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A 10-year-old boy identified simply as Israel, has strangled his friend, Ezekiel, at Powerline in the Ejigbo area of Lagos State.

PUNCH Online learnt that the incident happened on Friday while they were playing football in the community.

A police source who spoke to our correspondent on Saturday said the match was ongoing when an argument ensued between the two boys.

According to the source, Israel reached for 10-year-old Ezekiel’s neck in the process and strangled him till he lost consciousness and stopped breathing.

 

The source said, “A report was received at Ejigbo Division on Friday from a complainant that stated that his son, Israel aged 10 was playing football with some boys at Oluwole Street, Powerline Ejigbo, where his mother’s shop is situated when he had an argument with one of the boys named Ezekiel aged 10, who held him on the neck and strangled him until he died.”

The late Ezekiel was said to have been rushed to the hospital where he was confirmed dead by the doctor on duty.

“A team of detectives visited the scene, where a photograph of the corpse was taken and the body was taken to the General Hospital in the Isolo area of the state where the doctor confirmed him dead,” the source added.

When contacted, the state Police Public Relations Officer, Benjamin Hundeyin, confirmed the incident.

He said, “The body has been transferred to the mortuary for post-mortem examination. The suspect is in police custody, and an investigation is in progress.”

[Punch]

The National Examinations Council (NECO) says it has concluded arrangements to conduct the Senior School Certificate Examinations (SSCE) internally in the Kingdom of Saudi Arabia.

This follows the successful accreditation of Nigeria International School, Jeddah, by a delegation led by the Minister of State for Education, Dr Yusuf Sununu and the Registrar of NECO, Prof. Dantani Wushishi.

 

A statement signed by the Acting Director, Directorate of Information and Digital Communication of NECO, Azeez Sani on Saturday, said during the visit, the delegation assessed the school facilities.

 

Sununu in his address, enjoined the staff and students of the school to continue to be good ambassadors of Nigeria not only in Saudi Arabia but the entire Gulf States Cooperation Council.

He said after a careful assessment of the school’s learning facilities such as the examination halls, classrooms, laboratories, library, curriculum syllabus and general security, the school was found worthy of consideration as an International Centre for NECO SSCE Internal.

He said after due assessment, the school was consequently granted full accreditation.

On his part, Registrar/Chief Executive of NECO, Prof. Wushishi, who gave a brief history of the evolution of NECO, explained to the management and staff of the School the importance of school accreditation.

Wushishi said this was to ensure that schools had adequate teaching and learning facilities conducive to examinations.

The delegation was earlier received on arrival at the school by the Consular General, Amb. Bello Kazaure and the Proprietor of the School, Alhaji Abdulkadir Maikudi and other staff.

The minister and the NECO registrar also visited the Nigeria House in Jeddah, where they interacted with the Consular General and other staff of the consulate.

 

The National Examination Council has other international examination centres in Togo, Benin Republic, Equatorial Guinea, Niger and the Republic of Gabon. 

The Nigeria Police Force (NPF) says it has arrested eight suspects in connection with the murder of its officers who were on a fact-finding mission in the Ughelli area of Delta state.

In January, gunmen abducted three mobile police officers who were responding to a distress call, at the Ohoro community in the Ughelli north LGA of the state.

A few weeks after the incident, some police officers mobilised to rescue their abducted colleagues, were ambushed and killed around the Ohoro forest in Ughelli LGA.

In a statement on March 23, Muyiwa Adejobi, force spokesperson, confirmed that six police officers were slain in the incident, adding that the bodies had been recovered while the search for another six was ongoing.

 

Giving an update on the development on Saturday, Adejobi said police operatives have arrested eight suspected criminals involved in the murder of the officers.

He said five of the suspected murderers were initially apprehended, while another three were arrested later at different locations.

Adejobi said the suspects are currently in police custody, assisting with the ongoing investigation, and would be charged to court once investigations are concluded.

 

“The arrested suspects are currently in custody and are assisting with the ongoing investigation,” Adejobi said. 

“The Nigeria Police Force is committed to ensuring that all those responsible for this reprehensible act, and many alike, are brought to justice swiftly and decisively.

“The police assure that the suspects will soon have their day in court, with credible evidence, once investigations are concluded.

“The Nigerian police is deeply saddened by the heinous act of violence against our officers who were diligently performing their duty to protect and serve the community.

“Our thoughts and prayers are with the families of the fallen officers during this difficult time.

“We wish to reiterate that killers of our officers in this extant case, and many others, have murdered peace, and none of them will go unpunished.”

[TheCable]

Following the findings of the investigation by the Nigeria Data Protection Commission (NDPC), the National Identity Management Commission (NIMC) has restricted its licensed agents’ access to the National Identification Number (NIN) database.

 

Recall that a report by FIJ had alleged that expressverify.com, a private website, has unrestricted access to the NINs and personal details of every registered Nigerian. It added that, the website has monetised the recovery of NINs and personal information on the Nigerian identification database.

The NDPC, which is investigating the incidence of data breach at NIMC, averred that, the ongoing investigation has revealed that a third party which, among others, was originally authorised to provide verification services to citizens and genuine businesses might have allowed expressverify.com to use its NIN verification credentials to conduct verification.

The NDPC added that the ongoing investigation by relevant agencies seeks to establish the medium through which expressverify.com obtained the credentials of bona fide third parties and to determine the liability of persons involved in line with extant laws.

 

“At the moment, data processing by licensees generally are to be scrutinized and only those that are cleared based on credible evidence of regulatory compliance will be permitted to carry out NIN verification going forward.

 

“Furthermore, a series of intensive training will be conducted to ensure that personnel and licensees are abreast of the duty of care and the standard of care mandated by the Nigeria Data Protection Act, NIMC’s Privacy Policy, and other relevant regulatory protocols,” it said.

 

While noting that the circumstances surrounding this permission are still under investigation, the Commission in a statement said, “To remedy this incident, the National Identity Management Commission (NIMC), in line with established remediation protocols, barred all forms of access to its database.

“Though necessary, barring all forms of access affected all genuine and crucial verification requests. After a painstaking review, limited access has been granted to a few establishments that are providing pivotal public services such as education and security.”

 

The NDPC called on members of the public to see NIN as essential data for sustainable development.

 

According to the  commission, while existing technical and organizational measures are being strengthened to ensure the protection of this data, citizens need to ensure that they are not left unidentified in various frameworks for development.

[Leadership]

 

Group sues INEC, seeks deregistration of Labour Party over failure to  convene national convention | TheCable

 

There appears to be no end in sight to the internal crisis bedeviling the Labour Party (LP) which had a good outing with its presidential candidate, Peter Obi in the 2023 general election, Daily Trust Saturday reports.

The Labour Party (LP) in Nigeria is currently embroiled in multi-faceted crises, surprising many observers, given the country’s volatile political landscape and the success recorded by the party in the 2023 general elections.

But these new rounds of crises have a historical background as leadership crises have been with the party since 2020.

The incumbent national chairman of the Zenith Labour Party (ZLP), Dan Nwanyanwu, a lawyer, concluded his terms as the national chairman of the LP and handed over to the late Alhaji Abdulkadir Abdulsalam in October 2014.

The death of Alhaji Abdulsalam in December 2020 resulted in a crisis as party leaders scrambled to emerge as the new national chairman. However, this was managed and resolved, eventually culminating in the emergence of Julius Abure as acting and eventually the subsisting national chairman of the party. Before his emergence as chairman in 2021, he was a national legal adviser and national secretary.

A former deputy national chairman of the party, Chief Calistus Okafor, however, challenged Abure after he claimed to be the authentic national chairman of the party by virtue of his position.

The LP, founded in 2002 by the Nigeria Labour Congress (NLC), was previously known as the Party for Social Democracy (PSD) before formally changing to its current name the following year after the 2003 general elections.

But apart from producing Olusegun Mimiko as the governor of Ekiti State in 2009, the party has had moderate success. This, however, changed on May 27, 2022 when a former Anambra State governor, Peter Obi, joined the party with members of his Obidient Movement shortly after he left the Peoples Democratic Party (PDP) in a bid to contest the 2023 presidential election.

 
 
 

With this influx of new members, the party enjoyed unprecedented success in the 2023 elections, coming in third in the presidential election and winning a handful of federal and state legislative seats, as well as the governorship seat in Abia State. 

Apapa tussles with Abure

But with this newfound fame came a new round of crisis for the party. Trouble started for the party soon after the 2023 general elections when some members under the leadership of Alhaji Lamidi Apapa and Abayomi Arabambi accused the national chairman, Abure, of mismanaging the party’s funds.

Abure was accused of running the affairs of the party like a personal estate, a charge Abure denied. This led to the factionalisation of the party.

The Abure-Apapa feud went from courts to some states of the federation, with accusations and counteraccusations on who had the genuine interest of the party at heart and who was its genuine leader.

The crisis was, however, resolved in favour of Abure after court declarations and the massive support he enjoyed among majority of the National Working Committee (NWC) and National Executive Council (NEC) of the party.

In one of the decisive court judgements on the LP crisis, Justice Hamma Barka of the Court of Appeal in Benin, Edo State, read the decision of the court in a unanimous decision by a three-member panel of Justices, confirming Abure as LP chairman.

The judgement vacated an order of April 5, 2023 by Justice Hamza Muazu, which restrained Abure from parading himself as the LP chairman. The High Court order was a fallout of a suit filed by the Chief Lamidi Apapa-led faction of the party.

Treasurer accuses chairman of financial impropriety 

As the dust was settling down on the Apapa legal tussle and the party was trying to chart a new way forward, the now suspended national treasurer of the party, Mrs Oluchi Oparah, in February this year, accused the party chairman of financial impropriety, demanding that Abure accounts for the party’s funds of over N3.5billion being the proceeds of the sale of forms and other fundraisers for the 2023 general elections.

However, Abure, in a response signed by the national publicity secretary, Obiora Ifoh, stated that Mrs Oparah was being sponsored to tarnish the party’s image and she would be referred to the disciplinary committee of the party for appropriate actions, which later resulted in her suspension for six months.

While the party’s NWC quickly dropped the sledgehammer on Mrs Oparah, its presidential candidate and leader, Peter Obi, demanded a thorough investigation of the allegation against the party chairman.

Abure arrested in Benin

On February 21, a combined force of armed policemen and operatives of the State Security Service (SSS) arrested the embattled Abure in Benin, Edo State.

Two of the members of the National Working Committee had confirmed the development to the Daily Trust in Abuja.

Abure was reportedly arrested on the allegation of attempted murder, among other infractions.

The arrest followed a petition by a former LP youth leader, Comrade Eragbe Anselm Aphimia, who was expelled in the wake of the crisis rocking the party in 2023.

Reacting to the development, the party’s national spokesman, Ifoh, claimed that the arrest was to frustrate the party’s primary election process in Edo State and possibly interrupt its participation in the forthcoming governorship election.

 

But following protests by Obi, LP leaders, party members and other Nigerians, Abure was released on bail the following day.

Party’s convention births another round of controversy 

As if the crises in the party were not enough, its quest to hold a national convention led to another round of crisis.

The party’s spokesman, in a statement, berated its House of Representatives caucus for calling for a shift in the party’s planned national convention, saying they had failed to be true ambassadors of the people.

Ifoh also warned the lawmakers to respect party supremacy or face disciplinary action.

The LP caucus leader in the House, Afam Victor Ogene, had said the postponement was necessary to allow for further consultations in light of the party’s lingering leadership crisis.

Daily Trust Saturday also reports that the national convention pitched the party against the Nigeria Labour Congress (NLC).

 

The NLC and some members of the Obidients Movement called for the sack of the national chairman of the LP for planning to hold a convention without the input of stakeholders in the party.

The NLC, in a statement by its Political Commission, called for the suspension of the planned convention and setting up of a caretaker transition committee to organise a legitimate convention. This led to a row between the NLC and LP, with Abure asking the president of the NLC to resign and contest for the position of LP chairman.

To drive home its message, the NLC decided to picket the national secretariat of the party. But this yielded little or no difference as the party went ahead with the convention after changing its venue from Awka to Nnewi in Anambra State. The convention had earlier been scheduled to take place in Benin City, Edo State before it was moved to Abia State. 

While the party eventually held the controversial national convention in Anambra State, where it re-elected Abure as national chairman, the development has further widened the cracks in it.

Daily Trust Saturday reports that the absence of the Independent National Electoral Commission (INEC) at the convention as one of the mandatory requirements for a convention has thrown up a legal debate on the legality of the exercise.

 

Also, the absence of notable leaders of the party, including its presidential candidate, Peter Obi, and senators Victor Umeh and Tony Nwoye, raised concerns that the last might not have been heard.

Obi, who is popular on X (formerly Twitter), where he always shares his thoughts on topical issues, has conspicuously avoided the issue of the party, even after it was widely reported that it decided to reserve its 2027 presidential ticket for him. As at Friday afternoon when our reporter last checked, he had not made any post about the convention, the presidential ticket or the current crisis raging in his party.

One of the elected national officers of the party, who insisted on not being named, also told Daily Trust Saturday that INEC’s absence at the convention was a major issue, but that the party would address the development soon.

“We will address this very soon. We are moving, and when we get to this (INEC’s absence at the Anambra convention) bridge, we will know how to cross it,” the official said.

As the crises in the party remain unabated, its Board of Trustees (BoT) said it had taken over its affairs, arguing that the new position is in line with its constitution. The BoT said it would reclaim the party from Julius Abure, but its NWC said it did not recognise such body.

 

Akande, Ameh speak

Speaking on the crises rocking the party, a former spokesman of former Vice President Yemi Osinbajo, Laolu Akande, asked Peter Obi, Governor Alex Otti of Abia State and the NLC to work together to save it.

Akande, who spoke in an interview on Channels TV, said, “I think the leadership of the LP as it is presently constituted doesn’t seem to understand the role the Labour Party has come to play in the development of the democratic space in Nigeria.

“During the last election, the Labour Party showed that it is still very possible for people to be mobilised. For people who are otherwise not impressed by the two dominant parties, the party has shown that they can still be brought into the space and the conversation. It is a major dynamic. Now, if Abure and his friends understand this, they will not put their interests ahead of those of the Nigerian people,” Akande said.

Also, a former national chairman of the Inter Party Advisory Council (IPAC), Chief Peter Ameh, said the internal conflict in the LP was not peculiar to it, adding that it could be resolved with proper application of internal democratic processes through the use of appropriate organs.

He urged the leadership of the party to overcome their inability to manage internal affairs in an inclusive manner, which is most evident in the crises seen so far.

As the LP navigates these challenges, its future remains uncertain, with questions arising about its ability to overcome internal divisions and maintain its relevance in Nigerian politics. 

[DailyTrust]

 

Nigerian duo, Victor Osimhen and Ademola Lookman will go head to head when Napoli and Atalanta clash in a Serie A fixture at the Diego Armando Maradona Stadium on Saturday (today).

Osimhen is available for selection again after missing Napoli’s trip to leaders, Inter Milan before the international break.

The 25-year-old like in previous campaigns has struggled with injuries but that has not stopped him from making appreciable impact at the club.

 

The forward has scored 11 goals in 17 league appearances for the Partenopei.

Lookman has continued to impress for Atalanta following an impressive debut campaign last term.

The 26-year-old is La Dea’s joint top scorer this season with eight goals from 22 games.

The winger has also registered three assists.

The previous league fixture between both clubs saw Napoli come out on top 2-1, with Lookman scoring the only goal for Gian Piero Gasperini’s side, while Osimhen assisted a late winner for Napoli.

[DailyPost]

Arsenal, Liverpool and Manchester City are locked in a gripping Premier League title race heading into the final 10 games of the season for each club.

Leaders Arsenal sit above second-placed Liverpool on goal difference, with City one point behind the top two in third place.

AFP Sport looks at five matches set to play a key role in deciding this season’s champions.

The five games that will decide Premier League title race are;

 

Manchester City v Arsenal, March 31
The biggest game of the title run-in comes at the Etihad Stadium immediately after the international break.

A third defeat to the Gunners this season could be fatal to City’s hopes of winning an unprecedented fourth successive Premier League crown.

Arsenal beat Pep Guardiola’s men 1-0 at the Emirates Stadium in October thanks to Gabriel Martinelli’s late goal and also beat them on penalties in the Community Shield in August.

Mikel Arteta’s side have won their last eight league games, but City are unbeaten in 22 matches in all competitions and have not lost at home since November 2022.

Manchester City v Aston Villa, April 3
If City can secure a priceless victory against Arsenal, they will have little time to celebrate as top-four hopefuls Villa visit the Etihad just three days later.

Enjoying an unexpectedly strong campaign, former European Champions Villa are in fourth as they eye a first since the competition became the Champions League.

Unai Emery’s side stunned City in December when Leon Bailey’s 74th minute goal sealed a 1-0 win.

City are unbeaten since then, while Villa have maintained their grip on a top four berth despite a challenge from Tottenham.

 

Manchester United v Liverpool, April 7
Liverpool will head to Old Trafford on a revenge mission after their painful 4-3 loss to their bitter rivals in the FA Cup quarter-finals.

Jurgen Klopp’s side led 2-1 and 3-2 near the end of normal time and extra-time respectively, but couldn’t hold on as Amad Diallo’s last-gasp winner ended the Reds’ quadruple bid.

Liverpool can still give Klopp a memorable farewell in his final season by adding the Premier League and Europa League to the League Cup they lifted in February.

A first victory at Old Trafford since 2021 will be essential to Liverpool’s attempt to equal United’s record of 20 English titles.

Tottenham v Arsenal, April 28
With so much at stake for these old rivals, there will be an extra edge to the always-feisty north London derby.

Arsenal famously won the league at White Hart Lane to clinch the title in 1971 and 2004. They could take a major step towards another crown by beating their hated neighbours in the rebuilt stadium on the site of those historic triumphs.

Arsenal, last crowned champions 20 years ago, have lost just one of the last six north London derbies, although they twice squandered the lead in a 2-2 draw at the Emirates in September.

Revitalised in Ange Postecoglou’s first season in charge, attack-minded Tottenham are certain to be on the front foot as they aim to finish in the top four.

Aston Villa v Liverpool, May 11
Although Liverpool swept aside Villa 3-0 at Anfield in September, the Reds can expect a sterner test in the rematch.

In what will be Klopp’s final away league game as Liverpool boss, the German will look for a fourth successive victory at Villa Park.

Villa last beat Liverpool in 2020 when their 7-2 rout prompted Klopp to admit his team had “lost the plot”.

With a first title in four years potentially within reach, Liverpool cannot afford a similar meltdown.

Judgement Day
If there is still nothing to separate the title chasers after those matches, the final day of the season on May 19 features Arsenal hosting Everton, Manchester City facing West Ham and Liverpool taking on Wolves.

AFP

With the latest revelations on the March 14 killing of 17 soldiers in Delta State, the prevalent supposition that the misapprehension between Okuama, an Urhobo community in Ughelli South Local Government Area, Delta State, and Okoloba, an Ijaw town in Bomadi Local Government Area, was the chief reason for the unimaginable massacre appears off beam.

Saturday Vanguard learned from multiple sources that a group of oil bunkerers, who were hired as mercenaries, might have carried out the bloodshed.

The Army, which is everywhere in the creek and land in Delta and Bayelsa States, searching for the killers, and stolen weapons has arrested some suspects, but it has not formally announced the capture of the killers.

Acting on intelligence, soldiers, who had laid siege to the Okuama community since March 15, invaded the Igbomotoru community in Southern-Ijaw Local Government Area, Bayelsa State, on March 17, stalking a suspected militant leader and oil thief, who has his operational base in the riverside community.

The storming of Igbomotoru swung attention to an alleged militant leader and oil thief, whose father is a retired army officer, and purportedly an Urhobo in Delta State as the mastermind of the Okuama killings. There is controversy over whether he is an Ijaw from Igbomotoru or maternally from Igbomotoru.

Some traced the militant leader’s paternity to Okuama and maternity to Igbomotoru. When the inter-communal crisis between the two communities started brewing, the community leadership, reportedly, contracted him to come and fight for them, which he did by mobilizing his boys to Okuama.

Saturday Vanguard could not immediately confirm the veracity, but it was the information that made the army send troops to Igbomotoru, Bayelsa State, in search of him.

 

When a strong clue emerged

However, a stout clue that oil bunkers were behind the butchery emanated when a supposed militant, who claimed to have participated in the killing, stated in a trending video, that they killed the military men for their support for another set of oil bunkerers.

He also said that if they had allowed soldiers to take away Okuama community leaders, the youths would be rendered powerless.

Generally, his statement in the video centred on divergence among oil bunkers in a part of the Niger Delta that entailed the use of soldiers to settle scores.

His words: “That is why the action (assassination of the soldiers) took place but people say the soldiers came for peacekeeping. Point of correction – no army came for peacekeeping. They are(sic) fighting in support of somebody (names withheld), who ordered them to do.”

However, within the week, another militant group, which identified itself as Amagbein Force, also in a trending video, pledged its loyalty to its leader, who happened to be the same militant leader that the army went in search of at Igbomotoru.

 

Could it be a coincidence? The group member, who spoke, did not make a direct claim that they participated in the killing of soldiers at Okuama, but said oil bunkering would not stop unless the government settled the matter peacefully, and easily.

He urged the Federal Government to hand over waterways security to the right person doing the work for peace to reign, saying the militants would stand with their leader, Amagbein, till death do them part.

Amagbein, in the past, denied allegations by the army that he was a militant and oil bunkerer, but has kept running.
Many expect that the army, which confirmed narrowing investigations to “persons of interest and their cohorts”, will release the outcome of its investigations shortly.

Who invited alleged bunkerers to Okuama?

Some curious minds, however, want to know what the mercenaries and oil bunkerers were doing in Okuama, which is not an oil-producing community when the soldiers came on a peace mission over an abducted Okoloba indigene.

How did they get to the Okuama community? Who invited them? Who authorised to intervene on behalf of the community when the soldiers decided to take away the community chair and other leaders?

There was an unconfirmed report that oil thieves cuckolded the soldiers to Okuama. How true the claim is remains a conjecture.

The commanding officer went to rescue JTF commander

However, Saturday Vanguard scooped that the Commander of the Joint Task Force, JTF, in Bomadi, the late Major Saffa, was the first to come to Okuama, on March 14, with his men.

A former supervisory councillor, whose brother, Anthony Aboh, the Okuama youths allegedly abducted the previous day, March 13, reported the matter to the JTF, and he was with them in a camouflage uniform.

The suspected mercenaries held the JTF commander who went to Okuama on the botched ”peace mission” and one of the soldiers in his team hostage.

They took the army officer hostage when he insisted on going away with the chairperson of the community and others.
Reports said the former councillor was among the persons killed on that day, while the corpse of his brother they went to rescue, was found floating in the River Forcados, just like the soldiers’ remains.

The Commanding Officer of the 181 Amphibious Batallion, late Lt. Col. A.H. Ali, proceeded on a peace mission to Okuama when information reached him that some armed youths in Okuama had abducted Major Saffa and another soldier.

Ali mobilized men in his command the same day to save his colleagues, but he met the same fate.

A driver who escaped with some soldiers when the brigands opened fire at the waterfront, said: “When the armed youths came out of their hideout after the peace talks in the community hall, as the soldiers were forcing the community chairman to the waterfront to board their boats, they signaled the community chairman to stoop and lie low on the ground.”

”The commander and his men did not notice the signal. This was after the incantations by the juju priestess and priest. It was after the chairman laid down that the shooting started. The soldiers could not return fire because of the powerful incantations.

”They did not kill Major Saffa instantly; they took him in a speedboat with the other officer, and sped towards the opposite direction of the community into the creek leading to Ewu, the traditional headquarters of Ewu kingdom.
”The Lt. Colonel and his team might not have seen the colleagues they went for. They exterminated all of them, but it was the following day the news broke that they had slaughtered them.

“They beheaded Major Saffa and killed others with weapons other than guns. The reinforcement and burning of houses at Okuama started the same day.”

The story of how the mercenaries asked Lt. Col. Ali to ask his men to drop their weapons if he did not come for war, after which they collected the weapons, and opened fire on them, is no longer news.

[Vanguard]

Another round of bank recapitalisation is here and for the next two years between April 1, 2024 and March 31, 2026, the nation’s 25 commercial and six merchant banks are expected to shore up their minimum share capital by as much as 100 per cent, in some categories. 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.

To achieve this, the banks will adopt one or a combination of these three options: inject fresh equity capital through private placement, rights issue and/or offer for subscription; mergers and acquisition and/or upgrade or downgrade of licence of authorisation (meaning downgrade from international bank to national or regional or reverse). I can bet that the last option would be the least popular.

This wave of recapitalisation is a bit different from that of Charles Soludo implemented between July 2004 and December 31, 2005 in which all the banks were forced to recapitalise to a minimum of N25 billion. It shrunk the industry from 89 to 24 banks. This time, the banks have different capital requirements, depending on their type of licence.

Other key differences between the two programs are: (i) Soludo’s came with a huge surprise as the operators had no inkling of the announcement before it was made, but Yemi Cardoso had in November given a hint of the review, thus preparing the banks for the Thursday announcement; (ii) Shareholders’ funds were included as part of the N25 billion share capital in 2004, but excluded in the current review, indicating that retained earnings will not be counted as part of their share capital this time (iii) Soludo gave a shorter timeframe of 18 months, unlike Cardoso’s 24-month deadline.

 

I was in the thick of the flurry of activities 20 years ago, going on roadshows across the country with colleagues to help raise money for the bank I was working for. It was fun and exciting. Eventually, the bank merged with four others to form a brand-new institution known as Sterling Bank. This time around, I would be watching the drama from outside, having retired 11 years ago. But I still take a lot of interest in the industry.

I am particularly gratified to see Nigerian-owned banks spreading across Africa, helping businesses and households meet their financial needs. When Prof. Soludo announced the 2004 recapitalisation programme, there were just a handful of subsidiaries of Nigerian-owned banks in other African countries, while only First Bank (London), Union Bank (London) and UBA (New York) had a presence outside the continent. The growth is emblematic of our preeminence in the continent. I believe in Nigeria and what our private-sector people can do.

There will be very few or no mergers and acquisitions this time because, as a CEO told me, ‘’we don’t have many candidates for that this time around’’. But watching from outside, I expect that Polaris, Union and Unity will receive a lot of overtures for mergers. The CBN has asked the banks to file their implementation plan, clearly indicating the preferred options for meeting the new capital requirements and the various activities and their timelines before the end of April.

 

Among the top five, Access Holdings, the parent company of Access Bank, appears the most prepared for this recapitalization, in spite of the recent devastating death of its CEO, Herbert Wigwe. Last Thursday – the day the CBN announced the new capital review – Access Holdings unveiled plans to raise $1.5 billion through the issuance of various financial instruments such as ordinary shares, preference shares and others. It will also raise N365 billion through the Rights Issue of Ordinary shares, the proceeds of which would combine with its existing N250 billion paid-up capital, to exceed the new regulatory limit.

Access Holdings’ shareholders will meet in Lagos on Friday, April 19 to consider and approve these plans. In addition, they would also be asked to formally approve the appointment of Aigboje Aig-Imoukhuede, who was named chairman of the Board two weeks ago, as its non-executive director. Other lenders would be equally busy, Zenith most of all. While others would be engrossed in capital raising only, Zenith will combine that with transiting into a holding company structure – a task other comparator banks had completed over two years ago.

It is going to be a herculean task juggling the two. The other three Tier One banks (GT, UBA and First Bank) are yet to announce their recapitalisation plans and date for annual general meetings, but it is clear from their current position that they too would be going for upwards of N250 billion each in additional capital. The capital market and institutional investors would be quite busy, but with inflation at over 30 percent and disposal income severely depressed, ordinary Nigerians would be shut out completely.

Leaning on its 2004 experience, the CBN expects that a highly capitalized banking industry should be in a position to not only withstand the prevailing macroeconomic challenges and headwinds but also to enhance its resilience, solvency and ‘’capacity to continue to support the growth of the Nigerian economy’’.

As Lead Speaker at the Ohaneze Ndigbo Retreat which ended a few days ago in Enugu, I saw the gathering as part of the cocktail of measures being put in place by the current leadership of Ohaneze to ensure greater group cohesion and more strategic engagement, going forward. As Ndigbo would say, the mother hen that does not bring its chicks together from time to time to educate them about their environment, to warn them about the dangers in that environment and also to explain to them how to successfully navigate the environment, has laid a solid foundation for their eventual decimation by hawks and other predators. Ndigbo say that it is by coming together to review existential issues that a family can periodically re-ignite and strategically address its interests in a lasting and sustainable way.

I had the option of giving the theme of the retreat, “Ako Bu Ije” a purely academic treatment. I could have delved into the foundations of this deep philosophical concept, its meanings, its implications for social morality and cohesion, and how this could be used to carry out a review of the Igbo worldview as a whole. But the clear and present existential dangers facing Ndigbo as a people ruled out that option. It was better to use the occasion to trace the possible root causes of these dangers and propose viable remedial actions; weaving same around the concept of Ako Bu Ije; as the essential philosophical, and even spiritual, underpinning of a way forward.

It is a matter of record that some of the problems of Ndigbo today are self-inflicted. It is also a matter of record that many of these problems have been externalized in such a way that others are being blamed for them. The factors undermining Igbo collective political and even spiritual well-being revolve around a mercilessly conspiratorial (and not objectively competitive) political environment that the people do not seem to fully understand.

I touched on the significance of the kolanut, on the essence of the ritual of the breaking of the kolanut and on why the kolanut is a symbol of communion and not a snack in Igboland. The full spiritual meanings, and implications, of the statement “He who brings kolanut brings life” was explained. The ceremonial consecration of the kolanut by Ndigbo was represented as no empty social gesture, but as a very important step of first calling on the forces of nature for protection and guidance in support of all that is good.

The bringing of the kolanut is, first and foremost, an opportunity for prayers for life more abundant. Since prayers bring blessings and is meant to strengthen life, whoever brings and offers the kolanut has brought an opportunity for life to be enhanced through prayers; hence the call at the beginning: “He Who lives Above, the Giver of life, protect us”.

The kolanut ceremonies also emphasize the interdependence in the community of all living things. That is why it is said: “May the river not dry up and may the fish not lack water to swim in”. The river looks more beautiful because of the fish, while the life of the fish depends on the steady flow of the river. Ndigbo also pray this before and after eating the kolanut: “Elders shall live and the young shall live. Our harvest shall be rich and none shall pray for the misfortune of another, lest his farm be the only patch of earth without rain’, etc.

From the foregoing, a proper understanding of who the Igbo man really is, is central to any attempts at finding a lasting solution to any, or all, of his problems. The average Igbo man likes to be consulted, noticed or at least taken into account as part of what is going on around him. He does not like to be hurried to a decision, or asked to simply comply with what has been decided upon. He would rather be involved in events he can influence to some extent. He likes to air his opinions and be acknowledged as a person, a contributor, or facilitator. He loves fair competition and visible, effective and sometimes dramatic performance.

Many proverbs bring out these points about the Igbo essence. He will proudly declare: “Onye aju na-ebu anaghi aza ide ji uno” (A person who is unsteady on his feet, drowsy, or staggering, is never given the title of “The pillar that holds the edifice). Ndigbo will also tell you: “Onye nmanya na egbu anaghii aza akwaa akwuru”. (A drunken person is never hailed as the unshaken, and unshakable, one)”. No family or kindred sends out its mad offspring to represent it in the village square as “Onu na-ekwuru oha” (Voice of the people).

These proverbs point to core values that make a clear distinction between the appropriate and the inappropriate, between the absurd and the norm, and between the sublime and the ridiculous. It was with this last observation in mind that the discussion dovetailed into the notion of Ako Bu Ije.

The deeper “sense” of Ako bu ije literally means “Wisdom and deep insight into the core values of life gives you the true path to anything lasting in the journey of life”. We can describe “ako” as “having deep inner promptings”, or knowing how to navigate life in a sustainable way and without undermining yourself or harming others in the long run. The Igbo saying “Agbusi gbaa otele, ya amuru ako’ (when the buttock is stung by an ant, it learns the wisdom of paying close attention before choosing where to sit) bears this out.

“Ije”, on the other hand, literally means to walk. But its deeper meaning refers to the journey of life, or the way to go in what you are doing and maintain an edifying and sustainable trajectory.

From the foregoing, therefore, we said, for the purpose of the retreat, that ako bu ije simply means: Life is best guided by wisdom, insight, discretion and a deep sense of propriety. The question that arose therefrom was this: In what ways can ako bu ije now become the rousing bell for a gathering of wits in the form of an Igbo renaissance? The answer is simple. It means that deep thinking, patient understanding of the operating environment, commitment to lasting values, or strategic engagement and evidence-based decisions and alliances, offer the best foundation for lasting success in every sense of the word.

The dummy out there, that the Igbo society is always essentially atomistic, and in a way that makes it largely ungovernable, does not have a leg to stand on at all. This questionable thesis is sometimes justified by referring to the misunderstood saying: “Igbo enwe eze”. (Igbos know/have no kings). This assertion simply means that Ndigbo do not confer on any single feudal authority an unquestioned, and unquestionable, right to decree and overrule all and sundry. When the Igbo man says: “Agbara nyekaria nsogbu ezi ya osisi esi nweta ya” (literally “when the oracle, or your talisman, becomes so powerful as to even try to terrorize its owner, then it is time to take it outside and show it the tree from which it was carved”).

Ndigbo are simply saying that the collective right of the people should be invoked to remind anyone with tyrannical aspirations that a hero is always a people’s hero. That is also why Ndigbo say that “A masquerade that flogs its drummers and followers ceases to dance, because it walks alone”.

From the foregoing, it should be clear that the Igbo concept of power and authority rests more on respect for the laws of the land, than on personal whims. The true Igbo concept of success is always linked with respect for Omenala. The people, and the laws of the land, always determine the difference between right and wrong. That is also why Ndigbo say: “Asokalie eze anya ekpuchie nkata na iru wee gwalua ya okwu aru”.

The idea of covering the face with a basket is often assumed to be out of fear for the life of the person who decides to speak out before the king. But it is not! No one has the right to walk up to the community leader and insult him, for any reason. It is just not done, no matter how wealthy you are. To dare such, you must either be part of a select group sent to admonish the leader, or you are stepping forward as the messenger of the community – sent by the community.

Once you are sent in this way, you no longer represent yourself; just as a man is presumed to have transcended to the spirit world once he is dressed up as a masquerade. The covering of the face upholds the dignity of the office of Eze and affirms that no one may insult the office in his capacity as a mere mortal. But this mysterious being from the beyond, speaking for the gods and men (but using the voice of a man) may do so to any unworthy occupant of an office.

The major trade mark of the traditional Igbo charlatan is that nothing he does can ever lead to sustainable development, or a healthy communal, religious or Family life. He is dangerous to social morality and the economic life of the people; because of his ‘Okpata otitaa’ approach to life.  It is such charlatans who parrot the proverbs like: “Ewu na eso onye bu igu” (The goat runs after whoever has palm fronds – read ‘green leaves ‘)

This statement is true, but it applies only to goats and any other nonvolitional living thing that behaves like a goat. Such sayings were originally meant to warn people against thoughtless materialism and immorality as a philosophy of life. But today it is freely used to justify irresponsibility, unfaithfulness and every form of debauchery.

How can it be true that only the person who offers immediate material satisfaction deserves loyalty? In Igboland, where the cardinal communal philosophy says: “A human being is no goat’’ The fact that this proverb and others like it have become the most popular in Igboland in recent times shows that we Ndigbo are facing greater existential threat at the philosophical level of distortion of pristine concepts than at the purely material.

The road from this culture of leadership charlatanry lies in progressively creating and nurturing new values. If all the avenues and platforms for opinion molding machines are deployed in the right way, there should eventually arise the needed critical mass of Ndigbo who will one day say: “Thus far and no further”.

Ako Bu Ije can only hold true where reciprocity is nurtured alongside the need for self preservation.