THE banking sector witnessed several policy measures in 2024 which were largely influenced by three major factors, namely the persistent rise in the inflation rate, policy measures to reform the foreign exchange market and the recapitalization programme announced for the industry.

Inflation The steady rise in prices of goods and services worsened in 2024, due to a combination of further increase in pump price of petrol and continuous naira depreciation.

In 2024, the naira depreciated by 34% and 56% to N1,662 and N1540 per dollar in the parallel and official market, from N1, 240 and N988.46 per dollar at the beginning of the year.

The depreciation of the naira combined with fuel subsidy removal led to 76.4% increase in national average price of petrol to N1,184.83 per liter.

This worsened the rise in prices of goods and services, which started in 2022. Reflecting this trend, the impact on the welfare of Nigerians, the national average Cost of a Healthy Diet, CoHD, rose by 74 per cent to N1.371 in October from N786 in December 2023, according to the National Bureau of Statistics, NBS. As a result, the headline inflation rate rose steadily to 33.88 per cent, in October from 28.92 per cent in December 2023.

Interest rate hikes

In response to the persistent rise in the inflation rate, the Central Bank of Nigeria, CBN, implemented measures to reduce money supply in the banking system. The apex bank raised the benchmark interest rate eight times and by 875 basis points to 27.5 per cent in November from 18.75 per cent at the beginning of the year. The CBN also increased the Cash Reserve Ratio, CRR of Commercial and Merchant banks to 50 per cent and 16 per cent respectively from 32.5 percent and 10 per cent at the beginning of the year. Furthermore, the apex bank conducted a liquidity mop up through regular sale of Open Market Operations, OMO, treasury bills.

Vanguard analysis of data from the apex bank showed that the CBN sold N12.83 trillion worth of OMO TBs from January to December 5th, up from N716.7 billion in the whole of 2023. This development led to acute scarcity of funds in the interbank money market, with banks regularly resorting to borrow from the CBN to meet short term cash needs. Reflecting this, the interbank interest rate rose to 31.5 per cent on Friday December 13, 2024, from 15.38 per cent on December 29th 2023.

In line with the hikes in the MPR, interest rate on 365-days treasury bills rose 22.9% in December from 12.24% at the end of last year. While the high interest rate regime triggered by the MPR hikes, attracted criticism from manufacturers and other real sector operators, it however enhanced investors’ returns on fixed income investment like TBs, Commercial Papers, and bonds, as well as on banks’ interest income and profitability.

For example, the interest income of the top 11 commercial banks rose sharply by 141.75 per cent to N6.89 trillion in the first half of the year, H1’24 from N2.8 trillion in H1’23. FX market A major highlight of 2024 for the banking industry and the economy is the raft of policy measures introduced by the CBN in its bid to enhance transparency, confidence and boost dollar supply in the foreign exchange market. Hence within one week, the CBN introduced five circulars which changed the dynamics of the forex market and triggered momentary appreciation of the Naira.

Price Transparency

First, the CBN on January 29, issued a circular titled ‘Financial Markets Price Transparency’, which addressed the malpractice of inaccurate and misleading information on transactions concluded in the official forex market. The circular stated: “Ongoing investigations have revealed instances of under-reporting of transaction rates and the practice of second cheque and fixed income transactions. This behaviour is not compliant with ethical standards associated with sound financial markets and deliberate attempts to create price distortions by reporting false transactions details amounts to market manipulation which will not be tolerated and will henceforth face sanctions.”

Reflecting the transparency engendered by this warning, the naira depreciated sharply in the official market to N1348.63 per dollar, and as a result, the gap between the official market and parallel market exchange rates narrowed to N76.37 per dollar from N508.1 per dollar last weekend.

Restriction on Banks’ FX holdings

Next, the CBN on January 31st, in a bid to improve forex supply, and address excess dollar holdings by banks, ordered the banks to sell their excess dollar holdings within 24 hours. In a letter on Harmonisation of Reporting Requirements on Foreign Currency Exposures of Banks, the CBN warned banks against excess dollar holdings. “The Central Bank of Nigeria has noted with concern the growth in foreign currency exposures of banks through their Net Open Position (NOP). This has created an incentive for banks to hold excess long foreign currency positions, which exposes banks to foreign exchange and other risks,” the CBN said.

Consequently, the apex bank pegged the Net Open Position, NOP, the difference between a bank’s foreign currency assets and its foreign currency liabilities to 20 per cent of shareholders’ funds. Hence it directed that banks with current NOPs exceeding these limits should adjust their positions to comply with the new regulations latest by February 1, 2024.

IMTOs & Diaspora Remittances

On the same January 31st, and to also boost Diaspora remittances through official channels, the CBN issued a circular titled, ‘Removal of Allowable Limit of Exchange Rate Quoted by the International Money Transfer Operator’ The circular removes the exchange rate cap for IMTO, namely the peg of -2.5% to +2.5% around the previous day’s closing rate of the Nigerian Foreign Exchange Market.

“IMTOs are hereby allowed to quote exchange rates for naira payout to beneficiaries based on the prevailing market rates at the Nigerian Foreign Exchange Market on a willing seller, willing buyer basis,” the CBN said. To complement the above, the CBN, in a bid to enhance the operations of IMTOs and also improve ease of doing business for them, issued a ‘Reviewed Guidelines of International Money Transfer Services in Nigeria.’ Among other things, the reviewed guidelines stipulated minimum operating capital of $1 million, raised application fee for IMTO license to N10 million, and banned banks and FinTechS from offering IMTO services. To further enhance ease of doing business for IMTOs, the CBN created a window for them to access Naira to pay beneficiaries of diaspora remittance.

“Henceforth, eligible IMTOs operators will be able to access the CBN window directly or through their Authorized Dealer Banks (ADBS) to execute transactions for the sale of foreign exchange in the market. ”The option of same day settlement will be available for transactions executed and confirmed before 12 noon on a trading date; “The pricing for transactions executed with the CBN will be based on prevailing Nigeria Autonomous Foreign Exchange Market, NAFEM, rates, as referenced by an observable and acceptable market benchmark,” the apex bank stated. Spread on FX rate removed On February 8, the CBN issued a circular to further liberalise the forex market.

The circular titled ‘Removal of the Spread on Foreign Exchange Transactions’, removed the 2.5 per cent cap spread on interbank foreign exchange transactions, thus allowing banks to determine the gap between their offer and selling rate for forex transactions.

E-payment for PTA/BTA

In a bid to sanitise the forex market, the CBN on February 14th, restricted the payment of Personal and Business Travel Allowances (PTA/BTA) through electronic channels only.

“In line with the Bank’s commitment to ensure transparency and stability in the foreign exchange market and avoid foreign exchange malpractices, All Authorized Dealer Banks shall henceforth effect payout of PTA/BTA through electronic channels only, including debit or credit cards. For the avoidance of doubt, payment of PTA/BTA by cash is no longer permitted,” the apex bank stated in a circular.

FX backlog controversy

A major issue that dogged the banking industry in 2024 was the overdue $7 billion foreign exchange forward transactions. In February, the CBN Governor, Olayemi Cardoso, in an interview, said a forensic audit of $7 billion of overdue foreign exchange transactions, the bank has been trying to clear had uncovered irregularities affecting $2.4 billion worth of the transactions.

Following this disclosure, the CBN in March announced that it has cleared all valid FX backlog, including the $600 million belonging to foreign airlines operating in the country. However, members of the Organised Private Sector, OPS, faulted the claim by the CBN saying many businesses still have funds trapped at the banks without any communication from the CBN regarding what constitutes a valid forex request and those deemed invalid. The National Vice President of the Nigerian Association of Small-Scale Industrialists, Segun Kuti- George, argued that the claim by the CBN that some of the forex requests were invalid was ‘propaganda’ and that some of the affected businesses are contemplating taking legal action against the banks in order to force the CBN’s intervention in the matter.

”Some of the requests have been cleared, but there are others that they are saying were illegal and did not meet their criteria, but the importers are not aware of the reason why the requests have been rejected. Their money is still with the bank, and they are groaning,” he said.

Following the intervention of the Presidency, the CBN Governor, in October, said that the apex bank has commenced a re-validation exercise to ascertain complaints of manufacturers and importers over foreign exchange claims worth $2.4 billion.

Speaking at a special summit dinner organised by the Nigerian Economic Summit Group in Abuja, Cardoso said the CBN has finalised its first stage of verification and is currently going through a second stage to authenticate claims by manufacturers.

IOC dollar remittance

In another move to enhance dollar supply in the forex market, the CBN stopped International Oil Companies, IOCs, from immediately remitting 100 percent of their dollar proceeds to their parent company abroad. Hence the apex bank said IOCs will only be allowed to immediately remit 50% while the balance can be remitted 90 days later. In a circular signed by the Director of Trade and Exchange, Hassan Mahmud, the CBN said: “Banks are allowed to pool cash on behalf of IOCS, subject to a maximum of 50% of the repatriated export proceeds in the first instance. The Balance 50% may be repatriated after 90 days from the date of inflow of export proceeds.”

BDC sector Reforms

The apex bank on February 28th announced sale of $20,000 to each BDCs Explaining the rationale for this move, the CBN, in a circular said, “Following the ongoing reforms in the foreign exchange market, aimed at achieving an appropriate marketdetermined exchange rate for the Naira, the Central Bank of Nigeria has observed the continued price distortions at the retail end of the market, which is feeding into the parallel market and further widening the exchange rate premium. To this end, the CBN has approved the sale of foreign exchange to eligible Bureau De Change to meet the demand for invisible transactions.

This was however followed with the revocation of the license of 4,173 bureaux de change, BDCs, operators on March 1st. According to the apex bank, the licenses of the BDCs were revoked due to their failure to pay all necessary fees, including license renewal, within the stipulated period in line with guidelines, rendition of returns in line with the Guidelines, and compliance with guidelines, directives and circulars of the CBN, particularly Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and Counter-Proliferation Financing (CPF) regulations.

Two months later, the apex bank announced new operating guidelines for BDCs on May 23rd. The new guidelines introduced two categories of BDCs, Tier 1 and Tier 2, with minimum capital requirements of N2 billion and N500 million respectively, with a six months deadline for existing BDCs to apply for new licenses based on the new categories and minimum capital requirements.

The new guidelines also limited the foreign currency holdings of BDCs (Net Open Position, NOP) to 30 per cent of shareholders’ funds unimpaired by losses. It also limited total borrowing to 50 per cent of shareholders’ funds unimpaired by losses.

Electronic Foreign Exchange Matching System (EFEMS)

In line with its efforts to enhance transparency in the forex market, the CBN on October 3rd announced the introduction of the Electronic Foreign Exchange Matching System (EFEMS) for Foreign Exchange (FX) transactions in the Nigerian Foreign Exchange Market (NFEM).

“This development is expected to reduce speculative activities, eliminate market distortions, and give the CBN improved oversight capabilities to effectively regulate the market,” the apex bank explained. Following a two-week test run in November, the apex bank, in a circular announcing the commencement of the EFEMS on December 2nd, said: “The CBN hereby states that effective from December 2, 2024, Authorised Dealers will go live in the use of the Bloomberg BMatch as the Electronic Foreign Exchange Matching System (EFEMS) for its FX trading activities in the FX market.

The Bloomberg BMatch platform will enhance the integrity and operational efficiency of the FX market by providing transparent and automated matching of trades leading to market efficiency and greater price discovery.” The CBN also pegged the minimum foreign exchange trade on the Electronic Foreign Exchange Matching System (EFEMS) platform at $100,000, with incremental clip sizes of $50,000.

In the first week of the commencement of EFEMS, the Naira appreciated for five consecutive days in the forex market, the first time since May. The Naira appreciated by 9.8 per cent in the official market to N1,535 per dollar and also by 7.7 per cent in the parallel market to N1,555 per dollar, reflecting the impact of the EFEMS on the forex market. Foreign Currency Disclosure Scheme Another notable and novel forex market related development this year, is the “Foreign Currency Disclosure, Deposit, Repatriation, and Investment Scheme”, announced by the Federal Government on October 31st.

The scheme allows a 9-month grace period for Nigerians with foreign currency to voluntarily disclose and deposit the same in banks According to the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, the Disclosure Scheme, outlined by the “Foreign Currency Disclosure, Deposit, Repatriation, and Investment Scheme Guidelines, 2024,” seeks to encourage Nigerians to voluntarily disclose and formalize their foreign currency holdings, whether domestically or abroad. He added that the scheme is also designed to “integrate foreign currency outside the formal financial system into the formal economy” and “strengthen transparency and economic resilience.”

Consequently, the CBN issued guidelines, which among other things directed Commercial, Merchant, and Non- Interest Banks (CMNIBs) to, among other things, open domiciliary accounts for participants in the scheme.

OTHER BANKING DEVELOPMENTS

Wigwe’s transition On February 9th, the banking industry and corporate Nigeria was jolted with the news of the tragic death of Mr. Herbert Wigwe, Chief Executive Officer, Access Corporation, in a helicopter crash near the California-Nevada border, United States of America. The crash also claimed the lives of Wigwe’s Wife, Chizoba, his son, and a former President of Nigeria Exchange Group, Abimbola Ogunbanjo. The late banker played a huge role in the emergence of Access Bank as the largest bank in the country, first as Deputy Managing Director and later as the MD/CEO of the bank. The late Wigwe has played a leading role in the banking industry as the Chairman, Body of Bank CEOs, a position he held till his transition.

Banking consolidation

The banking industry on March 28th commenced another recapitalisation exercise, when the CBN announced new minimum capital requirements for the various categories of banks, with a two-year deadline.

According to the CBN, “The new minimum capital base for commercial banks with national authorisation is now N200 billion, while the new requirement for those with regional authorization is N50 billion. “The new minimum capital for merchant banks would be N50 billion, while the new requirements for noninterest banks with national and regional authorisations are N20 billion and N10 billion, respectively.

All banks are required to meet the minimum capital requirement within 24 months commencing from April 1, 2024, and terminating on March 31, 2026.” However, to the surprise of the industry, the CBN excluded retained earnings in the computation of the bank’s minimum paid up capital.

According to the apex bank, the minimum capital shall comprise paid-up capital and share premium only, stressing that the new capital requirement shall not be based on the Shareholders’ Fund. The announcement prompted a flurry of capital raising exercises, including Public offer, Rights Issue offer, as banks besieged investors for fresh funds to meet the new minimum capital.

Ademola Lookman, recently crowned CAF men’s best player of the year winner, scored the second goal in Atalanta’s 3-2 victory over Empoli in their Serie A encounter. 

Before the start of the match, Lookman displayed his glittering orb that was awarded to him on Monday when he was crowned the 2024 CAF player of the year. The home fans at the Gewiss stadium washed him with ovations in response.

Less than 45 minutes later, the fans were clapping for Lookman again as he wheels away in celebration after putting Atalanta ahead from a goal down.

The 27-year-old controlled Nicolo Zaniolo’s knockdown inside Empoli’s goal area and slotted the ball home from four yards out.

The goal was Lookman’s ninth goal of the season in the Italian Serie A, becoming the joint third-highest goalscorer in the league scoring charts this season.

In Turkey, Victor Osimhen hit a brace to lead Galatasaray to a 5-1 victory against Kayserispor away from home.

The victory extended Galatasaray’s lead at the top of the Turkish Super League to eight points, ahead of Jose Mourinho’s Fenerbahce.

Osimhen scored a penalty in the fourth minute to give Galatasaray the lead before chipping a finish over the onrushing goalkeeper into the far post from a tight angle in the 71st minute to complete his brace.

The 25-year-old has now contributed nine league goals in nine starts for the club and has 12 goals in all competitions since he joined the Istanbul giants on a season-long loan move from Napoli.

In Belgium, Toluwalase Arokodare scored one goal and assisted another, leading table-topping Genk to a 2-0 win over rivals Anderlecht in their Pro League match.

Arokodare was quicker than his marker to emphatically meet a low cross with a well-placed finish into the back of the net in 28 minutes to send fans in the Cegeka Arena into delirium before providing the assist for the goal that sealed the win in the 72nd minute.

[TheCable]

In recent times, Nigeria has witnessed tragic stampedes in various locations, from food distribution centers to events promising relief from economic hardship. These incidents, which unarguably resulted to loss of lives, echo a biblical story of desperation, divine intervention, and the tragic consequences of disbelief, as recorded in 2 Kings 7.

The biblical account unfolds in a time of severe famine in Samaria, where hope seemed lost. Elisha, the prophet, proclaimed that abundance would soon return, a promise so audacious that a king’s officer doubted it. True to the word of the Lord, food became plentiful overnight when the Aramean army abandoned their camp in fear. Yet, as the famished crowds surged out of the city to seize the spoils, the disbelieving officer was trampled to death, an ironic end for someone who refused to trust in the possibility of change.

Fast forward to modern Nigeria, where the echoes of Samaria’s desperation are all too real. Food insecurity, soaring inflation, and chronic hunger have created a society on edge. When a lifeline appears, be it palliatives or subsidized goods, the resulting rush often turns deadly. Just recently, stampedes that occurred separately in Ibadan, Abuja and Okija in three different regions of the country claimed lives as people scrambled for food, much like the chaotic scene at Samaria’s gates.

The foregoing manner of deaths in tripartite locations is no doubt a reminiscence of a stampede early this year, specifically in February 2024, where seven persons were killed during the buying of seized rice put on sale by the Nigeria Customs Service (NCS) in Lagos State. As gathered then, dozens of people turned up for the open sales at the customs’ zonal office on Harvey Road, Yaba, Lagos, with a 25kg bag of rice sold for N10,000.

The customs had said that the move was to cushion the economic hardship occasioned by the soaring costs of essential food items in the country.

The sales which started on a peaceful note were monitored and supervised by the Comptroller General of Customs (CGC), Wale Adeniyi.

Given the foregoing recurring Samaria-like situation in Nigeria, it is not an exaggeration to opine in this context that hunger across the country is no longer a mere challenge; it is a crisis. According to recent statistics, over 25 million Nigerians face severe food insecurity. The situation is exacerbated by inflation, which has driven up the cost of basic staples like rice, beans, and maize to unprecedented levels. For many families, a single meal a day is a luxury, and the sight of children rummaging through refuse for scraps is no longer uncommon.

This dire scenario sets the stage for desperation. When news spreads of food aid or subsidized items, thousands rush to distribution centers, often overwhelming the organizers. Chaos ensues, and lives are lost in the stampede. The question remains: How did we get here, and what can we learn from the biblical story of Samaria’s famine?

In fact, there are lessons from Samaria for Nigerians in the Christendom, in particular, to learn under this situation.  This is as a crisis of leadership and vision which the officer’s disbelief mirrors demonstrate how skeptical leaders and the people are, mainly when systemic hunger is not addressed with urgency and empathy. Not only that, policies that promise relief but deliver crumbs only fuel the desperation seen in stampedes. Given the foregoing, leaders must recognize that hunger is not just a statistic as it is unarguably a lived reality that breeds chaos.

In Samaria, Elisha’s prophecy was a call for hope and faith. However, the king’s officer dismissed it, much like some modern policymakers dismiss the urgency of addressing hunger head-on. His tragic end, trampled underfoot by the same crowd he sought to manage, serves as a powerful metaphor for leaders who underestimate the power of collective despair.

In fact, courageous action which the lepers collectively displayed by shunning desperation, and rather chose to act in faith need to be emulated by everyone in the Christendom. Their decision to explore the Aramean camp was risky but transformative. Nigeria’s leaders and citizens alike must embrace bold, solution-oriented action, from implementing effective food distribution systems to addressing the root causes of poverty.

Imagine if the Nigerian government, in partnership with private organizations, established a transparent and efficient system for distributing aid. What if technology was leveraged to track distribution and ensure it reaches those who are most in need? These are the kinds of courageous actions that can turn the tide.

Again, people must always exercise faith in the possibility of abundance, particularly as Elisha’s prophecy reminds us that change is possible, even in dire circumstances. For Nigeria, this means believing in and working toward a future where resources are equitably distributed, and the dignity of every citizen is upheld.

The abundance experienced in Samaria was not just a miracle; it was a fulfillment of divine promise. Similarly, Nigeria’s potential for abundance is vast. With its fertile lands, rich mineral resources, and entrepreneurial spirit, the nation has everything it needs to thrive. What is lacking is the will to harness these resources effectively.

Without a doubt, the danger of neglecting those who are hungry portends a volatile force. When ignored, it could erupt in ways that harm everyone, from the powerless to the powerful. The officer’s fate serves as a cautionary tale for those who underestimate the urgency of addressing food insecurity.

Without a doubt, the recent stampedes that occurred in Nigeria are evidences of what happens when hunger is neglected. They highlight the deep disconnect between leaders who live in comfort and the masses who struggle to survive. This disconnect breeds resentment and fuels the kind of desperation that leads to chaos.

In fact, the story of Samaria’s famine is not just a biblical tale; it is a parable for today’s Nigeria. The lepers represent the marginalized and forgotten, those who are forced to fend for themselves in a system that has abandoned them. Their courage and resourcefulness are a reminder that solutions often come from unexpected places.

The Aramean army’s flight illustrates how quickly circumstances can change. Just as their fear led them to abandon their camp, so too can Nigeria’s challenges be overcome if we address the underlying issues with resolve and determination.

The officer’s tragic end is a sobering reminder of the cost of disbelief and inaction. His fate mirrors that of policymakers who fail to act decisively in the face of crisis, only to be overwhelmed by the consequences of their neglect.

At this juncture, it is not a misnomer to ask, “Which way forward?” The answer to the foregoing apt question cannot be farfetched as stampedes during food distributions are preventable tragedies that highlight systemic failures. Transparent, efficient mechanisms for delivering aid are crucial. Beyond immediate relief, there is a need for long-term strategies: investing in agriculture, reducing post-harvest losses, and creating jobs that enable people to afford basic necessities.

Moreover, faith-based organizations and community leaders must work together to rebuild trust and foster hope. Just as the lepers shared the good news of abundance, Nigerians must unite to create a society where no one is trampled in the pursuit of survival.

One possible solution lies in technology. Mobile apps and digital platforms can be used to register beneficiaries and coordinate aid distribution. This would reduce the chaos of physical gatherings and ensure that help reaches those who truly need it. Similarly, community-led initiatives can play a crucial role in bridging the gap between the government and the people.

The parallels between Samaria’s famine and Nigeria’s current challenges are striking. Both situations highlight the importance of faith, courage, and decisive action in overcoming adversity. But while the story of Samaria ends with abundance, Nigeria’s story is still being written.

Will our leaders rise to the occasion and take bold steps to address hunger and poverty? Will we, as citizens, hold them accountable while also contributing to the solutions? Or will we, like the disbelieving officer, be trampled by the consequences of our inaction and skepticism?

In the end, the story of Samaria teaches us that abundance is possible, but it requires faith, action, and compassion. Nigeria stands at a similar crossroads. The choice is ours to make.

Veteran Nollywood actress and ordained preacher, Eucharia Anunobi, has boldly ventured into the heart of a universal struggle: the human craving for approval. In her recent assertion that “seeking to be liked by all is a sign that you are emotionally and spiritually imbalanced,” Anunobi has sparked a much-needed conversation about self-worth and societal pressures. Her statement, though simple, holds profound implications for how we view ourselves in an increasingly judgmental world.

The desire for approval is deeply rooted in human psychology. From childhood, we are taught to seek validation from parents, teachers, and peers. While this is normal to some extent, the problem arises when the need for approval evolves into an all-consuming quest for acceptance. In modern society, this need has been amplified by social media platforms, where the number of likes, shares, and followers can feel like a measure of self-worth.

Living in a world that constantly demands validation can lead to emotional exhaustion. People often bend over backward to meet the expectations of others, sacrificing their authenticity in the process. As Eucharia Anunobi aptly points out, this behavior signals a deeper imbalance, an emotional void that external validation can never truly fill. Her statement challenges us to reevaluate where we place our self-worth: in fleeting approval from others or in the enduring peace of self-acceptance.

The rise of social media has turned approval-seeking into a daily ritual for many. Platforms like Instagram, TikTok, and Facebook thrive on the currency of validation. People curate their lives to project an ideal image, hoping to gain the admiration of their audience. But behind the perfect posts often lies a sense of inadequacy, as individuals tie their happiness to the approval of strangers.

Research supports Anunobi’s claim that this craving for validation stems from insecurity and fear of rejection. Psychologists warn that when we base our self-worth on external factors, we become vulnerable to emotional highs and lows dictated by the opinions of others. This perpetual chase for approval not only drains us emotionally but also stunts our spiritual growth, as it distracts us from seeking fulfillment within ourselves.

Eucharia Anunobi’s journey from Nollywood stardom to spiritual leadership lends credibility to her insights. Known for her roles in iconic films like Glamour Girls and Abuja Connection, she once thrived in an industry that places a premium on public approval. However, her transition to an ordained preacher marks a profound shift in her life’s purpose, from seeking fame to promoting faith and authenticity.

Anunobi’s message is rooted in her own experiences of overcoming challenges and finding spiritual alignment. She understands firsthand the pressures of living for others’ validation and the liberation that comes from breaking free of that cycle. For her, emotional independence is not just a goal but a prerequisite for spiritual growth. By emphasizing this connection, she invites others to reflect on their own journeys and seek a balance between emotional health and spiritual purpose.

Trying to please everyone is not only impossible but also detrimental. Human relationships are inherently complex, shaped by differing values, opinions, and expectations. In attempting to accommodate everyone, we risk losing ourselves. This people-pleasing behavior often leads to emotional burnout, as individuals spread themselves too thin trying to meet the demands of others.

Anunobi’s assertion that seeking universal approval signals imbalance aligns with psychological research. Experts recommend setting boundaries and prioritizing self-care as essential steps toward maintaining emotional well-being. When we learn to say “no” without guilt, we reclaim our power and protect our mental health. By addressing this universal struggle, Anunobi underscores the importance of self-awareness and resilience in a world that constantly tests our emotional limits.

Anunobi’s perspective is deeply influenced by her faith. As an ordained preacher, she views spiritual alignment as the cornerstone of a fulfilling life. For her, this alignment begins with emotional independence, the ability to find peace and purpose within oneself rather than seeking it from others.

Spiritual growth, she explains, requires authenticity. When we live for others’ approval, we compromise our values and disconnect from our true selves. This disconnection makes it difficult to experience the deep, lasting fulfillment that comes from living a purpose-driven life. By focusing on spiritual alignment, Anunobi encourages individuals to anchor their self-worth in their relationship with God rather than the shifting opinions of society.

As expected, Anunobi’s statement has sparked mixed reactions. On one hand, many have praised her for addressing a sensitive yet universal issue. Supporters argue that her words inspire confidence and encourage self-empowerment. On the other hand, critics contend that her statement oversimplifies the complexities of human relationships, where approval-seeking can sometimes be a natural and even necessary aspect of social interaction.

This diversity of opinions highlights the importance of dialogue. By sparking discussions about self-worth and validation, Anunobi has encouraged people to reflect on their own experiences and beliefs. Regardless of where one stands on the issue, her message serves as a catalyst for introspection and change.

Psychologists emphasize that seeking approval from everyone is a losing battle. The need for validation often stems from low self-esteem, making individuals overly dependent on others’ opinions for their sense of worth. This dependency can lead to anxiety, depression, and a distorted sense of identity.

To break free from this cycle, experts recommend cultivating self-awareness and practicing self-compassion. By understanding our own needs and values, we can develop a stronger sense of self that is less influenced by external factors. Anunobi’s teachings align with these insights, offering a spiritual perspective on what psychologists describe as emotional resilience.

At its core, Anunobi’s message is a call to embrace authenticity. She challenges us to let go of the fear of judgment and focus on nurturing our inner selves. This shift in perspective can transform how we navigate relationships, work, and personal growth. By prioritizing self-love and authenticity, we create space for genuine connections and meaningful experiences.

Anunobi’s statement also serves as a reminder that we are all works in progress. Seeking approval is a natural human tendency, but it becomes problematic when it dictates our choices and compromises our well-being. By acknowledging this tendency and striving to overcome it, we take a crucial step toward emotional and spiritual balance.

In a society where external validation often feels like currency, Eucharia Anunobi’s words are a timely reminder of what truly matters. Her declaration that seeking universal approval signals imbalance challenges us to reevaluate our priorities and reclaim our emotional independence.

Anunobi’s journey from Nollywood star to spiritual leader embodies the principles she advocates. Her message encourages us to let go of the need for universal approval and focus on nurturing our inner selves. By doing so, we pave the way for personal growth, genuine connections, and a deeper sense of purpose.

Her words are not just a critique of societal pressures but a beacon of hope for those struggling with self-worth. In a world driven by external validation, Anunobi’s insights offer a path to emotional and spiritual freedom, a lesson we can all benefit from embracing.

Former Senate Leader, Ali Ndume, has stated that the North is not parasitic or dependent, particularly in economic matters.

Ndume, who represents the Borno South Senatorial District in the National Assembly, said on Sunday that all states, zones, and regions in Nigeria are interdependent and rely on one another for survival, irrespective of their individual resources.

“The North was, is, and will never be a parasite or dependent on any region or even the country. We are assets, not liabilities, to Nigeria. Those who believe the current tax reforms are targeted against northern interests are naive. The law applies equally to all low- and middle-income Nigerians,” he declared.

The senator called for prudence and transparency in governance, emphasising the need for Nigeria’s resources to be effectively managed for the benefit of all citizens.

On the proposed tax reforms, Ndume criticised their timing and expressed concerns that the economic challenges faced by Nigerians could worsen if the bills were implemented without adequate consultation.

“I insist that the Tax Reforms Bills be withdrawn for broader consultations and engagement with critical stakeholders, including state and local governments and the private sector,” he said.

Ndume also urged the Federal Inland Revenue Service to focus on broadening the tax base and improving collection efficiency.

He called for greater contributions from commercial banks, which he noted declare significant profits annually.

“The FIRS should concentrate on expanding the tax net and improving collections. Additionally, accountability and transparency in tax administration must be enhanced,” he remarked.

He further advised the Central Bank of Nigeria to scrutinise commercial banks to ensure equity in their tax contributions.

Ndume raised concerns over President Bola Tinubu’s proposed tax reform package, which includes the establishment of a Joint Revenue Board, a Tax Appeal Tribunal, and the Office of the Tax Ombudsman.

He argued that such reforms should be preceded by broader governance reforms to address Nigeria’s fiscal challenges.

“Our personnel and overhead expenditures for 2024 account for 50 to 60 percent of the budget. Yet, here we are in November, and only 20 percent of the budget has been implemented. Meanwhile, recurrent expenditure has already been exhausted.

“This means over N15tn to N20tn is going into personnel, debt servicing, and recurrent expenditure. We should reform the government, not only the executive – we need to reform the government holistically,” Ndume said.

He stressed the importance of holistic reforms across all arms of government, proper timing, and securing public support for successful implementation.

[OpinionNigeria]

Justice Kudirat Kekere-Ekun and Justice Monica Dongban-Mensem, as the Chief Justice of Nigeria and the President of the Court of Appeal respectively, hold the highest positions in the country’s judiciary. Yet, their actions—or more accurately, their inaction—have cast a deep shadow over the judiciary, leaving it tainted and compromised. This is not just a failure of leadership; it is a betrayal of their sacred duty to uphold justice, independence, and integrity in an institution that should be above reproach.

Former President Olusegun Obasanjo’s recent speech at Yale University was a brutal and unapologetic critique of Nigeria’s descent into chaos under President Bola Tinubu. His indictment of the judiciary as a “captured” institution was a direct hit at its two top leaders. These women, entrusted with safeguarding Nigeria’s courts, have presided over a system that increasingly bows to corrupt hands, political interference, and financial influence.

A Judiciary in Free Fall

The judiciary is supposed to be the cornerstone of justice and democracy, a beacon of hope for the powerless, and a safeguard against tyranny. Yet, under the watch of Justice Kekere-Ekun and Justice Dongban-Mensem, it has devolved into a system that serves the highest bidder and political overlords.

Nowhere is this more evident than in the judiciary’s handling of election-related cases. Courts that should serve as neutral arbiters have instead become tools in the hands of political actors, embroiling themselves in internal party disputes that have no place in a courtroom. Obasanjo’s concerns about the “dark ways” of Nigerian elections are painfully accurate. Judges now actively lobby for seats on election tribunals, not to serve justice, but because these positions have become synonymous with personal enrichment.

Even more alarming is the growing trend of judicial appointments being handed out to the children, in-laws, and relatives of those already in power. Meritocracy has been replaced with nepotism, as connections and favoritism dictate who ascends to the bench. A judiciary that once prided itself on its impartiality and competence is now a breeding ground for familial privilege and entitlement. Is it any wonder that such a system has been captured? How can justice thrive in a judiciary where appointments are based on bloodlines rather than qualifications?

These tribunals have transformed into marketplaces where rulings are not determined by law or evidence but by who can offer the largest bribe. It is a grotesque betrayal of the judiciary’s purpose, and the fact that it occurs under the leadership of these two women underscores their failure to stem the tide of corruption and manipulation.

The Hypocrisy of Leadership

While some judges under their leadership strive to uphold the rule of law, what message do Justice Kekere-Ekun and Justice Dongban-Mensem send when they attend celebratory events hosted by Nyesom Wike—a politician whose cases could land in their courts at any moment? This is not just poor optics; it is a blatant disregard for the principles of neutrality and fairness. Their actions place every diligent judge under their leadership in an untenable position, forcing them to work in a system where political influence looms large and justice is increasingly a commodity for sale.

Obasanjo’s indictment of a “captured judiciary” should hit home for these two women. By failing to act, they have allowed the courts to be weaponized for political purposes, tarnishing the judiciary’s reputation both at home and abroad. The very integrity of Nigeria’s democratic process is at stake, yet they remain silent, complicit, and seemingly indifferent.

A Judiciary Complicit in Nigeria’s Decline

The judiciary’s failure under these two leaders is not just an institutional problem—it is a national crisis. Obasanjo’s description of Nigeria as a “failing state” is not hyperbole. When the courts are seen as instruments of corruption rather than as protectors of justice, the entire fabric of democracy begins to unravel.

Involvement in election tribunals has become a lucrative venture, with judges vying for appointments because they know it is an opportunity to enrich themselves. This reality is a damning reflection of the judiciary’s state under Kekere-Ekun and Dongban-Mensem. Their inability to address these issues has eroded public trust to the point where the judiciary is no longer seen as an impartial arbiter but as a tool for political domination and financial gain.

Adding to this crisis is the nepotistic practice of appointing unqualified relatives to key judicial positions. Children and in-laws of powerful figures ascend to the bench with little regard for merit, further weakening the judiciary’s credibility. A judiciary where lineage matters more than competence is one that cannot deliver justice. It is a system designed to protect the interests of the powerful while leaving ordinary Nigerians at the mercy of corruption and inefficiency.

The Responsibility to Act

The time for platitudes and half-measures has passed. Justice Kekere-Ekun and Justice Dongban-Mensem must confront the reality of their failure and take immediate steps to restore the judiciary’s integrity. This requires more than symbolic gestures—it demands decisive action to root out corruption, distance the judiciary from political actors, and restore public confidence in the courts.

They must banish judges who actively seek out election tribunal positions for personal gain, impose strict ethical guidelines, and ensure that the judiciary is no longer a participant in internal party disputes. Above all, they must lead by example, refusing to associate with political actors like Wike, whose presence casts doubt on the impartiality of the judiciary.

The High Stakes of Inaction

If these two women fail to act, they will not just tarnish their own legacies; they will preside over the complete collapse of Nigeria’s judiciary. The consequences will be catastrophic. Public trust in the courts is already at an all-time low, and the continued perception of a “captured judiciary” will further alienate the populace, fueling political instability and deepening Nigeria’s democratic decline.

Obasanjo’s words at Yale should serve as a wake-up call. His critique was not just about the judiciary but about the broader implications of its failure. A captured judiciary is a captured nation, and if Kekere-Ekun and Dongban-Mensem do not act, they will be remembered as the architects of Nigeria’s descent into chaos.

Now is not the appropriate moment to seek a public affairs commentators to engage in media attacks against your critics, it is crucial to refrain from retaliatory measures and uphold professionalism by carefully reflecting on the feedback provided by writers or critics.

History Will Judge

The judiciary is on trial, and so are its two most senior leaders. Justice Kekere-Ekun and Justice Dongban-Mensem must decide whether they will be remembered as defenders of justice or as enablers of corruption and political manipulation. Obasanjo’s words were a painful reminder of what is at stake. If these two women continue on their current path, they will go down in history as the faces of Nigeria’s judicial collapse, complicit in the very corruption they were sworn to fight.

The time to act is now. The judiciary’s survival—and Nigeria’s democracy—depends on it.

The recent furore generated by the tax reform bills sponsored by the Tinubu administration has elicited the need to look at the entire concept of tax action in Nigeria. This article will look at an often ignored aspect of taxation, that of taxing residual wealth from generation to generation.

As Nigeria continues to grapple with economic challenges, rising inequality, and the need for sustainable public revenue, the reinstatement of the scrapped Capital Transfer Tax (CTT) emerges as a compelling solution. Inheritance taxes have been successfully implemented in many economies to enhance revenue generation, reduce wealth inequality, and improve equity in taxation. 

In Nigeria, the top 10% of the population holds almost 30% of the nation’s income.This figure has remained trended upwards in recent years, indicating a significant concentration of income among the wealthiest segment of the population. To put this into perspective, the income inequality ratio between the top 10% and the bottom 50% is 1 to 14. This means that, on average, an individual in the top 10% earns 14 times more than someone in the bottom 50%.

It’s important to note that income distribution figures can vary over time due to economic policies, market dynamics, and data collection methodologies. Additionally, while income distribution provides insight into economic inequality, wealth distribution—which includes assets like property and investments—can present a different picture and is often more skewed.

Addressing such disparities is therefore crucial for promoting economic equity and social stability in Nigeria. We can ill-afford to create a permanent elite class that enjoys privilege in perpetuity simply because their forbears were able, in whatever manner they did, to amass wealth in the past. 

This article explores the need for Nigeria to adopt inheritance taxation as part of ongoing tax reforms and compares inheritance tax structures in the UK, US and South Africa.

These comparisons highlight the potential positive impacts of inheritance taxes in fostering equity, funding development, and closing the wealth gap in Nigeria.

The Historical Context of Inheritance Tax in Nigeria

Nigeria previously had a Capital Transfer Tax (CTT),introduced in 1979 under the Capital Transfer Tax Act, 1979 by the them Obasanjo military regime. The CTT was imposed on the transfer of assets, including inherited wealth, upon death or as a gift. However, due to administrative inefficiencies, tax evasion, and political pressures, the CTT was abolished in 1996, by the Abacha regime, in a move that cynical observers said was a move to protect the billions of dollars that he had spirited out of Nigeria. Since then, Nigeria has lacked any form of inheritance or estate tax, unlike its global counterparts.

The absence of inheritance taxes exacerbates wealth inequality, as large estates and inherited wealth accumulate tax-free over generations. As the country faces increasing fiscal pressure and economic disparities, it is imperative to consider the reintroduction of an inheritance tax system to address these challenges.

The Role of Inheritance Taxes in Equity and Revenue Generation

Inheritance taxes serve several purposes:

1. Reducing Wealth Inequality: By taxing inherited wealth, governments can prevent the perpetual transfer of wealth to a small elite class, fostering social mobility.Even in traditionally feudalistic societies like the United Kingdom, these taxes have been used as a portent force for good in ensuring a reduction of a permanent upper class that is based principally on privilege. Inherited wealth invariably serves as a disincentive to wealth creation based on merit, as it entrenches a permanent upper class.

2. Promoting Equity in Taxation: Inheritance taxes ensure that wealthier individuals contribute more to public finances, aligning with the principles of progressive taxation. There has been growing calls for the expansion of the tax net to capture even illicit wealth. It is a long established fact of tax law that the “burglar and the swindler, who carry on a trade or business for profit, are as liable to tax as an honest business man.”. So taxation can be used as a veritable tool to harness tax revenues from even dishonest activities. In the United States, when the government was unable to pin specific crimes against the Mafia dons, it resorted to tax evasion, which has a much less onerous burden of proof as it most times shifts this burden of proof to the tax payer rather than the tax man.

3. Revenue Generation: Inheritance taxes provide a sustainable revenue stream for governments, which can be used to fund infrastructure, healthcare, education, and poverty alleviation programs. The International Monetary Fund (IMF) reported that Nigeria’s tax-to-GDP ratio was 9.4% in 2023, indicating a huge shortfall from the African average of 18.8% and the OECD average of 34,2%. 

Comparative Analysis of Inheritance Tax Systems

To highlight the benefits of inheritance taxes, it is useful to analyze inheritance tax structures in the UK, US and South Africa. Each of these countries implements inheritance or estate taxes with varying thresholds, rates, and impacts.

The United Kingdom

In the UK, inheritance tax (IHT) is levied on estates valued over £325,000 at a rate of 40%. However, the tax applies only to the portion exceeding the threshold, and several exemptions exist for spouses, charitable donations, and small businesses.

Inheritance tax contributes significantly to the UK’s tax revenue, generating approximately £7 billion annually. It is noteworthy that the new Labour government has widened the inheritance tax net to include family owned farms, with a net worth of over £1 million, in a bid to plug the much talked about £22 billion “black hole” in UK  government finances. 

The UK’s progressive inheritance tax system ensures that the wealthiest estates contribute more to public finances. Funds are often reinvested in public services, reducing the wealth gap. The UK system balances fairness with exemptions to protect middle-income families while ensuring wealth redistribution across the wealthier families. 

The United States

In the US, inheritance taxes are more complex, as they combine federal estate taxes with state-level taxes. At the federal level, estates exceeding $12.92 million for individuals (as of 2023) are subject to estate tax rates ranging from 18% to 40%. States such as New York and Maryland impose additional inheritance or estate taxes. The impact of some of these taxes may help explain the benevolence of wealthy Americans such as Warren Buffet and Bill Gates who plan to distribute majority of their wealth to charitable causes rather than leave their fortunes to be ravaged by inheritance taxes. A number of them have enrolled in the Giving Pledge, where they pledge to give away 50-99% of their wealth to charitable causes. 

Estate taxes contribute billions to federal revenue. For example, in 2020, estate taxes generated $17 billion in revenue. By taxing the largest estates, the US ensures that ultra-wealthy individuals contribute proportionally to public finances while avoiding undue burdens on smaller estates.

South Africa

South Africa imposes an estate duty of 20% on estates valued below R30 million and 25% on amounts exceeding this threshold. In addition, Donations and transfers to spouses are exempt. A primary threshold of R3.5 million ensures that smaller estates are not burdened unduly. Estate duties contribute a moderate amount to South Africa’s revenue base but are essential for addressing the country’s significant wealth inequality,nespecially along race lines. Given South Africa’s history of economic disparity, estate taxes help address structural inequalities by redistributing wealth.

Lessons for Nigeria: Benefits of Reintroducing Inheritance Taxes

From the above comparisons, several lessons can guide Nigeria in reintroducing inheritance taxes:

1. Revenue Generation for Development

   Countries like the UK and US demonstrate that inheritance taxes can contribute billions in revenue annually. For Nigeria, these funds could be used to improve much needed infrastructure (roads, railways, and power supply, education and healthcare etc. In addition, a portion of such taxes may be targeted at poverty alleviation and skills enhancement effortsthat eventually reduce poverty and reduce social inequality. 

2. Reducing Inequality

   Nigeria faces a growing wealth gap, with significant disparities between the elite class and the broader population. By taxing inherited wealth, Nigeria can reduce the concentration of wealth within a small elite and promotesocial mobility and economic opportunity for underprivileged groups. In a country such as Nigeria with a vast gulf between the haves and the havenots, reducing inequality is key to societal stability and peace. 

3. Promoting Tax Equity 

   Inheritance taxes ensure that wealthier individuals contribute more to national development. Unlike consumption taxes (e.g., VAT), which disproportionately burden low-income earners, inheritance taxes target unearned wealth transfers, promoting fairness in taxation. So far, the uproar has largely been on the distribution of VAT revenues amongst states and regions of the federation. 

4. Administrative Considerations

   To ensure the successful implementation of inheritance taxes, Nigeria must set  reasonable exemption thresholds to protect middle-income families (e.g., estates below N50 million – this is just a suggestion, as an ideal figure will need more empirical research).

In addition, the proposed tax must simplify tax administration to prevent evasion and improve compliance, so that it doesn’t become burdened by evasion that is induced by complexity of enforcement. We must also enlighten the general public on the benefits of inheritance taxation for national development.

Conclusion

The reintroduction of inheritance taxes or the Capital Transfer Tax in Nigeria is a necessary step in achieving tax equity, reducing wealth inequality, and generating sustainable revenue for development. By adopting lessons from countries such as the UK, US, and South Africa, Nigeria can design a fair and progressive inheritance tax system that balances revenue generation with social justice.

At a time when Nigeria faces significant fiscal challenges and economic disparities, inheritance taxes offer a powerful tool to address inequality and fund essential public services. It is time for policymakers to prioritize equity in taxation and ensure that the wealthy contribute meaningfully to Nigeria’s development goals. Reintroducing the Capital Transfer Tax would not only align Nigeria with global best practices but also foster a more inclusive and equitable society.

Mr Emeka Ndu, is a  Price Waterhouse-trained chartered accountant and serial entrepreneur who has a passion for societal development and empowerment.

As the first full year of President Tinubu’s administration, 2024 has come with its unique share of challenges and triumphs. As we look back at the ongoing year, this is the perfect time to reflect on the President’s vision for a transformed Nigeria and how 2024 has provided numerous opportunities to manifest that vision.

On so many fronts, the outgoing year has brought significant policy and legislative milestones that are helping to cement the very foundations of the President’s grand vision for Nigeria. Take the examples of the Students Loan Fund and the Consumer Credit Corporation, two institutions targeted at putting more resources in the pockets of the Nigerian people, empowering them to turn their dreams into opportunities.

With the Students Loan Fund, we are seeing, for the first time in decades, Nigerian students at tertiary level, getting targeted federal assistance to pursue their academic ambitions, through long-term loans (and stipends) that are designed to not be burdensome in any way. In less than one year, more than 300,000 Nigerian students have already benefited.

With the Consumer Credit scheme, we are seeing affordable financing being made available to workers, to enable them afford life’s necessities. Every developed country is built around a functioning credit system that fuels consumer spending and translates into economic growth. Nigeria is now finally on that path.

Also in 2024, we also saw the first steps in the implementation of a new electricity framework in the country, conferring the State governments with greater agency and responsibility. Building on a recent constitutional amendment, the President signed into law the 2024 Electricity Act that is now guiding a pioneering set of States into rolling out their own regulated electricity markets.

Indeed, for Nigeria to be truly able to achieve economic development, we must allow the subnational governments more room for real economic impact. With the new Electricity Act, States can now play a much bigger role in attracting investments into on-grid and off-grid solutions, ensuring that more electricity gets to more Nigerians.

This concept of giving more power and opportunities to the States is one of the defining governing philosophies of President Tinubu – as Governor of Lagos two decades ago he was one of the leading advocates of true federalism in Nigeria. Now, as President, he has not abandoned those ideals. In July 2024 we saw the landmark ruling  by the Supreme Court, empowering local governments to an extent we have not seen in our recent history. The President has since empaneled an Inter-Ministerial Committee that will ensure the full enforcement of that judgement.

For the state governments, President Tinubu’s economic reforms have triggered a dramatic surge in revenues, which is allowing the States to do more for their people. The last FAAC meeting saw the sharing of a record 1.727 Trillion Naira amongst the three tiers of government. These resources are meant to deliver bigger dividends of development to Nigerians. 

For those who have taken the effort to be familiar with the ongoing tax reforms, the Bills currently before the National Assembly also represent another fiscal boon for the subnational governments, with the Federal government choosing for example to take an even smaller portion of VAT than it currently gets.

The Presidential Initiative on CNG marked its first year of implementation recently, with the number of vehicle conversion centers in the country rising from fewer than 10 to more than 120. The goal is to make CNG a fuel of choice for private and commercial transportation in Nigeria, bringing down costs by as much as 50 to 60 percent. We are already seeing enthusiastic uptake of the initiative, and the government is supporting this by way of fiscal incentives and subsidized conversions.

The year is closing with the massive news of the final investment decision (FID) by Shell and its partners on the Bonga North deep offshore oil project, which is Nigeria’s first deep offshore FID in over a decade. This FID was preceded by the one by Total and NNPC Limited on the 300 million cubic feet per day Ubeta gas project. Together these two projects represent over 5 billion dollars in investment value.

These long-awaited investment decisions have now finally happened because the investors behind them can see, from the President’s policies and actions, that Nigeria is truly serious and ready for oil and gas investment. A series of presidential directives issued at the beginning of 2024 have unleashed the biggest wave of investor interest in our country’s energy sector in a while.

in 2024, our security forces neutralized more than 8,000 terrorists and bandits, and arrested 11,600 others, with more than 10,000 weapons recovered. Additionally, about 8,000 kidnap victims were successfully rescued. The goal is to keep driving down the numbers of victims, while scaling up efforts to make crime and criminality unattractive in Nigeria.

On the foreign affairs front, the 2024 has been a most encouraging year, despite several challenging geopolitical developments around the world, including in our corner of West Africa. This year Nigeria was awarded the hosting rights for the new African Energy Bank, which will prove to be game-changing for energy financing in Africa. As we reposition ourselves to be a global energy hub, this is a most fitting complement.

Nigeria is asserting itself as a country that cannot be ignored on the global stage. In 2024, President Tinubu hosted heads of State and/or government from India, the world’s largest democracy, and from Germany, Europe’s largest economy.

He was welcomed on a State Visit to France, at a very exciting time in the history of mutually-beneficial relations between Nigeria and France. Nigeria was specially invited to the G20 Summit for the second consecutive year running, and we forged deeper relations with South Africa through our joint presidential binational commission.

As we step into a new year, during which we will mark the second anniversary of the Tinubu Administration, we will surely see even more of the positive outcomes of the President’s reforms, in infrastructure, agriculture, security, healthcare, education, creative and digital economy and many other areas. The tax reforms, when passed into law and assented to, will cut personal and corporate income taxes for tens of millions of Nigerians, while also expanding VAT exemptions.

Consumer credit and student loans will reach many more people. Important indices such as foreign reserves position, trade surplus, oil production, and GDP growth are set to continue rising, even as greater work going into permanently taming inflation. The 2025 budget – the very fittingly-themed “Budget of Restoration: Securing Peace, Rebuilding Prosperity” – is a convincing pointer of the federal government’s commitment to maintaining the positive course in which we are headed as a nation.

We will continue to seek the understanding of Nigerians on this journey of, in the President’s words in the 2025 budget speech, “economic renewal and institutional development.” The sacrifices will all surely be rewarded, and we shall surely and steadily advance towards our desired destination – a country where a progressively better life will be guaranteed for everyone, regardless of where in the country they happen to reside. Under President Tinubu’s watch, 2025 will represent a leap forward, towards that deserved destination.

Mohammed Idris, fnipr, is the Minister of Information and National Orientation

“My kind of loyalty was loyalty to one’s country, not to its institutions or its officeholders. The country is the real thing, the substantial thing, the eternal thing; it is the thing to watch over, care for, and be loyal to; institutions are extraneous; they are its mere clothing, and clothing can wear out, become ragged, cease to be comfortable, cease to protect the body from winter, disease, and death.” ― Mark Twain

In one village, there is a handsome and intelligent man named James. He is very clean and dresses well. He also speaks English and French very fluently.

Usually, when someone dies, the whole village will gather, and able-bodied young men will dig the grave, bury the corpse, and cover it very well. The women will prepare Abacha while the men will come with kegs of palm wine. It is very well organized, communally. Everyone plays his/her part to make the burden light for the bereaved family.

Every time this occurred, James came with a newspaper. He would find a very comfortable position, sit, and cross his legs, reading the newspaper while others worked on the grave. There seemed to be nothing wrong with this, as there were plenty of hands on the job.

One day, James’ father kicked the bucket. What a day! The whole village gathered as usual. But there was something strange about the gathering. Guess what? Every young man came there well dressed, with a newspaper and a chair. They all sat down and read newspapers! Onyema, who did not break slate way back in primary school days, also had one, even though he held it upside down.

There was an uneasy calm that enveloped the atmosphere. The environment was hot, even though it was early in the morning during the harmattan season. The dice was cast. It was payback time. James was about to receive the reward for his actions over the years.

And so, the corpse was there, but no one was digging the grave. James came out of the house and saw the situation. He was helpless. He is the only young man in the family. His other two siblings are girls. He broke down and wept like a child. He wept not for the dead but for himself. He realized that he was a living, dead man. He pleaded for mercy to no avail. Finally, he dug the grave alone while others read their newspapers.

In a country governed by foreigners. A country that has at its head Indigenes of some tribes I love Nigeria, I sincerely do because I possibly have no choice, I could love America, England, Poland, or even neighboring Ghana and become a Nigerian-Arabian or Israeli-born Nigerian it makes no difference because we are Nigerians, we are who we are…exceptional in our way…a people who for several decades have placed their hands on the self-destruct button but somehow it never detonates, we have remained on the 11:59 threshold of everything deadly, dangerous and anti-people yet it never hits 12.

So, I love Nigeria, the land where everything, anything, all things are possible, it depends only on where you stand and what you can benefit from.

From Lagos, our own New York, to Abuja, the expensive London with Beverly Hills homes only for the rich and mighty, to Rivers, Imo, Ekiti, Oyo, Ogun, our cowboy Texas…We have our Chicago-styled Police; then we have so many Bronx sites where you could get anything from fake passports to late Abacha or Abiola’s signatures.

Need I tell you about our own Afghanistan, our own Syria, or our emerging DRC, or don’t you know there are parts of Nigeria competing favorably with Mexico in terms of abductions and kidnapping?

Nigeria…God’s own country in black Africa, how many times have I been told that even God is Nigerian, especially when we have goofed and expect a miracle or when we are losing a soccer match?

Nigeria is the only country in the world that has no Citizens. What we have in Nigeria are indigenes. All your Privileges, Rights, and Duties as a supposed citizen depend on your “Indigeneship.” Loyalty and Patriotism to Nigeria because of that is zero. Everybody is a Tribal Lord. You cannot be anybody or authority if you don’t subscribe to any clan, state, zone, or tribe.

The Army is a National Body. It has people from all walks of life and tribes as its members. It has a Defence Academy in Kaduna. You were born in Kaduna to Abeokuta parents or even Bolawa Parents from Potiskum. Another one might have Ijaw parents from Delta or Nkanu Parents from Enugu. All born and bred in Kaduna.

If they want to join the Army, Nigeria, a country without citizens, will ask the candidates to go back to their state capital. The capital of their tribe and the center for national disintegration.

Every form you fill out in Nigeria will want to know your tribe and religion. Who Born You? Government officials represent their tribes in government and not Nigeria. Nobody represents Nigeria in anything. We only stand for our tribes to whom we owe our Indigenship.

Every government policy is tailored to denying true Nigerians their citizenship. Every government policy is tailored to promoting Indigenship as against citizenship. That is why Nigeria today is without protection. All the Tribal Lords in Government at all levels work to protect their tribal interests.

Nobody cares about our national interest. They loot and loot and loot the country dry because they have no citizen stake and patriotism. Only indigenous sentiment is what prevails. This is because the government of Nigeria does not care about building the citizens of Nigeria. They are building Indigenes.

The first time I was told that I was not an indigene and could not go to Secondary School with my mates after our Primary school was during an interview by the school Board. I didn’t know until then that being an indigene of certain places and leaving those places to go and stay outside what they call a catchment Area could be detrimental to your existence as a Nigerian.

Early enough in life, I discovered that the government of Nigeria does not give me many options. I must be an indigene to be somebody or something.

True Nigerians are suffering. True Nigerians are relegated because, like James, many just sit to read newspapers, many just sit and read newspapers while Nigerians die in Ibadan because of N5K Charity, at an Islamic High School, others meet their death at a Christian church in Abuja in another stampede to get rice.

We are almost at the end of another year. Maybe we have not collapsed as a nation, but we are still debating whether we are making any progress, patriots like us who keep digging want to see Nigeria win, but the association of newspaper readers want otherwise, will we ever get it right—Only time will tell.

In the labyrinth of Nigerian politics, a leader’s temperament can often dictate the trajectory of his or her career and influence. Nyesom Wike, a former governor of Rivers State and current Minister of the Federal Capital Territory (FCT), is a man whose political antics are as well-known as his accomplishments. However, his penchant for confrontational and domineering politics, commonly referred to in Nigerian parlance as “gragra”, has stirred debates about its appropriateness in the delicate dance of governance and diplomacy. While Wike’s boldness has brought him success, his style raises fundamental questions about the sustainability of his methods in fostering unity and achieving national progress.

In Nigerian slang, “gragra” connotes an aggressive, combative, and often impatient approach to situations. This style, marked by impulsive decisions and a lack of subtlety, might achieve short-term victories but often proves detrimental in the long run. Wike exemplifies this style in many ways. Known for his fiery rhetoric, public criticisms, and unyielding demeanor, he often approaches politics as though it were a zero-sum game where one either wins decisively or loses entirely.

Wike’s leadership style has earned him both admirers and detractors. Admirers see him as a courageous leader unafraid to speak truth to power, while detractors view him as a divisive figure whose methods undermine the very cohesion necessary for effective governance. For instance, his outspoken criticisms of both opposition and allies, from internal squabbles within the People’s Democratic Party (PDP) to his confrontations with fellow politicians, frequently overshadow his achievements, leaving questions about whether his “gragra” is an asset or a liability.

In politics, perception is almost as important as performance. A leader’s ability to inspire confidence among his or her constituents, allies, and even opponents is crucial for creating an atmosphere conducive to progress. Confrontational politics, however, breeds division and resentment. Wike’s approach often leaves him in a precarious position where he must rely solely on his own charisma and resources to advance his agenda. This can lead to political isolation, a dangerous scenario in a system as collaborative as Nigerian politics.

Moreover, his methods risk alienating the very people he seeks to lead. Take, for example, his tenure as Rivers State governor. While his administration delivered on infrastructure projects and improved security in the state, his confrontations with local and national figures often diverted attention from these achievements. Critics argue that his governance style could have been even more impactful had he spent less time on public spats and more on building bridges.

Politics is often described as the art of negotiation, persuasion, and compromise. Effective leaders are those who can rally people around a common vision, even when disagreements arise. Diplomacy and tact are essential tools in fostering relationships and maintaining the delicate balance needed for progress.

Wike’s recent actions, including his public criticisms of fellow politicians and perceived high-handedness in governance, have raised eyebrows. For example, his declaration that “Rivers money is not Abuja money” during his governorship was a pointed jab at federal authorities. While his rhetoric earned him applause for standing up for state autonomy, it also strained relationships with key stakeholders who could have been instrumental in furthering Rivers’ interests.

Nigeria’s political landscape is replete with examples of leaders who fell from grace due to their inability to manage relationships. The late Alhaji Waziri Ibrahim, a respected politician, once remarked that politics is about people and the relationships you nurture. Leaders who alienate others in their quest to dominate often find themselves isolated when they need support the most.

Consider the case of former Lagos State governor Akinwunmi Ambode, whose failure to manage political relationships within his party cost him a second term. Despite his stellar performance in infrastructure development and urban planning, his lack of diplomacy alienated key stakeholders, leading to his ouster during the party primaries. Wike risks a similar fate if his confrontational style continues unchecked.

As the Minister of the Federal Capital Territory, Wike has stepped onto a larger stage where his actions and words carry even greater weight. The FCT is not just a region; it is the administrative and political nerve center of Nigeria. Managing the FCT requires a nuanced approach that balances the interests of diverse groups, from residents to international stakeholders.

Wike’s initial days in office have been marked by decisive actions, such as the demolition of illegal structures and attempts to restore the city’s master plan. While these actions resonate with his reputation for taking bold steps, they also highlight the need for a more inclusive approach. Critics argue that while enforcement of the law is necessary, doing so without adequate consultation and consideration of the human impact risks creating resentment among affected populations.

Wike’s intelligence, experience, and achievements are not in doubt. However, to sustain relevance in Nigeria’s evolving political landscape, he must temper his “gragra” with humility and diplomacy. The ability to listen, build consensus, and embrace differing opinions is what distinguishes great leaders from merely effective ones.

For instance, his relationships with other political figures could benefit from a more conciliatory approach. Rather than burning bridges with allies and opponents alike, Wike should focus on creating alliances that amplify his influence and effectiveness. This is particularly important as he navigates the complexities of federal politics, where success often depends on collaboration rather than confrontation.

Wike’s leadership journey offers valuable lessons for other politicians. While boldness and decisiveness are admirable traits, they must be balanced with tact and empathy. Nigerian politics is not a battlefield; it is a forum for collective problem-solving. Leaders who approach governance with a combative mindset risk alienating the very people they are meant to serve.

Wike’s tenure as FCT Minister provides a unique opportunity for him to demonstrate that he can adapt his style to meet the demands of national leadership. Nigerians are watching, not just for his ability to deliver infrastructure and services, but also for his capacity to lead with grace and inclusivity.

In politics, passion without restraint can become a liability. Wike must recognize that governance is not about scoring points in a personal vendetta but about creating a legacy of progress and unity. The question remains: Will he adapt, or will his “gragra” continue to overshadow his potential for greatness?

In the grand scheme of things, Wike’s gragra is both a blessing and a curse. While it propels him to act decisively and stand firm in the face of opposition, it also risks alienating allies and undermining his broader goals. As he continues his journey in national politics, Wike must embrace a more diplomatic approach, recognising that true leadership lies in bringing people together, not driving them apart.

Ultimately, “gragra” nor good for politics. The time has come for Wike to refine his approach, proving that boldness and diplomacy can coexist in the pursuit of progress and unity.

Without a doubt, Nyesom Wike, Nigeria’s combative and controversial political figure, has earned a reputation for his fiery rhetoric and unapologetic “gragra” style of politics. As Minister of the Federal Capital Territory (FCT) and former Governor of Rivers State, Wike’s approach often reflects an unyielding determination to push his agenda, regardless of dissenting opinions. While some argue that his boldness and decisive actions are what Nigeria needs in its leadership, others view his style as polarizing and counterproductive. For instance, his strict enforcement of policies in the FCT has been praised for attempting to restore order and discipline in Abuja, but it has also drawn criticism for displacing vulnerable communities and creating tension among stakeholders.  

The question of whether Wike’s “gragra politics” is a blessing or a curse depends on perspective. On one hand, his proactive stance could drive much-needed reforms in governance, bringing accountability and action to sectors plagued by stagnation. On the other hand, his confrontational approach risks alienating key allies and fostering an atmosphere of fear rather than collaboration. Critics argue that governance thrives on diplomacy and inclusiveness, elements often overshadowed in Wike’s method. As Nigerians debate his legacy, one thing is clear: Wike’s unrelenting style has left an indelible mark on the nation’s political landscape, sparking conversations about the balance between assertive leadership and collective progress.