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Soludo: ‘My family went into exile’ - I Fought Dangerous War Spearheading Banking Sector Consolidation
AFOLABI
Governor Charles Soludo of Anambra State has recounted his experience spearheading the consolidation policy of the Nigerian banking system, describing it as a dangerous war. Soludo, who served as the governor of the Central Bank of Nigeria (CBN) from 2004 to 2009, detailed his challenges during this transformative period.
The consolidation policy aimed to reduce the number of banks and other deposit-taking institutions while increasing the size and concentration of the consolidated entities in the sector. This often involved mergers and acquisitions, resulting in fewer but larger and more robust institutions.
Speaking at the launch of a book titled “Power of One Man: How the Soludo-Engineered Consolidation Transformed Nigerian Banks to Global Players,” Soludo shared his harrowing experiences, including threats and attacks that led his family to exile.
Soludo said, “Let me start with a disclaimer: I have not read the book. My gratitude goes to the author of this book, and I appreciate my incredible team. I also thank the Nigerian stakeholders for their massive support because it was like a revolution; today, we are celebrating the possibility of Nigeria.”
He highlighted the lasting impact of the consolidation policy on the Nigerian banking system, noting, “The revolution changed the Nigerian banking system forever. As a leader, you must be self-sacrificing and ready to pay the price to avoid personal interest.”
Soludo emphasized the policy’s success by pointing to now-giant institutions like Access Bank and Standard Trust Bank. He concluded, “The major message today is the revolution for the banks themselves, who are now giants. What is stopping and limiting us from developing is our mindset. If we can dream it, we will achieve it.”
Mr. Olatunbosun Oyintiloye, a chieftain of the All Progressives Congress (APC), has appealed to President Bola Tinubu to address the country’s high cost of food items urgently.
In a chat with newsmen on Sunday in Osogbo, Oyintiloye expressed concern that Nigerians were hungry and living below the poverty line. He highlighted that many citizens are disillusioned and worried about where their next meal will come from due to the extreme economic hardship.
Oyintiloye also urged the president to heed the United Nations’ prediction that 82 million Nigerians, approximately 64 percent of the country’s population, might face hunger by 2030. He cited data from the National Bureau of Statistics (NBS), which revealed that the food inflation rate in the country hit a record high of 40.66 percent in May, surpassing the previous month’s increase of 40.53 percent.
As a former member of the defunct APC Presidential Campaign Council (PCC), Oyintiloye noted that the hike in prices is making common household food items increasingly unaffordable for the average Nigerian. Despite the country’s abundant natural and human resources, successive governments have failed to drive the economy productively.
He pointed out that corruption and overdependency on the distribution of crude oil revenue by the government tiers are hindering the establishment of a productive and self-sufficient economy for the benefit of the masses.
While acknowledging that President Tinubu is trying to address the situation through various intervention programs, Oyintiloye emphasized that the impact of these interventions has been insufficient in alleviating the economic distress. He noted that prices of basic household food items such as rice, beans, garri, and spaghetti are becoming increasingly unaffordable for the masses.
The federal government has filed an appeal seeking to overturn a ruling upholding a no-case submission filed by Abiodun Agbele, an associate of Ayodele Fayose, former governor of Ekiti.
In a notice, the federal government said the trial court erred when it held that Agbele, Sylvan Mcnamara Limited, De Privateer Limited, and Spotless Investment Limited do not have a case to answer.
The defendants are standing trial on a 24-count amended charge bordering on money laundering to the tune of N1.219 billion.
The money is part of the N4.7 billion allegedly transferred from an account belonging to the Office of the National Security Adviser (ONSA) and domiciled in the Central Bank of Nigeria (CBN).
The Economic and Financial Crimes Commission (EFCC) is prosecuting Agbele for indirectly accepting the sum in cash through an official of Zenith Bank in Akure, Ondo state.
The money was allegedly delivered by Musiliu Obanikoro, a former minister of state for defence, on behalf of Fayose, in June 2014 without going through a financial institution.
The EFCC said Agbele committed an offence contrary to Section 1(a) of the Money Laundering (Prohibition) Act 2011 (as amended).
The anti-graft agency also accused Agbele of aiding De Privateer Limited to take possession of N200 million — which was part of the N1.219 billion — on behalf of Fayose, contrary to Section 18 (a) of the Money Laundering Prohibition Act 2011 (as amended) and punishable under section 18 of the same Act.
However, in June, Nnamdi Dimgba of the federal high court Abuja upheld the no-case submission application filed by the defendants.
This happened after the prosecution called 16 witnesses between September 2016 and 2024. Instead of opening a defence, the defendants filed a no-case submission.
In the notice seen by TheCable, on Sunday, the federal government is faulting the trial court’s ruling on 17 grounds.
The federal government said the junior court did not properly evaluate the testimonies of its witnesses or the exhibits it tendered to the court.
“There is overwhelming evidence before the trial court that the sum of N1,219,000,000.00 from the account of the National Security Adviser of Nigeria domiciled with CBN earmarked for security purposes and paid into the account of the 2nd Respondent by the office of the NSA was unlawfully diverted by the 1st, 3rd and 4th Respondents to fund the Governorship Election of former Governor Ayo Fayose in Ekiti State,” the government said in the notice.
“The trial court erred in law in using the ongoing proceedings before another court of competent jurisdiction to determine the merits of the proceedings before the trial court.
“The trial court is not entitled to import into a statutory provision what is not expressly inserted therein by the draftsman.”
The government argued that “it is immaterial whether the origin of the funds is illicit or legitimate as long as the payment and receipt of cash is outside the statutory threshold”.
• CBN projects resilient financial institutions
• What 2004 consolidation achieved, by Soludo
Banking recapitalisation got unto the fast-lane with four banks jostling to raise more than N1 trillion in the first cluster of offers.
This is expected to be hallmark of the two-year plan.
Four commercial banks with international license – Fidelity Bank Plc, Access Holdings Plc, Guaranty Trust Holding Company (GTCO) Plc and FCMB Group Plc – which altogether needed to increase their capital base to N2 trillion, are seeking to raise about N1 trillion in the first phase of intense competition for investors’ funds.
The first cluster of offers came as the Central Bank of Nigeria (CBN) at the weekend said the ongoing recapitalisation will produce resilient and fit-for-purpose banks with more ability to grow the economy.
CBN Governor, Olayemi Cardoso, said banks recapitalisation will further strengthen the financial system and make it robust to be able to withstand economic headwinds.
Regulatory reports yesterday indicated that three other banks- Access Holdings, GTCO and FCMB have gotten approval to join Fidelity Bank in the capital market, with the four offers’ periods expected to overlap.
The four banks, which have combined share capital and share premium of N644.995 billion, need to raise N1.355 trillion to meet the new minimum capital requirement of share capital and share premium of N500 billion each, for a bank with international license.
Access Holdings will today open acceptance list for a N351 billion rights issue. Access Holdings is offering about 17.773 billion ordinary shares of 50 kobo each to existing shareholders at N19.75 per share. The rights are pre-allotted on the basis of one new share for every two ordinary shares held as at June 7. The offer is scheduled to close on Wednesday, August 14.
Fidelity Bank had launched a N127.1 billion hybrid offer including a rights issue of 3.2 billion ordinary shares of 50 kobo each at N9.25 per share and a public offer of 10 billion ordinary shares of 50 kobo each at N9.75 per share.
The acceptance and application lists for Fidelity Bank’s combined offer, which opened on June 20, are scheduled to close on July 29. The rights issue was pre-allotted on the basis of one new ordinary share for every 10 existing ordinary shares held as at the close of business on January 05.
In the largest of the fund raising so far, GTCO is launching a N400.5 billion public offer by 9.0 billion ordinary shares of 50 kobo each at N44.50 per share. GTCO, which had secured approval of the Nigerian Exchange (NGX), will meet with capital market stakeholders today to outline facts behind its offer, preparatory to the opening of formal application list.
FCMB Group has also secured approval for a N113.98 billion public offer. The group is offering 15.197 billion ordinary shares of 50 kobo each at N7.50 per share.
The current capital raisings by Access Holdings and GTCO are more than enough to meet their new capital requirements.
However, Fidelity Bank and FCMB Group are implementing multi-layered recapitalisation plans that may see the banks coming to the market as many times as needed to meet their capital requirements. There is indication that Fidelity Bank may raise more than N127.1 billion under the ongoing combined offer, given the generally positive investors’ sentiment around the bank. The board of Fidelity Bank has already launched a regulatory process that will allow the bank to absorb excess funds in the event of potential oversubscription.
Under the current recapitalization process, the Central Bank of Nigeria (CBN) is using a distinctive definition of minimum capital as addition of share capital and share premium, rather than the entirety of shareholders’ funds used under the 2004 recapitalisation plan. With the distinctive definition, nearly all banks need to raise funds to retain their banking license.
Access Holdings has share capital and share premium of N251.81 billion; FCMB, N125.29 billion; Fidelity Bank, N129.705 billion and GTCO, with N138.187 billion.
Speaking at the weekend during the launch of a new book: “The Power of One Man- How the Soludo-Engineered Consolidation Transformed Nigerian Banks to Global Players”, Cardoso said it was important that banks are recapitalised to the levels, where they will be able to absorb any shocks that come and also be able to grow the economy. The book was written by renowned journalist, Dr. Ray Echebiri.
Cardoso, who was represented by Deputy Governor, Financial System Stability, Phillip Ikeazor, said the apex bank had kept close touch with former CBN Governor and Governor of Anambra State, Prof. Chukwuma Soludo in the course of recapitalisation.
He said the decision taken by Soludo 20 years ago on banking consolidation was a very bold one at that time with banks’ capital base of N2 billion raised to N25 billion.
“That is about 12 and half times. Incidentally, the current management of CBN has embarked on another round of banking consolidation. Why was it necessary then, Prof Soludo wanted to make the banks robust, resilient and fit for purpose to grow the economy, and that is exactly the reason why we are embarking on a similar journey today.
“I think by coincidence, if you check the amount of the minimum capital levels that we required, it is pretty similar because international banks are moving from N50 billion to N500 billion, which is 10 times, similar to Soludo’s 12 and half times. Our national banks are moving from N25 billion to N200 billion, roughly about 10 times. When you do consolidation, you would look at the microeconomic headwinds, the microeconomic conditions on ground and of course apply your stress test.
“And when you apply your stress test today, which I am sure all of the big banks have done, they would have second-guessed where the capital levels are going to land. If you compare the bank assets in Nigeria to Gross Domestic Product (GDP) and compare it with similar economies in Africa, you can see that we are way, way behind,” Cardoso said.
Providing more reasons why bank recapitalization was crucial, he said: “Remember that when the current administration came into place, there were unification of forex rates, and removal of petrol subsidy. And the impact on the economy and manufacturing sector has started manifesting in 2024 and will continue over the next few years. So, it is important that the banks are recapitalized to the levels, where they will be able to absorb any shocks that come and also position the banks to be able to grow the economy”.
Addressing the consistent hike in interest rates, he said although the jury is out and everyone debating what it should be, Cardoso insisted on the need to tame and control inflation to ensure the economy does not go into hyperinflation.
He explained that hyperinflation is very difficult to reverse and takes several years to get out of it.
“There is a South American country that still has quite significant oil reserves but is facing hyperinflation. Everybody is aware of what is happening in that economy. We have our brothers in East Africa, who are also facing hyperinflation and we know how hard they are struggling to come out of it,” Cardoso said.
On how long the CBN will sustain the hike in interest rate, he said the apex bank will continue to maintain high interest rate, as long as it is able to control and reverse galloping inflation.
He explained that Western countries, have also raised interest rates for long, and are yet to lower the rates, at present.
“So, it is important that we tighten and hold on for a little while, and in no distant future, we will be able to be slowing down on the rate hikes,” Cardoso said.
Soludo described the 2004 banking consolidation as a revolution that produced today’s mega banks.
He said Nigerian banks have today expanded to different African countries, Europe, America and Asia, among others.
Soludo, who was the special guest of honour at the event, said the consolidation was nothing short of a revolution, with many people describing as an impossible mission.
The CBN had on July 6th 2004, announced the recapitalization of banking sector from N2 billion to N25 billion with effect from 31st December, 2005. The initiation of increasing the banks minimum capital base to N25 billion in 2006 led to a remarkable reduction in number of banks from 89 to 25.
Soludo said the CBN team, especially the Deputy Governors and himself, went through hell to achieve the results that turned around the financial sector.
He said the organised labour, Manufacturers Association of Nigeria and even the labour unions in banks kicked against the reform.
“I remembered those days we spent weeks here in Lagos trying to midwife mergers of strange bird fellows. I remembered the hours we spent just reconciling directors of various banks and their irreconcilable differences. Nigeria is a country of infinite possibilities. It was a disruptive change and the revolution that have changed Nigerian banking and financial system forever,” Soludo said.
According to him, the apex bank, then wanted a private sector-led economy, and decided to pull down the entire banking system for a fresh rebuild.
“And so, when we raised the capital base of banks from equivalent of $15 million to equivalent of $200 million, which was about 14 per cent increase, everybody thought it was impossible. Even some bankers took advertorials to say it was impossible. And this is where we must celebrate one man on the issue of leadership. We were determined to get it done but what if the President himself under pressure from all sides cancelled the policy because they couldn’t meet $15 million in two years and now you have $200 million in 18 months?
“For me actually, the story will be told of what we went through together with the formidable team at the Central Bank to get this done. And for me, the major message of July 6, is that it is a revolution day for the banks. What the policy did was to kickstart what I called a race to the top,” Soludo said.
The Lagos State Governor, Babjide Sanwo-Olu, advised the current leadership of the CBN to seek wise counsel to ensure that the ongoing banking recapitalisation succeeds.
The chairman of the occasion, former Director General of the West African Institute for Financial and Economic Management (WAIFEM), Prof. Akpan Ekpo, said Soludo brought positive changes to the country.
He advised on the need to always ensure that the right and qualified persons are entrusted with responsibilities.
“In every economy, there is need to ensure that the right people who are qualified are used to drive growth,” Ekpo said.
The author, Echebiri, said the 20th anniversary of the banking consolidation marks a watershed in the Nigerian financial sector.
He said the book is a way to celebrate Soludo for his insightful leadership that made the programme a huge success.
“We are celebrating Soludo for his insightful leadership in guiding the banking sector consolidation to success,” Echebiri said.
Other dignitaries at the event were Chief Guest of Honour, Chief Olusegun Obasanjo, former president of Nigeria, who was represented by former Governor, Donald Duke; Ogun State Governor, Dapo Abiodun and Senior Vice Chairman/Editor-In-Chief at Leadership Media Group, Azu Ishiekwene, who reviewed the book
Zenith Labour Party Chairman, Chief Dan Nwanyanwu, has urged President Bola Ahmed Tinubu to immediately release Nnamdi Kanu, leader of the Indigenous People of Biafra (IPOB).
Nwanyanwu made the call during a press briefing in Abuja, citing Kanu’s prolonged detention despite others involved in similar agitations being freed.
He questioned the justification for Kanu’s continued detention, emphasizing his denunciation of violent activities and commitment to peaceful means.
According to him, the federal government’s selective treatment of Kanu’s case is unjustifiable. It’s time to end this injustice and release him unconditionally.
He said, “The federal government’s selective treatment of Kanu’s case is unjustifiable. We need to question why Nnamdi Kanu remains in detention while terrorists roam free and negotiate without government oversight. Many who shared Kanu’s agitation have been freed, yet he remains detained. A significant number of people, including a notable religious leader before his passing, have called for Kanu’s release.
“Kanu’s continued detention raises questions. He was agitating like others but was abducted from Kenya and brought back here. Since his detention, he has denounced all activities that caused insecurity in the southeast. It’s evident that those involved in these activities were not from Kanu’s region. He has committed no offence; his only crime is asking for his people’s freedom.
“We are calling on the President to release Kanu. If not, let’s bring him to a public square and use him for barbecue, symbolically letting his enemies partake to close this chapter. There is no justification for Kanu’s continued detention. It’s an injustice that must be addressed immediately.”
Rivers State Crisis
Nwanyanwu also addressed the ongoing political crisis in Rivers State, where lawmakers who defected from their original parties are facing legal challenges.
He urged all parties to respect democratic processes and the rule of law, warning against actions that could lead to a state of emergency.
“Regarding the Rivers State crisis, we must respect democratic processes and the rule of law. The law is clear: leaving your party means losing your seat automatically. They tried to rejoin their old party through the backdoor, which is also not permissible.
“Demonstrations, allegedly sponsored by Abuja, have aimed to create mayhem to justify a state of emergency. We urge all parties to respect the law and avoid actions that could lead to a state of emergency,” he said.
FCT senator in 2027
Nwanyanwu also said that the decision of who becomes the senator for the FCT in 2027 lies with the voters, not the Minister of the Federal Capital Territory, Nyesom Wike.
“He (Wike) cannot decide that (next FCT senator). Abuja voters will make their choice independently,” Nwanyanwu added.
National Minimum Wage/Cost of Governance
The Zenith Labour Party chairman commended the efforts of the Labour Minister and the Nigerian Labour Congress (NLC) in negotiating a new national minimum wage.
He called on President Tinubu to consider the welfare of Nigerian workers, who are the most patriotic group in the country.
Nwanyanwu criticized the high cost of governance, proposing a 50% reduction in salaries of elected officials and government appointees.
This, he explained, would free up resources for essential services and demonstrate the government’s commitment to austerity.
He said, “On the national minimum wage, I congratulate the negotiation efforts. The Honourable Minister of State for Labour and the NLC have shown patriotism. The President should consider their request with humility and a good heart. Nigerian workers, apart from the military, are the most patriotic group in this country.
“During President Babangida’s tenure, measures were taken to alleviate workers’ suffering. Similar efforts should be made today to cushion the effects of economic challenges on workers. The government must ensure that workers’ welfare is prioritized in meaningful and practical ways. We must avoid another strike due to delays in decisions on the minimum wage.
“Regarding the cost of governance, I urge President Tinubu to sign an executive order to reduce the salaries of all elected officials and government appointees by 50%. We cannot sustain the current high salaries while expecting economic stability. This reduction will demonstrate the government’s commitment to austerity and free up resources for essential services.”
President Bola Tinubu has called on Heads of State and Government of the Economic Community of West African States (ECOWAS) to work towards establishing and sustaining a regional standby force for the security and economic advancement of the community.
Tinubu made the plea on Sunday, during the opening of the 65th Ordinary Session of the Authority of ECOWAS Heads of State and Government in Abuja.
Tinubu, who was re-elected at the meeting as the Chairman of the regional bloc, highlighted the practicality of a standby force in the face of growing security threats.
He also urged member states to commit more to providing the needed resources for securing the region.
He said, “The Regional Action Plan against Terrorism has enhanced cooperation on training, intelligence sharing, and humanitarian interventions. In addition to this, the Ministers of Finance and Defence met recently in Abuja to raise funds for activating the ECOWAS Standby Force to boost counter-terrorism efforts.
“Member countries are also displaying their commitment to combating insecurity by individually increasing their defence budgets in order to acquire necessary equipment and ensure preparedness.
“Let me underscore that a peaceful and secure society is essential for achieving our potential. As we move to operationalize the ECOWAS Standby Force (ESF) in combating terrorism, I must emphasize that the success of this plan requires not only strong political will but also substantial financial resources.
“We must, therefore, ensure that we meet the expectations and recommendations set forth by our Ministers of Defence and Finance, in order to counter insecurity and stabilize our region.’’
Speaking further, Tinubu advised ECOWAS leaders to leverage the capabilities of Nigeria’s National Counter-Terrorism Centre (NCTC), which has been widely acknowledged as one of the best on the continent.
The President urged the management of ECOWAS to re-align and reposition its priorities by reducing overheads and setting up in-country steering committees.
He stated, “Difficult economic conditions and inconsistent payment of financial commitments to ECOWAS have contributed to the current plight. To ensure ECOWAS has adequate resources for its programmes and activities, I urge all member states to ensure full compliance with the Protocol on the Community Levy.
“Nigeria, under my leadership, is committed to leading by example in remitting its collected levies to the organization. Nevertheless, the ECOWAS management must also reduce its overhead expenditures and focus on programmes and activities that directly impact the lives of our citizens.
“I am aware of the progress report on the implementation of the ECOWAS Institutional Reforms. I therefore call on the President of the ECOWAS Commission to resume and expedite the conclusion of the second phase of the Institutional Reforms, aimed at reducing the organization’s operational costs.”
Tinubu also welcomed a new member of the Authority, Senegalese President, Bassirou Diomaye Faye, stressing that the recently concluded presidential election has been widely adjudged as free, fair, transparent, and credible.
He added, “Allow me to further extend warm congratulations to the Government and people of the Republic of Senegal for their steadfastness in the consolidation of democratic governance.
“Their recently concluded presidential election has been widely adjudged as free, fair, transparent, and credible. This achievement is a testament to our region’s commitment to the principles of democracy, good governance, and rule of law.”
The Ebonyi State Chapter of the Labour Party (LP) has expressed confidence that only its presidential candidate in the 2023 general election, Peter Obi, can salvage the Nigerian economy from its declining fortunes.
LP made the assertion in a communiqué issued at the end of an expanded stakeholders meeting in Abakaliki, signed by Linus Okorie (Ebonyi South Senatorial Zone), Dr Ezeh Emmanuel Ezeh (Ebonyi North Senatorial Zone) and Emmanuel Nwobo (Central Senatorial Zone).
The party urged Nigerians to identify with its quest to take power and move the nation to greater heights.
The stakeholders also urged feuding party members to sheath their divisive swords in the overall interest of the Labour Party and target to better the lives of many Nigerians.
The communiqué stated, “The members of the National Transition Committee, NTC, of the Labour Party, Chief Fidelis Nwankwo, Rt. Hon. Linus Okorie and Dr Ezeh Emmanuel Ezeh, convened the stakeholders briefing with a view to informing members of the Labour Party, Ebonyi State Chapter, about the future political activities of the emerging Labour Party, which include mobilisation of new members and registration.
“The members of the NTC also shared details of the 2023 post-election reviews conducted by the national and state working committees of the party and consequently resolved as follows:
“That His Excellency, Mr. Peter Obi, remains the National Leader of the Party and he, Mr Obi, is bestowed with the appropriate competences to salvage the Nigerian economy from its declining fortunes.
“Stakeholders observed the need to support the National Transition Committee in her bid to conduct an all-inclusive state congress and national convention of the Labour Party, respectively.
“Furthermore, stakeholders urged feuding stakeholders of the party to sheath their divisive swords in the overall interest of Labour Party and our target to better the lots of Nigerians.
“That a united Labour Party, Ebonyi State Chapter, shall pursue vigorously the conversion and registration of new members into the party at the right and designated time and also set a target of 400,000 members.”
Peoples Democratic Party (PDP) chieftain, Mustapha Muhammad Inuwa, has asserted that the crisis rocking the party at the national and state level was lately fuelled by the FCT minister, Nyesom Wike, and former Governor of Benue State, Samuel Ortom.
Inuwa, the campaign director of Atiku/Lado in Katsina State during the 2023 general elections, made this known at a stakeholders’ meeting in Katsina where issues about the party’s crisis in the state were discussed.
A former national secretary of the PDP, Umar Ibrahim Tsauri, who chaired the meeting, vowed to do anything possible to salvage the party in Katsina before the upcoming congresses.
Also speaking at the meeting, Inuwa said Wike and Ortom are destabilising the opposition party in favour of President Bola Tinubu ahead of the 2027 election.
He said, “It is a common knowledge that both Wike and Ortom have declared that they have no presidential candidate to support in the 2027 elections, but they endorsed President Tinubu.
“Their main aim was not to win election but to weaken the party (PDP) ahead of the 2027 election in favour of President Tinubu and that is why they are using stooges in the state to fulfil their mission.”
Recall that some stakeholders in Katsina have accused a faction led by the 2023 governorship candidate, Yakubu Lado Danmarke, with the backing of the state caretaker committee appointed by the national working committee, of concealing the party Congresses forms.
A former national vice chairman (North-West) of the ruling All Progressives Congress (APC), Salihu Lukman, has described former Vice President, Yemi Osinbajo and the likes of former Governor of Kaduna State, Nasir El-Rufai as political orphans.
Lukman, who spoke of a proposed coalition among top political bigwigs in the country, listed El-Rufai, Osinbajo, former Minister of the Interior of Nigeria – Rauf Aregbesola, former Governor of Ogun State, Ibikunle Amosun and former governor of Ekiti State, Kayode Fayemi, among others seeking to occupy the nation’s top political seat via merger.
According to him, the APC leaders have been sidelined by President Bola Ahmed Tinubu’s government and have been pushed to the peripheral edges of Nigerian politics.
Lukman, however, in a press release issued to the media in Abuja on Sunday, said the APC chieftain must bury their presidential ambition and focus on pushing for a better Nigeria.
He emphasized that as long as the goals of Nigerian politicians are confined to winning elections and installing new elected officials, Nigerian democracy will be incapable of combating the phenomenon of ‘state capture’, which is currently at an advanced stage of infiltrating the Federal Government.
He said: “Unfortunately, given the advanced stage of ‘state capture’ at the Federal level, most political leaders, including the leading opposition leaders such as Alh. Atiku Abubakar, Mr. Peter Obi and Sen. Rabiu Musa Kwankwaso are all operating in isolation to one another. APC leaders such as former Vice President Yemi Osinbajo, Chief Rotimi Amaechi, Dr. Kayode Fayemi, Sen. Ibikunle Amosun, Mal. Nasir El-Rufai, Ogbeni Rauf Aregbesole etc., who are more like political orphans on account of being excluded from the President Asiwaju Tinubu government, have been pushed to the peripheral edges of Nigerian politics.
“Although there are some indicative political activities taking place around some of these political leaders, it has not graduated to the level of commitment to building the kind of strong political parties capable of threatening the APC and President Asiwaju Tinubu, which is needed to guarantee the future of Nigerian democracy.
“Building strong political parties in the country capable of responding to the challenges facing citizens and reversing the phenomenon of ‘state capture’ at all levels is about political leaders agreeing to form a united front across all parties. Forming a united front is about recognising the shortcomings of individual leaders and being able to forgive misgivings of the past. The ability to forgive misgivings of the past is a fundamental requirement for political leaders to be able to orient themselves and provide the needed leadership for national reconciliation. The inability of APC, both under former President Buhari and now under President Asiwaju Tinubu, to orient itself on the path of national reconciliation represents one of the biggest political failures ever experienced in the country.”
Lukman emphasized the necessity of creating a united political front that can bring together leaders from all regions of the country, especially in light of the widening fault lines caused by the failure of the APC.
He said it is crucial that this new front garners widespread acceptance across Nigeria.
Lukman stressed that all political figures, including Atiku and Obi, should refrain from exploiting this opportunity to further their Presidential ambitions.
Similarly, he urged APC leaders like Osinbajo, Amaechi, Fayemi, El-Rufai, Amosu and others with aspirations for the Presidency to set aside their ambitions during the negotiations for the united political front.
A former National Vice Chairman of the All Progressives Congress (APC), Salihu Lukman, has accused the ruling party of failing to deliver its campaign promises to Nigerians.
According to Lukman, the failure of the APC has surpassed that of the Peoples Democratic Party (PDP), which was ousted in 2015.
Recall that former President, Goodluck Jonathan of the PDP lost the 2015 presidential election to Muhammadu Buhari and has continued to govern the country.
However, amid the numerous challenges facing the country at the moment, Lukman, in a press release handed to journalists in Abuja on Sunday, expressed concern over the current state of affairs in the country.
The former Director General of the Progressives Governors Forum (PGF) criticized the APC for failing to fulfil its promise of leading the fight against corruption, instead allowing corruption to thrive and endorsing the concept of ‘state capture’ across various levels.
“What were the failings of the PDP? The failings of the PDP are reflected in the same way today’s challenges are manifesting. If the truth is to be told, whatever the failings of the PDP in 2015, it was less grievous than what it has become under APC in 2024,” Lukman noted in the press release.
He said: “What is the future of democracy in Nigeria? Is there any prospect that it can produce leaders who are responsive to national challenges? Being responsive is basically about ensuring that public expenditures are oriented to tackle challenges facing citizens. What are the challenges facing Nigerians today? Poverty, unemployment, insecurity, drugs and substance abuse, millions of out-of-school children in the North, etc. Not to mention the additional problems of inflation and the crash of the value of incomes, especially in the last year under the leadership of President Asiwaju Bola Ahmed Tinubu.
“Although some officials of the government of President Asiwaju Tinubu have attempted to explain the current hardship Nigerians are facing with reference to the bad economy inherited from the previous administration of former President Muhammadu Buhari, the reality is that both are APC Governments. If anything, APC became very popular in Nigeria on account of the failings of the PDP. What were the failings of the PDP? The failings of the PDP are reflected in the same way today’s challenges are manifesting. If the truth is to be told, whatever the failings of the PDP in 2015, it was less grievous than what it has become under APC in 2024.
“No doubt, former President Buhari had his problems as a leader. However, whatever was estimated to be his failure should be the shared responsibility of APC leaders in varying degrees, including President Asiwaju Tinubu. No leader of APC should attempt to distance himself/herself from the failure of the Buhari era, certainly, not President Asiwaju Tinubu. In one way or the other, APC leaders, without exception, are ‘beneficiaries’ of the Buhari era, just as some of them could claim to be victims. On balance however, APC leaders benefited more from the Buhari era than being victims. At least electorally, former President Buhari made it possible for APC to defeat the PDP. Without former President Buhari, the defeat of the PDP in 2015 would have been almost impossible, and by extension, arguably, it would have been difficult, if not impossible, for President Asiwaju Tinubu to become President of the Federal Republic of Nigeria.
“Unfortunately, having defeated the PDP in 2015, the APC failed to produce the needed collective leadership required to manage the machinery of governments produced by the party at all levels. Gradually, APC succeeded in turning democracy on its head. Instead of producing democratic leaders, elected leaders increasingly became emperors and overlords. State machinery became captured and privatised to almost exclusively only serve the interests of elected representatives.”
[NaijaNews]
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President Bola Tinubu has been re-elected as the chairman of the Economic Community of West African States (ECOWAS), about one year after he took over the leadership of the regional bloc.
The Nigerian leader who rose to power in May 2023 was re-elected as the ECOWAS chairman during the 65th Ordinary Session of the ECOWAS Authority of Heads of State and Government. That event took place at the Presidential Villa in Nigeria’s Abuja capital on Sunday.
Stabilising Fund
During his opening remark at the summit, President Tinubu urged ECOWAS member states to make financial commitments to help in the battle against terrorism in the region.
“As we move to operationalise the ECOWAS Standby Force (ESF) in combating terrorism, I must emphasise that the success of this plan requires not only strong political will but also substantial financial resources,” he told the gathering.
“We must therefore ensure that we meet the expectations and recommendations set forth by our ministers of defence and finance in order to counter the insecurity and stabilise our region. Member states must make extra commitments to providing resources for stabilising the region.”
Coup-Hit Region
In recent years, ECOWAS has been hit by a wave of coups in member nations. Niger Republic, Mali, and Burkina Faso have been taken over by junta leaders.
ECOWAS had in the wake of the coups imposed a raft of sanctions including border closure on the three nations.
While they were lifted in February, the countries left the regional bloc a few days later. The trio said they have “irrevocably turned their backs” on ECOWAS and have instead formed the Alliance of Sahel States (AES).
During the AES maiden summit in the Nigerien capital of Niamey on Saturday, Niger Republic’s military leader Abdourahamane Tiani accused ECOWAS of incompetence in tackling jihadists’ incursion into the region.
“Our people have irrevocably turned their backs on ECOWAS,” Tiani insisted.
“The AES is the only effective sub-regional grouping in the fight against terrorism,” Tiani declared on Saturday, calling ECOWAS “conspicuous by its lack of involvement in this fight”.
The exit came as the trio shifted away from former colonial ruler France, with Tiani calling for the new bloc to become a “community far removed from the stranglehold of foreign powers”.
[Channels TV]
The Chief Justice of Nigeria, Justice Olukayode Ariwoola, will swear in 12 judges into the High Court of the Federal Capital Territory on Wednesday, July 10, 2024.
According to Channels Television, this was disclosed on Sunday in a statement by the Director of Press and Information of the Supreme Court, Dr. Festus Akande.
The ceremony is scheduled to take place at the Main Courtroom of the apex court by 10am.
Meanwhile, among the 12 judges to be sworn in is the CJN’s daughter-in-law, Ariwoola Oluwakemi Victoria.
Here is the full list of all 12 judges:
1.Ariwoola Oluwakemi Victoria (Oyo State)
2.Ademuyiwa Olakunle Oyeyipo (Kwara State)
3.Bamodu Odunayo Olutomi (Lagos State)
4.Iheabunike Anumaenwe Godwin (Imo State)
5.Odo Celestine Obinna (Enugu State)
6.Hauwa Lawal Gummi (Zamfara State)
7.Sarah Benjamin Inesu Avoh (Bayelsa State)
8.Maryam Iye Yusuf (Kogi State)
9.Buetnaan Mandy Bassi (Plateau State)
10.Lesley Nkesi Belema Wike (Rivers State)
11.Ibrahim Tanko Munirat (Bauchi State)
12.Abdulrahman Usman (Taraba State)
Recall that on May 17, 2024, the National Judicial Council recommended a total of 86 judicial officers for appointment into federal and state courts across the country.
The recommendations were made by the council’s Interview Committee on Appointment of Judicial Officers of all Superior Courts of Record in Nigeria, during the NJC’s 105th plenary meeting held between May 15 and 16, 2024.
This was according to a statement issued by the council’s Director of Information, Soji Oye.
…as ABUAD/NSE hold maiden industrial park trade fair
Legal luminary and Elder Statesman, Aare Afe Babalola has said that Nigeria will remain perpetually poor it fails to produce rather than consume more.
Babalola made this known over the weekend in Ado-Ekiti, while performing the dual role of declaring open, the maiden edition of Afe Babalola University (ABUAD) Industrial Park Trade Fair, in conjunction with the state chapter of the Nigeria Society of Engineers, (NSE), and later, while receiving the executives of the Akure Branch of the Nigeria Bar Association, (NBA), who came to present to him, the Icon Award for Excellence.
Babalola warned that the country might continue in stagnation, for as long as the incurable attitude of indiscipline, poor work attitude, lack of vision and patriotism are tolerated.
He called Nigerians and its leaders to be genuinely ready and willing to change the narrative, for the country to grow while describing the industrial park as a technology hub, designed to bridge the gap between research and industry, as well as provide employment opportunities for many jobless graduates and youths.
He also expressed regrets over rising incidences of some Courts, now in the habit of fragrantly delivering contradictory judgments, on same subject matter, asking members of the NBA nationwide to urgently convey a meeting, and rise to the occasion, to put a stop to further dent and embarrassment such abnormality was daily causing the legal profession.
“It is true Nigeria today, is in the doldrums. That however does not mean we should throw patriotism and national interest into the mud. This is because to me, Nigeria can still become like USA of this world, or other great countries alike.
“But the bitter truth is that Nigeria can not suddenly become a USA with the way we do things continually and still expect different results. Nigeria is such a rich country, blessed with resources, good weather, friendly climate and money.
“Unfortunately however, aside many other obvious factors, the very point where we began to get things wrong is that Nigeria is a nation that consume more than it produces, and the bitter truth here is that, any country that does that, will remain perpetually poor.
“As a leader by example, even at my age, I abhor laziness and complacency. I do work for 18 hours daily. I do not buy food, I grow them in the farm, I do not buy pepper, tomatoes, chicken or fish, I produce them. How many Nigerians does that?
“As a result, ABUAD was conceived by me, not only as an innovative institution to change things for the better, but also as a deliberate way of giving back to the society, what I did not get, on a platter of gold.
“Even though I did not have the opportunity of going beyond conventional primary School, neither did I have opportunity of conventional, class studies of secondary or university education, I struggled on my own, out of strong determination to succeed, coupled with uncommon commitment, to get myself educated at both secondary level, and later university of London, all through correspondence studies.
“But I thank God today that in all, God has rewarded my dedication, and endowed me with something extra: the ability to work hard, to achieve desired results.
He therefore urged Nigerians to embrace hard work, honesty and faith in the country, to achieve greatness.
He expressed confidence that the country would be great again, only if leaders and the citizens can start emulating some of the principles that ABUAD had imbibed over the few years of it’s establishment.
“I make bold to say that our performance gives us the hope in this country that Nigeria can achieve what we have achieved, if we all agree to change the old ways of doing things.
“Nigeria can be greater. With hard work, the way we are doing things here, with hard work, honesty and faith, Nigeria can be better and get out of doldrums. I believe that hardship breeds determination, determination breeds faith, and faith never fails.” he said.
In his remarks, the NBA Akure, Ondo State Branch Chairman, Banjo Ayenakin, who described Babalola as a trailblazer and exceptional icon, commended him for being a most generous and versatile Nigerian.
He said: “If we have a few more of your type in this country, the story will change for the better. If we all work and lift individuals and groups, the way Baba Afe Babalola is doing on regular basis, across tribes, cultures and political divide, even at his age, and at the expense of his hard earned resources, there will be no much problems of any sort for anyone in this country.”
Also speaking, at the industrial park maiden trade fair, Chairman, Ekiti chapter of the NSE, Prof. Oluwasegun Aluko, expressed gratitude to Babalola for establishing the park, which he said was designed to accommodate124 cottage industries, and thereby give a boost to use of locally explored raw materials.
The Vice Chancellor of ABUAD, Prof. Smaranda Olarinde, in her welcome address at the events, commended Babalola for deploying his hard-earned resources in championing the needed revolution in the education sector with the establishment of both the University, and the industrial park, among others.
According to Olarinde, ABUAD was recently ranked the best Nigerian University for the third consecutive time, 4th in Africa and 142th in the world, as recently published in the 2024 Times Higher Education Impact Rankings.
Besides, she said the university also ranked first globally for SDG 7 on Affordable and Clean Energy, Outreach Programmes scoring 98%, and Stewardship Programmes with 98.2%.
She said though only about 15 years old, ABUAD’s accomplishments in Law, Medicine, Engineering, the Sciences and Social and Management Sciences in the past few years of its existence, had put the university on the international grid of world-class institutions.
A Nigerian couple, Agbakoba John Mmadu and Agbakoba Ijeoma Chinwe, who allegedly led a high-profile cocaine syndicate based in Lagos, have been arrested by the National Drug Law Enforcement Agency (NDLEA).
The couple was apprehended along with an associate, Okoye Ifeoma Maryjane, during a raid where significant quantities of cocaine intended for export and local distribution were seized.
Femi Babafemi, the NDLEA’s Director of Media and Advocacy, announced in a statement on Sunday that the arrest followed months of intelligence gathering and surveillance by a special operations unit targeting the notorious drug syndicate.
The group is known for packaging, distributing, and trafficking cocaine within Nigeria and internationally.
Babafemi said, “The 54-year-old Agbakoba John Mmadu was arrested at Ago palace way, Okota while his wife, Agbakoba Ijeoma Chinwe, 39, and associate, Okoye Ifeoma Maryjane, 31, who doubles as their stash keeper, were nabbed at Plot 2205 Eugene Ndubisi close, Lilly Estate, Amuwo Odofin area of Lagos, all on Wednesday, 3rd July 2024.
“While seven parcels of cocaine with a total weight of 7.652 kilograms were recovered from Mmadu at Ago palace way, not less than one hundred and twenty-two (122) compressed pellets of the same drug weighing 2.42kg were seized from the duo of Ijeoma and Ifeoma at Lilly Estate, bringing the total seizure to 10.1 kilograms valued at over N2.1 billion in street value.”