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Still on the Persona of the Essential Atiku Abubakar



By Tunde Olusunle

He contested the gubernatorial election of January 9, 1999 on the platform of the Peoples’ Democratic Party, (PDP), to be governor of the north eastern state of Adamawa and won handsomely. His closest rival was a seasoned politician, Bala Takaya, of what was then known as the All Peoples’ Party, (APP). The party would subsequently tinker with its name to make it the All Nigeria Peoples’ Party, (ANPP). The electoral demographics between him and his major competitor was over 45000 votes at the time, which was very huge. The margin between Aminu Tambuwal and Ahmad Aliyu in Sokoto State, in 2019, was as slender as 342 votes! While awaiting his inauguration scheduled for May 29, 1999, however, fate changed his political trajectory.

Olusegun Obasanjo, the retired army general who was once military head of state, emerged winner at the presidential primary of the PDP, held in Jos, Plateau State, mid-February 1999. Atiku Abubakar, the retired public servant had earned his stripes as leader of the Peoples’ Democratic Movement, (PDM). The pan-Nigerian political association was formed by Shehu Musa Yar’Adua, who was Obasanjo’s deputy when the latter was military head of state. Atiku commanded respect and adulation from his colleagues, governors-elect, who deferred to him for his experience and political savvy. Immediately after the Jos primary, a running mate had to be on the ballot with Obasanjo, who opted for Atiku Abubakar.

Atiku’s running mate on his governorship ticket, was Boni Haruna, a young political scientist whose paths had crossed Atiku’s, at several junctions. Haruna for instance, was deputy managing director of “Sub-Saharan Press Ltd,” publishers of Lagos-based news magazine, *The Week* floated by Atiku. Once he retired from the public service into politics, Atiku had been advised to own a publication which will give him a voice in the political space. Chris Mammah, a journalist and longtime acquaintance of Atiku, was the managing director of the organisation. It was from this position that Atiku plucked Haruna, a Christian like Mammah, to balance his governorship ticket. Mammah is a christian from Delta State, by the way.

Haruna was automatically upgraded governor-elect, following Atiku’s transmutation to presidential running mate. A muslim deputy, Bello Tukur, was sought for him for essential ethno-religious balance. But both from the traditional establishment and the burgeoning political class, there was murmured disaffection and dissent to the new status quo. There were indeed sponsored litigations, which tested the position of the Constitution of the Federal Republic of Nigeria, on this novel political configuration. And tried as appellants did, Atiku stood steadily and solidly behind Haruna.

As he settled down to his brief as vice president, Atiku’s even-handedness and pan-Nigerianness came to the fore. As with the president, some of his aides were assigned from the pool of public service agencies. And Atiku made no fuss about that. Baba Gana Zanna, ambassador and chief of protocol, (Borno); Azu Ndukwe, seasoned medical doctor and chief physician to the VP, (Anambra), were in this bracket. Same were Abdullahi Nyako, (principal secretary, (Adamawa) and Abdul Yari Lafiya, (Nasarawa), who was then a deputy superintendent of police, (DSP). He is now assistant inspector general of police, AIG) and was Atiku’s ADC. Mahmoud Ahmed, senior operative from the Department of State Services, (DSS) and chief security officer to the VP, also belonged to this category.

By the curious governance configuration of the Obasanjo regime, all presidential aides were first and foremost appointees of the president, who were thereafter deployed to various departments and organisations as the case may be. Atiku’s chief of staff, Olusola Akanmode, (from Kogi); media adviser, Chris Mammah, (Delta); legal adviser, Maxwell Gidado, professor and Senior Advocate of Nigeria, SAN, (Adamawa) and media assistant, Emeka Ihedioha, (Imo), were all christians. His gender-sensitivity was manifest as he appointed Tokunbo Adeola, a christian from Ogun State as special assistant on the National Economic and the National Privatisation Councils, respectively. She diluted the virtual all-male “cast” of the VP’s office.

Nath Yaduma, (Adamawa), Atiku’s longtime acquaintance also joined him on the special duties brief. Aides of the flagbearer of the PDP who were assigned various schedules, included: Onukaba Adinoyi-Ojo, (Kogi), who functioned as media adviser for a while before being appointed managing director of the Daily Times of Nigeria Plc. Usman Bugaje, (Katsina); Hamilton Isu, (Ebonyi); Ajuji Ahmed; Umar Ardo; Butrous Pembi, among others, were also appendages of the VP’s office. By the second term of the Obasanjo/Atiku administration, seasoned technocrats and professionals like Sam Oyovbaire, Emeritus professor, (Delta); Garba Shehu, (Kano); Shima Ayati, (Benue); Andy Okolie, (Imo) Adeolu Akande, (Oyo); Chike Okolocha, (Delta), all joined *Team Atiku.*

Atiku enthroned a dispensation of regular engagement between him and his aides, which they looked forward to. There was a weekly meeting between him and his principal aides to review his activities and programmes in the previous week, and to plan and prepare for the new week. Away from the serious mien, the serially misconstrued haughtiness of his public profile, you find in Atiku a genteel, regular, friendly guy, who would laughingly banter with you. You wonder how he contains these divergent sides of him in one.

Back home in Adamawa State, January 2003, the four year old democratic regime was going to stage the very first elections of the fourth republic, by itself. Boni Haruna the incumbent desired a second term as governor. There were also other aspirants. As he was yielded the microphone at the gubernatorial primary, Atiku shocked many people. There was a general assumption that with the weight of his office, he was in a position to “right the wrong” done to the state in 1999, when Haruna became governor by “default.”

Atiku pleaded with leaders and delegates of the PDP, to endorse, without equivocation, Haruna for a second term in office. According to him, democracy was just beginning to take root in the country. Haruna, he explained, did well during his first term in office and should be supported for his constitutionally allowed second term in office. Atiku explained that four years was just around the bend, so aspirants should please persevere. Those who thought the former Vice President would capitulate to religious sentiments were astounded. He reminded dissenters that they were free to exercise their democratic rights by pursuing their ambitions in other political parties.

It is very important to lay this precedence against the backdrop of the gross mismanagement of Nigeria’s ethno-religious equilibrium under the watch of the Muhammadu Buhari presidency. At every turn, Buhari has left no one in doubt about his rabid irredentism on the grounds of religion and tongue. Under him, we’ve had a government where 80 per cent of the service and intelligence chiefs, are from the president’s section of the country. What is more, they are adherents of his own faith. It is from his own geopolitical zone, the north west, where all the members of the federal executive council, are all substantive ministers, manning very strategic, maybe “juicy” ministries, as in local parlance.

These include: finance; defence; police affairs; water resources; agriculture and rural development; aviation; justice; environment; humitarian affairs and disaster management, a whopping 10, out of 44 ministers, including the president himself who is the substantive minister of petroleum! Elsewhere, we have two ministers from the south, including a Senior Advocate of Nigeria, (SAN), marooned into a minuscule ministry like we see in labour and productivity. It is under Buhari’s superintendence, that all the heads of the various arms of government, and in some instances their deputies, are adherents of the same religion.

Each time he was privileged to hoist the flag of a political party, Atiku as a matter of sensitivity and appreciation of Nigeria’s secularism, has always run with christian co-contestants. Ben Obi and Peter Obi, both christians from the south east, were his running mates in some of his earlier attempts at the presidency. Atiku has not mutated one bit, as he has once again named a southern christian, Arthur Ifeanyi Okowa, the incumbent governor of Delta State, as his sparring partner. Typically, you will find around and about Atiku, a consistent pot pourri of Nigerians from every part of the country. Bukola Saraki, Liyel Imoke, Emeka Ihedioha, Mohammed Hayatudeen, Ben Murray-Bruce, Raymond Dokpesi, Abdul Ningi, Jide Adeniji, Ehigie Uzamere, Tunde Ayeni, Biodun Olujimi, Osita Chidoka, Babangida Aliyu, Adamu Maina Waziri, Mukhtar Shagari, Ndudi Elumelu, Timi Frank are some of those you will mostly find with him. By any stretch of imagination, this is pan-Nigerian.

Atiku’s major challenger, Bola Ahmed Tinubu, on the other hand, has thrown it in the face of Nigerians, that we must contend with a same faith presidency, if he makes it. The last time Nigerians had such a ticket was the Moshood Kashimawo Olawale Abiola/Baba Gana Kingibe pairing in the historic “June 12, 1993” election. It was a much different Nigeria and Nigerians from all ethnicities, faiths, beliefs, enthusiastically and unanimously, voted for that ticket. Almost 30 years down the line, it’s a totally different Nigeria we have today. The outgoing Buhari administration has grievously accentuated and aggravated our fault lines. Year 2023 will not be the same as 1993.

Atiku Abubakar holds the promise, the key for the healing, comforting, soothing, rediscovery and resetting that Nigeria urgently and earnestly needs. This country desires and deserves genuine reunification after the multilayered dismemberment we have suffered in the vice grip of the utterly mean-spirited, insensitive, unfeeling Buhari era. If Buhari, solely, has brought to bear on us the multiplex afflictions we have endured in the last eight years, wouldn’t a joint ticket of candidates of the same faith deepen and worsen our collective predicament?

*Tunde Olusunle, PhD, is Special Adviser, Media and Publicity to Atiku Abubakar, GCON, presidential candidate of the PDP.*

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The Oracle: Nigerian Law Firms and Foreign Names: Matters Arising




By Mike A.A. Ozekhome, SAN, CON, OFR, Ph.D.

Juliet, soliloquizing in one of the most romantic scenes (“The Balcony Scene”) in Shakespeare’s epic, “Romeo and Juliet” (Act 2 Scene 2), said, “What’s in a name? That which we call a rose by any other name would smell as sweet”. Juliet was telling Romeo that a name is just a name; with no meaning behind it. What matters is what something is; not what it is called. To Juliet, Romeo would still remain the handsome young man, even if he had a different name.

Certain questions criss-cross my mind as I attempt to critically analyze the above quote in the light of some Nigerian law firms and legal practitioners adopting Western/foreign/white-sounding names in preference over their Nigerian names. Why ‘Mungo Park & Clapperton’, instead of ‘Aluko & Oyebode’; ‘Banwo & Ighodalo’; or ‘Ozekhome & Femi?’ Why ‘McCullough & Clyde’; and not ‘Sobowale & Okonkwo’, when the firm is neither owned by, nor affiliated with the former? Why ‘Westborough Partners’; and not ‘Mustapha & Oche’, when none of the partners bear ‘Westborough’? Why ‘Greenfields, Everest & Associates’; ‘Westbrook, Blackberg & Co’; ‘Bracebridge Attorneys’; ‘Bladerstone & Cottingham’; ‘Stone & Cozens LLP’; ‘Woodpecker & Bird Solicitors’; when none of the partners bear such foreign names? Why not simply ‘The Prestige Chambers’; or ‘God is Marvellous LLP’? Why must it be names given to natural persons of Western origin, usually English?

The Oxford Dictionary defines a name as “a word or set of words by which a person or thing is known, addressed, or referred to”. Wikipedia defines a name as “a term used for identification by an external observer. They can identify a class or category of things, or a single thing, either uniquely, or within a given context. The entity identified by a name is called its referent. A personal name identifies, not necessarily uniquely, a specific individual human.”

Just google some names of Nigerian law firms bearing foreign names, and you will appreciate my great concerns. Does this mindset suggest a bias against Nigerian names? Cultural cringe? An internalized, but undisclosed inferiority complex, leading to the dismissal of one’s culture as inferior? Is it a belief that Western/foreign names are more polished and easily roll off the tongue? Is it an identity management/destigmatization strategy for foreign businesses with foreign content? Is it believed that the use of such names gives one a particular status? Or is it just a matter of fashion, vogue, fad, fancy, or trend? I do not know. Or, do you?

It is conceded – that name choice is purely within the discretion of founders/partners of a law firm and as permitted by Nigerian laws. But, should native identities, for the sake of profit or fashion, be lost to foreign influence? Names are markers of identity and denote one’s community membership. My concern arises from the fact that, rather than indigenous names, none of these adopted Western/foreign names is associated with the names of any persons within such firms.

I must not be misunderstood to argue that law firms in Nigeria cannot bear names that are by patent, invented; or abstract, or religious names. Nor do I mean that Nigerians who bear European/foreign names as their indigenous names cannot establish law firms using such foreign names. I also must not be understood to posit that a firm cannot coin a name from the names of its Head or Partners; e.g., MOC, coined from Mike Ozekhome’s Chambers. My concern rather, is when individuals who neither bear such names, nor are in partnership with foreign bearers of such names; nor affiliated to or constitute subsidiaries of the foreign law firms bearing such foreign names, decide, for whatever reason, to take on western or white-sounding names belonging to natural persons, in establishing their law firms.

The reason for these may oftentimes be attributed to fashionability; ease of recognition, spelling, and pronunciation; for international business transactions conducted by these law firms; and perhaps to emphasize the founder’s or partners’ foreign qualifications. I respectfully submit that it is most demeaning to elevate foreign names over native identities. It is equally insulting to posit that ‘Saoirse Whitsborough & Partners’, or ‘Livingstone & Churchill Solicitors’, are better easily pronounced than ‘Gani Fawehinmi’s Chambers’; or ‘Chief Rotimi Williams Chambers’; or Wole Olanipekun & Co; or Mike Ozekhome’s Chambers; or ‘Olisa Agbakoba LLP’; or ‘ Uzoamaka Okeke & Co’; or Aluko & Oyebode; or Udo Udoma & Bello Osagie; or Banwo & Ighodalo; or Olaniwu Ajayi LP. To me, it amounts to sheer cultural cringe to hold that Nigerian names are less fashionable than Western/foreign names.
Conversely, ‘Juggernaut Chambers’; ‘Divine Mercy Law Firm’; ‘Salam LLP’; and ‘Shalom Chambers’, are examples of appealing abstracts; coined or invented names; and religious names, couched in English and other foreign languages. Founders or partners may settle for such where they prefer not to use their indigenous given, middle, or surnames. Names such as ‘Rosenblerg LLP’, ‘Witheresburg & Co’, or ‘Bottomleg & Neck Partners’, have unfortunately become the vogue. I experienced this aberration firsthand. A foreigner wanted to do business in Nigeria. I easily recommended a friend of mine who is an expert in that field of law where I am not. I told him so clearly. His google search revealed my friend’s name, quite alright, but not his law firm. He raised concerns, as he wanted to deal directly with a law firm and not an individual. It was then I got across to my Nigerian bossom friend, who disclosed to me, to my utter amazement, his law firm’s foreign name. I asked him why. He simply said, “oh boy, leave matter”. Really?

My concern is that this practice is not, by the same token, embraced by Western/foreign legal practitioners and law firms, whether practising law in Nigeria, or other African countries. Never has it been heard of that Western/foreign Legal practitioners or law firms, for example, ‘Rodriguez Salamasor’ and ‘John Hawthorne’, that for the purpose of doing business, ease of recognition and easier pronunciation of names, or for any other reason howsoever, established a law firm with a wholly indigenous Nigerian or African name, say, ‘Agbedor, Adekunle & Obiora LLP’ ;a law firm which neither has an affiliation with an Agbedor, Adekunle or an Obiora; nor has a partner with such names. They do not and will never ever adopt Nigerian or African names in establishing their law firms. Why then must we continue on this degrading path? I do not know. Or, do you?

I dare say that use of foreign names does not constitute any stronger factor in revenue generation than the solid reputation of the driving minds and brains behind such law firms. Many of the biggest law firms in Nigeria bear wholly indigenous names. Firms that earn the highest revenues and income across the world do not borrow African or Nigerian names; yet they thrive. According to the ‘2021 Am Law 100 Report’, the largest law firms in the world are found in the US. They collectively earned $111 billion in total revenue in 2020. Also, in Wikipedia’s compilation of the world’s largest law firms by revenue, referencing ‘The American Lawyer’ in its article titled, “The 2020 Global 200: Ranked by Revenue”, the following US law firms were listed as top generators of annual revenue in the global legal market:
1. Kirkland & Ellis with $4,154,600,000 in revenue; 2,589 lawyers (at the exchange rate of N735 per dollar, that amounts to N3.053 billion Pa).
2. Latham & Watkins with $3,767,623,000 in revenue; 2,720 lawyers.
3. DLA Piper with $3,112,130,000 in revenue; 3,894 Lawyers.
4. Dentons with $2,920,000,000 in revenue; 10,977 Lawyers.
5. Baker McKenzie with $2,899,600,000 in revenue; 4,809 lawyers.
6. Skadden, Arps, Slate, Meagher & Flom with $2,632,615,000 in revenue; 1,694 lawyers.
7. Sidley Austin with $2,337,803,000 in revenue; 1,922 Lawyers.
8. Morgan, Lewis & Bockius with $2,265,000,000 in revenue; 2,063 lawyers.
9. Hogan Lovells with $2,246,050,000 in revenue; 2,642 lawyers.
10. White & Case with $2,184,850,000 in revenue; 2,200 lawyers.
11. Jones Day with $2,077,000,000 in revenue; 2,514 lawyers.
12. Norton Rose Fulbright with $1,904,019,000 in revenue; 3,266 lawyers.
13. Ropes & Gray with $1,903,616,000 in revenue; 1,247 lawyers.
14. Greenberg Traurig with $1,641,790,000 in revenue; 2,070 lawyers.
15. Simpson Thacher & Bartlett with $1,618,633,000 in revenue; 996 lawyers.

In the UK, some top law firms are:
1. Clifford Chance with $2,500,000,000 in revenue; 2,489 lawyers.
2. Allen & Overy with $2,160,729,000 in revenue; 2,447 lawyers.
3. Linklaters with $2,093,569,000 in revenue; 2,393 lawyers.
4. Freshfields Bruckhaus Deringer with $1,942,013,000 in revenue; 1,812 lawyers.

In Canada an article by Statista Research Department shows that the Canadian law firm of Toronto-based ‘Borden Ladner Gervais’, though not a global mammoth, is one of the top generators of revenue in the global legal market, competing with United States law firms. Not a single African or Nigerian name ever featuresin these. Indeed, no Nigerian law firm can boast of 250 lawyers, a minuscule for small-time law firms in the USA, UK, and other Western countries.

None of the above-listed law firms has taken on African or Nigerian names (whether for the ease of conducting foreign transactions; indicating a wide geographical spread of its offices; or for any of the reasons usually given by Nigerian Firms for the preference of western/foreign names). Yet they thrive. Do they not?

Although revenue, as shown earlier, is undoubtedly key to the sustainability and success of any business and constitutes an important tool for law firm owners/ partners to track growth and improve profitability, the name chosen by a law firm does not necessarily affect the ability of a law firm to generate income.

A person is his own name. I humbly submit that the choice of using Western/foreign names, or white/foreign-sounding names in setting up law firms, oftentimes indicates the pitiable perception of one’s name through the blurred lenses of prejudice, inferiority complex, cultural cringe, colonial and neo-colonial mentality.

It is said that “the worst form of colonialism is the colonialism of the mind”. This choice of foreign names is absolutely unnecessary. A colonialism of the mind reflects in another man’s name being preferred to one’s name. We should never again opt for western or foreign names of natural persons. We should instead, be proud of using the original names of partners. It could also be indigenous, abstract, invented, coined, or religious names; but certainly not foreign or English names.

What is in a name? “Though that which we call a rose by any other name would still smell as sweet”, I respectfully submit that naming one’s law firm by the given foreign name of a natural person of western/ foreign descent with whom one shares no tie or affinity whatsoever, would not smell any sweeter than one’s indigenous name; an abstract; or patented name. What is of utmost importance is the value brought to bear on one’s law practice. It is about the content and not the form; the substance and not the shadow.


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Adding Value

Adding Value: Credibility As Essential Element of Greatness by Henry Ukazu




Dear Destiny Friends,

One of the most endearing qualities of all great people, companies, businesses, leaders, and friendship is credibility. Credibility is a currency if properly nurtured. It works like character. When you have good character, it will be easy for people to work with you. No matter how smart, intelligent, or hardworking you may be, without good character, it will be difficult for you to be accepted. The same principle is applicable to credibility. Every employer loves to hire a credible employee. Nobody likes to associate with a person who is not credible.

Credibility works out what an employee has on the resume. Credibility in this case refers to attitude, mindset, personality, orientation and understanding of life.

What actually is credibility? Credibility is the quality of gaining legitimacy, trust, integrity and dependability in a person or organization. When you have credibility, people will naturally be attracted to you. According to Aristotle, the three C’s of a credible leader are competence, character and caring. Any leader that possesses these traits will endear himself to the people.

If you really want to succeed, you must be intentional. One of the intentional steps you need to take is being credible. When people perceive you as being credible, it will be easy to associate with you. It truly takes more than credibility to succeed; you need discipline, concentration, consistency, accountability etc.

Credibility works in different ways. It can be ascertained by direct evidence which is basically first-person experience. This works when people meet and interact with you; they’ll be able to determine who you truly are and what you represent. Secondary evidence is ascertained from indirect sources which can be what people read or watch about you or even what people who are experienced about you which they either say or publish for the world to know about you. Then, we have indirect evidence which is derived from effective presentation. You must establish primary or direct evidence first before people can believe you.

Nobody establishes credibility by speaking, people establish credibility by their actions which must be verified. Isn’t it true that circumstances don’t say who you are, rather it establishes who you are?  You must establish credibility for people to believe in you. When you have been tested and trusted, then, secondary and indirect evidence will begin to key in.

One of the packages that normally comes with greatness is credibility. This is because greatness always comes with a price. You don’t attain greatness by accident. You must put in the work which will entail denying yourself some hours of sleep. In such cases, you’ll have to sleep late, wake up early. This is necessary because you will have enough time to enjoy your sleep when you are done building your brand. A major mistake people engage in life is trying to reap when they have not sowed. There are cases when lazy people like to eat fruits they haven’t planted.

For instance, while some Bank Chief Operating Officers, corporate titans, Captains of industries and successful entrepreneurs have paid the prices by investing their time and money into their business, are sleeping, a budding entrepreneur or employee will want to enjoy the same amount of sleep without investing their time and money in their craft. It takes diligence to establish credibility.

 As Christians, the Book of life made us understand, God rested on the seventh day after creating for six days straight. What does that tell you? You must put in the work first before you can rest. People will have to see your credibility before you can earn their trust. It’s instructive to note that God didn’t rest on the first or second day, but it’s quite unfortunate most people would like to rest on the first and second day without putting in some work. God rested on the seventh day, why are you resting on the first day or second day? You will have to establish trust, diligence, and competence before you can rest which will ultimately give you some credibility when people have seen your work.

At a stage in life, all that is important is loyalty and trust, at this stage, people are not concerned about your money, words, perceived actions and understanding of life, they just want to know if you have their back when the chips are down, it is on this stage that circumstances don’t say who you are, rather it reveals who you are.

In any sphere of life, you must establish credibility for people to take you serious. When you are credible, people will want to do business with you, people will trust your judgment, and people will see you as a reliable resource person.

The question you may want to ask is how do you establish credibility? To establish credibility, you must be consistent in words and actions, you must be honest, you must learn and be knowledgeable, you must spend time to do the needful, you must be accountable, and you must be principled by not comparing yourself with others. You must stand for the values you believe in, even if it means standing alone as opposed to following the bandwagon.

In conclusion, in all you do, endeavor to establish credibility by building good human relationships beginning with your family, close friends, business partners, associates and the public at large. Trust me, when you do, you can be rest assured your name will be announced where you don’t imagine and you’ll be a treasure to behold.

Henry Ukazu writes from New York. He’s a Human Capacity & mindset coach. He’s also a public speaker, youth advocate and creative writer. He works with the New York City Department of Correction as the Legal Coordinator. He’s the author of the acclaimed book Design Your Destiny – Actualizing Your Birthright To Success

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Voice of Emancipation: An Exercise in Futility




By Kayode Emola

Surprisingly, given the issues of corruption and wealth inequality in the country, Nigeria’s banking system is one of the strongest banking institutions in the world. This is due, ironically, to the sector having been forced to adapt to various threats and challenges to financial security. For example, Nigeria implemented name verification for funds transfer on mobile banking apps about five years ahead of the UK introducing the same. It is also one of the few countries that have been able to create its own payment system, Verve, rather than being tied to applications owned by international corporations, such as Visa or Mastercard.

However, despite this, the country’s financial institution has failed in its efforts to build a sustainable banking system. The lack of a robust framework tackling on-line financial fraud, combined with delayed processing of payments, has caused people to rely principally on cash-based transactions in their day-to-day personal and business activities. Consequently, the high volume of cash in the community causes liquidity problems for the financial institutions and their regulators, who then don’t have the physical cash when it is required.

Overcoming this challenge requires adequacy of basic infrastructure, such as a stable electricity supply and a countrywide e-communications network. However, instead of focusing on developing these, the government embarked on policies that charge ordinary Nigerians exorbitant fees for the mere use of banking facilities. This has further alienated many people who might otherwise have been proponents of the cashless policy sought by the Central Bank of Nigeria (CBN).

Having failed to transition Nigeria into a cashless society, the CBN embarked on an alternative strategy to mitigate inflation and draw liquidity back into the banks, by introducing a re-design of the currency. Their aim was to force the general populace to return their old currency, but restrict how much of the new currency could be withdrawn in cash at any given time. This then presents people with the option of either accepting having no available cash to spend, or else paying a premium to retrieve their funds. This unfavourable choice is likely to cause general unrest and therefore trouble for the government.

However, redesigning the naira does not answer the fundamental question of what is causing it to remain in the community in the first place. Since cash can be either circulating within the community or circulating within the financial institutions, but not in both places at once, this question becomes the crux on which the matter hinges. Eventually, the same monies that were recalled from the community into the banking system will be collected back by the people and returned to circulation within the community.

This makes the efforts to stem inflation and collapsing exchange rates an exercise in futility. With the community being heavily reliant on a cash economy, and consumers disincentivised by high fees from keeping their money in bank accounts, it becomes doubly difficult for the financial institutions to recall cash back into their treasuries. The people will merely revert to hoarding cash and conducting transactions in the traditional way that they understand.

The only way to tackle this is with a change in policy that eradicates the exorbitant fees charged by banks and Point of Sale agents. It is therefore imperative that any future Yoruba government ensures that we have both the soft and hard infrastructures needed to compete in a global financial system. We must ensure that the populace can make payments seamlessly with their debit or credit card without worrying about additional charges from their banks. We must also ensure that people can transfer cash from one bank account to another without incurring fees. Achieving this will increase people’s appetite for utilising financial institutions, and thereby reduce the need for cash-based transactions.

If more payment gateway operators develop systems that can integrate seamlessly with the banks’ structures, ensuring payments are processed quickly and effortlessly, more merchants will take payment by credit and debit card payments rather than relying on bank transfers. This will generate significant savings in the time, effort, and costs involved in performing financial transactions.

Many people across Nigeria are becoming disillusioned with the financial institutions’ handling of these matters. It appears undeniable that Nigeria’s lifespan has expired and the only workable solution is dissolution. In this event, we would no longer have Nigeria holding our Yoruba people’s finances for ransom, forcing our people into poverty.

The CBN has failed. The government has not only been ineffectual at resolving this mess, but they have also actively contributed to it. The Fulani government, knowing that they cannot match the material wealth of the Yoruba people, is seeking to diminish what we have by destroying the very fabric of our existence. We must rise in unison as the Yoruba people to bring an end to this Nigerian menace that is daily chasing millions of our people out of their homeland.

We need to rescue the multitudes of people in Yorubaland trapped below the poverty line. Only when we extricate ourselves from the sunken ship that is Nigeria, can our glory as a people be collectively achieved. The sooner we do so, the better it will be for every one of us.

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