South African club, Kaizer Chiefs have been put away by the heavy price tag of Super Eagles goalkeeper, Stanley Nwabali.

Chiefs, according to reports in South Africa have keen interest in the shot stopper but can’t afford his R30m (approximately £1.3m) transfer fee.

Nwabali has been linked with several clubs since his impressive performance for the Super Eagles at the 2023 Africa Cup of Nations early this year in Cote d’Ivoire.

Saudi club, El-Ettifaq and Sky Bet Championship outfit, Queens Park Rangers are among the clubs which have been linked with the goalie.

“Kaizer Chiefs, once showing strong interest in Nwabali, are rumoured to have stepped back from any potential deal due to his hefty R30 million price tag.

“However, if Amakhosi are genuinely committed to reshaping their fortunes and bolstering their squad with notable talent, they should consider investing in players like Nwabali, especially given the uncertainty surrounding Itumeleng Khune’s future,” Goal.com writer, Celine Abrahams, noted.

The 27-year-old has two years remaining on his contract with Chippa United.

[DailyPost]

• It’s welcome, say Reps, Muda Yusuf

The Trade Union Congress (TUC), electricity workers, and consumers yesterday described as ‘negligible,’ the 8.1  per cent reduction in the tariff paid by Band A customers.

They called for a reversal of the tariff announced last month by the Nigeria Electricity Regulatory Commission (NERC) for Band A customers, saying there should not be segregation of electricity users.

The House of Representatives and Center for the Promotion of Private Enterprise (CPPE) Chief Executive Officer  Muda Yusuf, however, described the review as a step in the right direction.

NERC which is the regulator of the nation’s electricity sector, had in a statement yesterday directed    the 11 electricity Distribution Companies (DisCos) in the country  to reduce Band A   tariff from N225/kWh to N206.8/kWh for this month. 

The DisCos immediately started complying with the order which NERC explained was primarily informed by the stability of the Naira against foreign currencies.

When the commission upped the tariff paid by customers on Band A feeders last month,  it cited variables like the high cost of gas, prevailing exchange rate, and other macroeconomic factors as reasons.

However, there was an uproar over the adjustments from different quarters.

Yesterday, TUC which is    the umbrella body of senior workers, said pre-April tariff of N66/KWh should be restored while NERC engages with stakeholders .

The union had during the May 1 Workers Day celebration,  issued NERC  a one- week ultimatum to return the tariff to the old price of N66/KKWh . The ultimatum expires today.

“Our ultimatum was very clear: revert to the old N66/KKWh not to reduce. Because the Electricity  Act is very clear there should be stakeholders’ engagement. That was not done.

“ NERC has to revert to the old tariff and let there be stakeholders engagement in line with the provisions of the Electricity Act. So reducing it is unacceptable to us,” said TUC’s Deputy President  Tommy Okon.

Also,  National Union of Electricity Employees (NUEE) Ag. General Secretary  Dominic Igwebike, said: ‘’We are asking for total reversal of the tariff for band A customers.’’

‘’To us as electricity workers, there should be no discriminatory tariff for Nigerians, “  added in a text message.

Consumers   under the aegis of the  Association for Public Policy Analysis (APPA), argued that the new rate of N206.80/kwh ‘’does not make any difference.’’

They  wondered whether or not  the reduction was  enough incentive for manufacturers to remain in business or reduce the costs of their goods.

“Reducing it (tariff) what is the difference? N225, you are now reducing to N206.80.  Industries are dying. What we should be asking is that this amount they are putting now, will it make the industry functional? Will it make the manufacturers to be able to manufacture more and reduce the costs of their products ?,” APPA National President   Princewill Okorie, asked.

Recommending solutions to the Federal Government, Okorie urged it to reverse its policy on gas.

He said: ‘’Government should come up with a new policy that will spell out domestic gas obligation for power generation. Why should  gas that is produced locally  be sold to generating companies(GenCos) in dollars? How should Nigeria that lacks gas for electricity generation export the same product?

‘’It is not a patriotic policy. The solution we want is that the Federal Government should reverse the policy on gas.

“If gas is made available to  the generation companies to generate electricity,   tariff  will be reduced. Why will we have gas in quantity and be  buying gas in dollars in Nigeria  and no percentage   is reserved for generating electricity for Nigerians.

“Rather, the gas is sold abroad by private companies while citizens are suffering by paying high tariffs. It does not help. It is not a patriotic decision at all. Let gas be made available for GenCos.”

The APPA chief  also called on the Federal Government to settle the N47 billion that its Ministries, Departments and Agencies are owing the DisCos.

He said that it was unfortunate that government’s  decisions in the power were, more  often, based on data from the DisCos  and not those generated  by any of its agencies .

Okorie asked:   “Where are the data ? All these decisions taken in the power sector are they based on data from consumers generated at community level? Should the ministry (Power) depend of DisCos to give them report and not verify from the consumers.  

“Who is overseeing consumers’ issues in the Ministry of power? Who is advising the ministry and the President on issues regarding power? Nobody.’’

But the House of Representatives which welcomed the 8.1 tariff reduction agreed that there is more to be done.

The House  had  on April 30 called on NERC  to reverse N225/kWh  tarrif increase. It also raised a committee to hold a public hearing with stakeholders in the power sector and Organised Labour.

Spokesman for the House Akintunde Rotimi told The Nation that the public hearing would proffer lasting solutions to frequent tariff increases by NERC and DisCos.

CPPE founder Yusuf said NERC had by the review shown that it was responsive to the peoples’  concerns

He added that he believes that the tariff slash, no matter how minimal, would have a positive impact on manufacturing in particular and electricity consumers in general.

Yusuf said: “The review is a welcome development and above every other thing it proves that NERC is sensitive to the concerns that have been expressed by the citizens, electricity consumers and the national assembly. It is a good development for manufacturers and electricity consumers generally.

“As to the factor of macroeconomic environment, I hope that if the situation changes may be by this month  or next, NERC would not come back and start reviewing it again because there is also a need for stability in electricity tariff. 

‘’Electricity is of  strategic importance to the economy and not only for its comfort for the people  but for the productivity in the economy.

‘’It is not a sector where we should be expecting another volatility because we have enough volatility in other sectors and no need adding that of electricity into it.’’

 Why tariff was slashed, by NERC

Improvement in the exchange rate  , among other macroeconomic parameters,   induced  the tariff  reduction, said the commission.

It explained in  a statement that the slash was in tandem with the tariff methodology covering this month.

 “The commission has considered changes in the macroeconomic parameters over the preceding month of April 2024 and especially the appreciation of exchange rates – consequently the Commission has approved a downward review of end-user tariffs for Band “A” customers from N225/kWh to N206.8/kWh,” the statement read. 

NERC also reiterated that it was committed to providing a balanced and effective regulatory regime serving the needs of the Nigerian Electricity Supply Industry (NESI).

In their separate reactions, the DisCos  which complied almost immediately by reducing the Band A tariff, said  they  follow ‘’directives given by the regulators knowing they are  in the best interest of all parties.’’

They assured customers of continued improvement in service delivery. 

Ikeja Electricity (IE) Head of Corporate Communications, Kingsley Okotie,  assured customers  in   Bands B, C, D, and E that their tariff  ‘’remains unchanged.”

 Okotie added: “We are a compliant Disco; we follow directives given by the regulators knowing it is in the best interest of all parties. We assure our customers of continued improvement in our service delivery as we strive to give them a better quality of service.

  ‘’Please be informed of the downward tariff review of our Band A feeders from N225/kwh to N206.80/kwh effective 6th May 2024 with guaranteed availability of 20 to 24 hours  supply daily.’’ 

The Abuja Electricity Distribution Company said: “We are pleased to share with you the revised tariff for our Band A feeders, which will decrease from N225/kWh to N206.80/kWh effective today(Monday). We assure customers on our Band A feeders of continued availability of electricity supply for 20-24 hours daily.”

The Federal Government, through the Securities and Exchange Commission, is set to delist the naira from all peer-to-peer crypto platforms as the government steps up efforts to tackle exchange rate manipulators and dollar racketeers.

The development came against the backdrop of the recent moves by the Federal Government to regulate Nigeria’s crypto market estimated at $57bn.

The newly-appointed Director-General of the Commission, Emomotimi Agama, disclosed the government’s latest plan during a meeting with members of the Nigerian blockchain industry on Monday.

The meeting was organised by the Blockchain Industry Coordinating Committee of Nigeria.

Agama confirmed that the government was currently drafting a new set of regulations to govern the crypto sector.

Operators in the crypto space have allegedly used the P2P platforms to manipulate the naira and the exchange rate.

 “That is one of the things that must be done to save this space; the delisting of the naira from the P2P platforms to avoid the level of manipulation that is currently happening. I want your cooperation in dealing with this as we roll out regulations in the coming days,” the SEC DG told the members of the local crypto community.

Agama’s announcement came barely a week after the Central Bank of Nigeria instructed payment service banks to caution their customers against engaging in crypto transactions.

The PUNCH understands that some local exchanges in the country, such as OKX, Bitbarter and some platforms under the membership of Stakeholders in the Blockchain Technology Association of Nigeria had already stopped naira services in solidarity with the government.

In March, SiBAN sought collaboration with the Federal Government for proper regulation after developing the Virtual Assets Service Providers Code of Conduct in 2022.

However, the SEC DG urged members of the crypto community in Nigeria to “name and shame” the players involved in the manipulation of the naira.

He maintained that some bad players in the industry were manipulating the national currency, an act that the government was determined to deal with.

Agama said, “We ask with all sense of sincerity that those involved in sharp practices cease. We encourage you to reach out to us by naming and shaming those involved.

“This nation has a future, and this future is dependent on this community. For us at the SEC, our interest is to provide an enabling environment for fintech to thrive, and by so doing; we expect the fintech community to reciprocate by doing the right thing.

“Patriotism can never be wished away. Whatever we do that would bring dishonor to our country, we must try to avoid it. What is very critical and has brought about this meeting are the concerns regarding crypto P2P traders and their effect on the naira.”

He maintained that the SEC under his watch was poised for an innovative digital asset regulatory regime that would sustain Nigeria as Africa’s digital asset powerhouse with diverse solutions like real-world asset tokenization.

This, according to him, will drive wealth and catalyse the country’s capital market.

He said, “We must explore innovative solutions to this problem and strike the right balance between encouraging innovation and safeguarding our national economic interests. This we will do in a friendly and firm manner to enable us to achieve the desired result.

“On that note, I want to emphasise that we are working on different fronts to sustain decent practices within our market. However, we are here to meet ourselves to know those playing within the sector decently and are open to hearing your suggestions on how we can effectively manage all obscure cryptocurrency trading activities within our jurisdiction, P2P inclusive, irrespective of the challenge we all know that P2P trading poses.”

Sunday PUNCH had reported that the proposed Monday meeting would see the government take decisive action on the sector.

Nigeria’s volume of crypto transactions grew by nine per cent year-over-year to $56.7bn between July 2022 and June 2023, according to the 2023 Geography of Cryptocurrency Report by Chainalysis, a United States-based international blockchain analysis firm.

Stakeholders seek collaboration.

In his remarks, the Chairman of the Fintech Association of Nigeria, Dr. Babatunde Obrimah, commended the SEC DG for the bold steps and the proposed partnership with the ecosystem.

He pledged the association’s commitment to working with the DG to sanitise the virtual ecosystem.

On its part, BICCoN requested the setting up of a working group to tackle the various challenges facing the crypto space and move the market forward.

The co-founder of a local exchange, Bitbarter.io, Chukwuemeka Ezike, told The PUNCH that operators within the ecosystem were willing to support and work with the government to ensure that some of the issues relating to the naira’s value were resolved.

While acknowledging that huge investments have been put into building their platforms, he said it would be imperative to work out possible resolutions to enhance the sector’s growth.

On Saturday, the Chairman of BICCoN, Lucky Uwakwe, had said that the group would be seeking to reach a middle ground with the regulator.

Ukakwe said the meeting “is for us to try and bring the industry to be compliant and remove bad actors who abuse technology, especially the concern raised by the government. This has to do with those who use the technology to manipulate the naira.

“We also hope that innovation is encouraged to enable the industry to gain more foreign inflow that will aid the current administration’s drive for foreign investment into the nation, as seen in other countries such as China and the UAE, and not to stifle the industry.”

Fintechs.

Last week, the CBN stopped major fintech firms from onboarding new customers in an ongoing audit of their Know-Your-Customer process.

The ‘Know Your Customer’ compliance level of fintechs has also been a source of worry for regulators. This involves verifying a customer’s identity and understanding their financial activity to prevent financial crimes, such as money laundering, terrorist financing, and fraud.

According to the Nigeria Inter-Bank Settlement System’s fraud watch report, fraud losses increased by 496.96 per cent over the past five years, and financial institution customers lost N59.33bn between 2019 and 2023.

Following the regulatory action, major fintech firms, including Opay and PalmPay, sent emails to their customers on Friday, warning them against trading in cryptocurrency or any virtual currency on their apps. They also threatened to block any accounts found engaging in such activities.

Already, the Economic and Financial Crimes Commission has obtained a court order to freeze at least 1,146 bank accounts owned by various individuals and companies allegedly involved in illegal foreign exchange transactions.

The 85-page court order (document), which listed the bank account details of the suspects, was obtained by The PUNCH on Monday.

Justice Emeka Nwite, in a ruling on the ex-parte motion, moved by counsel for the anti-graft agency, Ekele Iheanacho, also granted the commission’s application to conclude the investigation within 90 days.

Part of the court document read, “That the applicant’s (EFCC) application is hereby granted as prayed.

“That an order of this honourable court is hereby made freezing the bank accounts stated in the schedule below, which accounts are owned by various individuals who are currently being investigated in a case involving the offences of unauthorised dealing in foreign exchange, money laundering, and terrorism financing, to the extent that the investigation will be for a period of 90 (ninety) days.”

The President of the Bank Customers Association of Nigeria, Uju Ogubunka, backed the CBN’s move to suspend new account openings on the affected platforms.

He told The PUNCH that the strict regulations that govern deposit money banks must apply to fintechs and microfinance banks to ensure the integrity of the financial institutions.

He said, “Anything that can disrupt the system should not be permitted. If the platforms are being used for things that are against the regulations, I think the CBN decision is OK. I don’t see anything wrong with that. It behoves the companies now to get their KYC right.

In 2021, the CBN restricted banks and other financial institutions from operating accounts for cryptocurrency service providers.

However, in December 2023, the financial regulator lifted the ban.

But fresh concerns emerged in February over the activities of the largest cryptocurrency exchange in the world, Binance, on its peer-to-peer platform, especially on issues relating to its price cap on USDT trading.

Authorities said those activities contributed to the depreciation of the naira.

On March 8, Binance stopped its naira services after two of its executives were detained by the Nigerian authorities

A presidential spokesman, Bayo Onanuga, said Binance could destroy the Nigerian economy by arbitrarily fixing the foreign exchange, rate if not stopped.

While confirming that the government has taken strict action against the website, Onanuga said, “If we don’t clamp down on Binance, Binance will destroy the economy of this country. They just fix the rate.”

“We have saboteurs. Look at what Binance is doing to our economy. That is why the government moved against Binance. Some people sit down using cyberspace to dictate even our exchange rate, hijacking the role of the CBN.

“They just sit down and fix anything they like. It’s sabotage, and we are trying to prevent that from happening henceforth.”

[Punch]

The Central Bank of Nigeria (CBN) has ordered all banks to start charging a 0.5 per cent cybersecurity levy on all electronic transactions within the country excluding 16 listed banking deals.

According to a circular signed by the Director, Payments System Management Department, Chibuzo Efobi; and the Director, Financial Policy and Regulation Department, Haruna Mustafa; the cybersecurity would commence two weeks from May 6, 2024.

The apex bank, in the circular, directed to all commercial, merchant, non-interest, and payment service banks, among others; to start the implementation of the cybersecurity charges after two weeks of the information.

“The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy,’” the circular partly read.

However, the CBN listed 16 banking transactions exempted from the new cybersecurity levy.

The exempted transactions are listed below:

1. Loan disbursements and repayments

2. Salary payments

3. Intra-account transfers within the same bank or between different banks for the same customer

4. Intra-bank transfers between customers of the same bank

5. Other Financial Institutions instructions to their correspondent banks

6. Interbank placements,

7. Banks’ transfers to CBN and vice-versa

8. Inter-branch transfers within a bank

9. Cheque clearing and settlements

10. Letters of Credits

11. Banks’ recapitalisation-related funding – only bulk funds movement from collection accounts

12. Savings and deposits, including transactions involving long-term investments such as Treasury Bills, Bonds, and Commercial Papers

13. Government Social Welfare Programmes transactions e.g. Pension payments

14. Non-profit and charitable transactions, including donations to registered non-profit organisations or charities

15. Educational institutions’ transactions, including tuition payments and other transactions involving schools, universities, or other educational institutions

16. Transactions involving bank’s internal accounts such as suspense accounts, clearing accounts, profit and loss accounts, inter-branch accounts, reserve accounts, nostro and vostro accounts, and escrow accounts.

[Vanguard]

The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to implement a 0.5 percent cybersecurity levy on electronic transfers.

This is contained in a circular signed by Chibuzor Efobi, director of payments system management and Haruna Mustafa, director of financial policy and regulation on Monday.

The directive was issued to commercial, merchant, non-interest and payment service banks, as well as mobile money operators.

CBN said the policy would take effect in two weeks and charges would be described as ‘Cybersecurity Levy’.

According to the apex bank, the deduction and collection of the cybersecurity levy is a sequel to the enactment of the Cybercrime (prohibition, prevention etc) Amendment Act of 2024.

“Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and under the provision of Section 44 (2)(a) of the Act, “a levy of 0.5% (0.005) equivalent to a half percent of all electronic transactions value by the business specified in the second schedule of the Act, is to be remitted to the National Cybersecurity Fund (NCF), which shall be administered by the Office of the National Security Adviser (ONSA),” CBN said.

CBN said the charges would be remitted to the national cyber security fund, which would be administered by the office of the NSA.

“Deductions shall commence within two (2) weeks from the date of this circular for all financial institutions and the monthly remittance of the levies collected in bulk to the NCF account domiciled at the CBN by the 5th business day of every subsequent month.”

CBN said failure to remit the levy is an offence which attracts a fine of not less than 2 percent of the annual turnover of the defaulting business, amongst others.

“Finally, all institutions under the regulatory purview of the CBN are hereby directed to note and comply with the provisions of the Act and this circular.”

Meanwhile, earlier, banks announced the reintroduction of 2 percent charge on deposits above N500,000.

[TheCable]

One of the finest persons I have ever met and worked with was Sir Michael Agbolade Otedola. The General Ibrahim Babangida administration had foisted a two-party system on Nigerians in 1989 following the president’s inclination to end his military junta and embrace the civil form of government seen around the world.   Nigerians had no other option apart from the established National Republican Convention (NRC) and the Social Democratic Party (SDP). The General Ibrahim Babangida’s transition idea led to a high definition jostling and tent pitching either with the NRC or the SDP among politicians and Nigerians.

I was a budding woman at the time with an inchoate idea for a pan-Nigerian social order. The politics of the region which Sir Michael and I came from has a clear political idiosyncratic peculiarity. The choice of many elders of thought among the Yoruba people was the SDP.   The SDP became the dominant party among the Yoruba people. The likelihood of the NRC winning any state of the Yoruba people was going to be a herculean task. Sir Michael knew this but chose to stride along this unpopular path for the NRC and for his persuasion.

Both parties were preparing for their various State Elections, Congresses and National  Conventions. I was a delegate for NRC, representing the Lagos Mainland Constituency. My euphoria of this political accomplishment as a youthful woman was reaching the skies. I was hopeful with clearness and I was prepared to give the best of my talent for this political process. As I watched the contestants lobbying for our votes, I saw Sir Michael in his glittering white apparel from afar as he exchanged greetings with people and listened as they talked and responded with a few words and signs of assurances. Some of the contestants have spoken and lobbied for  support and vote. I kept my mind opened until I heard the last of them. My choice must come from my conviction.

Sir Michael was plain. You would find no sensationalism or sentimentalism with him. His plainness was piercing and penetrating. If you cared for pragmatism, you would choose him over the voluble charismatics who mesmerized listeners with fancy words.

Having listened to almost the contestants at all levels, I saw a number of delegates around with positive energy throwing the support for Sir Michael. At this point, I was already on board in support of Sir Michael. I knew it would be the beginning of a greater political relationship with the sage.

The hour came and it was like streaks of light breaking through the forest glades — Sir Michael was walking slowly towards a few of us from Lagos Mainland Constituency. He was accompanied by Late Otunba Anthony Olusegun Odugbesan and two other persons. He stopped and greeted us pleasantly and said, “Look at my people, I know we have the same dream to make Lagos State the centre of excellence. Please join me and let us get it done.” The whole of my mental configuration changed when I heard him say these words. Little did I know that time would present him with the opportunity to coin an official sobriquet for Lagos. He presented “Lagos: Centre of Excellence”. This slogan has come to stay. Every governor after him struggled to make Lagos the Centre of Excellence. No one has set a better challenge to succeeding governors than Sir Michael Agbolade Otedola.

He spoke of his plan about how to make Lagos a Centre of Excellent. We were so amused at his vivid, artless, and realistic plan for infrastructure, education and entrepreneurship. His goal was a people oriented vision. He wanted to raise a population of youths from dependence to entrepreneurial capacity and humane capitalism. He believed that reducing poverty among Lagos residents would be a way to growing a giant economy for Lagos. He told us that having a plentiful wealthy population would ease the government from the burden of avoidable liability because a wealthy population’s contribution would cut across investment and employment of labour, infrastructure surplus, education improvement, healthy culture and physical planning.

After Sir Michael addressed us, I was chosen amongst the 3 delegates to respond, and I asked why he chose NRC as his platform given that the majority of Yoruba elders chose SDP, a factor that made the party to have a greater hold on Lagos and other Yoruba region states. I wanted to know his drive for taking a path with a slim or infinitesimal chance of winning the gubernatorial seat of Lagos. He looked at me as if he was trying to find a connection with me for choosing the NRC. He said, “Maybe you and I are here for the same reason. I don’t need to conform to the popular leaning to win this election. I don’t need to win through a crowded system. We are at a time people knew what they want. I have to defeat that crowded system because I know what my people want. The path to glory is usually narrow, visible and lucid for a nonconformist but it is difficult for a conformist to see with clarity while on the broad way.”

The manner he presented his response was like there was no strong challenge against him. I could see in him a dawn reality. He was so sure that he was steps ahead those on the otherside of the divide.  His courage was spilling over me and I quipped, “Baba, I agree with you and I am going with you all the way to win with you. I am ready for any task.”

“Thank you for your choice”, he responded. He added, “Here in Lagos, the NRC is the narrow path and that is why I am with them. The narrow way screens you more than the broad way. You have to work and recreate things with attention and focus but in the broad way you will be faced with distractions, wrangling, many lackeys brouhaha, shortchanges, distrust, and even patching up with irreconcilable differences. Governance is not a party of lackeys but a process of building sustainable bridges between the government and the electorate. We will win and make Lagos the Centre of Excellence. Can we do it together?”, he asked with self-effacement.

Before I made my answer, he took me by the hand and we sauntered softly towards the exit door of the  arena. “Nike, we have a lot more to talk about. I’m inclined to giving you some tasks to do.”

“Sure Sir, I’ll do them”, I said unassumingly. He handed me his private telephone number and requested me to call him after the meeting for further conversation.  It wasn’t a feeling of excitement moving in my sinews as we parted but I wondered how magical it was that I made a wish earlier and in a moment it became realistic. That wonderment hovered over me until the end of the meeting. I was super excited when he was declared the winner and announced as the NRC gubernatorial candidate for Lagos. As a man without rancor, he was accepted by all concerns within the NRC as the arrowhead for us all.  A lot of us moved into the campaigns with the satisfaction and assurance that we have a credible and ingenuous candidate to face the sprawling political juggernauts.

A night after the congress for gubernatorial election, I called his telephone line. He was as full of life as he spoke. He said to me, “Nike, there is no time for delays. We have to meet this afternoon. I want to know what you can do before I start assigning responsibilities for the general election. Can you come to my Impact Press office at 2.30pm?”  When I got to his office area, his personal assistant led me in. Late Otunba Anthony Olusegun Odugbesan was in the office with him. He was a man of undeniable discretion. Sir Michael asked as he looked at me with a beam on his face,  “Nike, may I know you more”? “Sir, I am a Lagosian. I acquainted him with my origins— both paternal and maternal lineages. He was persuaded of what I stood for as a rising woman that I would be useful and resourceful to him.

Sir Michael commended my bearing and youthful savvy. He told me that he believed that I had the capacity and the ability to mobilise support for him in no small way.  My first assignment he placed me in the fundraising dinner committee along with Mr Nduka Obaigbena as the headship of the committee, a youthful tested doyen of journalism, Dr. Doyin Okupe, Engr. Buba Galadima, Mr. Femi Fani-Kayode,  Mr. John Dara his Personal Assistant and Ms Queenette Alagoa (one of Chief Tom Ikimi’s aides).   After telling me that he wanted me to be in the fundraising dinner committee, he said to me, “The destiny of our Party in Lagos is in our hands. I won’t fail but you all have a big role to play to help me deliver my promise of winning.  I will break the fortresses of our opponents.  I didn’t rebut his suggestion of having me on the fundraising committee even though it was a difficult one.

After that meeting with Sir Michael,  Late Otunba Anthony Olusegun Odugbesan became a man I could run to when I needed direction.  He was open to enquiries and was always prepared to suggest useful applications.  If anyone was worked up and began to suffer from a drought of ideas,  Otunba Anthony was the relief we could count on. I remembered 10 years  when Sir Michael passed on, I was unavoidably absent during the rites of passage.  Entries of tributes had been closed but Mr. Bisi Lawal, a former Chairman of the Board of Eko Hotels Ltd was able to help me reach Mama – Lady Doja Otedola who ensured that my tribute is received and published among the Eulogies for his funeral.

Sir Michael was a genius in managing his teams.  For him, our success depended on working with ease and leverages. He would make us to understand that failure begins with going out without a plan of what to achieve and a strategy for achieving it. So we created plans and formulated strategies and followed through to realise every plan without distraction. We knew what we wanted at every point and went for it without delays and distractions.

The SDP was very loud and widespread. Late Chief MKO Abiola of the SDP, as the Presidential Candidate (God bless his memory). They dominated the media, they dominated the streets

with rallies, funfairs and posters.  Sir Michael pushed for a different campaign strategy. “Win the electorate one-by-one”, he told us. He said, “If we win them one-by-one, you would have extracted a promise or a commitment from the voter because of a mutual relationship and trust you establish with them.” Thus, we decided to embark on the campaign with a door-to-door evangelical approach. The people we met understood us and assured us that they are with us. They heard our voices and we heard theirs.  Hearing the people’s voices was Sir Michael’s strategic measure of identifying with the people and telling them directly that he was for them all the way.

On December 14 1991, the general election took place. We were in the situation room with a host of Sir Michael’s campaign strategists and key players. There was no tension. We were conversing and laughing. No one took the process with a do or die behaviour. Sir Michael was in a good spirit as usual. He cast his vote at his home stead, Odoragushin  in Epe Local Government Area.  Everyone in the room believed that the results of the election will be in our favour. We were not surprised at the outcome.

Sir Michael Otedola’s administration was short-lived. General Sani Abacha interrupted the Third Republic democracy and imposed his junta before the Interim Government led by Late Chief Ernest Shonekan could fulfill its mandate of reorganizing the annulled June 12 1993 general election. After Sir Michael’s

NRC was announced as the winner of Lagos gubernatorial election, he started planning for assumption of office with a clear mindset of what he wanted to do. He had plans for every of his key campaign players, and has ardent supporters but he wasn’t imposing his desire on any of them. When he called me that he has plan for me - that he had earmarked something for me in his government, I quipped like a child full of exhilaration, “I want to be on the board of Eko Hotels.” I didn’t wait for him to say what he planned giving me. He was stunned at me. For the first time, I noticed what the surprised looks of Sir Michael was like. He made no attempt at persuading me to put aside my desire. He softly asked for a couple of times, “Are you sure that is what you want?”  “Let me take off with that for now, Sir”, I responded. Being resilient and enamored with my answer to him, he appointed me into the board of Eko Hotels shortly after his inauguration on January 2 1992.

Sir Michael Otedola assumed office after years of military governorship administration.  He worked like a horse and intentionally touching every segment of Lagos State public service, overturning restrictions and replacing them with viable designs and policies. The maestro held that the government must not be impeded by blockades if it must be seen as the government of the people. He owed the electorate the promise of constructing bridges between the government and the people and the duty of making the state a centre of excellence.

Choosing the sobriquet, “Lagos: Centre of Excellence” Sir Michael intended to remind everyone that is resident in Lagos that we have a collective responsibility to make Lagos the Center of Excellence.  However, the intent of the slogan has been so thoroughly abused or unexecuted. We must ignite the intention of the message and let Lagos residents to intentionally and consciously start doing things for the sake of the excellence of Lagos.

It is on record that Sir Michael could work till 1:00 am before leaving his office at Alausa and still resume work at sun rising. It was unfortunate that he was allowed no time to sow the much he planned— the military came back!

Sir Michael was a man of many parts and was profound in all the parts. He was a man of a deep religious affiliation, a teacher, a trained journalist, a public relations connoisseur, an industrialist, a politician, a loving husband, and a delectable father. His passion to execute his conviction was never transient until a perfect outcome was actualised. However unpredictable he was, he kept a convivial and magnetizing ambiance. His atmosphere was full of light and sweetness. There was no boredom around him. Once he believed in you to be capable of something positive and impactful, he would provide you the platform to run with your ability. He would be calm and wait for you to tender the report of your task at the expected time. Sir Michael had no time for a close marking.  He expected that we demonstrate our sense of creativity and skills ingeniously and truthfully.  He would let us know that our results would announce us. If, therefore, you want to be announced, show him your impactful work in record time.

On this date, May 5 2014, of his demise, I reminisced the past and recollected this beautiful experience with Sir Michael. Everyone that has worked with him must have something of excellence to say about him. Put all stories about this quintessential legend from whomever, you will find that the straightness of Sir Michael Agbolade Otedola is indelibly captured in all testimonies about him as an exemplar of a sound leadership marshal.

Live Forever, Sir Michael!

Written from Lagos by:

‘Nike Jones

May 2024

11

The Federal Government is aware of false alarms being raised in some quarters alleging discussions between the Federal Government of Nigeria and some foreign countries on the siting of foreign military bases in the country.

We urge the general public to totally disregard this falsehood.

The Federal Government is not in any such discussion with any foreign country. We have neither received nor are we considering any proposals from any country on the establishment of any foreign military bases in Nigeria.

The Nigerian government already enjoys foreign cooperation in tackling ongoing security challenges, and the President remains committed to deepening these partnerships, with the goal of achieving the national security objectives of the Renewed Hope Agenda.

Mohammed Idris
Minister of Information and National Orientation 
06 May 2024

The news of the appointment of the Nigeria billionaire banker, Jim Ovia as the chairman of the Board of the Nigerian Education Loan Fund (NELFUND) has elicited reactions from many Nigerians. Concerned observers have tried to proffer explanations about the motive behind what is considered by many as bizarre appointment. The Jim Ovia that everybody knows will not touch government appointment with a long pole. The foremost Nigerian banker and corporate icon does not lobby nor need government appointment. It is therefore strange to many that he could condescend to accepting an appointment under Tinubu having rejected such offers in the past. The main questions on the lips of the concerned observers include: why would he want to make a volte-face this time? Why would he want to smear his impeccable reputation by associating with a regime battling with credibility issues?

Mr. Jim Ovia, a banker, a business mogul and an investor is the founder and chairman of Zenith International Bank, one of the key players in the Nigerian financial sector. He has a reputation for promoting excellence and meritocracy. A stickler for rules; he believes strongly in the values of honesty and integrity. Those close to him say that he has the personality type that is averse to adverse publicity and scandal and would do anything to avoid them. Thus, it might sound odd for him to consort with politicians, save for business purposes, let alone accepting a political appointment. It is said that Jim may not punish his employees for not making profit but must punished anyone involved in fraud or anything that will tarnish the reputation of the bank. He abhors anything that has to do with scandal including litigation. As much as possible, he avoids litigation. It is believed that one of the reasons he invested heavily in technology and people is to ensure quality customer service to reduce reputational risk. And it is on record that the Jim Ovia’s Zenith bank has the least cases of litigation and fraud among the banks in Nigeria.

It is not exactly clear why Asiwaju Bola Ahmed Tinubu has to pick on Jim Ovia. According to the official statement, the chairman of Zenith Bank was appointed NELFUND board chairman ostensibly for him “to bring his immense wealth of experience and professional stature to this role.” But the question is: does one require the skill of a banker to manage the said student loan funds? Is NELFUND a financial institution? Does the role of NELFUND involve financial intermediation? Of course the management of the student loan board may not involve investment analysis or risk assessment analysis.

The job is purely administrative and procedural. A retired school bursar or school teacher with even a background in History or Religious Studies can manage the said funds without stress. People as making conjectures about this, more so, as Tinubu is not known for appointing people based on merit or competence. His major consideration for appointment is loyalty rather than performance. Clearly, if Tinubu is interested in results, he would have given Mr. Ovia the Central Bank or the Finance Ministry, where his competence will be better deployed, rather than student loan board, to manage.

Expectedly, many have wondered why the banking guru has to identify with the Tinubu’s government. Are his multi-billion investments in Lagos under threat? Is he using the appointment as a means to secure the release of his protégé, Emefiele, the erstwhile Central Bank of Nigeria (CBN) governor who is currently being hounded by Tinubu’s government for implementing a cash swap policy prior to the February, 2023 general elections; a policy interpreted by Tinubu and his group as an attempt to frustrate his presidential ambition? Or is he using the appointment as a way to dissociate himself from the alleged offenses committed by Emefiele when he held sway as the CBN governor? Whatever the reason, I sincerely hope that Jim Ovia is not being blackmailed or arm-twisted into accepting appointment from Tinubu against his will.

Without doubt, the presence of Jim Ovia among Tinubu’s men would be a big image boost for a government that is encumbered with a heavy legitimacy and credibility burden. Indeed, the government propagandists would brag about it, and as usual, drop Jim Ovia’s name among those allegedly made by Tinubu. To them, anyone who has government appointment is made by the one that appointed him. This is because they erroneously think that government appointment is not about service but an opportunity for self-enrichment. Tinubu is a maker of men but ironically, the state that he claimed he built has the worst number of area-boys and street urchins in the southern part of the country. He could not train or rehabilitate the horde of Lagos area-boys and yet he is a maker and developer of men. Lagos has more destitute and out school children and it is still educationally disadvantaged despite the huge revenue inflow. How many schools did he build while he “reigned” in Lagos? How many skill acquisition centers did he establish in his Lagos? Lagos State has one of the worst literacy cases in the whole of Southern Nigeria? So who did he make?

I am one of the many Nigerians that are skeptical about the Tinubu’s proposed student loan scheme. To me, the program is a misplaced priority and a white elephant. Nigeria needs investments in education but not in populist white elephants. In the colonial era and in the immediate post independent era, when Nigeria had acute man power shortages, such program would be effective and necessary and not now that Nigeria has surfeit of university graduates roaming the streets looking for non-existent jobs. Nigeria needs investment in the educational sector but not in the bogus loan scheme program. The investment we need in education should be in the area of technology, human development and provision of environment suitable for learning in addition to result-oriented curriculum development.

Nigeria operates outmoded, wishy-washy curriculum that tends to produce helpless, dependent jobseekers. Nigeria needs the curriculum that will produce entrepreneurs; that help learners develop critical thinking and problem-solving skills. Investment in mass education should be at the primary and high school level in order to reduce the number of out of school children and should be targeted mainly at the alimajiris and the area-boys of the North and Southwest respectively. But the APC government would not invest in this area for obvious reason. It would mean educating, liberating and depleting their army of political tools needed for election rigging. The previous investments in this area by the Babangida regime through the nomadic education scheme and Jonathan Administration through the Alimajiri School program were frustrated by the forces opposed to liberating these street urchins from bondage.

Secondly, the student loan scheme may be seen as a vehicle for the political “settlement” and might be hijacked by politicians to siphon public funds by granting loans to their cronies, stooges and ghost students. That is why many believed that the program may turn out to be a camouflaged conduit pipe for public funds and may never get to the indigent students and those that it is intended. Tinubu’s propagandists may defend the appointment of Jim Ovia by claiming that it is the importance the president attached to the program that informed his decision to engage the person of his caliber to manage the funds. But it left to be seen if that is the case.

Certainly, the Nigerian students do not need the spurious loan scheme that might not be accessible after all. What they need is quality education. They need the right technologies, the facilities and the conducive environment that will promote learning; that will make them graduate when they should, not a compromised system that will make them spend five or more years for a four-year course. The Nigeria youth need an effective man power development program that will support and equip them with the relevant skills for the future not area-boy policies that will mortgage their future. They require a robust economy that will empower their parents and sponsors to fund their programs. They don’t forbid a healthy economy that will promote work-study program as it is done in other countries. What they don’t need is Tinubu’s prebendal economy where some live on hand-outs and freebies in the name of palliatives. Nobody wants Tinubu’s poverty and hunger expansion program that has subjected the citizens to a life of misery.

It is therefore worrisome that the great Jim Ovia would accept an appointment into an agency that is susceptible to becoming a cesspool of corruption. And it is doubtful if he would come out of it without smearing his hard earned reputation except he resigns promptly.

You are a very senior professor. Your monthly salary is N700,000, pre-tax. This past weekend, you and other petrol users bought a litre for N1,000. Your car uses 10 litres of petrol per working day. There are five working days in a week. That gives your car 50 litres of petrol per week, the cost is N50,000. There are four weeks in a month. Fifty thousand naira in four places makes it N200,000 – just to fuel your car. Because your residence is allocated Band E by NEPA, your ‘I-better-pass-my-neighbour’ generator will use 10 litres of petrol per day. In 30 days, that gives you 300 litres of fuel. At N1,000 per litre, the cost is N300,000. Do the maths. Petrol alone takes N500,000 from your pre-tax N700,000 salary. Tax takes about N120,000. Do the maths again. What is the way out? The Yoruba will join you to ask: Kí ni ònà àbáyo? Kí ni?”

A young taxi driver sat on the bonnet of his car some years ago thoroughly frustrated by Nigeria’s unending petrol mess. A television reporter asked him to speak on his experience in that filling station where he sat, stranded. He looked straight into the camera and said he wanted “the world to come to an end, this moment. I want all of us to die – all.” He thought Nigeria was a wilderness with a succession of fake Moses leading the country from Egypt to Egypt. To the taxi driver, mass death of victims and their victimisers would be the neat, equitable way to end all suffering. I watched the video and heard more than what the gentleman said. People who think and say what he said are persons who have run and got to the end of running. They are people who have shifted and shifted and have hit the wall.

Over the course of life, suffering, one way or the other, is inevitable. We do not need a priest to convince us of that. But, why is it that here, in this country, time and change give no relief to the poor?

As I write this, everyone is at the petrol station – exactly as they were 30 years ago when they thought democracy was the messiah that would dry their tears. In petrol stations where there are no queues, the price there is killing; where the price smiles a little, bedlam reigns. If matters remain as they are, driving a car anywhere in Nigeria will soon be a mark of the beast, the ultimate evil. Very soon (and I am so scared to say this), having money to buy petrol will be an exposure to marks of the dragon – the kind that is in the Christian Bible: ten horns, seven heads, “with ten crowns on his horns, and on each head a blasphemous name.” Why is this democracy this ugly and so unprofitable to the people?

There is a joke about a man from Israel who demanded to know why Moses promised his ancestors good life, took them out to wander in the wilderness for forty years only to deposit them in a land that has no oil. I won’t be shocked to hear this said about our democracy. What is the worth of that struggle and that vote that birthed this suffering?

Our dog boasted in the last election that there was no danger in Tiger’s forest. That boast appears to have killed it. A saying in Yoruba approximates this: Ajá kì í dán’nu kò séwu lóko ẹkùn. Stealthy, strong Tiger is an ambush, apex predator; dog is one of its preys. The wisdom here eluded many who refused to trust the truth. They are now left behind, stranded by their faith in man born of woman. In their bowl of gaari, they now have water in destructive excess.

You are a very senior professor. Your monthly salary is N700,000, pre-tax. This past weekend, you and other petrol users bought a litre for N1,000. Your car uses 10 litres of petrol per working day. There are five working days in a week. That gives your car 50 litres of petrol per week, the cost is N50,000. There are four weeks in a month. Fifty thousand naira in four places makes it N200,000 – just to fuel your car. Because your residence is allocated Band E by NEPA, your ‘I-better-pass-my-neighbour’ generator will use 10 litres of petrol per day. In 30 days, that gives you 300 litres of fuel. At N1,000 per litre, the cost is N300,000. Do the maths. Petrol alone takes N500,000 from your pre-tax N700,000 salary. Tax takes about N120,000. Do the maths again. What is the way out? The Yoruba will join you to ask: Kí ni ònà àbáyo? Kí ni?

With ‘Darkness Falls’ as its title, the second part of Ngugi Wa Thiongo’s Weep Not, Child is about a country in distress, about a village where light is morbid and darkness is saviour. It is about a home that is no longer a place for telling good stories. It is here that we are asked to “turn to the Gospel according to St Matthew, Chapter 24.” Here we are told that we “shall hear of wars and rumours of wars” and that “nation shall rise against nation, and kingdom against kingdom: and there shall be famines, and pestilences, and earthquakes, in diverse places.” We are told that as horrible as these occurrences are, “they are (just) the beginning of sorrows…And because iniquity shall abound, the love of many shall wax cold.”

Could this moment be Nigeria’s hour of that prophecy? The havoc wreaked in town today is worse than the experience of the ill-starred, anecdotal sentry of Apomu whose oracle (ifa) got stolen and his wife snatched. He reached for his divining chain (òpẹ̀lẹ̀) and saw it in the mouth of an audacious dog. He pursued the dog to retrieve his last hope but the dog ran and jumped into a deep well. While panting, the distraught man was asked what next? “It is time to leave this town,” was his response – (Ìlọ yá Oníbodè Àpòmù, wón kó o ní’fá, wón gbà á l’óbìnrin, òpẹ̀lẹ̀ tí yíò tún fi tọ ẹsẹ̀ e rè, ajá tún gbé e lọ. Ó lé ajá, ajá kó sí kànga. Wón ní, ‘Ilọ yá àbí kò yá?’ Ó ní, ìlọ yáá…).” Today is worse than that hopeless situation. I have never been as afraid for Nigeria as I have been in the last one week.

The people are hopeless and helpless but they are quiet. And that is dangerous. There is a passage in Chinua Achebe’s Things Fall Apart which warns about silence and its potent danger: “Mother Kite once sent her daughter to bring food. She went and brought back a duckling. ‘You have done very well,’ said Mother Kite to her daughter, ‘but tell me, what did the mother of this duckling say when you swooped and carried its child away?’ ‘It said nothing,’ replied the young kite. ‘It just walked away.’ ‘You must return the duckling,’ said Mother Kite. ‘There is something ominous behind the silence.’ And so Daughter Kite returned the duckling and took a chick instead. ‘What did the mother of this chick do?’ asked the old kite. ‘It cried and raved and cursed me,’ said the young kite. ‘Then we can eat the chick,’ said her mother. ‘There is nothing to fear from someone who shouts.’ Nigeria’s streets are scanty and sad; neighbourhoods are dank and dark. Where the ice of fuel scarcity appears to be thawing, the price has remained prohibitively high. In food markets, traders’ looks are forlorn; buyers’ heartbeats are irregular. There is darkness in every home where light used to shine. Yet, there is quiet, silence, midnight, graveyard chill where prophets used to warn.

In Matt Lorenz’s ‘The Meaning of life in the Wilderness’, we are told that “the wilderness is a space where human beings can go morally astray.” True, many and more have gone astray here. Henry Bugbee, in his The Inward Morning, says that “our true home is (the) wilderness.” I read this and wanted to disagree. I wanted to ask how our home could be the wildness -uncultivated, uninhabited, inhospitable wild. But, then, I remember William Butler Yeats’s thoughtful line: “…the world is more full of weeping than you can understand.”

As long as we breathe, we keep hoping (and praying) for deliverance from evil. There is a line of divine promise in Ngugi’s ‘Darkness Falls’: “But he that shall endure unto the end, the same shall be saved…” He was quoting the Bible.

We will endure this to the end because we’ve been promised salvation. But, when is the end and where is the saviour? Or, when is the saviour coming? The government is quiet and silent. It acts the perfect I-don’t-care way of lords who have climbed the hills and have seen the very end of the world. But its defenders are not quiet. They blame the past and point at similar acts of official betrayal. What is in uniformity is no longer a shame. There is no new thing under the sun. They open history books of countries outside Africa, the first world. They say “even America once suffered what we suffer. We will be out of the problem one day.” They say the media of that and other countries still reminisce about their own era of anomie. One of such reflections is Reis Thebault’s “Long lines, high prices and fisticuffs”, a Washington Post’s 2023 video on the 1970s petrol shortage bedlam in America. “The line of cars stretches for blocks. Pumps run dry. Newspapers warn of a great ‘gas crunch.’ President urges calm. Panicked motorists turn on one another.” Thebault wrote, mimicking headlines from Nigeria’s future. If the abobaku of this regime come to see this Washington Post content, they will grab it with eureka; they will use it as a justification for the criminal betrayal that professed this suffering. What a country!

The elephant’s hunger is the shame of the forest. America would have remained where it was in 1970 if what it had were bumbling leaders like ours. To the US, the owner would rather starve than for the thief to be without food. We have that proverb, the United States appropriated it long ago to solve its “pumps run dry” problem. I always wonder why the elephant of oil-rich Nigeria keeps rumbling in the forest and goes to bed hungry. Imagine the Eskimo queueing for ice. But here, children of butchers fight over bones.

What really is the cause of this fuel scarcity? There is neither cohesion nor coherence in the little we’ve heard from persons who sit atop our welfare. All we’ve seen (and we are seeing) are quick-and-slow marches of crass confusion. What are they doing apart from fixing themselves up in vaults? The sheep of Nigerians won’t forget if they do well and provide it just bran. But they are behaving like àgbà òsìkà sowing suffering in people’s lives. They soil their breast pockets with red oil of impunity and keep a straight face. Is it true that this is all about jacking up the price of petrol as instructed by the holders of the Nigerian yam and knife? It is like land grabbers setting fire to a whole market because they covet the land. They are killing us without drawing a sword (apanimáyodà). But, they can eat their excess without scorching the city. Unfortunately, that is what they are doing with their take-it-or-leave it disposition to the petrol wickedness they put on the table. It is dangerous.

I borrow again from Yeats. In his ‘The Wind Among the Reeds’, the poet tells the powerful that he, “being poor” has only his dreams to nurture and keep. Then he begs them: “I have spread my dreams under your feet;/ Tread softly because you tread on my dreams.” The people are the eye of the earth. If this government must tread on them, it should do so gently.

Governor Nasir Idris of Kebbi State has raised the alarm that some influential figures within the state are allegedly working to undermine his administration’s objectives.

Speaking at the Uhola Festival and Agricultural Show in Zuru, Kebbi State, at the weekend, Governor Idris expressed his determination not to be swayed by their efforts.

The governor revealed how certain individuals from the state had reportedly intervened at the Federal Ministry of Works in Abuja to alter the road development plans he had previously submitted.

“It might interest you to know that someone went and changed the submission we already made on the Koko Dabai Road with that of Bui-Kangiwa-Kamba Road up to the border with Niger Republic at the Ministry of Works in Abuja.

“Whereas the KoKo-Dabai Road needs more urgent attention than the Bui-Kamba Road which is still motorable.

“I feel sad whenever I come to Zuru because all the three roads linking the town to other places are in bad shape,” he said.

The governor said he would gather prominent personalities from the Zuru Emirate including traditional rulers to meet President Bola Ahmed Tinubu in Abuja for a rapid solution to the disturbing issue.

Idris affirmed the commitment of his administration to support and finance the annual Uhola Festival, recognising its significance in promoting culture for economic growth and social cohesion.

[DailyTrust]