Why Ponzi Scheme Thrives In Nigeria

 By Olusuyi Adaramewa

The emergence of “Ponzi Scheme” in the annals of investment’s Lexicon albeit a globally notorious phenomenon, was not a recent development. Its historical antecedent was set in motion with the celebrated Charles Ponzi scheme which came to the fore in the 1920s. Perhaps, it may not be trite to assert that the scheme slipped quietly into the financial eco-system without any inkling on the part of its preys that the strategic initiatives of Charles Ponzi were disguised by investments jiggery-pokery. 

Be that as it may, from the available financial memoir, it has been enunciated with profound lucidity that the progenitor of the scheme was an Italian business man, named Charles Ponzi. Indeed, Ponzi’s escapades, as well as his atrocious moves on the investment landscape were huge and monstrous. As at the last count, investors in the Ponzi’s Scheme lost about $15million. He was not just the grandmaster of the art, but also an octopus per excellence in the game. Thus his posture and sobriquet as the grandfather of Ponzi schemes has remained incontrovertible by any one till date.

Interim Government: A Call for Anarchy

 By Reuben Abati

Yesterday morning, while on the flagship show of Arise News – The Morning Show - I took special notice during the newspaper review with Emmanuel Efeni and the segment titled “What’s Trending” with Ojy Okpe, of the editorial by the ThisDay newspaper of the day titled: “Interim Government: Perish The Thought”.

I pointed out that having been Chairman of the Editorial Board of a major Nigerian newspaper for 11 years, before moving on to other engagements in the public sphere, I am aware that when a newspaper publishes its editorial on the front page, as ThisDay did yesterday, it amounts to screaming, an outcry, a shout out, a call for urgent attention and a signal that the subject being talked about is most important.

Nigerian Destiny: In The Hands Of The People

 By Promise Adiele

Is destiny real? Can it be changed? Call it fate or predestination – destiny bulks bigger in the heuristic realm where humanity feebly exudes confidence and power. Many people understand it as the inevitable outcome of human endeavour within the context of existential ordering. Man’s plurimental consciousness provides an escape when his self-absolutism collapses at the altar of his numerous foibles. 

Blame is never far away from failed destiny. When failure happens, we say destiny has failed. When life succeeds, we say destiny has succeeded. The argument becomes a witness. However, ascertaining a true destiny is difficult. In Sophocles’ King Oedipus, was it Jocasta’s destiny that her son would marry her and have four children with her? Could she have stopped the odious destiny? 

Struggles Of An African Giant

 By Oyeleke Elizabeth

A British author and philanthropist, Joanne Rowling writes, “We are only as strong as we are united, as weak as we are divided.” Also, American poet, Gwendolyn Brooks, notes that, “We are each other’s harvest; we are each other’s business; we are each other’s magnitude and bond.” 

There is a great unseen bond that binds the people of Nigeria together that is beyond human awareness and understanding. We are different superficially by our languages, cultures and religions but we are same fundamentally.’’

When Government Prompts The Citizenry To Violence

 By Owei Lakemfa

A Lebanese man on September 16, 2022, wielding a gun, held up the Byblos Bank in Ghazieh, Southern Lebanon. No, not to rob the bank or its customers. Just to retrieve part of his money trapped in the country’s banks! So, to retrieve part of his money, he had to hold up the bank and take hostages. As news of the holdup spread, crowds gathered in front of the bank to cheer him on.

Two days earlier, there had been two other holdups in Beirut and the town of Ale. Although all the weapons turned turned out to be toy guns, but nobody will confront a desperate armed man believing the gun he is carrying is a toy.

The Menace Of Terrorism In Africa

 By Tope Akinyetun 

“Terrorism is a plague from which no continent or country is immune…” --Coninsx 

The above statement exemplifies how widespread the menace of terrorism is around the world. Terrorism refers to the illegal use of violence to coerce a people or government to achieve a political end. The occurrence of terrorism could be domestic or international. Terrorism is domestic when it seeks to coerce or undermine the authority of a government within its territorial jurisdiction. 

However, when it is aimed at weakening a government outside its jurisdiction or if its operations are transboundary, it is referred to as international terrorism. Terrorism is, therefore, an epidemic that if not reined, will transmogrify into a pandemic. To be sure, the menace of terrorism has permeated several continents and has left the citizens of many countries wallowing in poverty, displacement, deprivation and unwarranted deaths. 

Politics Of New Naira Scarcity

 By Sola Oni

On Thursday, February 2, 2023, during a zoom interview on Channels TV, the National President, Association of Mobile Money and Bank Agents in Nigeria, Mr Victor Olojo, was put on the spot over the current naira crisis. The Central Bank of Nigeria mandates banks to pay customers with the new naira. The banks complain of inadequate supply of the new notes and innocent Nigerians are groaning under the yoke of the buck passing between the CBN and the commercial banks.

Responding to a question that the Point of Sale operators were taking advantage of the naira scarcity to charge those desperate to withdraw money huge interest, Olojo explained that his members  also had to source for naira notes in many places, including filling stations at a cost.

Nuisance Around New Naira Notes

 By Ray Ekpu

When Mr Godwin Emefiele announced in October last year that the Central Bank of Nigeria (CBN) would be redesigning the N200, N500, and N1000 notes many Nigerians might have thought that they would have an opportunity to touch clean naira notes. The truth is that the common people of Nigeria never have a glimpse at clean naira notes in Nigeria.

 Only the rich, the very rich, get to hold clean notes. They are also the ones who buy mint fresh notes for spraying at parties. The rest of us just lick our lips when the extravagant rich engage in that obscene vulgarity at weddings, birthdays, chieftaincy ceremonies. As they spray stylishly the notes drop on the floor and other eager sprayers march them as they take their turn to display their vanity.

Global Conquest Of Nigerian Literature

 By Uzor Maxim Uzoatu 

I can never get tired of celebrating Nigerian literature, arguably Nigeria’s greatest gift to the world. The politics of Nigeria is a disaster that makes the whole wide world laugh at the so-called “Giant of Africa”.

Ever since the inspiring emergence of Chinua Achebe, author of Things Fall Apart, and Nobel Laureate Wole Soyinka, Nigerian writers have continued to astound the world with their seminal works.

Naira Redesign, Queues And The Quest For A New Nigeria

 By Elvis Eromosele

The amount of queuing Nigerians have been subjected to in the last couple of weeks is unprecedented. It is equally unbecoming. It’s almost like the country had gone back four decades. Fights have broken out in queues at bank facilities, filling stations and INEC and LGA offices across the country. There are trending videos of people stripping naked in protest inside banking halls, others hitting each other with queue dividers and one person has been confirmed dead inside a banking hall, somewhere in Asaba.

Nigerians born in the 2000s, GenZs, should be forgiven for thinking the end of the world is here. On a typical day, a person will queue to collect new currency notes at the bank, rush to queue at the filling station to buy supposedly subsidised petrol at exorbitant prices and then drive to the closest INEC office to queue for permanent voter cards, PVCs. This is not sustainable.

The Beauty Of The 2023 General Elections

 By Luke Onyekakeyah

The 2023 general election, which is around the corner, is the easiest for Nigerians to vote and vote rightly. The anger and hardship in the land should be visited at the poll. People should be angry enough to say enough is enough and translate it by voting only those who are capable and prepared to bring relief to the people. This election is a matter of life and death for a country. It is either that Nigeria gets it right or this might be the last chance.

Luckily, choosing the right presidential candidate would not present any difficulty. The choice is very glaring among the contestants. It has never been like this since 1999, when the present democratic dispensation birthed. This is the beauty of the 2023 elections. In the previous elections, there were many capable contestants, which made it difficult for the electorate to select. The situation is different this time around.

El-Rufai Did Not Say Anything New

By Charles Okoh

It is completely heart-rending and morally incomprehensible the level some Nigerians can go to excuse President Muhammadu Buhari for the wreck that his administration has made of Nigeria and Nigerians. His spin doctors would blame anything and everything under the sun for his sloppy performance in office, except the culprits himself. Buhari’s failure is self-inflicted and he should completely take responsibility for the failure of his government.

*Buhari and el-Rufai 

Today, everybody is in one queue or the other. The perennial fuel scarcity has remained with the country for virtually all of the President’s seven-and-half years’ tenure, so far, and everybody and association or union, is blamed for the failure of the petroleum sector, except the substantive minister of petroleum, who happens to be President Buhari.

Fuel Scarcity And Bad Leadership

 By Dele Sobowale 

 “As a people normally gets the government it deserves, so a society normally receives the punishment it asks for.’’ Robert Ardrey in Social Contract 

Anarchy reigns in the Nigerian fuel sector today. Nigerians were warned in 2018 when President Buhari and Vice President Osinbajo launched their re-election campaign on the dubious platform of Next Level. 

Like most shallow thinkers, the All Progressives Congress, APC, politicians easily forgot that if you are in an elevator, going down on the tenth floor, the next level is the ninth floor. 

Nigeria: Beyond The Anger In The Land!

 By Ayo Oyoze Baje 

No money, no food, no fuel, no electric power supply, no justice, no equity, yet all our politicians are concerned about now is how to grab and retain power through the forthcoming general elections! Nigerians now queue for fuel, queue for their own money and queue for PVC in our fatherland!

Worse still, the current currency redesign has drastically reduced the much-needed cash flow, putting millions of Nigerians in the pit of acute hunger and desperation. Did you watch the video of the lady who stripped herself half-naked inside a banking hall to express her outrage at their services, that went viral on social media? It is despicable. Imagine the sad situation that you cannot withdraw your own money, old or new currency from the bank or the ATM ”. He responded.

Presidential leadership In A Nigeria Without Oil

 By Stanley Ekpa

When the International Monetary Fund, IMF, categorises resource-rich countries, it classifies the countries according to their export baskets. At least 20 African countries, including Nigeria, Angola, Ghana, and Tanzania, are classified as resource-rich, with their export bases comprising a bulk of unprocessed crude oil, minerals and agricultural commodities.

The classification of countries in other continents, such as Japan, Malaysia, and Indonesia, is based on the diversity of their export bases and value-added products. Since 1973, the year of the first oil boom, crude oil has constituted more than 90% of Nigeria’s export earnings, making Nigeria a global classic case of a monocultural economy. Though a monocultural economy has the advantage of product specialisation, it runs contrary to the spirit of Section 16 of the 1999 Constitution (as amended) in building a balanced and resilient economy.

I See ‘Mcphilips Arts And Educational Foundation’ Achieving Global Recognition – Mrs. Nwachukwu

Mrs. Tyna Mcphilips Nwachukwu is the Director General of the Mcphilips Arts and Educational Foundation which was launched in Lagos in May 2022. In this interview with Nigerian journalist and writer, UGOCHUKWU EJINKEONYE, Mrs. Nwachukwu speaks on the vision and objectives of the foundation, the programmes it has embarked upon so far and the grounds the foundation hopes to cover in the next couple of years...

*Mrs. Nwachukwu 

When and how did the motivation to set up the Mcphilips Arts and Educational Foundation come to you?

The motivation to set up the Mcphilips Arts and Educational Foundation came to me in the month of January 2021. On that day, my daughter just said to me, “Mom, we should continue from where my Dad stopped." I took time to think about what she said. Continuing from where my husband had stopped should mean pursuing his dreams when he was alive. My husband loved poetry. In fact, I can say that he lived poetry. He wrote poems and promoted poets and other writers.  That was how the motivation came to me. 

Politicians, Foreigners And Nigeria’s Elections

 By Paul Ejime

The call, the other day, by President Muhammadu Buhari on foreign ambassadors posted to Nigeria to desist from interfering in the country’s forthcoming election is both timely and imperative. The president spoke while receiving Letters of Credence from the Ambassadors of Switzerland, Sweden, Republic of Ireland, Kingdom of Thailand, Republic of Senegal and Republic of South Sudan. He reiterated his call to foreign government representatives in Nigeria not to interfere in the country’s internal affairs, especially the electoral process.

*Tinubu

“I urge you to be guided by diplomatic practice to ensure that your activities remain within the limits of your profession as you monitor the build-up to the elections and the conduct of the general elections itself,” presidential spokesman Femi Adesina said in a statement.

Tinubu Vs Atiku: A Cautionary Tale Of Self-Destruction

 By Dan Onwukwe

Like a broken family whose members would  prefer to destroy their father’s inheritance rather than share it, shame has become a passé to the managers of the Presidential candidates of the All Progressives Congress and that of the Peoples Democratic Party, Bola Ahmed Tinubu and Atiku Abubakar. As the Feb 25 Presidential and National Assembly elections draw feverishly near, the desperation in the camps of these two presidential candidates seems to have reached a new low.

*Atiku and Tinubu 

With the many gaffes and seeming lack of tact by Tinubu on the campaign hustings, a sense of ennui has set in. His desperate efforts to be the next President of Nigeria appear to be bogging down. But he keeps blowing hot. As respected columnist Sonala Olumhense wrote in the SUNDAY PUNCH of January 29, if there’s one political party that ought not to be on the ballot in the February/March elections, it’s the ruling APC.  

Elections, Terrorism And 2022 In Retrospect

 By Sonnie Ekwowusi

Nearly 645 people lost their lives in diverse circumstances across Kaduna State in the first six months of 2022. Speaking under the aegis of Southern Kaduna Peoples Union (SOKAPU), the then acting President of SOKAPU Awemi Dio Maisamari had stated that the terrorists had not only captured and occupied Kaduna State but had been “running the government’ in the State since 2019. He lamented that most rural communities and villages in Kaduna State especially in Chikun, Kajuru, Kachia, Zangon Kataf, Kauru, Lere, Birnin Gwari and Giwa Local Councils had not only been deserted but occupied by the religious terrorists.

The Catholic Church tearfully will not forget the year 2022 in a hurry. In 2022 alone, 39 Catholic Priests were murdered and 30 abducted in Nigeria by terrorists. However Sahara Reporters reports that 145 Catholics priests were killed in 2022. Only God knows the number of Catholic Priests who would be murdered in 2023. Already one Catholic Priest has been murdered on January 15 2023. In fact, on January 14, 2023, Fr. Michael Olofinlade, a Catholic priest in Omu Ekiti, Oye Local Government, Ekiti State was kidnapped.

Obi And Soldiers Of Conscience

 By Jideofor Chukwuemeka

After several years of trials with the democratic order without significant progress in all indices of development, Nigeria is yet at another trajectory. Another general election is around the corner. And the kind of leadership choices the electorate makes will determine whether the country will mark a sharp departure from its sordid past or continue with a dismal and decadent order that is sliding to the brink.

*Peter Obi mobbed by admirers in Delta State 

 

Though there appears a wide gamut of consensus that the coming elections yet provide a defining opportunity for this country to get its acts right, those who hitherto profited from the old order seem not keen in having that be.

Before the emergence of the presidential candidates of the political parties, issues of competence in grappling with the worsening economic situation and power rotation had dominated political discourse.