Tag: money

  • Protesters clash over money

    Members of a protesting group for the release of the abducted Chibok schoolgirls, ReleaseOurGirls, fought yesterday in Abuja over the sharing  money. They were paid daily.

    The protesters, comprising young men, were exchanging fisticuffs.

    They were heard screaming: “You are lying, we must share the money! You must give me my share; you must give me my money! We must share it equally!”

    This happened after the group marked 100 days of the abduction of the over 200 pupils from the Government Girls’ Secondary School in Chibok, Borno State.

    The quarrelling protesters ignored the passersby as they tore one another’s clothes. Two of them were nearly hit by a car.

    The policemen stationed in front of the Millennium Park dispersed the protesters.

    One of the leaders of the ReleaseOurGirls had confessed that they were paid to hold the rally.

    The group, last month, attacked the Oby Ezekwesili-led BringBackOurGirls movement. They beat up its members, seizing their phones and breaking their chairs.

  • Making money from foodstuffs export

    Making money from foodstuffs export

    Demand for  indigenous dishes  is soaring in Europe and the United States. As a result, export of food items have grown phenomenally to become the single largest category in world agricultural trade, and by extension, creating   opportunities for more Nigerians to make money. DANIEL ESSIET reports.

    These are boom times for Nigerians involved in  export of  local foods. What started as a humble cottage industry has undergone a significant transformation with a lot  of  entrepreneurs finding  success in exporting  food items to  Europe and United States.

    One of them is the Chief Executive Officer, The Thy Consulting, Ismail AbdulAzeez.

    The initiative has resulted in huge business in terms of export sales and income for the company.

    He  told The Nation  that the demand for traditional dishes has  risen with increasing number of Nigerians leaving the country in   search  of  greener  pastures in Europe and the United States. While there, such people like  to stay connected with “home” by way of eating local dishes. As a result, they create a market for fresh and refrigerated local food items, thereby helping   small businesses increase their exports of food and agricultural products.

    Foodstuffs in demand include fish, gari, beans flour, melon seed, Ogbono, crayfish,cassava flour, bitter leaf, pounded yam flour, vegetables and pepper. It also covers processed fruits and vegetables, fresh fruits and vegetables.

    Food stuffs   exports is believed to be in  excess of N100 million yearly, yet there is plenty of room for it to grow.

    Abudulazeez said  with  N100,000 an intending exporter can start the business and turnover the money many times within a year.

    AbdulAzeez  said   the opportunities to export  food  items are great.According to him,  food stuffs exports have demonstrated huge potential in sales abroad and represent an opportunity to  reduce poverty through income generation among small entrepreneurs.

    Having broken into the markets and built a lot of contacts, AbdulAzeez is  encouraging  more Nigerians  to  participate in the business.

    As these exports increase, the  small businesses would create jobs and improve the strength and stability of the  agricultural economy.

    He offers  programmess and services that help boost  agricultural exports.

    He said there are opportunities to export  food  produce to Europe, following the increasing number of Nigerians and other Africans relocating in search  of greener  pastures. The marketing strategy is sending  the food stuffs through using friends and relatives in  United Kingdom.

    For him, value added food exports  are rated high and attract  much  profits.

    To export, price plays a factor, but to successfully develop a market requires marketing and promoting, such items through export groups targeting Africans.

    Many large supermarkets and hypermarkets now have their own purchasing agents who specialise in buying food items for African consumers.  These buyers   source food items directly from small farmers and producers.

    The buyers then  consolidate small orders from multiple vendors into  refrigerated  containers  for export to various  points  in the United States and Europe.

    The landscape for small entrepreneurs’ participation is changing. But the most important concern among consumers is  food safety compliance with environmental and ethical standards.

    New entrants can   break   into key  markets  through  increasing  contacts with extensive networks around the world. This allows for timely export order information.

    Exporters must be careful of produce packing, branding and and  currency variables, he said.

    For  exporters like him, the  relationship between Naira and the major   currencies is an important part of a small business exporter’s strategy.  A highly  valued U.S. dollar means more money  for  Nigerians  sending  food  items abroad.

    The other issue is that  there are  important differences to consider in methods of payment in international trade. Exporters need to consider payment options carefully and consider asking for cash in advance, partial payments or control the consignment with the use of a documentary collection or letter of credit  to minimise risk. Since food and agricultural exports travel much further than domestic shipments, they may be exposed to rigours of additional handling, temperature variables and other weather-related elements.

    They may also travel in an “Intermodal” fashion, which means by one or more trucks, vessels, aircrafts or trains, between origin and destination.           The   exporter needs to be aware of the differences in customs procedures in countries across continents. The way to understand these procedures is attending  a training on food export.

    According to him,  timely and professionally prepared documentation is one of the keys to success in the export business.

  • I married into money, so why am I so miserable? (2)

    I married into money so why am I so miserable? (5)

    Some six months after Nick and I had been communicating by phone, he came to Nigeria for a visit. Though he had family in town, he decided to put up in a hotel for security and some privacy as he explained to me when we met. I did not visit him at the hotel to avoid suspicions from my husband. You see, though he was hardly around, my husband kept tabs on me and monitored my movements. I found out some years back when one of his staff, whom I had done a favour for confessed to me.

    It seemed Chief did not trust anyone including me, his wife. And this was the same man who went all over the place with his secretary Matilda who doubled as his mistress. I had heard about the affair and a few others he had had since our marriage but for the sake of peace and my mother’s counsel, I had ignored them.

    “As long as he provides well for you and the family, what do you care what he does outside?” said my mother when I had complained about my husband’s infidelities as well as lack of attention. “And you complain he’s never home. What do you want him to do? Sit at home and hold your hand all day long? Will that bring in money to enable you live in the type of affluence you do now? My dear, that is marriage-full of ups and down and you have to learn to endure certain things in order to survive in your marital home. It’s not rosy all the time. Have you forgotten so soon what your father did to us, to the family? Lots of women go through the same thing and they learn to cope! My dear, if other married women tell you about their experiences, you will be shocked. At least your husband spoils you with money. So, sit back and enjoy it and stop all this grumbling!” she had admonished.

    It was easy for her to say but what did she know about my needs and desires, I had grumbled to myself at the time. She must know what it felt like to have an absentee husband as my father had been one before his death two years before from an alcohol-related ailment. He was never home or there for the family as he preferred to be with his concubine. My husband was doing the same to me and I’m supposed to just sit back and endure it? For how long was I supposed to do that while I watched my youthful years slip away?

    Anyway, to avoid arousing my husband’s suspicions, Nick and I met up at Brenda’s place. We had not seen for over ten years and he had changed a lot during that time. He had put on some weight on his tall frame and he looked good.

    We chatted for hours, reminiscing about the old days. It was fun meeting up with Nick again and I was reluctant to leave when it was time to return home. For the six weeks he was in the country, Nick and I saw regularly. He was nice company and I enjoyed spending time with him. He made me laugh and forget my troubles at home. At first, I simply saw him as an old friend whose company I enjoyed but with time, my feelings towards him changed.

    He did not hide the fact that he was still crazy about me despite my being married.

    “I will always have you in my heart,” he told me a week before his departure to his base abroad. I felt bad that he would soon be leaving but there was nothing I could do about it. I was bound to Chief, had made my choice and I had to live the life I had chosen.

    Then, on the last day we saw, he told me something that surprised me.

    “Alice, I can see that despite your bright looks that you are not happy. What’s the problem, dear? Is it your husband? Is he maltreating you? You can talk to me! Are we not friends?” he said.

    For a moment, I was tempted to confide in him about my unhappiness at home. About my feelings of loneliness due to my husband’s long absences, or that in the past three months, I had seen him just once when he returned from one of his long trips. He had stayed for just two days and had travelled again. But I kept all these to myself, simply smiled at him and said:

    “I’m fine Nick. Everything’s fine. Perhaps, it’s the thought that you will soon leave that’s making me feel bad.”

    He looked sceptical for a moment as if he did not believe my words.

    “If you say so. But you know I’m always there for you if you need a shoulder to lean on,” he said, taking and squeezing my hand.

     

    New wife, fresh troubles

    After Nick left, life went back to normal- it was the same old dull routine. The only bright spot in my life was Nick who called regularly to check on me. I missed him terribly and at a point, I nursed the idea of travelling to see him but I changed my mind because of the risk involved. My husband would definitely find out and that could affect my marriage. Despite the situation, I was not ready to lose Chief and the perks that came with being his wife. Afterall, he had done so much for me and my family, I reasoned. All my siblings were doing well because of Chief’s generosity. How could I jeopardise that because of Nick even though I had fallen in love with him and I wanted to be with him more than anything in the world?

    One day, some months later, my husband returned from one of his trips with lots of gifts for me. But my joy at seeing him was cut short by his secretary Matilda. She arrived the following day with her bags and other belongings. Chief explained that she was having accommodation problems and needed a place to stay for a few weeks. My first instinct was to object, knowing the relationship between them. But I kept my cool and instructed one of the maids to prepare one of the guest rooms for her.

    “As soon as she gets another apartment, she will leave. Thanks for being so understanding, dear. That’s one of the things I love about you. You are so cool-headed!” my husband said later that night in our bedroom.

    From a couple of weeks, Matilda’s stay extended to months. She had been with us for nearly six months when I pointed out to my husband that she had stayed for more than the time frame he had told me she would be with us.

    “I think it’s time for her to leave. This is my home and I can’t continue to share it with your secretary!” I said.

    He assured me he would look into it. When the situation remained the same, I called Matilda one Saturday morning when my husband had gone to the club to play tennis. I told her she had overstayed her welcome and she should get a place to move to.

    “Move where?” she countered. “I’m going nowhere. This is my husband’s house and I have a right to be here as well!”

    I looked at her as if she had gone crazy.

    “Matilda, are you sure you are alright? What are you talking about?” I demanded angrily.

    “This!” she said, placing her hand on her stomach. Then, to my shock, she announced: “I’m pregnant for Chief! It’s two months! This is not the first time. For your info, I’ve had three abortions for Chief. But this one is staying. I’m keeping this baby!”

    For a while, I was too shocked to speak. Then I said:

    “What baby? Look, I don’t know what kind of games you are playing but it won’t work with me. So, you just take that bastard in your womb and get out of my house. Shameless thing! Husband-snatcher! Ole!”

    “Look at pot calling kettle black! Was Chief a bachelor when you met him? He was already married with two wives and numerous children when you married him because of his wealth. Greedy thing! See where long throat for money has landed you!” she fired back.

    We were still arguing when Chief returned home.

     

    ***

  • I married into money, so why am I so miserable? (3)

    BY the time I met Chief Cyril, he already had seven children- four daughters and three sons. He had two wives none of which he said lived with him.

    “The eldest stays abroad most of the time while the younger one has her own place in town,” he told me.

    At the time, I wondered why he chose to live like a bachelor instead of having at least one of his wives with him. It was much later that I found out the reason.

    Soon, I wrote my final papers and graduated. For the service year, I was posted to Ikorodu town which was a surprise to me as I thought I would serve in another state, having lived in Lagos most of my life. My mother wanted me to change the posting so I could be in the city of Lagos but I refused. It was the first time, apart from school I would be away from home, totally on my own and I liked the feeling of independence it gave me. I however, visited home regularly to check on her and my siblings.

    I was at our house on one of such visits when Chief came to see the family. It was not the first time he did that. Since the day of the quarrel at the factory when he had given us the money for my school fees, he had become close to our family and often visited. That day, he sat for sometime chatting and asking questions about my experiences as a youth corps member.

    Later, he sat with my mother in his car talking for a while before he left with his driver. I wondered what they were talking about but I did not think much of it until a few days later when I was about to return to my base at Ikorodu.

    She called me into her room and said:

    “I know this must come as a surprise to you. It might even shock you. But the truth is Chief is interested in you!”

    “But Mum, what’s surprising about that? Chief has always been interested in my welfare and that of the rest of the family since we met him at the factory,” I stated, giving her a quizzical look.

    She smiled and shook her head.

    “No. That’s not what I mean,” she said. Then drawing closer to me on the bed, my mother added:

    “Chief wants to marry you. He told me about it the last time he was here.”

    She was right. I was not just surprised, I was dumbfounded! I just stared at her, my mouth agape like some of those actors in those Yoruba home videos.

    Then I found my voice.

    “Mum, is this a joke or what? You can’t be serious!”

    “My dear, it’s the truth. Chief wants you as his wife,” she restated.

    “But he can’t be serious! I mean he’s old enough to be my father. He’s even older than you and Papa. Besides, he already has wives and so many children. What does he want with a girl like me?” I said, in an argumentative tone.

    “Well, you’ll have to ask him that when you see him. I’m just reporting to you what he told me,” she pointed out.

    “And what was your response, Mum on hearing about the proposal?” I enquired.

    She shrugged.

    “I told him its not my decision to make. That you are old enough to decide what you want. You are grown up now, no longer a child. All I can do is guide and advise you as a mother,” she said.

    I sat pondering her words for a while before speaking.

    “Well, it’s not going to happen. Chief has been very good to me and this family but I can’t marry him. How can I marry an old man like that, with grown-up children some of whom are even older than me? My friends will all laugh at me!” I stated, getting up from the bed.

    I left the room and went outside our compound. I stood by the gate and idly watched people going up and down the street. A neighbour and friend Betty strolled by and stopped for a chat.

    “I’ll visit you in Ikorodu one of these days,” she said as she walked away.

    That night, I could not sleep much as I kept mulling over what my Mum had told me. I always knew Chief liked me. But I thought I was more like a daughter to him as he had said a couple of times. So, why this marriage proposal now, I wondered, turning on the bed.

     

    A tycoon’s bride

    About two weeks later, a Saturday, I was at the backyard of the corpers’ lodge where I stayed, washing my clothes when I was told I had a visitor. Thinking it was Betty, my friend from Lagos, I went outside the gate. It was Chief, sitting calmly in the back of his car.

    He smiled on seeing me and invited me to join him in the car.

    “What are you doing here, Chief?” were the first words I spoke on entering the car.

    “To see you, obviously,” he replied, still smiling at me.

    “But you should have called first. I would have prepared something for you,” I said.

    “No need for that, my dear. In fact, I want to take you out. So, go inside and wear something nice, ok?” said Chief.

    He took me to a nice eatery in town. We sat in a  secluded booth on the first floor section and it was there that my journey to my present life began. That day, Chief proposed formally to me, stating that it had always being his desire to marry me from the beginning. What made him wait, he said was my education as he wanted me to finish school first.

    He waved all my objections aside, such as the age gap, his wives, wealth etc.

    “I’m a High Chief in my community as well as an African man. I can marry as many as I want as long as I can take adequate care of them,” he argued.

    The benefits of the union to me would be immense, he pointed out- my family would kiss goodbye to poverty for ever, my younger siblings would have the best education money could buy, I would live in the lap of luxury and immense wealth for the rest of my days and I would never have to worry about money anymore, my mother would no longer have to struggle so much to raise my brothers and sisters and so on…

    It took me a week to decide whether to marry Chief or not.

    “I knew you will make the right decision,” said my mother when I went to see her in the city. “Chief is a good man. I know he will take very good care of you and you won’t regret marrying him,” she said, hugging me.

    Chief was very happy when I called him to break the news to him.

    “Alice, you have made me a very happy man!” he said, sounding pleased.

    At least he was happy. As for me, I felt neither joy nor sadness. Looking back, I believe it was a sense of duty to my family that informed my decision. I had watched since I was a child how my mother had to work so hard to feed the family and take care of us. Our father was useless and had shirked his duties in the home for as long as I could remember.

    ‘At least, my Mum can rest now from all her struggles,’ I thought as I tried to convince myself that I had done the right thing by marrying Chief.

    Eight months later, at the end of my service year, the traditional marriage rites were done and I became a millionaire’s bride…

    To be continued

     

  • Money, others critical to business success, says Jumia chief

    Money, others critical to business success, says Jumia chief

    The Managing Director of Nigeria’s biggest online retailer, Jumia, Jonathan Doerr has identified people, idea and money as the three most important elements entrepreneurs must have to start, grow and make a success of any business.

    Speaking at the MTN Link Forum organised to bring successful businessmen and budding entrepreneurs in Lagos, he said entrepreneurs can take business ideas that have proven successful in America and Europe, and domesticate them in line with realities in the country.

    He said: “For me, the three main things to grow a successful business are people, ideas and money. You need the right people that you can trust; you need a great idea and money to become entrepreneurs. “Online retail business had been thriving in America and Germany before it was introduced into Nigeria where it had to be domesticated to conform to best practices and standards in the country.”

    MTN’s Chief Marketing Officer,  Larry Annetts said as a truly supporting brand, MTN is committed to developing and engaging budding entrepreneurs,  and encouraging them to be better in various entrepreneurial fields of human endeavour.

    He said: “A strategic focus for MTN is to, constantly, provide an engaging and supporting platform for aspiring entrepreneurs and the organisation has continuously demonstrated this through various initiatives.”

    Other speakers on the occasion include the Special Assistant to the Minister of Industry, Trade and Investment; Mr. Oguche Agudah, and the CEO of Palmas Company Limited Mr. Izuroa Okafor.

  • I married into money, so why am I so miserable? (2)

    IT was the beginning of the new session at school. The day I was to return, my mother had given me some money, promising to send my school fees and money for other expenses later.

    Two weeks later, I had to go home when the money with me ran out.

    I met her at the shop, looking dejected, sitting with her right hand on her jaw.

    “My dear, you are welcome. How’s school?” she asked as I walked in.

    “Fine, Mum. But what happened? You are looking so sad!” I stated.

    My mother sighed then said:

    “Hmm. It’s that your father again o!”

    “What has he done this time?”I queried. Just then, a customer came and after attending to him, she turned to me.

    “Last week, I was able to get some money which I planned sending to you at school. I remember putting it in my suitcase in the bedroom. But yesterday, when I went to get it to send the money to you, it was no longer there. I asked your younger ones if they took the money but they denied knowing anything about it,” she said.

    It was later, she added, that David, my younger brother, an SS2 student had told her what happened when everyone had left the house.

    “He was sick that day with malaria so he could not go to school. He said your father came when he was alone in the house and had gone to my room. David said he had come out counting a large amount of money. I believe he took the money. I’ve not seen him since yesterday. Hopefully, he will come home today so I can confront him about it,” she stated.

    I felt bad hearing what my father had done, though I was not surprised. He had done worse things in the past. He was  man who could not be trusted.

    We waited for him for two days and when he did not return home, Mother and I decided to visit him at his work place. At that time, my father worked as a security man at a factory that manufactured plastic products.

    He was not at his post when we arrived.

    “He has gone to eat at a ‘joint’ down the road,” a colleague informed us. He gave us seats and we sat down to wait for him.

    He returned about thirty minutes later, looking surprised to see us. As soon as my mother set eyes on him, she pounced on him.

    “Where’s the money? Ole! Thief!” she shouted, seizing him by his shirt collar.

    “Woman, behave yourself! What are you doing here and what money are you talking about?” he asked.

    “You are asking me as if you don’t know? Where’s the N80,000 I kept in my bag in the room? Give it to me now or…” she threatened.

    “Why are you asking me about the money? I don’t know anything about it. I…” he said, but she cut him short.

    “Stop lying Papa Alice! David saw you taking the money so bring it now!” she demanded.

    “Alice, you better talk to your mother else I will deal with her o! Tell her to leave me alone!” he said.

    I spoke up then.

    “Papa, part of that money is for my school fees so bring it so I can go back to school as I have already missed so many lectures.”

    But he kept denying taking the money while my mother continued shouting at him to return it. The altercation soon drew the attention of some of his colleagues and others around and soon a small crowd had gathered. My dad’s boss, on hearing the commotion, came out and took us to his small office at the security post. After questioning my father for a while, he finally confessed to taking the money. He said he spent it on drinking and had gambled with the rest.

    “I also gave part of it to Mummy Vicky,” he said, referring to his concubine. On hearing what he had done, I began crying. I ran out and stood by the large gate of the company, weeping bitterly. How could my own father do this to me, I thought as the tears rolled down my cheeks. What was I going to do now? How could I go back to school without money, I wailed, crying profusely with my hands on my head.

    My mother who was still visibly angry came to join me. She was consoling me, with some other people around when a black SUV drove to the gate.

    The security men all sprang to attention as soon as they saw the vehicle and its occupant.

     

    Meeting Chief Cyril

    Chief Cyril, the owner of the factory had come for his monthly meeting with the management and to check on things. He must have seen me crying and lamenting at the gate of his company for he sent for my mother and I on getting down from the car and enquiring from my father’s boss what the problem was.

    When I told him I could not return to school because of what my father did, he was very sympathetic to my plight and told us not to worry.

    “I’ll do something about it. Just wait here for me,” he stated, before walking briskly inside the office with his entourage in tow.

    Later, an assistant came with an envelope which he gave to my mother. Inside was a large sum of money, much more than my father had stolen from my Mum. His business card was in the envelope as well.

    We were so happy at the unexpected gift from a total stranger and wanted to go inside to thank him but the assistant said he was too busy to see us.

    “He’s in a meeting at the moment. But he said you can call him later on phone,” the man said.

    On getting home later that day, I called our benefactor on phone and after speaking with my mother for sometime, I thanked him profusely for his help.

    “Sir, without your help, I would have been stranded at home, unable to return to school. Thanks so much for your assistance. God bless you, sir,” I said enthusiastically.

    “You are welcome, my dear. Just let me know if you have any problem at school. And take care of yourself,” he stated before hanging up.

    “Such a good man. He didn’t know us yet see the way he helped us,” my mother said happily, before adding:

    “As for that father of yours, it’s only God that will judge him. Imagine drinking and gambling away his own daughter’s school fees! What kind of man does that?”

    “Ma, don’t worry yourself about my Dad. What matters now is that I can go back to school. God, I’m so happy!” I said, going into the room to pack.

    That was how Chief Cyril came into our lives. After that initial encounter, he would call me in school to monitor my progress. He also sent me money regularly, ‘so as to reduce the pressure on your mother,’ as he put it.

    Infact, for the rest of my stay in school, Chief was the one responsible for nearly everything including my school fees, feeding and accommodation in school.

    “I’m doing this for you because I see you as an ambitious young girl who wants to better her lot in life. I want to do the little I can to help you realize your dreams,” he said one day when I had gone to visit him at his office.

    “Thank you for all your help, sir,” I said gratefully.

    “It’s alright, my dear. You see, I have three daughters who are your age mates. They are in higher institutions too. If they had a tenth of your drive and ambition, I will be a very happy and fulfilled man. But all they do is party, shop and spend my money as if I have a money tree in my back yard!” Chief stated wryly.

    That day, he told me a bit about his family and personal life. Back then, I simply saw him as a family friend and benefactor. He also treated me like a daughter and was really good to me. But things changed between us after my graduation…

    To be continued

     

    We have changed the names of Alice and other individuals in the story to protect their privacy

    Send comments/suggestions to 08023201831(sms only), psaduwa@yahoo.com or psaduwa007@gmail.com

  • I married into money, so why am I so miserable? (1)

    I WAS downstairs helping the maid serve my husband, Cyril’s breakfast in the dining room when he came down, carrying his briefcase and a large bag.

    My heart fell at the sight of the bag which only meant one thing.

    “Darling, don’t tell me you are travelling again! You returned from your last trip just last week!” I stated, watching as he handed the bag and briefcase to Kingsley, his P.A.

    “Ah, Alice my dear. I forgot to tell you last night. My business partners in Germany want to see me urgently over that contract with the government I got recently. Its not something any of my managers can handle so I have to be there myself,” he explained. He came over to the table and picked up his cup of coffee which was served the way he liked it, black with no sugar or milk.

    “You know I hate it when you travel as I miss you so much. I feel lonely, all by myself in this big house,” I grumbled.

    “I know my dear. And I miss you anytime I’m away too. But I promise we shall go away on vacation soon. Just the two of us,” he said.

    “You said that six months ago, Cyril! All you do is make promises you never keep,” I told him.

    He took my hand across the table and stated:

    “Trust me. I will keep my word this time around. So cheer up! You know I don’t like it when you frown like that!”

    “Just return before the 14th. It’s Junior’s school anniversary. He will be participating in the drama presentation and the Principal wants us and the other parents to be there to encourage the children,” I said.

    “Sure. I should be back by then. I have to rush so I don’t miss my flight. Take care of the home, dear!” he said. He hurriedly kissed me on the cheek and was gone.

    I sat at the table for a long time after his departure, just staring glumly at the different continental dishes on the table; bread, different varieties of breakfast cereal, sausages, eggs, oats, baked beans, ham and so on. My husband had barely touched any of the food and I had no appetite. So much food and no one to eat it.

    I called Rosa, one of the maids and instructed her to clear the table. Upstairs in my room, I thought about the whole day ahead and wondered how I was going to spend it without going crazy with boredom. You see, that was the major problem in my life. Boredom. It might sound funny to some people but that’s the truth. I had too much time on my hands and little to do.

    I had little chores in the house as the domestic staff did all the work. All I do all day once my son, Junior has gone to school is eat, sleep, watch movies, do some shopping and chat on the phone with the few friends I had. In the past, I had wanted to work or start a business at least to keep me busy. But my husband would hear none of it.

    “My wife work? No way! What will my friends say? That I can no longer provide for you? What do you lack in this house? There’s money, plenty of it so what do you need a job for?” my husband had pointed out when I brought up the issue of doing something to ward off boredom. On one point, he was right. My husband is one of the richest men around and he is generous with his money. I lacked for nothing be it choice cars, designer clothes, top range jewelry and other good things of life. I had it all. A lot of other women envied my lifestyle and wished they were married into wealth like me. They say I’m lucky and should be grateful for what God has done in my life.

    So, why do I feel this emptiness inside? Why do I feel so miserable most of the time despite having so much? What was wrong with me, I wondered. Was this not what I had prayed and desired for most of my life?

    “Your problem is idleness,” my friend Queen had stated severally when I had discussed the issue with her. Queen and I went back a long way and she was one of the few intimate friends I had that I could confide in. We had met over ten years before when I was preparing for the JAMB exams. I had failed at the first attempt and determined to make it the second time, I had enrolled for extra classes at a coaching centre in town. It was Queen’s third time taking the exams and her last chance.

    “My father said I should forget about furthering my education if I don’t pass this time around. He says he’s tired of wasting his money on a dullard like me,” she said, laughing. She was lucky. At least, she had a father who cared enough about her future to pay her exam fees. With the kind of father I had, I would have been better off being an orphan.

    He was irresponsible and useless both as father to his five children and a husband to our mother. My father did odd jobs sometimes in factories or as a security man but he hardly worked. Not that he did not get jobs; his problem was keeping them. His drinking habits and general lack of commitment to his duties made him lose most of the jobs he was able to get. He did not make much money but what little he had went into alcohol or his mistress- a widow with seven children.

    He never cared if we ate, had clothes to wear or a roof over our heads. The responsibility of looking after my siblings and I fell on my poor mother, a primary school teacher. To supplement her meagre salary, she opened a small provisions store not far from our home. After closing from school, she would head for the shop and remain there till late in the evening. My siblings and I helped out at the store after school. Despite all my mother’s efforts, things were tough for us and there were so many things we had to do without just because my mother could not afford them.

    Papa was hardly home and even when he was around, he was more of a nuisance than anything. His drunken singing announced his presence in our compound and once he entered the house, he would demand for food from my mother. He hardly gave her money for the family’s upkeep and did not care whether we ate or not as long as he was fed.

    Coming from such a background, you might wonder how I ended up with a wealthy man like my husband. Well, it’s a long story and looking back, I believe fate had a hand in it. And my irresponsible father too…

     

    A fight at the factory

    Luckily for Queen and I, we passed the entrance exams that year and we got admitted to the same university. While my mother was happy at the news, she grew worried about where the money for my fees and school expenses would come from. She contacted some of our relatives who were better off financially than us and a few promised to help. With their support and the little my mother could put together, I was able to go to school. It was not easy but I persevered, as I realized that it was only through a good education that I could help in lifting my family from its indigent situation.

    I was in my third year when an incident happened that nearly truncated my educational career and the bright future I so hoped for…

  • Different colours of money

    I do not know how many people out there know of a community in Ondo State known as Ilara Mokin. What I know is that neither myself nor the other members of the touring party that visited Ilara Mokin from April 4-6, would have had any business undertaking a four-hour drive from Lagos to Ilara Mokin but for its  magnificent golf course ( Mokin Smokin Hills). For many months now, there has been talk in the air especially in the Nigerian golfing community about a new world-class golf course ‘near Akure’. Given the typical golfer’s notorious inclination for fanciful description of not only his golfing prowess but familiarity with international golf courses, I was initially dismissive of excitable utterances like ‘The only championship course in Nigeria!’ ‘Finer than all the golf courses I have played in Spain!’ and so on! The increase in not only the decibel level but the number of golfers making these claims prompted the touring party aforementioned.

    At this juncture let me state and quite emphatically too that this piece is not about golf. In the context of the times we live in Nigeria, that will be an insensitive and meaningless elitist literary venture. But before making my point, I need to finish with the touring party. Ilara Mokin also boasts a private University, Elizade University, so the touring party was told. Having been so pleasantly surprised with the quality of the golf course and its awesome scenic beauty, we were curious to see what the university will look like so we undertook a tour. Again we were pleasantly surprised by a large well laid out university campus with very impressive robust facilities including high rise faculty buildings, modern sports facilities, staff and student quarters all connected with well paved roads!

    Both the golf resort and Elizade University are owned by Chief Michael Ade Ojo. Ordinarily and without the benefit of seeing the  investments in the golf resort and university, my categorization of Chief Ade Ojo would have been as a wealthy car dealer albeit self made. This piece is also not about Chief Ade Ojo so I will not bother about coming up with a more appropriate nomenclature. However my categorization as a car dealer is clearly an unfitting misjudgement perhaps based on popular (mis)perception. From my limited interaction with his kith and kin who populate the workforce in the golf resort, guest house and university, his people will obviously have a more befitting nomenclature for Chief Ade Ojo and given the talent of the Yoruba for flowery adulation, the translation into English will obviously lose some colour but hopefully not the translucent essence.

    Now to the main point of this piece. Our touring party was led by the captain of Ikoyi Club Golf section, Ted Iwere and consisted of very fine, exposed gentlemen, distinguished professionals and wealthy businessmen. In addition they all see themselves as patriotic Nigerians. Beholding the golf course and university were therefore very thought-provoking as is perhaps to be expected from a group of that colouration. The investments Chief Ade Ojo has made and sited in his ancestral community would evidently albeit without  scientific accuracy cost several billions of naira. You do not need to be an investment guru to know that there are more profitable ways to invest that kind of money. That kind of money deployed as a political godfather will certainly yield quicker and much greater financial returns. And if an ego massage is the motivation, one could buy an English Premier League football club! Also clearly no bank funding would have been involved, as most credit analysts would have laughed off any such requests. Our touring party had long healthy debates and general rubbing of the minds and a few facts are given. Chief Ade Ojo is not the wealthiest Nigerian, neither is he the first to found a university or build a golf resort. What we were most impressed about was that these investments have evidently not been made for personal gain. Apart from putting Ilara Mokin on the world map, it is in the future that the full impact of those investments will manifest and the fortunes of that community have been positively affected forever.

    Obviously comparisons with other men of means cannot be avoided and that is indeed the essence of this piece. My late father was a great fan of my opinion pieces but was always uncomfortable with my practice of using real people as examples and advised against what he considered as being unnecessarily provocative.  My memory fails me as to whether I ever categorically promised to heed that advice. Many years ago, I was in another touring party and we happened to be guests, though not of, but at the mansion quarters of Chief Arthur Nzeribe. The sheer opulence and majesty left me awestruck for long afterwards but I had since stopped thinking about it. For some reason, that experience came back to me during my visit to Ilara Mokin. The idea of having two tennis courts with spectator stands, Olympic- size swimming pool, private luxury suites for up to 50 guests, acres and acres of lush green lawns and gardens along with a long stretch of private approach road lined by geometrically spaced trees as in Chief Nzeribe’s edifice is no doubt also an appealing way of enjoying ones money. The colour of that money though is not transluscent, its colour is different and of the kind that dazzles into opaqueness and ultimately tarnishes into distasteful colourlessness.

    I have made several trips to Oguta since my first visit, I have had no interest in beholding the edifice again and there is no other evidence of the impact of Chief Nzeribe’s wealth in his ancestral community. Nzeribe is not the only wealthy man with that colour of money. I never had the privilege of visiting Alhaji Mai Deribe’s house but legend has it that it was something to behold.  Unfortunately for Nigeria the number of wealthy men with that colour of money far outstrips those of the translucent variety. And perhaps therein lies a major cause of our social dislocation and mass poverty. Our wealthy people create poverty by the way they spend their money. Buying expensive overpriced assets abroad, leaving the money in foreign banks for foreign access and mindless luxury in the midst of grinding poverty have certainly not helped the course of national development which is meaningless without the personal development of a greater number of people. Yet most of the wealthy in Nigeria have made their money by exploiting their people. The same people they profess to love and represent when it is time for politics or sharing the national cake. Asari Dokubo is a newly created man of means. Shockingly he has invested  and built a university in another country! The same people that complain that Ijaw oil money is being unfairly used to develop other parts of Nigeria are developing other parts of the world with the same Ijaw oil money! There is however no irony, because that colour of money is for self-development. All the warmongering and divisive rhetoric are just tactics for self-development. Their people are mere pawns!

    Chief Ade Ojo is by no means the only wealthy businessman who has been practical in his exhibition of love for his community and humanity in general -love that will manifest in communal transformation. However many wealthy people claim to be philanthropists and whilst that is commendable, it is solid investments and not philanthropy alone that will transform communities – a badly needed component of national development.

    • Ukpong is a Lagos based Legal Practitioner

  • Man allegedly kills lover for ritual in Oyo

    Police in Ojongbodu division in the Oyo-West Local Government Area of Oyo State is investigating circumstances surrounding mysterious death of a woman at a guest house in Oyo town.

    The deceased was said to have been invited by her man friend to a popular guest house around seven oclock in the evening where both of them booked for a room where they lodged in.

    But to the surprise of guest house workers located at Jaremily area along Ilora road, neither the man nor his woman friend could be found inside their room.

    After a search, the lifeless body of the woman was said to have been found inside the bathroom while water was showering on her head.

    The matter was immediately reported to the police who arrested the owner of the guest house while investigation lasted.

    During investigation, residence of the deceased man friend,  who was said to be at large when the incident happened was contacted at  Winners area where the matrimonial wife was said to have told the police detectives that her  husband travelled  out of the town and would spend few days before returning.

    Suspicious of the statement, the police were said to have arrested both the wife and children and taken them to their station pending the appearance of the husband.

    The accused whose name could not be ascertained as at press time had surrendered self to the police.

    It was alleged that he ran away to one of his relations, a military personnel in Ibadan, who advised him to go  back home and report  himself to the police.

    THE NATION further gathered that examination conducted on the corpse showed that hair in the deceased’s  armpit and vagina  had been removed.

    Though the Divisional Police Officer was not available for comment, but a reliable police officer  hinted that the matter will soon be referred to Homicide section at Iyaganku in Ibadan, the state capital.

     

     

  • Return of Nigerian coins to circulation

    Return of Nigerian coins to circulation

    It would not be far from being right, if we insinuated outright that the origin of coins or the advent of coinage as a medium of exchange could be equated with the third stage in the evolution of money while the barter system and commodity money or indirect exchange came first and second respectively.

    The third stage is the development of metal money made from either gold, silver, alloy or nickel while the development of paper money came fourth in the evolution process. On 1st July, 1959 when the Central Bank of Nigeria (CBN) came into full operations, the CBN issued the Nigerian currency notes and coins while the West African Currency Board (WACB) notes and coins which were in circulation between 1912-1959 were withdrawn. Due to the misuse of the country’s currency notes and coins during war the notes were again changed in 1968.

    On 31st March, 1971, the former Head of State, General Yakubu Gowon (rtd) announced decimalisation of the Nigerian currency as from 1st January, 1973 when the major unit of currency which used to be £1 (one pound) no longer exists and that the major currency unit would be called Naira equivalent to ten (10) shillings as the minor unit would be called kobo while one hundred (100) kobo would make one Naira as recommended by the Decimal Currency Committee set up in 1962 which submitted its report two years after in 1964.Also in January 1973, coins were introduced by the CBN in denominations of ½, 1, 5, 10 and 25 kobo, with the ½ and 1 kobo in bronze and the higher denominations in cupronickel.

    In 1991, smaller 1, 10 and 25 kobo coins were issued in copper-plated steel, along with nickel-plated steel 50 kobo and 1 naira. On 11th February, 1977 a new note N20 bearing the portrait of a Nigerian citizen, late Head of State, General Muritala Ramat Muhammed. The new N20was the first currency note and the highest denomination so far issued by CBN to cater for the growth of incomes in the country and to immortalise Muritala who was the torch bearer of the Nigerian revolution of July, 1975.On 2nd July, 1979, new currency notes of three denominations, namely,N1,N5, and N10 were introduced bearing the portraits of three eminent Nigerians who were declared national heroes on 1st October, 1978 while in 1992, both the 50k and N1 notes were coined. To cater for the boom in economic activities and to facilitate an efficient payments system, the N100, N200,N500 and N1000 notes were introduced in December 1999, November 2000, April 2001 and October 2005 respectively while on 28 February 2007, new coins were issued in denominations of 50 kobo, 1 and 2 naira, with the 1 and 2 naira bimetallic, that is each coin consists of more than one metal or alloy, generally arranged with an outer ring around the contrasting center.

    All nations, both developed and the less developed settle transactions with notes and coins in their respective circulations with varying ratios of dominance, say,90:10% or 95:5% respectively while Nigeria operates only currency notes in a monocultural circulation. With reference to the disappearance of coins in the Nigerian circulation, I would like to draw attentions of former Nigerian Presidents, former Central Bank of Nigeria (CBN) Governors and former Finance Ministers including the incumbent trio of the stated office holders to ponder on the circumstances that premised the zooming off of the Nigerian coins due to administrative misconceptions, feeling ‘too big’ or reluctant to spend coins or inbuilt errors in circulating mechanism. As governments operate in continuum, I therefore directly task Dr Goodluck Jonathan, President, Federal Republic of Nigeria, Dr NgoziOkonjo-Iweala, Finance Minister and Coordinating Minister for the economy and the acting Governor, Central Bank of Nigeria (CBN) to devise ways of returning the Nigerian precious and prestigious metal monies in gold and silver to circulation in order to meet up with the world currencies standard.

    The main motive behind this write-out is premised on my transactions experience in London, England, November 2011 where I expended Great British Pound(GBP) coins and Shillings at different places –stores, malls, train and bus stations, London Eye and hotels as well as my recent coins transactions in France, United Arab Emirates (UAE), Germany and Switzerland in December 2013 while specifically in Basel, Switzerland and Dubai, UAE where I spent Euro coins to buy some items at shopping malls with change given to me in Swiss franc and UAE dirham coins respectively. At every transaction point with coins in Europe and Asia, my mind would pause…., flashed back home Nigeria where our twelve year old children never see or experience what is called a Nigerian coin and to come up with an illuminating strategy for restoration.

    To give coins a come-back, Federal Government of Nigeria (FGN), through Federal Ministry of Finance (FMF) and Central Bank of Nigeria(CBN) need to jointly revisit the proposal of the former CBN Governor, Professor Charles Soludo on redenomination of Naira in2007 or embark on direct coinage of N50-N5 polymer notes. In the same parlance and or in alternative, I would also like the trio of FGN, FMF and the CBN financial regulators to implement my research paper titled ‘Revisiting the Central Bank of Nigeria August 14, 2007 Proposal on Redenomination of the Nigerian Naira’ published in London by the Journal of African Macroeconomic Reviewin2011.In 2007,Soludo stated at a Bankers’ Committee meeting in Lagos that:‘‘…. we intend to restructure the entire currency by dropping two zeroes or moving two decimal points to the left from the currency, and issuing more coin denominations. This would entail a total currency exchange and phasing-out of all the existing denominations from August 1, 2008. Effectively, at the current exchange rate, this policy would mean that the Naira/US dollar exchange rate would be around N1.25 to US$1 then. All Naira assets, prices and contracts will be re-denominated by dropping two zeroes or two decimal points to the left with effect from this date’’.

     

    CBN in 2007 explicated how the currency would be redenominated. It is by dropping two zeros from the currency or moving two decimal places to the left as it occurred to Ghana in 2007 with four zeros dropped and Turkey in 2005 as six zeros shed while the name of the Nigerian currency will still remain the Naira. During the transition period, the existing naira will be referred to as the “Old Naira”, and the new one to be called the “New Naira” as presented in the table below. After the transition period, the word “new” may be removed while some commentators came up with a suggestion to keep all the Kobo in coins and all the Naira in notes. The aborted attempt of introducing N5000 note by Lamido Sanusi would have let N50 be the highest currency if redenomination should hold contrary to the proposed N20 as the highest note by Charles Soludo in 2007. Buttressing the redenomination proposal, CBN in 2007 contrarily stated that, adding of zeros to the currency is called decimalization, which in management of currencies, is the process of converting from traditional denominations to a ‘decimal’ system, usually with two units differing by a factor of one hundred (100) typically when Nigeria adoptedthe decimal system on 1st January 1973, changing from Pound, Shillings and Pence to Naira and Kobo.

     

    August 2007 CBN Proposed Table of Redenomination

     

    Old Naira

    (i.e, Existing Naira as at today)

     

    New Naira

    (as from the proposed August 1,

    2008)

    50 kobo Half kobo**
    N 1 1 kobo coin
    N 2 2 kobo coin
    N 5 5 kobo coin
    N 10 10 kobo coin
    N 20 20 kobo coin
    N 50 50 kobo coin or note***
    N 100 N 1
    N 200 N 2 **
    N 500 N 5
    N 1000 N 10
    N2000 * N 20
    N 5000 1 N 50

    Source: CBN (2007), * not issued, ** will not be issued, 1 writer’s inclusion.

     

    It was either the presidency of Late Umar Yar’Adua in 2007 that didn’t get redenomination attempt right with Soludo or Soludo was not convincive enough or the instilled phobia that the millionaires and billionaires would be relegated to thousandnaires and millionaires respectively or combination of the trio not knowing fully well that new values of their money would remain the same as the old ones. CBN in 2007 announced a four-point agenda designed to make the naira the “Reference Currency in Africa”, as part of the Financial System Strategy 2020 (FSS2020) and the elements of the agenda were: (a) currency redenomination, (b) adoption of inflation targeting framework for the conduct of monetary policy, (c) sharing part of the Federation Account funds in US Dollars to deepen the forex market and for liquidity management and (d) current account liberalization/convertibility and accession to Article VIII of the IMF.

     

    Benefits accruable from redenomination, and to be specific, from reintroducing the Nigerian coins to circulation include but not limited to the following: (a) to retain the beauty and cultivating the habit of using coins, (b) making pricing more efficient. Given the level of prices and low purchasing power of the coins, prices generally adjust in discrete jumps of five or ten Naira, rather than in Kobo. After redenomination, one kobo will have relative value and we can see the price of petrol go up from say, 70kobo to say, 71 or 72 kobo (coins)per litre instead of the jumps of N75 to N97 per litre and to the further hikes.

    Correcting this distortion in pricing structure can have enormous impact on the national economy, especially as we commit to low inflation. (c) As we aspire for an international financial status and to become Africa’s financial hub by 2020, redenomination will make for easy conversion to other currencies. As a ‘Reference Currency’, it will be easy for citizens of West Africa and other countries to convert to their national currencies and other currencies, (d) reducing the risks associated with carrying large physical cash as we eliminate large denominations with very little value, (e) as promoting a more efficient payments system for instance making Automated Teller Machines (ATM) part of our payment culture and decongesting banking halls. Instead of withdrawing N50,000 or N100,000 from an ATM, one N500 or N1000 notes of the ‘new naira’ will command exactly the same value respectively, and (f) discouraging the abuse of the naira as each naira note under the ‘new naira’ will have relatively high value, and coins will dominate transactions at the lower end ofthe market.

     

    In order to facilitate the return of the Nigerian coins into circulation, either redenomination of naira or direct coinage of N50-N5 polymer notes is recommended to FGN through Central Bank of Nigeria (CBN) for implementation. Finally, to redeem the Nigerian coins from pendulous existence and perpetual extinction, I would like to further advise the administration of President Goodluck Jonathan to see a necessity, as part of his transformation agenda, in according ‘Redenomination of Nigerian Naira’ a top priority at the National Conference with a reasonable numbers of Economists to consolidate with Federal Government delegates at the confab.

     

     

    Alao is a Lecturer in the department of Economics, Adeyemi College of Education (ACE),Ondo,Nigeria. rasheedalao74@gmail.com