The Nation Newspaper

Author: The Nation

  • When courts push back on lawyers filing frivolous cases: The Imo example

    The judiciary has set many states and institutions on fire. The judiciary has set Imo state on fire and up till now, people are wondering how a person who was not a candidate of his party be declared the governor”.

    “The judiciary has so many questions to answer. If they fail to answer those questions within a short time, we will create a hall of shame for those judges that come up with some judgments and that could happen soon” – Above is another perspiring, not even aspiring, ‘lawyer’;  the forever, ethnically-motivated politician, Joe Ajaero, always pretending to Labour Leadership as he gallivants  all over the country, spreading some partisan nonsense until he met more than his match in some no nonsense Imolites.

    It is interesting that matters pertaining to the same Imo state has claimed another victim with a member of the inner bar being fined for what the Supreme court described as his frivolous and vexacious motion. 

    Chief Mike Ozekhome (SAN) is, of course, far too rich to feel the pinch of a ‘mere N40M’ fine.  Being a senior lawyer, however, and a professor of Law,  to boot, those lawyers always eager to handle cases they should, otherwise, have advised their clients to run away from will, at least, see this as a learning curve.

    Had the courts, the Apex court in particular, made samples of some of those who specialise in  making lurid comments about the judiciary, an example being Joe Ajaero and his ‘hall of shame’ proposal, some sanity would have since been restored in this perennial war against the Nigerian judiciary.

    Yes granted that there has been some back and forth in the matter of whether or not the Apex court can reverse itself, it was obvious in this  particular case,  that what Chief Ozekhome was trying to do was  renew, in a  somewhat refined manner,  Obidients’ determined effort to mess up the judiciary. This he will deny, even laugh at, being who he is, but millions would see it as further delegitimising the apex court.

    But like the Yoruba would say:’ti omode ba gbon ku, iya e a gbon si’, meaning that if a devious child died cleverly, the mother will cleverly bury the remains. The supreme court has, through this case, proved that it will not help those who are eager to put it into disrepute.

    That is the lesson Professor Ozekhome should learn from this macabre case in which he claims that all he wants of the court is a consequential order.

    Even if the Supreme Court had cause to reverse its dismissal of  GTBank’s appeal against a N2.4 billion judgement given in favour of Innoson Motors Nigeria Limited by the Court of Appeal in Ibadan, Oyo State, the court, not eager to aid its traducers, found it advisable, this time around, to revert to its decision in the appeal filed by Chief Kanu Agabi, SAN, on the same Imo state governorship matter wherein Justice Ariwoola, with the concurence of the other seven panelists, minus one, held as follows:”A judgement or order shall not be varied when it correctly represents what the court decided nor shall the operative and supportive part of it be varied and a different form substituted,’  quoting Order 8 Rule 16 of the Supreme Court Rules. “It is settled law, he continued, that this court has no power to change or alter its own judgement or sit as an Appeal Court over its own judgement. It is clear from the tone and the wording of the instant application that what is being sought is asking the court to sit over its own judgement already delivered and executed. That is certainly beyond the competence of this court. It is not disputable that the jurisdiction of the court is derived from the Constitution and an Act of the National Assembly. There is no constitutional provision for the review of the judgement of the Supreme Court by itself. And, therefore, once it delivers its final judgement, the Supreme Court, subject, of course, to the slip rule principle, it becomes functus officio in respect thereof.”

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    A Daniel has, indeed, come to judgment. Otherwise, I would urge the reader to momentarily consider what amount of opprobrium would have descended on the court, and the Nigerian judiciary, in general, had Ozekhome had his way, and what helluva challenges an obviously,  security – challenged Imo state would have had to  contend with, having to navigate afresh, the debacle that would have been brought down on it.

    A sample of that opprobrium on the Nigerian judiciary is Kano state NNPP’s thoughtless petition to some foreign bodies claiming “that there are  moves to truncate the will of the majority of the people of the state regarding the mandate given freely to its governorship candidate on March 18, 2023”.

    If one may ask, what exactly are they afraid of, and why would they seek to intimidate the Supreme court rather than allow it decide on the two issues of its candidate’s eligibility and the number of votes not duly processed.

    With the respected Chief Wole Olanipekun, SAN, holding that only 1,886 ballots were without signature and stamp,  as against the 165,616 votes deducted from Governor Yusuf’s votes by the Appeal court, I cannot see any reason for scaremongering which was all the party resorted to by unnecessarily externalising an internal matter. Under no circumstances should Nigerians allow the judiciary to be turned to an object of derision as politicians would willingly do.

    I digress.

    While at this, I think we should spare a thought for the very poor job the National Assembly is making of its legislative function. Why, for instance, should a political party, any party at all, forfeit the right to present candidates in an election when the rightful person to  punish was the man who was out to create a political dynasty by making his son-in – law succeed him as Imo state governor?

    To worsen  matters, the same man was, in the same election cycle, heading to the Red chamber.

    While the National Assembly may not have  foreseen all this, it should, at least, have realised the oddity in punishing a whole political party for the sins, and capriciousness, of  an individual.  In this particular case, it is Uche Nwosu, Governor Rochas Okorocha’s ‘candidate’, who should have been barred from contesting the election, and not any other party or person.

    And who says that the eminent jurists of the Supreme Court, in their collective wisdom, did not advert their minds to this obvious  idiocy of  punishing  a political party, with millions of members, and rather opted for the more commonsensical option of deciding in favour of the candidate with the highest number of votes?

    It is safe to conclude this piece by saying that even this heavy quantum of the fine imposed on Mike Ozekhome, SAN, will not end this profitable business of  filing  frivolous and vexatious motions. After all, a certain Ambrose Owuru, a 2019 presidential candidate, was also fined N40M by the Court of Appeal, Abuja, for filing a frivolous suit,  seeking to prevent the swearing – in  of President – Elect, Bola Ahmed Tinubu, on May 29, 2023.

    All one can confidently say, however, is that lawyers who are hard of hearing, and would not relent, will always have their day in court.

  • From the river to the sea!

    From the river to the sea!

    “There is no peace for the wicked”- Isaiah 48:22.

    There is no greater truism than that which Prophet Isaiah, one of the greatest and most reverred Prophets in the Holy Bible, has enunciated in the scripture above.

    What he is saying is that callous, merciless and bloodthirsty men and oppressors, subjugators, persecutors, slavers and the occupiers of the land of others, whether they be the biblical Egyptians, the Ancient Romans or anyone else, coupled with those that trample on the rights and liberties of others with impunity and that repay good with evil can NEVER escape the wrath of God and neither will they ever know or experience lasting peace.

    This is a lesson that evidently the Jews themselves and particularly the Zionists amongst them have failed to appreciate or learn.

    That you were oppressed, subjugated, murdered, robbed, humiliated, enslaved, subjected to genocide and mass murder, ethnically cleansed and treated with scorn and contempt yesterday does not give you the right to do the same to others today.

    That you were once occupied, enslaved, thrown into captivity, scattered all over the earth, butchered, gassed to death, subjected to the holocaust and deprived of your beloved homeland yesterday does not permit you to do the same to others today.

    That you have experienced God’s love, mercy, blessings, grace and restoration does not mean that you are the chosen race or master race, it simply means that God has shown you His tender kindness and opted to restore you despite the fact that you also killed and oppressed others in the past and that you crucified His only Begotten Son, our Lord and Saviour, Jesus Christ and sought to destroy Christianity even at the advent of its coming.

    Those that have suffered so much in the past surely have a greater duty to ensure that that they desist from inflicting such suffering on others today lest they lose everything.

    It is in this context that I view the State of Israel and the Zionists.

    No matter what they have suffered in the last two thousand years in the hands of their numerous haters, oppressors and persecutors they have no right to inflict the wickedness that they are inflicting on the Palestinian people today and as long as they continue to do so they shall know no peace.

    They shall also continue to stir up hatred and opprobium for themselves and their cause from all right thinking people, including millions that once had sympathy for them, from all over the world.

    This is what we see unfolding today.

    Now to the title and essence of this piece.

    First coined by Yasser Arafat’s Palestinan Liberation Organisation and other Arab nationalist movements in the 1960’s, the phrase “from the river to the sea, Palestine will be free” is the popular refrain and battle cry for the Palestinians and those that support their cause and struggle for self-determination and emancipation from Israeli occupation and oppression.

    And given what is happening in Gaza and the West Bank today who can deny them the right to achieve this noble quest for freedom and the right and aspiration to exist as an independent sovereign state?

    I have always loved the State of Israel and believed in the two-state solution but I hate what her leaders are doing to the Palestinians today.

    I equate the actions of the Israeli Defence Force in Gaza today with the heinous and horrendous atrocities that Hamas inflicted on their civilian population on October 7th.

    I have always made the point that the Jewish State must be accorded the right to exist and reserves the right of self-defence.

    I concede that she is also entitled to a measure of vengeance against those that visited the deplorable violence on her civilian population that we witnessed on October 7th but the targetting of innocent civilians in their thousands, the infanticide, the ethnic cleansing, the mass murder, the genocide, the crimes against humanity, the war crimes, the unprecedented and massive amount of bloodshed, the displacement of hundreds of thousands of civilians, the destruction and utter annihilation of Palestinian homes and infra-structures and all the other beastly and inexplicable horrors that are being unleashed and foisted on the women, children and elderly of Gaza today, including journalists, aid workers, hospital workers, doctors, nurses and other defenceless non-combatants and innocent civilians is unacceptable and indefensible.

    20,000 civilians (mainly women & children) slaughtered in Gaza & 85% of her 2.5 million people displaced in two months!

    Such butchery & slaughter beggars belief & as painful, traumatising & tear-jerking as it is, the world can witness it in real time thanks to Al Jazeera.

    And frankly what we are seeing is unspeakable.

    Israel may consider this to be her finest hour & a glorious manifestation of her military strength & prowess but in actual fact it is nothing but evidence of her irretrievable & inescapable descent into notoriety, savagery & barbarity & her relentless, degenerate, bestial & reprobate disposition.

    This is not her finest hour or her best moment but rather her greatest mistake.

    I say this because the Israel that millions of people from all over the world, including yours truly, once  loved, cherished, defended & empathised with no longer exists.

    What we have in its place is an unforgiving, unthinking, cruel, brash, barbaric, brutal, racist, evil, power- drunk and thoroughly repugnant fascist/apartheid state that is being led by a political class that comprises of deluded monsters, narcisstic savages, obsessive psychopaths and bloodlusting child-killers who have lost their minds, who are devoid of any pretence to even a semblance of humanity, who are hell bent on wiping out the Palestinian people and who do not believe that they are bound by the rules, regulations, canons & strictures of civilisation & international humanitarian law.

    Given this, Israel should no longer be welcomed into the comity of civilised nations & neither is she worthy of the western world’s consistent & unconditional support.

    She has not only lost her right to be regarded as a responsible & law- abiding member of the international community but, as long as she denies the Palestinians the right to exist in peace & freedom and refuses to lift the occupation, she stands the risk of forfeiting her own right to exist.

    What was once the inspiration, promise, pride & joy of millions from all over the world & the darling of civilised nations is now nothing but a vacuous, vicious, vengeful, lawless, petty, pitiful, tyrannical & bloodthirsty pariah state which celebrates & prides itself on its own barbarity, hatred, madness, war-mongering & rage, which openly espouses a racist & repugnant ‘Zionist’ philosophy, which considers itself racially & religiously superior to all others, which thrives on the suffering & pain of its Arab vassals & which is hell-bent on provoking the entire world into WWIII in an attempt to satisfy its senseless & dangerous delusions about re-establishing a biblical Zionist state & wiping out the Palestinian people.

    Zionism is the greatest evil that has been foisted on earth since the advent of the Nazis.

    It is an irony of fate & history that the Jews that are now calling themselves Zionists are the very same race whose forefathers suffered more persecution & cruelty at the hands of the Nazis than any other.

    I have no doubt that if Israeli PM Netanyahu had the power, wherewithal & horrendous gas chambers that Hitler once did he would, without any hesitation, gas to death every Arab on earth & kill every Muslim & Christian in the Middle East.

    That is how evil he & those that share his insane delusions are.

    They are the greatest threat to world peace & stability & the only way to free us from their insidious & sinister power & pervasive influence is by establishing a free & sovereign Palestinian state “from the river to the sea”.

    Just as Nazi Germany was brought to her knees by the civilised world after WW11 because of her heinous atrocities, Zionist Israel needs to be brought to her knees today.

    Does a murderous, racist rogue state that considers itself above the law & delights in slaughtering children have the right to exist?

    I doubt it.

    To those that say “but Israel is a democracy and indeed the ONLY democracy in the Middle East”, I say the following:

    Nazi Germany was a democracy too & Hitler was a democratically-elected leader yet look where they took the world!

    In the light of all this it is indeed a great shame that Israel’s greatest friend and ally, the United States of America, not only firstly vetoed a motion for a second ceasefire in Gaza at the United Nations Security Council last friday but that secondly the American Congress passed a resolution that any criticism of or opposition to Zionism would be regarded as a manifestation of anti-semitism.

    The first is nothing but yet another inglorious and graphic display of American immorality, hypocrisy, double standards, insensitivity and depravity and the second of the wilfull blindness and glaring ignorance of the majority of members of the American Congress.

    To equate political Zionism, a concept which only came into existence as an organized nationalist movement after it was enunciated and founded by Theodor Herzl in 1897, with Judaism which has existed for thousands of years is not only antedelluvian idiocy and intellectual bankruptcy in its most raw, primitive, vulgar, crude and glaring form but also ignores the fact that millions of both right-wing, conservative religious Jews such as the Torah Jews and secular ones residing in Israel, America and Europe vehemently oppose the concept of Zionism themselves and deplore its malevolent and sinister delusions and political aspirations.

    I love the Jews and the State of Israel but I despise and deplore the Zionists and what they have turned the latter into.

    I despise them not because of their religious faith or semitic racial identity but because of the evil political philosophy of subjugation, occupation, enslavement and destruction of others that they choose to espouse.

    It is for this very reason that for millions all over the world and not just the Arabs  of the Middle East, the battle cry and war song of ‘from the river to the sea’ resonates so loudly.

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    Permit me to conclude this contribution with the following observation which is particularly relevant to those of us that are from Africa.

    At the end of WW11 In 1945 when the great debate began amongst the leaders of the victorious Allied powers, including America, France, Russia and the UK, about where to send the Jews after the holocaust, there was a very strong lobby to send them to Uganda where they would have established their long-awaited new Jewish homeland.

    Uganda, like Palestine, was a British colony and the colonial power believed that, unlike the Palestinians, the local African population would not present much of a threat or even raise an objection to the appropriation and occupation of their land by millions of western-backed European Jews who had suffered the most horrendous form of persecution in Europe for thousands of years.

    Yet this interesting proposal was initially made forty two years earlier in 1903.

    Known as the ‘Uganda Scheme’, it was a proposal by British Colonial Secretary Joseph Chamberlain to create a Jewish homeland in a portion of British East Africa.

    It was presented at the Sixth World Zionist Congress in Basel in 1903 by Theodor Herzl, the founder of the modern Zionist movement.

    In a short piece titled ‘Expolring The Middle East Uganda Scheme For A Jewish Homeland’, the Middle East Monitor wrote the following.

    “Did you know about the intriguing chapter in history where Israel was almost established in Africa? This “almost” moment was known as the Uganda Scheme and was proposed by Theodor Herzl the father of political Zionism, in 1903. Herzl presented the plan to the World Zionist Congress envisioning a Jewish homeland in East Africa, then under British colonial rule. The proposal came at a time when Jews in Eastern Europe were facing severe persecution and massacres, making the idea of a safe haven, even in distant Africa, appealing. Despite initial approval by the Congress the plan faced opposition from the White settlers in East Africa who did not want to be displaced by other settlers. They formed an anti-Zionist commitee and their disapproval led to Britain withdrawing the offer, altering the course of history”.

    Isnt that amazing?

    Now to the point.

    Given the disposition of the Zionists I am of the view that had the Uganda Scheme been successfully resurrected, accepted and implemented by the Allied powers in 1945 and the State of lsrael established in Uganda as opposed to Palestine in 1948, the history of the Middle East and indeed the world over the last 82 years would not only have been very different but the local African indigenous population in Uganda may well have either been totally enslaved or, worse still, extinct or exterminated by today.

    I say this because Zionism is a deeply racist and supremacist philosophy that takes no prisoners, that seeks to disposses, subjugate, humiliate, emasculate and enslave others and that does not believe in sharing.

    If the local indegenous African population had sought to resist  Zionist hegemony and occupation in the same way that the Palestinians have been doing for the last 82 years they would have been subjected to something even worse than the genocide we are witnessing in Gaza and by now there may well have been no black Africans left alive in Uganda or indeed the whole of East Africa!

    Such is the danger that political Zionism presents to humanity wherever it is entrenched and wherever it goes.

    And if anyone considers the elimination or extermination of entire races to be a far-fetched proposition in this day and age they should find out what happened to the black population in Argentina, the Native Indians of North America and the local indigenous tribes like the Incas and Aztecs of South America in the hands of foreign and non indegenous settlers and occupiers.

    The world really is a very cruel place and the Ugandans  and East Africans should count themselves lucky that Lord Balfour, the British Foreign Secretary, did a deal with the immensely wealthy Jewish Rothchild family and  presented what was then known as British Palestine as a gift and offering on a silver platter to them in the form of a Jewish homeland in 1948 rather than Uganda.

    Meanwhile we shall continue to speak out against the evil in Gaza, agitate for a ceasefire and call for a peaceful resolution to the conflict.

    •Chief Femi Fani-Kayode, the Sadaukin Shinkafi and the Wakilin Doka Potiskum, is a lawyer, a former Minister of Aviation and a former Minister of Culture and Tourism

  • COP28: Tinubu was in Dubai for ‘weightier things’

    The just concluded week, to many who are conversant with activities in the Aso Rock Presidential Villa, seemed rather lacklustre as there were not so many movements or activities streaming from the Number One Citizen’s office, at least from the media view of things. Since he returned to Abuja Tuesday evening, after his six-day outing in Dubai, capital of the United Arab Emirates (UAE), where he participated in the 28th United Nations Climate Change Conference (CoP28), not much of President Bola Tinubu has been seen in the public.

    His seeming scarcity in public’s eyes did not mean he was not seen at all. Besides the photo ops seen in the media, including those taken at the Nnamdi Azikiwe International Airport, Abuja, on arrival from Dubai, and the ones taken with some of his guests, especially those on official businesses, a couple of very critical events and activities have done much to confirm his presence and that he remains committed to gradually relieving Nigeria and Nigerians of their multiple unpleasant baggage.

    He started the week offshore, in Dubai, where he coordinated Nigeria’s efforts at aligning with the global community’s climate and environmental solutions. He left for the CoP28 on the Wednesday of the week before the last, stayed the weekend and the earlier part of last week and returned on Tuesday. Of course, his activities and some of the multiple quantifiable gains of the outing were featured in the last edition of this column, what is, however, not highlighted yet will be the takeaways or significance of the event to the country and its people.

    There have been some hues, and definitely cries, about Nigeria’s ‘huge’ representation at the global event; 1,411 persons. Many Nigerians, including those who do not know, talk less of understand, the concept of the CoP, have come down hard on the federal government for sponsoring ‘a whooping 1,411 people’ to the world’s marketplace. Then emerged a horde of emergency analysts, especially on the social media space, adding and subtracting, calculating the cost of air travel and hotel accommodations for what many of them have termed a jamboree.

    Government, through Presidential Spokesman, Temitope Ajayi, and the Minister of Information and National Orientation, Mohammed Idris, has done much to separate facts from fictions by providing verifiable figures, but those who have determined not to be convinced and are looking for negative slants to viewing Nigeria and its government, have stuck to their narrative. Even when many of those recorded as Nigeria’s representatives, but with independent or other sponsorships than government have come out to clarify their circumstances, the horde has refused to be convinced or persuaded. They will not take Minister Idris’ figure of 422 for government’s sponsorship and they do not want anyone coming to tell them that the government should not be crucified for doing what it has been constituted to do; ensuring gains for Nigeria from all engagements.

    However, the truth that must be said, whether we like it or not, is that Nigeria was led to Dubai by President Tinubu for a serious business and not a jamboree, the President was focused on positioning Nigeria for an advantage to make away with as much of the cuts of the goods expected from the event as possible.

    Besides the meeting with the President of the UAE and King Charles III, the electricity improvement agreement signed with Germany, meeting with stakeholders and investors in the Nigerian Carbon Market, where he unveiled the Nigeria Carbon Market Activation Plan, President Tinubu also had his eyes on the big pie; the $250 billion ALTERRA Fund, to which the host country made a commitment of $30 billion. It is believed and expected that by virtue of size, being the largest black nation, Nigeria should be a major beneficiary of the fund.

    His thoughts were on solving the multitudes of environmental challenges facing the country in different parts of the country. Since climate change became a global issue, Nigeria has found herself dealing with ever-compounding social, economic and security vicissitudes in different parts. Desertification is creeping southwards, gradually driving people from their homes in the affected areas, igniting conflicts among peoples over land ownership and worsening food security along the way.

    Similarly, rising sea level in the coastal area is forcing people in the riverine areas out of their homelands, northwards. You can only imagine what will result from these developments and the interactions they will breed in a few years. These are serious concerns on Tinubu’s mind, then there is a forum that has been designed to proffer real solutions to these threats to the live and livelihoods of the people he leads, and we complain he has taken it as a serious business and decided to ensure Nigeria shows up there to stake her claim.

    We should only be angry if we are not found there because in today’s global interaction, it is “who nor dey, nor dey” and such person’s (or nation’s) bishopric, another is bound to take. If he was not there, who would have had the balls to stand in the face of the global powers to point their injustice and double standards to them. At least we know that it was Tinubu who called the attention of the super-powers to their unjust expectation from the least contributors to the cause of global environmental crisis to sacrifice same as, or even more than, those whose industrial activities robbed the earth of her pristinity.

    Thinking about all that Nigeria stands to gain from CoP28, added to the ones already set in motion from the various meetings and engagements by the President and his lieutenants at the outing, fighting the administration for this outing will be tantamount to spiting one’s face by cutting nose off. Government has attempted to give clarity by providing figures on sponsorships and that the whole 1,411 was just indicating where participants came from. This should suffice for anyone without an uglier motive than circumspection.

    He came back on Tuesday, but even while abroad, he kept his eyes fixed on goings-on at home. For instance, as early as 8am on that day, he had ordered an intervention into the sad development in Tundun Biri Village in Igabi council area of Kaduna State, where a military drone misfire had wreck havoc on innocent civilians, including women and children.

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    He directed an immediate and thorough investigation in the circumstances surrounding the incident, just as he ordered that relevant agencies of government should see to giving care, including medical treatment for the injured. He followed up on the intervention by sending representation for an on-sight assessment of the situation.

    Vice President Kashim Shettima, who delivered his principal’s message to the people of Kaduna State, especially the affected people, assured “the government will get to the root of the issue and anyone found culpable will be punished accordingly. We expect a report with immediate effect on the incident. The heart of the President is with the bereaved families. Rest assured that the Federal Government stands by the community and the government and people of Kaduna on this unfortunate incident”.

    It was not surprising that he had to sound so tough, the weight of the loss is too much to ignore. As at Friday, the number of recoded deaths had risen to 120 and the situation seemed to be raising serious heat in the some parts of the country. Besides, the frequency of military friendly fires has started raising concerns among citizens, it is believed government must watch it and Jagaban, considering his passion for the well being of every individual Nigerian, this last one and the ones before it should not have happened at all.

    Then on Wednesday, it was a time to reflect on relations with sister-West African countries. He hosted the President of Benin Republic, Patrice Talon, at the Villa. Jagaban’s philosophy of development is rather cooperative and that is what he has advocated at forums bringing leaders of the region together.

    “We are one. No other nation like ours should be worried. What is affecting us is a lack of synergy. We have not developed the necessary economic synergy that will develop our two nations. We must have common economic principles and priorities. The economic programme you are developing through inter-ministerial collaboration is welcomed by me”, he told his Beninois counterpart.

    He had other significant events and performed activities reflective of the continuing building process of the administration. For instance, on Thursday and Friday, he held meetings, results of which should yield positive fruits in coming days, weeks and months. He met the management of Shell Petroleum Development Company (SPDC) in Nigeria, led by Global Integrated Gas and Upstream Director, Ms Zoe Yujnovich, who informed him of new investment plans, involving an imminent $5 billion investment in Agbami North project and another $1 billion investment over the next few years into gas resources.

    On Friday, he received the report of Course 45 of the National Institute for Policy and Strategic Studies (NIPSS) research, encouraging the institute and the colourful array of its participant. He highlighted the importance of the exercise being participated in by noting that Nigeria has what it takes to succeed, especially when the quality of the research and its recommendation are seriously considered.

    He approved new appointments in some agencies, including nine Board and Management members for the Nigerian Content Development and Monitoring Board (NCDMB) as well as four new members for the National Council on Privatization (NCP).

    This new week should come with new tasks as well. One such expected task is the Summit of the Heads of State and Government of the Economic Community of West African States, holding today. President Tinubu, as Chairman of the ECOWAS leaders, will host his colleagues and other authorities involved in the region’s affairs. They have so much to talk about, including the state of democracy in the region and their mutual socioeconomic concerns, so you can be assured of a something about ECOWAS this week. 

  • Olatokun’s inaugural lecture of national development

    Olatokun’s inaugural lecture of national development

    •  By Sunday Saanu

    An inaugural lecture is a formal event  for newly appointed professors or those who have been promoted to full professorship. The lecture offers these professors the opportunity to share their knowledge, scientific discoveries and even personal journeys in their respective fields with the  academic community, public, family members and other interested parties.

    Recently at the Nigeria’s premier university-University of Ibadan (UI), it was however the turn of Professor  of Social Informatics, Knowledge Management and Information Communication Technology Policy, Prof. Wole Michael Olatokun of Faculty of Multidisciplinary Studies to share his academic trajectories and achievements with the public. And, he displayed his scholarly competence and sagacity to the admiration of the audience, with a call on Nigerian leaders to wake up to the importance of data science.

    Entitled “Information and Data Science: The Siamese Twins Shaping the New World Order”, the inaugural lecture which was the first in the Department of Data and Information Science formerly known as African Regional Centre for Information Science,  examined the importance of data and information in Nigeria and proffered solutions to some of the national challenges.

    Amazingly, Prof. Olatokun who is one of the most intelligent scholars in the university, having emerged as the best graduating student in his set, effortlessly mesmerized his audience with his amazing presentation as his lecture’s thematic rendition was largely riveting.

    The depth of his scholarship as well as the significance of his research has to do with Nigeria’s development, hence, the need for the political elites to pay attention to the seriousness of the matter. As Prof. Olatokun was delivering this all-important lecture, the audience could feel the excitement of his creativity and imagination, thereby  punctuating the delivery with intermittent appreciative applause. His clear, crisp diction was enthralling, just as his ineluctable words pounded like distance drums with the audience enjoying every bit of the hot flushes of his wisdom clothed in pretty intellectual fineries.

    Hear this man of exceptional intellectual clairvoyance speaking about the importance of data in national planning, “How many are we in Nigeria in terms of population? What is the population of unemployed graduates in this country? The palliative currently being distributed nationwide, what data are we using to distribute them to make sure they reach those who need them? Your guesses are as good as mine!. The question at this juncture is: Do we really have the requisite data and infrastructure to further the course of development and transform our society in Nigeria? How accurate or reliable are our data? Our country Nigeria faces several challenges that constitute the “missing link” in our information and data science ecosystem”

    Prof. Olatokun, a perfect-picture of geniality and civility who is generally acknowledged and respected for his humility chronicled disadvantages of accurate data and argued that “it takes a viable seed and enabling soil to make a bountiful harvest, urging Nigerian leaders to stop carving on rotten woods, but to scale up capacities to harness advantages of information and data science. His words: Data Science is an interdisciplinary field that leverages data-driven techniques to uncover insights, solve complex problems, and drive decision-making across various domains. It involves a series of stages, from data collection to interpretation, and has a profound impact on industries and society at large”

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    Still arguing on the importance of accuracy of data for national development, this scholar of amazing self-restraint stated, “Poor data quality leading to poor decisions is a major challenge. It often has severe consequences, particularly in policymaking. For instance, the lack of accurate data on the number of unemployed youth in Nigeria, coupled with data inconsistencies, can lead to ineffective employment policies. Without reliable information, policymakers may misallocate resources, leading to wasted opportunities and suboptimal outcomes”

    While proffering solutions, Prof. Olatokun whose sterling strides in his scholarly adventure have recorded remarkable achievements stressed that “There is a need for deliberate efforts to solve the challenge of unavailability of accurate and reliable data to engender better planning, informed decision making and problem solving to catalyse the country becoming a major player in the fourth industrial revolution where quality data dictates the pace of development. Without quality data, national development will continue to be a mirage”

     Again, he pointed out that “There is a need to allocate more funding to universities and research institutions to promote and support research and innovation in Information and Data Science. This includes establishing research grants, centers of excellence, and innovation hubs that drive technological advancements and economic growth. Better salaries and working conditions are needed to stem the tide of the brain drain and japa syndrome”

    More importantly, he stressed, “The Cybercrimes Act 2015 which provides for the prohibition, prevention, detection, response, investigation and prosecution of cybercrimes; and for other related matters, 2015 should be implemented through the Office of the National Security Adviser, as a means of solving the challenge of data insecurity. The Act should also be reviewed for a more comprehensive Data Protection Act.

    From this lecture, however, is clear that there is no lessons that is too little to learn particularly from the ivory towers. Prof. Olatokun has called attention to the need to invest in accurate data development and harvest advantages of data science, saying this is the only way to make sense out of the national senselessness regarding data science. The question is, will the leaders listen?

    Saanu (08034073427) is with Ajayi Crowther University, Oyo, on sabbatical. Email: sundaysaanu@gmail.com

  • DORA KAYODE: How Kayode got his groove back

    DORA KAYODE: How Kayode got his groove back

    Credited with the turnaround of his talented hubby; Nigeria international Olanrewaju Kayode, Dora Kayode, wife, mother, player intermediary, lawyer, is extending her tentacles in the world soccer business. In this interview with Assistant Editor Taiwo Alimi, the mother of three boys speaks on her newest ventures, life philosophy, and managing her husband’s career among other things.

    She is a woman of many parts. As the first Nigerian woman football intermediary (agent), her passion for player managing was ignited out of love for her footballer husband and the quest to reposition his ailing career. That the former U17, U21, and U23 international is now playing regular football with Gençlerbirliği in the Turkish second division is a credit to her hindsight and boardroom deal.

    Last weekend, Kayode netted his fourth goal of the season for Gençlerbirliği in the one all score line against Keclorengucu.

    Dora said she engineered Kayode’s transfer away from Shakhtar Donetsk (Ukraine), where he was subjected to three loan deals to join Gençlerbirliği where he would get more playing time.

    ON HUBBY’S CAREER

    She said: “He (Kayode) has enjoyed big clubs (Manchester City is one them) but sometimes these big clubs they have lots of players and at the end of the day you find yourself struggling. Not that you are not good but there are extremely talented players that coaches prefer. Also, some of the coaches prefer certain players that they have relationship with at their old clubs, and you cannot do anything right. So, you must go where you are appreciated. You must go where you are needed. That applies to life generally. We must go where we are needed and appreciated.

    “When you go there you are going to blossom. You will find your real self, you will find yourself. So, I think Kayode has found himself back. He’s enjoying himself, he’s not under pressure. Easy does it and that is how it should be. And we know that at the end of the season, he would be the target of other clubs and that works for us. Until he retires he has to keep playing and push beyond limit. That is our plan for him and he’s enjoying himself in Turkey. He would still go on and go on until he says stop. Of course, clubs are coming and they are talking and at the end of the season we are going to sit down and decide again where he would go and be appreciated, and be seen. So, the whole world will keep seeing that Kayode is doing his thing. That’s it.

    LIFE BEYOND FOOTBALL

    Dora is an unusual king of woman. She fell in love with football, even before she met her husband and that paved the way for the intermediary work with footballers. However, there is a life beyond football.

    She said: “My life is not just about football. My team and I are cooking something so strong that we are bringing out by 2024. It is something that everyone will love and I just have to do me- Dora.”

    So, how is she coping multitasking as a mother-catering for three boys and wife to a footballer whose home and work she has to manage, and getting down to other businesses on her table?

     “It is everyday life. It’s part of me already. I don’t do to impress. It is part of me already. I’m me and I do things my own way. For those who know me and love me naturally, I just flow with them doing things my own way. I don’t do things to impress others and people love me for who I am. Glamour is part of me it is not to impress. It is part of me. You don’t force it. It is who I am and so I feel comfortable doing it. I do it with all happiness. I’m happy in football, I’m happy with what I’m about to do, I’m happy with my friends, I’m happy with where God has placed me. I can’t be ungrateful. I’m happy. I thank God for life. We have paid our dues. I have paid my dues.”

    Dora attributed her success to planning and hard work.   

    “People don’t know the story, they only see the glory. We have put a lot of hard work into this thing. We have sacrificed. It is just like this popular saying; Rome wasn’t built in a day. I keep building, I keep striving, I keep getting better, I keep learning and I keep pushing and at the end of the day there is a goal to achieve and I’ve done justice to that. I have achieved that goal.

    While not letting the cat out of the bag yet, what we are planning is something that is landmark. The full gist will be unveiled in 2024 and everyone we go on that journey with me. And they would love it and they would be proud of me.”

    Read Also: Agric revolution will help Nigeria surmount insecurity, poverty – Shettima

    Dora is driven by family and friends who have been part of her story.

    “I’ve made new friends, and family and they have made me to understand this life more. The drive is there and they want me to know how powerful I can be and I’m just grateful for this new family and the fact that they have really pushed me to where I am now.

    As for his sons, she admitted they have taken after their father in the area of sports. “My boys are taking after their father. They are playing football quite well. But, like I said, I’m not going to push it. At the end of the day if they say I don’t want to be a football player I’m going to support them a 100 per cent. As a lover of football, I want them to play football, but you can really say. Football is the only thing they know really, but if it’s not what they want- you can’t predict the future-I have to support my boys’ do whatever their hearts tell them to do.”

    SUPER EAGLES

    Like many football fans in Nigeria, she believes the Nigeria Football Federation (NFF) and handlers of the national teams, especially the Super Eagles, can do better.   

    “I don’t have any business with the Super Eagles. Let’s leave that to those who are in charge. All I want to do is watch over my man and if they think he’s good enough call him. I believe there are experts in charge of the team and I can’t teach them their job. I love football and I think we have to be organised. We need to know what we want in life, were we are headed. Once we are sure where we are going we would get it right. You can’t wake up in the morning and decide a certain food without planning that it is suitable for you. We have to plan. The problem is that we don’t plan. We need to plan and organise ourselves better so that the best can come out. We play a lot in this country. Everything is just like joke but at the end of the day, either we learn from our mistake, or we remain in it. I hope that we learn our lesson and come back stronger and better.   

    WAG

    Though Dora is married to a footballer of note, she does not like to be tagged a WAG (wives and girlfriends of high-profile sportsmen)

    “I don’t see myself as WAG. I don’t want to be categorized as a WAG. I just want to be seen as Dora and no more. It is not a title for me. There are things that I don’t like to get into me. I want to do things my way. My husband is a brand already, and I want to be one too. I don’t want to be under the umbrella of WAGs and all that. I’m a footballer’s wife all right but I don’t want to be under WAGs category. I don’t want to be categorized as a WAG. That is not what I am, I’m more than that.”

    In the same vein, Dora is calm and not given to loud celebration.  

    “December is an important month for me because it is my birthday month and it is Christmas month. I had my birthday with few friends and it was a special occasion to be among family and friends. Christmas is important to me and an emotional time too, I can act like a baby when it comes to Christmas. You get to be with family and people you have not seen for a long time. It is part of the celebration. I don’t do super party to celebrate Christmas. I prefer a calm time with family. I’m not given to loud celebration just a time out with family and close friends. It is part of who I am, and how I like to do my thing. There is no party,” Dora added. 

  • WILFRED NDIDI: Victory over West Bromwich was amazing

    WILFRED NDIDI: Victory over West Bromwich was amazing

    Ndidi outlined the importance of Leicester taking three points away to West Bromwich Albion last weekend, especially following the disappointment of drawing away to Sheffield Wednesday in midweek.

    The Foxes maintained their position at the top of the Championship thanks to goals from Kiernan Dewsbury-Hall and Harry Winks – the latter injury-time winner just moments after West Brom had levelled the scores through Josh Maja.

    “It was really brilliant,” the Nigeria international beamed. “You could see how we acted on the bench and all the fans. It was really amazing because we actually needed it.

    “We know it is very tight at the moment with the fact that the last game was not the best game, but we knew if we could get this, it’s really amazing because it gives us more steps ahead. It was really good.”

    Ndidi had a perfect view of the winning goal, which sparked jubilant scenes in the dugout as well as in the away end, having been substituted shortly before Dewsbury-Hall squared the ball for Winks to strike in stoppage-time. He also played a major part in the first goal, with the Nigerian’s cross stood up for Academy graduate Dewsbury-Hall to emphatically head home.

    Read Also: We’re awaiting signal to investigate Adeleke’s 332 borehole project, others – ICPC

    He explained: “We saw everything from the throw-in and then the breakthrough. I can actually remember everything from Kel (Kelechi Iheanacho) to Kiernan [Dewsbury-Hall] and then Kiernan to Harry [Winks]. It was really amazing because even the reaction on the bench when the ball was going, we were all on our feet and it was good.

    “I feel so good because we actually we do this and we know what we have to do. And it was good because when we have a ball like this, we know the opposition has to go in. It was actually very nice to see what we practice and everything show up in the game.”

    Starting the contest at The Hawthorns, it proved to be more vital minutes for the midfielder, who only returned from an injury lay-off after November’s international break.

    The 26-year-old added: “It was really good for me because I was laid back and then I just try to get more. That fitness and all was really good, to get 80 minutes.

    “Of course this one is now passed so we have to look forward to the next one, get our shape together, and then we go on again.”

  • Delphine Okoronkwo: I have traveled around the world as makeup artist

    Delphine Okoronkwo: I have traveled around the world as makeup artist

    Delphine Okoronkwo is a top celebrity makeup artist and cosmetic manufacturer. As the CEO and Creative Director of Bare to Beauty, she has successfully grown her brands and mentored others. In this interview with Yetunde Oladeinde, she opens up on her success story, inspiration, working with celebrities, and more.

    Tell us about your experience as an entrepreneur.

    My entrepreneurial journey has been a very interesting one. I knew I ultimately wanted to be a beauty entrepreneur, but I needed to raise the capital. So, I started a series of businesses including procurement and logistics, subcontracting with Hitech Construction Ltd, and real estate, all to get me where I needed to go.

     What inspired you to go into the beauty sector?

    I have always gravitated towards beauty.  I have always liked makeup. When I was in university, I used to do makeup for my friends. I am self-taught, this is my natural talent. So when the time came for me to leave the corporate world, I already knew that the beauty business was a no-brainer.

     What are some of the achievements and challenges?

    I have won both local and international awards as a brand and as a makeup artist. Bare To Beauty is a household name not just in Nigeria but all over Africa and soon to be all over the globe.

    Like most entrepreneurs in Nigeria, I have faced economic challenges such as the exchange rate issue, inflation, taxation, and finding dedicated and competent staff.

    What is your assessment of the performance of women in the sector?

    Beauty has mostly been a female-dominated sector in Nigeria. I feel like women have thrived in this industry and it shows. There are women who have become established symbols of inspiration in the beauty industry and have and are still paving the way for aspiring up-and-comers. Amazingly, women can become extremely successful and make a good and sustainable living from beauty as a business.

    What are the things that drive what you do?

    Simply put, as my brand name (Bare To Beauty) implies, the joy of seeing the happiness and satisfaction on my client’s faces after a makeover or using any of my products is all the drive I need.

    How would you describe your experience working with established brands and multi-national organisations and how has it influenced your business?

    I have worked with quite a few multinationals on various projects and have noticed a few common themes that I have been able to effectively apply to my business. Discipline and consistency are key. You have to maintain a global professional standard always, to which you must hold yourself accountable. Strategy before action is critical. It is important to weigh and measure all the moving parts when embarking on a project.

     Tell us about your experience as a makeup artist and working with celebrities.

    As much as there are a lot of upsides to being a makeup artist, it comes with its own challenges which require a lot of patience. I work regularly with celebrities and high-end clients with hectic schedules who may not keep to appointment schedules, which can cause an overlap with another client’s appointment. Shout out to Aunty Mo Abudu with whom I have traveled around the world as her makeup artist. Her punctuality never ceases to amaze me.

    Read Also: Agric revolution will help Nigeria surmount insecurity, poverty – Shettima

    What are some of the changes that you would like to see in the country today?

    For the country? Honestly a better, safer, more prosperous Nigeria. But specifically for the beauty industry, I would love to see more unity, collaboration, coordination, regulation, and structure.

     Did you have mentors at the beginning? What has been their impact?

    At the time, I never really had mentors in the space, but there was an American makeup artist called Jay Manuel who was also the creative director for America’s Next Top Model. His energy and enthusiasm for beauty fueled my passion.

     What advice do you have for young people about the current challenges in the beauty industry?

    My advice is that they should try as much as possible to be consistent. Don’t give up, just like any venture in any other industry, the makeup and beauty industry is filled with many ups and downs but you must continue to push and one day, you’ll get your big break.

     Who or what do you consider as the greatest influence in your life?

    My mother, because of her tenacity. She is truly one of the most hardworking people I have ever known.

    What lessons has life taught you?

    Life has taught me many lessons, but one of the most important ones is putting God first in everything you do.

  • Distinct in statement pieces

    Distinct in statement pieces

    • By Priscillia Ojochenemi

    Tolulope Oniru popularly known as Toolz is a radio personality, talk show host, and presenter who is best known for hosting The Midday Show on The Beat 99.9FM. Toolz is a well-known media personality, who is known for her unique and stylish sense of fashion. She is a trendsetter and a fashion icon, with her own distinct style.

    Toolz is often seen wearing bold, statement pieces that reflect her strong and independent personality. She’s not afraid to take risks with her fashion choices, and she always looks effortlessly chic and put-together. She often opts for bright colors and patterns, and she has a knack for accessorizing.

    Her fashion choices are often reflective of her bubbly and outgoing personality. She is known for her cheerful and energetic demeanor, and her clothes often reflect this. Her style is youthful and playful, yet sophisticated and chic. She has a keen eye for color, and she often mixes and matches different prints and patterns. Her accessories are bold and eye-catching, and she is often seen carrying a statement handbag or wearing oversized sunglasses.

    Read Also: We’re awaiting signal to investigate Adeleke’s 332 borehole project, others – ICPC

    In addition to her signature style, Toolz is also known for her incredible versatility. She is able to transition from day to night looks with ease, and she can pull off both casual and formal looks with equal aplomb. No matter the occasion, she always looks polished and put together. Her versatility is a testament to her understanding of fashion and her ability to adapt her style to any situation. This makes her a fashion icon for women of all ages and backgrounds. It is not just the clothes that make Toolz a fashion icon – it is also her attitude and confidence. She always carries herself with poise and grace, and her style is an extension of her personality. Her confidence is infectious, and she inspires others to be bold and take risks with their own style.

    She exudes an effortless coolness that makes her stand out from the crowd. This confidence and attitude make her a true fashion icon. What is especially remarkable about Toolz’s fashion is her ability to look stylish on a budget. She’s often seen wearing affordable brands and pieces that can be found at mainstream retailers. This proves that you don’t have to spend a fortune to look like a million bucks! This down-to-earth approach to fashion makes her even more relatable and likable.

    Another aspect of Toolz’s fashion that makes her unique is her love of African fashion. She often incorporates traditional African prints and styles into her looks, and she’s a champion of the African fashion industry. She has a deep respect for her heritage and culture, and she uses fashion as a way to celebrate and promote her roots. She is an example of how to combine traditional elements with modern style to create something truly special. This sets her apart from other fashion icons and makes her even more special.

  • Luxury gift boxes with lasting experience

    Luxury gift boxes with lasting experience

    It was a very memorable evening tagged a very exclusive and luxurious experience. Venue was the Center Point Event Center, ikoyi ,Lagos. Music, fashion trends, and glamour filled the air with celebrities and the crème de la crème of society looking and feeling good.

    Eddie Madaki representing William Grant and sons did the introduction, talked extensively about the launch of the  extraordinary package for the gifting season featuring high quality range of fragrances and whiskey.

     “ We cannot take credit for the gift boxes 100 percent. It is an innovative idea from our great luxury partners, Seinde Signatures. We have done a lot of collaborations, taking care of high networks and individuals who like exclusive items. Seinde Signatures collects one of the best niche perfumes in the world and we have this collaboration. It is the combination of the gifts and the emotions behind it. It is more than a product but more of an experience that would last for a lifetime”.

    Read Also: Agric revolution will help Nigeria surmount insecurity, poverty – Shettima

    He continued: “ Our brand was established in 1887 and we have been at the forefront of crafting premium spirit for over a century. Our focus is on relationships when it comes to spirits. We have the Glenfiddich and The Balvenie which is premium whiskey”.

    He added: “We also appreciate the innovations of our founders, they were willing to export our products to far willing ends of the world. Beyond being just a liqueur, we have crafted together these gift boxes. Some of the boxes have products that have been on for 23 years, well crafted and we are excited. We age it and retain the traditional flow of the process.

    On his part, Mr Seinde olusola talked about the essence of the collaboration and their expectations. “ We believe in collaborations. We have collaborated with a lot of companies and this month alone we have about five companies that want to collaborate with us. We cannot exist by ourselves. Nobody is built to exist for himself alone”.

    Olusola adds that: “ We are talking to different partners and this means a lot to us. We are very excited about this specifically because of the nature of what we do. It is a gift for the season and this will continue. We will have it for Valentine’s Day, Father’s Day, and others.

  • Will Nigeria’s foreign reserves rise again?

    Will Nigeria’s foreign reserves rise again?

    With Nigeria’s foreign exchange reserves down by $1.65bn in six months, analysts have argued that the Central Bank of Nigeria (CBN) needs to step up its game, reports Ibrahim Apekhade Yusuf

    Nigeria’s foreign exchange reserves are anything but healthy, the worst in six months, and this calls for worry according to economic pundits who have been watching the trend.

    Crux of the matter                                      

    The issue is that the foreign exchange reserves have fallen by $1.6bn to $32.97bn since the Central Bank of Nigeria (CBN) announced the unification of the exchange rate to unify the country’s foreign exchange rates.

    Timeline of FX depletion

    In the first four months of 2023, the external reserves lost about $1.82 billion, further weakening the central bank’s firepower to defend the naira. This long-running downtrend in Nigeria’s external reserves is seen fuelling investors’ fears in Africa’s largest economy.

    From available information, as at May 9, 2023, the nation’s external reserves declined to $35.23 billion, according to data from the CBN. Also on June 15, 2023, when the naira was allowed to float, the country’s gross FX reserves stood at $34.62bn.

    The CBN’s gross FX reserves fell to USD33.2 billion in September, from USD37.1 billion at end-2022.

    However, the foreign exchange reserves fell to $32.97bn as of December 1, 2023, shedding $1.65bn, according to data obtained from the website of the apex bank.

    The decline in the FX reserves has been blamed for the fall in the naira rate and has been attributed to the limited capacity of the country to earn foreign exchange from both non-oil and oil exports and increasing FX demand which has seen the naira weaken by more than 40 per cent since June.

    Besides, the apex bank had also in July noted that accrual to external reserves remained weak while foreign exchange demand pressures persisted, especially with the growing backlogs of forex owed some private sector businesses including airlines to the tune of billions in FX.

    Expectedly, during the bank’s Monetary Policy Committee Meeting, a member, Obadan Mike, noted that amidst growing appetite for forex demand, the fundamental problem of the foreign exchange market remains inadequate foreign exchange supply reflecting low productivity of the economy, inadequate export earnings, and limited foreign capital inflows.

    He also expressed worries that the country’s external reserves were in an uncomfortable position and was a key concern for the domestic economy both in the short, medium to long term.

    Recently, the Economist Intelligence Unit, in its Africa Outlook disclosed that Nigeria doesn’t have enough in its FX reserves to back up the much touted exchange rate unification policy.

    It said, “In Nigeria, an unsupportive monetary policy implies that the naira will remain under pressure, while the central bank lacks the firepower to adequately supply the market or clear a backlog of foreign exchange orders, which will keep foreign investors unnerved. High inflation and a continued spread with the parallel market will leave the exchange rate regime unstable and result in periodic devaluations.”

    The continued decline in Nigeria’s external reserves despite high oil prices is adding fuel to investors’ fears as it threatens to exacerbate the scarcity of foreign exchange in Africa’s biggest economy.

    In the last one year, the external reserves lost 10.52 percent ($4.15 billion) following declining FX inflows through oil sales and other sources.

    How hefty foreign reserves boost economy

    Foreign exchange reserves are assets held on reserve by a monetary authority in foreign currencies. These reserves are used to back liabilities and influence monetary policy. They include foreign banknotes, deposits, bonds, treasury bills and other foreign government securities.

    China has by far the largest foreign currency reserves with over two and a half times more than the second-largest reserve holder, Japan. When China’s and Hong Kong’s reserves are considered together, the total is nearly $4 trillion.

    The exchange rate affects the real economy most directly through changes in the demand for exports and imports. A real depreciation of the domestic currency makes exports more competitive abroad and imports less competitive domestically, thereby increasing demand for domestically produced goods.

    Clear and present dangers of depleting foreign reserves

    Analysts expect the decline in the external reserves to worsen the country’s currency risks and delay the recovery of the economy.

    It may be recalled that the World Bank had in the Macro Poverty Outlook for Nigeria highlighted the deteriorating macroeconomic conditions such as declining oil production volume, high-priced oil subsidies, exchange rate fluctuations, declining external reserves as well as the surging inflation rate.

    The downward trend in the country’s external reserves is attributed to reduced FX inflow into the economy and increased demand pressure on the gross official reserves.

    While reacting to development, Eben Joels, country leader for Stransact, RSM correspondent firm for Nigeria, noted that the nation’s foreign reserves will continue being depleted as long as the central bank’s policy is to defend the naira at all cost without addressing the fundamental issues driving demand for forex.

    “Investors’ confidence in Nigeria is already lower than it was a decade ago if you use the amount of foreign direct investment as an index. To make things worse, foreign investors have been complaining loudly about their difficulties in repatriating funds from Nigeria.”

    “The parallel market rate is driven by demand and supply and as more people are unable to assess forex at the official bank rates, they will indeed resort to the black market. There’s only one fix. Nigeria does not need multiple exchange rate regimes. Let the Naira float, and it will find its true value based on demand and supply,” Joels said.

    In the view of Wale Adesoji, a forex dealer, a rise in foreign exchange reserves helps to shore up both liquid and total debt, while shortening debt maturity. The implication is that interest rates of foreign exchange reserves are low, an increase in foreign reserves also leads to a permanent decline in consumption.

    In the same token, he said the depletion in foreign reserves, witnessed in Nigeria in recent times, could elevate risk concerns among foreign investors. Thus, this could have serious implications for risk premium, portfolio flows, short-term external debt position, balance of payments position and economic growth.

    While reacting to the issue of forex depletion recently, Abiola Rasaq, an economist and former head of investor relations at United Bank for Africa Plc, there is no likelihood that there will be any major improvement in the external reserves in the near term, except we change the policy management and rebuild market confidence.

    “Notably, the current level of foreign reserve at over $35.6 billion is not bad when put in the perspective of Nigeria’s import cover, however, the concern lies in the loss of confidence of the market and consistent erosion to the reserve.”

    “While the strong crude oil price has been supportive of the country’s FX earnings, official oil exports remain low for varying reasons, including low investments in the sector and prevailing theft issues.”

    Rasaq said all other autonomous sources of foreign currency inflows have been weak, mainly due to loss of confidence in the current FX management in the country.

    The market, he stressed, is neither convinced about nor confident in the FX management approach of the CBN as most Nigerians abroad would rather take advantage of unofficial remittances channels, including fintechs offering instant remittance from most developed countries at parallel market rates.

    Read Also: We’re awaiting signal to investigate Adeleke’s 332 borehole project, others – ICPC

    He said: “There is a major leakage of potential foreign currency inflows from this source as well, especially as I doubt most of the fintechs would repatriate the funds to Nigeria, rather sell to importers of items barred from assessing FX from the official window and perhaps in some extreme inadvertent situations they may even sell to those funding illicit transactions and money laundering.

    “If Nigeria reforms the FX regime, we would have ticked one major box in attracting just foreign portfolio investments but also FDI. We would open the tap for the diaspora to have comfort and confidence to invest back home and perhaps redirect remittances through the official window.”

    Echoing similar sentiments, Financial Derivatives Company said in a recent note, lamented that “The further depletion of the reserves will limit the CBN’s ability to intervene in the forex market, which could lead to naira depreciation. Also, the depletion of external reserves could douse investor confidence as investors become worried about the country’s ability to meet its obligations.”

    Light at the end of the tunnel

    In what may have been a morale booster, the assessment of the country by Fitch Ratings last November affirmed Nigeria’s long-term foreign-currency issuer default rating (IDR) at ‘B-‘ with a stable outlook.

    According to the rating agency, Nigeria’s ‘B-‘ rating is supported by a large economy, a developed and liquid domestic debt market, and large oil and gas reserves but was however quick to add that the rating is constrained by weak governance, structurally very low non-oil revenue, high hydrocarbon dependence, security challenges, high inflation, low net FX reserves and ongoing weakness in the exchange-rate framework.

    Fitch Ratings also acknowledged the fact that the government has taken important steps to reduce fuel subsidies and reform the exchange rate framework much more quickly than we anticipated and has ambitions to substantially raise revenue.

    “However, there has recently been some backtracking on reforms, notably a lower degree of price discovery in the FX market than in late June, raising doubt about the strength of this positive momentum. In addition, new data on the CBN suggests its net foreign-exchange position is substantially weaker than we previously understood. These factors are reflected in the stable outlook.

    “Reform progress since President Bola Tinubu’s government came to power in May 2023 has been faster than we anticipated at our last review. In June, the government removed fuel subsidies, which cost near 2% of GDP in 2022. It also unified the multiple exchange rate windows, and the official investors and exporter rate was allowed to depreciate by close to 40%, with renewed volatility around end-October.

    “Fitch views the cabinet, particularly Finance Minister Wale Edun, and the new CBN governor as supportive of reform. However, there are still sizeable socio-political challenges to implementation, including an acceleration in inflation, which could account for recent backtracking of some reforms.

    “Fitch forecasts general government debt/GDP to stabilise at 43.9% of GDP in 2024-25, having risen from 35.2% at end-2022 on the depreciation of the naira, and below the projected 2024 ‘B’ median of 54.8%.

    Way forward

    Railing against accusation of mismanagement of the FX by the government, the duo of Asimiyu Gbolagade Abiola and Francis Ojo Adebayo had in a research paper presented to the National Institute for Legislative Studies, an arm of the National Assembly, few years ago by under the title, Channelling The Nigeria’s Foreign Exchange Reserves into Alternative Investment Outlets: A Critical Analysis, suggested a multi-prong approach to the management of the FX in such a way that the asset would guarantee better dividends for the generality of the populace.

    According to Messrs Abiola and Adebayo, “Cross-country experiences show that countries have attained success in diversifying their external reserves to four basic portfolios. The liquidity portfolio, long-term or investment portfolio, immunization portfolio, and the Petroleum fund buffer portfolio.

    “The experiences noted that a liquidity portfolio is used in connection with the conduct of monetary policy for possible foreign exchange interventions and to influence liquidity and interest rates. In order to foster diversification of foreign reserves, appropriate investment corporations were instituted to manage external reserves with the aim of seeking higher yields.

    “These yields are in turn invested in the country’s economy by the provision of infrastructures, and the provision of basic necessities such as health, education, among others. The immunization portfolio is intended to neutralise foreign exchange and interest rate risk associated with external debt and the establishment of a petroleum buffer fund. “Currency risk has been one of the important factors affecting returns of foreign reserves investments in the U.S. Therefore, given the condition that the Naira will appreciate against the US dollar gradually in the future, Nigeria foreign investment should be channeled into other currencies, such as Pounds and Euros.”

    They further reiterated that it will be appropriate if Nigeria could follow the path of countries experiences by expediting its institutional reforms through the channelling of her foreign reserves to investment outlets such as financial institutions, real estate, mining, electricity, new energy, stocks, bonds, and precious metals to enhance economic growth.

    “Diversifying Nigeria external reserves into other investments has benefits in different areas. It will grow and empower the private sector; provide employment opportunities; enhance quality of lives; enhance socio, political, cultural and economic activities; stemming the tide of rural-urban migration, which no doubt affected poverty reduction; grow the economy; and provide the base for sustained development of the country.

    “The importance of diversifying Nigeria’s foreign exchange reserves to other investment outlets cannot be underscored. Cross countries’ experience has exposed that it is valuable and achievable. Channelling Nigeria’s external reserves to other investment outlets will help drive the economy rapidly. The country’s reserves are adequate but might not be in surplus compared to best practices if one considers all the reserves adequacy measures.”