The Nation Newspaper

Category: Letters

  • The Fly Nigeria Bill good but…

    The Fly Nigeria Bill good but…

    Sir: A new bill which among others compels government officials and contractors to fly Nigeria airlines is a commendable move but there are some issues that need to be addressed effectively before the bill can be justified to become an Act.

    Firstly, why did Nigerians prefer to fly with foreign airlines? It is an established fact that wires and cables produced in Nigeria are of higher quality and durability than the imported ones despite the high preference of Nigerians for imported goods.

    Every human being wants the mode and means of transportation that can guarantee safety and security. This is the reason why many travellers now prefer to travel by air instead of roads because of the high rate of insecurity on the roads.

    In the 90s, there were frequent cases of air crashes but this has been virtually eliminated now due to improved monitoring of standards and consequence management. Air crashes were rare occurrences with the foreign airlines.

    Despite the low rate of crashes involving Nigerian airlines, a lot still needs to be done to match the confidence people have in the foreign airlines with Nigeria airlines.

    Few years ago, I boarded an aircraft from Abuja to Uyo but what I observed was not pleasant.  The interior of the aircraft was no better than the very old buses shuttling Abuja and Onitsha markets. The leg room was not better than that of the Lagos Molue buses.

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    Recently, I also had another experience in the aircraft of a very reputable airline in Nigeria. The interior leather was not as good as those in the buses of some transport companies in Nigeria. It was also obvious that the air-conditioners in the plane had a challenge.

    By comparison, foreign airlines are more standard outside and inside. They are also better maintained with the comfort and safety of the passengers as priority. Nobody wants to fly an aircraft where his or her welfare and safety cannot be assured.

    Before the Fly Nigeria Bill can be justified to become a law in Nigeria, there is a need to effectively address the following issues:

    The purchase of aircrafts by Nigeria airlines must be monitored to ensure they are not refurbished unsafe aircrafts. They must conform to global standards. The process of certification must be rigorous and professional. The airworthiness of the aircraft must be monitored and ascertained, not only daily but before each flight.

    Their routine maintenance must be regular, monitored and assured. The services offered right from booking, to boarding and arrival must be monitored for compliance to global standards.

    All the aircraft currently flying in Nigeria must be inspected by a team of local and foreign professionals for quality assurance.  Those that fail the test must be withdrawn from the Nigeria airspace.

    Because of the high cost of aircraft acquisition despite the leasing facilities made available globally, there is a need for government to support local airlines with low interest loans to ease new aircraft acquisition.

    Government should be supporting the local refineries to significantly reduce the price of Jet A1 for aircraft just as also expected for the petroleum products being used for road transportation in Nigeria.

    With the above done and seen to be well done, the level of confidence of Nigerians in the safety of the aircraft will increase greatly thereby boosting the patronage of the local airlines. Then, the Fly Nigeria Bill will be justified to become a law in Nigeria.

    •Jide Owatunmise, Lagos

  • The burden of blood and boundaries

    The burden of blood and boundaries

    Sir: Olukemi Badenoch, the Nigerian-born leader of Britain’s main opposition, the Conservative Party has been copping a lot of criticism from Nigerian authorities since she was elected to the post. First was the Nigerians in Diaspora Commission which criticized her for snubbing it when it reached out to her. Recently, Vice President Kashim  Shettima, weighed in with the strongest criticism of the MP yet when he accused her of constantly denigrating Nigeria, ending his criticism by suggesting she could change her first name.

    Unlike citizenship which flows in the blood, patriotism is often an intangible product of power – personal power in this case – the kind of power that comes from debt, when one feels indebted to another, in this case, a country. Genuine patriotism can never be forced. It freely builds up when citizens of a country recognize how much they owe their country which must have in turn given them quality of life.

    When there is no patriotism, people have been known to take the extraordinary step of renouncing their citizenship. That appears to be what Badenoch has done.

    While the VP thinks Nigeria is one of the greatest countries on earth probably because he sees the country from the vantage point of Aso Rock with all its lavish perks, Badenoch has spoken of the “hell” she lived in Lagos with rampant insecurity and without constant running water.

    Because there is a clear riot of perspectives, the VP cannot expect more than she is willing to give. His experience as a privileged Nigerian who has been governor and vice president with all the security that comes with it contrasts sharply with her experience as one who practically had to flee the country.

    It is a mistake to think that anyone in Nigeria is more ‘Nigerian’ than others. It is also dangerous to conflate palatable patriotism when the going is good with genuine patriotism that shapes the kind of withering criticism that can reset a country. Perhaps, the VP should listen to Nigerians on the streets of Nigeria.

    In a country of more than 200 million people, and hundreds of thousands of others in the diaspora who identify as Nigerians, it cannot be that the majority hate the country or are deliberately going out of their way to denigrate it.

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    Many Nigerians are not dual citizens like Badenoch. Nigeria is all they have. What will they gain by denigrating the country? Yet, they paint a far bleaker picture of the country than Badenoch can ever do. Why? Because that is the reality they live daily. 

    Badenoch has spoken of ‘hearing neighbours in Lagos burgled and beaten’ while she was still in Nigeria. What has changed? Rather than vilifying her or force some pseudo patriotism down her throat, the VP should concentrate on utilizing his exalted office to make Nigeria better. Nigerians would appreciate that far more than attacks on someone whose criticism they not only agree with but are willing to adopt.

    With the rate of young Nigerians fleeing the country never to return, Badenoch’s snub is just the tip for a country that continues to lurch from disaster to disaster while those charged with its affairs prefer to go cap in hand to other countries rather than on equal footing.

    It must become impossible for anyone to snub the world’s most populous Black democracy and economy. But this cannot be achieved by weightless reactionary salvos fired because one is reeling from being snubbed. This self-respect must be earned at the grindstone of international development which hands countries the keys to international prestige.

    •Kene Obiezu,keneobiezu@gmail.com

  • Of Assad’s fall and its aftermath

    Of Assad’s fall and its aftermath

    • By Shola Adebowale

    Sir: The fall of Bashar al-Assad’s government has sparked concerns about the potential hazards of power vacuum in the region, with various countries, including Israel, Turkey, and Saudi Arabia, making moves to expand their influence in Syria.

    So, why did Assad’s regime fall at this time? The answer lies in a perfect storm of internal and external pressures that have been building for years.

    Internally, Assad’s regime had become increasingly isolated and weakened by the civil war. The Syrian economy was in shambles, with widespread poverty, unemployment, and infrastructure destruction. The regime’s brutal suppression of opposition and dissent had also alienated many Syrians, who had lost faith in Assad’s ability to provide stability and security.

    Externally, the regime faced mounting pressure from regional and international powers. The United States, in particular, had been seeking to isolate and weaken Assad’s government, imposing economic sanctions and providing military support to opposition groups.

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    Turkey, which had long been a key backer of the Syrian opposition, had also been increasing its military presence in northern Syria, putting pressure on Assad’s forces. Saudi Arabia, another key opponent of Assad, had been providing financial and military support to opposition groups.

    The final straw came when Russia, Assad’s main international backer, began to withdraw its military support from Syria. Without Russian airpower and military advisers, Assad’s forces were unable to withstand the pressure from opposition groups and external powers.

    With the collapse of Assad’s regime, the consequences are already being felt. Israel has taken advantage of the situation, with its ground forces crossing into Syrian territory for the first time since the 1973 October War. This move is likely aimed at countering Iranian influence in the region and securing Israel’s northern border.

    Turkey, on the other hand, is seeking to repatriate millions of Syrian refugees living in Turkey, and has urged a peaceful transition of power in Syria. Saudi Arabia is also watching the situation closely, having been involved in efforts to shape the transition period in Syria.

    The fall of Assad’s regime has also raised concerns about the potential for extremism and terrorism. The Syrian opposition, which includes various factions and extremist groups, is still largely in control of much of the country.

    The international community is calling for a peaceful transition of power and an end to the violence that has ravaged Syria for over a decade. However, with various countries jostling for influence in the region, the situation remains highly volatile and uncertain.

    •Shola Adebowale,

    Lagos.

  • Freedom is not free

    Freedom is not free

    • By Ezinwanne Onwuka

    Sir: On December 10, the world marked Human Rights Day, celebrating the adoption of the Universal Declaration of Human Rights (UDHR). This year’s theme, “Our Rights, Our Future, Right Now,” is a powerful reminder of humanity’s collective commitment to the inalienable rights of human persons and the need to safeguard these rights. This is in line with Article 1 of the Universal Declaration of Human Rights: “All human beings are born free and equal in dignity and rights. They are endowed with reason and conscience and should act towards one another in a spirit of brotherhood.”

     Recent events involving Dele Farotimi and Speed Darlington are notable cases that tell us that freedom is subject to limitations and restrictions. Dele Farotimi, a lawyer and human rights activist, was arrested and detained for making statements deemed defamatory about Afe Babalola and some other prominent legal minds as captured in his book, Nigeria and Its Criminal Justice System. Similarly, musician Speed Darlington’s detention over inverfied accusations againts Burna Boy, one of Nigeria’s top artistes, in his bid to win 2021 Grammy award illustrates the consequences of misusing the freedom of speech. While Farotimi’s and Darlington’s claims sparked public gossip, they also bordered on defamation and libel as Afe Babalola and Burna Boy risked damage to their hard-earned reputation and career over unverified accusations.

    Burna Boy

     Freedom of speech empowers people to express opinions without fear, but it does not permit unverified or harmful statements that damage reputations. Like other rights, freedom of speech comes with responsibilities. It allows individuals to speak truth to power and demand accountability but this freedom is not without limits. Laws regulating libel, slander, and hate speech are examples of restrictions on freedom of expression.

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     Beyond speech, other rights operate within similar boundaries. Take press freedom as an example. The media is at liberty to report and shape public opinion, but this right is regulated to prevent sensationalism and misinformation. Likewise, freedom of religion guarantees the right to worship, yet this freedom is not a ticket to impose one’s faith on others, violate laws or harm others under the guise of religious expression. Even freedom of movement is curtailed when necessary for public safety or national security.

    Freedom is therefore, a double-edged sword. On one hand, it amplifies voices and on the other hand, it amplifies harm. Notably, the boundary between exercising one’s rights and violating others’ rights is thin. What starts as “freedom of expression” can quickly morph into character assassination, which is why to every right or freedom, there is a corresponding duty. As the popular saying goes, “The rights of one person end where the rights of another begin.” This often thrown-about statement implies that freedom is not absolute.

     There is no doubt that the universality of fundamental human rights is undeniable, but so is their regulated nature. The International Covenant on Civil and Political Rights (ICCPR), which Nigeria has ratified, recognises the right to freedom of expression but also acknowledges that this right can be limited. Article 19(3) of the ICCPR states that freedom of expression can be limited to respect the rights or reputations of others or to protect national security, public order, public health, or morals.

     In Nigeria, the constitution guarantees freedom of expression, but this right is also subject to limitations. Section 39(1) and (2) of the 1999 constitution (as amended) gives citizens the right to freedom of expression, including to hold opinions and to impart ideas and information without interference, as well as to own, establish, and operate any medium for the dissemination of information, ideas, and opinions. However, Section 39(3) restricts this freedom by a law reasonably justifiable in a democratic society, for the purpose of preventing the disclosure of information received in confidence, or for the purpose of maintaining the authority and independence of the courts.

     So, as we continue to reflect on this year’s Human Rights Day, let us remember that rights are both personal and collective. While we celebrate the strides made in protecting human rights and advocate for the safeguarding of fundamental rights, let us not lose sight of the responsibilities tied to them. Dele Farotimi and Speed Darlington’s experiences are cautionary tales, reminding us to exercise rights responsibly.

     Ultimately, nothing is free, and with great freedom comes great responsibility.

    • Ezinwanne Onwuka,

    Abuja.

  • The coming of ECOWAS’ Biometric Identity Card

    The coming of ECOWAS’ Biometric Identity Card

    • By Ahmad Ibrahim

    Sir: ENBIC is the acronym for ECOWAS National Biometric Identity Card, a regional ID adopted in December, 2014, as a tool for enhancing cross border travel and economic integration among the countries that make up the West African political and economic bloc.

    Since the launch, the role out of the card has not been as strong as expected but ECOWAS authorities have been pushing for its adoption as one of the ways of bringing down travel and trade barriers within the region.

    ENBIC is replacing the ECOWAS Travel Certificate which is currently in use as only a travel document that requires a resident card after 90 days stay in the ECOWAS member countries. The ENBIC will serve as a travel document and as a resident card for citizens currently residing in any of the ECOWAS member States.

    The implementation of the Biometric Smart Card was adopted in 2014 by the ECOWAS Heads of States and Governments. Senegal on October 4, 2016 became the first country to start issuing the cards, followed by Guinea-Bissau, Ghana, Benin, The Gambia and Sierra Leone.

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    Despite the implementation of the ENBIC by these West African countries, the ENBIC project has not been too successful and effective due to the lack of the presence and implementation of the ENBIC in Nigeria which has 60 to 70% ECOWAS population. Unfortunately, for the past 10 years, Nigeria, the giant of Africa  was not able to join in the implementation of the ECOWAS National Biometric Identity Card (ENBIC) project until now after six West African Countries have fully deployed the ENBIC as at June 2024.

    The recent commissioning of the state of the art Bola Ahmed Tinubu Technology Innovation Complex (BATTIC) at the Nigerian Immigration Service headquarters in Abuja by the president is a welcome development. The magnificent edifice named after the president is more than a building, it is rather a bold step in modernizing immigration infrastructure and a powerful tool in the Nigerian Immigration Service (NIS)’ on-going efforts to safeguard the nation’s borders, manage migration effectively, enhance national security and foster stronger ties within the ECOWAS region.

    This multifaceted complex comprises several critical components that includes: the Command and Control Centre for Regular Migration; the NIS Data Centre and Visa Approval Centre; the Interior Data Centre; the ECOWAS National Biometric Identity Card (ENBIC) Centre and the 4.1mw Solar Farm.

    The benefits of the ENBIC to Nigerians include amongst others the facilitation of free trade and travel movements, residence and the right to do business in any country of the region without the risk of compromising the national security of the host country, improve migration data exchange, improve economic growth and stability and travel document harmonization.

    This implementation by Nigeria will boost the regional travel and economic integration among the ECOWAS member countries.

    •Ahmad Ibrahim,

    Kaduna, Kaduna State.

  • Tax reform Bill: A president’s bold, critical decisions

    Tax reform Bill: A president’s bold, critical decisions

     Sir: Change is constant and inevitable, yet humans often struggle to accept and adapt to it. It is unrealistic to repeat the same actions and expect different results. For change to occur, it must be embraced.

    Nigeria, a nation of immense uniqueness, boasts a large population and vast potential. However, it is also burdened with significant challenges and a pressing need for transformation.

    Nigeria is at a pivotal moment, undergoing transformative changes under President Bola Ahmed Tinubu’s leadership. The nation faces two distinct paths: continuing old patterns to maintain popularity or making bold, difficult decisions to pave the way for progress, national growth, and the well-being of its people.

    Fixing Nigeria requires deliberate action and a desire to do the right thing, which necessitates all the reform going on in the country and more still to come.

    The tax reform bill before the National Assembly has attracted significant public attention, highlighting Nigerians’ recognition of the need for a fair and balanced tax system tailored to the country’s unique context. The debates surrounding the bill reflect the vibrant nature of democracy and democratic governance.

    The most significant and encouraging aspect is the widespread acknowledgement that the current tax system is outdated and in urgent need of reform—a goal the ongoing process aims to achieve.

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    The primary aim of the tax reform bill is to safeguard the nation from economic manipulation, close loopholes, and curb systemic inefficiencies that enable corruption. It seeks to establish a robust and equitable tax system to ensure fair distribution of resources for the benefit of all citizens.

    Governance is a collective responsibility, and everyone must contribute to ensure its success for the benefit of all. Those with wisdom are expected to use their intellect, and this should be the guiding principle for all Nigerians moving forward.

    God bless the Federal Republic of Nigeria.

    •Lanre Atere,United Kingdom.

  • On the road to recovery

    On the road to recovery

    Sir: The EFCC’s stunning recoveries of public property stolen by thieving public officers offer hope that Nigeria may yet be on the road to recovery after many years of ruinous corruption and kleptocracy. It is a measure of the level of depravity and depredation present in public office in Nigeria that more than half of Nigeria’s 36 state governors recently wound up at the Supreme Court to seek a judicial extirpation of Nigeria’s crime fighting agencies – EFCC, ICPC, and NFIU.

    In a far-reaching judgement that ensured public officers-turned-professional-litigants won’t be returning to court in a long time, Justice Uwani Musa Abba-Aji of the Supreme Court rebuked them describing their misadventure as selfish.

    A few weeks later, former governor of Kogi State, Yahaya Bello, submitted himself for trial after five months on the run. About the same time, the EFCC also recovered a sprawling estate of about 753 duplexes in the Federal Capital Territory. The fraudulent investment was said to have the fingerprints of a former high-ranking public officer.

    The Office of the NSA has also said that the efforts of the EFCC has led to recovery of about N248 billion and $105 million. A few days ago, the EFCC also nabbed about 792 suspected crypto fraudsters in Lagos.

    Do these massive efforts by Nigeria’s premier financial crime-fighting agency set Nigeria on the road to recovery? It would appear so. But the question of who will clean the Augean Stables rages still – it has been  engaging Nigerian minds unsuccessfully for  decades now.

    The EFCC was established in the early 2000s. For good or for bad, the then Obasanjo administration saw the need to confront corruption brought on by years of military misrule and civilian displacement in power. What the military men who ruled Nigeria left behind, civilians who entered public office were quick to mop up fostering a culture of corruption in the country.

    Only history and posterity would one day confirm whether Obasanjo truly meant to fight corruption or if it was an opportunity for him to exercise political control and exert political pressure on his opponents.

    The EFCC has been around and about for years now. Occasionally, the agency rakes in a significant recovery of the proceeds of corruption. These recoveries never fail to shock Nigerians who seem to have an endless capacity to be shocked despite many years of withstanding shocks.

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    Despite the valiant efforts of the EFCC occasionally tainted by accusations of lack of professionalism, or the corruption of too much politics, corruption does not appear to have reduced in Nigeria. If anything, it is finding new forms to express itself, especially finding new impetus in Gen-Z and their daring audacity to think and throw up new ways of doing things.

    Why does corruption persist so powerfully in Nigeria? It is because so many people at all levels of the society are involved. The deceptive simplicity of the answer is also the reason it is so difficult to fight. From public officials to jobless young Nigerians to private sector players who hold up bribes rather than competence as cards in their engagement with public officers, Nigeria has a corruption problem.

    This difficulty which runs deep and is showing no signs of letting up largely persists because the government is still holding back in the fight against corruption. The EFCC may continue to huff and puff but as long as the government is unwilling to rattle its ranks in this fight, it will only continue to scratch the surface of what is in essence a battle for the soul of Nigeria.

    •Kene Obiezu,keneobiezu@gmail.com

  • New era in the Nigerian Correctional Service

    New era in the Nigerian Correctional Service

    Sir: The Nigerian Correctional Service (NCoS) plays a pivotal role in national security by maintaining public safety, reforming and rehabilitating offenders, as well as ensuring justice dispensation. However, its effectiveness is heavily dependent on the quality of leadership guiding its operations.

    In recent times, the service has faced several challenges such as overcrowding, jail attack, escapes and infrastructural decadence; which have attracted intense public outcry and mistrust. Excellent leadership is crucial in addressing these myriad challenges facing the service.

    Arising from the foregoing, the nation was thrown into joy when it was announced that President Bola Ahmed Tinubu, has appointed Sylvester Ndidi Nwakuche as the Acting Comptroller General of the

    Nigerian Correctional Service (NCoS), effective December 15, following the retirement of Haliru Nababa who concluded his tenure upon reaching the statutory retirement age.

    This appointment heralds the beginning of strategic leadership that prioritizes vision, excellence and innovation in the beleaguered service.

    With a growing population of inmates presently put at over 80,000, most custodial facilities are operating beyond capacity, often under deplorable conditions; there is the immediate need for leadership that would exhibit foresight and creativity as well as develop public policies and innovative initiatives to address these issues. Such initiatives will not only enhance the service’s operational capacity but also align with global best practices. And that is why the president has made the right choice in Nwakuche.

    He has served in several correctional formations in Port-Harcourt, Lagos, Ibadan, Kaduna, as well as the National Headquarters (NHQ) Abuja. He was once Technical Assistant (TA) to the Special Assistant on Prison Matters to President Olusegun Obasanjo, and also the Principal Staff Officer (PSO) to two Comptrollers-General of Corrections.

    In 2016, he attended the Senior Executive Course 38 of the National Institute for Policy and Strategic Studies (NIPSS). He has also attended several courses, conferences, workshops and seminars both locally and internationally.

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    Prior to his appointment, Nwakuche served as the Deputy Controller-General (DCG) in a number of directorates in the Service including; Operations (ops), Inmates Training and Productivity (ITP), Non-custodial Measures (NCM) as well as Training and Staff Development (TSD). Under him, the ITP directorate recorded a spike in revenue generated for government from prison industries and farm centres. Also, in his capacity as DCG TSD, he emphasized the importance of continuous training and retraining of officers to enhance operational efficiency and uphold the service’s standards.

    As he assumes the role of Acting Comptroller-General, Nwakuche is expected to leverage his extensive experience to advance and enhance the fortunes of the Nigerian Correctional Service. His tenure is anticipated to focus on enhancing staff welfare and wellbeing, revamping the battered image of the Service, improving inmate reformation and rehabilitation programmes, and strengthening security measures within custodial and non-custodial facilities.

    His previous emphasis on training and development suggests a commitment to building a more professional and responsive correctional service.

    The nation looks forward to his contributions toward enhancing the effectiveness and integrity of Nigeria’s correctional system. There is no doubt that the Nigerian Correctional Service requires a superintendent who is visionary, ethical, and proactive. Nwakuche is such a leader that the Service needs at this critical time, not only for the service’s internal efficiency but also for achieving its broader mandate of safeguarding society and reforming lives.

    •Chief Henry Udutchay,Abuja.

  • Badenoch: A call for balanced leadership

    Badenoch: A call for balanced leadership

    • By Dr. Ademola Adeleke

    Sir: Kemi Badenoch, a prominent UK politician, recently recounted a disheartening experience where Nigerian police allegedly stole her brother’s shoes and watch. Contrasting this with the professionalism of British police, she attributed such issues in Nigeria to systemic corruption fuelled by poverty. While her critique reflects her frustrations, Badenoch’s position as a leader in a developed country calls for a more constructive, balanced, and culturally rooted approach to addressing these concerns. 

    Nigeria, like many developing nations, faces deep structural challenges, including weak institutions and economic disparities. However, it also boasts a rich cultural heritage, marked by resilience, unity, and strong family values. Badenoch’s Yoruba roots, which emphasize good character and communal progress, could serve as a foundation for inspiring positive change. Yoruba culture values leadership grounded in discipline, integrity, and a commitment to nation-building. These principles, if embraced, can shape her engagement with both her heritage and her role as a leader in the UK. 

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    Rather than focusing solely on Nigeria’s failures, Badenoch could adopt a narrative that critiques while uplifting. Her experiences in the UK offer valuable lessons, but they should not diminish the dignity of her origins. For example, she could highlight stories of Nigerian innovation, cultural achievements, and the successes of its diaspora alongside calls for systemic reform. This balanced approach would foster mutual respect and pride among Nigerians and their global counterparts. 

    Moreover, Badenoch’s position allows her to advocate for policies that strengthen ties between the UK and Nigeria. Initiatives in governance, education, and anti-corruption programs could directly address the issues she identified. Such advocacy would not only underscore her commitment to reform but also reinforce her ties to Nigeria’s development. By leveraging her Yoruba heritage’s emphasis on collective progress, she could inspire Nigerians to embrace leadership that prioritizes accountability, discipline, and national unity. 

    Leaders like Badenoch wield significant influence over how the world perceives their countries of origin. While addressing failures is necessary, doing so through a lens of respect and hope is critical. Her ability to navigate the dualities of her Nigerian roots and British upbringing positions her uniquely to foster collaboration, promote shared values, and inspire change. 

    Badenoch’s reflections resonate with many Nigerians and members of the diaspora who grapple with the contrasts between developing and developed nations. By integrating the values of good character, discipline, and unity from her Yoruba heritage, she can champion a message that critiques without disowning, uplifts without ignoring challenges, and ultimately inspires both Nigeria and its global diaspora toward a shared vision of progress.

    •Dr. Ademola Adeleke,

    Manchester, UK.

  • The cash crunch in the banking system

    The cash crunch in the banking system

    • By Elvis Eromosele

    Sir: The Nigerian banking system, once celebrated as the backbone of the nation’s economy, is facing a glaring paradox. Customers walk into bank branches daily to access their funds, only to be told that cash is scarce. The situation, which began following the naira redesign exercise under former President Muhammadu Buhari, has become a troubling norm. Bank tellers now ration cash withdrawals, often imposing arbitrary limits like N20,000 per person, without detailed explanations. This raises an unsettling question: is there a hidden liquidity crisis in the Nigerian banking system?

    The central function of a bank is to provide customers with seamless access to their deposits, yet this appears to be failing. The scarcity of cash at bank branches stands in sharp contrast to the availability of cash through Point of Sale (POS) operators, who always seem to have more than enough to meet demand. This discrepancy is baffling and has fueled widespread speculation about the health of the banking system.

    When customers encounter these restrictions, the frustration is palpable. Imagine the indignity of being denied access to your funds, with no clear justification. Attempts to probe deeper are met with shrugs or vague statements about system limitations. This state of affairs is unacceptable in a modern economy.

    Many have written extensively about this problem, but the Central Bank of Nigeria appears powerless to resolve it. As the regulator, the CBN’s primary responsibility is to ensure the stability and liquidity of the financial system. Yet, the persistent cash shortages suggest either an unwillingness or inability to act decisively.

    If the issue is systemic—a result of poor monetary policy, weak oversight, or strained interbank liquidity—then the CBN’s inaction becomes even more concerning. A regulator that cannot enforce its mandate risks eroding public trust, not just in the banking sector but in the economy as a whole.

    Yes, Nigerians should be deeply concerned. A liquidity crisis, if left unchecked, could spiral into a full-blown financial crisis. When people lose confidence in banks’ ability to provide cash, they may resort to hoarding or bypassing the formal banking system altogether. This would undermine financial inclusion, destabilize the economy, and make it harder for businesses to thrive. These are already all manifesting.

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    The current state of affairs also raises broader questions about accountability. Who will hold banks responsible for their failure to serve customers? And who will ensure that the CBN fulfils its duty to oversee and stabilize the financial system?

    Several critical steps must be taken immediately to address this crisis. First, banks must ensure cash is available for customers who need it. Where there is a shortage, they must equally prioritize transparency by providing clear explanations and implementing consistent policies to reassure their customers. Without this openness, trust in the system will continue to erode.

    The Central Bank of Nigeria (CBN) also needs to enhance its regulatory oversight to ensure that banks maintain adequate liquidity to meet withdrawal demands. This would require stricter monitoring and enforcement to prevent the recurrence of such issues.

    Furthermore, POS operators’ activities warrant closer scrutiny. Their ability to consistently access cash while banks struggle raises questions that demand a thorough investigation.

    Understanding their role in the cash distribution ecosystem is essential to resolving the crisis.

    Equally important is public communication. The CBN must take proactive steps to engage with the public, offering clear updates on the measures implemented to resolve the crisis. Effective communication will be key to rebuilding public trust and confidence in the system.

    Finally, the banking sector requires long-term reforms to address systemic inefficiencies. These reforms should aim to modernize operations, enhance overall efficiency, and prevent similar challenges in the future. Only through these measures can the ongoing crisis be resolved and the Nigerian banking system restored to stability. The National Assembly must step up to the plate here.

    The persistent cash shortages in Nigerian banks may point to deeper structural issues that require urgent attention. I don’t know, whether it is a hidden liquidity crisis or a symptom of broader inefficiencies, but the situation is untenable. Nigerians should not have to wonder whether their money is safe or accessible.

    •Elvis Eromosele,

     elviseroms@gmail.com