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Pendulum: The Positive Steps Nigeria Must Take To Develop



By Dele Momodu

Fellow Nigerians, if you are a regular follower and frequent reader of my column, you would, in the past few weeks, have encountered the serialisation of the great lessons’ life has taught me in the last 59 years of inhabiting this planet. But I have decided to take a break from my biographical narration in deference to the recent June 12 celebration as a national holiday and our new Democracy Day in Nigeria replacing May 29 which is now effectively merely Inauguration Day. It is right that June 12 should be Democracy Day given the utmost import of that day in the annals of our democratic history and especially in the realisation and actualisation of democracy that we now call the Fourth Republic. You will therefore understand, and appreciate, in a jiffy why it was expedient for me to write about June 12, although in a sense it is an integral part of my life’s experience.

Let me start by raising a toast to President Muhammadu Buhari on the smart decision to acknowledge the importance and significance of that day Nigerians united to vote for one man without ethnic and religious considerations or colouration. It is also noteworthy, and remarkable, that President Buhari chose to honour some of the notable figures in the struggle for the fulfilment and revalidation of the June 12, 1993, Presidential mandate, which was freely and overwhelmingly given to Chief Moshood Abiola by Nigerians. This is probably the biggest and best goal scored so far by President Buhari since his return to power in 2015. Nothing, and no one, can rob or deprive him of the plaudits and applause that are ascribed to this particularly delightful gesture with pleasure. Thank you, Mr President, from the bottom of my heart. I was and remain overwhelmed by your generosity of spirit particularly because you did not have to do it. Others who had better reasons to do it, spectacularly failed to do so and they were not crucified for it. Instead Nigerians shrugged and moved on. Building on your great spirit of atonement, you have further endeared yourself to me by naming the National Stadium in Abuja after MKO Abiola. What more can one ask of you? As I wrote when the announcement was first made about June 12 becoming Democracy Day, and the actual ceremony came up in the Presidential villa in Abuja, it matters not to me if there were political undertones to these kind and gracious gifts. People will read politics and ulterior motives into anything, but one must always appreciate and celebrate humaness and humanity, and this is one of such occasions. And so, as for me and my house, God used President Buhari to make what seemed impossible possible, and that should suffice for now if not for ever.

Have you noticed how, suddenly everyone is now an apostle of June 12! What is worse is the revisionist history which is being espoused and churned out by several people, mostly in order to cleanse or whitewash themselves because of the nefarious roles that they placed in the truncation of the Dream. Some are mere charlatans who seek to jump on the bandwagon with the hope of feathering their nests. Those who know the truth, know, and it is my fervent hope that before too long we will start seeing accurate memoirs from those who seek nothing more than truth and justice. We owe this to the memory of MKO.

Having said that, let’s now get down to the very serious business of the day. It is not enough celebrating the date June 12 or naming the Abuja National Stadium or any other edifice or institution after Chief Abiola. The spirit of June 12 must also be absorbed and imbibed. That is what can make sense and achieve the desired purpose eventually. Making a fetish, ritual or routine of the date alone is of no substance, if Nigeria and Nigerians have nothing concrete to benefit from it. And what can we gain?

One, Nigeria needs another Abiola, or a fair replica of him or any of our avowed nationalists and patriots that travelled the space called Nigeria before him. I have always maintained that the monumental victory recorded by Abiola on June 12, 1993, was not an accident or a fluke. It was a reward for the phenomenal life of hard work, sacrifice, dedication, generosity and uncommon love for mankind that Abiola demonstrated and evinced. Abiola was not interested in where you came from or what religion you practiced, he was more concerned about your performance and service delivery. Nigeria desperately needs another completely detribalised, secular and worldly man or woman, at the very top of our political stratosphere. On this score, I doubt if Buhari is willing or able to make the substantial effort necessary given his age and antecedents. However, if he tries this second term around, he may still go on to become a global statesman and a leader whose story will be told and retold in Nigerian folklore.

Two, Nigeria requires a leader who knows how to spot talent, like Abiola, and nurture it. Chief Abiola surrounded himself with the best brains in every endeavour that he undertook, be it religion, social life, business, sport or politics. There are too many of such people and space will not permit me to name them individually, but rest assured that in their respective fields, they are like a list of Who is Who. What they also had was diligence and integrity, although some of them later became compromised for a variety of reasons which is not the subject of this discourse. What the Buhari government needs to demonstrate, very glaringly and urgently, is the ability to reward and embrace talent and merit. It must target and bring on board the very best that Nigeria has to offer. Unfortunately, this has not been the case thus far, and it is Nigeria and her people that has suffered badly.

President Buhari must regard and welcome every Nigerian as a part of one big and united family. The biggest problem facing us is the lack of unity and cohesion, borne partly from the suspicion that mediocrity is crowned whilst merit is demoted. This is responsible for the spate of killings all over Nigeria. True love has taken flight and what is left is concentrated bitterness. Chief Abiola felt at home in every nook and cranny of Nigeria and he was welcomed with open arms. There should be a method to our madness. President Buhari should put the past behind and whatever informed his seeming aloofness and nonchalance. Leadership must inspire, it must rouse the people from their deep slumber. What I see in Buhari is a President who has turned taciturnity into an art. This makes it difficult for Nigerians to read his mind or know the direction he is facing. It makes for stilted and struggling nation building and development. It is a recipe for deep stagnation in our social and political life.

Three, Nigeria is a secular State and its secularity should be maintained decidedly and decisively. The tension about religion is borne out of the decision of our leaders to dabble into matters  which ordinarily should remain a personal matter between man and his God. Whosoever wants to serve his God fervently should work very hard to raise the funds needed and necessary. Nigeria can no longer afford to waste resources on personal projects that should never be of interest or concern to the State. Our infrastructure deficit is way too high for us to continue our profligate lifestyle. When we de-emphasise matters of religion in State policies, individuals would be encouraged to invest directly in their faith and religion, as they should. Everyone knew Chief Abiola as a devout Muslim, but they also knew him as a liberal who tolerated other religions within his group of companies and could be trusted enough if he makes appointments that seemed lopsided. It was for that singular reason that he was able to get away with the Muslim-Muslim ticket of Abiola and Kingibe, just like he would have done had it been his preferred ticket of Abiola and Atiku. Buhari’s trajectory and seemingly fundamentalist speeches in the past have come back to haunt and dog his every move. A large chunk of Nigerians tends to see him as someone who favours his religion and his tribe above others and who may even go the extra mile to stifle other faiths and tribes. Whereas, on the other hand, Chief Abiola invested in churches and mosques all over the federation with his personal funds and brought people of different tribes and ethnicity into his magic circle.

I vividly remember an encounter between Alhaji Baba Gana Kingibe and I in 1993. Kingibe was the Vice-Presidential candidate of the Social Democratic Party. As soon as Chief Abiola returned to Lagos from the Jos Primaries which he won by the whiskers, I was at his house to remind him of his promise to attend the Grand House Reception at Guv’nor Ken Calebs Olumese’s Niteshift, on Opebi Road, Lagos, which was easily the most prestigious nightclub in Lagos at the time. Kola Abiola had whisked his Dad away for a couple of hours’ rest, but Chief Abiola still made it to the club where he mingled and danced with everyone, whether saints or sinners. After that big night, the Guv’nor of Niteshift requested me to help invite Alhaji Kingibe and I went to his house and a deal was sealed. But close to the date, Kingibe developed cold feet and said he wasn’t going to attend again because some members of his faith might  misconstrue his motives and motivation and accuse him of interacting with men and women of low morals which could easily get him into trouble. I understood but it was difficult to back out at that stage because the preparations had gone too  far. So, I approached Chief Abiola for his intervention and fortunately Alhaji Kingibe was coming to see him. When Kingibe arrived, Chief asked why he would rather disappoint those who wanted to host and honour him. Kingibe expressed his apprehension to Abiola who responded with a powerful salvo, “you are not more Muslim than me, if I can enter the nightclub, there’s no reason you cannot enter…” That did the magic and Kingibe agreed to attend and we all had great fun. And that was one of the things that endeared their joint ticket to those who were not overtly religious. The Abiola/Kingibe disposition would easily douse the kind of volatility of religious conflagration in Nigeria today.

Education is the greatest leveller between the rich and the poor anywhere in the world. Abiola was inspired by his own background and experiences. Had it not been for education, he would never have attained the heights he did. It was education that gave him the exposure he had. To show his appreciation and his understanding of how education could lead to social, economic and political emancipation and integration, Chief Abiola invested heavily in education not only via scholarships to indigent students nationwide but also by contributing to educational infrastructure in all parts of the country. In what was regarded as the biggest single donation ever to higher institutions at the time, Chief Abiola gave out about 30 million Naira to all Nigerian universities. Beyond that, he built libraries for many schools. He also made books available and affordable for students by establishing Abiola Bookshops which became a haven and succour to many students and lecturers. Abiola was committed to devoting a large part of his personal fortune to the education of the people. I am sure that he would have done the same in government by allocating a substantial part of the country’s budget to education. I know that under Abiola the intractable problems between the government and staff of our tertiary institutions would have been a thing of the past. He would have accommodated and provided for them, no matter what.

Abiola knew that food was a critical necessity in everyone’s life and that attracted his attention. He established Abiola Farms in Ogun, Kwara and Taraba States. Long before local rice production became the vogue in Nigeria, he had invested in rice mills and massive silos in Daka. He also owned Banuso Fisheries. His Wonder Bakeries Limited was built to international standards and I was a happy distributor of Wonderloaf at a point in 1991 after I resigned from my celebrated job as Editor of Classique magazine. Just imagine the spiralling effect of Abiola’s investments. He used to tell anyone who cared to listen that only entrepreneurs like him could know how to create employment and job opportunities. Abiola was a serial investor who touched lives everywhere in Nigeria and beyond. In his private life he was already doing the business that he knew public life would demand of him.

It behoves a government determined to successfully govern for its people to demonstrate its preparedness to attain the next level by sincerely nurturing talent, shunning ethnicity and religion, fostering education, engendering food production and promoting job creation. That was Abiola’s way. It is my hope and prayer that Democracy Day will be seen as a day when the nation’s leaders renew their vows to govern for Nigeria in the essence epitomised by our gloriously appointed and anointed leaders such as MKO Abiola.

Democracy Day must not just be celebratory and ceremonial. It must be much more. It must be Liberation Day, with freedom from the shackles of deprivation, poverty, diseases and insecurity of all shades and form.

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Strike: FG Hopeful As Meeting with with Labour Ends on Inclusive Note




The meeting called by the Federal Government to resolve the grievances for which the organised labour had issued a threat of an indefinite strike, set to commence on October 3rd, 2023, ended on an inconclusive note, as the two labour centres are to consult with their National Executive Council over the new proposal thrown on the table by the government.

Meanwhile, the federal government has made a U-turn regarding its proposed N25,000 wage award to workers in the lower cadre to cushion the impact of the fuel subsidy removal, stating that the said amount would be applicable to all workers in the civil service.

The Chief of Staff to the President, Femi Gbajiabiamila, backtracked on the earlier decision made by President Bola Ahmed during his Independence Day broadcast to the nation on Sunday.

Briefing journalists on part of the outcome of the meeting, the Chief of Staff said, “Let me, first of all, on behalf of the government and labour, thank you and commend you for the long hours you’ve been here.
“We’ve been at a closed-door meeting with labour and the government side since three o’clock. So, it’s been about a four-hour meeting.

“A lot of issues were addressed, issues that concern the Nigerian worker, the average Nigerian worker. I can’t begin to reel them out here. But I am happy to say that after four hours, we have reached certain agreements that are for the benefit of the Nigerian worker.

“Agreements on the wage bill, agreements on committees on salary increment, CNG buses, and several other things, I believe, both TUC, Labour and the government side?

“Hopefully, we expect that Labour will call a meeting of their various branches and executives tomorrow to present the agreements that have been reached, and we pray, believe, and hope that the strike will be called off on Tuesday.

“There was a lot of chatter on Twitter about the issue of low-income workers only falling into the category of the wage bill.

They spotted that, and we communicated that to Mr President, and he quickly said and agreed that all categories of workers would be given the wage bill.

“There’s nothing like low-income, mid-income, or high-income. I think that’s worthy of clarification tonight.”

NLC President Joe Ajaero, in his remarks after the meeting, said, “I don’t have much to say than the Chief of Staff has said.

We’ve been meeting, and we’ve looked at almost all the issues, all the promissory notes from the government, and we’ll look at how to translate them into reality and make them workable.

Then we’re going to take those promises to our organs. Of course, you know these people here cannot just wake up and review and call off action.”

Among some of the resolutions that all parties at the meeting agreed to was that the Federal Government has announced N25,000 only as a provisional wage increment for all Treasury-paid federal government workers for six months.

The closed-door meeting equally resolved that the Federal Government must show commitment to fast-tracking the provision of compressed natural gas (CNG) buses to ease public transportation difficulties associated with the removal of PMS subsidies while also committing to the provision of funds for micro- and small-scale enterprises.

They also agreed that VAT on diesel would be waived for the next six months. The Federal Government commences payments of N75,000 to 15 million households at N25,000 per month for a three-month period from October to December 2023.

Other highlights of the meeting were that the issues in dispute can only be resolved when workers are at work and not when they are on strike.

Furthermore, a statement by the presidency, signed by the Minister of Information and National Orientation, Mohammed Idris, indicated that labour unions argued for a higher wage award, and the Federal Government Team promised to present Labor’s request to President Bola Tinubu for further consideration.

To this end, they resolved that a sub-committee should be constituted to work out the details of the implementation of all items for consideration regarding government interventions to cushion the effect of fuel subsidy removal.

“The lingering matter of the Road Transport Employees Association of Nigeria (RTEAN) and the National Union of Road Transport Workers (NURTW) in Lagos State needs to be addressed urgently, and Lagos State Governor, Babajide Sanwo-Olu, who participated virtually, pledged to resolve the matter.

“NLC and TUC will consider the offers by the Federal Government with a view to suspending the planned strike to allow for further consultations on the implementation of the resolutions above,” all the stakeholders agreed.

Meanwhile, Governor Abdulrazak Abdulrahman of Kwara State and Chairman of the Nigeria Governors Forum (NGF) and Governor Dapo Abiodun of Ogun State participated virtually in the meeting, chaired by the Chief of Staff to the President, Femi Gbajabiamila.

In attendance were the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the Minister of Information and National Orientation, Mohammed Idris, the Minister of Labour and Employment, Simon Lalong, the Minister of State, Labour, Nkeiruka Onyejeocha, the Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, the Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, the Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, the Head of Service of the Federation, Dr. Folasade Yemi-Esan, and the National Security Adviser (NSA), Mallam Nuhu Ribadu.

The labour delegation was led by NLC President Joe Ajaero, Deputy President, TUC, Dr Tommy Etim Okon, NLC General Secretary Emma Ugboaja, and TUC General Secretary Nuhu Toro, among others.


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Full Text of President Tinubu’s 63rd Independence Day Speech





October 1, 2023

“Dear Compatriots,

“It is my unique honour to address you on this day, the 63rd anniversary of our nation’s independence, both as the President of our dear country and, simply, as a fellow Nigerian.

“On this solemn yet hopeful day, let us commend our founding fathers and mothers. Without them, there would be no modern Nigeria. From the fading embers of colonialism, their activism, dedication and leadership gave life to the belief in Nigeria as a sovereign and independent nation.

“Let us, at this very moment, affirm that, as Nigerians, we are all endowed with the sacred rights and individual gifts that God has bestowed on us as a nation and as human beings. No one is greater or lesser than the other. The triumphs that Nigeria has achieved shall define us.

The travails we have endured shall strengthen us. And no other nation or power on this earth shall keep us from our rightful place and destiny. This nation belongs to you, dear people. Love and cherish it as your very own.

“Nigeria is remarkable in its formation and essential character. We are a broad and dynamic blend of ethnic groups, religions, traditions and cultures. Yet, our bonds are intangible yet strong, invisible yet universal.

“We are joined by a common thirst for peace and progress, by the common dream of prosperity and harmony and by the unifying ideals of tolerance and justice.

“Forging a nation based on the fair application of these noble principles to a diverse population has been a task of significant blessing but also a serial challenge.

“Some people have said an independent Nigeria should never have come into existence. Some have said that our country would be torn apart. They are forever mistaken. Here, our nation stands, and here we shall remain.

“This year, we passed a significant milestone in our journey to a better Nigeria. By democratically electing a 7th consecutive civilian government, Nigeria has proven that commitment to democracy and the rule of law remains our guiding light.

“At my inauguration, I made important promises about how I would govern this great nation. Among those promises were pledges to reshape and modernize our economy and to secure the lives, liberty and property of the people.

“I said that bold reforms were necessary to place our nation on the path of prosperity and growth. On that occasion, I announced the end of the fuel subsidy. I am attuned to the hardships that have come. I have a heart that feels and eyes that see. I wish to explain to you why we must endure this trying moment.

“Those who sought to perpetuate the fuel subsidy and broken foreign exchange policies are people who would build their family mansion in the middle of a swamp.

“I am different. I am not a man to erect our national home on a foundation of mud. To endure, our home must be constructed on safe and pleasant ground.

“Reform may be painful, but it is what greatness and the future require. We now carry the costs of reaching a future in Nigeria where the abundance and fruits of the nation are fairly shared among all, not hoarded by a select and greedy few. A Nigeria where hunger, poverty and hardship are pushed into the shadows of an ever-fading past.

“There is no joy in seeing the people of this nation shoulder burdens that should have been shed years ago. I wish today’s difficulties did not exist. But we must endure if we are to reach the good side of our future.

“My government is doing all that it can to ease the load. I will now outline the path we are taking to relieve the stress on our families and households.

“We have embarked on several public sector reforms to stabilize the economy, direct fiscal and monetary policy to fight inflation, encourage production, ensure the security of lives and property and lend more support to the poor and the vulnerable.

“Based on our talks with labour, business and other stakeholders, we are introducing a provisional wage increment to enhance the federal minimum wage without causing undue inflation. For the next six months, the average low-grade worker shall receive an additional Twenty-Five Thousand naira per month.

“To ensure better grassroots development, we set up an Infrastructure Support Fund for states to invest in critical areas. States have already received funds to provide relief packages against the impact of rising food and other prices.

“Making the economy more robust by lowering transport costs will be key. In this regard, we have opened a new chapter in public transportation through the deployment of cheaper, safer Compressed Natural Gas (CNG) buses across the nation. These buses will operate at a fraction of current fuel prices, positively affecting transport fares.

“New CNG conversion kits will start coming in very soon as all hands are on deck to fast track the usually lengthy procurement process. We are also setting up training facilities and workshops across the nation to train and provide new opportunities for transport operators and entrepreneurs.

“This is a groundbreaking moment where, as a nation, we embrace more efficient means to power our economy. In making this change, we also make history.

“I pledged a thorough housecleaning of the den of malfeasance the CBN had become. That housecleaning is well underway. A new leadership for the Central Bank has been constituted. Also, my special investigator will soon present his findings on past lapses and how to prevent similar reoccurrences. Henceforth, monetary policy shall be for the benefit of all and not the exclusive province of the powerful and wealthy.
“Wise tax policy is essential to economic fairness and development. I have inaugurated a Committee on Tax Reforms to improve the efficiency of tax administration in the country and address fiscal policies that are unfair or hinder the business environment and slow our growth.

“To boost employment and urban incomes, we are providing investment funding for enterprises with great potential. Similarly, we are increasing investment in micro, small and medium-sized enterprises.

“Commencing this month, the social safety net is being extended through the expansion of cash transfer programs to an additional 15 million vulnerable households.

“My administration shall always accord the highest priority to the safety of the people. Inter-Service collaboration and intelligence sharing have been enhanced. Our Service Chiefs have been tasked with the vital responsibility of rebuilding the capacities of our security services.

“Here, I salute and commend our gallant security forces for keeping us safe and securing our territorial integrity. Many have paid the ultimate sacrifice. We remember them today and their families. We shall equip our forces with the ways and means needed to perform their urgent task on behalf of the people,

“We shall continue to make key appointments in line with the provisions of the Constitution and with fairness toward all. Women, Youth and the physically challenged shall continue to be given due regard in these appointments.

“May I take this opportunity to congratulate the National Assembly for its role in the quick take-off of this administration through the performance of its constitutional duties of confirmation and oversight.

“I similarly congratulate the judiciary as a pillar of democracy and fairness.

“I also thank members of our dynamic civil society organizations and labour unions for their dedication to Nigerian democracy. We may not always agree but I value your advice and recommendations. You are my brothers and sisters and you have my due respect.

“Fellow compatriots, the journey ahead will not be navigated by fear or hatred. We can only achieve a better Nigeria through courage, compassion and commitment as one indivisible unit.

“I promise that I shall remain committed and serve faithfully. I also invite all to join this enterprise to remake our beloved nation into its better self. We can do it. We must do it. We shall do it.!!!

“I wish you all a happy 63rd Independence Anniversary. Thank you for listening. May God bless the Federal Republic of Nigeria.”

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Godwin Emefiele: The Endless Search for Justice




By Eric Elezuo

After the long drawn brouhaha of arrest, detention and dragging to court, the suspended and later sacked Governor of the Central Bank of Nigeria, Godwin Emefiele, was on July 25, 2023, granted bail in the sum of N20 million with one surety in like sum by the Federal High Court in Lagos State.

He was granted bail after pleading not guilty to the two counts bordering on the alleged illegal possession of firearms and ammunition. It was believed that the search for justice was coming to an end, but that was not to be.

Emefiele was facing two counts of illegal possession of firearms and ammunition preferred against him by the Federal Ministry of Justice before the vacation judge, Justice Nicholas Oweibo.

The Ministry of Justice was prosecuting him on charges of possessing a single-barrelled shotgun (JOJEFF MAGNUM 8371) without a licence. He was also accused of illegally possessing 23 rounds of live ammunition (cartridges) without a licence, offences committed the offences on June 15, 2023, at No. 3b Iru Close, Ikoyi area of Lagos.

But rather than releasing the embattled former governor, the Department of State Services (DSS) physically fought the Correction Centre officials to retain him as their prisoner.

A few days latter, the Federal Government applied to withdraw the ‘illegal possession of firearms’ case it filed against Emefiele, at the Federal High Court sitting in Lagos.

The Director of Public Prosecutions (DPP) at the Federal Ministry of Justice, Mohammed Abubakar told Justice Nicholas Oweibo that the application followed the result of further investigations made by the government.

Justice Oweibo adjourned till Thursday, August 17, 2023 to rule on the application. The DPP told Nigerians after the proceedings that a fresh 20 counts has been filed at the Federal Capital Territory (FCT) High Court against the then suspended CBN governor.

He said one of the charges proffered against Emefiele is that of “conferring unlawful advantages” making Nigerians wonder if there are no underground currents to denied the embattled Emefiele of justice even as four months has come and gone since he was removed from office and incarcerated.

Matters took a different turn as since the adjournment of the case, it has not been heard. On August 17, the case was stalled, and moved to August 23. Again, it was stalled.

The matter was not listed on the cause list of a Federal Capital Territory (FCT) High Court in Abuja on the day with no reason given as lawyers to both parties were absent in court.

The embattled defendant, who appeared before the court on August 17, was supposed to be arraigned but the arraignment was stalled as a result of the absence of the second defendant who was said to have been indisposed.

Although Emefiele (the first defendant) was present in court, the second defendant, a female CBN employee, Sa’adatu Yaro, was not in court prompting the Presiding Judge, Justice Hamza Muazu adjourned the matter to August 23, 2023.

Frustrated by the back and forth attitude of the DSS towards his release, Emefiele had sued the secret Police at the Federal Capital Territory High Court in Abuja, challenging his detention.

In his originating motion on notice, Emefiele prayed for the court to enforce his right to liberty and freedom of movement, as there is no basis for his continuous detention.

However, the Attorney General of the Federation as well as the DSS have insisted that the detention of the suspended CBN Governor is lawful.

In a preliminary objection filed against the fundamental rights enforcement suit instituted by Emefiele, the Attorney General of the Federation (AGF) and the DSS told the Federal Capital Territory High Court that the detention was backed by the order of a magistrates’ court and prayed for the court to dismiss the motion with cost.

They noted that the arrest of the former CBN governor was an administrative decision of the DSS.

The AGF is also challenging the jurisdiction of the court to entertain the suit, as the originating motion filed by Mr. Emefiele ought to have sought that the court set aside the order for his detention rather than seek enforcement of rights.

An appointee of former President Goodluck Jonathan after Alhaji Sanusi Lamido Sanusi’s tenure was cut short in 2015, Emefiele, was retained by Buhari, and began his second term in office in May 2019 after his reappointment, and confirmation by the Senate. He was thereafter sworn in by the Bank’s Secretary and Director, Corporate Secretariat Department, Mrs Alice Karau, according to a statement by the Director Corporate Communications, Mr Isaac Okoroafor.

On resumption of office for his second term, Emefiele expressed high hopes, dsiclosing that he will unfold a new roadmap for the Bank and the economy, in the days ahead, after consultations with critical stakeholder groups, and reiterated the bank’s focus to play an active role in supporting job and wealth creation in Nigeria.

In his words: “We must strengthen our efforts over the coming years to stimulate growth and job creation in critical sectors of the economy, which will help insulate our economy from shocks in the global economy.

“We must also work to build a healthy and stable financial system that will contribute to the growth of our economy while preserving price stability”.

Emefiele went ahead to unveil his economic blueprint for the country, promising to recapitalise banks within the next five years to make them contribute significantly to economic growth, promising that during his next five years, which will elapse in 2024, he would pursue an economic agenda that would make the economy grow by double digits through targeted programmes that would boost output, and work with Deposit Money Banks to boost credit to the real sector as well as the creative and education sector. In addition, he said the apex bank will increase its support to farmers in order to bring down the rate of inflation.

However, events began to take a dramatic turn as the matters of the naira showed the traces of a currency given inadequate attention with plummeting agenda against other currencies of the world, coupled with the advent of the electioneering season, which categorically sort of distracted the CBN governor with his overtly ambitions trend to become president, even without resigning his appointment as a public servant.

Earlier, the CBN governor was laced in a scandal following a leaked tape, where he and other senior bank officials were heard discussing discrepancies in the bank’s accounts, addressing a stolen money from the bank’s coffers. Though the tape was audible enough declaring the anxiety in the bank at the time, the authorities promptly denied the development, saying the tape was misquoted out of context, and distorted

Again, the Director, Corporate Communications, Mr Isaac Okoroafor, was on hand to veil the authenticity of the allegation saying said that no money was missing or stolen from the bank’s coffers as reported in some section of the media. He said that the audio was distorted in a manner which creates a different impression of the matter being discussed, which was to proffer solutions to a misunderstanding that affected the Bank’s balance sheet.

He said: “As publicly known the CBN was approached in 2015 by the National Economic Management Team and the National Economic Council chaired by the Vice President, to assist State Governments with Conditional Budget Support. This happened in the aftermath of the significant nose-dive in global oil prices and associated FAAC allocations.
“In order to ensure that ordinary Nigerian workers  got their salaries, pensions and gratuities, and that the economy continued to recover from recession, the Bank provided about N650 billion in loans at 9 per cent with a two-year grace period to 35 States of the Federation.
“These monies were distributed to the states monthly with documented approval of the Federal Ministry of Finance and the Presidency.
“In closing the Bank’s 2018 accounts, external auditors in their Draft  Account, erroneously classified about N150 billion of these loans as bad, which negatively affected the Bank’s Balance Sheet and shareholders fund.
“The selective  conversation being circulated was simply a discussion to ascertain why the auditors took that position and next steps to resolving it.
“Obviously, it soon became clear that a State Government loan cannot be classified as “bad” or “irrecoverable” when the State still exists and getting FAAC allocations.
“The Bank then reached out to the Federal Ministry of Finance and they jointly gave comfort  to the auditors who accepted in writing that these monies would be repaid.
“On this basis, the auditors reversed the negative entry and the certified that the CBN’s 2018 accounts were a true reflection of the State of Affairs.”
The statement ended with Okoroafor saying that Emefiele had “no account in Dubai or anywhere in the world and would never convert the funds of CBN for personal use. Not in the past, not now and not ever” while urging Nigerians to disregard the audio and continue to trust that the Bank is doing everything it could to represent their interests in the best possible way.” He stated that efforts to malign the CBN governor’s character and integrity will never stand.

Though the bank threatened to ‘pursue every legal means to bring the perpetrators to justice’, nothing was heard of the matter till date.

It was not long thereafter that the CBN’s governor’s foray into the murky waters of politics became public knowledge. While Nigerians were not averse to his contesting political positions, all the more than a few persons asked for was for the chief monetary officer to resign his position, and squarely politics, but he blatantly refused. And sought court ruling to enable him run while retaining his office.
Emefiele’s continous involvement in scandals went on unabated with making Nigerians believing he wouldn’t survive the administration of former President Buhari. He was enmeshed in one scandal after another since his infamous declaration to run for the office of the presidency as a sitting public servant, contrary to the dictates of the Nigerian Constitution. His recalcitrant attitude to the ambition, even as calls were made by prominent Nigerians, even the generality of the public, for him to jettison the plans, put him on the bad pavilion of public discourse. His inglorious handling of the economy that has seen the Naira continue a free fall did not help matters, and worse still the not-well-thought-out naira redesign process, leading to total withdrawal of cash in circulation, and driving Nigerians into untold suffering culminating into permanent disabilities for many and death for some.
However, the alleged crimes of Emefiele notwithstanding, he still deserves the application of the rule of law in his matter, but that has not been forthcoming as the DSS has held him incommunicado and disobeyed all court rulings on the issue.
A new development, which The Boss cannot immediately confirm alleged that the embattled Emefiele has been offered an opportunity of a plea bargain, demanding he submits N50 billion out of his supposed looted funds, and receive his release in exchange.
But observers believe that Emefiele’s endless search for justice will materialise, one day.

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