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The Oracle: Ethnic Nationalities and Emerging Challenges in Nigeria (Pt. 2)



By Mike Ozekhome



Nigeria is befuddled with grave ethnic conflicts. This deprives her of the much needed National Unity. No Nation can ever develop along those fundamental fault lines of ethnic disharmony. National unity is thereby endangered.

National unity is the most important factor that holds a country together. It occurs when people live and work together in harmony and love. It allows leaders to harvest citizens’ commitment and contribution to nation-building and national development. It serves as one of the most effective weapons of preventing internal conflicts which are capable of draining the internal resources of a nation and derailing its progress. Most people do not care about a country parting or breaking up. No country can develop meaningfully without an idea of national unity. Nigeria, according to Prof Onigu Otite, Nigeria has 374 ethnic groups, speaking over 500 languages. This ought, ordinarily, to amplify her rich plurality and diversities in a positive way. But the reverse appears to be the case.

These groups are broken down along religious, linguistic and tribal lines. These divisions had always existed, but were further broken down at independence into a multi-ethnic nation state.

With these centripetal and centrifugal divisions, the nation has been battling with the problem of ethnicity on the one hand, and the problem of ethno-religious conflicts on the other, as has been witnessed severally when ethnic and religious intolerance led to ethno-religious conflicts.

Even from the atavistic tone of the names of organizations championing the Niger Delta struggles since independence, the mobilization efforts sketched above present a challenge for analysts, many of whom have simply interpreted the motivations and agendas of grassroots struggles in the Niger Delta as primordial, exclusionist and particularistic; in other words, as fundamentally ethnic and capable of undermining national renaissance. It is important to mention here that, ‘ethnic group’ refers to the social identity built on the mythopoetry of language, history, cultural practices, myths, symbols and (in the case of Nigeria also) geographic location. This working definition in no way endorses primordialism ideas of frozen or fossilized identities, and does certainly take account of the constructivist notion of changeability and manipulability. It does not accept extreme constructivist ideas of ‘ethnic group’ as something entirely invented or fabricated.

A notable scholarly attempt to dissect the Niger Delta struggle and similar tendencies in other parts of Nigeria, which contains case analyses of the mobilization activities of the Ijaw Youth Council (IYC), Odwua People’s Congress (OPC), and Arewa People’s Congress (APC). Ikelegbe tries to show how, contrary to popular notions of ‘civil society’ as “the beacon of freedom, the fountain for the protection of civil rights and of resistance against state repression, the objectives, methods and roles” of ‘civil society’ organizations could undermine the democratic project. The IYC, which as earlier indicated, has been involved in the Niger Delta mobilization since the 1990s, is portrayed as only speaking the minds of the Ijaws and at least parts of the Niger Delta’ – a prime example of what the author terms ‘perverse’ civil society.

Accordingly, the author offers an insight into what the term ‘ethnic’ could mean, by contrasting it with ‘civic’ or ‘ideal’. He argues that ‘ethnic’ mobilization tends to be ‘sectional’, ‘criminal’, ‘anarchic’, ‘parochial’ and ‘centrifugal’. The three organizations in his analysis are therefore ethnic movements ‘masquerading as civil society’. This focus on the activities of formal activist organizations, rather than on the narratives and lived worlds of the ordinary people the organizations ‘represent’, presents analytical difficulties of its own, as shown later. For one thing, it makes it easy to cast local struggles as ‘sectional’ and ‘parochial’. The organizations are also portrayed as ‘criminal’ and ‘anarchic’ on account of their protest methodology. Their key protest strategy is believed to be ‘violence’. The ‘tendency for aggrieved groups to take up arms in their encounters with the state and other groups and the support the groups enjoy from ‘civil groups of elders and political leaders’ are deplored. This is despite sociological arguments that violence is sometimes a ‘smoke from the fire’ of unjust public institutions, state policies and the political process, or injustices in the corporate and transnational spheres.

Cesarz et al also hinted that the Niger Delta mobilization could be disguised ethnicity. For them interethnic violence is a longstanding feature of the oil-rich Niger Delta, and Ijaw militancy in particular is viewed as a risk to international oil interests and to Nigeria’s future as a united and stable polity. Local groups, the authors suggest, are no longer to be seen as ‘a loosely organized ethnic, sporadic movement, they are now an ‘armed ethnic militia’ capable of derailing Nigeria’s new-found democracy. Reacting to that line of analysis are Douglas et al, who challenge the use of the term ‘ethnic militia’ to describe local activist groups. Such a depiction, they argue, misrepresents the essence of the Niger Delta struggle.

However, whether the two groups of analysts are operating from different epistemic platforms is another matter entirely. For one thing, Douglas et al view the emerging coalition-building efforts among community groups in the Niger Delta as constituting a ‘bulwark against the ethnic majorities’. Now one will simply ask, what is the empirical basis for suggesting that ordinary people in the Delta as mobilizing against the ‘ethnic majorities’, and how is this view different from Cesarz et al’s suggestion that the local activists are involved in a disguised ‘ethnic’ warfare?

There is also the argument that while local struggles might stem from economic and political disparities in Nigeria, they might fundamentally be attributable to “communal pressures that have characterized the Niger Delta and many other parts of Nigeria”. Welch calls these ‘communal pressures matters of ethnic self-determination, maintaining that economic and political change in a multi-ethnic milieu like Nigeria invariably triggers ethnic conflict.

Short of portraying Nigeria’s ethnic nationalities as fundamentally incompatible social groupings, he posits that Nigeria as an entity ‘came into being long before a substantial number of its residents felt themselves to be “Nigerians”. While Welch uses this essentialist analysis to interrogate the concept of individual rights and to make a contribution to the ‘group rights’ debate, concerns might be raised as to whether his argument does not in fact distort the complexity of the Niger Delta crisis. A more nuanced insight into the Niger Delta conflict might be gained from Bangura’s ‘three crises’ of post-colonial African state – those of ‘capacity’, ‘governance’ and ‘security’. The works of Osadolor, Agbola and Alabi, Agiobenebo and Aribaolanari and Uga, among others, are more explicit in ‘revealing’ what it is that engenders disaffection between the oil-producing region and the major ethnic nationalities. They argue that it is the ‘majority groups’ that determine the framework for petroleum exploitation (as well as interethnic relations and political governance) in Nigeria and unfairly profit from it. As Agiobenebo and Aribaolanari put it: “the ethnic minorities of the Niger Delta are treated as objects (property) owned by the majority groups to be dealt with according to their whims and caprices”. There is even an implicit (but erroneous) assumption by these analysts that it is on behalf of their own people that the major ethnic groups ‘control’ political power in Nigeria and suppress socio-economic development in the Niger Delta. It is noteworthy that Obi places the protests and demands of Niger Delta groups such as MOSOP within the rubric of grassroots struggles for broader societal transformation. He suggests that the Niger Delta conflict must be seen in terms of its connection to “broader popular social struggles for empowerment and democracy”. This line of analysis, which forms part of what Idemudia and Ite call an ‘integrated explanation’, and which speaks directly to the conflict’s deeper social character, has been obscured in so much of the literature.

The above review also shows that while some analysts have acknowledged that the issues in the Niger Delta struggle transcend ‘local concerns’, and that the struggle makes a strong statement on the pains that a ‘distant state’ has inflicted on the Nigerian society as a whole, the failure of governance at the national level is not given the explanatory status it deserves. This begs the question as to why the search for empirical information on grassroots struggles such as those in the Niger Delta almost inevitably proceeds from an ethnic frame of reference. Could it be, as Mamdani has conjectured concerning conflicts in Africa, that the bifurcated nature of the state shaped under colonialism, and of the politics it shaped in turn, had now appeared in the theory that tried to explain it?

However, the next section sheds some light on this question. Some of the aforementioned analyses, especially the strand that suggests that the Niger Delta struggle is a way of ‘striking back’ at, or at least resisting, the major ethnic nationalities, who appropriate the ‘lion’s share’ of Nigeria’s petroleum revenues at the expense of the oil-producing region, have all the ingredients of the ‘competition theses of ethnic mobilization. I will also opine here that, where state policies appear to disproportionately benefit some regions of a multi-ethnic society, heightened ethnic awareness and collective ethnic action across the society become common tendencies in the society in question. As Feagin puts it, ‘competition occurs when two or more ethnic groups attempt to secure the same resources’; besides, ‘ethnic competition destabilizes group relations.

Seen from such a perspective, the geologic fact of petroleum not being evenly distributed across Nigeria can be a basis for ethnic competition. However, the competition becomes exacerbated and produces invidious socio-political outcomes for the entire polity where state policies driving the utilization of resources seem to favor some geo-ethnic groups while disadvantaging the others.

The works of Osadolor, Agbola and Alabi, Agiobenebo and Aribaolanari and Uga generally make this point. Since groups in the Niger Delta could not be mobilizing simply for the sake of doing so, the insight that these analysts attempt to proffer is that the Niger Delta mobilisation must be for the maximization of sectional interests, with the non-producing ethnic groups a target of their grievance. Also, Akpan stated thus, It would of course, not be correct to assume that the ‘unfair’ appropriation of national resources by some leaders from the major ethnic groups has been fundamentally for the ‘greater good’ of ordinary people in their geo-ethnic regions.

Flowing from all of these, in a bid to address these ethnic nationalities challenges, the CIVIL SOCIETY LEGISLATIVE AND ADVOCACY CENTRE (CISLAC) in collaboration with FRIEDRICH-EBERT-STIFTUNG (FES) NIGERIA with support from the European Union recently held a stakeholder’s consultative forum on Peace and Security Challenges in Nigeria themed “Ethnicity, Ethnic Crises and National Security: Casual Analysis and Management Strategies”. The stakeholders drawn from both military, lawmakers, security and paramilitary organizations, as well as civil societies, tackled the causes of such ethnic crisis which is presently breeding security challenges across the country and in essence threatening the corporate existence of Nigeria. Essentially, the stakeholders advocated for dialogue of all ethnic nationalities and inclusiveness if the issues are to be addressed holistically.

Interestingly, the organizer’s objective for the forum was to cross fertilize ideas, analyze gaps and the threats of separatists’ agitation across the country and its implication on national security and develop a policy recommendation; to also raise awareness on implication of ethnic champions and its threats to national security; and enhance cooperation and collaboration between state and non-state actor as a collective response to unionism.


“I will never date short guys again, imagine Ushers in my church were dragging my boyfriend to children’s Department”. –Anonymous 


“True equality means holding everyone accountable in the same way, regardless of race, gender, faith, ethnicity – or political ideology”. (Monica Crowley).

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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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