Jonathan Tepperman’s book, The Fix, is about how some nations fixed significant social challenges like inequality, corruption, and civil wars using innovative leadership and policies. No one has yet written a book about how nations fix profligacy. Therefore, it is justifiable that Nigerian leaders have not bothered to read a book that does not exist. When such a book is eventually written, Nigeria’s chronicle of shameless profligacy will qualify as a unique case study.

It is perceived as a culture our elite have come to embrace or tolerate as an acceptable national social habit. Profligacy, defined as reckless or wasteful extravagance, is a concern in various aspects of Nigerian society. It touches different levels, from personal lifestyle choices to government spending and business practices. This culture of profligacy, if left unchecked, will continue to drain our resources, hinder our development, and perpetuate a cycle of corruption and mismanagement.

Social habits are ingrained behavioural patterns that shape societies and influence how things are done. It might have a good or bad impact. Andrew Sykes, co-author of The 11th Habit, believes that the collective culture of a people shapes their habits, and habits cyclically reinforce culture. The habits of a nation reflect its values. This habit of profligacy among Nigeria’s ruling cadre is interconnected with the culture of corruption, lack of accountability in public life, short-term thinking, and lack of personal stake in the Nigerian project. 

Most importantly, it is proof of a total disconnect from reality. Since the Nigerian civil war, a deeply ingrained culture of wasteful expenditure and consumption-driven governance has plagued successive Nigerian governments. However, this is not a fate we are bound to. With the right cultural shifts and systemic reforms, we can break free from this cycle and build a more responsible and prosperous Nigeria.

There is substantial empirical evidence linking this culture of wastefulness to our oil economy, which provides the government with oil revenues at all levels without accountability. Oil receipts have increased spending, often on non-essential projects that do not benefit the citizens. With an abundance of oil money and less emphasis on accountability and transparency, an environment of profligacy became prevalent and is now a national social habit. This profligacy, in turn, fuels corruption and mismanagement, creating a vicious cycle that hampers our progress and development. It is crucial that we recognise and address this interconnectedness to pave the way for a more responsible and accountable Nigeria.

There is no responsible public affairs management culture, which feeds the decadent habit of wastefulness that our elite has adopted. Our weak institutions encourage mismanagement since they cannot enforce laws and regulations. A political patronage and nepotism culture has made us prone to wrong priorities, and we need the ability to plan strategically. Oversight by the legislature is highly over-compromised.

 The Nigerian government is often criticised for high spending on non-essential items, such as luxury cars for officials, unreasonable cost of renovation of offices and accommodation, large delegation to foreign trips and frequent travel expenses. This is particularly controversial given the country’s significant economic challenges and infrastructural gaps. Corruption is a considerable issue, with funds frequently misappropriated or embezzled.

Examples litter our landscape to prove that there is nothing untoward in the culture of profligacy. For brevity and conciseness, I will give four examples. First, NNPC, the national oil company, spent $25 billion (over N12 trillion) over 20 years on turnaround maintenance of Nigeria’s four refineries, yet none can refine a drop of oil. The average cost of building a 350,000-bpd refinery is about $ 3.5-5 billion.

This may not convince you about a national habit that has calcified. Between 2010 and 2020, crude oil theft led to the disappearance of 619.7 million barrels of oil worth N16.25 trillion, according to NEITI, an extractive industry transparency watchdog. None of these two high-profile cases resulted in arrest, prosecution, or national protest. It is normal and an acceptable national habit for the elite and average citizen.  You will be tempted to think that this habit of national profligacy is restricted to the oil and gas industry. You are dead wrong!

Second, how can we quickly forget what qualified for a national embarrassment in 2023 when government registered 1,411 persons—a mixture of court jesters, government officials, professionals, a sprinkle of environmental activists, academia, and political jobbers for COP 28 in Dubai? Nigeria had the third highest delegation to COP 28, even though we contribute less than 0.0001% to climate change and its minimal impact on us.

Third, most recently, Nigeria’s delegation, according to a digital news platform, was the largest among 187 countries to the International Labour Organisation’s, ILO, 112th conference in Geneva, Switzerland. This is happening at a time when the economy of the country is in some form of life support.

The final example that raised curiosity was the news that government reportedly spent N90 billion to subsidise the cost of the 2024 Hajj pilgrimage for citizens. The arithmetic of a huge subsidy for what ought to be a private religious obligation in a period of economic distress required advanced economic numeracy to solve. The list of our profligate habits as a nation is unending.

Profligacy is not only akin to the political class and government. We see a preponderance of activities that scream profligacy at personal and social life levels. Nigerians are known for hosting grand and often extravagant celebrations, including weddings, birthdays, and funerals. These events can involve large guest lists, expensive venues, elaborate decorations, and abundant food and drink. 

 In the business sector, some Nigerian corporations, especially those in the oil and gas sector, tend to pursue luxurious corporate lifestyles, including high-end office spaces, private jets, and lavish entertainment expenses. There are over-invoicing and kickbacks, where inflated contracts and procurement costs are used to siphon funds for personal gain.

Our entertainment industry is the window for showcasing opulence and luxury. Our Nollywood and Afrobeat often feature extravagant displays of wealth. Music videos and films frequently showcase luxury cars, opulent houses, and designer outfits. Our celebrities, including musicians, actors, and influencers, often lead lavish lifestyles, displaying their wealth and success through expensive purchases and luxurious vacations. This creates a culture of aspirational spending among fans and the public.

Understanding and addressing profligacy in Nigeria requires a multifaceted approach that includes cultural shifts and systemic reforms. Leaders have to led by example. We need to implement stricter regulations and oversight on government spending, enhancing transparency and accountability, and reducing waste in public sector expenditures; promote cultural values that prioritise modesty and prudent financial management over ostentatious displays of wealth; increase financial literacy among the public to encourage responsible spending and saving practices; and enhance corporate governance standards to reduce wasteful spending and corruption in the business sector.

Early signs are that those in power today have not only adopted the worst practices of the past but have also positively embraced them. If we continue along the same path, we will be stuck in an endless economic crisis and stagnation. Nigeria and Nigerians deserve better leadership in combating profligacy! We must escape this vicious cycle that has brought us to the quagmire we are in now.

Uju Kennedy-Ohanenye, minister of women affairs, could not list the six pilot states where a $500 million World Bank project will be implemented.

Kennedy-Ohanenye was a guest on Arise TV on Monday, where she accused the past administration of mismanaging the first tranche of the loan.

The initiative dubbed Nigeria for Women Project (NFWP) is a strategic engagement between the World Bank and the Nigerian government to improve the livelihoods of the nation’s women.

NFWP was initially approved on June 27, 2018 with $100m financing. However, in June 2023, the World Bank approved a $500 million scale-up.

The bank said the scale-up will help to ensure better economic opportunities for women and guarantee better education, health, and nutrition outcomes for families; while building the resilience of women and communities to climate change.

Kennedy-Ohanenye said the previous administration “lavished” the fund on meetings, advocacies, and consultancies.

“Fortunately, President Tinubu quickly made me raise a new structure on how that money will be utilised,” she said.

The minister asked women to applaud Tinubu who was not satisfied because the previous outcomes did not align with his ‘Renewed Hope’ agenda.

“The first $100 million, when I came in, I was not satisfied. It didn’t augur well with the vision of the new president’s Renewed Hope agenda,” she said.

“It was mainly used for advocacy, meetings, consultancies and that was it. They shared it among the states.

“But remember the project is called ‘Nigeria for women project’ and to me, the way I understand it, it was supposed to be used for projects.”

The minister assured that on her watch, allocations would be equitable across states.

Asked to reel out the six states where the implementation of the project will kick off, she said: “I will mention few because I don’t really know all of it…

“The six states are Niger, Abia…,” she began, before she was interrupted by Reuben Abati, one of the hosts of the show.

“You don’t know the six states where you are having the programme?” Abati asked.

 “I don’t know all,” the minister responded, before stuttering on.

“Listen to me, my dear brother, please…

 “The six states is not the issue to me. All the states is what I am focusing on.”

The six pilot states for the project are Abia, Akwa Ibom, Kebbi, Niger, Ogun and Taraba — with one state representing a geopolitical zone.

[nigerianeye]

Layi Wasabi says one of his uncles once drove from Ibadan in Oyo to flog him in Osogbo, Osun for failing an exam. 

In a recent chat on 90s Baby Show, the Nigerian skitmaker said his mother had wanted him to study science-related courses in school.

The content creator said his mum was disappointed that he failed Physics, a subject which was required to study science.

Wasabi added that his mother informed one of his uncles, who then drove from Ibadan to deal him whips of the cane in Osogbo.

“And I had stronger subjects in the art department. So it was recommended that I do art. So my mum was upset I was not taking school seriously,” he said.

“She called one of my uncles, he said ‘Do not worry I will be in Osogbo tomorrow’.

“I was the one who opened the gate for him and assisted him in carrying his load from his car. I knew what he came for.

“And he sat down, drank water, and said ‘Bring your report card’. He went through all the courses and said, ‘You failed physics, you did not do well in mathematics. Lie down there.’ And I knew what my fate was then. It was crazy.”

Layi started his comedy career as a teenager.

Wasabi is known for blending societal issues in Nigeria and everyday challenges into content.

His craft has fetched him numerous awards.

He recently clinched the ‘Best Digital Content’ category at the 2024 AMVCA.

In August 2023, he revealed that growing up in Osogbo, the capital of Osun state, influenced the kind of content he creates.

[TheCable]

There is a palpable anxiety in the banking industry over delays by the Securities & Exchange Commission (SEC) to approve issuance of new securities by the banks. In the last three months, over 15 banks have filed applications with SEC to issue new shares by way of right issues and public offers in order to meet the new capital base announced by the CBN in March, but the capital market regulator has only managed to approve Fidelity Bank’s N127.1 billion capital raise. Fidelity is hoping to raise N97.5 billion in fresh funds from public offer and N29.6 billion from rights issue. SEC’s delay in approving new issues is creating apprehensions in the banking industry, with many speculating that the two-year deadline set by the CBN may not be met, after all. There are two major reasons for the delay. First, SEC has been flooded with loads of applications from the banks and other companies wishing to raise money; and second, the former management of the commission was a bit tardy in handling the approval processes and other responsibilities, thus leaving behind a huge backlog of applications that need to be cleared. It was only in April that President Tinubu swept off the top management of the commission and replaced it with a new team which is grappling with the challenge of long overdue proposals. Said a retired SEC director, Mr. Okokon Akpan, ‘’The President did well in changing the former leadership. We now have a team of young and capable professionals, who have been in the system and know the workings of the commission. I am sure the backlog would be cleared soon. The previous people had a very poor attitude to the job’’.

Over N4 trillion would have to be raised by the nation’s 35 commercial, merchant and non-interest banks not later than March 2026 to meet new benchmarks set by the CBN. The broad objective is to create a strong and resilient banking system that would help propel the Nigerian economy to a trillion-dollar GDP by 2031. It is not clear to what extent these delays from SEC may affect the March 2026 target and if the CBN will shift the bar in event of massive defaults. Already, tier one lenders like First Bank Holdings; UBA; GTCo; Zenith Bank and Access Holdings have already filed applications at SEC for approvals of their issues. Many others are in the pipeline. In addition to requests from the banks, SEC has also been swamped with transactions from other companies that require regulatory approval. Nigerian Breweries, the nation’s largest brewer, is planning to raise N600 billion from the capital market. The sale of Diageo’s 52.02% stake in Guinness Nigeria Plc to the Tolaram Group is also awaiting the attention of the regulatory authority. Tolaram will acquire Diageo’s shares at N81.6 per share, with total transaction amounting to N103.7 billion. There’s also the acquisition of a majority stake in the Uyo-based Champion Breweries Plc by little known EnjoyCorp Limited. A few other foreign firms divesting from the country are also seeking SEC’s approval for sale of their shareholdings. ‘’With all these transactions coming to the capital market, SEC would have to double up efforts to clear the backlogs of applications on time. We are also hoping that the CBN is aware of these unexpected delays’’, a chief executive of a bank told me.

To obtain SEC’s approvals for any issue, an issuer must file several documents at the Office of the Director General at SEC’s corporate headquarters in Abuja. Specific requirements vary from time to time, but the common ones include memorandum and articles of association; evidence of tax payments; advertising materials; purpose of offer and expected utilisation of funds to be raised; proposed allotment of shares and prospectus of the offer which contains particulars of all the parties to the offer. Documents forwarded are reviewed, and where there are observed deficiencies, the applicants are duly informed. Where such lapses are communicated, the timeline for approval resets. But in the absence of any deficiency, approval will be communicated. The commission may however require other documents or information, where necessary. An issuer pays exorbitant fees to SEC to secure these approvals. Each stage of application filed at SEC costs N100,000. A big issuer, for instance, may spend as high as N100 million to raise N300 billion. Such costs are expended on a wide array of items like legal fees and other professional payments; filing fees; media and publicity; printing; extra-ordinary AGMs, etc.

In March, CBN Governor, Yemi Cardoso announced an upward review of the minimum share capital for banks, according to authorisation for their operations. International banks will have N500 billion minimum share capital; national banks, N200 billion and N50 billion for regional and merchant banks. It is likely that Cardoso did not envisage that his well-thought-out recapitalisation plans would be disrupted by the action of another regulator in the financial industry. The two institutions must therefore work together to achieve the national goal.

The attention of the Sokoto State Government has been drawn to a malicious publication credited to the Muslims Rights Concern (MURIC) alleging a plan by the state government to dethrone the Sultan of Sokoto, Muhammad Sa'ad Abubakar. 

The state government wondered how a responsible body like MURIC,claiming to be protecting the rights of the Muslims would descend so low and cheaply as to join hands with deluded mischief makers and enemies of progress to fabricate such a false and unsubstantiated story just to create an unfriendly atmosphere and fear in the minds of the law-abiding and peaceful citizens of the state. 

We believe that MURIC is not the type that will be dancing to the tunes of enemies and mischief makers who are trying to take away the attention of the good people of Sokoto state and Nigerians on the transformative initiatives taking place in Sokoto State over the last one year. 

We also like to assure MURIC that the present administration just like the previous administrations in the state cherishes and respects the Sultanate Council long before MURIC was established. 

The Sultanate Council, which has a long standing historical importance is so reverred to all the people of Sokoto State, therefore we still hold the institution in very high regards and esteem. 

This is not the first time stories such as this were fabricated to show that all is not well between the state government and the Sultanate Council, as some few months back we had a similar obnoxious story which the state government categorically condemned and denied in whole.

From the look of things,those nefarious detractors and distracting enemies of progress have not relented in their failed efforts to smear the cordial relationship existing between the state government and the Sultanate Council. 

MURIC should have cared to find out if there was ever any query, warning or any threatening documents served on the sultan by the state government. 

We equally like to remind MURIC that promoting Islamic affairs is the second item on the Ahmed Aliyu's nine-point Smart Agenda,therefore Islam means so much to the present administration, coupled with the fact that Sokoto being the Seat of the Caliphate, is a 100 per cent Muslim-dominated society.

It is on record that no administration in the history of Sokoto State has done to Islam what the present administration has done in just one year. This we say without any fear of contradictions. 

Therefore, for any one to think that the present administration could engage in acts or actions that could jeopardize the development of Islam is not only unfair but unjustifiable. 

To put the records straight, we would like to tell the world that the relationship between the Ahmed Aliyu-led administration and the Sultanate Council under the leadership of our most respected monarch, Muhammad Sa'ad Abubakar has been very cordial. 

The present administration always consulted with His Eminence, the Sultan on issues affecting the state, and his invaluable contributions and inputs are always respected and included in policy implementation.

On the issue of sacking and transfer of some District Heads in Sokoto State, MURIC should know that the affected District Heads were accused of some unbecoming behaviours,such as land racketeering, aiding insecurity as well as insurbodination to the constituted authority.

 In order to give them fair hearing the committee summoned all the affected District Heads, after which it came up with a whitepaper report, advising the government on what to do. And it was based on that and also in the public interest that the state government acted in conformity with the recommendations made by the whitepaper committee. 

It is equally important for MURIC to note that nobody is above the law, therefore,the sacked District Heads are just reaping what they saw, and that the action taken by the Sokoto State Government was indisputably in the best public interest.

Abubakar Bawa

Press Secretary to 

Sokoto state Governor

President Bola Tinubu extends his warm congratulations to his Chief of Staff, Honourable Femi Gbajabiamila, CFR, on his birthday.

Honourable Gbajabiamila, a statesman and prolific public administrator, is an accomplished lawyer who previously served as the Speaker of the House of Representatives from 2019 to 2023.

Owing to the quality of leadership and representation he provided for Surulere 1 Federal Constituency of Lagos State in the House of Representatives, Honourable Gbajabiamila maintained a perfect streak of re-elections across decades from 2003 until 2023 when he was appointed as the Chief of Staff to the President.

President Tinubu joins family, friends, and staff of the presidency to celebrate an exceptional leader on this special occasion.

The President commends Honourable Gbajabiamila for his diligence, high sense of responsibility, patriotic zeal, and commitment to the common good.

President Tinubu wishes his Chief of Staff many more years in good health and renewed strength in his service to the nation.

Chief Ajuri Ngelale

Special Adviser to the President

(Media & Publicity)

President Bola Tinubu extends his condolences to the National Chairman of the All Progressives Congress (APC), Dr. Abdullahi Umar Ganduje, over the passing of his mother-in-law, Hajiya Asiya Muhammad Gauyama. 

Hajiya Asiya died in Kano on Monday. 

President Tinubu states that the deceased will be missed for her contributions to her family and community as matriarch, guide, and leader.

The President prays for the repose of the soul of the late Hajiya Asiya and comfort for her family.

Chief Ajuri Ngelale

Special Adviser to the President

(Media & Publicity)

A Kano State High Court sitting at Audu Bako has fixed July 11, 2024 to begin hearing of the motion on notice on the fundamental rights of the leader of the New Nigeria Peoples Party (NNPP), Rabiu Musa Kwankwaso, and seven others.

The applicants in the suit are the New Nigeria Peoples Party (NNPP), Dr Ajuji Ahmed, Dipo Olayanku, Ahmed Balewa, Chief Clement Anele, Lady Folshade Aliu, Eng Buba Galadima and Kwankwaso.

The respondents in the suit are the Economic and Financial Crimes Commission (EFCC).

When the case come up before Justice Yusuf Ubale Muhammad on Monday, counsel to the applicant, Barrister Robert Hon told the court that they had served the respondents with the court processes on June 10th and by the fundamental rights rules, they are to file their processes within seven days.

On his part, the judge said the respondents should be given ample time to respond.

He, therefore, adjourned the matter to 11th of July, 2024 for hearing of the substantive suit.

Daily Trust reports that the Court had issued an order restraining the EFCC from infringing, intimidating, arresting or harassing the applicants until the determination of the motion on notice.

[DailyTrust]

Afrobeats singer, Ayodeji Balogun, famously known as Wizkid, has opened up about his growth as a father, partner and a believer.

The ‘Essence’ crooner, who is currently with his manager, Jada Pollock, whom he shares his youngest two sons with, disclosed that he has grown to love God and his family more.

He explained that he has no hate for anyone, stressing that he wishes everyone well.

Wizkid stated this while reacting to claims by some social media users that his recent tweets were shades at his soon-to-be married colleague, Davido and his fiancée, Chioma Rowland.

The Starboy clarified that it was just his “daily rant on how much I love my family.”

In a series of tweets, Wizkid wrote: “Y’all so foolish. Don’t mix up my tweets. I wish everybody well.

“Smoke a joint before u read any of my tweets moving forward.

“lol ok let me explain where I’m at to you guys. I love God more now, love family,Love self and no hate in my heart for no man. Don’t mix my tweets up. Smoke a joint pls my babies.”

[DailyPost]

Mr Michael Agboro, a  prosecution seventh witness alleged that the suspended governor of the Central Bank of Nigeria (CBN). Godwin Emefiele awarded contracts to companies belonging to his wife and a his broher-in-law.

Emefiele is standing trial on an alleged 20-count amended charge, preferred against him by the Economic and financial Crimes Commission (EFCC) before a FCT High Court in Maitama, Abuja.

He was alleged to have engaged in criminal breach of trust, forgery, conspiracy to obtain by false pretence and obtaining money by false pretence, when he served as the apex bank’s boss.

The EFCC alledged that the former CBN boss forged a document titled: Re: Presidential Directive on Foreign Election Observer Missions dated Jan. 26, 2023 with Ref No. SGF.43/L.01/201 and purported same to have emanated from the office of the Secretary to the Government of the Federation (AGF).

Besides he is also accused of using his office as CBN governor to confer unfair and corrupt advantage on two companies; ”April 1616 Nigeria Ltd and Architekon Nigeria Ltd”.

Agboro, an investigator with the Independent, Corrupt Practices and other related offences Commission (ICPC) who testified earlier was cross-examined further by Emefiele’s counsel, Mathew Burkaa, SAN.

When asked if the defendant conferred unfair and corrupt advantage on himself, he answered :”he  conferred on Saadatu Yaro, who is a Public Officer working under him. He also conferred on his wife and brother-in-law.

When asked if Emefiele alone could award and approv contracts, he answered that the contracts were approved by the defendant.

Answering if there was no difference between CBN and Emefiele, he said :”the difference is that the defendant was an employee of CBN.

When asked if the defendant was a member of the tender’s board or procurement department, he said he did not know.

”We limited our investigation to him, his wife, relatives and associates.

”Our findings revealed that the defendant was not a director or shareholder or an account signatory in either April1616 limited or Architekon Nigeria limited.

He also admitted that there was no evidence of any payment made to Emefiele by these companies in the course of performing his duties at the CBN.

Also when asked if in the course of their investigation they interviewed people in the CBN to determine whether the two firms executed the jobs they were contracted to do, the witness said “yes”.

However, when asked if the team in their final report stated this fact, the witness said he could not recall if they did.

Agboro being led in evidence by the EFCC counsel, Mr Rotimi Oyedepo, SAN on Marrch 11 tendered several documents including company registration documents and award as well as payments for contract relating to the two forms.

He added that documents his team, comprising of persons drawn from the ICPC, Economic and Financial Crimes Commission (EFCC) Code of Conduct Bureau (CCB) and the Department of State Service (DSS), showed that while a Director of ”April 1616”, Yaro, is a Public Officer, with the CBN, Emefiele’s wife, Margaret Omoyile and his brother-in-law, Mac Congo were directors in Architekon.

Justice Hamza Muazu adjourned the matter untilTuesda, for re-examination of the witness.

(NAN)