriage specialists and they have already taken a position on the 2Baba (Innocent Idibia) and Annie’s wedding saga. While some of them have used all manner of unprintable words against the ‘African Queen’ crooner “most of them to destroy him,” those we refer to as social media in-laws are rendering emotional support to Annie Idibia and are already calling Edo State lawmaker, Natasha Osawaru “Ole” for stealing 2Baba’s heart. These “people are acting like them know it all.” Hmmm, some have even vowed that 2Baba will not be allowed to go scot-free.

With users acting as judge, jury and executioner, social media sites like Facebook, Instagram, and X have gradually transformed into virtual courts where comments vary from sincere expressions of concern to blatant denunciation and unsolicited counsel.

Social media police who are individuals that often resort to moral grandstanding and personal attacks have vast knowledge of anything and everything that trends and their comments must count.

They have already expressed their opinion on the ongoing feud between Nedu (Chinedu Ani) and VDM (Martins Otse) following the outcome of the latest episode of The Honest Bunch podcast, while also sparing some time to give the former Governor of Kaduna State, Nasir El-Rufai free tutorials on governance and party loyalty and in equal measure bashing him on social media platforms due to his recent comments. El-Rufai’s supporters on the other hand have continued to cheer him up.

The other day, these set of persons were chanting “fight, fight, fight” when Paschal Okechukwu, popularly known as Cubana Chief Priest and Grammy-winning artiste, Burna Boy had their clash. Even President Bola Tinubu, Peter Obi and Atiku Abubakar are not left out as they are tried almost every day by these social media police.

They seem to have a private feed that no one else is aware of or a group of social media spies constantly on the lookout for the newest trends and memes. We can always rely on them to make us laugh and ponder, one post at a time, even though we might never discover the key to their commenting skills.

Clearly, while some comments on social media might be thought-provoking, entertaining, or educational, others can be irrelevant or nasty.

While public figures understand that a degree of scrutiny comes with fame, the level of vitriol and invasion of privacy often witnessed on social media is disproportionate and at times, deeply harmful. 

But have you ever pondered as to why these persons consistently show up in the comments section of almost every post that social media algorithms provide us with? Does it have a scientific basis? Guess what, though?

Studies have linked dopamine, a neurotransmitter that is essential for controlling the reward and pleasure centers of the brain to social media addiction.  According to addiction expert, Dr. Anna Lembke, with each swipe, like and tweet, our smartphones are turning us into dopamine addicts. In her book, ‘Dopamine Nation,’ Lembke points out that most social media users are now addicts.

According to her, the smartphone is now the “modern-day hypodermic needle,” as most of us can’t do without it and turn to it almost every second for quick hits, to seek attention, validation and distraction with each swipe, like and tweet.

While not taking away the benefits of monetisation, the prevalence of behavioral (as opposed to substance) addictions has increased dramatically since the year 2000. Whether it’s swiping through Facebook, Instagram, or X, every free moment is an opportunity to be stimulated, she added.

“We’re seeing a huge explosion in the numbers of people struggling with addictions,” Lembke added.

Lembke strongly believes that one can beat digital addiction by embracing a more monastic mindset. Additionally, limiting the time one spends on social media can significantly reduce its addictive nature. Set specific time slots to check your accounts and avoid using social media outside the fixed times can also be very helpful.

Now back to the 2Baba marriage saga, the singer in his latest video on the matter assured his supporters that, “everybody is going to be alright and everyone is fine, there is no fight or quarrel.”

While I do not support divorce and it is never an easy decision for those involved, in a situation whereby a relationship has become toxic and irredeemable, it can act as a transforming catalyst, giving individuals an opportunity to reclaim their sense of self-worth and emotional well-being and also the chance to embark on a new chapter of life. The result of staying in an unhappy marriage is that if one is not happy in marriage, he or she will not be able to put anything constructive in the marriage or relationship, and it will only get worse.

Divorce may free both parties from emotional turmoil that a terrible marriage is known for and may enable them put their mental health first and establish a more wholesome atmosphere for happiness and personal development.

Ultimately, while public interest is understandable, those lamenting must understand that celebrities who unfortunately have become the prime influencers and role models to a lot of them are human beings, are not perfect and are often in need of psychological support.

Finally, as 2Baba sang, those that want to criticise him should “talk small small because you no holy pass my brother…you no holy pass my sister.”