The 2024 Paris Olympics Games ended on Sunday in a blaze of glory. The French gave their elevated understanding of beauty and creativity while Hollywood gave a little snippet of what awaits the world in Los Angeles in four years’ time.

The Olympics wasn’t just about games, it was about doggedness and discipline, it was about the capacity of humanity to push the body beyond human elasticity and achieve results beyond the attainment of ordinary humans, it was about people who wanted to put their names in the stars and affect human memory ever after.

Nigerians are aghast that no athlete from the Nigerian team made it to the podium, after N12bn spent on just over 80 of them, belatedly. Some Nigerians did though, they came with the rest of the world where their talents were oiled for success. It would have been a major testimony if we won a medal, just any medal. The journey of failure remains the superstructure of our daily existence, especially at the level of governance.

All the while, watching the Nigerian contingent in Paris reminded me of the Beijing 2008 Summer Olympics, not because of the sprint master, Usain Bolt or the American swimmer that enjoys water more than fish, Michael Phelps, but because of a peculiar Nigerian story which ace sports journalist, Onochie Anibeze, we fondly call coach, shared with us.

According to the story, it was time for Nigeria to do a particular race and organisers were calling former Nigerian sprinter, Innocent Egbunike, to come and prepare his team. Unfortunately, Egbunike came with the American contingent, not Nigeria’s and therefore would not be able to do anything for Nigeria at the time. We just needed somebody to organise them, the organisers informed, because they will get on the field and won’t have their things properly put together, their jerseys may not be of the same colour. Several Olympics later – London, Rio, Tokyo and now Paris, Nigeria has hit the nadir of sports failure. We hardly disappoint the world.

Not only that, there is something about Nigeria which gives the impression that the world must wait for us to get up and get going. And because the world has no room for tardiness, even very small countries like Saint Lucia with a population of 186, 856 and Botswana, a population of 2, 719, 694, have sprinted ahead of the self-acclaimed giant of Africa that used to dominate in sprint, boxing, weightlifting and football. Nigeria’s population is presently guesstimated at 232, 679, 478. Yes. In everything, we guess. In everything, we joke.

Thank God for D’Tigress and Coach Rena Wakama, the country’s memory at the Olympics would nearly have been obliterated!

Paris only provided a global screen for the world to look at our tardiness as a nation. There are things happening in order sectors, that viewed collectively, will nearly run us to the conclusion that this country ain’t going anywhere yet.

At the same time that the Olympics was in full swing in Paris, some Nigerian officials were meeting with representatives of the International Telecommunications Union (ITU) in Abuja. That meeting would have gone unnoticed but for some very little news that filtered out of the meeting location at Mbora in the Federal Capital Territory.

While Nigeria was previously seen as a gold fish in providing regulatory standards for the global community, a new study by the ITU which was presented at the meeting, points to the contrary, requesting the Nigerian government to provide clarity in whom the international community and businesses should deal with because of regulatory overlaps of agencies that seem to be functioning in the same sector.

Some of the agencies identified in the document include but not limted to: Nigerian Communications Commission (NCC), National Information Technology Development Agency (NITDA), National Broadcasting Commission (NBC), National Identity Card Management Commission (NIMC) and National Office for Technology Acquisition and Promotion (NOTAP).

The study, Collaborative regulation: Accelerating Nigeria’s digital transformation, was to help Nigeria prepare for the next phase of growth in the fast expanding digital ecosystem. All of a sudden, a country that used to receive high level invitations to speak at international conferences concerning the exponential growth of its telecommunications industry, has come under the radar, needing help, obviously.

“For over twenty years, ITU and our partners in the wilder global regulatory community have made enormous progress in analysing, mapping and understanding the evolving role that regulation plays in society and in economies. Through this effort, we now have a clear-eyed view of the path ahead for all countries, no matter where they are, in their journey towards fifth generation collaborative digital regulation, or G5, that has emerged as the gold standard for regulators and policy makers seeking to promote an enabling environment for digital transformation. The G5 framework marks a shift of scope beyond a narrow consideration of telecommunications/ICT to a far broader one of each country’s readiness to exploit a fully enabled digital economy and society,” said Dr Cosmas Luckyson Zavazava, Director, Telecommunications Bureau (BDG), International Telecommunications Union (ITU), as he explained some of the activities of his organisation.

The study points out some level of unwieldiness and contradictions in the entire ecosystem that need to be addressed urgently if Nigeria is to rise beyond the level of old glory to attain new heights.

The study also observes that “there is currently a proposed NITDA Amendment Bill (2022), which is expected to repeal the 2007 Act. An overriding objective of the NITDA Amendment Bill is “to create an effective, impartial, an independent regulatory framework for the development of the Nigerian information technology sector and support the develoment of the digital economy” including through promoting access, research, consumer protection, and innovation, amongst others.

In proposing a clear approach towards G5 regulation, the study suggests that “the institutional frameworks should support role clarity, policy coherence, and lean governance. While responsibility for digital transformation at the federal level is shared between the Federal Ministry of Communications and Digital Economy agencies (such as NCC, NBC and NITDA), there are a large number of other government agencies that impact digital transformation and e-government implementation, which leads to issues of responsibility overlaps and ineffective coordination. In instances where there are overlaps, gaps or lack of clarity, as in the case of NCC and NITDA, there is a need to clarify uncertainty, take steps to reduce forum shopping, and address ineffective policy implementation,” the document stated.

Interestingly, the study predates the National Digital Economy and E-Governance Bill 2024, introduced by current minister of the Communications, Innovation and Digital Economy, Dr Bosun Tijani. The Bill is described as an Act to enable the growth of Digital Economy and digital governance in Nigeria.

Under the APC administration, two Bills have been introduced into the digital ecosystem, the NITDA Amendent Act 2022 by Isah Pantami and the recent one by his successor. They must have their reason that concentrates efforts on Bill making to harvest the fortunes of what seems a ready made industry. That is what they call low hanging fruits.

Beyond the superficial good intentions are the subterranean plans that polarise the agencies and industry and make them easy targets for a ministry and supervising ministers whose intentions are difficult to justify. The Bills seek to whittle down the regulatory powers of existing agencies and subordinate them to the whims of new laws being dressed up at the National Assembly. Bosun’s National Digital Economy and E-Governance Bill, actually suggests that only the Nigerian constitution will take precedence over the Bill when passed. Were the National Assembly to go beyond superficiality, they will throw the Bills away, or at best, hammer them into shapes that will enable them function justifiably in their respective fields.

Without doubt there is growing confusion in a sector that was examplary in the past. The ITU which promoted Nigeria as a model of good regulatory jurisdiction, has, in the study, asked the Nigerian government to make intervention that can restore the industry back to its glory days and position it for the digital opportunities ahead.

I comply with the 80 kph speed limit on the Third Mainland Bridge (TMB or the Bridge). The fact is that I really don’t see an alternative to compliance. My past experience on the TMB has been that, like me, a couple of motorists obeyed the speed limit. Yesterday was, however, different. Every vehicle on the Adeniji-Adele bound lane overtook me, even the bus drivers with their rickety buses! I checked my speedometer intermittently to be sure I was on the right speed.

The first time I saw the 80 kph speed limit on the TMB after it was officially opened, following its comprehensive rehabilitation, I thought, “This is ridiculous! 100 kph will be more like it.” A few times I used the Bridge thereafter, I actually felt I was crawling. However, when I started seeing reports of accidents (some with fatalities) on the Bridge shortly after the opening, I saw the wisdom in the 80 kph speed limit stipulated by the government.

My experience yesterday morning got me thinking about an aspect of human behaviour: the short-term orientation of an average human being. Most of us are simply incapable of factoring the long-term implications of our intended action(s) into our decision-making matrix and allow it to influence our choice of action.

It’s on print and electronic media that speed cameras are on the TMB and erring motorists will be penalized for exceeding the 80 kph speed limit. So far, it is evident that nobody is paying attention. The reason for this is not farfetched. I attribute it to the ‘footnotes’ of the speed campaign, which is that those who disobey the stipulated speed limit will face the consequence when they show up to renew their vehicle licences. That’s the catch! A penalty to be paid sometime in the future doesn’t reckon with us. The Bible actually says, “When a crime is not punished quickly, people feel it is safe to do wrong” (Ecclesiastes‬ ‭8‬:‭11‬ ‭NLT‬‬).

One thing erring motorists on the TMB must note is that LASG means business. The government has only said penalties will be applied, it has not stated the amount. I would not be surprised if the levy is variable depending on the type of car in violation of the speed limit. For instance, I don’t expect a ‘Danfo’ bus owner to pay the same fine as a Range Rover owner. I foresee a ‘progressive fine’ arrangement.

Whatever punitive fine LASG comes up with should not be debated because it is imperative the recklessness on our roads is stemmed, one way or the other. In any case, we would be ‘killing two birds with one stone.’ That is, a heavy fine will hopefully reduce the carnage on the TMB and also be a veritable revenue generating avenue for the government.

Sir: I have watched and waited with dismay to see how and when the sudden decision to earmark the age limit of entrants into the university and other tertiary institutions will take place. To my greatest shock, the JAMB registrar said that it is to begin this year.

Following that, the universities have started releasing the dates for their post UTME exam, with the accompanying conditions for eligibility which includes attainment of age 16 by October 2024. Very obnoxious and incredible! Are rules for a game changed in the middle of the game?

The question that JAMB has to answer is if the candidates did not fill their dates of birth in the JAMB form. They did that.

It is then, gross injustice to deny a successful candidate the opportunity to be admitted just because of his/her age when some older candidates failed in the same examination, showing that academic excellence at that stage, is not a function of age. It is generally known that admissions (merit and supplementary) are given from September to January of the following year. It is therefore not realistic to stipulate that only candidates who will be 16 by October be given admission. What will become of those who will clock 16 between November and January?

This SUDDEN policy is not in tandem with the university admission system and will put a good number of candidates at a disadvantage. One wonders what sparked off this sudden decision. Is there a threat somewhere?

Probably, we are copying from some countries as usual. While copying good things is okay, it is also important to do so carefully, considering our peculiarities; after all, such countries have had people like Yasha Asley (in United Kingdom) who started the university at the age of 12; also, the renowned Harvard university does not have any age limit for admission.

If we want to introduce age limit, it will be good to give a minimum of 10 or 12 years before implementation. This is to enable students who are already in the system at a younger age to be out of the system.

While that is ongoing, we should give an age limit for admission into the primary school (as obtains in the United Kingdom for instance) to ensure that the right age is attained at the last year in the secondary school for onward progress to tertiary institution.

This is more logical than what is being done presently. If what has been initiated is upheld, it means that the affected candidates, who passed the UTME, will have to lose their chances and start the struggle afresh; more so, a yawning and unnecessary gap will be created in their academic progress.

 It means that in the secondary and primary schools, the affected pupils will be forced to roam aimlessly after graduation. This is not morally and socially good for our present society. At a time when we are trying to guard our youths from social ills, rendering them idle will expose them to social deviants. This will not augur well for our society.

It is totally incongruous to have an age limit for admission only into the university while there is none for the lower levels of education. The resultant effect on the stakeholders typifies the proverb where one is led out with light into the dark and suddenly, the light is put off. Where does the affected person grope to? I therefore call on the powers concerned to reconsider their decision on the immediate implementation of the age limit policy as it will disjoint the progress of the young lives we are building.

 •Professor Joy Oluchi Uguru,

University of Nigeria, Nsukka

President Bola Tinubu will on Wednesday, August 14, depart Abuja for Malabo, Equatorial Guinea, on a three-day official visit to honour the invitation of President Teodoro Obiang Nguema Mbasogo. 

President Tinubu will meet with the Equatorial Guinean President at the Presidential Villa on arrival, where meetings will be held between the two leaders and agreements, particularly on oil and gas and security, signed. 

The President will be accompanied on the trip by the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, and other members of his cabinet who will be involved in the signing of agreements and review of opportunities to improve bilateral relations. 

Chief Ajuri Ngelale

Special Adviser to the President 

(Media & Publicity) 

In a society where a few live in luxury while many struggle in poverty, it's not surprising that feelings of envy, jealousy, and even resentment arise among the less fortunate towards those who are well-off.

This is particularly true when it comes to banks, which serve as intermediaries, receiving deposits from those with surplus funds and lending them to those in need—for a fee. However, it seems that these deposit money banks are growing wealthier while their customers are becoming poorer, making them easy targets for criticism.

A notable critic is Mr. Femi Otedola, chairman of Geregu Electricity Power Company, who recently expressed concern that around five banks, likely from the top-tier category, have allegedly spent over $500 million on private jets for their executives. Although Mr. Otedola who is the highest individual shareholder of First Bank has made a case that he does not own a private jet but leases one based on his need, the banks, on the other hand, argue that these jets are necessary for their executives to save time, avoiding the delays and inconveniences of commercial flights. They also point out that these jets are often part of leasing pools, generating income for the banks when not in use by their executives. So there is generally a concensus of opioning by both Otedola and jetset bankers about the usefulness of private jets in business facilitation especially with regards to efficient use of time, but wether owning or leasing jets which is the point of divergence may boil down to the preference of individuals and the strategies of the banks.

An analysis of the tension in the financial services sector suggests that the issue of banks making substantial profits while others in society struggle financially is multifaceted. Banks are profit-oriented institutions, primarily focused on delivering returns to their shareholders. During economic downturns, they often become more cautious, reducing lending and taking on less risk, which can worsen economic hardships. This behavior can widen the wealth gap, as bank profits do not typically benefit the broader population, contributing to income inequality.

To address the challenges posed by the banks' significant profits, stricter regulations and policies may be necessary. This could be why an excessive profit or windfall tax has been introduced through the amendment of the Finance Act 2023, which imposes a levy on banks' Foreign Exchange (FX) gains. The tax rate on these gains has been increased from 50 to 70 percent.

This move comes in response to the significant FX income banks generated following the naira's devaluation after the current administration took office.

The new policy has faced initial criticism, particularly from banks that have described it as double taxation. KPMG Nigeria, a tax and audit advisory firm, criticized the 50% windfall tax on banks' foreign exchange revaluation gains recorded in 2023, warning it could lead to legal challenges, as Nigeria's tax policy does not support retroactive taxation.

Similarly, PwC Nigeria raised concerns that the unpredictability of the windfall tax on already reported 2023 profits might deter investment. Prominent lawyer Dr. Olisa Agbakoba also criticized the proposed amendment to the Finance Act, arguing it was poorly conceived and outside the National Assembly's authority. He added that the policy's burden would likely fall on the banks' customers.

While banks, audit firms, and lawyers are opposing the tax, Mr. Femi Otedola, the largest shareholder in First Bank of Nigeria (FBN), has voiced his support, arguing that revenue from windfall taxes could be directed towards essential public services like healthcare, education, and infrastructure, benefiting all citizens and reducing social inequality.

Mr.Tony Elumelu, Chairman of United Bank for Africa (UBA), and Ladi Balogun, CEO of First City Monument Bank (FCMB), also expressed support after meeting with President Bola Tinubu and his economic team, saying that extraordinary income should help alleviate poverty, aligning with the government's intentions.

The Association of National Accountants of Nigeria (ANAN) and the Chartered Institute of Taxation of Nigeria (CITN) have also endorsed the FX Windfall tax on banks. The position was espoused by CITN Chairman, Chief Samuel Agbeluyi.

Despite being swiftly enacted into law, critics argue that effective implementation will be challenging due to the issues they have identified.

In hindsight, proactive Corporate Social Responsibility (CSR) efforts by the banks might have mitigated this situation. Banks have previously engaged in commendable public good projects, such as the renovation of the National Arts Theatre and contributions to the CACOVID initiative during the pandemic, which provided medical care and palliatives to Nigerians.

Based on my experience from other jurisdictions anticipated the FX gains tax, and during the public presentation of my book “Leading From The Streets: Media Interventions By A Public Intellectual 1999-2019” three months ago, I highlighted the large profits banks were declaring while other sectors and most Nigerians were struggling. I suggested that banks could positively impact society by reconsidering some charges, such as waiving fees for alerts and statement printing, as a small but significant sacrifice for the greater good.

“We should recognize the commendable efforts of Corporate Nigeria during the COVID-19 pandemic. Under the leadership of the Central Bank of Nigeria (CBN), banks and major corporations, through the Special Purpose Vehicle (SPV) CACOVID, provided much-needed support to Nigerians, earning widespread praise and reinforcing public confidence in the corporate sector's resilience.”

I expressed the view above on May 8, about three months before the proposal to amend the Finance Act 2023 on July 17, which was passed by the Senate on July 23. If bank owners and managers had followed my advice to lessen the burden on their customers, it's possible the FX gains tax, which is now causing them significant concern, might not have been imposed.
Doing good to members of a society can earn an organization or sector the goodwill of the people in the society or community where they operate. I believe that is the spirit driving Tony Elumelu’s Africapitalism philosophy which is being driven through his Tony Elumelu Foundation, TEF's outreach to Africans with one hundred million dollars ($100m) funding for mentoring and seeding young entrepreneurs. One wonders why a similar concept to help the critical mass of Nigerians in one way or the other was not copied by the financial services sector or the Bankers Committee.
Take for instance the Dangote group which has made concerted efforts to support the most vulnerable in our society by offering them sucor through food supply outreach nationwide.

I am aware that the anticipated revenue from the FX tax is intended to partially fund the 2024 national budget deficit of N9.18 trillion, with N6.2 trillion expected to come from the windfall bank tax to help reduce the deficit. This supplementary budget, intended for infrastructure, education, and other critical areas, was passed by the National Assembly alongside the amendment of the Finance Act 2023, which imposed a 70% tax on FX gains—now part of the Finance Act 2024—along with penalties for non-compliance, including three years of imprisonment and a 10% fine.

However, many economists believe that taxing capital gains is inefficient. The dilemma is that without taxing capital gains, people might shift taxable income into this category. This creates a complex situation: if our banks are overly taxed, they might lose their competitive edge internationally, especially as they expand across Africa and generate foreign exchange for the country. This makes the tax a tricky issue.

In "Das Kapital," Karl Marx explores the consequences of the rich and the poor coexisting in society without balance. He argues that society is divided into two main classes: the bourgeoisie (the rich) and the proletariat (the poor). Marx believed the bourgeoisie exploited the proletariat by paying them less than the value of their labor, generating profits for themselves. In modern Nigeria, given the large profits banks are reporting, they could be seen as the bourgeoisie, extracting value from the Nigerian banking public, who resemble the proletariat. This concentration of wealth among banks supports Marx's view that capitalism leads to wealth concentration in the hands of a few, while the majority remain poor and powerless, potentially leading to unrest.

We saw a glimpse of such unrest during the naira redesign exercise introduced by the CBN in 2022/23, which caused a severe naira shortage. Bank managers hoarded the currency in their vaults, selling it at a premium resulting in some bank branches being set on fire and bankers scampering into safety by scaling high walls. Public anger was also directed at P.O.S. operators who charged high fees for naira withdrawals who were physically attacked.

I aimed to apply Marx's concepts of exploitation, surplus value, and class struggle to Nigeria's current situation, where the CBN has had to intervene to prevent public anger against banks, bankers, and related services like P.O.S. operators.

Overall, Marx's ideas about the exploitation of the proletariat by the bourgeoisie are relevant to Nigeria's banking system, where banks appear to be profiting significantly while much of the population remains economically marginalized. The naira redenomination exercise and the resulting public anger towards bankers and P.O.S. operators highlight the tensions between these classes. The CBN might be trying to diffuse this tension through the profit tax on banks, which is now causing discomfort for financial institutions, especially deposit money banks.

The banks' difficulties are compounded by the timing of this policy, which coincides with a new CBN recapitalization requirement. Banks must now increase their capital base to N500 billion for an international license and N200 billion for a national license, prompting them to scramble to raise funds from the Nigerian public, who are currently facing high inflation nearing 40%.

Adding to the challenges, the CBN has issued a directive that all funds in dormant accounts must be transferred to the CBN for safekeeping. Faced with multiple policies that could harm the financial services sector, bankers suspect malice from ex-bankers now leading the Ministry of Finance and the CBN, specifically Wale Edun, Minister of Finance, and Yemi Cardoso, CBN Governor. These policies are seen as stripping banks of idle funds in dormant accounts and windfall money that could have supported their recapitalization efforts.

This suspicion is intriguing, especially since the CBN allowed banks to report their FX windfall in their 2023 annual accounts before implementing the FX gains tax policy. It feels like a trap, particularly because banks had no warning, despite two of the four deputy governors, Philip Ikeazor and Emem Usoro, coming from the banking sector. It seems the era of a secretive CBN governor, where financial institutions must closely watch for signals, has returned.

This secretiveness, common in the U.S., where understanding the Federal Reserve Bank governor's next move is an art, appears to have taken hold in Nigeria. A host of financial analysts is now trying to decipher the CBN's actions.

Given these circumstances, the windfall FX gains tax can be seen as a strategic, albeit controversial, move that could have a significant impact if fully implemented.

Notably, windfall profit taxes on certain sectors due to extraordinary profits from favorable policy changes are not unprecedented. For instance, in 1981, British Prime Minister Margaret Thatcher's finance minister, Geoffrey Howe, imposed a windfall tax on banks that made excess profits, raising about £400 million through a 2.5% surcharge on non-interest-bearing current account deposits. Similarly, in 2020, Chancellor Rishi Sunak imposed a bank profits surcharge to raise £2.1 billion for the UK government.

Despite resistance from banks, Thatcher defended the policy, arguing that the banks' large profits were due to government policy, not improved efficiency or service.

In Nigeria, a similar tax on banks is expected to generate about N6.2 trillion, contributing to the increase of the 2024 appropriation to N35.055 trillion after the National Assembly's amendment of the act. European countries like Spain and Italy have also imposed windfall taxes on oil companies following a 40% increase in prices due to the ongoing Russia-Ukraine war.

In the United States, the Windfall Profit Tax (WPT) was enacted in 1980 as part of a compromise between the Carter Administration and Congress over the decontrol of crude oil prices, following price controls implemented by President Nixon from 1971 to 1980.
The bottom line is that the banking sector may become sturdier and more robust if the capital base for an international licenses is increased to N500 billion and N200 billion for a national licenses as directed by the CBN. That would enhance the capacity of the Nigerian economy to grow to become a one-billion-dollar one as envisaged by the incumbent administration.
The last time bank consolidation occurred in Nigeria was in 2005, and the number reduced from 87 to 25 after undergoing consolidation via mergers and acquisitions.
Will the number of banks shrink further after the ongoing consolidation exercise?
Already, the CBN has approved the gobbling up of an old generation financial institution, Unity Bank Plc by a start-up Providus Bank even as Hallmark Bank was wound down by the apex financial institution.
The Providus/Unity merge minicks the manner in Titan Bank, a very young bank acquired Union Bank, which is one of the oldest regional financial institutions whose origin predates independence and which is in the same age range as Wema Bank, First Bank, and UBA.
Incidentally, UBA had also been acquired by a relatively new Standard Trust Bank in the manner that Titan and now Providus deemed to be babies in banking, acquired grandees such as Union Bank and Unity Bank.
Although, the Titan/Union Bank acquisition/merger is currently caught up in controversy, the Standard Trust Bank/UBA deal merger has worked out well for the shareholders who have received more value since the combination.
Is it not amazing that one bank that has remained unchanged in terms of ownership is First Bank? Despite remaining intact and not having been acquired or receiving new funding from new owners, so no dramatic change of management has been forced, it has been pulling its weight by growing organically. As such it has remained amongst the tier 1 banks in Nigeria.
The bottom line is that with banks being better capitalized would the high interest rates charges synonymous with Nigerian banks be reduced any time soon?
Is the CBN strategizing on how to achieve that objective of a regime of interest charges dropping from its present high of 30% to single digits?
That is perhaps the question that is uppermost in the mind of the banking public in Nigeria.
*How Banks Could Have Avoided the FX Gains Tax Through CSR*
By Magnus Onyibe

In a society where a few live in luxury while many struggle in poverty, it's not surprising that feelings of envy, jealousy, and even resentment arise among the less fortunate towards those who are well-off.

This is particularly true when it comes to banks, which serve as intermediaries, receiving deposits from those with surplus funds and lending them to those in need—for a fee. However, it seems that these deposit money banks are growing wealthier while their customers are becoming poorer, making them easy targets for criticism.

A notable critic is Mr. Femi Otedola, chairman of Geregu Electricity Power Company, who recently expressed concern that around five banks, likely from the top-tier category, have allegedly spent over $500 million on private jets for their executives. The banks, on the other hand, argue that these jets are necessary for their executives to save time, avoiding the delays and inconveniences of commercial flights. They also point out that these jets are often part of leasing pools, generating income for the banks when not in use by their executives.

An analysis of this situation suggests that the issue of banks making substantial profits while others in society struggle financially is multifaceted. Banks are profit-oriented institutions, primarily focused on delivering returns to their shareholders. During economic downturns, they often become more cautious, reducing lending and taking on less risk, which can worsen economic hardships. This behavior can widen the wealth gap, as bank profits do not typically benefit the broader population, contributing to income inequality.

To address the challenges posed by the banks' significant profits, stricter regulations and policies may be necessary. This could be why an excessive profit or windfall tax has been introduced through the amendment of the Finance Act 2023, which imposes a levy on banks' Foreign Exchange (FX) gains. The tax rate on these gains has been increased from 50 to 70 percent.

This move comes in response to the significant FX income banks generated following the naira's devaluation after the current administration took office.

The new policy has faced initial criticism, particularly from banks that have described it as double taxation. KPMG Nigeria, a tax and audit advisory firm, criticized the 50% windfall tax on banks' foreign exchange revaluation gains recorded in 2023, warning it could lead to legal challenges, as Nigeria's tax policy does not support retroactive taxation.

Similarly, PwC Nigeria raised concerns that the unpredictability of the windfall tax on already reported 2023 profits might deter investment. Prominent lawyer Dr. Olisa Agbakoba also criticized the proposed amendment to the Finance Act, arguing it was poorly conceived and outside the National Assembly's authority. He added that the policy's burden would likely fall on the banks' customers.

While banks and audit firms are opposing the tax, Femi Otedola, the largest shareholder in First Bank of Nigeria (FBN), has voiced his support, arguing that revenue from windfall taxes could be directed towards essential public services like healthcare, education, and infrastructure, benefiting all citizens and reducing social inequality.

Tony Elumelu, Chairman of United Bank for Africa (UBA), and Ladi Balogun, CEO of First City Monument Bank (FCMB), also expressed support after meeting with President Bola Tinubu and his economic team, saying that extraordinary income should help alleviate poverty, aligning with the government's intentions.

The Association of National Accountants of Nigeria (ANAN) and the Chartered Institute of Taxation of Nigeria (CITN) have also endorsed the FX Windfall tax on banks. CITN Chairman Chief Samuel Agbeluyi noted that windfall taxes, or "prosperity taxes," are not new and have been applied in situations where certain sectors, like telecommunications during COVID-19, performed exceptionally well.

Despite being swiftly enacted into law, critics argue that effective implementation will be challenging due to the issues they have identified.

In hindsight, proactive Corporate Social Responsibility (CSR) efforts by the banks might have mitigated this situation. Banks have previously engaged in commendable public good projects, such as the renovation of the National Arts Theatre and contributions to the CACOVID initiative during the pandemic, which provided medical care and palliatives to Nigerians.

Based on experience from other jurisdictions/climes, I anticipated the FX gains tax, during the public presentation of my book “Leading From The Streets: Media Interventions By A Public Intellectual 1999-2019” three months ago. In that welcome address, I highlighted the large profits banks were declaring while other sectors and most Nigerians were struggling. In light of the above, l suggested that banks could positively impact society by reconsidering some charges, such as waiving fees for alerts and statement printing, as a small but significant sacrifice for the greater good.

“We should recognize the commendable efforts of Corporate Nigeria during the COVID-19 pandemic. Under the leadership of the Central Bank of Nigeria (CBN), banks and major corporations, through the Special Purpose Vehicle (SPV) CACOVID, provided much-needed support to Nigerians, earning widespread praise and reinforcing public confidence in the corporate sector's resilience.”

As if l was being prophetic, I expressed the view above on May 8, about three months before the proposal to amend the Finance Act 2023 on July 17, which was passed by the Senate on July 23. If bank owners and managers had followed my advice to lessen the burden on their customers, it's possible the FX gains tax, which is now causing them significant concern, might not have been imposed.

Doing good to members of a society/community can earn an organization or sector the goodwill of the people in the society where they operate. I believe that is the spirit behind Tony Elumelu’s Africapitalism philosophy which is being driven through his Tony Elumelu Foundation, TEF outreach to Africans with one hundred million dollars ($100m) funding for mentoring and seeding young entrepreneurs. One wonders why a similar concept to help the critical mass of Nigerians in one way or the other was not copied by the financial services sector or the Bankers Committee in Nigeria. That is what self-regulation is about.
Take for instance the Dangote Group which has made concerted efforts to support the most vulnerable in our society by offering them sucor through distribution of food (rice)to the indigent nationwide.
Contrast the image of the Dangote Group five (5) years ago, and one can see the difference from when it was highly vilified for its trucks being a menace to the road users to the present situation where those public officers in NNPC Ltd condemning products from Dangote Refinery can be lynched by a Dangote loving mob for what they consider unpatriotic and intransigent behavior.
Such is the power of image burnishment which can change negative to positive perception and it can be applied be individuals, corporates and governments as well with superlative outcomes such as the Tony Elumelu and Aliko Dangote outcome.

I am aware that the anticipated revenue from the FX tax is intended to partially fund the 2024 national budget deficit of N9.18 trillion, with N6.2 trillion expected to come from the windfall bank tax to help reduce the deficit. This supplementary budget, intended for infrastructure, education, and other critical areas, was passed by the National Assembly alongside the amendment of the Finance Act 2023, which imposed a 70% tax on FX gains—now part of the Finance Act 2024—along with penalties for non-compliance, including three years of imprisonment and a 10% fine.

However, many economists believe that taxing capital gains is inefficient. The dilemma is that without taxing capital gains, people might shift taxable income into this category. This creates a complex situation: if our banks are overly taxed, they might lose their competitive edge internationally, especially as they expand across Africa and generate foreign exchange for the country. This makes the tax a tricky issue.

In "Das Kapital," Karl Marx explores the consequences of the rich and the poor coexisting in society without balance. He argues that society is divided into two main classes: the bourgeoisie (the rich) and the proletariat (the poor). Marx believed the bourgeoisie exploited the proletariat by paying them less than the value of their labor, generating profits for themselves. In modern Nigeria, given the large profits banks are reporting, they could be seen as the bourgeoisie, extracting value from the Nigerian banking public, who resemble the proletariat. This concentration of wealth among banks supports Marx's view that capitalism leads to wealth concentration in the hands of a few, while the majority remain poor and powerless, potentially leading to unrest.

We saw a glimpse of such unrest during the naira redesign exercise introduced by the CBN in 2022/23, which caused a severe naira shortage. Bank managers hoarded the currency in their vaults, selling it at a premium incurring the wrath of the masses who set some bank buildings on fire. Public anger was also directed at P.O.S. operators who charged high fees for naira withdrawals as they were physically attacked.

I aimed to apply Marx's concepts of exploitation, surplus value, and class struggle to Nigeria's current situation, where the CBN has had to intervene to prevent public anger against banks, bankers, and related services like P.O.S. operators.

Overall, Marx's ideas about the exploitation of the proletariat by the bourgeoisie are relevant to Nigeria's banking system, where banks appear to be profiting significantly while much of the population remains economically marginalized. The naira redenomination exercise and the resulting public anger towards bankers and P.O.S. operators highlight the tensions between these classes. The CBN might be trying to diffuse this tension through the profit tax on banks, which is now causing discomfort for financial institutions, especially deposit money banks.

The banks' difficulties are compounded by the timing of this policy, which coincides with a new CBN recapitalization requirement. Banks must now increase their capital base to N500 billion for an international license and N200 billion for a national license, prompting them to scramble to raise funds from the Nigerian public, who are currently facing high inflation nearing 40%.

Adding to the challenges, the CBN has issued a directive that all funds in dormant accounts must be transferred to the CBN for safekeeping. Faced with multiple policies that could harm the financial services sector, bankers suspect malice from ex-bankers now leading the Ministry of Finance and the CBN, specifically Wale Edun, Minister of Finance, and Yemi Cardoso, CBN Governor. These policies are seen as stripping banks of idle funds in dormant accounts and windfall money that could have supported their recapitalization efforts.

This suspicion is intriguing, especially since the CBN allowed banks to report their FX windfall in their 2023 annual accounts before implementing the FX gains tax policy. It feels like a trap, particularly because banks had no warning, despite two of the four deputy governors, Philip Ikeazor and Emem Usoro, coming from the banking sector. It seems the era of a secretive CBN governor, where financial institutions must closely watch for signals, has returned.

This secretiveness, common in the U.S., where understanding the Federal Reserve Bank governor's next move is an art, appears to have taken hold in Nigeria. A host of financial analysts is now trying to decipher the CBN's actions.

Given these circumstances, the windfall FX gains tax can be seen as a strategic, albeit controversial, move that could have a significant impact if fully implemented.

Notably, windfall profit taxes on certain sectors due to extraordinary profits from favorable policy changes are not unprecedented. For instance, in 1981, British Prime Minister Margaret Thatcher's finance minister, Geoffrey Howe, imposed a windfall tax on banks that made excess profits, raising about £400 million through a 2.5% surcharge on non-interest-bearing current account deposits. Similarly, in 2020, Chancellor Rishi Sunak imposed a bank profits surcharge to raise £2.1 billion for the UK government.

Despite resistance from banks, Thatcher defended the policy, arguing that the banks' large profits were due to government policy, not improved efficiency or service.

In Nigeria, a similar tax on banks is expected to generate about N6.2 trillion, contributing to the increase of the 2024 appropriation to N35.055 trillion after the National Assembly's amendment of the act. European countries like Spain and Italy have also imposed windfall taxes on oil companies following a 40% increase in prices due to the ongoing Russia-Ukraine war.

In the United States, the Windfall Profit Tax (WPT) was enacted in 1980 as part of a compromise between the Carter Administration and Congress over the decontrol of crude oil prices, following price controls implemented by President Nixon from 1971 to 1980.
The bottom line is that the banking sector may become sturdier and more robust if the capital base for international licenses is increased to N500 billion and N200 billion for national licenses as directed by the CBN. That would enhance the capacity of the Nigerian economy to grow to become a one-billion-dollar one as envisaged by the incumbent administration.
The last time bank consolidation occurred in Nigeria was in 2005, and the number reduced from 87 to 25 after undergoing consolidation via mergers and acquisitions.
Will the number of banks shrink further after the ongoing consolidation exercise?
Already, the CBN has approved the gobbling up of an old generation financial institution, Unity Bank Plc by a start-up Providus Bank even as Hallmark Bank was wound down by the apex financial institution.
The Providus/Unity merge minicks the manner in Titan Bank, a very young bank acquired Union Bank, which is one of the oldest regional financial institutions whose origin predates independence and which is in the same age range as Wema Bank, First Bank, and UBA.
Incidentally, UBA had also been acquired by a relatively new Standard Trust Bank in the manner that Titan and now Providus deemed to be babies in banking, acquired grandees such as Union Bank and Unity Bank.
Although, the Titan/Union Bank acquisition/merger is currently caught up in controversy, the Standard Trust Bank/UBA deal merger has worked out well for the shareholders who have received more value since the combination.
Is it not amazing that one bank that has remained unchanged in terms of ownership is First Bank? Despite remaining intact and not having been acquired or receiving new funding from new owners, so no dramatic change of management has been forced, it has been pulling its weight by growing organically. As such it has remained amongst the tier 1 banks in Nigeria.
The bottom line is that with banks being better capitalized would the high interest rates charges synonymous with Nigerian banks be reduced any time soon?
Is the CBN strategizing on how to achieve that objective of a regime of interest charges dropping from its present high of 30% to single digits?
That is perhaps the question that is uppermost in the mind of the banking public in Nigeria.

Magnus Onyibe, an entrepreneur, public policy analyst, author, democracy advocate, development strategist, an alumnus of Fletcher School of Law and Diplomacy, Tufts University, Massachusetts, USA, and a former commissioner in Delta state government, sent this piece from Lagos, Nigeria.
To continue with this conversation and more, please visit www.magnum.ng

Chelsea are looking to ramp up interest in Napoli striker Victor Osimhen after the Nigeria international handed in a transfer request over the weekend.

The Nigerian international has long been linked with a move away from the club, having joined them from Lille in the summer of 2020.

Chelsea have held a long-standing interest in Osimhen and have previously held talks with the Italian side over a potential swap deal involving Romelu Lukaku.

New Napoli manager Antonio Conte is keen to reunite with Lukaku after the pair won Serie A together at Inter Milan in 2021, with the Belgian striker having struggled since returning to Stamford Bridge later that year.
Paris Saint-Germain were previously thought to have been leading the race for Osimhen but their talks are believed to have stalled over a fee.

It remains to be seen whether or not Chelsea do eventually make a move, with the Blues having previously been unwilling to pay his release clause, believed to be worth over £100m.
Still, Osimhen is determined to leave Naples this summer and sporting director Giovanni Manna confirmed over the weekend: “Victor Osimhen has asked to leave the club. He wants to go.
“The situation is clear, there were already chances for his exit last summer. Victor wants to leave. We will see in the next 20 days.”

Meanwhile, Chelsea manager, Enzo Maresca, is looking to trim down his bloated squad as the new season approaches.

Maresca is preparing for his first season at Stamford Bridge, after replacing Mauricio Pochettino this summer.
Having inherited a large squad, Maresca now wants to cut it down to a manageable size.
It is believed Chelsea are hoping to have a first-team squad of around 23 or 24 outfield players.
The Blues have welcomed six new faces to Stamford Bridge under Enzo Maresca’s leadership, as the club continues its rapid evolution under BlueCo’s ownership. The new signings are getting acquainted during a pre-season tour of the United States, with a significant number of players left behind in London.

There are several players that Chelsea hopes to offload, some of whom were also on the selling block last summer. Malang Sarr has already had his contract terminated to facilitate his move to RC Lens.
Sarr, who arrived on a free transfer, was part of Thomas Tuchel’s Club World Cup-winning squad. Unable to secure a move last year, the Frenchman trained separately from the first team throughout the season. Both parties were keen to avoid a repeat of the 2023/24 situation, and Sarr agreed to forgo any compensation.

Sarr wasn’t the only player Chelsea struggled to sell last summer. Romelu Lukaku remained separate from the squad as he sought a move, but only managed to secure a loan to Roma.

The Belgian striker is once again hoping for a transfer, with Napoli potential suitors. This could lead to a reunion with former Chelsea and Inter Milan manager Antonio Conte.
Kepa Arrizabalaga, who was loaned to Real Madrid on the eve of last season, is likely to leave Chelsea in the coming weeks as his contract in west London winds down.

Chelsea have also made their intentions clear regarding Trevoh Chalobah. The defender, who was notably absent from Maresca’s squad that travelled to the US, is expected to be sold for a tidy profit.

Conor Gallagher, whose current deal expires in less than a year, was up for sale last summer and remains available. Despite being admired by Mauricio Pochettino, the England international is yet to join Chelsea’s squad following his Euro 2024 exploits but has attracted interest from Atletico Madrid.

[Leadership]

The stage is set for Wednesday night, as winners of the UEFA Champions League, Real Madrid, will meet UEFA Europa League winners, Atalanta, in Warsaw in the latest edition of the UEFA Super Cup final.

Both teams will aim to see who comes out on top as the King of Europe.

Real Madrid won the UEFA Champions League trophy last season after beating Borussia Dortmund in the final, thanks to goals from Dani Carvajal and Vinicius Junior.

Atalanta, on the other hand, won the UEFA Europa League trophy after beating Bayer Leverkusen in the final, thanks to Ademola Lookman’s hat-trick.

Ahead of Wednesday’s showdown, both teams look quite different compared to last season.

Real Madrid have already lost two key players, Toni Kroos and Nacho Fernandez this summer. Kroos retired from football following the conclusion of Euro 2024 in Germany, while Nacho left Santiago Bernabeu for Saudi Pro League.

Real Madrid’s experienced defender, David Alaba is expected to miss the game as he is currently recovering from a lengthy ACL injury.

However, Carlo Ancelotti’s side have strengthened their squad with new arrivals like Kylian Mbappe and Endrick as they will hope to lead the LaLiga champions for an unprecedented sixth UEFA Super Cup honour on Wednesday in Poland.

Real Madrid head to the game after losing two out of their last three matches against AC Milan, Barcelona and Chelsea.

For Atalanta, Wednesday’s UEFA Super Cup final will be their first in the history of the club.

Gian Piero Gasperini’s men finished fourth-place in the Serie A last season.

They currently have an injury blow in their attack line as striker, Gianluca Scamacca tore his ACL during a preseason friendly.

Scamacca will miss at least six months with the injury now putting more pressure on Lookman leading the attack for the Serie A side.

Atalanta have made some marquee attacking signings like Charles De Ketelaere, Mateo Retegui, Ben Godfrey, Nicolo Zaniolo and Ibrahim Sulemana.

However, they head to the game after losing three out of their last four matches against AZ Alkmaar, Fiorentina, Parma and FC St. Pauli.

Speaking with DAILY POST on Monday, Stanley Smart, a Sports Analyst, gave his view on the UEFA Super Cup final.

He also singled out four players to shine during the encounter.

“Well, I expect a tough and a close match in Warsaw because it is a final,” Smart told DAILY POST.

“Both teams did not really impress in their pre-season matches but I think if you compare the performances of the two teams during pre-season, you would agree with me that Madrid were quite better in terms of their display.

“Having said that, I expect to see an attacking football with high intensity from both teams.

“Both teams have sharp forwards with pace. I expect the likes of Ademola Lookman, Kylian Mbappe, Vinicius and Rodrygo to shine. It would be a proper final match,” he added.

When asked to give his prediction, Smart simply said, “2-1” in favour of Madrid.

DAILY POST reports that the kick-off time for the UEFA Super Cup final is 8 pm.

[DailyPost]

Iran on Tuesday rejected Western calls to stand down its threat to retaliate against Israel for the killing of Hamas political leader Ismail Haniyeh in Tehran late last month.

The Islamic Republic and its allies have blamed Israel for Haniyeh’s killing on July 31 during a visit to the Iranian capital for the swearing-in of President Masoud Pezeshkian. Israel has not commented.

Iran has vowed to avenge the death, which came hours after an Israeli strike in Beirut killed a senior commander of Hezbollah, the powerful Iran-backed militant group in Lebanon.

Western diplomats have scrambled to avert a major conflagration in the Middle East, where tensions were already high due to the Israel-Hamas war in Gaza. 

In a statement on Monday, the United States and its European allies urged Iran to de-escalate.

“We called on Iran to stand down its ongoing threats of a military attack against Israel and discussed the serious consequences for regional security should such an attack take place,” said the joint statement from Britain, France, Germany, Italy and the United States.

The White House warned that a “significant set of attacks” by Iran and its allies was possible as soon as this week, saying Israel shared the same assessment.

The United States has deployed an aircraft carrier strike group and a guided missile submarine to the region in support of Israel.

Iran’s foreign ministry spokesman Nasser Kanani criticised the Western call for it to de-escalate.

“The declaration by France, Germany and Britain, which raised no objection to the international crimes of the Zionist regime, brazenly asks Iran to take no deterrent action against a regime which has violated its sovereignty and territorial integrity,” he said in a statement.

“Such a request lacks political logic, flies in the face of the principles and rules of international law, and constitutes public and practical support” for Israel.

•⁠ ⁠Call for ‘unfettered’ aid –

The United States and its European allies also called for a ceasefire between Israel and Hamas in Gaza, with difficult talks set for Thursday on halting the conflict.

They also called for the “unfettered” delivery of aid to devastated Gaza.

The Gaza war began with Hamas’s October 7 attack on southern Israel which resulted in the deaths of 1,198 people, mostly civilians, according to an AFP tally based on Israeli official figures.

Militants also seized 251 people, 111 of whom are still held captive in Gaza, including 39 the military says are dead.

Israel’s retaliatory military offensive in Gaza has killed at least 39,897 people, according to a toll from the territory’s health ministry, which does not provide a breakdown of civilian and militant deaths.

International mediators have invited Israel and Hamas to resume negotiations this week on a ceasefire and hostage release deal, an invitation Israel has accepted.

Hamas has urged mediators to implement a truce plan earlier presented by US President Joe Biden instead of holding more talks.

Analyst Esfandyar Batmanghelidj said Iran was considering how to retaliate against Israel without derailing the ceasefire talks.

“The renewed push for a ceasefire offers Iran a way out of this escalatory cycle,” Batmanghelidj, CEO of the Bourse & Bazaar Foundation think-tank, told AFP.

“Iranian officials still feel obliged to hit back at Israel, but they must do so in a way that doesn’t derail the prospects for a ceasefire summit.”

•⁠ ⁠West Bank violence –

Pressure for a ceasefire in Gaza has grown since civil defence rescuers in the Hamas-run territory said an Israeli air strike on Saturday killed 93 people at a school housing displaced Palestinians.

Israel said it targeted militants operating out of the school and mosque.

In the latest Gaza violence, Palestinian fighters clashed overnight with the Israeli army near Netzarim, south of Gaza City, an AFP correspondent reported.

Paramedics said one person was killed and others were wounded in Israeli bombing of the Al-Maghazi refugee camp in central Gaza. They were taken to Al-Aqsa Martyrs Hospital in the city of Deir el-Balah.

In the occupied West Bank, the Palestinian health ministry said Israeli forces shot dead a Palestinian man near the town of Azzun, east of Qalqilya, on Monday.

The Ramallah-based health ministry identified him as Tariq Ziad Abdul Rahim Daoud. The Israeli army said the alleged attacker had fired at an Israeli civilian in Qalqilya.

Hamas later issued a statement mourning the death of Tariq Daoud, saying he was a member of its armed wing.

A Palestinian prisoners watchdog said on Tuesday that the 18-year-old had been released on November 25 during a one-week truce that saw scores of Palestinians freed from Israeli jails in exchange for Israeli hostages held in Gaza since October 7.

AFP

The Professional Footballers’ Association (PFA) has unveiled its nominees for the Players’ Player of the Year and Young Player of the Year, with Manchester City’s trio of Erling Haaland, Phil Foden, and Rodri on the list.

Chelsea’s Cole Palmer, who joined the club from Manchester City at the start of last season, makes the list. 

The Young Player of the Year nominees were also released, with Palmer also making the list once again, alongside Bukayo Saka and United’s Kobbie Mainoo.

The Women’s PFA Player’s Player of the Year was dominated by Chelsea and Manchester City players, with both clubs having three nominees each.

SEE FULL LIST

Men’s PFA Players’ Player of the Year nominees

Phil Foden (Manchester City), Erling Haaland (Manchester City), Martin Ødegaard (Arsenal), Cole Palmer (Chelsea), Rodri (Manchester City), and Ollie Watkins (Aston Villa).

Men’s PFA Young Players’ Player of the Year nominees

Alejandro Garnacho (Manchester United), Cole Palmer (Chelsea), Kobbie Mainoo (Manchester United), Michael Olise (Crystal Palace), Bukayo Saka (Arsenal), and João Pedro (Brighton and Hove Albion). 

Women’s PFA Players’ Player of the Year nominees

Niamh Charles (Chelsea), Erin Cuthbert (Chelsea), Yui Hasegawa (Manchester City), Lauren Hemp (Manchester City), Lauren James (Chelsea), and Khadija Shaw (Manchester City).

Women’s PFA Young Players’ Player of the Year nominees

Aggie Beever-Jones (Chelsea), Grace Clinton (Tottenham Hotspur), Lauren James (Chelsea), Khiara Keating (Manchester City), Maya Le Tissier (Manchester United), and Jess Park (Manchester City).

[Vanguard]

He recently marked his 65th birthday. Precisely on 14th July, 2024, having been born on the same date in 1959. Prince Nduka Obiagbena has certainly changed the tune.

Today, I celebrate my good friend Obiagbena, a visionary man of excellence, a trailblazer in the realm of Nigerian journalism and a true pan-Nigerian patriot. As the founder, Chairman and Editor-in-Chief of ThisDay Media Group and ARISE News Channel, Prince Obaigbena has left an indelible mark on the landscape of Nigerian media and beyond. His latest innovation Arise Television threatens to pull the rug from the feet of globally respected CNN.

Born into the royal family of Owa Kingdom, Delta State, Obiagbena attended Edo College, Benin City; the University of Benin; the University of Witwatersrand, Johannesburg; and the Advanced Management Programme at the University of Cape Town.

Prince Obaigbena’s journey into journalism began with a profound commitment to innovation, and a relentless pursuit of truth and excellence. Not many Nigerians know that Nduka was a fledgling cartoonist in one of the students’ journals at his then University of Benin where he used the pseudonym “Lekeleke”. Not many Nigerians also know that before founding This Day, he had founded ThisWeek magazine which debuted in the 80s and became the flagship magazine in Nigeria. I should know this because I was the legal adviser to the magazine and the Duke himself at their then Ogunlana, Surulere, Lagos location. I should also know this because I had handled many of their top cases, including one defamation case against the late respected Prof. Tam David-West, a case that landed me in the DSS gulag in April, 1986 (38 years ago), at the DSS’s Awolowo road, Ikoyi, Lagos office. Not many Nigerians also know that the Duke’s restlessness and incredible ambition had seen him being the Nigerian correspondent to two of the most respected international publications, the NewsWeek and Time magazines, earning good dollars at a time many of his peers were just comfortable with white collar jobs that came with accommodation and a car as soon as they finished from the University. Nduka’s creation of ThisDay in 1995 therefore marked the dawn of a new era in Nigerian print journalism, showcasing his remarkable talents. ThisDay quickly distinguished itself with its bold, investigative reporting, comprehensive coverage of national and international events and sheer dedication to high-quality journalism. Under his able leadership, ThisDay has not only continued to entertain and inform; but it has also been shaping public opinion, building national institutions and bridges of understanding, holding leaders accountable and responsible to the Nigerian people; and giving voice to the voiceless.

By 2013, Prince Obaigbena, a former President of the Newspapers Proprietors Association of Nigeria (NPAN) had looked beyond the print media and expanded his media reach and influence with the launch of ARISE News Channel. This 24-hour international news channel has become a beacon of accurate and unbiased reporting, offering a fresh African perspective on global news. ARISE News has bridged gaps between continents, highlighting the stories that matter from Africa to the world and vice versa. The Duke has shown an uncanny penchant for innovation, breaking new grounds and introducing new formats and platforms into the Nigerian media space, including ThisDay Music Festival.

Beyond the pages of newspapers and television screens, Prince Obaigbena’s contributions to journalism are also evident in his commitment to nurturing talents and fostering innovation. He has provided platforms for young journalists to grow and hone their skills. He has consistently pushed for advancement in media technology and practices, ensuring that Nigerian journalism remains competitive on the global stage.

The Duke’s impact extends to his sustained advocacy for press freedom and a determination to create a more informed and enlightened society. Obiagbena has not only elevated the standard of journalism in Nigeria, but has also inspired a new generation of journalists to pursue their individual craft with passion and integrity.

In the field of philanthropy and humanitarianism, Prince Obaigbena’s contributions to various causes run into billions of naira. He ensures that his contributions which are usually not advertised focus on his pet areas of the media, education, healthcare and social development. Here are some notable aspects of his philanthropy:

1. Media and Journalism: Through his media enterprises, Nduka has been instrumental in promoting freedom of the press and supporting investigative journalism in Nigeria and beyond.

2. Education: Obaigbena has supported educational initiatives, providing countless scholarships and funding for educational programs to help underprivileged students gain access to quality education.

3. Healthcare: Nduka has contributed to healthcare projects, supporting medical facilities and initiatives aimed at improving healthcare delivery in derserving communities.

4. Social Development: The Duke has been involved in various social development projects, including those aimed at poverty alleviation, community development and empowerment of marginalized groups.

5. Cultural Promotion: Nduka has also supported cultural initiatives and awareness, promoting African arts, culture and heritage through sponsorship of various events and media coverage.
His philanthropic endeavours reflect his commitment to leveraging his influence and resources to drive positive change in society. As we celebrate Prince Nduka Obaigbena’s 65 years on mother earth, we honour this grey-bearded man’s unquantifiable contributions to journalism; his unwavering dedication to the truth; his visionary leadership; and his rare sense of patriotism. His legacy is a testament to the power of the pen in shaping societies and the enduring importance of a free and independent press.

Happy Birthday, Nduka, the prince of Owa Kingdom and the Duke of journalism, May your journey continue to inspire and illuminate dim paths for all in many years to come. Amen.