The Trial Of Emefiele: A Lesson For All Presidential Yes-Men

 By Olu Fasan

The images of Godwin Emefiele, flummoxed as he is chaperoned by state security agents from custody to custody, from courtroom to courtroom, contrast sharply with those of the man who, as governor of the Central Bank of Nigeria, bestrode, until just a year ago, the Nigerian financial and banking world like a colossus; the man who daringly wanted to run for president while still CBN governor.

*Emefiele and Buhari 

It is a classic case of how life or fortunes can turn in a dime. But one must also wonder what former President Muhammadu Buhari, ensconced in his cosy home in Daura, Katsina State, is thinking as he watches the man whose behaviour he aided and abetted being treated like a common criminal. Why has Buhari abandoned Emefiele? Indeed, why is Buhari free and Emefiele not? 

Tinubu’s Spending Spree Fuels CBN’s Aggressive Interventions

 By Olu Fasan

Bola Tinubu, Nigeria’s president, is gloating. The economy “is looking much better”, he says, and wants Nigerians to start rejoicing because their woes will soon be over. In his Easter message, Tinubu told Nigerians that “the seeds of patience, which they have sown, are beginning to sprout and will in no time bring forth an abundance of good fruits.” Abundance of good fruits?

*Tinubu, Shettima and their wives 

Would that mean huge falls in Nigeria’s unemployment and poverty rates, which are among the highest in the world? Harold Macmillan, former British prime minister, famously said: “The central aim of domestic policy must be to tackle unemployment and poverty.” Indeed, one of the core mandates of the US Federal Reserve, America’s central bank, is “to promote maximum employment.” 

Nigeria: Hunger And Anger In The Land!

 By Kenneth Okonkwo

Jesus Christ was persecuted, assaulted, dehumanised, and eventually crucified for mankind. As he was dying on the cross, he raised his voice and shouted, “Father, forgive them; for they know not what they do”. This same Jesus, when he was hungry and came to the living thing which God had created to give food to mankind and found no food on the living thing, he was angry and cursed the tree, and it died. He forgave his killers, but couldn’t forgive hunger.  

Indeed, even God knows that there’s no reception to theology when a man is hungry. James 2:15-17 was unequivocal when it states, “If a brother or sister be naked, and destitute of daily food, And one of you say unto them, Depart in peace, be ye warmed and filled; notwithstanding ye give them not those things which are needful to the body; what doth it profit? Even so faith, if it hath not works, is dead, being alone”. The first thing to administer to a man who is hungry is food, not preaching, not verses of the Bible or Quran.

Buhari’s Integrity: From Attenuation To Total Wipe-Out!

 By Adekunle Adekoya

Time flies! And very fast too. In this space on September 24, 2021, the column carried a piece with the headline: “The attenuation of integrity.” Those who read between the lines would have discerned that it was a commentary directed at the nation’s head honcho at the time, a retired general known to the rest of us as Muhammadu Buhari.

*Buhari 

Buhari was sold to us in 2014-2015 as the very personification of integrity, which meant he was a man of his words who would do exactly as he said. During the electioneering whose main objective, as we can now see, was not to make life and living better and easier for me and you but to oust Dr Goodluck Jonathan and his PDP cohorts from power, Buhari was sold to us as the next best thing to happen to humanity in Nigeria outside the scriptures.

Abuja Vs Lagos: The Perversity Of Nigeria’s Ethnicised, Zero-Sum Politics

 By Olu Fasan

The controversies over the Federal Government’s plans to relocate some departments of the Central Bank of Nigeria, CBN, and the headquarters of the Federal Airports Authority of Nigeria, FAAN, from Abuja to Lagos are yet another proof that Nigeria is deeply divided. The country that the British colonialists cobbled together from several ancient kingdoms and distinct civilisations remains today, over 100 years after its forced marriage of convenience, a fractured state, not a unified nation. Nigeria is so polarised that everything is seen through the prisms of ethnicity and religion, and politics is a zero-sum game. 

In societies where politics is perceived as zero-sum struggles, each group sees its ‘loss’ as another group’s ‘gain’. Therefore, there’s intense loss-aversion, whereby each group fights to protect its interests and prevent ‘loss’ to other groups. But oppositional identities and zero-sum politics are characteristics of a fragile state because they are indicative of deep divisions in the society. Instead of inter-group cooperation to achieve common purpose for mutual gains, every group is concerned about loss to other groups, and that loss-aversion shapes political actions. That explains what’s happening in Nigeria.

CBN: Cash Scarcity Is Here To Stay For A While

 By Dele Sobowale

“Cash Scarcity: People are hoarding bank notes – CBN.” VANGUARD, December 14, 2023.

Governor Cardoso and his new team at the top of the Central Bank of Nigeria, CBN, can be forgiven if the current cash scarcity being experienced has caught them by surprise.

They were not in office in March, when it was predicted on these pages that another round of cash scarcity was inevitable; after the one induced by the CBN then. Before going into the reasons why we are not free of this problem yet, permit me to make one observation; which will be helpful to the current CBN Management.  Statements such as “people are hoarding cash” are more emotional than technical or professional; and they seldom solve the problem.

Addressing Failed Government Policies That Fuel Food Inflation

By Adefolarin A. Olamilekan

Food, food and food remain the most constant nutritional and vitamin value humans cannot do without. Our existence depends on it or else humanity will go into extinction. We cannot dare joke about the lack of food. Nobody has made food its enemy.

These are the reasons why serious nations make deliberate efforts toward not just having food security, but making it strategically abundant, available, and affordable for the people. In other words, there is greater attention to government policy direction that defines food, essentially, as the number one priority on the scale of preference. In this regard, the policy to make food available all year round and affordable is not toiled with no matter how the economic technical conundrum calls it inflation or food inflation.

How Much Is Nigeria’s External Reserve?

 By Marcel Okeke

The deafening silence of the Central Bank of Nigeria (CBN) since JP Morgan’s very shocking revelation a few weeks ago that Nigeria’s foreign exchange (FX) reserves stood at about US$3 billion as at end-December 2022 is really worrisome. 

According to the American financial services firm, a combination of foreign exchange forwards, securities lending, currency swaps, and outstanding contracts has weakened Nigeria’s net external reserves to an all-time low of US$3.7 billion as of the end of last year. Although data from the CBN had shown that Nigeria’s external reserves stood at US$33.88 billion as of August 10, 2023, down from US$37.08 billion at the end of last year, JP Morgan says the country’s “net forex reserves are significantly lower than previously estimated.”

Smouldering Embers Of Subsidy Removal

 By Adekunle Adekoya

“No politician can sit on an issue if you make it hot enough.” — Saul Alinsky(1909-1972

Well, the subsidy removal issue is clearly a very hot one for all Nigerians, and if I may add, irrespective of status. This is because costs have not just risen, they have doubled, tripled, and quadrupled in a space of less than 30 days. May 30, the day after President Tinubu announced removal of subsidy on petrol, prices of everything, from food items to services hit the roof, burst through, and headed for the sky.

That was when petrol sold in the Lagos area for N488 per litre and N537 in farther areas like Damaturu and Maiduguri. Then, barely 20 days after, new prices of petrol took effect — now N568 in the Lagos area and N617 in Abuja. Again, prices of items took their cue, left the sky, and headed for outer space. We are all affected since we all buy in the same market; the difference is that our shock absorbers are not of similar strength.

INEC Chairman Must Go!

 By Casmir Igbokwe

As The he saying goes, when a man on top of a palm tree pollutes the air, the flies get confused. No doubt, the Independent National Electoral Commission (INEC) polluted the air of our 2023 general election. Now that many confused Nigerians are wondering what happened, the chairman of the electoral umpire, Professor Mahmood Yakubu, has remained taciturn. 

*Yakubu 

Ordinarily, Yakubu expresses his views frequently. But since he surreptitiously announced the result of the infamous February 25 presidential election in the ungodly hours of March 1, 2023, he has left the arena for some other stakeholders and observers.

I watched INEC’s spokesman, Mr. Festus Okoye, trying labouriously to explain the so-called “technical glitches” in the last presidential election in a recent interview on Channels Television. He acknowledged that the results of the National Assembly elections were uploaded seamlessly to the INEC portal.

Student Loan: Is Nigeria Ready?

 By Mabel Oboh

About two years ago, at the convocation of the University of Lagos (UNILAG), Hon Femi Gbajabiamila, Chief of Staff to the President, who was then the Speaker of the House of Representatives, delivered a lecture. Among many other talks, he posited that a student loan scheme was one of the ways to solve the problem of funding education in Nigeria. 

He sponsored the bill on the matter in the National Assembly. It was not surprising therefore that Gbaja sold the student loans initiative as a priority agenda for the administration. On Monday, June 12, 2023, Nigeria’s democracy day, just two weeks into the life of the government, President Bola Tinubu announced the scholarship scheme.

Nigeria: A Government In Search Of Legitimacy

 By Sunny Ikhioya

Nigeria’s problem is not its people or what some will call the ‘curse of the Black man’. The problem is simply a leader that will put aside religious, ethnic and other primordial sentiments to build a unified nation of one purpose, goal and prosperity. In other words, to build a nation of patriotic Nigerians. You cannot say you love Nigeria and be destroying properties that belong to the commonwealth.

You cannot say you love Nigeria and be killing and kidnapping your fellow Nigerians. You cannot say you love Nigeria and be stealing what belongs to everyone. That is the dilemma the nation is facing; having a leader who can bring together all of these contending forces and project their combined strength to the whole world. That is basically our challenge.

Floating Naira: Death Knell For Nigerian Economy

 By Marcel Okeke 

A shocking headline in an online publication: “Naira slumps to N700/dollar as CBN floats currency, stops fixing exchange rates,” stirred my worry and alarm to pen this piece. According to the news story “the Central Bank of Nigeria (CBN) has reportedly directed Deposit Money Banks (DMBs) to remove the rate cap on the naira at the Investor and Exporters’ (I & E) window of the foreign exchange market, to allow for a free float of the national currency against the dollar and other global currencies.” This floating of the national currency is coming barely two weeks after President Bola Ahmed Tinubu’s ‘promise’ in his inaugural address that he was going to unify the nation’s multiple exchange rates.

According to Investopedia, a floating exchange rate is a regime where the currency price of a nation is set by the forex market based on supply and demand relative to other currencies. This is in contrast to a fixed exchange rate, in which the government (that is CBN, in Nigeria) entirely or predominantly determines the rate.

Nigeria: Who Is Afraid Of Accountability?

 By Azubuike Ifejika and Bill Newton

Nigerians from all walks of life should applaud The Guardian for its Editorial on May 22, 2023 (page 12). It exposed the shameless abdication of AMCON’s Chief executive, who had no qualms with reducing his role to that of a mere bystander, blaming an organisation’s astronomically dismal performance on everyone else but AMCON itself.

The appointed chief missioner and custodian entrusted with the wherewithal to deliver economic restoration attempted to justify irresponsibility, which is seemingly pervasive of his entire organisation. The poster boy for this monumental failure premised on a lack of genuineness of purpose, nepotism and brazenly unprofessional management of assets, is its appointed Receiver Manager for Arik Air.

Will The Real Beneficiaries Of Petroleum Subsidy Allow Its Abolishment?

 By Anthony Agbo

Nigeria has been confronted with the economic quagmire of petrol subsidies for the past 20 years. Though the programme dates back to the 1970s, the fact that it has since become a conduit for the corrupt few around the corridors of power has been concealed by our stupendous national wealth, which eventually yielded to the mismanagement of successive governments. With our national wealth depleting faster than a rocket set for orbit, it became clear that this programme was unsustainable. 

Regardless of this obvious fact, many continue to hammer on the dangers of abolishing the programme and the possible negative impact on the ordinary person on the street. These doomsayers have big mics, too, and they talk straight to the nerves of ordinary Nigerians who swallow their bait hook, line, and sinker. The result has been the engineered uproars we see each time the matter is discussed.  

2023 General Elections: The Tragic Misjudgements Of Soludo, el-Rufai

 By Olu Fasan

Someday, chroniclers of history will tell the stories of the 2023 general elections, the worst in Nigeria’s recent history. They will narrate the noble and ignoble roles played, respectively, by heroes and villains of the elections. Among the political class, villains abound. But two interest me here: Professor Charles Soludo, current governor of Anambra State, and Mallam Nasir el-Rufai, outgoing governor of Kaduna State. Neither covered himself in glory!

*el-Rufai and Soludo 

You might ask: why single out Soludo and el-Rufai? Well, few political office holders in Nigeria today entered politics with the technocratic pedigree of Soludo and el-Rufai: the former was a smart presidential economic adviser who became a reformist governor of the Central Bank; the latter, a brilliant director of the Bureau of Public Enterprises who became a transformative Minister of the Federal Capital Territory, Abuja. Both are first-class technocrats and administrators.

Avoidable Cash Crisis: Any Lessons Learnt?

 By Ayo Baje

Most important, the Central Bank must keep public opinion on its side, because the public is the ultimate source of its power and independence.” – International Monetary Fund (IMF) report titled: “Rethinking Monetary Policy in a Changing World”. 

On February 3, 2023, the media was awash with the report of an unidentified man who slumped and died after spending hours at a new generation bank in Agbor, Delta state in what turned out a fruitless effort to withdraw some money. 

Cash Squeeze: As Buhari Plays Pontius Pilate

 By Charles Okoh

Last week, Nigerians got some sort of relief as the Central Bank and Federal Government finally complied with the Supreme Court ruling on the lingering cash squeeze which practically squeezed life out of many Nigerians.

*Emefiele and Buhari 

I am not particularly interested in the debate as it concerns the independence of the CBN or otherwise or the right of the Supreme court to intervene in monetary policy administration. 

The arguments for or against, are neither here nor there, my pain is the unwarranted hardship which the federal government under president Muhammadu Buhari unconscionably subjected the people to. This level of hardship is unprecedented. 

A Nation Where Everyone Is Oppressed

 By Owei Lakemfa

Nigerians have the next 70 days to survive a regime that has chastised them with whips and is promising to further chastise them with scorpions. Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, last week not only renewed the Buhari regime’s threat to increase Nigerians heavy burden by piling far higher fuel prices, but also told the incoming administration to immediately raise the Value Added Tax from 7.5 per cent to 10 per cent.

While depleting all available resources and adding heavy local and foreign debts to the bargain, the regime seems determined to drain whatever finances are available. So, rather than wind down and start producing handover notes, it wants to conduct a census that promises to be controversial. But more importantly, the census will be used to legally take out N869 billion or $1.88 billion from our national coffers. It is like a retirement package.

Epilogue For A Country In labour

 By Ndubuisi Nwafor

Nigeria is in the throes of rebirth; it is turning into a painful pang of labor, and politicians have strategically positioned themselves like vultures to supervise and take charge of the delivery. The PDAPC, LP, and NNPP are clearly the frontrunners in the race to parent the upcoming new nation; it is therefore critical that Nigerians choose a party on February 25th, 2023 that will take the duties and obligations of governance seriously.

Whatever way the pendulum swings, Nigeria will never be the same again, for better or for worse. A vote for the PDAPC would be a return to the status quo ante, and a complete recipe for disaster for a country whose security, economy, law, and governance have all collapsed into blazing hades of impunity and debauchery.