OTHERS' VIEWS

OTHERS' VIEWS

Happy posthumous 77th birthday to the great African leader, PAPA J. Jerry John Rawlings, a Ghanaian Air force Officer, aviator and politician who led the country for a brief period in 1979, and again from 1981 to 2001. He led a military junta until 1992, and then served two terms as the democratically elected President of Ghana. Gone but not forgotten, Rawlings’ enduring legacy remains indelible on his 77th posthumous Birthday. As an African patriot, I call us to remember our wakanda warrior, JJR.

Rawlings is remembered for his efforts to combat corruption and promote social justice during his time in power. He pursued populist policies aimed at addressing poverty and inequality. Despite his military background, he was seen as a charismatic leader who maintained popular support among many Ghanaians, especially the poor and marginalized.

He founded the National Democratic Congress (NDC), one of Ghana’s major political parties, and remained influential within the party until his death, on 12th November, 2020. His death was met with an outpouring of tributes from across Ghana and the international community, highlighting his enduring impact on the country’s history and politics.

 

Overall, Jerry John Rawlings was a complex and polarizing figure in Ghanaian politics, revered by some as a champion of the poor and criticized by others for his authoritarian tendencies. His legacy continues to shape Ghana’s political landscape to this day.

JJ or “Junior Jesus” as many of our compatriots particularly the Ghanaians called him, was a true leader who provided direction, guidance, solution, and reassurance at very critical times.
Having observed and reflected deeply on the impact of this African, nay, global statesman, I found myself drawing certain salient conclusions:

Leadership and followership go hand-in-hand because a good leader has a unifying effect on his or her followers. Everyone is a leader, the dictionary defines a leader as someone who guides or directs others, this is true. Leaders are people who possess certain qualities that enable them direct others to perform a task or accomplish a purpose.

 

When we conduct ourselves, being just and equitable citizens, a worthy leader would naturally emerge from our midst. Now, there are instances whereby we have transformational leadership but lack transformable followers. And, there are also instances whereby we have transformable followers, but we do not have transformational leaders.

Furthermore, nations do not develop because they have natural resources. They develop because they have thinkers that show great concern about the well being of the community and mobilize the people to work hard for a better tomorrow. It is NOT the farmer making the cassava that becomes rich; rather, it is the restaurateur making ten times the cost of the cassava on each plate of food!

In conclusion, as a mark of respect for our wakanda warrior ‘JJR’ on his posthumous 77th birthday, I will conclude this article by saying that development is not about raw materials. It is about value addition. Any nation that does not add value will continue to go down. There are nations, having little oil deposits of their own, that have oil companies prospecting oil beyond their shores; there are also nations that have oil, and spend over sixty years collecting royalties without necessarily developing the requisite knowledge on how to mine the oil by itself!

 

Finally, I feel obligated to join millions of our compatriots at home and abroad to identify with our sister who may likely become the first Ghanaian female President, Zanetor Agyeman-Rawlings,  Ghanaian medical doctor, politician, activist and campaigner, who is the eldest daughter of Jerry J. Rawlings in celebrating JJR @77 posthumously.

 How long have you been in this condition? Tell me. The sick man near the Pool of Bethesda spent 38 years in his own condition and had enough reasons not to expect healing and they were all facts. He was very ill and could not get up. He could not help himself and had no body to help him. And worst, he was also in the midst of other helpless and hopeless individuals – the sick, the blind, the paralyzed, the lame, etc. My God! Group, congregation of invalids! A family of desperate, terminally sick people and their depressed and exhausted relations – most waiting to die. Just imagine what that kind of gathering would look like - the groaning, the sighing, the cries, the prayers, the hopeless looks, the wounds, the bandages, the stench, the anxieties and the struggles to rush into the water first for the healing. The angel of the LORD only visited once in a while and only the first sick that had people to help them into the pool would receive healing. And after that the long wait continues until the angel visits again. And because of these facts and the long years in this condition, the man had totally lost hope of ever getting well again. Have you lost hope? He was virtually waiting to die. True. And he promptly presented these facts to Jesus. But what happen? Jesus ignored them and healed him! Yes, the medical facts of your condition are there - the proof, the tests, the opinions of the experts. Yes, they are incontrovertible. But the Master is bypassing, overruling then today!

    God overrules facts and conditions. He overrules worst situations and best opinions. And that is why he is Sovereign. Now listen to him today, “I am God of all flesh. Is there anything too hard for me to do?” No! He is the creator of the heavens and earth. He is the maker and controller of life and death. Nobody, nothing dies or lives without his knowledge and approval. We are told that not even a bird out of the billions can drop from the skies without his knowledge. He is the beginning and the end. He is the maker of all the things you see and all those that you cannot see. Everything, every power, every condition, every situation, every spirit and flesh bows to him. He is the Almighty, the Alpha and the Omega – nothing exits or happened without him. He is the great healer and with him nothing is impossible. He is the great physician. Even the best of the doctors always agree that they treat, but it is only God that heals. Praise God! So why do you still think that nothing can be done about your condition? Why do you think you will not be healed now as you read this message? Tell me. The same Jesus that healed the 38 year old sickness will meet you today!

   Even if your condition is worse than that man’s, it cannot match with the case of Lazarus that had already been buried for four days and was expected to have started decaying. After death sometimes, miracles can still happen. But once somebody is buried, then, it is finished. But Jesus defied this natural and eternal order by calling up Lazarus from the grave! As you read this, every power of grave around you will be broken in the mighty name of Jesus! I like the encounter Lazarus’ sister Martha and Jesus had at his graveside. Listen, “Roll the stone aside,’ Jesus told them. But Martha, the dead man’s sister, said, ‘Lord, by now the smell will be terrible because he has been dead for four days.’ Jesus responded, ‘Didn’t I tell you that you will see God’s glory if you believe.” John 11.39. Is your situation already buried and smelling? Roll away that unbelieving stone and receive your miracle today. Yes, it was a fact that he has been buried for days and all hope lost, the body expected to be decaying already, etc. But Jesus still ordered the stone to be rolled away because Lazarus must come forth. Every stone holding back your healing and miracle must be rolled away today in the name of Jesus! He made the man, the grave, the life and death, the stones, so he can afford to manipulate and manoeuvre them at will. God does not care how long, how smelly, how stinking or how impossible your situation looks. The most important thing now is that he wants to make you a testimony so that his name will be glorified. In fact, the messier the condition, the more glorious the testimony will become. He has waited till now so that your story and testimony will be complete to his glory. Your story is becoming your testimony!

   He was there when Lazarus took ill. He tarried when they were expecting him to come and see him. But he only appeared after the man has been buried and already stinking. Why? He wanted the world to see another dimension of his power and sovereignty. They had seen him raise the dead before but not calling the decaying dead from the grave. I know what is going on your mind now. I am feeling it. You are asking why God allowed you to get into that condition in the first place. Why did he allow you to stay so long and wasted all those resources and efforts? Why did he allow all that humiliation and pain? Why did he allow your enemies to mock you for this long? Why did he allow this to happen upon all the good things you have been doing for him and for humanity? Yes, they are legitimate questions. But he says that it is for the glory of God to manifest. He is making you a global testimony. The ending of you situation will make the world to see and know the power of God.  Your testimony will shake the church and the world. Lazarus was Jesus’ friend and the family loved the LORD so much, yet he allowed that condition to get to that hopeless, irreversible point. My God!  I am sure that your condition is ending with a testimony today.  Nations will hear your story. What he did then he is also doing now. Just get up now and roll away that stone. Believe this message. Receive your healing and miracle in the mighty name of Jesus! We will continue. Share this message..

In every government or institution, there is a corresponding invisible hand that remote-controls its affairs with immense influence over decision-making process, predominantly on matters of interest.  In most cases, while the head, and perhaps, the kitchen cabinet, may be aware of this imperceptible parallel, it is mostly unknown to other members of the team, who ignorantly, believe that the administration’s decisions are without external interference. 

The Economic and Financial Crime Commission (EFCC) is a victim of this invisible hand.  The head of the Commission, and possibly, his inner caucus, are not oblivious of its presence and interference, but may be unknown to other members of staff.  By conferring the power to appoint the Chairman of the Commission on the President of the Federal Republic of Nigeria, law makers, have unwittingly, created an invisible hand for the EFCC.  The invisible hand is the President, and by extension, the Presidency. 

Section 2 (3) of the Economic and Financial Crimes Commission (Establishment) Act, 2004, clearly states that “the Chairman and members of the Commission, other than ex-officio members, shall be appointed by the President”, and the appointment shall be subject to confirmation by the Senate.

By this Act, the EFCC was delivered as a bondservant from inception, lacking autonomy and courage to function effectively outside the grip and body language rhythm of its master, the President.  And since the head of the Commission occupies the driver’s seat, obeying all traffic regulations as beamed by the President, liberty is replaced with dependency.  

Under this circumstance, what courage can the Commission’s Chairman muster to prosecute the President’s loyalists without upsetting his ego and sensibilities?  This is the burden of the EFCC.  Until the power to appoint the Chairman of the Commission is removed from the President, the head of EFCC will continue to operate under dominance and influence of the President, doing his bid and covertly yielding to his whims and caprices, without ethical courage to act otherwise.  

No matter how committed and sincerely intentional the Chairman of EFCC may be, his drive for efficiency is weakened by presidential interference.  Even if angels are imported from heaven, or heads of Terrorism and Financial Intelligence (TFI), and Federal Bureau of Investigation (FBI) of the United States of America (USA) are redeployed to manage the EFCC, their competence would be undermined by effect of the President.  

This finds expression in the crux of allusions to EFCC’s selective war against financial crime and money laundry in the country.  The public must recognize that the President is first, and foremost, a politician, who came to power on the ticket of his political party.  He has his loyalists and those who supported the process of his ascension to power.  Besides political affiliates, some of these stalwarts permeate both the critical public and private sectors.

As a politician who sets his eyes on consolidation and re-election, the President may want to stand with his loyalists during moment of travails, as part of reciprocation gesture for sustained support.  By this action, he stifles the power of the Commission to effectively go after real and powerful perpetrators of financial crime and money laundry in the country, making the Commission’s Chairman helpless without courage to step on toes for fear of being removed from office.  The President also has the power to suspend or remove the Chairman of the Commission.

Evidently, circumstances that had led to sack of all past chairmen of EFCC could be linked to invisible hand of the President.  To avoid this route, EFCC handles high profile cases deemed to have ties with the President with caution, classifying them as persons with blue blood in their veins.  This is the trouble with EFCC, and why it is unable to effectively wage war against financial crimes and money laundry.  

Most ex-governors, ministers and other political and business big wigs that have been prosecuted and convicted till date are those with either weak link or fallen out of favour with the President.  An example were former governors of Delta State, James Ibori, and Bayelsa state, Diepreye Alamieyeseigha (now late), whose demand for resource control irked the then President, General Olusegun Obasanjo.  The former President believed that the ex-governors were source of funding for the defunct Niger Delta agitation group, the Movement for Emancipation of Niger Delta (MEND), and consequently activated the invisible hand which compelled the EFCC to cut the former governors to size. 

EFCC now tread with caution without discretionary initiative, constraining itself mainly to petitions received from the public, as against initiating and executing investigations on suspected individuals, and organisations, particularly those that are prone to financial crimes and money laundry.  The ministries, agencies, departments of government (MDAs), legislature, judiciary and the organized private sector, are black spots.    

The Nigerian environment is fraught with financial crime and money laundry, particularly the political space, yet, EFCC pretends not to know.  Politics is a big industry and quick source of unearned income where people become multi-millionaires or billionaires overnight just by participation in politics or serving in the Executive, Legislature or the Judiciary.  For example, National Assembly members who carryout oversight functions in various MDAs and private sector, also double as contractors to these same organisations, despite conflict of interest.  The Niger Delta Development Commission (NDDC) is replete with such unethical practices, yet, EFCC feigns ignorance.

Why is EFCC not interrogating legislators on padding of budgets?  Why is EFCC not putting spotlight on MDAs’ budgets, matching line items against executed projects?   Why is EFCC not looking at state governors and how they abuse Federal Account Allocation Committee (FAAC) remittances, including security votes and derivation funds?  

Despite admitting that Nigerian banks perpetrate about 70 per cent of financial crimes in the country, why is EFCC not quizzing banks’ chief executive officers (CEOs) over questionable funds’ inflow, foreign exchange manipulation, and round tripping?  According to the Financial Institutions Training Centre (FITC), financial institutions in Nigeria collectively lost about N159 billion to fraud since 2020, yet, EFCC has not deemed it necessary to initiate any probe.  Why are key operators and players in the Nigerian capital market not being investigated over unlawful manipulation of stock prices?

Besides, since crude oil exports constitute about two-third earnings, and over 90% of foreign exchange revenue of government, why is EFCC not extending its investigation into crude oil exports to determine possible mismatch between actual production and revenue receipts?  Also, why are suspected financiers of terrorism and kidnapping not being investigated and prosecuted for money laundry?  

Sadly, since the formation of EFCC, corruption, including financial crimes and money laundry, have been on the upward swing.  This is contrary to the intention of the originators, the Financial Action Task Force (FATF) on Money Laundering, an intergovernmental organization created by the Group of Seven (G7).

The purpose of the FATF was to use the EFCC to reinforce global war against money laundering, particularly at a time Nigeria was listed among 23 countries that were not supportive of the war against money laundering.  Response to this challenge led to establishment of the Commission through the EFCC Act, which further expanded the scope to include terrorism financing and, economic and financial crimes in Nigeria.  

With flourishing corruption menace, and by extension, financial crimes in the public and private sectors, the environment is fertile enough to keep EFCC fully engaged.  But, so far, its efforts are not commensurate with current depth and density of financial fraud in the country.  Except those that are endorsed by the invisible hand for thorough investigation, high profile cases with real negative impact on the economy are either deliberately overlooked or mismanaged.  

Prosecuting yahoo internet fraudsters with no powerful links to authorities together with persons involved in spraying of naira notes are inadequate to justify EFCC’s existence.  In the absence of any underpinning motive to use them as defence mechanism to showcase the Commission’s efforts at fighting financial crimes, these categories of offenders should be left for the Nigeria Police Force to handle. 

To rid the country of illicit wealth and growing corruption, Nigeria must review the process leading to the appointment and removal of the Chairman of EFCC in order to insulate the office from the influence and covert control of the President.  This is imperative given the country’s low political culture.   

Dr. Mike Owhoko, Lagos-based public policy analyst, author, and journalist, can be reached at www.mikeowhoko.com, and followed on X {formerly Twitter} @michaelowhoko.

 


Recently, there has been a lot of talk of international corporations leaving Nigeria, presumably because of the alleged difficult business environment caused by President Bola Ahmed Tinubu's policies since he took office on May 29, 2023. Some Nigerians, particularly those from opposing parties, have been making a big deal out of it on conventional and social media, as if an apocalypse had occurred in Nigeria.


Consider the situation of Guinness Nigeria, where a significant portion of Diageo, a European investor, was sold to the Tolaram Group, a Singapore-based company.Has anyone asked if our country has suffered any losses as a result of Diageo shares changing hands in Guinness Nigeria between two (2) investors?Isn't that what happens every day on the Nigerian Stock Exchange (NSE) when stocks are traded?

The only difference in my opinion is the size of the shares swapped between the prior and subsequent owners, which is 58.2% and that is huge. In truth, this may have been a merger and acquisition, as is customary in the financial services industry. So what's all the fuss about?

According to historical documents , Diageo's formation began in 1997, when Guinness amalgamated with food and beverage distributor Grand Metropolitan PLC. The $15.8 billion transaction went successfully, and the two firms combined under the name Diageo.

Data from Finance.yahoo.com reveals DIAGEO's ownership.
The leading institutional holders of the stock are:

(1)Bank of America Corporation , $5.1M for 664,620,064 shares.
(2)FMR, LLC $4.84M for631,245,335 shares.
(3)Morgan Stanley, $2.6M for 339,179,731 shares
(4)Clear Bridge Investments, LLC, $2.35m

Thus, what transpired with the share sales and purchases between Diageo and the Tolaram group is simply business as usual, and nothing suspicious in my opinion. Please take note that all of Diageo's institutional investors are investment banks and entreprises based in Europe and north America.

Interestingly, other multinational corporations that have made waves moving out of Nigeria during the last ten years—and not just in the one year under President Bola Tinubu's leadership—are mainly American and European companies, ranging from Proctor & Gamble in Ibadan to GSK in Lagos.

That is to say, a pattern has been gradually developing over time without the system noticing. And guess what foreign companies have been stepping in to fill the void left by American and European companies? Asian companies. These include both Chinese and Indian corporations. Even Singaporean and Lebanese firms have presence in the list.

An Asian company that specialises in sanitary products for adults and children, similar to Proctor & Gamble, is currently in the process of opening a factory to cover the void left by P&G's withdrawal. Just before Tolaram Group acquired Diageo's stake in Guinness Nigeria, a group of Nigerian investors, Renaissance Group had purchased SHELL's onshore holdings when the British and Dutch-owned oil giant made the decision to shift its activities to the offshore market and stay there solely.

The choice to limit operations to the offshore sector is thought to have been made in order to avoid the problems that arise from subpar work or a failure to uphold corporate social responsibility, which can lead to environmental damage from careless exploration and subsequent exploitation of the oil resources in the Niger Delta, which in turn can cause unrest that exacerbates the ongoing instability in the area.

The building sector has experienced similar events to those that have recently transpired in the oil and gas and manufacturing sectors.Since Europe was the continent that first colonised Africa, the majority of the continent's businesses and infrastructure are either owned or run by partners in Europe or America. That is because of the transition from colonialism to neo-colonialism by the Europeans that ruled Africa.

The colonialists used their contractors to construct roads, bridges, railways, airports, seaports, and notable architectural projects throughout Africa. Most of that occurred in the 1960s, 1970s, and 1980s, and it's possible that it continued until 2000. But the entry of Asian companies into the market has made them less competitive.
While those opposed to the economic reforms claiming that our country is down and has no hope of being resuscitated, using the analogy of whether a glass is half empty or half full, as a patroit my optics is that the glass is half full for very good reasons.
In my opinion—I lack scientific support for this—it seems as though Asian companies have been displacing Western companies over the last 20 years or so.

The building companies from France, Italy, and Germany that once controlled the Nigerian construction market are nowhere to be found.Currently in decline, Chinese and other Asian companies are displacing them.Who are the Chinese building all the major airports in Nigeria? Which Chinese companies are revitalising our rail networks?

Who in Lekki, Lagos, constructed a brand-new deep-water port in a comparatively short amount of time? the Chinese people. Examine the skylines of Lagos and other major Nigerian cities to determine whose construction companies are constructing the tall buildings: Chinese, Singaporean, and Lebanese companies, not European or American companies as was previously the case.

Indians are firmly establishing themselves in the information technology and pharmaceutical industries, much like the Chinese are dominating the construction of railroads, airports, and seaports throughout Africa, including Nigeria.

In my opinion, if a research is done to determine whether there has actually been a loss since the departure of companies like GSK and P&G, among others, I doubt that it will not show that the Asian companies that took their place have increased employment and increased the GDP of our nation.

I am issuing a challenge to everyone who disagrees with President Tinubu's current reforms, citing their reasons for the departure of companies like GSK and P&G as well as Diageo's sale of 58.2% of its shares to the Tolaram group, to carry out or commission a study to support their claims.

It should be the mission of PriceWaterHouseCoopers, Ernst and Yong, and other multinational research firms—including the native Nairamatrics—that take pleasure in being purveyors of business statistics to disprove or validate the assertion.

Based only on trend analysis, my educated guess is that after around 64 years of Nigeria's political independence from Britain, the continent is only now experiencing true economic independence.

Even though Nigeria gained its independence in 1960 and the British removed the Union Jack, neo-colonialism—the next stage of colonialism—persisted, with European and British corporations controlling the private sector and even holding a vice grip on governments.

The Ogoni land oil exploration catastrophe, which resulted in the execution of environmental rights campaigner Ken Saro-Wiwa and the iconic Ogoni 9 tragedy, was one such instance involving SHELL Nigeria. It is no secret that multinationals like as GSk and P&G run their activities out of their headquarters in New York and London.


Why couldn't the companies, which have been repatriating profits to their home countries over the years, be given some funds to get them through the rough patch caused by the ongoing reforms in Nigeria that have made it slightly more difficult to repatriate funds, if they were facing difficulties due to their high cost structure or restricted access to foreign exchange to procure raw materials?

In actuality, the companies that departed Nigeria have been dependent on Nigeria to finance their operations. But because of the country's current shaky financial services sector as a result of ongoing reforms, they have taken flight.

This is demonstrated by the elimination of the petrol subsidy, which has caused production costs to soar; the effort to harmonise the dual foreign exchange rates, which up until now had encouraged arbitrage; and, last but not least, the exorbitant increase in the electricity tariff for the so-called Band A consumers, which is, in a sense, the straw that broke the camel's back.

Due to all of the aforementioned circumstances, those businesses were forced to dissolve when they realised that things in Nigeria were no longer as they had been. Maybe when they modify their business models, they will be back shortly.

However, from the way those opposed to the ongoing reforms present the conglomerates' exit, it appears as though the companies were charity organisations founded by USAID or Oxfam to protect Nigerians from starvation, similar to how Sir Bob Geldorf founded Band-Aid in the 1980s to help raise money to aid starving people in the Horn of Africa.

Not to be overlooked, the goals of GSK and P&G are to generate revenue for their stockholders. Why should we lament their departure if their business models are no longer effective for them in Nigeria as they once were and they have made the decision to leave?
Bearing in mind the hostility of international oil companies denying access to crude oil for refining in Dangote refinery as recently alledged by Alh. Aliko Dangote, and the rough time that Mr Allen Onyema’s Airpeace had in flying Nigerians at reduced fare to London, a lucrative route hitherto monopolized by British airlines, European businesses in Nigeria appear to be lossing their competive edge and figting dirty.
It is important to remember that the main telecom companies from Europe and America showed no interest in Nigeria when the country was unbundling its telecom industry a little more than 20 years ago. However, the licences were obtained by Econet, a Zimbabwean network, and MTN, a South African network. Together with Globacom, a network that is exclusively owned by a Nigerian, these three networks have been controlling the market for more than 200 million users.

Following the successful privatisation, American and European businesses have been vying for a share of the pie.A similar situation occurred in the energy sector, when no significant European businesses expressed interest at the time it was unbundled . But because of the industry changes brought about by the 2023 Electricity Act, companies like Siemens of Germany, who previously shied away from making large investments in Nigeria's power sector, are now keeping a close eye on our nation.

GSK, P&G, and other companies should definitely make a comeback to Nigeria sooner rather than later, since the country's population of over 200 million makes it impossible to overlook. I can bet that if GSK and P&G had put up their firms for sale as Shell and Diageo did, local Nigerian entrepreneurs could have acquired them.
It is in the spirit of global south-south co-operation that investments are now flowing more easily between them. With President Tinubu’s recent stringent efforts at wooing investors from the Middle East when he toured Saudi Arabia,United Arab Emirates, UAE and Qatar, Arab investors may also sooner than later set their sights on Nigeria.
I've heard comments in the media claiming that Asian and Chinese companies that are taking the place of departing European and American companies don't adhere to good corporate governance norms.

When SHELL Nigeria perpetrated the crimes on Ogoni territory that the international court in The Hague eventually managed to force it to clean up and is still pursuing, was it not obligated by the highly regarded corporate governance rules in its home countries of England and the Netherlands?

The reality is that Singaporeans, Chinese, or Indians no longer lack strong standards for corporate governance. They are active in the American and European markets as a result of their engagements in those markets, so they are conversant with the standards and their economies are flourishing.

Since no Asian companies have been found guilty when it comes to environmental abuse, such as the Royal Dutch Shell in Nigeria has been adjudged guilty of environmental degredation of the Niger delta , there is no proof of that claim that they are too slack in that respect.
Based on my experience, corporate governance regulations are typically raised during the administration of contracts and hiring processes in European and American backed multinationals .

In any case, the Nigerian Stock Exchange (NSE) is doing a fairly good job of regulating publicly quoted firms, and Nigerian extractive industries regulatory agencies in the oil and gas sector are expected to keep a close eye on industries in that sector to ensure that there is not a corporate governance void left by exiting firms with origin from Western countries.

To sum up, I think the current reforms are good and have the potential to create a new Nigeria.I am fully aware of the extreme problems we are all facing as a result of the shockingly high cost of living brought on by the policy to remove subsidies.

We are all on the same boat, navigating the waves of the high cost of living. To get the ship to the land, all hands must be on deck, thus we should all make efforts even it is tiny to support one another in order to survive without depending solely on government. Let's engage in recreational farming in the yards around our homes during our free time. We may produce basic crops like tomatoes and vegetables, which are currently expensive, before insecurity concerns that forced our farmers to abandon their operations and the cause of the food scarcity is resolved.

While one supports the government's call for Nigerian farmers to return to their fields, it is imperative that it first provide sufficient protection to stop the evil ambassadors from abducting more of our hardworking farmers.

Prioritising the use of advanced technology in the fight against insecurity is vital, as is increasing the involvement of sociologists and psychologists in a non-kinetic manner to counteract the criminality that seems to be taking over our nation.
There has been an enormous dependence on military actions to counter the threat up to an elephant size , while the soft approach has been treated with an ant size effort.

Barack Obama, a former US president, once cautioned, "Just because we have a big hammer doesn't mean we have to keep hitting all the nails."
In order to fully reap the rewards of President Tinubu's socioeconomic and political changes, let us take a different approach to combating religious insurgency and banditry so that our country can flourish as the reform policies being introduced by President Tinubu begin to mature.

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

Jonathan Tepperman’s book, The Fix, is about how some nations fixed significant social challenges like inequality, corruption, and civil wars using innovative leadership and policies. No one has yet written a book about how nations fix profligacy. Therefore, it is justifiable that Nigerian leaders have not bothered to read a book that does not exist. When such a book is eventually written, Nigeria’s chronicle of shameless profligacy will qualify as a unique case study.

It is perceived as a culture our elite have come to embrace or tolerate as an acceptable national social habit. Profligacy, defined as reckless or wasteful extravagance, is a concern in various aspects of Nigerian society. It touches different levels, from personal lifestyle choices to government spending and business practices. This culture of profligacy, if left unchecked, will continue to drain our resources, hinder our development, and perpetuate a cycle of corruption and mismanagement.

Social habits are ingrained behavioural patterns that shape societies and influence how things are done. It might have a good or bad impact. Andrew Sykes, co-author of The 11th Habit, believes that the collective culture of a people shapes their habits, and habits cyclically reinforce culture. The habits of a nation reflect its values. This habit of profligacy among Nigeria’s ruling cadre is interconnected with the culture of corruption, lack of accountability in public life, short-term thinking, and lack of personal stake in the Nigerian project. 

Most importantly, it is proof of a total disconnect from reality. Since the Nigerian civil war, a deeply ingrained culture of wasteful expenditure and consumption-driven governance has plagued successive Nigerian governments. However, this is not a fate we are bound to. With the right cultural shifts and systemic reforms, we can break free from this cycle and build a more responsible and prosperous Nigeria.

There is substantial empirical evidence linking this culture of wastefulness to our oil economy, which provides the government with oil revenues at all levels without accountability. Oil receipts have increased spending, often on non-essential projects that do not benefit the citizens. With an abundance of oil money and less emphasis on accountability and transparency, an environment of profligacy became prevalent and is now a national social habit. This profligacy, in turn, fuels corruption and mismanagement, creating a vicious cycle that hampers our progress and development. It is crucial that we recognise and address this interconnectedness to pave the way for a more responsible and accountable Nigeria.

There is no responsible public affairs management culture, which feeds the decadent habit of wastefulness that our elite has adopted. Our weak institutions encourage mismanagement since they cannot enforce laws and regulations. A political patronage and nepotism culture has made us prone to wrong priorities, and we need the ability to plan strategically. Oversight by the legislature is highly over-compromised.

 The Nigerian government is often criticised for high spending on non-essential items, such as luxury cars for officials, unreasonable cost of renovation of offices and accommodation, large delegation to foreign trips and frequent travel expenses. This is particularly controversial given the country’s significant economic challenges and infrastructural gaps. Corruption is a considerable issue, with funds frequently misappropriated or embezzled.

Examples litter our landscape to prove that there is nothing untoward in the culture of profligacy. For brevity and conciseness, I will give four examples. First, NNPC, the national oil company, spent $25 billion (over N12 trillion) over 20 years on turnaround maintenance of Nigeria’s four refineries, yet none can refine a drop of oil. The average cost of building a 350,000-bpd refinery is about $ 3.5-5 billion.

This may not convince you about a national habit that has calcified. Between 2010 and 2020, crude oil theft led to the disappearance of 619.7 million barrels of oil worth N16.25 trillion, according to NEITI, an extractive industry transparency watchdog. None of these two high-profile cases resulted in arrest, prosecution, or national protest. It is normal and an acceptable national habit for the elite and average citizen.  You will be tempted to think that this habit of national profligacy is restricted to the oil and gas industry. You are dead wrong!

Second, how can we quickly forget what qualified for a national embarrassment in 2023 when government registered 1,411 persons—a mixture of court jesters, government officials, professionals, a sprinkle of environmental activists, academia, and political jobbers for COP 28 in Dubai? Nigeria had the third highest delegation to COP 28, even though we contribute less than 0.0001% to climate change and its minimal impact on us.

Third, most recently, Nigeria’s delegation, according to a digital news platform, was the largest among 187 countries to the International Labour Organisation’s, ILO, 112th conference in Geneva, Switzerland. This is happening at a time when the economy of the country is in some form of life support.

The final example that raised curiosity was the news that government reportedly spent N90 billion to subsidise the cost of the 2024 Hajj pilgrimage for citizens. The arithmetic of a huge subsidy for what ought to be a private religious obligation in a period of economic distress required advanced economic numeracy to solve. The list of our profligate habits as a nation is unending.

Profligacy is not only akin to the political class and government. We see a preponderance of activities that scream profligacy at personal and social life levels. Nigerians are known for hosting grand and often extravagant celebrations, including weddings, birthdays, and funerals. These events can involve large guest lists, expensive venues, elaborate decorations, and abundant food and drink. 

 In the business sector, some Nigerian corporations, especially those in the oil and gas sector, tend to pursue luxurious corporate lifestyles, including high-end office spaces, private jets, and lavish entertainment expenses. There are over-invoicing and kickbacks, where inflated contracts and procurement costs are used to siphon funds for personal gain.

Our entertainment industry is the window for showcasing opulence and luxury. Our Nollywood and Afrobeat often feature extravagant displays of wealth. Music videos and films frequently showcase luxury cars, opulent houses, and designer outfits. Our celebrities, including musicians, actors, and influencers, often lead lavish lifestyles, displaying their wealth and success through expensive purchases and luxurious vacations. This creates a culture of aspirational spending among fans and the public.

Understanding and addressing profligacy in Nigeria requires a multifaceted approach that includes cultural shifts and systemic reforms. Leaders have to led by example. We need to implement stricter regulations and oversight on government spending, enhancing transparency and accountability, and reducing waste in public sector expenditures; promote cultural values that prioritise modesty and prudent financial management over ostentatious displays of wealth; increase financial literacy among the public to encourage responsible spending and saving practices; and enhance corporate governance standards to reduce wasteful spending and corruption in the business sector.

Early signs are that those in power today have not only adopted the worst practices of the past but have also positively embraced them. If we continue along the same path, we will be stuck in an endless economic crisis and stagnation. Nigeria and Nigerians deserve better leadership in combating profligacy! We must escape this vicious cycle that has brought us to the quagmire we are in now.

There is a palpable anxiety in the banking industry over delays by the Securities & Exchange Commission (SEC) to approve issuance of new securities by the banks. In the last three months, over 15 banks have filed applications with SEC to issue new shares by way of right issues and public offers in order to meet the new capital base announced by the CBN in March, but the capital market regulator has only managed to approve Fidelity Bank’s N127.1 billion capital raise. Fidelity is hoping to raise N97.5 billion in fresh funds from public offer and N29.6 billion from rights issue. SEC’s delay in approving new issues is creating apprehensions in the banking industry, with many speculating that the two-year deadline set by the CBN may not be met, after all. There are two major reasons for the delay. First, SEC has been flooded with loads of applications from the banks and other companies wishing to raise money; and second, the former management of the commission was a bit tardy in handling the approval processes and other responsibilities, thus leaving behind a huge backlog of applications that need to be cleared. It was only in April that President Tinubu swept off the top management of the commission and replaced it with a new team which is grappling with the challenge of long overdue proposals. Said a retired SEC director, Mr. Okokon Akpan, ‘’The President did well in changing the former leadership. We now have a team of young and capable professionals, who have been in the system and know the workings of the commission. I am sure the backlog would be cleared soon. The previous people had a very poor attitude to the job’’.

Over N4 trillion would have to be raised by the nation’s 35 commercial, merchant and non-interest banks not later than March 2026 to meet new benchmarks set by the CBN. The broad objective is to create a strong and resilient banking system that would help propel the Nigerian economy to a trillion-dollar GDP by 2031. It is not clear to what extent these delays from SEC may affect the March 2026 target and if the CBN will shift the bar in event of massive defaults. Already, tier one lenders like First Bank Holdings; UBA; GTCo; Zenith Bank and Access Holdings have already filed applications at SEC for approvals of their issues. Many others are in the pipeline. In addition to requests from the banks, SEC has also been swamped with transactions from other companies that require regulatory approval. Nigerian Breweries, the nation’s largest brewer, is planning to raise N600 billion from the capital market. The sale of Diageo’s 52.02% stake in Guinness Nigeria Plc to the Tolaram Group is also awaiting the attention of the regulatory authority. Tolaram will acquire Diageo’s shares at N81.6 per share, with total transaction amounting to N103.7 billion. There’s also the acquisition of a majority stake in the Uyo-based Champion Breweries Plc by little known EnjoyCorp Limited. A few other foreign firms divesting from the country are also seeking SEC’s approval for sale of their shareholdings. ‘’With all these transactions coming to the capital market, SEC would have to double up efforts to clear the backlogs of applications on time. We are also hoping that the CBN is aware of these unexpected delays’’, a chief executive of a bank told me.

To obtain SEC’s approvals for any issue, an issuer must file several documents at the Office of the Director General at SEC’s corporate headquarters in Abuja. Specific requirements vary from time to time, but the common ones include memorandum and articles of association; evidence of tax payments; advertising materials; purpose of offer and expected utilisation of funds to be raised; proposed allotment of shares and prospectus of the offer which contains particulars of all the parties to the offer. Documents forwarded are reviewed, and where there are observed deficiencies, the applicants are duly informed. Where such lapses are communicated, the timeline for approval resets. But in the absence of any deficiency, approval will be communicated. The commission may however require other documents or information, where necessary. An issuer pays exorbitant fees to SEC to secure these approvals. Each stage of application filed at SEC costs N100,000. A big issuer, for instance, may spend as high as N100 million to raise N300 billion. Such costs are expended on a wide array of items like legal fees and other professional payments; filing fees; media and publicity; printing; extra-ordinary AGMs, etc.

In March, CBN Governor, Yemi Cardoso announced an upward review of the minimum share capital for banks, according to authorisation for their operations. International banks will have N500 billion minimum share capital; national banks, N200 billion and N50 billion for regional and merchant banks. It is likely that Cardoso did not envisage that his well-thought-out recapitalisation plans would be disrupted by the action of another regulator in the financial industry. The two institutions must therefore work together to achieve the national goal.

Umuawulu, a sleepy settlement in Awka, the capital of Anambra State in the south-east, is the unlikely origin of one of the greatest sporting resumes ever to come out of Nigeria. In the bowels of this village lies Holy Cross High School, the site from which this story sprouted.

Until the politicians contrived to destroy education generally, Nigeria’s high schools used to guarantee an interminable production line of rarefied sporting talent. This role pre-dated Independence. Historian, Peter Alegi, recalls that in territories – such as Nigeria – ruled by the British, missionaries and colonialists formed steeped in Victorian traditions, anchored their mutually complementary missions on “a belief that sport forged physically fit young men of sound moral character.” In the pantheon of sporting activities inspired by this belief, football was the undisputed king.

In 1963, a young man arrived at Holy Cross Umuawulu to begin his secondary education. Emmanuel Okala was 12 when his goalkeeping career began in Umuawulu. Born in May 1951, his contemporaries from then remember him as a rather spindly figure whose height took him to the lower reaches of the heavens. Even as a new arrival at the beginning of his high school journey at the time, those who beheld him acknowledged that they were in the presence of a generational phenomenon.

In 1970, Emma joined a football club created around the talents of a few young men most of whom had been demobilized from the war. Its name was Rangers International Football Club of Enugu. At the time, the leading continental footballing superstar was Robert Mensah, the legendary goalkeeper of Ghana’s Black Stars and also of Ashanti Kotoko Football Club. After Mensah was killed in a stabbing incident on 2 November, 1971, the continent cried out for a new goalkeeping supremo.

 

From his humble beginnings in Umuawulu, Emmanuel Okala rose rather effortlessly to become the country’s undisputed goalkeeper over the next decade, ultimately growing to fill the void created by the untimely passing of Robert Mensah. Emma’s influence grew to outstrip the role of the solitary minder at the rear of the outfield players. In 1978 the African Sports Journalists Union (ASJU) voted him as the African Footballer of the Year, the first person and the first Nigerian to win that distinction. By then, he was better known as the “Man Mountain” a moniker invented by leading football commentator, Ernest Okonkwo.

Two years later, in 1980, Okala was a goalkeeper of the national football team, then known as the Green Eagles, which won the African Cup of Nations (AfCON). The captain of that team was Christian Chukwu, who, like Emmanuel Okala, also began his footballing career as an “Academical” at the National Secondary School, Nike, on the outskirts of Enugu. Like Emmanuel Okala, Christian Chukwu was also born in 1951. From Nike National, he also joined the Enugu Rangers. As a footballer, it was said that his  “outstanding will to lead and motivate others earned him the nickname ‘Chairman’, as his colleagues saw him as an anchor of hope.”

That story of hope was not confined to the soccer pitch. The Rangers Football Club for whom both Christian Chukwu and Emmanuel Okala were leading super-stars, embodied the hopes of the people of south-east Nigeria as they emerged from the ruins of an utterly destructive civil war at the beginning of 1970 bereft of both capital and dignity.

 

The core of that team also included Johnny Egbuonu described by a leading sports publication as “a classic dribbler” who could “do anything with the ball.” Popularly known as “School Boy”, Johnny’s career also began in high school. He was destined for a great career in the colours of his country but left early for Germany to pursue qualifications in veterinary medicine.

That Rangers team would become the mascot of the race and region as they embarked on the reconstruction of the Igbo identity well after the war. That team also evolved to become the backbone of Nigeria’s national football team that went on in 1980 to conquer footballing heights in Africa.

Of the members of that original Rangers International team of 1970-1975, fewer than 13 are now alive. In addition to Christian Chukwu, Emmanuel Okala and Johnny Egbuonu, the others still around include Dominic Nwobodo, Francis Nwosu, Kenneth Abana, Patrick Ilouno, John Uwanaka, Godwin Adimachukwu, Johnny Azinge, and Sylvester Onwuekwe. At the time of this writing, the remains of two leading members of that side – Stanley Okoronkwo and Harrison Mecha – lie in the mortuary, awaiting the final earthly rites for their mortal remains.

At the peak of their powers, these men could have played for nearly any team in the world. At the time, however, the sport was poorly organised in Nigeria; management was non-existent; football administration was poor; attention to the wellbeing of the athletes was haphazard at best; and sports science was only just beginning to receive attention globally. Neither fully professional nor indeed amateur, their careers were spent in a vocational no-man’s-land. Their wealth in public adulation did not easily or at all translate into material comfort.

 

At that time also, football administration was mostly run as part of the public sector. At the end of their sporting careers, some of them went into sports administration and management but, even then, their careers also suffered from the debilities of a disorganised public sector. As senior citizens today, the public sector has forgotten them and the legacies of that generation of great sporting attainments are at risk of being lost.

At the personal level, Segun Odegbami, himself a leading member of that 1980 AfCON winning team, notes that these men – now senior citizens all – are today “slowed down now by arthritis – the ailment of retired footballers.” Some of them suffer a combination of even more serious ailments too and now spend considerable sums on medical bills.

To address this neglect and also preserve the sporting and civic legacies of the original Enugu Rangers International, it has become necessary to establish the Enugu Rangers Veterans Trust. This is currently led by the trio of Christian Chukwu, Emmanuel Okala and Johnny Egbuonu as incorporated trustees with the mandate to provide a convening framework for mobilising and governing the resources required to address pressing well-being needs of the living members of the Rangers originals and to preserve and document their legacies for the digital age.

Last week in Enugu, I joined Christian Chukwu, Emmanuel Okala and Johnny Egbuonu, together with leading chartered accountant and former chair of the Enugu Sports Club, Bennet Etiaba, in putting the final touches to preparations for the launch of this undertaking. Media partners also support this Rangers Veterans and Legacy project. Over the next month, there will be a formal rollout of this project.

 

Although self-evident, the point of all of this nevertheless bears restating. There was a time in which sports generally and football in particular provided a glue for coexistence in Nigeria and many parts of Africa. The lessons from that age deserve attention in a time such as the present when advocates of coexistence are endangered and the people who made that age possible deserve acknowledgement as well as appreciation. In calling attention to their lives and distilling their stories, it is possible to hold out lessons that can make a significant difference to the fate of succeeding generations.


A lawyer and a teacher, Odinkalu can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it. 

Much Ado About the Recommended Purchase of Two New Presidential Aircrafts

The recent recommendation by the House of Representatives Committee on National Security and Intelligence for the Federal Government to purchase two new presidential aircrafts for the President and Vice President of Nigeria has sparked widespread debate. Critics argue that the acquisition is insensitive given the country's current economic challenges; hence suggest that existing aircrafts should be overhauled. On the other hand, proponents maintain that the purchase is a necessity rather than a luxury, crucial for the effective functioning of the highest offices in the land.

Recent travel issues faced by the President and Vice President underscore the pressing need for reliable and functional aircrafts. In April, the President was forced to take a chartered plane from the Netherlands to Saudi Arabia, and he also recently returned from South Africa using a chartered flight. Additionally, the Vice President aborted his flight to the United States due to a faulty presidential jet. These incidents highlight the necessity for dependable transportation to ensure that the President and vice president can perform their duties without undue risk or delay. The ability to travel at short notice is vital for both national and international responsibilities. Just as business CEOs invest in private jets to ensure punctuality and reliability, the same principle applies. The stakes are even higher for the President and Vice President.

Maintaining outdated aircraft can be prohibitively expensive. Similar to how companies replace cars after a certain period to avoid high maintenance costs, the same logic applies to presidential aircraft. Furthermore, owning aircraft is more cost-effective in the long run than frequently chartering flights, which can accumulate substantial expenses. Newer planes are likely to be more fuel-efficient and require less frequent repairs, thereby reducing operational costs., contributing to the overall efficiency of government operations.

Functional aircrafts will enable the President and Vice President to fulfil their duties optimally. This is not about luxury but necessity. Reliable transportation is critical to the effective execution of their duties; including attending international summits, engaging in diplomatic missions, and responding promptly to emergencies. Presidential planes also serve as symbols of national pride and the status of the office. They are often seen as extensions of the country’s sovereignty and dignity, carrying the nation's leaders to important engagements. Ensuring these planes are in optimal condition reflects positively on the country and its leadership.

Nigeria currently faces high inflation, business difficulties, and unresolved issues like the new minimum wage process and the implementation of CNG buses, highlighting the financial struggles of the populace. The government's decision to invest in new planes amidst these hardships appears insensitive to many; making it a contentious issue. Additionally, there is increasing doubt about the sincerity of the current administration, leading to questions about the rationale behind purchasing the new aircrafts.

While avoiding waste and corruption is essential, leadership involves making investments that facilitate effective governance. The planes, considered assets, will serve beyond the current administration, contributing to the long-term efficiency of government operations. The concept of saving money is often over-emphasized. Government leaders are elected to positively impact the lives of citizens and perform their duties effectively. Overemphasizing cost containment can lead to cost savings at the expense of service delivery. Therefore, the focus should be on making prudent investments that enhance governance and public service. The primary concern for Nigerians should be ensuring that the planes are not purchased at inflated prices.

In conclusion, the purchase of two new presidential aircrafts will ensure the safety and security of the President and Vice President, provide cost-effective and reliable transportation, and enhance the efficiency of government operations. While the economic hardships faced by Nigeria are real and pressing, the acquisition of reliable presidential aircrafts is a step towards ensuring that the government can function effectively and fulfil its primary function of the security and welfare of its citizens. However, this decision must be communicated transparently to the public, emphasizing its necessity for effective governance while acknowledging the current economic difficulties.

Kenechukwu Aguolu  FCA

Abuja, Nigeria

Once hailed as the "Giant of Africa" for its abundant resources and economic potential, Nigeria now faces numerous economic challenges. The causes of this decline are multifaceted and complex, with some attributing it to leadership failures and others to sabotage or international conspiracy. To revitalize Nigeria's economy, a comprehensive and resolute approach is essential. This endeavour demands unwavering political determination from the government to enact meaningful reforms and foster an environment conducive for economic growth.

A key component of transforming Nigeria's economy is the reorientation of both citizens and leaders. As management expert Peter Drucker famously said, "Culture eats strategy for breakfast." For Nigeria to thrive, a culture of unity and patriotism must be deeply embedded within society. Recognizing this, the present government has reintroduced the old national anthem, a symbolic step toward fostering national unity and patriotism. The National Orientation Agency has a crucial role to play in this regard.

Accurate demographic data is essential for effective planning. Nigeria's last population census was conducted in 2006, making it imperative for another one. In addition to conducting a population census, a robust system should be established to register new births, ensuring that population data remains current. Population census should be held at least every ten years to facilitate informed planning.

Diversification of the economy is another critical area that requires urgent attention. Sectors such as mining, agriculture, and tourism remain largely untapped, presenting significant opportunities to increase the country's revenue base and improve its balance of trade. Diversifying the economy will also help stabilize the currency, reduce unemployment, and lower poverty rates, fostering overall economic resilience.

Improving the country's tax revenue to gross domestic product(GDP)ratio is essential for sustainable economic growth. In 2023, this ratio stood at a mere 9.4%, which is very low by international standards. To address this, Nigeria should focus on widening its tax net, enforcing tax compliance, and possibly increasing certain taxes. These measures will enhance government revenue and enable more robust public investment.

Nigeria has a significant infrastructure deficit that hampers meaningful economic development. The lack of adequate power increases the cost of business, causing companies to lose their competitive edge. The government should Improve the road and railway infrastructure to ensure efficient movement of goods and people. Additionally, more fully operational seaports are needed to alleviate the long-standing issue of port congestion, which has caused substantial business losses due to delays in clearing goods.

Promoting entrepreneurship is crucial for advancing the Nigerian economy. It leads to job creation, poverty reduction, and GDP growth. The government should encourage economic activity and empower individuals to pursue innovative ventures by offering low-interest loans to aspiring entrepreneurs and small businesses. Additionally, recapitalizing banks is essential to strengthening their ability to support economic growth, especially considering the devaluation of the Nigerian currency.

The civil service, forming the backbone of governance and playing a crucial role in policy formulation, implementation, and public service delivery, requires transformation. Addressing the current challenges within the civil service is essential for enhancing governance and effectively implementing reforms. The condition of the civil service significantly impacts the economy.

Eliminating corruption and waste in governance will significantly reduce the cost of government operations. The government should champion value-for-money audits to assess the economy, efficiency, and effectiveness of transactions. Strengthening internal controls and ensuring that anti-graft agencies are effective are crucial in safeguarding public assets from theft and fraud. It should ensure that whistle-blowing policy encourages and protects whistle-blowers as it will help curb corruption.

Proper remuneration of workers is vital for improving productivity, fostering innovation, and reducing brain drain. Nigeria has experienced a mass exodus of skilled professionals in recent years. As the government concludes the process of setting a new national minimum wage, it must ensure that the minimum wage is adequate taking cognizance of current economic realities

Effective prioritization of government expenditure is essential given the inherent limitations of resources. Governments should allocate funds judiciously, focusing on critical priorities rather than indulging in misplaced spending. Adopting a scale of preference facilitates informed decision-making, enabling authorities to allocate resources strategically based on identified needs and desired outcomes.

Revamping Nigeria's educational system is crucial. It requires aligning the curriculum with national strategic goals and ensuring access to quality education for all. This reform must prioritize equipping students with relevant skills for a modern economy, fostering innovation, and embracing technology adoption. Historically, African nations, have emphasized natural resources over human capital development. However, investing in education is paramount, as knowledge is the cornerstone of sustainable economic growth and global competitiveness

The security situation in Nigeria represents a significant drain on resources that could otherwise be allocated to productive endeavours. Insecurity disrupts economic activities like mining, agriculture, and tourism and deters foreign direct investment (FDI) needed for economic growth. Addressing these security challenges is paramount for Nigeria to attain sustained economic prosperity.

Despite the savings from removing fuel subsidies and adopting a floating exchange rate for the naira, Nigeria still faces significant financial challenges primarily due to the substantial of servicing its debts. These high debt servicing obligations severely constrain the government's ability to finance crucial development projects that could stimulate economic growth and improve societal well-being. To alleviate this fiscal burden and create room for sustainable development, the government should pursue aggressive strategies for debt relief or restructuring. 

In conclusion, revitalizing Nigeria's economy requires a comprehensive and determined approach to address the nation's deep-rooted challenges. It is also imperative to know when and how to adjust monetary and fiscal policies, highlighting the need for astute professionals to serve as the Minister of Finance and the Governor of the Central Bank. Furthermore, Nigeria can achieve lasting economic resilience and growth with unwavering political determination, a culture of unity, and patriotism.

Author: Kenechukwu Aguolu FCA, PMP, CBAP

Business Analyst | Project Manager | Chartered Accountant | Public Affairs Analyst

Abuja, Nigeria         This email address is being protected from spambots. You need JavaScript enabled to view it.

IT was a bit of an emotional period for me when names of people who fought for democracy kept popping up in the Democracy Week. It was quite good hearing from the family of Mr Alao Aka-Bashorun, Father of the Nigerian Pro-Democracy Movement. He led many, including lawyers, against the rapacious regimes of Babangida, Shonekan and Abacha. Aka-Bashorun watched over the Nigeria Labour Congress, NLC; the Academic Staff Union of Universities, ASUU; and generations of radicals like a protective mother hen.

Also, hearing from the family of Dr Fredrick Fasehun was quite moving. When elements of the Abacha gang bombed the convoy of then Lagos State Military Governor Buba Marwa behind the Sheraton Hotel, the regime blamed it on Fasehun. For this, he was held in isolation in an underground cell at the Ikoyi Cemetery. He told me that his most traumatic experiences were the three occasions a notorious secret security agent named Abdulrahman carried out his fake executions, rolling bullets in his gun barrel.

 

One day, I got the good news from Fasehun that he had been moved to the notorious Criminal Investigation Department, Alagbon, Ikoyi. It meant he would be able to interact with other detainees and, we could have access to him.

 

When I visited, Fasehun wanted me to help nurture a militia, the Oodua Peoples’ Congress, OPC, he had established before his detention. Quite a number of them, including later leader, Chief Gani Adams, were our cadres in the Campaign for Democracy, CD.

I was quite familiar with three of the OPC co-founders, people who today, are virtually unknown. There was Iya Ijebu, a stoic elderly woman and, Baba Oja, an elderly market leader both from the Babalola Market, Mushin. You will imagine these were not their real names. But any day, they helped to hold the Mushin/Isolo axis in any pro-democracy protests or shut down of roads and businesses. The third was Tony Engurube who had vast knowledge in mass mobilisation and underground cell work both in Sweden and Nigeria. He had been detained by the Gowon regime in the mid- 1970s for making public the salaries of the Armed Forces following wage reviews. Engurube who later fell sick and passed on in Dr Fasehun’s Besthope Hospital, Lagos, was the Father of armed militancy in the Niger Delta.

There is Akanni Iromini. In those days before the age of the internet, one of our major ways of communication with the populace was through leaflets, handbills and posters. Any of these found on a person meant instant detention without trial. It could also lead to disappearance. Yet, they were always in circulation nationwide. It required a lot of courage, tact and good luck to move them across the country.

 Unfortunately, the secret services discovered one of our major printers, Mr Akani Iromini. That was the beginning of his spells of detention. His printing press and means of livelihood were destroyed. Despite these, he continued in the struggle against military dictatorship. Today, somewhere in bustling Lagos, Akani Iromini is battling with ill-health and desperately in need of assistance.

Iromini and I also belonged to a group that campaigned for the release of political prisoners, visiting their families and bringing them together for various activities. It was symbolically named after the Campaign for Democracy, CD, President, Dr Beko Ransome-Kuti who had been sentenced to life imprisonment. In those days, belonging to such an organisation was considered treasonable.

In the group were three fantastic lawyers: Nike Ransome-Kuti, Tope Egunjobi and the quite reserved Jide Bello. Also in the organisation was Dr Bosede Afolabi, now Professor of Gynaecology dedicated to drastically reducing childbearing, sickle cell and maternal mortality. There was also Muhtar Bakare then of Citibank, and later, publisher of Farafina Books. There were also Messrs Femi Ojudu and Uba Sani, later Senators. The latter, today, is the Governor of Kaduna State.

We were daring. For instance, we penetrated the Agodi Maximum Prisons to lift up the low spirit of Ben Charles Obi, a journalist who had been sentenced to life imprisonment. Obi’s aged mother was his dependant, the magazine ‘Classique’ he worked for was dead, as was its publisher, Mrs Mee Mofe-Damijo. So he felt virtually alone in the world. As a political prisoner, he had no visiting rights, so Nike had to disguise as an evangelising priest to get to him at the prisons.

 

Sometimes we were lucky. We once held a reception for the children of political detainees at the Excellence Hotel Ogba. We sent out different venues and time. By the time the regime realised where we were and sent armed contingents of the police to stop the programme, it was over. Sometimes, we faced rejection. For instance, we once organised a birthday programme for incarcerated Chief Moshood Abiola and the family locked us and our guests out. We once visited Mrs Stella Obasanjo whose husband, later President Olusegun Obasanjo, was in prison. Those around her pointedly refused us access. They did not want her to be associated with us.

We felt some urgency when General Shehu Musa Yar’Adua died or was killed in the Abakaliki Prisons on December 8, 1997. The group was particularly worried about the safety of incarcerated CD Vice Chairman, Comrade Shehu Sani, who had been taken to the Abia State University Teaching Hospital, ABSUTH, by prison officials.

So, we organised a publicised special programme and photo exhibition for political prisoners and their families. The Abacha regime was determined that the programme should not hold. It sent armed police men and the security services around the streets adjoining the venue which was Beko’s house on Imaria Street, Anthony Village, Lagos. Also, a helicopter hovered overhead, in intimidating fashion. But in a move that boosted our confidence and ensured the programme held, then United States Ambassador, Walter Carrington, gathered and led a convoy of ambassadors with flags flying. The regime lost its nerve and allowed the convoy through. As the programme wore on, the helicopter noise was disturbing. In the midst of it all, a child was busy, playing with the telephone handset and placing it on her ear as if making a phone call. It was an award-deserving photograph which we widely circulated. That child was Ebube, daughter of incarcerated journalist, George Mbah.

The heroes of democracy in our country are mainly those unnamed or virtually unknown. They include Mrs Suliat Adededeji, murdered on November 14, 1996 in her Iyaganku, Ibadan home; and Ms Rebecca Onyabi Ikpe, sentenced to 25 years imprisonment for exposing the lie that was the claimed 1995 coup attempt. There is also the journalist, Mrs Ladi Olorunyomi, thrice detained at the notorious Directorate of Military Intelligence, and the hundreds killed in pro-Democracy struggles, with many buried in unmarked graves.