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Opinion

Voice of Emancipation – Who Will Save the Falling Naira? (Pt. 2)

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…Dangers of Redenomination

By Kayode Emola

Following on from last week’s analysis of the falling naira, it is worth pointing out that the current trajectory of the Central Bank of Nigeria and the Federal government to redenominate the naira is not the solution to the currency devaluation. Several countries like Ghana, Zimbabwe, Venezuela, and so on have tried it in the past and have not fared much better. Therefore, I don’t see how a currency redenomination would solve the current crises.

Instead of the government tackling the root cause of the problem, they are applying a quick-fix solution to try and shore up the currency devaluation. It was very evident in the 1990s when the then Head of State Ibrahim Babangida was trying to introduce his Structural Adjustment Programme (SAP) that Nigeria was heading in the wrong direction. To date, no tangible solution has been found on how to move Nigeria forward.

Corruption has been encouraged on a grand scale in Nigeria by successive regimes; inflation is now over the roof and the end result is a disastrous economy unable to recover. The bottom line is that the low-productivity economy we run where millions of our youth are unemployed is part of the root cause of the problem we face. Rather than solve this problem, the government is thinking of redenominating the currency.

The only thing the redenomination exercise will bring is more confusion to the populace as people will spend time working out the value of the old and new currencies. This will end up wasting peoples’ precious time thereby slowing down productivity that the country badly needs.

Take, for instance, the Ghana government redenominate their currency in 2007. At that time, the value of the cedi to the dollar was around ₵9,300 to $1. After the redenomination, the cedi became ₵0.93 to $1 and I know most Ghanaians would have been expecting their fortune to be better. Alas, 16 years after that exercise, the Ghanaian cedi is now ₵11.70 to $1.

In other words, if using the old Ghanaian cedi as our basis for economic evaluation, the true value of the Ghanaian cedi is around One hundred and seventeen thousand cedi (₵117,000 to $1) to one dollar. I am very certain that Ghanaians would have been shocked at this exchange rate had their money not been redenominated which would have forced a different reaction.

However, the redenomination has masked their true financial position, thus forcing Ghana into bankruptcy. If only the people were more aware of the damage the currency redenomination has done, they would have asked their government pertinent questions that would bring about a viable solution.

What is the way forward for Nigeria?

I am very marveled when a lot of Yoruba people in Nigeria believe that there is hope for the country, especially if it makes a monumental achievement in sports or one scholastic headline on the international stage. Nigeria has not built a society that can stand the test of time, therefore, attempting to continue in this trajectory is not going to make anything better if at all, those living in Nigeria should brace themselves for more economic hardship to come.

The Nigerian population is projected to double in the next 30 years and possibly quadruple in the next 80 years according to the United Nations projections. With the amount of poverty in the land, the number of poor people the government would have to deal with will definitely increase. With no focus on the direction of travel and possible escape from poverty, many innocent children may be born into poverty with no hope for their future.

The one thing that is clear here is that the current political leaders in Nigeria are not doing anything to help the economy grow. Not because they don’t want to, but because it is just impossible to do with the political setup of Nigeria. Nigeria as it is today was not intended to become a country, it was supposed to be a trading post, thus every element of nationhood was missing from the inception of its creation.

Taking the above illustration into account will help millions of our brainwashed Yoruba people know that they are not living in a country let alone a nation. Our people must realise that there is no way we can build a nation out of Nigeria, and forcing the constituent parts to remain as one entity is more harmful to everyone than a peaceful separation.

It is high time we all realised that the future of Nigeria is a journey to nowhere. If in doubt, check where Nigeria is coming from. When I speak with some of our naïve elders who allude to the better days when the British were still governing Nigeria. The question I ask is, do we want to bring back the British to recolonise us or do we want to get our independent Yoruba nation out of Nigeria and let other nationalities do the same? In that way, we can better govern ourselves.

Your guess is as good as mine, I would rather opt for the latter which is an independent Yoruba nation, knowing fully well, that this is the only viable solution. Taking the case of Ghana and its redenomination exercise, I am sure the Ghanaian population would have reacted differently today if they were still using the old cedi. However, because their currency has been redenominated, it has hidden the true nature of their economic collapse.

This is the direction in which Nigeria is headed unless a drastic change is forced on the system. Either we all get frustrated with poverty and force a change or continue to romanticise in fantasy waiting for the day help will come, which I doubt would come anytime soon if at all.

The only solution to this quagmire is to have every nationality go their own separate ways. Nigeria would not be the first to have broken up into several components. For those who still believe that Nigeria will be great again, they should understand that this is just a political rhetoric that means nothing.

After all, Donald Trump promised to make America great again, but I don’t think that his rhetoric has reduced the debt of America, instead, their debt is increasing on a daily basis. Those still believing in this political jamboree called democracy being practiced around the world should know that affirmative action rather than rhetoric is the only solution to our problem.

We must affirm that all we want is an independent Yoruba nation, we must educate our people on the dangers that lie ahead if we remain in Nigeria. Otherwise, I fear for the future of the children yet unborn who would be sent to this world to suffer unnecessarily for no fault of their own. I believe the time for action is now rather than sitting on the fence and hoping for the best.

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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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Opinion

PDP at 26, A Time for Reflection not Celebration

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By Obianuju Kanu-Ogoko

At 26 years, the People’s Democratic Party (PDP) should have been a pillar of strength, a beacon of hope and a testament to the enduring promise of democracy in Nigeria.*

Yet, as we stand at this milestone, it is clear that we have little, if anything, to celebrate. Instead, this anniversary marks a sobering moment of reflection, a time to confront the hard truths that have plagued our journey and to acknowledge the gap between our potential and our reality.

Twenty-six years should have seen us mature into a force for good, a party that consistently upholds the values of integrity, unity and progress for all Nigerians.

But the reality is far from this ideal. Instead of celebrating, we must face the uncomfortable truth: *at 26, the PDP has failed to live up to the promise that once inspired millions.*

We cannot celebrate when our internal divisions have weakened our ability to lead. We cannot celebrate when the very principles that should guide us: justice, fairness and accountability,have been sidelined in favor of personal ambition and short-term gains. We cannot celebrate when the Nigerian people, who once looked to the PDP for leadership, now question our relevance and our commitment to their welfare.

This is not a time for self-congratulation. It is a time for deep introspection and honest assessment. What have we truly achieved? Where did we go wrong? And most importantly, how do we rebuild the trust that has been lost? These are the questions we must ask ourselves, not just as a party, but as individuals who believe in the ideals that the PDP was founded upon.

At 26, we should be at the height of our powers, but instead, we find ourselves at a crossroads. The path forward is not easy, but it is necessary. We must return to our roots, to the values that once made the PDP a symbol of hope and possibility. We must rebuild from within, embracing transparency, unity and a renewed commitment to serving the people of Nigeria.

There is no celebration today, only the recognition that we have a long road ahead. But if we use this moment wisely, if we truly learn from our past mistakes, there is still hope for a future where the PDP can once again stand tall, not just in name, but in action and impact. The journey begins now, not with *fanfare but with resolve.

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