Category: Special Report

One of the realities of life is the phenomenon of death as an inevitable end for every living being. It is a leveler; a reality that all mortals have come to accept irrespective of race, creed, or religion. The manner every mortal dies, the passage rites, and the last place of rest may differ, but the stark reality remains that every mortal will cease to breathe one day as did many prominent people around the world in the outgoing year.

Unlike 2021 when the dreaded COVID-19 virus went on a rampage and claimed lives by hundreds of thousands, however, most of the deaths recorded in the outgoing period arose from natural as well as man-made causes. Indeed, the year would seem to have ended on the sad note of a three-month pregnant lawyer, Omobolanle Raheem, who was shot dead by a police officer in the presence of her family members during the Yuletide. The brutal killing of the Lagos female lawyer would linger in the memories of many even though few knew anything about her until she was shot by ASP Drambi Vandi in Ajah, a suburb of Lagos.  The unfortunate incident made her one of the individuals that trended on social media the most in 2022 with President Muhammadu Buhari describing her killing as “heinous and senseless” and directing the police authorities to take “the strongest possible action” against the culprits already in detention. Before the incident, however, many prominent people had passed on. GBENGA ADERANTI writes about other prominent celebrities that died in 2022.

January

Olubadan of Ibadan, Oba Saliu Adetunji

The death of a first-class Yoruba traditional ruler, the Olubadan of Ibadanland, Oba Saliu Adetunji, was announced a day after the celebration of New Year. Although the monarch died at the ripe age of 93, he would greatly be missed by his people. He was the 41st ruler of the ancient city.

According to a report, he died at the University College Hospital, Ibadan in the early hours of a Sunday morning.

Sidney Poitier

Four days after the death of Olubadan, an award-winning American actor, film director, and diplomat, Sidney Poitier, was also reported dead. He died on January 6 at the age of 93.

Reports said he was the first black actor and the first Bahamian to win the Academy Award for Best Actor.

Ernest Shonekan

The death of the former Head of the Interim National Government (ING), Chief Ernest Shonekan, brought back the memory of the  June 12, 1993 election to many.

Shonekan passed on January 11, 2022, at 85.

The former head of the ING had succeeded former military President Ibrahim Badamosi Babangida and piloted the affairs of the country between August 26 and November 17, 1993, when he was eased out by the military junta led by the late Gen. Sanni Abacha.

Before his eventual death in January, little was heard of him. He died of natural causes in his residence in Lekki, Lagos.

Ibrahim Boubacar Keita

Ibrahim Boubacar Keita (IBK), the former president of Mali died on January 16 at the age of 76.

Reports said two years ago, he suffered a minor stroke but the cause of his death was not immediately clear. He died at his home in the nation’s capital city, Bamako.

Keïta led Mali for seven years before he was ousted in a coup in 2020 after huge anti-government protests over his handling of jihadist unrest.

Keïta was involved in politics for more than three decades, serving as a socialist prime minister from 1994 to 2000. February

Ashley Bryan

Ashley Bryan, American children’s illustrator and author, died on February 4 at the age of 98.

Bryan created stories centered on African and African American folktales.

He died at the home of his niece.

Reports said that after his last birthday on July 13, 2021, he “continued to recite poetry from his vast repertoire – especially Shakespeare’s sonnets – up to the very end.”

Pastor Ezekiel Atang

Known in the fold of Pentecostal churches as a family life coach, Pastor Ezekiel Atang died at the age of 49. 

His death was announced on February 21, three weeks before his 50th birthday.

Until his death, he was the founder and Senior Pastor of God’s House Of Refuge in Nigeria.

Lari Williams

Ojulari Williams, who many preferred to call Lari Williams, was one of the finest Nigerian actors ever. Aside from appearing in some Nigerian TV dramas, he was never a stranger to some Nollywood movies.

He died 27 February 2022 at 81.

During his lifetime, Williams earned the prestigious national honour of Member of the Order of the Federal Republic in 2008.

He was the inaugural president of the Actors’ Guild of Nigeria (AGN) and had a career that spanned over five decades.

He featured in famous soap operas like ‘The Village Headmaster’, ‘Ripples’, and ‘Mirror in the Sun’.

He died at his home in Ikom, Cross River State.

March

Emeka Obasi

Maverick publisher, Chief Emeka Obasi, aside from being popular among the political class, was also well known in the circle of journalists in Nigeria.

Obasi was the publisher of the defunct Hallmark and Mirror newspapers before the latter was sold to Jimoh Ibrahim. He also published Business Hallmark.

Announcing his death, a family member, in a terse press statement, confirmed that he had passed on March 15.

According to a statement issued by Emeka Obasi (Jnr) on behalf of the family, the publisher died at a Lagos hospital.

“He is survived by his wife, Dr (Mrs) Betty Obasi, and Children – Emeka (Jnr), Onyedikachi, Kamsi, Miracle, siblings, aunties, and uncles.

Madeleine Albright

The 64th United States Secretary of State, Madeleine Albright, died in Washington, DC on March 23 at the age of 84.

She served under Bill Clinton as an ambassador before becoming America’s first woman Secretary of State.

She was born in Prague in 1937.

April

Festus Okubule

One of Nigeria’s respected ex- referees Festus Okubule died on April 5, 2022.

He was 80.

According to her daughter, Sola Taiwo, the

former referee breathed his last at around 5:50 pm on the fateful day.

He refereed several domestic matches, as well as international matches across the length and breadth of Africa.

Osinachi Nwachukwu

The death of Osinachi Nwachukwu, a Nigerian gospel musician, devastated many, especially Christians.

Her hit song, ‘Ekwueme,’ where she featured Prospa Ochimana, had shot her into the limelight.

The news of her death was made public on April 8. She was aged 42. It was alleged that Osinachi died as a result of domestic violence. Her husband Peter Nwachukwu was arrested in connection with her death and is still facing trial at the Abuja high court.

Initial reports said she was battling throat cancer before her death, but her family has since denied it.

Many Nigerians, especially Christians, reacted with sorrow and anger to the news of her death.

The Alaafin of Oyo, Oba Lamidi Adeyemi

The Alaafin of Oyo, Oba Lamidi Olayiwola Adeyemi 111, was until he joined his ancestors one of the most influential rulers in Yorubaland.

He joined his ancestors on April 23 at the age of 83.

Report said he passed-on at the Afe Babalola University Teaching Hospital, Ado-Ekiti, Ekiti State.

He was the longest reigning Alaafin, having reigned for 51 years.

Report said he had been indisposed for a while and there was a plan to fly him abroad before he passed on.

May

Arthur Nzeribe

Francis Arthur Nzeribe Senator would be remembered for the role he played in the annulment of the June 12 1993 general election.

On June 10, 1993, Nzeribe attempted to stop the presidential election by relying on a court order ABN got from a midnight ruling from the late Justice Bassey Ikpeme of the Abuja High Court.

The ABN backed the military dictator Gen. Ibrahim Babangida’s regime leading to the annulment of the June 12, 1993, presidential election, adjudged to be the fairest, freest, and most transparent in the history of Nigeria, won by MKO Abiola.

The Senator who represented the Orlu Senatorial constituency in Imo State died on May 8 at the age of 83.

He was an accomplished lawyer.

According to a report, the septuagenarian had a domestic accident affecting his hip and was hospitalised in Abuja for 10 days, undergoing surgery.

Gbenga Richards

Gbenga Richards was one of the toast of producers in Nigeria in the 1990s and 2000s. He featured in most of the Nigerian popular soap operas and Nollywood films.

Reports said he had been battling with an unknown ailment and eventually passed on May 12.

At a point, he was in limbo until he resurfaced again to appeal for money for the treatment of his ailment.

Richards’ first appearance as an actor was to represent Nigeria with Hubert Ogunde at the Second World Black and African Festival of African Culture (FESTAC) in 1977.

He also featured in blockbuster movies like ‘Sango’, ‘Mirror in the Sun’, ‘Betrayal by Love’, ‘Fighting Machine’ and a host of others.

Leo Mezie

Leo Mezie was one the glamorous faces of Nollywood. Until he died early this year, he was said to have had a kidney transplant four years ago before another one he had recently.

He died May 14 at the age of 46.

One of his colleagues, Nollywood actress, Chioma Toplis broke the news of Mezie’s death via her Instagram page.

“Actor Leo Mezie is dead. He died on Saturday in Abuja while recovering from a kidney transplant. His corpse has been moved to Umuahia, his hometown. RIP Leo,” she wrote.

Cardinal Angelo

Cardinal Angelo rose to become No 2 in the Vatican. Though not much was heard about him until he was tainted by his support for the pedophile founder of an influential religious order.

He died on May 27 at the age of 74.

Cardinal Sodano served as secretary of state, the second-highest-ranking position in the Vatican after the pope, for 16 years.

 His tenure covered a good portion of the pontificate of John Paul II, who once described him as “my first and precious collaborator.” As Parkinson’s disease and other ailments debilitated John Paul II, Cardinal Sodano, along with the pope’s private secretary.

July

Akanni Aluko

The publisher of the defunct Third Eye Newspapers, Chief Akanni Aluko, died on Friday, July 1, 2022.

Aluko would have turned 79 on July 22, 2022.

He died at the University College Hospital, Ibadan, Oyo State after a prolonged battle with stroke.

Aluko, a geologist, was a native of Ilesha, Osun State.

Shinzo Abe

Former Prime Minister of Japan and President of the Liberal Democratic Party from 2006 to 2007, Shinzo Abe, was assassinated on 8 July, 2022.

He was the longest-serving prime minister in Japanese history.

Abe was said to have been shot twice at a political campaign event.

Reports said he was in the process of giving a speech when a gunman attacked him from behind.

He died at the age of 67.

Ivana Trump

Ivana Trump,  the first wife of Donald Trump, also died July 14 at the age of 73

at her home in Manhattan.

She rose to prominence as a celebrity and real estate investor in the 1980s and was the mother of his three eldest children.

Donald Trump, former American president, announced her death in a post on Truth Social, the social media outlet he launched.

Reports said Mrs. Trump was found unconscious on a staircase in her East 64th Street home near Central Park after police received an emergency call at 12:40 p.m. and she was pronounced dead at the scene.

Ada Ameh

When the news of the death of Ada Ameh broke on July 17, many had thought it was an old story being recycled by bloggers. It did not take long before a close relation of the vivacious ‘Domitila’ star confirmed that Ameh had passed on.

 She became prominent after she featured in Domitila, a 1996 Nigerian film about four prostitutes. Before her death, she was more prominent on ‘The Johnsons’, a TV family programme.

Some hours before she died, she was said to have shared a video on her Instagram page where she and her family went to visit one of the top shots at the NNPC.

 Fidel Valdez Ramos Former Philippine President Fidel Valdez Ramos, 94, died July 31.

He was 94.

 The cause of his death “was not immediately clear.”

He died on Sunday at the Makati Medical Center in metropolitan Manila, Legaspi.

Ramos won the 1992 presidential election and became the largely Roman Catholic nation’s first Protestant president.

August

Mikhail Gorbachev

Former Soviet Union leader, Mikhail Gorbachev, died at the age of 91 on August 30.

He died at Moscow Central Clinical Hospital, Russia.

He served as the 8th and final leader of the Soviet Union from 1985-1991.

Gorbachev held many positions and eventually became the Secretary-General of the Soviet Union in 1985.

He also became the youngest ever to hold that position.

His most notable actions in this role were the Glasnost and Perestroika policies.

Gorbachev won the Nobel Peace Prize in 1990.

September

Bernard Shaw

Bernard Shaw, until his retirement from the Cable News Network (CNN) February 28, 2001 served as chief anchor of the station for two decades.

He won many awards as a journalist and would be remembered for calmly reporting the beginning of the Gulf War in 1991 as missiles flew around him in Baghdad.

Shaw, died September 7 at  82.

Prior to his time at CNN, he was a reporter and anchor for WNUS, Westinghouse Broadcasting, CBS News, and ABC News.

Shaw covered some of the landmark stories of the last three decades, including the student uprising in Tiananmen Square in 1989, the 1994 California earthquake, the death of Princess Diana in 1997 and the 2000 presidential race.

Queen Elizabeth

The year 2022 will be remembered as the year that the queen of England passed on.

Before she eventually passed on, there had been rumours of her health and passage which always turned out to be a hoax.

She reigned for 70 years, making Britain’s longest-reigning monarch, and died at the age of 96 years.

The late British monarch was said to have died at 3:10 p.m. UK time (10:10 a.m. ET) on September 8 at Balmoral Castle in Ballater, Scotland.

The cause of death was listed as old age. Queen Elizabeth was buried beside her husband Prince Phillip on September 19, 2022, following a  private ceremony in Windsor bringing an end to a day of events in her honour.

Her burial attracted world leaders including the Vice President of Nigeria, Professor, Yemi Osinbanjo.

Coolio

Artis Leon Ivey Jr. a.k.a. Coolio, an ex-member of the gangsta rap group WC and the Maad Circle, was one of the leading rap artistes in the 1990s.

He died on September 28 at the age of 59.

The rapper was among hip-hop’s biggest names of the 1990s with hits including “Gangsta’s Paradise” and “Fantastic Voyage.”

Artis Leon Ivey Jr., known professionally as Coolio, was an American rapper.

Coolio died without a Will in place.

October

Vincent Ogbulafor

Former Peoples Democratic Party Chairman, Vincent Ogbulafor died on October 6, 2022, in Canada. He was aged 73.

He was reputed to have boasted that the PDP would rule for 40 years, a declaration truncated by the victory of the All Progressives Congress (APC) at the 2015 presidential poll.

He was the National Secretary of the PDP and assumed office as the national chairman of the party on March 8, 2008.

Rico Swavey

Patrick Fakoya a.k.a. Rico Swavey was part of Big brother Naija season 3 “Double Wahala” edition.

Reports said Rico was involved in an auto crash on Tuesday, October 11, 2022, and died on Thursday, October 13, 2022.

Though there were different stories about the cause of his death, clearing air on the incident, “Rico Swavey was not drunk! The road at Abraham Adesanya Roundabout is bad and it takes only a driver with a good knowledge of the road to drive safely on speed. Rico didn’t know the road well, and he hit his car against a bad spot on the road. If you notice, his car’s bonnet was split into two. He was not drunk please,” a family member said.

Ifeanyi Adeleke

The death of Ifeanyi Adeleke, the son of Nigeria’s pop star, David Adeleke, was probably one of the stories that trended the most in the outgoing year.

The young Adeleke died on October 31, 2022 at the age of three after he allegedly drowned in a swimming pool at his father’s home in the Banana Island Area of Lagos State.

According to reports, the parents had left town and dropped the three-year-old boy in the custody of a nanny in the house.

Following the death of Ifeanyi, the Nanny and all domestic staff in the house were detained by the police for questioning.

November

Chief Mbazulike Amechi

Chief Mbazulike Amechi, a former First Republic Minister of Aviation and elder statesman died on November 1, 2022, at the age of 93 years.

The nonagenarian who was known and respected for seeking peace in the Nigerian state led a delegation of Igbo elders to President Muhammadu Buhari to plead for the release of Nnamdi Kanu, the detained leader of the Indigenous People of Biafra.

Sam Okposo

The death of Nigerian singer and ‘welu welu’ crooner, Sam Okposo, came as a shock to many Nigerians.

Okposo, 51, died on Friday, November 25 in Lagos after he reportedly slumped while he was being treated for exhaustion.

Okposo’s last Instagram post was 22 hours before his demise. It was a video of his praise party tagged SOPP live in Lagos, which was held on Friday, November 4, 2022.

The late singer was slated to minister, alongside other gospel singers, Eben, Chuks Praise, Joy Favour, and Victor Edit, at the Outpouring Assembly International in Calabar between Friday, November 25 and Sunday, November 27.

Before his death, he made peace with his estranged wife, Ozioma, taking to his Instagram page to apologise to her after cheating on her with another woman in the United States in 2021.

December

Demola Seriki

The news of Ademola Seriki’s demise shocked many Lagosians, especially his political associates.

Since he was posted to Spain as Nigeria’s ambassador, not much was heard about him in the social circle.

According to a statement by his children, he passed away in Madrid, Spain in the early hours of Thursday, December 15 surrounded by his family.

He died at the age of 63.

Seriki served from 2008 to 2009 as the Minister of State for Defence.

He attended Harvard University’s John F. Kennedy School of Government, where he completed a Senior Executive Education and earned a certificate in National and International Security. Seriki was the senatorial candidate for Lagos Central Senatorial District on the platform of the defunct National Republican Convention (NRC) in 1992.

He was also elected as a member of the House of Representatives from the Lagos Island federal constituency on the ticket of the defunct United Nigeria Congress Party (UNCP) in 1998.

Bashir Manga

Max Air Vice Chairman Bashir Manga died on Friday, December 23. He was aged 65.

A statement announcing his death read in part: “This is to announce the death of our beloved brother Alhaji Bashir Barau Mangal, Vice Chairman/CEO Max Air, in the early hours of today Friday 23rd December 2022. May Allah grant him Jannatul Firdaus.”

He was described as “a man with a high entrepreneurial spirit, having come from a renowned Bangal family of Katsina, who are well known for their diligence in business and patriotism in nation-building.”

George Obiozor

The death of George Obiozor, one of the respected Igbo leaders, is likely to create a vacuum in the leadership of Igbo people.

He was until his death a well-respected President-General of Ohanaeze Ndigbo, the apex-socio-cultural organisation of Igbo people.

He died at the age of 80 years.

His death was announced in a press statement by the Imo State governor, Hope Uzodinma.

“On behalf of the Government of Imo State, I, Sen. Hope Uzodimma, the Executive Governor of Imo State, sorrowfully announce the passage of a great son of Imo State and Nigeria, the President-General of Ohanaeze Ndigbo Worldwide, Prof George Obiozor,” he said in the statement.

Uzodinma described the late Igbo leader as “an exceptional diplomat and a tenacious patriot.”

According to a report, the announcement has ended days of speculation about the death of Obiozor, who was reported to have died earlier in the week at his residence in Imo State.

Pele

Brazilian football legend, Pele,  died on Thursday, December 29 at the age of 82.

Born Edson Arantes do Nascimento, Pele achieved as a teenager what many could not achieve as adults.

He won the World Cup as a 17-year-old teenager; played in four World Cups and is the only player in history to win three.

Before he was admitted to a hospital in São Paulo in late November for a respiratory infection and for complications related to colon cancer last week, he had been in and out of the hospital, receiving treatment for cancer.

The hospital where he was admitted had earlier announced that his health had worsened as his cancer progressed.

He was confirmed dead on Thursday. He died from multiple organ failure due to the progression of colon cancer, according to a statement from Albert Einstein Hospital, São Paulo, Brazil.

Pelé had been receiving treatment for cancer in recent years, and he entered the hospital several weeks ago for treatment of a variety of health issues, including a respiratory infection.

January 2022 dawned with a chill. Police Superintendent Asinim Butswat, spokesperson of the Bayelsa State Command’s confirmation of the arrest of three teenagers for attempted ritual killing knelled a jarring note.

Butswat identified the suspects (surnames withheld) as Emomotimi,15 years, Perebi, 15 years, and Eke, 15 years – all boys and natives of Sagbama in Bayelsa.

The trio allegedly accosted one Comfort, 13, “hypnotized” her, and afterward led her to Emomotimi’s apartment. There, they cut her finger and sprinkled her blood on a mirror for ritual purposes. The ritual was supposed to make them rich. But for vigilant village youths, Comfort would have been history.

The youths noticed the suspicious movements of the suspects and raised alarm, said Butswat. “The suspects were subsequently arrested and some substances suspected to be charms were recovered from them. They have confessed to the crime,” he said.

A few days later, the quartet of Wariz Oladehinde, 17,  Majekodunmi Soliu, 18, Abdul Gafar Lukman 19, and Mustakeem Balogun 20, were arrested in the early hours of Saturday, January 29 by men of Ogun State Police Command for allegedly killing a girlfriend of their friend for money-making ritual. The boys were arrested following a report at the Adatan divisional headquarters by a security guard, that the suspects were seen burning something suspected to be a human head in a clay pot. On interrogation, the boys confessed to killing the girl and burning her severed head in a clay pot.

The heathen dialectic of the teenagers’ ritual misadventure was sweepingly suggestive of what the year had in store. Pundits dismissed the boys as products of a culture and value system fostered by materialism, lacking in compassion and model filial ties.

Their actions aren’t accidental; from plotting to execution, a hideous smattering of bestiality manifests as the girl victims’ misfortune and society’s just desserts. Yet the boys were neither freaks nor social accidents, they were simply tools of karma coming home to roost.

On February 24, Russia invaded Ukraine thus upending millions of lives; as grisly tidings of the siege rippled outward to threaten security, energy supplies, and nutrition for billions more outside the theatre of war, Ukraine’s President, Volodymyr Zelensky, engaged in a frantic battle to fend off Vladimir Putin-led Russia from his homeland.

Russia launched offensives at specific Ukrainian targets, military bases, and public utilities in particular; through the chaos, every bomb blast, gunshot, and destruction of lives, homes, and public utilities reverberated like a fearsome totem of Putin’s aggression.

In response, Zelensky rallied Ukrainians to spurn the Russian invaders deploying weaponry and bromides, rhetoric, and supplies from his European neighbours and United States-led NATO sympathisers.

On March 28, Nigerians were stirred by the shocking news of bandits’ attack on an Abuja-Kaduna train, in Katari, Kaduna State. Eight persons were killed, several were injured, and 62 passengers were kidnapped. The kidnapped persons – including the elderly, women, the sick, and infants – were subjected to untold hardship by the bandits. The victims were eventually released in batches, with the last batch released on Thursday, September 6.

On April 18, viral videos of Chrisland school students having sex during their participation at the World School Games which held in Dubai, in March, surfaced online sparking outrage. This was after Ubi Franklin, a music executive, raised the alarm of a possible rape of a 10-year-old girl.

On Friday, April 22, the Alaafin of Oyo, Oba Lamidi Adeyemi, reportedly ‘joined his ancestors’ after almost 52 years on the throne – and as the longest-reigning Alaafin of all time. The 83-year-old reportedly passed away at the Afe Babalola University Teaching Hospital, Ado Ekiti, after which he was laid to rest in his palace in Oyo.

On April 25, Elon Musk bought Twitter for $44 billion, for total control of the company after Twitter’s board of directors accepted his offer.

On May 27, Peter Obi, a former Anambra Governor and vice presidential candidate to the Peoples Democratic Party (PDP) presidential candidate, Atiku Abubakar 2019 defected to the Labour Party (LP) to become the party’s presidential candidate.

On May 28, former Vice President Atiku Abubakar clinched the PDP’s presidential ticket for a record sixth time. He garnered 371 votes to defeat his closest rival, Rivers Governor, Nyesom Wike, who polled 237 votes. Atiku’s emergence as PDP flag-bearer fractured the party and set him on the war path with Governor Wike who condemned the party’s disregard for a southern candidacy as informed by the party’s principle of power rotation.

On June 5, the people of Owo and its environs, stirred to a black Sunday as unidentified attackers blew up St. Francis Catholic Church in the area and subsequently gunned down at least 45 people with the highest estimates pegged around 80. Sources in the federal government suspected the Islamic State – West Africa Province of carrying out the massacre.

On June 8, Bola Tinubu, two-time governor of Lagos and the creator of the ‘Emi lokan’ slogan, defeated incumbent Vice President Yemi Osinbajo and Transportation Minister, Rotimi Amaechi, to emerge the presidential candidate of the ruling All Progressives Congress (APC). Tinubu polled 1,271 votes to beat Amaechi’s 316 votes and VP Osinbajo’s 235 votes.

On June 21, Senator Ike Ekweremadu, 60, and his wife, Beatrice Nwanneka Ekweremadu, 55, were arrested at Heathrow Airport, London, United Kingdom (UK). The couple and a third defendant, Obinna Obeta, a doctor, were charged with conspiracy to facilitate the travel of 21-year-old Davi Ukpo from Nigeria to the UK with a view to exploiting him and harvesting his kidney for their sick daughter. This allegedly took place between August 2021 and May 2022.

On Tuesday, July 5, the Kuje prison was attacked by suspected terrorists, paving way for the escape of over 800 prisoners. About half of the escapees are still at large including over 60 Boko Haram terrorists.

On July 16, Ademola Adeleke of the PDP defeated then-incumbent governor, APC’s Gboyega Oyetola, to become the fifth elected governor of Osun State. Adeleke polled 402,979 votes against Oyetola’s 375,077 votes.

On Sunday, July 24, Nigeria’s track and field queen, Tobi Amusan, sped a stunning 12:12 seconds thus smashing a world record in the women’s 100-meter hurdles semifinals at the World Athletic Championships in Oregon, United States. The 25-year-old bested the host nation, United States’ Kendra Harrison’s 12:20 seconds record of 2016, and repeated the feat at the Oregon’22 finals, running a shocking 12:06 seconds (which was discounted due to unacceptable wind speed)  to be crowned the world champion.

On November 23, the Central Bank of Nigeria (CBN) unveiled the newly designed notes of the three highest denominations of the Nigerian currency; N200, N500, and N1,000. The CBN Governor, Godwin Emefiele, said the introduction of the new notes will check corruption and counterfeiting of the notes.

On December 18, Argentina won the World Cup for a third time, after 36 years, and the star of the team’s sterling performance at the Doha FIFA World Cup 2022 was Lionel Messi.

On December 19, a federal high court in Abuja sentenced Doyin Okupe, director-general of the Peter Obi presidential campaign council, to two years imprisonment for breaching the money laundering act. Okupe was found guilty of 26 out of a 59-count charge preferred against him by the Economic and Financial Crimes Commission (EFCC). He was, however, given an option of N500, 000 fine on each of the 26 count charges for which he was found guilty, totalling the sum of N13 million. Okupe swiftly paid the fine and avoided going to jail.

As the year winds to a close, uncertainty persists over tertiary education in the country as the  Academic Staff Union of Universities (ASUU) threatens to renew its strike action over alleged non-implementation of the Memorandum of Action it signed with the Federal Government. Recall that from February 14 to October 14, 2022, public universities were shut down and academic activities were completely paralysed. If the government fails to broker peace with ASUU, there is the likelihood that students may yet suffer another protracted strike that could truncate their academic plan in 2023.

But it wasn’t all negative news – especially from the Diaspora. This year, a British politician with Nigerian roots – Olukemi Olufunto Badenoch, née Adegoke, had a good run in the race to succeed Boris Johnson as Prime Minister.

Even after she lost out to eventual winner Liz Truss, she played her cards well by backing incumbent Rishi Sunak and was rewarded with influential role of Secretary of State for International Trade, President of the Board of Trade and Minister for Women and Equalities. She previously served in junior ministerial positions under Johnson from 2019 to 2022.

Born in Wimbledon, London, to Yoruba parents, Badenoch spent parts of her childhood in Lagos and the United States before returning to the United Kingdom at 16.

Her rise as one of the most influential politicians in the United Kingdom mirrors that of Adewale ‘Wally’ Adeyemo, the United States’ Deputy Secretary of the Treasury, who has been in that role since 2021.

The reflected glow from the exploits of these young Nigerian-born achievers did much to soften the blow of bad press for the country in the course of the year.

Still, with lingering insecurity, inflation, the after effects of the COVID-19 pandemic, and much more, we realise how deeply Nigeria’s survival is dependent on good governance, social and health security, and the resiliency of humankind. The populace waits with bated breath for positive change in these areas in the new year.

Debatable extraditions and deportations may be worsening Nigeria’s human rights records and adding to the country’s $715.86m judgment debts, ROBERT EGBE reports.

These days Kenya-based businessmen Dennis Nwaokpara hardly visits international airports anymore.

Like other travellers, Nwaokpara used to pass through the check-in counter of the Murtala Muhammad International Airport in Ikeja or the Nnamdi Azikiwe International Airport in Abuja whenever he was returning to his family and large-scale agro-allied business in Kenya, after visiting his siblings and extended family in Nigeria.

But since June 10, 2017, he has had no real reason to do so: it was on that date that his connection with international airports was severed.

‘Unlawfully’ recalled

On June 10, 2017, Nwaokpara departed Nigeria for Kenya via a Kenya Airways flight. At the airport, he was given the all-clear by the Nigerian Immigration Service (NIS). After a six-hour flight, he disembarked at Jomo Kenyatta International Airport in Nairobi, the East African country’s capital. But he was detained by the Kenyan Immigration Service on the ground that the NIS had sent a message demanding that he be refused entry and be returned to Nigeria at once. The Kenyans complied and deported him.

That was the last time he saw his international passport.

The businessman complained to the Federal High Court sitting in Lagos that on arrival, he was detained by the NIS and his passport was confiscated. He was later handed over to the Police Special Fraud Unit, which, according to him, detained him for months. He was later released when no allegation could be established against him.

Nwaokpara is now seeking justice against the NIS for what he described as a humiliating experience and an “extraordinary rendition”.

He said Nigerian Immigration officials, without a court order, without any charge against him, illegally arranged his deportation and confiscated his passport, rendering him unable to return to his family in Kenya or travel anywhere else abroad for the past five years.

“No court proceeding was in the offing before the extraordinary rendition of the Applicant,” Nwaokpara told the court on November 9, through his lawyer, Mr. Ademola Owolabi.

Owolabi alleged that: “At the SFU, there was a petition against the Applicant which the Police did not even investigate until they colluded with the Immigration Service to bring the Applicant back from Kenya. Upon his release from the custody of the SFU, the Applicant approached the Respondent (NIS) for his passport but the same was not given to him. He was later told at the Headquarters of the Immigration Service that the Passport was not with them.”

The lawyer argued that the “illegal extraordinary rendition” and the impounding of Nwaokpara’s international passport violated the 1999 Constitution and the African Charter on Human and Peoples’ Rights (Ratification and Enforcement) Act, 2004.

Nwaokpara, in his fundamental rights application in suit FHC/L/ C3/895/2022, asked the court to compel the NIS to pay him N12billion as damages for its role in his removal from Kenya.

When the matter came up for hearing on November 9, 2022, the NIS prayed for an adjournment: it was unprepared to defend, itself despite being served all the court processes five months before the case began.

Mr. Owolabi, who asked for a fine of N150,000 against the NIS, described the agency’s conduct in Nwaokpara’s deportation as “a case of gross impunity and abuse of power, the type that did not happen even in colonial times.”

The judge, Justice Yellim Bogoro, ordered the NIS to pay N50,000 to the applicant for delaying proceedings and adjourned the suit.

If Nwaokpara’s case finds merit, the NIS could be punished with a N12b damages award in Nwaokpara’s favour.

As of October 2022, Nigeria was owing about $715.86million in judgment debts.

N500m damages against Fed Govt

Nwaokpara’s story is reminiscent of that of the Leader of the Indigenous People of Biafra, Mazi Nnamdi Kanu.

The Federal High Court sitting in Umuahia, on October 26, 2022, ordered the Federal Government to pay Kanu N500 million in damages for his forcible extradition and extraordinary rendition from Kenya.

The judge, Justice Evelyn Anyadike held that the government and its agencies grossly violated Kanu’s fundamental human rights by illegally renditioning him back to Nigeria without due process.

The court ordered the government to return the IPOB Leader to Kenya where he was before the June 19 2021 forceful disappearance from the East African country.

The judgment followed that of the Court of Appeal in Abuja which almost two weeks earlier on October 13, held that Kanu’s extradition from Kenya to Nigeria without following the extradition rules was a flagrant violation of Nigeria’s extradition treaty and a breach of the IPOB leader’s fundamental human rights.

The Federal Government has appealed the decision.

Denial of right to appeal?

In “Cases and Materials on Extradition in Nigeria” published in 2016 by the United Nations Office on Drugs and Crime Country Office Nigeria, rendition is described as a general term for all procedures, including extradition, for returning wanted persons or aliens generally, from a country. According to the authors, “Unlawful or irregular forms of returning persons wanted for trial or punishment include abduction and the so-called ‘extraordinary rendition’. Extraordinary rendition is a government-sponsored arrest, kidnap and abduction of persons wanted, accused or convicted of a criminal offence either to the state who sponsored the arrest, kidnap or abduction or to a willing third party state. Extraordinary rendition denies a person the right to challenge his transfer to the requesting or receiving state. It involves the violation of the principles of international law.”

While Nwaokpara was struggling to get his passport to return to Kenya, Adedunmola Gbadegesin, 33, was battling to fend off a travel “offer” from Lagos to the United States as a guest of the American government. He was wanted by the US Department of Justice on charges of conspiracy to commit wire fraud and conspiring to commit money laundering, stemming from the financial exploitation of elderly victims in America.

On April 27, 2022, the Economic and Financial Crimes Commission (EFCC) announced that the Federal Government had extradited Gbadegesin to America.

This followed a February 11, 2022 Order by Justice Daniel Osiagor of the Federal High Court, Lagos, in Suit No. FHC/L/CS/765/21.

Gbadegesin’s extradition was coordinated by the EFCC, following a request from the office of the Attorney-General of the Federation (AGF).

But on April 28, documents emerged suggesting that Gbadegesin was handed over to America without the Federal Government allowing him to exhaust his right to appeal in Nigeria.

The documents suggested that Gbadegesin had challenged the lower court extradition order at the Court of Appeal before the extradition and the Nigerian government was aware of this fact.

The documents seen by The Nation suggested that the AGF and EFCC were informed of Gbadegesin’s appeal.

Gbadegesin’s counsel, Mr. Victor Opara SAN, had in a letter dated April 25, 2022, to AGF Abubakar Malami, SAN, and copied to the EFCC, Presiding Justice Court of Appeal Lagos Division, reminded them of the pending proceedings.

Opara’s letter notified them of the appeal filed by Gbadegesin’s former lawyer Mr. Olumide Babalola that represented him at the lower court, and which stated that the matter came up for hearing at the Federal High Court, Lagos on March 25, 2022, (33 days before Justice Osiagor’s deportation order) and was adjourned till July 13, 2022.

The letter stated In part that since the AGF’s office “is now aware of the pendency of the motion for stay of execution which has not been struck out and the motion for stay of execution filed by the Appellant at the Court of Appeal by reason of transmission of Record of Appeal as well as knowledge of pending appeal, it will be improper and unprofessional for the AGF to take steps towards the execution of the said Ruling of the Federal High Court of Nigeria already subject of Appeal.”

The documents suggested that Nigeria ignored the pending appeal, thereby breaching Gbadegesin’s right of appeal to the Court of Appeal under Section 243 of the 1999 Constitution, possibly undermining judicial procedure and foisting a fait accompli on the court.

In the extradition case of Attorney-General of the Federation v Princewill Anuebunwa, the defendant was wanted in the United States for alleged complicity in criminal activities but was not extradited by the Federal Government until after he had exhausted his appeal up to the Supreme Court in April 2022, two years after the Federal High Court in Abuja on June 1, 2020, granted the extradition order.

Responding to Opara’s claim, EFCC spokesman Wilson Uwujaren told The Nation that he could not address the allegation.

“I don’t have those documents that you speak of,” Mr. Uwujaren said.

Why Gbadegesin may not have a remedy – Expert

But a Lagos-based lawyer and author of ‘Extradition process in Nigeria” Mr. Samuel Okolie, stated that Gbadegesin’s chances at getting relief are slim, arguing that the Federal Government seemed to have complied with the law in this case.

Okolie said the first issue to determine is whether the extradition proceeding of Mr Gbadegesin falls under section 3 of the extradition Act 2004.

“The said section places restrictions on extradition and enumerated circumstances where an Attorney-General can refuse extradition. If the extradition of Mr Gbadegesin does not fall under any of the circumstances, then the attorney General acted within his powers,” Okolie said.

He further noted that the powers conferred on the AGF by Section 14 of the Extradition Act “is almost absolute as regards the extradition of any fugitive. In one of the locus classicus on extradition cases in Nigeria, the court in George Udeozor vs Federal Republic of Nigeria (2007)LPELR- CA/L/376/05, stated that: “Nothing in the Act gives the court the power to question the discretion of the Honourable Attorney General in those matters, that the discretion to accede to the extradition request is that of the honourable Attorney General and not that of the court. The role of the court is to issue a warrant and undertake such other adjudicatory functions as are required to enhance the statutory powers of the Attorney General.

“Thirdly, Nigeria has an extradition agreement with the United States of America, so legally there is nothing that contravenes the extradition of Mr Gbadegesin. See Section 2 of the Extradition Act for countries that Nigeria has extradition treaties with.

“Fourthly, the issue which is silent in the poser is that was the appeal filed within 15 days of the committal of Mr Gbadegesin? If it was filed outside the 15 days of committal, then he has no remedy as section 10 of the Extradition Act was clear on that, and if it was filed outside the 15 days stipulated date, has the court given its decision?

“In summation, the remedies available to Mr Gbadegesin are little, as Section 14 of the Extradition Act gave total discretionary powers to the Attorney General, and such powers have their provenance in the immutable provisions of Section 174 of the 1999 constitution.”

Okolie also noted that “Moreso on appeal, the hands of the appellate court will already be tied as Mr Gbadegesin had already been extradited as the issues before the court will be merely academic and completely overtaken by event.

Our courts in a plethora of decided cases have stated that they don’t litigate on academic issues, as such academic issues are confined to the classroom

“The only option available to Mr Gbadegesin is to appeal to the appointer of the Attorney General who is the President to sanction the attorney General for any perceived error in judgment.”

Extradition

The Extradition Act 2004, defines extradition as a treaty or other arrangement made by Nigeria with any other country for the surrender, by each country to the other, of a person wanted for prosecution or punishment.

The main legal instruments generally relevant to extradition are: The 1999 Constitution; Extradition Act, 1966; Extradition Act (Modification) Order, 2014 and Federal High Court (Extradition Proceedings) Rules 2015. Other relevant laws are the Evidence Act, 2011; Administration of Criminal Justice Act, 2015; Federal High Court Act, 1973; and criminal or penal laws including the Criminal Code, Penal Code and penal provisions of other laws relating to criminal justice.

Extradition despite existing or imminent proceedings

Sections 3(5) & (6)(a) of the Extradition Act provides that where criminal proceedings are pending in any court in Nigeria for the same offence for which extradition is sought, the fugitive suspect shall not be surrendered. Similarly, where the suspect has been charged with an offence under federal, state or local government legislation, s/he shall not be surrendered until such time as s/he has been discharged. If s/he is convicted or was a convict at the time the extradition request was made, s/he shall not be surrendered until such time that the sentence has expired or otherwise terminated.

In “Cases and Materials on Extradition In Nigeria” published in 2016, the United Nations Office on Drugs and Crime Country Office Nigeria explained that extradition proceedings are “a peculiar kind of criminal proceedings” in that they do not result in a determination of whether the alleged fugitive is guilty or innocent, nor do they end in a post-conviction sentence. It added that where the person sought to be extradited files a Fundamental Human Rights enforcement case, the case will be a civil matter even though it arises from, or is linked to, extradition proceedings.

The consequences of the Nigerian government’s violation of human rights through illegal extradition without exhausting judicial processes were highlighted in the 2000 case involving Lanre Shittu, the chairman of Lanre Shittu Motors.

Shittu was in December 2002 whisked from the country to the U.S. and arraigned after he was declared wanted by the US Drug Enforcement Agency, despite a pending civil suit at the Federal High Court, Abuja challenging the extradition.

Filing a suit before Justice Okechukwu Okeke of the Federal High Court in Abuja, Shittu argued that the New York court “lacked the jurisdiction to entertain the matter because both countries violated the treaty on extradition which they agreed to be binding on them.”

Shittu was eventually freed on the ground among others that the District Court of New York lacked the jurisdiction to entertain the matter because both countries violated the treaty on extradition which they agreed to be binding on them.

Unlawful extradition of asylum seekers

Nigeria’s problem of questionable extraditions or deportations by the government has also affected foreigners who were in Nigeria.

Justice Anwuli Chikere of a Federal High Court in Abuja in January 2018 declared illegal and unconstitutional, the deportation of 47 Cameroonians from Nigeria on January 26, 2018.

The judge also granted all the reliefs as prayed for by the key Cameroonian separatist leader, Julius Sisiku Ayuk Tabe, president of the self-declared “Republic of Ambazonia”, who was arrested along with his supporters on January 9 by Nigerian Security Agency (NSA) agents at their hotels in Abuja on January 7, 2018, while they were assembled for a meeting.

They were subsequently detained at an underground detention centre in Abuja without access to their families, lawyers and doctors.

The group was deported to Cameroon on January 26, and Tabe was put on trial for “terrorism” in December at a military court in Yaounde, Cameroon’s capital.

The judge agreed with their lawyer, Mr. Femi Falana (SAN) that the expulsion of the group was in “utter violation” of legal obligations which ban Nigeria “from expelling or deporting refugees” from the country.

She ordered the government to ensure they were brought back to Nigeria, and that their fundamental rights be respected.

The judge, however, granted all the reliefs sought in both suits and awarded N5 million to each of the 51 applicants in the first suit, totalling N255million, while in the second suit granted N200,000 to each of the 11 applicants, totalling N2,200,000.

The suits are marked FHC/ABJ/CS/147/2018 by Wilfred Tassang and 50 others against the NSA and FHC/ABJ/CS/85/2018 by Mr. Sisiku Ayuk Tabe and 10 others against the NSA.

All the awards were against the Federal Government.

The Nigerian government’s move was denounced by the United Nations High Commission on Refugees (UNHCR), the UN refugee agency, which said most of them had filed asylum claims and accused Nigeria of breaching international agreements.

No fewer than 1,800 people are reported to have been killed in the Ambazonian crisis with 530,000 others said to be displaced.

On August 20, 2019, Tabe, alongside nine others, was sentenced to life imprisonment by a military court in Yaoundé.

On October 20, 2022, the UN Working Group on Arbitrary Detention highlighted the injustice surrounding the arrest and detention of Tabe and some of his collaborators in Nigeria.

Following its 94th session held from August 29 to September 2, 2022, the Working Group in its opinions cited the separatist leaders’ arrest and extradition to Cameroon as a case that violates some of the statutes of international law.

After reaching out to both Nigeria and Cameroon on the issue, “neither of the governments replied to the communication,” the Working Group stated.

Activist lawyer and Senior Advocate of Nigeria (SAN) Mr. Femi Falana noted that refugees and asylum seekers are guaranteed legal protections under the 1999 Constitution, the National Commission for Refugees (Establishment Etc) Act, the African Charter on Human and Peoples’ Rights and the United Nations on Convention Relating to the Status of Refugees Commission.

What should be done

Lagos-based lawyer Estine Okolo noted that extradition does not entail or envisage state-sponsored abduction of wanted persons, “which is a clear violation of the principles of International laws.”

She reasoned that the process of extradition “usually throws up serious legal battles which is understandable because persons whom an extradition request has been made against usually do not give up without a fight and without attempting to take advantage of the loopholes in the legal systems and the laws.”

Her advice? Review extradition laws.

Okolo said: “It is on this basis, that it is recommended, that the laws on extradition should be reviewed with a view to closing the loopholes associated with its implementation for a comprehensive, up-to-date and encompassing law on the subject matter.

“Certainly, criminals who hope to escape justice by absconding from a state where they committed a crime to another, with the hope that justice will be far from them will be disappointed.”

Cross River-based constitutional lawyer, Anthony Obi Oyoyo, advised the Federal Government and its officials to conduct their business in keeping with the letters and spirit of the law, whether local or international, particularly as regards fundamental human rights.

“This way, they would be able to carry out their duties without the risk of incurring further financial liabilities for the government in the form of damages for violation of human rights,” Mr. Obi said.

The predictions by agriculture experts about imminent food insecurity could further compound the nutrition crisis that may make many children become vulnerable to malnutrition and diseases, which may result in deaths. Deputy Editor EMMANUEL OLADESU examines how the challenges can be tackled by government and other stakeholders.

An Imminent food insecurity stares Nigeria in the face. Many factors are responsible. They include flooding, disruption of farming by herder/farmer clashes, poor agricultural yields, lack of improved seedlings for farmers, shortage of funding for research and lack of storage facilities.

But what is more striking is the unresolved nutritional crisis, which may be compounded by food shortage and low purchasing power of the average Nigerian.

The major hurdle is affordability. What is the quality of three-square meals that should sustain an average family in the country?

Also, knowledge is important. What importance should people attach to good diet?

 Many nutritionists believe that nutrition should now be a major part of the political discussion so that government and other stakeholders can rise up to the challenge of ensuring balanced diet for adults and children, thereby preventing the incalculable damage that poor diet and bad eating habit can do to general wellbeing.

  “Poor nutrition robs children of healthy existence,” said Nenat Hajeebhoy, United Nations International Children’s Emergency Fund (UNICEF) Chief of Nutrition, who described good food as a child’s right. She decried the pitiful picture of kwashiokor that assails children in Africa.

 Alluding to the Convention on the Rights of the Child, Hajeebhoy maintained that “it is a breach of the right of children to good nutrition. Every child has the right to food and nutrition to achieve their full potential”.

 The UNICEF official stressed that only one-third of children get effective breastfeeding. “Mothers breastfeed, but it is not exclusive breastfeeding. We need to create a new normal for nutrition in Nigeria,” she said.

 Hajeebhoy was among experts who brainstormed on the nutrition crisis in Nigeria at a recent conference in Lagos. The conference focused on strategies for averting the danger of malnourishment and needles deaths among children. It was organised by the National Council on Nutrition, in partnership with UNICEF, World Bank, civil society groups, and the media.

The dialogue rekindled the advocacy for the implementation of the presidential directive on the setting up of Nutrition Departments in all Federal ministries.

 Government representatives, UNICEF officials, agriculturists and experts in nutrition and journalists brainstormed on how to alert the National Assembly to the urgency of increased budgetary allocation to relevant ministries, departments and agencies for policy formulation and implementation.

At the forum were Presidential Special Assistant on Nutrition, Dr. Abimbola Adesanmi; representative of World Bank, Mrs. Susan Adeyemi; Director of Planning, Nutrition Department of the Ministry of Finance, Budget and National Planning, Jamiu Abduallah, who represented the Permanent Secretary; Chairman, Technical Advisory Group, National Council on Nutrition, Kole Anigo; a civil right advocate, Innocent Ifedilichukwu; and an official of the Federal Ministry of Agriculture and Rural Development, Dr. R. O. Oyeleke.

“We need to create awareness on how to put our leaders into accountability on nutrition policies and programmes,” said Adesanmi, who set the tone for the dialogue.

 Children, who are the nation’s future, need balanced diet to grow physically and mentally, and to survive. But, according to observers, the requirement appears to be a tall order for many households due to their low incomes or poverty.

 Today, Nigeria has the second highest burden of stunted children (too short for their age) in the world, with a national prevalence rate of 33.3 percent. A report by the Ministry of Finance, Budget and National Planning showed that 11. 6 per cent of Nigerian children – between six and 59 months – are wasted (thin for their height); 25.3 percent are underweight (thin for their age), and 1.5 per cent are overweight (heavy for their height).

Also, an estimated 2 million children suffer from Severe Acute Malnutrition (SAM). UNICEF, in a report on its impact, lamented that only two out of every 10 children affected have access to treatment. The global body warned that without urgent action, approximately 14.7 children under five are likely to suffer from moderate and severe acute malnutrition this year.

 Government is aware of the implications of the scenarios for national development. But, it is acting in a snail-like speed to confront the problem.

 “The rates of malnutrition continue to be unacceptably high in Nigeria, affecting progress in health, education, particularly learning outcomes, and economic productivity, with as high as 11 per cent loss of Gross Domestic Product (GDP),” the ministry’s report stated.

 More depressing is the disclosure that every hour, almost 100 children die in Nigeria. The high mortality is attributed to many factors. But malnutrition is a major factor. A nutritionist, Isaac Olofin, who decried the prevalence of the children’s suboptimal growth, said: “Left untreated, children with severe acute malnutrition are nearly 12 times more likely to die than a healthy child.”

 There is a linkage between food insecurity and nutritional crisis. A report by UNICEF states that in Nigeria 19 million people are food insecure. Out of the number, one million people suffer from acute food insecurity.

 One of the reasons adduced was that the country recorded 23 per cent increase in the price of food as from September 2022, compared to September 2021.

 For poor homes, it is double tragedy. During the week, the Nigerian Bureau of Statistics (NBS) announced that food prices had gone up by 29 per cent within 12 months. Without a minimum wage that can mitigate the effects, workers continue to groan in hardship. As the Nigeria Labour Congress (NLC) observed, how to get food has become more important for households than the quality of the food.

 Statistics about childhood mortality is worrisome. UNICEF, which painted an awful picture of the crisis, noted that one in 10 children in Nigeria dies before their fifth birthday, and malnutrition contributes to nearly half of the deaths.

 According to the report, undernourished children are more likely to die from common childhood illness, including diarrhoea, measles, pneumonia, malaria, and HIV/AIDS. They are also at greater risk of chronic diseases, such as diabetes and heart diseases.

 Shedding light on the report, Hajeebhoy explained that chronic micronutrient malnutrition, resulting mainly from deficiencies in Vitamin A, iodine, folic acid and zinc, is a serious problem. She noted that despite the cost-effectiveness of interventions to prevent them, coverage rates of micronutrient supplementation and fortification remain generally low.

“These cause serious birth defects, challenges with cognitive development and reduced productivity,” she stressed.

 The UNICEF official said 41 per cent of Nigerian children – between six and 59 months – received Vitamin A supplement in the previous six months, as revealed by the National Bureau of Statistics (NBS). However, as she explained, “anaemia is present in 62 per cent of the children and iron deficiency is estimated to be responsible for half of all the anaemia”.

  Adesanmi, who spoke on the topic: Role of Nutrition in National Development, drew a correlation between nutrition and human capital development.

 The UNICEF official said adequate nutrition is the bedrock of child’s survival, urging government to sustain policies that will ensure food surplus.

 “Malnutrition has a high economic and health cost. That is why we should pursue more vigorously the National Policy on Food and Nutrition, which provides the framework for addressing the problems of food and nutrition insecurity,” she added.

 Other benefits of adequate nutrition listed by the President’s aide include strong immune system, safer pregnancy and childbirth, lower risk of non-communicable diseases, protection against communicable diseases, and longevity.

Adesanmi also emphasised that people with adequate nutrition are more productive and can create opportunities to gradually break the shackles of poverty and hunger.

 Nutrition has also been identified as a factor in human capital development. Currently, Nigeria ranks 152 out of 157 countries, indicating a low human capital index that calls for serious concern and action. Therefore, investing in people through nutrition, in addition to health care, quality education, jobs and skill acquisition, can enhance human capital development.

 Besides, Adesanmi acknowledged that “in addition to achieving ‘Zero Hunger (SDG2),’ improvements in nutrition are critical to both achieving and reaping the benefits of all 17 global goals”.

 But Ifedichukwu said it is challenging for government to prioritise nutrition. He said there is lack of understanding and interest, adding that there are also competing priorities. “There are also limited resources,” he stressed.

It is evident that good nutrition has never occupied a space in the manifestos of political parties and constituency projects of legislators. Opposition against nutrition issues has also come from the private sector, particularly breast milk substitute industries.

 To Ifedichukwu, malnutrition is a silent crisis that may kill more than insurgency, judging by the 53 per cent of all under-five deaths attributed to it. He said if no fewer than 1,200 children die every day while 500,000 children may die annually with malnutrition as the underlying cause, government my elevate the debate on the knotty issue to a major political discourse.

He reminded Nigeria about the alert by the Food and Agricultural Organisation (FAO), advising government and other stakeholders to devise coping strategies in advance.

 “FAO’s early warnings on acute food insecurity report puts Nigeria at the highest alert as hotshots and account for almost a million people facing catastrophic levels of hunger, with starvation and death a daily reality, and where extreme levels of mortality and malnutrition may unfold without immediate action to address the menace,” Ifedichukwu said.

 If mothers can embrace optimal breastfeeding practices, it will be better for Nigeria. The child rearing practice, Ifedichukwu said, would prevent no fewer than 103,742 child deaths and, at least, 10 million cases of childhood diarrhoea and pneumonia. Also, the $22 million (6.93 billion) cost of medical treatment may be saved while $38 million (N1 billion) cost of breast milk substitutes can be eliminated.

 Hajeebhoy urged Nigeria to strive for an improvement in child feeding practices. She noted that ‘food poverty’ has taken its tolls on children. Apart from breast milk deprivations, many children lack access to other seven categories of food. They are grains, roots, tubers and plantains, Vitamin A-rich fruits and vegetables, flesh foods, pulses, nuts and seeds, eggs, other fruits and vegetables, and dairy products.

The UNICEF official advised Nigeria to brace up for nutrition emergency. She alerted the country to more impending dangers, saying the 23 per cent increase in food prices may not be the end. “Food security is likely to worsen in 2023 due to loss of agricultural production, natural disasters and inflation. Severe flooding is affecting, at least, 29 states and compromising 2023 harvest and food availability,” she warned.

  Hajeebhoy stressed that currently, one in three households cannot afford the lowest cost of nutritious diet daily. For example, a household of three, comprising father, mother and child, needs N707.00 for energy-only diet. Four per cent of households may not be able to avoid it.

 According to her analysis, N1,687.00 is needed daily by the same household for nutritious diet. But, 34 per cent of households cannot afford it.

 Also, Hajeebhoy frowned at the persistent diet and feeding practices that are largely influenced by social norms, which are inimical to children’s health.

She cited three cultural norms: “Pregnant women should eat less, and only certain foods, to have an easy delivery”; “A child should not be given meat or egg so that they do not become thieves”; and “This is a tradition here. Thus is how we have always done it.”

 There are also gender norms that should be abolished. Examples are: “A good woman plans and prepares tasty meals, reserving the best for her husband” and “Fathers do not prepare food or feed their children because peers will tease them as weak.”

 The religious norms to be avoided, according to her, are: “Godly and humble people do not eat ‘exotic’ foods, like chicken and seafood,” and “Babies and pregnant women should be involved in fasting and prayers to secure a better future for them.”

 Hajeebhoy urged people, particularly those living in rural communities, to jettison such old practices. She called for subsidy on fruits and vegetables. But she counselled adults to be wary of excessive sugar intake and penchant for sweeteners.

 Echoing her, Oyeleke said ignorance can contribute to malnutrition, stressing that people need information and knowledge about nutrition.

 He spoke on the topic: Food Systems and Sustainable Nutrition: The Way Forward, highlighting the activities, processes and actors involved in getting food to people’s plates, beginning from input supply to meal preparation and consumption. In his view, any breach of the processes can affect nutritional value.

 On food insecurity, he said the effect of climate change cannot be ignored. He also said disruptions of farming activities in rural communities and war between countries, no matter how far they are, can affect food supply, availability and affordability.

 Oyeleke urged Nigerians to be conversant with the food supply chains, production systems and input supply, storage and distribution, processing and packaging, and retail and marketing.

 He also said they should be aware of the nature of food environment, the type and diversity of foods on offer, food prices in relation to their income and purchasing power, food properties, including quality and appeal, safety and convenience; vendors (type and characteristics of retail outlet) and food messaging (promotion, advertising and information about food).  On consumer behaviour, Oyeleke said: “People should know what food to get, prepare and store.”

 What is the way out of the nutrition crisis?

 Oyeleke directed attention to government’s plans for food system transformation in 2023. There will be taxes on sugar-sweetened beverages, subsidies on fruit and vegetables and more incentives for producers and retailers to grow, use and sell fresh fruit and vegetables, he said.

 The expert urged the media to promote awareness on better nutrition. “Nutrition education and counselling in preschools, schools, workplaces and health centres should be encouraged,” he added.

 The agriculturist said the Federal Government could regularly disseminate information about weather patterns, soil properties and best practices for crops, livestock, aquaculture and poultry production. The information can shape decisions for each rainy and dry season.

 Many have advised state governments to resuscitate the old farm settlements or create new ones for smallholder producers, including youths and women, to farm. Government can provide extension services for them and facilitate their access to markets through road construction.

 But, Oyeleke said the farm settlements should include all basic amenities and Internet to discourage rural/urban migration.

 “The Federal Government, through the local governments, can promote Operation Feed Yourself by helping households to access information and inputs that will encourage them to produce food around their houses to feed their families,” he added.

 Like Oyeleke, Hajeebhoy also called for nutrition counselling for expectant mothers. She said women should be encouraged to fully embrace exclusive breastfeeding because it is in their own interest and for the benefit of their children.

 She called for the adoption of nutrition-friendly policies, such as improved maternity protection, including six months of paid maternity leave and workplace interventions.

 After six months of exclusive breastfeeding, balanced diet should be given a priority. It is non-negotiable. “Children need food and energy for physical activities and mental growth,” she maintained.

 Between six and 24 months, continued breastfeeding, complementary feeding, Vitamin A supplementation, micronutrient powders, screening and treatment of acute maltrution, zinc supplementation and diarrhea management are recommended for healthy living.

 Hajeebhoy appealed to government to ensure increased allocation, release and utilisation of annual budget for nutrition.

 This suggestion is very vital because of the need for the expansion and improvement of the school feeding programme.

 To Ifedichukwu, government can intervene in the nutrition crisis by creating dedicated budget lines for nutrition in all relevant Nutrition Ministries, Departments and Agencies (MDAs). It can also fund and fully implement the National Multi-sectoral Plan of Action for Food and Nutrition.

President Muhammadu Buhari has approved the establishment of Nutrition Departments in all federal ministries. “This should be implemented without further delay,” he said.

 Ifedichukwu said the media has a role to play. In his opinion, the media can develop story ideas reflecting the grave nutrition and food crises and demand accountability from government on nutrition interventions.

 Through incisive articles, features, interviews, news analysis, photo stories, twitter campaign, radio and television documentaries, the media can sensitive the public and government about the challenges and by reporting facts, neutralise fake news and misinformation on nutrition.

 “The media can sensitise the public on adequate nutrition, report best practices and solutions to nutritional problems and monitor and report progress made on nutrition,” Ifedichukwu added.

The era of investors waiting for the Central Bank of Nigeria (CBN) to squeeze inflation out of the economy to get better returns on investment is over. After the CBN consistently missed six to nine per cent inflation target for seven years, investors are now rethinking their investment strategies and divesting to dollar assets which posted over 32 per cent returns this year. The 21.47 per cent inflation rate in November – 17-year high and 11th straight month of acceleration – has not only eroded interest income on savings but drastically cut treasury bills and bonds’ yields. The inflation uptick also opened new investment route in alternative assets dominated by dollar funds.  Assistant Business Editor COLLINS NWEZE reports that although dollar funds offer higher protection against inflation-induced capital erosion and accelerate foreign capital inflows to the economy, allowing them to override naira assets will endanger exchange rate stability.

Armstrong Charles-Obi, a Nigerian resident in Canada, is one of the investors that have, for decades, prioritised diversified investment plan. He knows the dangers of putting one’s eggs in one basket, which is one of the first lessons investment managers teach greenhorns.

 But in January this year, he took an unusual but decisive decision to elevate his returns on investment. Charles-Obi instructed his banks to liquidate his naira investments – fixed deposits – and convert the proceeds to dollars. His investments in equities were also liquidated with the proceeds converted to dollars. As a savvy investor, Charles-Obi had monitored with enthusiasm, the 20 per cent return on investment recorded by dollar funds in 2021, and decided to explore that opportunity.

 “I noticed that many investors were scrambling for dollar assets, which returned average of 20 per cent in 2021, as against seven per cent returns by equities and savings. Not wanting to be left behind of this year’s largesse, I decided to put all my eggs in one basket: dollar assets,” he said.

 Return on dollar assets has risen to an average of 32 per cent in November, 10.53 per cent premium above 21.47 per cent inflation rate. While Charles-Obi is counting his gains, Benson Adigun, a Lagos-based civil servant and equities investor, had less returns on investment to celebrate. Nigerian equities had closed 2021 with average return of 6.07 per cent, equivalent to net capital gains of N1. 27 trillion. As at November 30, average returns to investors at the Nigerian stock market stood at 12.73 per cent, equivalent to net capital gains of N2.84 trillion.

 Despite the uptick in equities market performance, Adigun’s 12.73 per cent return is 8.74 per cent below 21.47 per cent inflation rate. “I know that my investments are not doing great, when placed side by side the double-digit inflation rate. But I am better off than those that placed their funds in current account, and absorbed the entire inflation heat. Still, there are pockets of value in the equity market, which are worth exploiting, and there are number of listed companies whose long-term internal returns on equity (RoE) suggest positive long-term total returns,” he added.

 Chief Investment Officer, Afrinvest Asset Management Limited, Robert Omotunde, said although there are laws within the country that prevent dollarisation of the economy to avoid putting pressure on the local currency, for investors with dollar inflows, such investment is advisable. “It makes sense to take advantage of dollar investment opportunities for investors with dollar inflows. There are portfolios or opportunities that you can take in different asset classes. There is no over-emphasising the point that investors that are going to beat inflation, and get superlative return, need to consider diversification by currency, and United States dollar is a major currency diversification that we preach,” he said.

Dollar assets in perspective

  Despite the prospect of good yields by Nigerian equities, many investors are scrambling for dollar funds offered by many investment companies. Afrinvest Asset Management Limited introduced to the investment market, an open-ended mutual dollar fund which pays as much as 7.5 per cent interest per annum. The fund provides a significantly higher return compared to funds kept in a domiciliary account in Nigeria or current bank account in Europe or America. The Afrinvest Dollar Fund was created to help investors achieve income generation, capital preservation and portfolio diversification in the short to medium term. It was designed to deliver significantly higher returns and dividend will be paid twice a year. Nigerians will be able to invest in the fund with as little as $ 1,000.

 Stanbic IBTC Dollar Fund was inaugurated by Stanbic IBTC Asset Management to provide currency diversification, income generation and stable growth in US Dollar. In emailed note to investors, the investment company said it seeks to achieve this by investing a minimum of 70 per cent of the portfolio in high quality Eurobonds, maximum of 25 per cent in short term US Dollar deposits and a maximum of 10 per cent in US Dollar equities approved and registered by the Securities and Exchange Commission of Nigeria.

  However, there are operational issues that limit local investors from entering the dollar funds space.  For instance, foreign assets investment policy set requires that only dollar inflows from offshore accounts and not locally-sourced foreign currency can be invested in dollar asset. Head of Research at Coronation Asset Management Limited, Guy Czartoryski, said review of deposits in top 10 banks showed that 40 per cent of customers’ total savings, current and term deposits accounts are in dollars. He said high net-worth Nigerians now prefer to save their cash in dollars. “Many investment banks had floated dollar funds, giving depositors and savers opportunity to hedge against naira depreciation. High net-worth customers of banks now prefer to save their funds in dollars, with dollar deposits now 40 per cent of total banking sector deposits,” he stated.

 He said the financial sector has also seen a rise in the number of customers liquidating their savings deposits, and moving the funds to Mutual Funds, where interest are now higher and risks lower. The Chief Business Officer, Optimus Investment, Ayodeji Ebo, agreed with Adigun on dangers of keeping idle funds. While encouraging more people to invest instead of keeping idle funds, Ebo noted the reality of inflation spike is that it reduces purchasing power of the people.

 “Even if interest or the return you are getting on your investment is below inflation rate, doing nothing will make you worse off. By investing in equities, money market, treasury bills or dollar funds, you are likely to reduce the impact of inflation on your funds,” he stated.

 Ebo explained that although inflation is running far ahead of returns, that should not deter investors’ commitment. “Assuming you earn between 10 to 20 per cent returns, it means you have been able to cut down your actual cost of living by at least 10 per cent. In real terms, your exposure to inflation is moderated by the extra income from investing, which is better than just taking inflation 100 per cent,” he added.

 He said: “The options available are equity investment, treasury bills/commercial papers, federal government bonds/corporate bonds, federal government savings bond and dollar funds. Equity investment is the buying and selling of stocks listed on the Nigerian Exchange and NASD OTC market. Treasury bills are issued by the Central Bank of Nigeria (CBN) on behalf of the federal government; commercial papers are issued by corporate bodies to meet short term obligations. The federal government of Nigeria bonds/corporate bonds are issued by the federal government and corporate bodies, respectively, to meet capital projects,” he explained. 

The Debt Management Office (DMO) Director-General, Patience Oniha, said interest on FGN Bonds is payable semi-annually; while the bullet payment is made on maturity. She explained that the bonds qualify as securities in which trustees can invest under the Trustee Investment Act. “They qualify as government securities within the meaning of Company Income Tax Act and Personal Income Tax Act; and for Tax Exemption for Pension Funds Administrators,” Oniha said.

 The FGN bonds are backed by the full faith and credit of the federal government and charged upon the general assets of the country.

Treasury bills, FGN bonds’ yields

Already, market indicators showed that the Nigerian treasury bills secondary market sustained bullish run as average yield contracted by 24 basis points (bps) to close at 8.23 per cent from 8.47 per cent recorded in the previous week. Buying interests were witnessed across all tenors, as yields across the short and long-tenured instruments contracted by 15bps and 72bps, respectively. However, average yield on the medium-term instruments expanded by 14 bps as the 25-May-23 bill rose by 75bps.

 “At the primary market auction last week, the CBN offered a total of N13.58 billion across the 91-, 182- and 364-day instruments. Stop rates on the 91-days, 182-days and 364-days contracted significantly by 99bps, 70bps, and 316bps respectively,” market report on rates movement showed.

 The domestic bond secondary market sustained bullish streak as notable demands were seen across the curve despite 38bps rise in inflation to 21.47 per cent year-on-year. Hence, the average FGN bond yield contracted 62bps week-on-week to settle at 13.47 per cent from 14.09 per cent recorded in the previous week.

 A further breakdown showed that average yields on the short-, medium-, and long-dated maturities (11.89 per cent, 13.96 per cent, and 14.34 per cent) witnessed the most buying interest declining by 85bps, 61bps, and 43bps week-on-week respectively. Specifically, the March-2025, the April-2037, and February-2028 instruments dipped 173bps, 155bps, and 117bps week-on-week, respectively. Findings showed that Nigeria has left behind, in 2020, a 10-year period when yields on Nigerian Treasury Bills (T-Bills) generally exceeded inflation, allowing fund managers to invest clients’ money in risk-free T-Bills with little need for sophisticated risk management.

Banks benefited from this as the primary destination of savings, as did pension funds. However, the fall in T-Bills rates in recent years, combined with a surge in the value of FGN bonds, demands a new level of risk management. Investment risk is rising as yields fall, and fund managers and investors need to master risk management and learn the benefits of diversifying their investments across asset classes. For instance, during the period between 2010 and 2019, the average T-Bills yield was 14.7 per cent and this was, on average, 2.6 percentage points above the rate of inflation.  Savers and investors had it easy during this period, as all they had to do was to invest in T-Bills in order to beat inflation. Today, at T-Bills yield is around 8.23 per cent, and inflation rate is 21.47 per cent, which represent 13.24 per cent gap that investors have to absorb.

 Hence,  investors have to be a lot more subtle about what they invest in, take a degree of risk, whether that means investing in fixed income funds, credit solutions, balanced funds or equity funds. Accordingly, an investor’s choice of investment is determined by different factors, including if it is short or long term investment, and the returns on investment available at each point of the plan.

 While some investors are moving from termed deposits to dollars funds, others are migrating from savings deposits to mutual funds. The fixed/tenured deposit is a tenured investment with a specific amount invested at an agreed interest rate and tenure. At the end of the agreed period (usually 30 to 180 days), and based on investor’s instructions, the investment can either be re-invested with or without interest earned. 

 However, more savers are going for mutual funds where returns have remained higher in recent years, Managing Director, Coronation Asset Management, Aigbovbioise Aig-Imoukhuede, said. “We are convinced that Nigerian savers are making the long-term transition from building savings with banks to a culture of saving with mutual funds. At just 11 per cent of the size of the pension fund industry, we believe that the mutual fund industry needs to support its momentum with confidence-building measures, first among them the adoption of market-to-market accounting and Global Investment Performance Standards (GIPS),”  Aig-Imoukhuede, said.

 He said that after a 10.6 per cent decline in total assets under management (AUM) in 2021, the industry is growing again, with total AUM up by 8.7 per to hit N1.52 trillion. The compound annual growth rate for the mutual fund industry between 2015 and 2021 was 33 per cent, or 14 per cent per annum in inflation-adjusted terms.  

Inflation vs investors’ income

  In an emailed noted to investors, Stanbic IBTC Asset Management explained what rising inflation does to people’s income and savings. It said: “Nigeria’s inflation was at 21.47 per cent in November 2020, a 17-year high. In practical terms, the prices of goods and services increased by 21.47 per cent between November 2021 and November 2022. That means a bag of onions that cost N100,000 in November 2021 increased by N21,470 in November 2022 to cost N121,470.

 Findings showed that when the demand for goods and services outweighs the supply, buyers become willing to pay higher prices. Also, when there is increase in supply of money, without a corresponding increase in output or productivity in the an economy, it will lead to rise in prices.

 As inflation rises, millions of Nigerians that kept their funds in current accounts where there is zero interest yield got poorer and may not be able to meet their daily obligations because their funds are gradually losing value.

 Charles-Obi said: “I have learnt to invest in alternative assets instead of keeping idle funds in banks. That is the best way to beat inflation and strengthen your purchasing power.” Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE) Muda Yusuf,  said that structural factors which constrain productivity across sectors, especially the real sector, decline in agricultural output, exchange rate depreciation, higher energy costs and security concerns in key food-producing states were major inflation drivers. “These structural-induced factors are beyond the control of monetary authorities and have made it increasingly difficult for the CBN to achieve its primary objective of price stabilization,” he said.

Inflation tracks the rise in the price of goods and services, which in turn shrinks the naira’s purchasing power. As inflation rises, consumers can only purchase fewer goods with the naira, input prices rise while earnings and profits drop leading to slow economic growth, until stability returns.

Pains, risks of dollar-based economy 

Despite the benefits of dollar investments, the International Monetary Fund (IMF) warned that dollarising the economy could be difficult to reverse. As a partially dollarised economy, Nigerian operates with dollar bias for international trade, finance invoicing and of recent, store of value. In a report titled: “Digital Money and Central Banks Balance Sheet,” the IMF said that once a country gets used to a bi-monetary system, the process is not easy to reverse, even when the initial trigger such as high inflation, exchange rate volatility, subsides, are addressed.    

 “The optimal choice between domestic currency versus dollars will depend on the monetary framework and the benefits that each may offer as they co-exist as two currencies,” the IMF report added. The IMF explained that in a highly dollarised economy, like Nigeria, there is extended use of the exchange rate for price indexation (high real dollarisation and almost complete pass-through from depreciation to inflation).

 “There is limited scope for fiat currency (tax payments, public expenditure, non- durable goods, and low- value transactions). Extended forex use for durable goods, real estate, capital goods, and high- value transactions. Also, forex takes over the role of store of value as lending capacity in domestic currency becomes limited. Most loans become forex- denominated when forex bank deposits are allowed,” it stated.

 The IMF said a bi-monetary system embodies the failure to conduct monetary policy in an effective way, such as, secure price stability, efficient payment systems, and well-functioning financial markets (including long-run financial contracts at comparatively low nominal interest rates). It said that under high and persistent inflation as seen in Nigeria, market participants defend themselves by shifting to forex. “The most common type of dollarization is financial dollarisation, or asset substitution, caused by a poor performance of the local currency. The local currency is used more for payment transactions but is replaced by the dollar as saving asset or store of value,” it said.

 The IMF said a bi-monetary system limits the role of the exchange rate as a shock absorber, as real dollarisation implies a high pass-through from exchange rate depreciation to inflation.  “Financial dollarisation creates currency mismatches and liquidity risks for the financial system and the economy as a whole. Therefore, the exchange rate amplifies negative external shocks rather than absorbing them.”

 The naira exchanges at N758/$ at the parallel market and N440/$ at the official market rate, creating a premium of N318/$. The naira has lost over 20 per cent of its value this year due to persistent dollar scarcity and rising demand for the greenback.

CBN speaks on inflation spike

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, lamented rising spate of inflation and the impact of foreign exchange shortage on achieving national development goals. For Emefiele, Nigeria’s 21.47 per cent inflation rate in November was relatively high and at an unacceptable level. He said higher inflation needs to be tackled with tools that can potentially constrain the economy’s fragile output growth and cause stagflation.

   Emefiele explained that due to the resumed uptick of inflation rate in February 2022, the Monetary Policy Committee has raised its policy rate four times from 11.5 per cent to 16.5 percent in November 2022. “With the cumulative hike of 500 basis points, so far in 2022, we expect period of sustained disinflation will soon begin. The monetary policy tightening measures have led to subdued aggregate demand pressures expected to ease inflation,” he said. 

 Emefiele explained that the combined efforts of the monetary and fiscal authorities to ramp up food supply and tackle age long structural challenges are also expected to moderate inflation expectations and drive down food and core prices in the medium-term. 

Other stakeholders’ views

The Chief Executive Officer, Standard Chartered Bank Nigeria, Lamin Manjang, said there was great uncertainty and volatility both globally and locally marked by rising inflation and slow growth. “We have seen a very aggressive tightening of monetary policy across almost all central banks in the world. In Nigeria, we have seen the same phenomenon of high inflation. But it’s not all doom and gloom. We have been through similar challenges in the past and we eventually came out of it,” he stated during the 2022 Global Research Briefing in Lagos.   

 Standard Chartered Bank’s Regional Head of Research, Africa & the Middle East, Razia Kahn, highlighted the need for greater reassurance on forex and other policy reforms in order for Nigeria to attract foreign investor participation.

 “In terms of the policy response, Nigeria has perhaps been more tested than many other economies. A lot of the transmission of the different pressures into the great slowdown has been exacerbated by the policy decisions in Nigeria. Still, Nigeria stands apart from many of its African counterparts simply because it is seen to be an economy that has scale,” she explained.

 The Group Managing Director, Afrinvest West Africa, Ike Chioke, said   investors should know when to enter into the market, and most importantly, when to exit the market with profit. He attributed the shortfall in dollar supply to declining foreign direct investment, foreign portfolio investment, crude oil earnings and diaspora remittances inflows. “Investors should be proactively defensive in managing their portfolios. They should find high yielding instruments that will make them ride above the inflationary curve and get the desired protection for their investments,” he said.

 Yusuf predicted that headline inflation would remain elevated in 2023 because the causative agents remain dominant. He said that a broad-based harmonisation of fiscal and monetary policies towards addressing the identified structural constraints will significantly help to moderate inflationary pressure in the medium term.

 Former Executive Director, Keystone Bank, Richard Obire, said foreign investors understand the problems in developing nations like Nigeria which require a premium for them to find their economy attractive. “Foreign providers of short-term capital usually require appropriate interest rate compensation or sufficient currency repricing to embark on investments in relatively risky climes. These set of investors are likely to weigh the Nigerian offerings (in terms of interest rates, currency, and overall reforms) vis-a-vis those of competing markets going forward. All considered, we expect foreign investors to remain mostly averse to Nigerian risks next year,” he said.

 According to him, authorities should embrace more pro-market paths to encourage foreigners to take on more naira risks. There should also be policies that will attract longer-term capital as opposed to fleeting hot monies. Promulgation and implementation of appropriate reforms, improvements in ease of doing business, provision of adequate infrastructure, and tilt to a more liberal currency regime are some measures that could be adopted.

 Whether the investor choses to go for savings, mutual funds, T-Bills, Bonds, equities or dollar funds is a function of diverse factors. But whichever way the pendulum swings, an investment in any asset is by far a better option than keeping idle funds and taking the inflation heat 100 per cent.