Opinion

Increase in Minimum Capital Requirements for Nigerian Banks (Pt. II)

Published

2 years ago

May 17, 2024

Eric

By Bashorun J. K. Randle

It is self-evident that whatever the Governor of the Central Bank is doing (or not doing), the backing (and banking!!) of the President is critical. On that score, President Bola Ahmed Tinubu did not pull any punches when he spoke at the Hague, Netherlands during the business session of the bilateral meeting with the Dutch team, led by Prime Minister Mark Dutte.

“I am ever ready to take tough decisions in the best interest of the people, even if with initial pains. I am a determined leader; I will continue to take the difficult decisions that will benefit our people, even if there is a short-term pain. I am unafraid of the consequences once I know that my actions are in the best long-term interests of all Nigerians.”

Hence, we must recognize the over arching influence of Mr. President in economic, financial and political matters. When he was sworn in on 29th May 2023, he released an unscripted bombshell while delivering his inaugural address at Eagle Square, Abuja: Shortly afterwards, he spilled the beans in Paris while addressing Nigerians. According to AFP [Agence Francais-Presse]

“When I got to the podium, I was possessed with courage and I said fuel subsidy is gone. Also, no more parallel (black market) for dollars.”

On November 22, 2023, when President Tinubu addressed German-Nigerian Business Forum again he did not pull any punches:

“Nigeria voted for me for reforms, and from day one of my inauguration, I started the reforms. To me if you didn’t mention me in the Guinness Book of Records, I’d strive to find a way to insert myself because I did it without expectation.”

The endorsement of the IMF [International Monetary Fund] followed on February 14, 2024.

“The new Tinubu Administration has made a strong start, tackling deep-rooted structural issues in challenging circumstances. Immediately it adopted two policy reforms that its predecessors had shield away from: fuel subsidy removal and the unification of the official (dollar/naira) exchange rates.”

Front page editorial of “Nigerian Tribune” newspaper.
Headline: “BRIBES : TINUBU’s CHARGE TO INVESTORS”

“President Bola Tinubu recently set tongues wagging when, during his just concluded trip to Doha, the Qatari capital, he told the country’s captains of industry to report directly to him if any Nigerian official demanded a bribe from them in order to facilitate a business transaction. Revealed in a signed statement by Special Adviser to the President on Media and Publicity, Ajuri Ngelale, the president’s message to Qatari investors at the Nigeria-Qatar Business and Investment Forum could not have been clearer: “Do not offer a bribe to any of our people, and if it is requested or taken from you, report to us. You will have access to me.”

Eager to drive home the point that the country is open to business and will adopt a business-friendly approach on his watch, he added: “Whatever is the obstacle or problem that some of you might have experienced; it is in the past because there is no obstacle in the future. We are removing obstacles today, and we are going to continue to remove all obstacles. We have done so much within nine months. And I assure you, it is free entry, and free exit. Your funds will flow smoothly into and out of our country. Bring your investments.” Finally, he urged Qatari investors not to allow “perceptions” about the country to “become a hindrance to [their] will to invest,” since “Nigeria is serious about revolutionizing investment promotion.”

We could not be more delighted to read this promise of radical transparency from the president since, at the very least, it shows that he is not unaware of the tremendous odds typically faced by any entity- individual or corporate- seeking to do business in Nigeria. While, as the president mentioned, corruption is the most significant among these challenges, it goes without saying that it is just one of many tangible and intangible obstacles to investment.

Accordingly, not only do we welcome the president’s statement, for nothing could be more timely, we urge him to do everything within his capacity to ensure that the book is thrown at whoever flouts it, no matter how highly placed such a person is in the current administration. In other words, nothing is more important than the president backing his rhetoric with action, for understandably, many Nigerians are bound to sneer, saying that they have heard such soaring rhetoric before and that when the time came for egregious misdemeanors to be punished, the government lost its nerve. Since such skeptics have a point, the task before the president is to show that their skepticism has no basis, and that he will let the hammer fall on whichever official demands inducement to do their job.
Until then, he can, as a matter of fact, do something about the current situation in the upper legislative house, where rumours of budget-padding and dubious awards to senators have cast a shadow upon the integrity of the lawmakers. If the government is truly interested in fighting corruption, it can do no better right now than to act on the many cases of corruption dotting the landscape, including those affecting and relating to those within the inner circle of government. This would send the right and correct signals that Nigeria is ready for positive change and a new approach to public life rather than following the usual ineffective and tawdry public assertions that mean nothing in reality.”

The Central Bank of Nigeria used to boast of an excellent Research Department with a world class library. The King’s College Old Boys Association [KCOBA] would not take matters for granted. Here is a list of books which are to be delivered to the Governor of the Central Bank, Mr. Yemi Cardoso and Deputy Governor, Mr. Phillip Ekeazor (who are both old boys of St. Gregory’s College, Lagos:

(i) “Curse of Cash” by Kenneth S. Rogoff
(Harvard University)

(ii) “The Origin And Prevention of Major Wars” by Professor Robert Rothberg
(Harvard University)

(iii) “The Bottom Billion” by Professor Paul Collier
(Oxford University)

(iv) “What Terrorists Want: Understanding the Enemy, Containing The Threat” by Professor Louise Richardson
(Oxford University)

(v) “The Elite Africa Project” by Professor Peter Lewis
(John Hopkins University)

(vi) “WONDER DRUG”
(7 Scientifically Proven Ways
That Serving Others Is The
Best Medicine for Yourself) by Stephen Trzeciak M.D.
and
Anthony Mazzarelli M.D

(vii) “THE ROAD TO FREEDOM, ECONOMICS
AND THE GOOD SOCIETY” by Joseph E. Stiglitz
(Winner of Nobel Prize)
Professor at Harvard; Yale;
Emerson College, University
Of California, Berkeley

From the archives we have the following vignettes:
(i) When the British Bank For West Africa
(now known as First Bank of Nigeria Plc)
was formed in 1894 among its founding
shareholders was Dr. J.K. Randle. The
inaugural meeting was held at the Colony
Hotel, in London.

(ii) When British Bank of West Africa launched a branch in Kano in 1929, Alhassan Dantata (Aliko Dangote’s grandfather) opened an account by depositing twenty camel-loads of silver coins.

(iii) “The Chairman of EFCC [Economic and Financial Crimes Commission] has announced that the embattled former Governor of Kogi State, Yahaya Bello withdrew funds from the government treasury and obtained U.S.$720,000 from a Bureau de Change to pay for his children’s school fees in advance at American International School, Abuja”

“Business Day” newspaper of May 8, 2024
Headline: “CHIKE-OBI CAUTIONS AGAINST POOR EXECUTION AMID BANKS’ RECAPITALISATION”

Mustapha Chike-Obi, chairman, Bank Directors’ Association of Nigeria, on Friday lauded the Central Bank’s latest bank recapitalisation policy but warned that poor execution could scuttle the gains.

Chike-Obi spoke at a roundtable assessing the bank recapitalisation policy organised by BusinessDay Media Limited in Lagos. He noted the 2004/2005 recapitalisation exercise was a good policy but was poorly implemented due to governance issues.
The CBN on March 28 announced new capital requirements for Nigerian lenders from commercial to merchant banks. The last such exercise was in 2004/2005, two decades ago.

During the recapitalisation of 2004/2005, a surge in liquidity occurred without adequate investment opportunities, leading to an asset bubble and subsequently the dismissal of several bank chiefs.

“A good policy that brings bad results means execution was problematic along the way. We are seeing bad results from good policies and nobody is taking responsibility for that. We should celebrate the policy and the results,” he said.

Speaking further, he said, “I encourage more engagement from the CBN, it’s better if they talk to the banks about why retained earnings are not considered at this point in time.

I think there should have been better engagement, some things need to be explained. Why does an international licence require more capital than a national licence? If you’re diversifying across nations, does that mean more risk? If I have one branch in London as Fidelity, am I in the same boat as a UBA who has many branches in many countries?” Chike-Obi, Chairman of Fidelity Bank Plc, said.

The CBN said all international banks should move their capital to a minimum of N500 billion; national banks up to a minimum of N200 billion; regional banks (N50 billion); merchant banks (N50 billion) and N20 billion for non-interest banks operating nationally and N10 billion for those operating regionally.

In his keynote address, Ike Chioke, Group Managing Director Afrinvest (West Africa) Limited, noted that “after the announcement of the last recapitalisation we had 89 banks operating with N311 billion total capital, which was equivalent to $2.4 billion at the time.

We ended up by December 31 2005 with 25 commercial banks each with a minimum of 25 billion and a total capital of N932.0 bn.
He said that commercial banks have a capital gap of N3.7 trillion to meet the capital requirements while the merchant banks have N200.6 billion.

There is some scepticism that banks will take on significantly more lending to the private sector once their minimum capital is raised given the risk in an economy battling with accelerating inflation and a severe cost-of-living crisis.

“We can still lend, but we’re limited in how much. As a banker, it’s more attractive to buy Treasury bills at 25 percent than to lend to people,” Chike-Obi said.

“There’s a reluctance by banks to lend. I would have reduced CRR, and told banks they can’t buy more than 10 percent of T-bills. This will force them to lend to people.”
He also said the notion that banks give people money to buy FX is not true.

“People only buy FX because it makes sense to them. It’s a rational economic decision. What we have to do is to make it more rational to hold assets in naira than in dollars. I’ll raise short term rates to 30%, and prevent banks from having more than 10 percent in T-bills.

What we have doesn’t allow growth and banks aren’t lending. I believe GDP growth will be lower in the fourth quarter than predictions. The raise in capital is necessary because the FX adjusted basis has gone down. So, the recapitalisation isn’t as massive as it looks from the outside,” he said.
Front page of “The Punch” newspaper of April 22, 2024
Headline: The Institute of Chartered Accountants of Nigeria

Recommendations made by the Institute of Chartered Accountants of Nigeria on the New Minimum Capital Requirements for Banks in Nigeria: Our Position.

“Given the above, the following recommendations are made to ensure a successful implementation of the programme:

1. The CBN may consider allowing the inclusion of retained earnings on the condition that they are not impaired by losses, to make it easier for the banks to comply with the new capitalization policy.

2. The two-year period allowed is considered sufficient to implement the programme. However, in view of the young age of non-interest banks in Nigeria, they should be allowed a longer period, probably three years, to meet the minimum capital requirements.

3. The Institute urges the CBN to extend the 30-day period it gave banks to come up with an implementation plan to 60 days given that it would take some time to obtain the consent of shareholders.

4. It is also important that the CBN provides some incentives to banks to facilitate the recapitalization exercise as was done in 2005. This can take the form of tax incentives and ensuring that the overall cost of recapitalization is low by seeking the cooperation of relevant stakeholder institutions such as the Federal Inland Revenue Service, the Securities and Exchange Commission, the Nigerian Exchange as well as the Federal Competition and Consumer Protection Commission given that banks have the option of raising funds through the Capital Market or Mergers and Acquisitions.

5. The CBN should adequately supervise the banks to ensure that the costs of recapitalization are not transferred to their customers by way of higher bank charges.

6. The CBN is advised to engage the Bankers Committee on measures to put in place to ensure adequate compensation to staff of banks that may be disengaged as a result of the recapitalization exercise.

7. Exercise due verification to ensure that corrupt and laundered money do not find their way int the capitalization.”

Frontpage of “ThisDay” newspaper of April 13, 2024
Headline: AUDIT REPORT: SENATE PROBING 774 FEDERAL AGENCIES OVER AUDITOR GENERAL’S QUERIES”

“The Senate is currently scrutinizing the financial records of 774 Federal Agencies based on the queries raised against them in the 2019 report of the Auditor General for the Federation.

The Chairman, Senate Public Accounts Committee (SPAC), Senator Aliyu Wadada, disclosed this yesterday in his Keffi, Nasarawa State, country home while speaking with journalists. He noted that his committee was not out to witch-hunt anyone but pledged that members of the panel would discharge their responsibilities diligently in the best interest of the country.

Wadada, also disclosed that the 10th National Assembly with the support of President Bola Tinubu and critical stakeholders in the nation’s economy would soon embark on the amendment to the 2007 Procurement Act so as to curb financial infractions before they take place.

He nevertheless appealed to leaders at all tiers and heads of government institutions at the Federal, State and Local government levels to embrace the spirit of self-discipline and fear of God in the discharge of their responsibilities.

The Senator, who is representing Nasarawa West Senatorial District on the platform of the Social Democratic Party (SDP), said no matter how beautiful a law is crafted, it needed godly people to implement it.

Wadada said, “When I became the Chairman, Senate Public Accounts Committee (SPAC), I was emphatic on the need for President Bola Tinubu to appoint the substantive Auditor General for the Federation (AuGF).

“I even wrote a letter to that effect to the President and he responded by appointing a substantive AuGF.

The AuGF report for the 2020, 2021, 2022 fiscal years were not all ready. It was only the 2019 Auditor General’s report that was then ready for us to take actions on.

The Auditor General’s report for 2020 was ready at the time I became the Senate Public Account Committee but it could not be signed by the acting Auditor General for the Federation.

As we talk, the 2020 Auditor General’s report is ready and the substantive AuGF has appended his signature to it. The development is a confirmation that the Presidency under the stewardship of President Bola Tinubu is available, is responsive and supportive of the Committee on Public Accounts in the two chambers of the National Assembly. We have since started work on the 2019 Auditor General’s report before us.

Under my chairmanship of this sensitive and strategic committee, I have repeatedly said that we are not out to witch-hunt or pull down anybody.

Our ultimate objective vis-à-vis the primary focus of the committee is to ensure transparency and accountability in the management of public funds.”

Front page of “The Punch” newspaper of April 12, 2024
Headline: VIETNAM TYCOON SENTENCED TO DEATH IN
$12BN FRAUD CASE”

“A court in Vietnam sentenced real estate tycoon Truong My Lan Thursday to death over her role in a 304 trillion dong ($12.46bn) financial fraud case, the country’s biggest on record, state media reported.

CNN reports that her trial, which began on March 5 and ended earlier than planned, was one dramatic result of a campaign against corruption that the leader of the ruling Communist Party, Nguyen Phu Trong, has pledged to stamp out.

Lan, the chairwoman of real estate developer Van Thinh Phat Holdings Group, was found guilty of embezzlement, bribery and violations of banking rules at the end of a trial in the business hub of Ho Chi Minh City, state media said.

We will keep fighting to see what we can do,” a family member told Reuters, speaking on condition of anonymity. Before the verdict, he had said Lan would appeal against the sentence.
Lan had pleaded not guilty to the embezzlement and bribery charges, Nguyen Huy Thiep, one of Lan’s lawyers told Reuters.

“Of course she will appeal the verdict,” he added, noting she was sentenced to death for the embezzlement charge and to 20 years each for the other two charges of bribery and violations of banking regulations.

Vietnam imposes the death penalty mostly for violent offences but also economic crimes. Human rights groups say it has executed hundreds of convicts in recent years, mainly by lethal injection.

The Thanh Nien newspaper said 84 defendants in the case received sentences ranging from probation for three years to life imprisonment. Among them are Lan’s husband, Eric Chu, a businessman from Hong Kong, who was sentenced to nine years in jail, and her niece, who got 17 years.

Lan started as a cosmetics trader at the central market in Ho Chi Minh City, helping her mother, she told judges during the trial, according to state media.

She later founded her real estate company, Van Thinh Phat, in 1992, the same year when she got married, according to state media. She was found guilty, along with her accomplices, of siphoning off more than 304 trillion dongs from Saigon Joint Stock Commercial Bank, which she effectively controlled through dozens of proxies despite rules strictly limiting large shareholding in lenders, according to investigators.

From early 2018 through October 2022, when the state bailed out SCB after a run on its deposits triggered by Lan’s arrest, she appropriated large sums by arranging unlawful loans to shell companies, investigators said.

The defendant’s action not only violate the property management rights of individuals and organisations but also put SCB under scrutiny, eroding people’s trust in the leadership of the Party and State,” state newspaper VnExpress cited the jury as saying.

The bank is currently propped up by the central bank and faces a complex restructuring under which authorities are trying to establish the legal status of hundreds of assets that were used as collateral for loans and bonds issued by VTP. The bonds alone are worth $1.2bn.

Some of the assets are high-end properties, but many others are unfinished projects. Before her fall from grace, she had played a key role in Vietnam’s financial world, getting involved in the previous rescue of troubled SCB more than a decade before she contributed to the bank’s new crisis.”

Front page of “Africa Voice” newspaper of 29 April, 2024
Headline: “PROF WINS TOP AWARD FOR ISLAMIC MORAL ECONOMY”

“Professor Mehmet Asutay has been selected as the first-place winner of the 2024 Islamic Development Bank (IsDB) Prize for Impactful Achievement in Islamic Economics and influential contributions to the field of Islamic economics and finance.

The prize laureate is a Professor of Middle Eastern and Islamic Political Economy & Finance at Durham University, United Kingdom. He is an internationally recognized academic who produced pioneering and impactful scholarly works.

Professor Asutay was selected in recognition of his novel work on Islamic moral economy and the articulation of Islamic finance to be supportive of sustainable development and the welfare of human beings. This year’s prize cycle aims to recognize, reward and encourage significant knowledge contributions in Islamic economics with the potential to solve major development challenges of IsDB member countries. The prize comes with a US$50,000 award for the first prize winner, US$30,000 for second prize, and US$20,000 for third prize. However, the second and third-position prizes are withheld this year.

Every year the winners of the IsDB Prize are selected by a different committee of experts from outside the IsDB Group, whose work is coordinated by the Islamic Development Bank Institute (IsDB).

The winner of this year’s prize will receive the award during the IsDB Group Annual Meetings, scheduled for 27 – 30 April 2024 in Riyadh, Saudi Arabia. In his comments on this occasion, the President of the ISDB, H.E. Dr. Muhammad AI Jasser, congratulated the laureate for his impactful knowledge contributions and wished him success in this various endeavours. Acting Director Generl of IsDB, Dr. Sami Al-Suwailem, also congratulated H.E. Dr. Al Jasser for guiding the Institute towards the successful coordination of the prize.”

Opinion

Give What, to Gain What? Reflections on the 2026 International Women’s Day Theme

Published

19 hours ago

March 5, 2026

Eric

By Oyinkansola Badejo-Okusanya

At first glance, the theme of this year’s International Women’s Day celebration sounded a little odd to me.

Last year’s theme, Accelerate Action, was clear enough. You read it and immediately understood it as a call to move faster, push harder, do more, close the gaps. It was energetic, direct and unambiguous.

But “Give To Gain”? Give what? To whom? And to gain what, precisely? How is giving a pathway to gender equity? In the legal profession, and in leadership generally, we are trained to think in terms of advantage. What do I gain? What do I secure? What do I protect? But the more I reflected, the more I realised that perhaps that reflection was the point. Because my reflection took me to some of the most defining moments in my professional journey, and they did not come from what I took. They came from what someone chose to give.

A colleague who gave me insights instead of indifference, a leader who gave me visibility in a room where my voice would have been overlooked, a mentor who gave me honest feedback when flattery or a comfortable silence would have been easier.

None of those acts diminished them. They did not lose relevance, influence, or authority. If anything, their giving expanded their impact. Sometimes, some of us act as though giving someone else room to rise somehow shrinks our own space. But leadership does not weaken when it is shared wisely. It deepens.

That is the quiet power behind “Give To Gain”, and the paradox at the heart of this year’s theme. “Give To Gain” is not a call to diminish ourselves. It is a call to invest in one another because when we give from strength, we gain strength. So give respect.
give access. Give honest evaluation. Give opportunity without prejudice. And you will gain trust, loyalty and potential. Give mentorship and gain contunuity, give equal footing and gain the full measure of talent available. That kind of giving multiplies gain.

So perhaps the theme is not so odd after all. In a world that often asks, “What do I stand to lose?” this year’s International Women’s Day asks instead, “What could we stand to gain, if we were all willing to give?”

In the context of gender equity, the theme becomes even more compelling. Giving equal footing is not about doing women a favour; it is about acknowledging merit. When barriers fall, capacity rises to the surface. When access expands, talent flourishes. When women thrive professionally, institutions gain.

Against this backdrop, I began to think about the remarkable women who embodied this principle long before it became a theme. Women who gave intellectual rigour to complex situations and gained distinction. Women who gave courage and resilience in the face of resistance or in rooms where they were the only one, and gained respect. Women who gave mentorship to younger women and gained a legacy that cannot be erased.

Women who gave integrity to public service and the private sector and gained trust and admiration that cannot be manufactured.
Women whose boldness did not ask for permission to contribute. They did not lower their standards to fit expectations.

They gave of their intellect, their discipline, their time and their resilience, and in doing so they expanded the space for others. That is the spirit I want to honour this IWD month.

Beginning tomorrow, on International Women’s Day and continuing through all the remaining days of March, I will be celebrating a female icon who exemplifies this principle. Women who have given and gained. Each day, one story. One journey.

One example of boldness in action. Not to romanticise their journeys or suggest that their paths were easy, but to illuminate them and show what is possible when you dare to try.

Each profile will tell a story of contribution and consequence, of how giving strengthens, and how excellence, when sustained with integrity, inevitably earns its place.

My hope is that other women will read these stories and recognise themselves in them. That men also will read them and see leadership, not limitation. And that we will all be reminded that progress is rarely accidental. It is built, often quietly, by those willing to give more than is required.

If this year’s theme “Give To Gain” means anything to me, it means that we must intentionally amplify the inspiring examples that prove what is possible when women are bold.

Because inspiration and visibility are forms of giving. And sometimes, the simple act of telling a story is the spark that lights ambition in someone who was unsure where or whether she belonged.

This March, I choose to give inspiration and visibility and honour where it is so richly deserved.

And I trust that in doing so, we will gain a stronger world, a clearer sense of direction and possibility and another generation of women bold enough to step forward without apology.

Now the theme no longer seems strange. Now I understand that when we give boldly, we gain collectively. And that is a theme worth celebrating.

Oyinkansola Badejo-Okusanya, SAN FCIArb

Opinion

Beyond the Vision: The Alchemy of Turning Ideas into Execution

Published

5 days ago

February 28, 2026

Eric

By Tolulope A. Adegoke PhD

History is littered with the skeletons of great ideas that never saw the light of day. In boardrooms and basements across the world, concepts with the power to reshape industries lie dormant, suffocated not by a lack of merit, but by a lack of execution. We live in an era that venerates the “light bulb moment,” yet the painful truth, as articulated by venture capitalists and historians alike, is that ideas are a dime a dozen; it is execution that is richly rewarded . The journey from the spark of imagination to the tangible reality of a finished product, a profitable corporation, or a thriving nation is an alchemical process. It requires the transformation of abstract thought into concrete action—a discipline that separates the dreamer from the builder. This evolution of an idea into reality is not a mystical event but a replicable process, best understood through the distinct exemplars of visionary individuals, resilient corporations, and transformative nations.

The Individual: The “Thinker-Doer” Synthesis

The romantic notion of the genius lost in thought, sketching blueprints while others do the heavy lifting, is a seductive myth. The reality, as demonstrated by history’s most impactful figures, is that the major thinkers are almost always the doers. Steve Jobs, a figure synonymous with innovation, famously articulated this principle by invoking the ultimate Renaissance man, Leonardo da Vinci. Jobs argued that the greatest innovators are “both the thinker and doer in one person,” pointing out that da Vinci did not have a separate artisan mixing his paints or executing his canvases; he was the artist and the craftsman, immersing himself in the physicality of his work . For Jobs, this synthesis was the guiding doctrine of Apple. He understood that abstract ideation is sterile without the feedback loop of hands-on mastery. The refinement of the Mac’s typography, the feel of a perfectly weighted mouse, the intuitive interface of the iPhone—these were not born from pure theory but from an obsessive, tactile engagement with the building process. The “doer” digs into the hard intellectual problems precisely because they are engaged in the act of creation.

This principle is further illuminated by the career of Elon Musk. While often perceived as a master inventor, Musk’s greatest genius may lie in his ability to execute existing ideas at a scale and speed previously thought impossible. He was not a founder of Tesla on day one, but he stepped in to spearhead its execution, transforming an electric vehicle concept into a global automotive powerhouse. At SpaceX, he inherited the age-old idea of space travel but revolutionized its execution by challenging fundamental cost structures and vertically integrating manufacturing. Musk embodies the “thinker-doer” by immersing himself in the engineering details, sleeping on the factory floor, and distilling complex challenges down to their fundamental physics. Both Jobs and Musk validate the venture capital adage that investment is placed not in ideas, but in the people capable of navigating the treacherous path from Point B to Point Z—the messy, unglamorous grind where visions are either realized or abandoned.

“In the architecture of achievement, ideas are merely the blueprints; execution is the foundation, the steel, and the mortar. A blueprint without a builder is just a dream drawn on paper” – Tolulope A. Adegoke, PhD

The Corporation: Engineering the Culture of Execution

For corporations, the evolution of an idea into reality is not a one-time event but a cultural imperative. It demands a structure and a philosophy that bridges the notorious gap between strategy and outcome. Procter & Gamble (P&G), a consumer goods giant, provides a master-class in adapting its execution model to survive and thrive. Despite investing billions in internal research and development, P&G recognized that its traditional closed-door approach was failing to meet innovation targets. The company evolved its idea-generation process by embracing “Connect + Develop,” opening its innovation pipeline to external inventors, suppliers, and even competitors. This shift in mindset was merely the idea; the reality was the rigorous, internal execution that vetted, integrated, and scaled those external concepts—like the Mr. Clean Magic Eraser, which was discovered as a prototype in Japan and flawlessly executed by P&G’s operational machine. The company’s success hinges on what researchers call “imaginative integrity”—the ability to make an imagined future so tangible that the entire organization can build toward it.

Similarly, UPS stands as a testament to the power of “creative dissatisfaction.” For over a century, UPS has operated not on bursts of pure invention, but on the relentless engineering and re-engineering of its systems. Founder Jim Casey instilled a culture where the status quo was perpetually questioned—from testing monorail-based sort systems to optimizing delivery routes with algorithmic precision. The idea was not merely to deliver packages, but to create the pinnacle of logistical efficiency. The execution involved tens of thousands of employees “pulling together” to transform the organization repeatedly, embracing changes that ranged from entering the common carrier business in the 1950s to mastering e-commerce logistics in the 1990s. These companies succeed because they build what management experts call the “five bridges” to execution: the ability to manage change, a supportive structure, employee involvement, aligned leadership, and cross-company cooperation. At Costco, this is embodied by CEO James Sinegal, whose Spartan office and relentless focus on in-store details align leadership behavior with the company’s razor-thin margin strategy, proving that execution is modeled from the top down.

The Nation: The Political Economy of Progress

The evolution of ideas into reality scales beyond individuals and firms to the very level of nations. The economic trajectories of countries are determined by their ability to adapt foreign concepts and execute them within local contexts. The post-war rise of Japan is perhaps the most powerful example of this phenomenon. In the early 20th century, Japan was exposed to American ideas of scientific management, but the devastation of World War II left its industrial base in ruins. The idea that saved Japan was quality control, imported through lectures from American scholars W. Edwards Deming and Joseph Juran. The genius of Japan, however, was not in the adoption of the idea, but in its adaptation. Private organizations like the Union of Japanese Scientists and Engineers (JUSE) took the lead, transforming foreign theories into the uniquely Japanese practice of Total Quality Management (TQM) and the grassroots phenomenon of Quality Control circles. This was not government-mandated execution; it was a national movement of “thinker-doers” on the factory floor, relentlessly refining processes. The evolution of this idea rebuilt a nation, turning “Made in Japan” from a byword for cheap goods into a global standard for reliability.

In contrast, Singapore represents a different model of national execution: the state as a strategic architect. Upon independence, Singapore possessed few natural resources and a uncertain future. The government, however, possessed a clear-eyed vision of industrial development. It actively sought external assistance from the United Nations and Japan, but crucially, the Singaporean authorities acted as the “agent of adaptation” . They did not passively accept advice; they made decisive judgments about what was relevant to their unique circumstances and demanded specific adaptations. This disciplined, top-down execution of economic strategy—from building world-class infrastructure to enforcing rigorous education standards—evolved the idea of a “sovereign nation” into the reality of a first-world entrepôt. The contrast with nations like Tunisia, where external donors took the lead due to a lack of domestic policy clarity, highlights a fundamental truth: ideas flow freely across borders, but the ability to execute them is a domestic condition, cultivated through leadership and institutional will.

Conclusion: The Integrity of the Build

Ultimately, the evolution of an idea into reality demands what can be termed “imaginative integrity”—the unwavering commitment to binding the vision to the execution. It is a concept that applies equally to the Renaissance painter mixing his own pigments, the CEO sleeping on the factory floor, and the nation-state meticulously adapting foreign technology. The world is full of “crude ideas” that lack the refinement of execution; even a brilliantly designed structure like MIT’s Stata Center can falter if the craftsmanship of its realization is flawed.

The journey from “A to Z” is long, and the gap between strategy and outcome is the graveyard of potential. To traverse it, one must recognize that thinking and doing are not sequential acts but concurrent disciplines. The doers are the major thinkers, for they are the ones who test hypotheses against reality, who adapt to feedback, and who possess the grit to push through the inevitable obstacles. Whether it is a nation reshaping its economy, a corporation reinventing its logistics, or an individual defying the limits of technology, the lesson remains constant: the future belongs not just to those who can dream it, but to those who can build it.

Vision sees the path; execution walks it, blisters and all. The distance between a dream and a legacy is measured only by the courage to begin the work.

History does not remember the whisper of a thought, but the echo of its impact. To think is human, but to execute is to leave a mark on time.

Dr. Tolulope A. Adegoke, AMBP-UN is a globally recognized scholar-practitioner and thought leader at the nexus of security, governance, and strategic leadership. His mission is dedicated to advancing ethical governance, strategic human capital development, and resilient nation-building, and global peace. He can be reached via: tolulopeadegoke01@gmail.com, globalstageimpacts@gmail.com

Opinion

How an Organist Can Live a More Fulfilling Life

Published

2 weeks ago

February 23, 2026

Eric

By Tunde Shosanya

It is essential for an Organist to live a fulfilling life, as organ playing has the capacity to profoundly and uniquely impact individuals. There is nothing inappropriate about an Organist building their own home, nor is it unlawful for an Organist to have a personal vehicle. As Organists, we must take control of our own futures; once again, while our certificates hold value, organ playing requires our expertise. We should not limit ourselves to what we think we can accomplish; rather, we should chase our dreams as far as our minds permit. Always keep in mind, if you have faith in yourself, you can achieve success.

There are numerous ways for Organists to live a more fulfilling and joyful life; here are several suggestions:

Focus on your passion. Set an example, and aim for daily improvement.

Be self-reliant and cultivate harmony with your vicar.

Speak less and commit to thinking and acting more.

Make choices that bring you happiness, and maintain discipline in your professional endeavors.

Help others and establish achievable goals for yourself.

Chase your dreams and persist without giving up.

“Playing as an Organist in a Church is a gratifying experience; while a good Organist possesses a certificate, it is the skills in organ playing that truly matter” -Shosanya 2020

Here are 10 essential practices for dedicated Organists…

1) Listen to and analyze organ scores.

2) Achieve proficiency in sight reading.

3) Explore the biographies of renowned Organists and Composers.

4) Attend live concerts.

5) Record your performances and be open to feedback.

6) Improve your time management skills.

7) Focus on overcoming your weaknesses.

8) Engage in discussions about music with fellow musicians.

9) Study the history of music and the various styles of organ playing from different Organists.

10) Take breaks when you feel fatigued. Your well-being is vital and takes precedence over organ playing.

In conclusion, as an Organist, if you aspire to live towards a more fulfilling life in service and during retirement, consider the following suggestions.

1) Plan for the future that remains unseen by investing wisely.

2) Prioritize your health and well-being.

3) Aim to save a minimum of 20 percent of your monthly salary.

4) Maintain your documents in an organized manner for future reference.

5) Contribute to your pension account on a monthly basis.

6) Join a cooperative at your workplace.

7) Ensure your life while you are in service.

8) If feasible, purchase at least one plot of land.

9) Steer clear of accumulating debt as you approach retirement.

10) Foster connections among your peers.