Governors of the 19 northern states met in Kaduna yesterday, alongside top traditional rulers from the region, where they discussed various issues and challenges affecting the region, and resolved, among others, to reject the Nigeria Tax Reform Bill sent to the National Assembly recently by President Bola Ahmed Tinubu.

Monday’s meeting was part of the Northern States Governors’ Forum’s initiative to engage key stakeholders over pressing matters, including insecurity, poverty, the education crisis and other socio-economic challenges affecting the region.

Governors in attendance included: Uba Sani of Kaduna State, Inuwa Yahaya (Gombe), Dauda Lawal Dare (Zamfara), Abdullahi A. Sule (Nasarawa), Babagana Zulum (Borno), Bala Mohammed (Bauchi), AbdulRahman AbdulRazaq (Kwara), and Ahmadu Umaru Fintiri (Adamawa). Deputy governors from other Northern states were also in attendance.

The meeting, which held at the Sir Kashim Ibrahim House, also had in attendance notable traditional rulers, including the Sultan of Sokoto, Alhaji Muhammad Sa’ad Abubakar III; Shehu of Borno, Alhaji Abubakar Ibn Umar Garba Al- Amin El-Kanemi; Emir of Zazzau, Ambassador Ahmad Nuhu Bamalli; Ohinoyi of Ebira land, Alhaji Ahmed Tijani Anaje; Etsu Nupe, Alhaji Yahaya Abubakar; Emir of Kazaure, Alhaji Najib Hussaini Adamu; Emir of Bauchi, Alhaji Rilwanu Sulaiman Adamu, among others.

The Chief of Defence Staff, General Christopher Musa, was also present at the event.

‘Tax reform not favourable to North’

In a communiqué issued at the end of the meeting, the group decried the contents of the recent Tax Reform Bill that was forwarded to the National Assembly, saying they were against the interests of the North and other sub-nationals, especially the proposed amendment to the distribution of Value Added Tax (VAT) to Derivation-based Model.

President Bola Tinubu had on the 3rd of this month transmitted four tax reform bills to the National Assembly for consideration.

Tinubu, who was on vacation in London by then, sent the bills via a letter addressed to the Speaker of the House, Abbas Tajudeen. The letter was read on the floor of the House during plenary that day.

The bills are the Nigeria Tax Bill 2024, which is expected to provide the fiscal framework for taxation in the country, and the Tax Administration Bill, which will provide a clear and concise legal framework for all taxes in the country and reduce disputes.

The others are the Nigeria Revenue Service Establishment Bill, which will repeal the Federal Inland Revenue Service Act and establish the Nigeria Revenue Service, and the Joint Revenue Board Establishment Bill, which will create a tax tribunal and a tax ombudsman.

Tinubu said the bills were designed to support his administration’s objectives and strengthen fiscal institutions in the country.

“The proposed tax bills present substantial benefits that align with my government’s objectives and fiscal reform on the economic growth by enhancing taxpayer compliance, strengthening our fiscal institutions and fostering a more effective and transparent fiscal regime,” he said.

The president further stated that he was confident that if the bills were passed, they would encourage and stimulate the economy.

Explaining their decision to reject the Tax Reforms Bill yesterday, however, the Chairman of the Northern Governors’ Forum, Governor Inuwa Yahaya, while reading the communique of the forum’s meeting said: “This is because companies remit VAT using location of their headquarters and tax office and not where the services and goods are consumed. In view of the foregoing, the forum unanimously rejects the proposed Tax Amendments and calls on members of National Assembly to oppose any bill that can jeopardise the well-being of our people.

“For the avoidance of doubt, the Northern Governors’ Forum is not averse to any policies or programmes that will ensure the growth and development of the country. However, the forum calls for equity and farness in the implementation of all national policies and programmes so as to ensure that no geopolitical zone is short-changed or marginalised”, the group said.

‘We’re worried’

The forum’s chairman, while reading the communique, also said that the economic hardship currently faced by Nigerians is more pronounced in the Northern region than the Southern region due to what he called “disparities in economic inequality.”

Speaking further, he said: “On the present economic hardship affecting the country, the forum is appealing to all citizens to remain calm, as the states and federal government are working hard to implement measures that will cushion effects of the hardship”.

The governor noted that the #EndBadGovernance protests which took place in August, served as a wake-up call for all northern leaders.

According to him, youth restiveness is a growing concern, driven by illiteracy, poverty, and a lack of economic opportunities.

He said it was essential for leaders to adopt measures to alleviate the suffering being experienced through targeted social welfare programmes, support for small and medium enterprises, and policies that would attract investments to their states.

“Our young people are calling out for change, and it is our responsibility to listen and act. We must scale up efforts to tackle the root causes of youth restiveness by investing in education, skills development, and job creation. Let us focus on creating pathways for the youth to channel their energy into productive ventures, thereby reducing their vulnerability to crime and social vices.

“The economic hardship faced by many Nigerians today is undeniable, and considering the North-South disparity in economic inequality, it is even more pronounced in northern Nigeria. This calls for urgent intervention,” he said.

The chairman further added that they must work with the federal government to ensure that fiscal policies are sensitive to the realities of the day.

“As we speak today, most of our Northern states are in darkness due to the vandalisation of electricity transmission infrastructure. This, not only underscores the vulnerability of critical infrastructure but also the need to build additional transmission lines and diversify our energy supply to better connect our region and improve our energy resilience.

Daily Trust reports that most parts of the northern region have been in darkness for almost 10 days due to a fault on the Shiroro-Kaduna transmission line, a development that has further worsened the hardship being experienced in the region.

“Northern Nigeria holds immense agricultural potentials, which, if fully harnessed, can significantly alleviate hunger and boost economic growth,” he said.

The governor also commiserated with victims of terrorism, banditry, and other criminal activities in the North, including the victims of the Maiduguri flood and the recent tanker explosion in Jigawa State.

He said they would continue to work with the federal government and relevant agencies to provide the necessary support and relief to those affected.

In the communique, the group further said: “Particularly, we commend the untiring commitment of the Chief of Defence Staff, General C. G. Musa, whose professionalism and innovative approach has made difference in security architecture of the country at large”.

The group also resolved to provide adequate support to farmers, including access to financing, modern farming techniques and infrastructure such as roads and irrigation systems.

“Agriculture should not only be seen as a means to feed our people but also as a catalyst for industrialisation and job creation across the region. “That can be achieved through re-industrialisation of the North, especially by reviving the textile value chain and development of other agro-allied industries”, it said.

The group further called for roles for traditional rulers, saying, “Forum advocates for increased roles for the traditional institutions to maximise cooperation with security agencies in the fight against kidnap for ransom, banditry, cattle rustling, communal clashes, farmers/herder clashes and other forms of criminality.

“Forum acknowledges the recent gains made against criminals, especially the elimination of bandits and terror leaders.

“Forum emphasised that traditional institutions are critical in the quest for lasting peace and security in the region”.

The group also commended President Tinubu for the reform initiative in the livestock sub-sector and agreed to provide the necessary political will and commitment to ensure its success.

Our interventions would be felt – Uba Sani

In his remarks, the host for the event and Kaduna State Governor, Sani, said the Northern Governors Forum and the Northern Traditional Rulers Council would make their marks as effective platforms for addressing the security and developmental challenges confronting the North.

He emphasised the need for the leaders to work together to realise their vision of a secure, peaceful and prosperous North.

He further used the opportunity to commend President Bola Ahmed Tinubu, for reinvigorating the war against terrorists, bandits, kidnappers and other criminal elements in the region.

He said the establishment of a joint military command and launch of Operation Fansan Yamma are clear demonstrations of the federal government’s commitment to tackle the multidimensional challenges of insecurity confronting the region.

Almajiri, out-of-school children, major problems– Sultan

Also speaking at the event, the Sultan said the issues of almajirai and out-of-school children remain serious challenges confronting the northern Nigeria.

He urged the governors to include these issues in their discussions, emphasising the need to address them urgently.

The Sultan added that as leaders, they would support the Almajiri and Out-of-School Children Commission.

“The issue of out-of-school children and Almajiri is a core problem for all of us. When you go around the states, towns, cities, and villages, what you see is very unpleasant.

“We have so many children—hundreds, if not thousands, or millions—roaming about. This commission must be supported by all of us so that it succeeds. I am sure if it succeeds, we will all say yes, we are on the way to the world of freedom. Once you educate somebody, you have given him the freedom to be himself, to work for himself, and to work for humanity.

“We are ready to work with you, and you can reach out to us anytime. I have a strong belief that this set of Northern governors will turn the tables and make the North a better and safer place.

“Please, listen to us when we say certain things; we are not criticising you. We are stating things as they are, as we hear from our people. All you need to do is listen patiently because a leader must be patient with the people he is leading.

“You cannot know it all. You don’t know it all and will never know it all. When you bring good people close to you, and they advise you and you act on it, you will take the glory, and people will say this governor is excellent, not knowing there are people working for him 24/7. So, let’s work together because there is a new sense of direction and commitment with the present governors,” he said.

ACF speaks

The Arewa Consultative Forum (ACF), while reacting to the governors’ position, said this is not time for party politics and party loyalty.

Speaking with Daily Trust yesterday, the ACF National Publicity Secretary, Professor Tukur Muhammad-Baba encouraged the governors to get more involved in grassroots affairs, especially things to do with the socio-economic conditions of the people.

While commending the governors for their position, he said it is an indication that some people are aware of what the North is going through.

“The call by the governors and traditional rulers is very much in order because one of the things that have been happening is that most elected public officials have been mute about the suffering of the people in the North.

“The position of the governors is actually commendable. We called for more active involvement of the governors towards addressing problems in the North,” he said.

[DailyTrust]

The Federal Government has confirmed the arrest of three Chinese nationals and two Nigerians suspected of illegal mining in Nasarawa State.

The Minister of Solid Minerals Development, Dele Alake, made the disclosure in a statement by his Special Assistant on Media, Segun Tomori, on Monday in Abuja.

Alake said that the suspects were arrested at an illegal mining site located at Rafin-Gabas, Agwada, in Kokona Local Government Area.

He stated that the ministry’s mining marshals, established to secure mining sites across the nation, made the arrest in a recent operation following credible intelligence.

“The suspects were arrested for mining without lawful authorisation. Some of the minerals being mined include fluorite, zinc, lead, and tin.

“The arrested suspects confessed to having been on illicit activities at the site spanning five cadastral units since December 15, 2021.

“The company defied all lawful advice to regularise their activities and continued syphoning the nation’s resources, causing significant revenue losses to the Federal Government,” he said.

According to the minister, more than 200 illegal miners have been arrested so far, and about 140 are undergoing prosecution across the country.

He reaffirmed the Federal Government’s commitment to reforming the mining sector, emphasising that the mining marshals would remain steadfast in ensuring a secure and safe environment for legitimate investors.

[DailyPost]

An Ikeja Special Offences Court has heard how former Central Bank of Nigeria (CBN) Governor Godwin Emefiele instructed his erstwhile despatch rider, Monday Osasuwa, not to formally acknowledge millions of dollars collected on his behalf from various sources.

Osasuwa, who is the first prosecution witness (PW1) in a case the Economic and Financial Crimes Commission (EFCC) filed against Emefiele, said this yesterday during re-examination by counsel to Emefiele, Olalekan Ojo (SAN), before Justice Rahman Oshodi.

The witness told the court that he had no record of all the money he collected and handed over to the former CBN governor.

The court had recalled Osasuwa, following the granting of an application Ojo filed over the case.

The lawyer asked Osasuwa if he produced any documents to the EFCC showing Emefiele’s instructions, and the witness said: “He advised me not to write anything down for all the money I brought to him. I did not produce any document because my boss told me not to keep any records. I only obeyed my boss.

“Whenever my boss was not around, he instructed me to give it to the second defendant (Henry Omoile).”

On April 12, Osasuwa had testified that Emefiele, on different occasions, used him to collect funds from different sources as the ex-CBN governor’s despatch rider.

The witness said after he became a CBN staff member, he collected over $3 million in tranches on behalf of Emefiele.

When Ojo asked the witness who his direct boss was at the CBN, Osasuwa said: “I did not have one direct boss. In my office, we have the Secretary to the former CBN Governor Emefelie.”

When the lawyer further asked Osasuwa if in his appointment letter as a senior supervisor, it was stated that he was to run personal errands for Emefiele, the witness replied: “If my boss gives me instructions, I can’t refuse.” 

He told the court that based on the errands he ran for Emefelie, the EFCC said he was charged with money laundering.

“I have been carrying some dollars for him; so, the EFCC tagged it money laundering. It was based on the messages my boss sent me.”

Emefiele is standing trial for alleged abuse of office and money laundering to the tune of $4.5 billion and N2.8 billion.

The EFCC had, on April 8, arraigned the ex-CBN governor on 23 counts bordering on abuse of office, accepting gratifications, corrupt demand, receiving property fraudulently obtained, and conferring corrupt advantage.

Omoile was arraigned on three counts bordering on acceptance of gifts by agents.

The defendants pleaded not guilty to the charges.

Emefiele was admitted to N50 million bail with two sureties in like sum.

Ministerial nominees have begun the documentation process ahead of their screening and confirmation by the Senate, set to commence today (Tuesday).

This was announced on Monday evening by the Special Adviser to the President on Senate Matters, Basheer Lado.

Lado said, “Nominees were already submitting relevant documents as the first in the series of procedures for the screening and confirmation of ministerial nominees.

“The nominees are expected to be screened and confirmed by the Senate in compliance with Section 147 of the Constitution of the Federal Republic of Nigeria 1999 (as Amended).”

The Senate received President Bola Tinubu’s formal request for the screening and confirmation of seven ministerial nominees last Thursday.

The President’s request was conveyed in a letter addressed to the Senate President, Godswill Akpabio, which was read at the start of plenary on Thursday.

The nominees listed in the President’s letter are Dr Nentawe Yilwatda as Minister of Humanitarian Affairs and Poverty Reduction; Muhammadu Maigari Dingyadi as Minister of Labour and Employment; Bianca Odinaka Odumegwu-Ojukwu as Minister of State, Foreign Affairs, Dr Jumoke Oduwole as Minister of Industry, Trade and Development, Idi Muktar Maiha as Minister of Livestock Development, Yusuf Abdullahi Ata as Minister of State, Housing, and Dr Suwaiba Said Ahmad as Minister of State, Education.

In his letter, President Tinubu requested swift consideration of the nominees by the Senate.

Akpabio subsequently referred the request to the Committee of the Whole for prompt deliberation.

This development followed the President’s recent reshuffle of his cabinet.

In the process, five ministers were relieved of their positions. They were Uju-Ken Ohanenye (Women Affairs); Lola Ade-John (Tourism); Prof Tahir Mamman (Education); Abdullahi Muhammad Gwarzo (State, Housing and Urban Development) and Jamila Bio Ibrahim (Youth).

[Punch]

‘He is a fool who trusts to luck; one should play a safe game.” — Leo Tolstoy, 1828-1910, VANGUARD BOOK OF QUOTATIONS, VBQ, p 62.

“Fools rush in where angels fear to tread.” — Alexander Pope, 1688-1744, VBQ 

Sometimes a national matter likely to affect the fortunes of millions of Nigerians comes up requiring the insight of sages from time immemorial. Fools have always been separated by sharp operators since cowry shells, gold and silver were the legal tenders. There will always be fools and clever men to fleece them.

Paradoxically, the best time to defraud people in any country is always during serious economic downturn such as we are experiencing right now. That is when those promising miracle financial solutions have the opportunity of making them poorer while fattening their own pockets. The primary duty of media people remains the same — to protect the people by informing them, educating them and presenting the basis for them to make intelligent decisions instead of falling prey to economic predators. Because banking is central to the economy, it is naturally the first point of departure today. We end with the sector which is driving everybody round the bend right now — refineries. Sandwiched between them is my former home — breweries.

Banking — All that glitter is not gold

“World Bank warns about Non-Performing Loans in Nigerian Banks; Reaching 5.10 per cent – above prudential limit.” — Report, October 22, 2024.

The report went on to say that: “The banking system’s capital buffer zone has been eroded due to high inflation, significant depreciation of the Naira and the increase in the NPL ratio.” That is bad news; and it is closer to the truth about the situation with Nigerian banks than all the false advertisements about 100, 200 per cent increase in profits. Because banks are now in the capital market raising funds in order to meet the capital requirements established by the Central Bank of Nigeria, CBN, there is an urgent need for them to “show” significant improvement in profits in 2024 and 2025 in order to lure the unwary into the net.

We have had such swindles before; as recently as 2005 in fact, when in order to meet the baseline N25 billion capital required by the CBN, all the banks issued IPOs promising three things: higher profits in the future, share appreciation and high dividends in exchange for over-priced shares. Today, AMCON is still battling with N5trillion toxic loans dropped on the CBN by the consolidated banks. What’s wrong with that? Well, everything.

The same surviving banks, which left the public with their mess to carry are now back in the market demonstrating one most vital sign of distress as in 2008-9; when they announced huge profits while piling up Non-Performing Loans, NPL. The directors bear different names; but, it is clear that most of those now in charge are clones of the former looters of the 2008-9 period. One of the earliest banks, in particular, should be avoided. Control has shifted to those who openly confessed to share manipulation years ago. I fear for those buying its shares!!!

Otherwise, why have the banks not revealed the NPL crisis which will get worse as bank interest rates continue to climb and revenue declines for others?

The deception about the capital base is an open conspiracy exposed by the World Bank. In May 2023, when the CBN insisted on keeping the official exchange rate at N420/US$, the black market rate was already near N700/US$.

Today, despite the CBN’s efforts to unify the rates, the official rate is N1600/US$ and the parallel market rate is N1720/US$. So, a bank whose share capital in 2023 was N10 trillion or $23.8 billion; now is worth only $6.250 billion.

That is without factoring in inflation as the World Bank has mentioned. In short, what the banks are publishing amounts to illusions of progress and nothing more.

Breweries 

suffering from lasting hangover

“In all things, one must consider the end.” — Jean De La Fontaine, 1621-1695, VANGUARD BOOK OF QUOTATIONS, P 47 available online.

In the nineteenth and early twentieth centuries, nobody would have believed that cigarette smoking in public would be outlawed or that the manufacture of the product would be in absolute decline. Today, most young kids under the age of ten would not know what is done with the object if they stumble on it. Breweries are racing to catch up with cigarettes in the industrial graveyard. It is painful to me as the Marketing Manager of three breweries and a Consultant to a fourth in the 1980s. Naughty by nature, the sales/marketing staff of a brewery are the only members of staff of any company who are provided with all the beer and stout they can drink, free; and still get well paid at the end of the month.

As manager, and the one allocating beer to customers from five-star hotels to Army, Air force and Navy Officers’ Messes nationwide to local hotels and beer parlours, everywhere beer is consumed was an extension of my office. On several occasions, I would finish an appointment with the Manager of Hamdallah Hotel in Kaduna, and five minutes after be at a drinking outlet at the motor park. I was at home everywhere; and I was a spy 24/7. I got close to my customers in order to know as much as possible about the consumers. Invariably, I would return home or to my hotel if on tour to jot down observations. Home and hotel were interchangeable to me because I spent 70 per cent of my time on the road — particularly weekends when beer consumption was highest. Tuesday and Wednesday were my off-days. There was a strategic reason for that.

The preamble is to warn potential investors in brewery shares to be careful. To be candid, for breweries in Nigeria today, the party is over for reasons too long to squeeze into one third of a column. Get in touch if you want to find out more.

Don’t blame God or bad luck; blame yourself if you lose your shirt.

Rrefineries are coming; run away

“If you shut up the truth and bury it underground; it will but grow and gather to itself such explosive power that, the dav it bursts through. it will blow up everything in its way.” — Emile Zola, 1840-1902. VBQ.p 255.

For decades, Nigerians had been convinced that the price of petrol, N185/litre on May 29, 2023 would drop once the nation’s four refineries start producing fuel once again. That assumption rested on three fallacies. One, Nigeria has no refineries. We keep maintaining, at great cost, scraps called refineries. Two, even if resuscitated, they would never produce 18 million litres of fuel — which is their maximum capacity. Being old and small, compared to global refineries, they lack the economy of scale which will drive down the cost of production. Three, the Kaduna refinery is the wrong refinery, in the wrong place and for non-economic reasons. Altogether, the four will never deliver enough fuel, consistently and at the right price, without subsidies to meet all our requirements. So, beware; if the Federal Government decides to sell them, as they must. Don’t waste your money on them. Give the money to a university instead.

Private refineries are just a little better in terms of investment. Collectively, they are coming on stream at a time when petrol is going the way of cigarettes. In less than ten years, anybody driving a petrol/diesel vehicle in the US, Europe, China and most of Asia will be arrested. The world is racing to hydrogen, ammonia, ethanol, methanol and even water. Investing in petrol/diesel refineries amounts to throwing your hard-earned money into the river. Give them to a school.

The pressure on the naira in the foriegn exchange market, and the removal of fuel subsidy have taken a toll on earlier projections on what the Federal Government would require to complete inherited ongoing road projects nationwide.

The Minister of Works, Engr. David Umahi, who disclosed this at a briefing yesterday, said President Bola Tinubu’s administration would now require over N19 trillion to get the job done.

The new cost represents an increase of N3trillion over the N16trillion projected for the projects as at August, 2024.

Umahi had at a briefing on August 23rd said: “The funding gap to complete all the inherited projects is about N13 trillion as of May 2023; that will be more than N16 trillion when all projects are reviewed in line with current market realities. This is due to the removal of fuel subsidy and floating of the naira.”

However, while addressing the media yesterday, the minister explained that these issues had continued to have an impact on the ministry’s activities, with respect to project delivery.

Umahi said: “The President inherited a total of 2,604 projects as at May 29, 2023. The total cost was N13trillion, that was what the President inherited. And a debt to contractors of N1.6 trillion.

“When you look at the variations by reason of the floating of the naira, you will find that if you review all these projects, you get over N19trillion, the total ongoing projects. “

The minister further explained that the President decided to keep all the projects alive, with the hope to get funding from internal and external sources, including loans, because of his concern for the well being of Nigerians.

According to him, the president has given priority attention to the ministry of works, knowing fully that roads and bridges have the potential of unleashing unprecedented economic benefits for citizens.

He also explained that the ministry would not hesitate to revoke the Abuja-Kano road contract awarded to Messers Julius Berger should it fail to mobilize to site at the expiration of the 7-day ultimatum given to it. The ultimatum expires tomorrow

According to him, negotiation between the ministry and the contractor went on for the better part of 17 months and government decided there must be an end to it.

[Vanguard]

The Senior Staff Association of Nigerian Universities (SSANU) has blamed the finance ministry for the ongoing strike that has disrupted the resumption of academic activities on campuses.

On October 28, non-teaching staff unions in federal universities began an indefinite nationwide strike over withheld salaries.

The federal government, under President Muhammadu Buhari’s administration, had withheld the salaries of university staff who participated in an eight-month strike in 2022.

In October 2023, President Bola Tinubu approved the release of four months of the withheld salaries of public university teaching staff.

Left out, non-teaching staff unions including SSANU and NASU accused the government of unfair treatment and discrimination.

In July, SSANU and NASU (Non-Academic Staff Union of Educational and Associated Institutions) planned a pre-strike protest to evoke a federal response on unpaid salaries.

The unions have since been at loggerheads with the federal government, initiating talks with the education and labour ministries.

A joint committee of both unions said it has issued multiple notices to seek redress on the matter but payment has yet to be made.

Muhammed Ibrahim, the president of SSANU, spoke during a Channels TV programme on Monday night.

He said the presidency has approved for the non-teaching staff to be paid but the matter is being stalled at the finance ministry.

“To be fair, the former minister of education Tahir Mamman and his colleague the minister of state did their best. This issue is being stalled at the finance ministry. The NLC president called the finance minister who kept assuring us payments would be made,” he said.

“This never happened. The NASU-SSANU joint action committee made efforts to see the minister of finance but we weren’t successful.

“Since July, we’ve been giving notices and changing dates based on assurances. What is happening is at the finance minister’s doorstep.”

Ibrahim said non-teaching staff have been struggling to sustain themselves under the heat of Nigeria’s unfavourable economic realities.

“Our universities are in a dire state,” he added.

“To have a productive economy and an enlightened population, universities must be funded properly. Teaching and learning must be seamless to avoid issues.

“The non-teaching staff comprising mainly of SSANU, NASU, and NAAT by extension have been shortchanged several times by operators of government.”

A strike by non-teaching staff, who oversee admissions, examinations, maintenance, security, and other administrative operations in federal universities, typically disrupts academic activities.

[TheCable]

In part 1, we laughed, cried, and side-eyed the naira together. But now it’s time to get practical. Because while we can’t stop the naira’s wild ride, we can at least make sure it doesn’t leave us stranded. Whether you’re a young professional eyeing dollar gigs online or a retiree looking for secure cooperative investments, there are options for everyone.

No one strategy is fool proof, but by combining small, steady investments, you can start to dig your way out of a hole. So, while part 1 of this article may have felt like financial survival, part 2 is all about taking control. It’s time to make your money work for you, even in naira. You can build a hedge against the naira’s unpredictability.

So, how do you hedge against inflation and naira devaluation in today’s Nigeria without feeling like you need Jeff Bezos’ wallet to get started? Let’s get into it.

Warning: Seek the services of a professional financial adviser when considering your investment strategy. Any names of companies or apps shared are only intended to be examples for illustration, rather than recommendations.

1. Earning in FX is the ultimate currency hedge

Let’s start with a game-changer: earning foreign exchange (FX) income. Forget gold bars or offshore investments, earning in dollars or euros is the ultimate currency hedge. And no, you don’t need to pack your bags and head for Heathrow. Thanks to the wonders of technology, remote work is booming, and Nigerians are getting hired by international companies more than ever before.

Think about it, if you’re a software developer, graphic designer, digital marketer, or even a virtual assistant etc., there’s a global market hungry for your skills. Young Nigerian professionals, have you audited your skills set or talents lately to see which ones can be monetised? Websites like Upwork, Fiverr, where people look to higher high-quality freelancers are growing, and even LinkedIn are full of opportunities to earn in hard currencies while living right here in Nigeria. Having an FX income stream is the closest thing to financial sanity, and the ultimate financial cheat code.

2. Consider some real estate investments, even if you’re starting small

Real estate is always presented as the holy grail of investments. But if someone tells you to invest in a ₦100 million Lekki plot and your bank account laughs in response, it’s time to get creative. The truth is, you don’t need to break the bank to get into property.

Instead of going for  flashy high-rise apartments, start with smaller, more affordable locations. Think out of the box: Ogun. Oyo etc, or the outskirts of Lagos . These areas are growing fast, and land values are increasing steadily.. Some plots of land outside Lagos or in developing states across Nigeria are still affordable and provide a decent return in the long run. But make sure the due diligence around your purchase is watertight.

And if buying property outright is still too much, you could explore real estate cooperatives or co-investing. These co-ops pool funds from multiple investors to buy land or develop property, making it easier for everyday Nigerians to get in on the real estate game.

3. Play the local game with global impact through stock market investments

Stocks sound intimidating  if you’re a newbie. However, If real estate feels like too big a leap, investing in the NGX can give you exposure to some of the biggest local companies without the huge upfront cost.

Even better, you can target companies with international revenue streams. Think about companies that have significant foreign earnings, meaning their income isn’t just tied to the naira. This is crucial because companies with FX revenue are often better positioned to weather local economic storms and protect your naira-based investments. You don’t need millions to start, either; investing apps (happy to provide recommendations offline) let you invest with small amounts and buy fractional shares of both local and international companies.

4. Digital assets are an option for funds you can afford to lose

Now, this is a controversial one, but I’d be doing you a disservice if I didn’t mention cryptocurrency. Yes, regulators previously cracked down on it, but there is now an emerging spew of REGULATED and LICENSED crypto services and Nigeria's Securities and Exchanges Commission (SEC), earlier this year announced its plans to develop and launch a regulatory framework for crypto. Plus, let’s be honest: Nigerians are still finding ways to invest in digital assets, even if broad. For those who want to take on a bit more risk, crypto can offer a way to hedge against inflation by holding assets that are not tied to any specific currency.

But a word of caution; please do your homework. Digital assets can be highly volatile, and while you can make good returns, they can also take a nosedive. Remember to invest only what you can afford to lose. You should ideally not be spending your children’s education funds or your rent on speculative digital assets.

5. Diversify your income streams

We all know Nigerians are the kings and queens of the side hustle, and in this economy, it’s almost mandatory. Whether it’s selling on Jumia, freelancing, or starting a small-scale business, having multiple streams of income is one of the most effective ways to hedge against inflation.

However, try to have at least one side hustle that earns you dollars, but ensure there is no conflict with your 9-5. Even if your main job is in naira, something as simple as teaching English online (through platforms like Cambly or Preply) can give you access to foreign currency, or even dropshipping, where you sell goods to international customers without holding inventory.

The truth is, if you have only one source of income in Nigeria today, you’re walking a tightrope.

6. Don’t sleep on agriculture

With inflation driving up food prices, investing in small-scale farming, whether it’s fish farming, poultry, or even vegetable farming, can be a smart move. You don’t need to own acres of land to start. You can lease land in rural areas or even find and  join platforms like that allow you to invest in farms and earn returns.

In a country where food inflation is rampant, investing in agriculture doesn’t just protect your pocket, it contributes to food security. Plus, with more Nigerians turning to local produce due to import costs, it’s a sector poised for growth.

7. Gold and precious metals are not just for the wealthy

While gold might sound out of reach, you don’t need to buy a kilo to get in on the action. Platforms like RiseVest allow Nigerians to invest in fractional gold assets, so you can put in small amounts and still hedge against inflation.

Gold remains one of the best long-term hedges against currency devaluation, and with fractional ownership, you don’t need to have oil tycoon money to benefit.

8. Dollar accounts to keep your FX safe, but don’t hoard.

If you’re lucky enough to earn or have some FX savings, keep it safe! Domiciliary accounts in Nigeria allow you to hold dollars, euros, or pounds in your local bank. These accounts act as a natural hedge against the naira’s rollercoaster ride, preserving your wealth in stronger currencies.

Even if you’re not earning in FX, you want to consider converting small amounts of naira into dollars (when possible) and saving it up, but with a clear strategy for deployment such as in a eurobond or domestic USD bonds. You can also use platforms that allow you to access dollar-based investment funds, giving you exposure to global markets without needing to leave Nigeria.

9. Cooperative societies and rotating savings for those with low-incomes or at bottom of the pyramid

Let’s get old school. Cooperative societies and Ajo/Esusu (rotating savings schemes) are time-tested methods for hedging against inflation. These systems aren’t just for market traders, they often offer a practical way to pool resources, avoid relying too heavily on the naira, and protect your purchasing power. Cooperative societies, for example, often offer members access to low-interest loans or group investments in tangible assets, such as land or small businesses.

For retirees or those with fixed incomes, joining a cooperative can provide financial security and returns without needing to directly invest in high-risk ventures. These savings methods also provide the added benefit of a community-based support system, which is helpful in tough times.

Caution: Due diligence, and an understanding of the dynamics around, and promoters of these platforms, are a must

10. Investing in high-yield savings plans or fixed deposits may be better for retirees

For older Nigerians who prefer more traditional and low-risk investments, high-yield savings accounts or fixed deposit accounts at trusted financial institutions can offer better interest rates than the typical savings account. While inflation might still outpace these returns, they provide a safe and predictable income stream without the volatility of stocks or real estate.

Some banks offer special senior citizen plans with higher interest rates or tiered fixed deposits, which increase your returns the longer you leave the funds untouched. This is a relatively straightforward way for retirees to ensure their money grows steadily, even if it doesn’t beat inflation outright, offering them stability and peace of mind.

11. Cut the excess and prioritise needs

One of the most underrated but effective strategies to hedge against inflation and naira devaluation is simply practising prudent spending. It’s easy to focus on investment strategies without realising that controlling how much you spend is just as important. Start by auditing your current spending habits. Are there any expenses you can cut without compromising your quality of life? Whether it's reducing subscriptions, avoiding impulse purchases, or cooking more at home, small savings add up over time.

In today’s inflationary environment, needs must take priority over wants. While it’s tempting to keep up appearances, the reality is that mindful budgeting can prevent financial strain. Implementing a minimalist approach, purchasing only what you need and cutting out excessive spending on luxuries, can free up cash for more meaningful financial goals, like saving in FX or investing in assets with better returns. A little financial discipline now will save you from future headaches as prices continue to rise.

This approach can help create a buffer that will allow you to ride out inflationary pressures without feeling the pinch too much

Conclusion: The Key is Diversification and Starting Small

The above list is hardly exhaustive, and it’s possible that you’ve been there and done that. Good for you, and I really do hope you’re seeing the results.

For those who have not quite figured it all out, please remember that navigating inflation and naira devaluation isn’t about making one big, bold move. It’s about small, consistent steps. Whether it’s starting a legitimate side hustle, buying fractional shares, or saving up in foreign currency, the key is diversifying your income streams and investments.

The naira might have a mind of its own, but with these strategies, you can protect your finances and keep moving forward. And remember, you don’t need to be a millionaire to make smart financial moves. Just start where you are, with what you have.

Ultimately, the name of the game is flexibility, and as Nigerians, we’ve been winning at that for generations.

In part 3, which is the final instalment of my pounds to naira journey of shock, survival and adaptation, I step back to take a broader look at the intersection of economic survival, leadership, and governance in Nigeria.

Stay tuned!

[Culled from LinkedIn]

A critical point of contention is that, each time citizens raise concerns, they are met with excuses. Often, Tinubu’s administration places blame on the past administration led by Muhammadu Buhari, claiming that much of Nigeria’s current economic turmoil is a legacy of the former president’s policies. The Nigerian public, however, is growing tired of the constant buck-passing. This administration campaigned on change and transformation; should not they have had a clear plan to address the known issues rather than now shifting responsibility to Buhari’s government?

When a government is campaigning, it is expected that they fully understand the state of affairs in the nation. By the time President Tinubu assumed office, Nigeria’s economic and security challenges were no secret. The administration would have had access to detailed assessments of the nation’s debt, inflation rates, and insecurity issues, among other pressing matters. Nigerians are now questioning whether Tinubu and his advisors were truly informed or if the lofty promises were simply crafted to secure votes.

“Where is the Eldorado that was promised?” Was the campaign rhetoric grounded in a concrete, achievable plan, or was it merely a strategy to win the hearts and minds of an electorate eager for hope?

From fuel subsidies to security, several promises made by Tinubu’s team are yet to materialize in meaningful ways. During the campaign, Tinubu committed to phasing out the fuel subsidy, a move he argued would free up resources for critical sectors like healthcare, infrastructure, and education. However, the way the subsidy was removed, suddenly and without adequate palliatives for citizens, has only exacerbated the hardship for ordinary Nigerians. Fuel prices soared, affecting transport costs, food prices, and overall inflation, leaving millions struggling to make ends meet.

Additionally, the promises of improved security and economic growth remain far from realization. Insecurity continues to plague various regions, and despite pledges to create jobs, unemployment remains high, with little sign of the thriving job market Nigerians were promised. For the millions who believed in the vision of a better Nigeria, these unmet expectations have fueled disappointment and frustration.

Each time criticism mounts, the response from Tinubu’s administration seems to center on the challenges inherited from Buhari’s administration. While it is true that the previous administration left behind a complex set of issues, Tinubu’s campaign did not shy away from those realities. Instead, it promised to address them head-on. This constant buck-passing has begun to sound more like an excuse than a valid explanation.

One could argue that part of the duty of governance is to tackle inherited problems with pragmatic solutions, not to continually point fingers. Nigerians voted for Tinubu because they believed he had the competence and resolve to steer the nation out of crisis, not to witness another cycle of blame and delay. If the Tinubu administration was aware of the depth of these issues, then the question becomes, why didn’t they prepare adequately to address them?

The mood of the nation has shifted from hope to a growing sense of betrayal. Many feel that they were sold a dream of paradise only to wake up to the same struggles they faced before. And with every complaint being deflected onto the previous government, Nigerians are beginning to wonder if the administration truly has a vision for change.

As for promises made, but not kept, it is germane to recall in this context that Tinubu’s team pledged rapid improvements in infrastructure, economic reforms, and social programs that would uplift the lives of ordinary citizens. These promises created high expectations, yet so far, the reality has been marked by economic hardship, with inflation and unemployment on the rise.

In response to public outcry, the administration has rolled out several palliative measures, such as cash transfers and food distributions. However, many Nigerians argue that these efforts are short-term fixes rather than sustainable solutions. Without a comprehensive approach to tackling inflation and creating jobs, these palliatives seem to be little more than Band-Aids on a deep, systemic wound.

Beyond economic policies, Nigerians are also frustrated by a perceived lack of transparency in the government’s handling of public funds and resources. For instance, questions have been raised about how certain decisions are made, and whether they truly reflect the best interests of the populace. Transparency and accountability are critical to restoring trust, yet they seem to be in short supply in the current administration.

The Tinubu administration rode into office on the back of grand promises, pledging to usher in a new era for Nigeria. But as the months go by, the chasm between promise and performance grows wider, and Nigerians are left wondering whether they were misled. The repeated references to Buhari’s tenure as a scapegoat have only served to increase public skepticism. Many now believe that, if the administration lacks the ability or will to fulfill its promises, it should at the very least acknowledge its own shortcomings instead of shifting blame.

This cycle of broken promises and blame-shifting is taking a toll on public morale. Nigerian citizens, particularly the youth, who have already endured years of economic and political instability, are growing weary of waiting for the promised “Eldorado.” For many, the question is no longer about what Tinubu’s administration inherited but about what it intends to do to change the trajectory of the nation.

Nigerians are not asking for miracles, but they do expect their leaders to take responsibility. Each time the government responds to criticism with another round of blame, it chips away at the already fragile trust between the people and those in power. What Nigerians desire is a transparent and actionable plan that moves beyond campaign slogans and acknowledges the realities on the ground.

As President Tinubu’s administration moves forward, it must confront the hard truth: the time for excuses has passed. Nigerians want real answers and real progress. They want to know whether there is indeed a plan to build the Nigeria they were promised or if this vision of Eldorado was merely an illusion crafted to win an election.

In fact, while every administration faces its own set of challenges, true leadership is demonstrated by a willingness to take responsibility, adapt to unforeseen difficulties, and deliver on promises. Nigerians deserve no less, and as they continue to raise their voices, they are making it clear: this is not the Nigeria they were promised, and they will not stop demanding answers until they see the change they voted for.

The Ethereum Foundation, led by Vitalik Buterin, has been heavily criticized for selling its token.

The foundation, which is supposed to believe in Ethereum’s long-term potential and hold it more instead of selling it, views this as a bearish move.

Vitalik Buterin the co-founder of Ethereum has come out to clarify the assertions leveled against the foundation for selling their tokens.

In his argument, Buterin noted that the foundation was selling Ethereum tokens to raise funds which it uses to fund various developmental projects on the ecosystem.

This developmental project includes supporting zero-knowledge technology for privacy, account abstraction for user security, and several events promoting Ethereum globally.

Buterin added that the developmental projects funded by proceeds of selling Ethereum tokens have helped maintain the security and stability of the Ethereum blockchain which has experienced no downtimes since 2018.

$11 million worth of Ethereum sold  

According to data from the scope scan foundation, the Ethereum foundation has sold over 4,066 ETH worth nearly $11 million. Scopescan further agreed that the Ethereum Foundation could make as much as $20.08 million per year if it staked the 271,000 ETH it owns.

• Vitalik Buterin in his explanation on why the Ethereum foundation does not stake its token explained that one of the main reasons the organization doesn’t stake its ETH is to avoid any “official choice” in the event of a contentious hard fork.

“We don’t want to be in the situation of being forced to make an ‘official choice’ if there’s a contentious hard fork.”  

• His argument borders on avoiding the challenge of conflict of interest or having the Ethereum foundation wield undue advantage in the Ethereum ecosystem.
• The decision not to stake is aimed at maintaining Ethereum’s decentralized ethos by letting other entities stake on behalf of the network. This would ensure that no single foundation has an outsized influence on the blockchain.

For this reason, the Ethereum foundation’s preference remains to fund development and operations directly, which Vitalik Buterin argues aligns better with Ethereum’s long-term goals.

What to Know  

• Staking is when you lock crypto assets for a set period to help support the operation of a blockchain. In return for staking your crypto, you earn more cryptocurrency. Many blockchains use a proof of stake consensus mechanism.
• A hard fork is a branching of a cryptocurrency’s blockchain that splits a single cryptocurrency into two. This happens when the users of a blockchain cannot come to an agreement on rule changes or upgrades to the blockchain. Hard forks are different from soft forks, which don’t create a new blockchain.