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Voice of Emancipation: Who Will Save the Falling Naira?

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By Kayode Emola

It would be a profound understatement to say that the dwindling fortunes of people living in Nigeria is concerning. A country that had the fastest-growing economy in the 1960s is now classed as the poverty capital of the world. Instead of people sitting down to look for a viable solution, they look only to elections and which criminal politicians they will elect.

In the 1970s, when Nigeria was productive, the Naira was double the US Dollar and a little higher than the British Pound. In 2023, a mere 50 years later, both Pounds Sterling and the US Dollar are a thousand times stronger than the Naira. If this statistic does not worry the intellectuals and provoke the masses to action, then we will end up sitting on our hands until the Naira has gone the same way as the Zimbabwean Dollar, to utter destruction.

Zimbabwe, which boasted of a highly intellectual population, saw its currency destroyed when hyperinflation forced it to redenominate. Between 1980 and 2009, there were three massive redenomination events in an attempt to control the skyrocketing inflation. As a result, 100 *trillion* Zimbabwean Dollars became worth only 40 U.S cents, forcing the country to officially adopt the use of currencies like the Chinese Yuan, U.S. dollar, and British Pounds, just to mention a few.

I know people in Nigeria would say “God forbid”, that what happened in Zimbabwe can never happen to Nigeria. But it behooves us to remember that Zimbabwe is not alone: Venezuela also suffered similar crises of hyperinflation, forcing it to change its currency three times.

In Nigeria, the inflation figures are not accurately reported, causing the people to be unaware of the real dangers that they face. When four tomatoes that cost ₦200 a year ago now cost over ₦1,000, it gives lie to the claim that inflation is only at 20%. The example of the tomatoes alone puts inflation at 500%, suggesting that the reported figures are merely a smokescreen to stop the people from revolting.

In the 10 years from 2012 to 2022, the Naira has lost its value by more than 700%: from an exchange rate of around $1 to ₦135 in 2012, it is now at $1 to ₦1,000 and falling rapidly. In 2023 alone, the currency has fallen by more than 50% against the U.S. dollar. In early 2023, it was exchanging at around $1:₦460 at the official rate –around $1:₦600 on the parallel market; whereas today, the official rate is around $1:₦790, with the parallel market exchanging at $1:₦1,000.

This is clearly unsustainable for the general populace, given that the Naira shows no sign of slowing its descent. Both history and its current trajectory suggest that the worst is yet to come. Every economic indicator in the country shows that it is heading in the wrong direction. The foreign reserve that we were led to believe was around $60 billion has been revealed to have only around $3 billion; no thanks to the most recent ex-Governor of CBN, Godwin Emefiele, who opened the treasury for the wolves to feast on it.

If truth be told, we Yoruba have existed in this farce called Nigeria for too long, which is why our fortune has eluded us. To correct this turpitude, the only solution is Yoruba independence. However, we must ensure that whilst we are pursuing this dream, we also begin putting mechanisms in place to safeguard our children’s futures.

We must realise that the Naira is beyond redemption. Currency redenomination is not the answer, as it is a very expensive means of addressing leadership failures. Therefore, we must begin to create our own financial system independent of Nigeria. Creating our own blockchain currency would be able to stand the test of time without being devalued by political whim. We must embrace this technology that will help us to advance the cause of independence, protecting our people from being left out in the cold.

As we march on toward our independent Yoruba nation, may I use this opportunity to reassure our people that victory is certain, though it may take a little time. However, we are far closer to our destination than from where we started, so we must not surrender at this eleventh hour. It is only those who quit that have lost the battle; since we are no quitters, by the Grace of God we will overcome all the challenges ahead of us to reach the victory.

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Opinion

Rivers Crisis: A Note of Caution by Dr. Goodluck Jonathan

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I am aware that the local government election taking place in Rivers State today, October 5, has been a subject of great interest to political actors.

The political happenings in Rivers State in the past days is a cause for serious concern for everyone, especially lovers of democracy and all actors within the peace and security sector of our nation.

Elections are the cornerstone of democracy because they are the primary source of legitimacy. This process renews the faith of citizens in their country as it affords them the opportunity to have a say on who governs them.

Every election is significant, whether at national or sub-national levels as it counts as a gain and honour to democracy.

It is the responsibility of all stakeholders, especially state institutions, to work towards the promotion of sound democratic culture of which periodic election stands as a noble virtue.

Democracy is our collective asset, its growth and progress is dependent on governments commitment to uphold the rule of law and pursue the interest of peace and justice at all times.

Institutions of the state, especially security agencies must refrain from actions that could lead to breakdown of law and order.

Rivers State represents the gateway to the Niger Delta and threat to peace in the state could have huge security implications in the region.

Let me sound a note of caution to all political actors in this crisis to be circumspect and patriotic in the pursuit of their political ambition and relevance.

I am calling on the National Judicial Commission (NJC) to take action that will curb the proliferation of court orders and judgements, especially those of concurrent jurisdiction giving conflicting orders. This, if not checked, will ridicule the institution of the judiciary and derail our democracy.

The political situation in Rivers State, mirrors our past, the crisis of the Old Western Region. I, therefore, warn that Rivers should not be used as crystal that will form the block that will collapse our democracy.

State institutions especially the police and the judiciary and all other stakeholders must always work for public interest and promote common good such as peace, justice and equality.

– GEJ

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Opinion

The End of a Political Party

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By Obianuju Kanu-Ogoko

It is deeply alarming and shameful to witness an elected official of an opposition party openly calling for the continuation of President Tinubu’s administration. This blatant betrayal goes against the very essence of democratic opposition and makes a mockery of the values the PDP is supposed to stand for.

Even more concerning is the deafening silence from North Central leadership. This silence comes at a price—For the funneled $3 million to buy off the courts for one of their Leaders’, the NC has compromised integrity, ensuring that any potential challenge is conveniently quashed. Such actions reveal a deeply compromised leadership, one that no longer stands for the people but for personal gain.

When a member of a political party publicly supports the ruling party, it raises the critical question: Who is truly standing for the PDP? When a Minister publicly insulted PDP and said that he is standing with the President, and you did nothing; why won’t others blatantly insult the party? Only under the Watch of this NWC has PDP been so ridiculed to the gutters. Where is the opposition we so desperately need in this time of political crisis? It is a betrayal of trust, of principles and of the party’s very foundation.

The leadership of this party has failed woefully. You have turned the PDP into a laughing stock, a hollow shell of what it once was. No political party with any credibility or integrity will even consider aligning or merging with the PDP at this rate. The decay runs deep and the shame is monumental.

WHAT A DISGRACE!

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Opinion

Day Dele Momodu Made Me Live Above My Means

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By Uzor Maxim Uzoatu

These are dangerous days of gross shamelessness in totalitarian Nigeria.
Pathetic flaunting of clannish power is all the rage, and a good number of supposedly modern-day Nigerians have thrown their brains into the primordial ring.

One pathetic character came to me the other day stressing that the only way I can prove to him that I am not an ethnic bigot is to write an article attacking Dele Momodu!

I could not make any head or tail of the bloke’s proposition because I did not understand how ethnic bigotry can come up in an issue concerning Dele Momodu and my poor self.

The dotty guy made the further elaboration that I stand accused of turning into a “philosopher of the right” instead of supporting the government of the day which belongs to the left!

A toast to Karl Marx in presidential jet and presidential yacht!

I nearly expired with laughter as I remembered how one fat kept man who spells his surname as “San” (for Senior Advocate of Nigeria – SAN) wrote a wretched piece on me as an ethnic bigot and compelled one boozy rascal that dubiously studied law in my time at Great Ife to put it on my Facebook wall!

The excited tribesmen of Nigerian democracy and their giddy slaves have been greased to use attack as the first aspect of defence by calling all dissenting voices “ethnic bigots” as balm on their rotted consciences.

The bloke urging me to attack Dele Momodu was saddened when he learnt that I regarded the Ovation publisher as “my brother”!

Even amid the strange doings in Nigeria of the moment I can still count on some famous brothers who have not denied me such as Senator Babafemi Ojudu who privileged me to read his soon-to-be-published memoir as a fellow Guerrilla Journalist, and the lionized actor Richard Mofe-Damijo (RMD) who while on a recent film project in faraway Canada made my professor cousin over there to know that “Uzor is my brother!”

It is now incumbent on me to tell the world of the day that Dele Momodu made me live above my means.

All the court jesters, toadies, fawners, bootlickers and ill-assorted jobbers and hirelings put together can never be renewed with enough palliatives to countermand my respect for Dele Momodu who once told our friend in London who was boasting that he was chased out of Nigeria by General Babangida because of his activism: “Babangida did not chase you out of Nigeria. You found love with an oyinbo woman and followed her to London. Leave Babangida out of the matter!”

Dele Momodu takes his writing seriously, and does let me have a look at his manuscripts – even the one written on his presidential campaign by his campaign manager.

Unlike most Nigerians who are given to half measures, Dele Momodu writes so well and insists on having different fresh eyes to look at his works.

It was a sunny day in Lagos that I got a call from the Ovation publisher that I should stand by to do some work on a biography he was about to publish.

He warned me that I have only one day to do the work, and I replied him that I was raring to go because I love impossible challenges.

The manuscript of the biography hit my email in fast seconds, and before I could say Bob Dee a fat alert burst my spare bank account!

Being a ragged-trousered philanthropist, a la the title of Robert Tressel’s proletarian novel, I protested to Dele that it’s only beer money I needed but, kind and ever rendering soul that he is, he would not hear of it.

I went to Lagos Country Club, Ikeja and sacked my young brother, Vitus Akudinobi, from his office in the club so that I can concentrate fully on the work.

Many phone calls came my way, and I told my friends to go to my divine watering-hole to wait for me there and eat and drink all that they wanted because “money is not my problem!”

More calls came from my guys and their groupies asking for all makes of booze, isiewu, nkwobi and the assorted lots, and I asked them to continue to have a ball in my absence, that I would join them later to pick up the bill!

The many friends of the poor poet were astonished at the new-fangled wealth and confidence of the new member of the idle rich class!

It was a beautiful read that Dele Momodu had on offer, and by late evening I had read the entire book, and done some minor editing here and there.

It was then up to me to conclude the task by doing routine editing – or adding “style” as Tom Sawyer would tell his buddy Huckleberry Finn in the eponymous adventure books of Mark Twain.

I chose the style option, and I was indeed in my elements, enjoying all aspects of the book until it was getting to ten in the night, and my partying friends were frantically calling for my appearance.

I was totally satisfied with my effort such that I felt proud pressing the “Send” button on my laptop for onward transmission to Dele Momodu’s email.

I then rushed to the restaurant where my friends were waiting for me, and I had hardly settled down when one of Dele’s assistants called to say that there were some issues with the script I sent!

I had to perforce reopen up my computer in the bar, and I could not immediately fathom which of the saved copies happened to be the real deal.

One then remembered that there were tell-tale signs when the computer kept warning that I was putting too much on the clipboard or whatever.

It’s such a downer that after feeling so high that one had done the best possible work only to be left with the words of James Hadley Chase in The Sucker Punch: “It’s only when a guy gets full of confidence that he’s wide open for the sucker punch.”
Lesson learnt: keep it simple – even if you have been made to live above your means by Dele Momodu!

To end, how can a wannabe state agent and government apologist, a hired askari, hope to get me to write an article against a brother who has done me no harm whatsoever? Mba!

I admire Dele Momodu immensely for his courage of conviction to tell truth to power.

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