Former governor of Kaduna State, Nasir El-Rufai caused a mild stir last week. Though the resignation of his membership of the All Progressives Congress (APC) and gravitation towards the Social Democratic Party (PDP) did not come as a shock, the ruckus that attended them has been instructive. Torrents of negative comments have been heaped up as reactions to his decamping. And they are expected. Brilliant politician, intelligent and renowned for his organizational ability, El-Rufai is one politician you would love to hate. Since 1999, he has been a factor, either for ill or good, in Nigerian politics. Many have glibly equated him with the proverbial species of rat Yoruba call the Eda. This rat is perceived, just like El-Rufai, to always be the central focus of mostly bad issues. Playing on the alliteration in this rat species’ name of “Eda” and cause, “da” as mutual causative factors, my people say the harbinger of every issue is always the Eda rat which often brings about the caused element (iyi). So, they say, the Eda is the rat that causes this (Eku t’o da’yi le ni je eda). With his eventual pitching of tent with the SDP and the resurgence of opposition activities in Nigeria in the last one week, what came to my mind is a philosophical concept called the beauty of nothing.

The “philosophy of nothing” is bothered about the nothingness in human existence. In articulating it, this philosophy tries to find out the role of nothingness in human existence, meaning, and the nature of reality. When you explore nothingness, you will be compelled to examine how “nothing” and “everything” intersect; how, from everything, you can get nothing and ultimately discovering that nothing is a fundamental aspect of something.

Asked why he left the APC for the SDP, El-Rufai blamed a system he alleged had gone to the sewers. He cited irreconcilable differences with the leadership of the APC and disappointment with the ruling party, as, in his words, in the last two years, APC had strayed from its progressive principles (as if the party ever had any). On what he would do in the SDP, he said, “I will focus on engaging with and persuading other opposition leaders and parties to join us and congregate under a unified democratic platform to challenge the APC in all elections and by-elections.”

With all the deluge of comments that have attended El-Rufai’s decamping into the SDP, the clear implication, as said by the party he is leaving and the government he has since been exposing its rump, is that the ex-Kaduna governor will be bringing nothing and is indeed an emissary of nothingness. The Nigerian presidency and the ruling APC had dismissed El-Rufai’s capability to galvanize opposition to unseat President Bola Tinubu in 2027. In their words, he is driven by what they called “an inordinate ambition that is destined to fail”. My immediate take is that, when the president began his political peregrination in 2022 or so, many of us said similar thing about his journey. Today, we are wrong and he is right, sitting comfortably in Aso Rock and picking his teeth like his predecessor. So, which of them is God enough to assume that El-Rufai’s political journey is a potential disaster?

Martin Heidegger, a renowned German philosopher with legendary contributions to the philosophy of existentialism, may want us to see the El-Rufai decamping from another prism; from the concept of nothingness and “nothing” being a fundamental aspect of being. Heidegger argued that “nothing” is the condition that allows for “being” to exist. There is however beauty of nothingness. It implies that even though nothingness brings about a state of emptiness or void, paradoxically, in it can be found immense potentials which may give a deeper appreciation of existence. In this regard, nothingness offers opportunity for creativity, peace among chaos, and renewed perspective into a logjam.

Let us now relate this philosophy of nothingness with our Nigerian reality. Other than the occasional flash-in-the-pan of individual critique and criticisms of the APC-led Nigerian government, no one can doubt the fact that Nigeria drifts towards a totalitarian state. Either real or imagined, there are facts which tend to support the allegation that the instability in the two leading opposition parties in Nigeria were cooked by the present government. According to Adeseye Ogunlewe in a television interview last week, Tinubu is the Master of Nigerian politics. Of a truth, only a fool would take his power of assembling and dissembling in politics with a pinch of salt. Being an old warhorse of Nigerian street politics, with octopodal tenterhooks to the nooks and crannies of the streets and institutions, causing institutional rifts in opposition political parties may just be a prologue in the handy playbook of the Master. While the PDP and Labour Party are engaged in a destructive angling for individual selves’ jugulars, with a Babelian voice that points at total irreconcilability, some hidden hands are said to have unhinged the screw of peace and amity in those political parties.

The above portends grave danger to Nigeria and her polity. Not minding whatever damage El-Rufai’s kind of politics might have done to political party politics in Nigeria in the past, we should look at his decamping from the above stated Heideggerian perspective. In the perceived nothingness of El-Rufai’s politics, Nigeria may benefit something in the opposition that El-Rufai’s SDP may bring to Nigerian politics. If you know the characters in today’s government and the APC very well, we might just enter the 2027 elections as a totalitarian state, with all the opposition parties mere scarecrows decorated by the APC government to pass off as opposition forces. As Heidegger argued, the El-Rufai “nothing” may just be the condition that will allow for our national “being” to exist.

While politicians may not agree with the above thesis as they benefit from the chaos of the polity, one thing it affords the people is a multiplicity of choice. In El-Rufai’s SDP, another choice is being handed over to Nigerians which must be adequately interrogated at every point.

My excitement at the potentials of SDP as a viable opposition suffered a momentary halt almost immediately that same last week. Adewole Adebayo, 2023 presidential candidate of the PDP had come on an interview session on a national television. I had heard of his trumped up brilliance from journalists who earlier interviewed him. At that interview session, gradually, Adebayo defrosted all those superlatives with which he was robed. By the time the interview session ended, in place of a huge turkey with huge feathers I expected to encounter, I was left with a species of hen Yoruba call “Adiye opipi”. This type of hen is known by a unique characteristic of featherless wings. Adebayo came across as this and much more. I saw a man who delights in a horse ride that takes place on the back of a cockroach. When you see such politicians, your mind races to a spent canister.

COMPARE the above quote from Dr. Musa Adamu Aliyu, the youthful Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), with the one often attributed to the 18th-century Irish philosopher, Edmund Burke, which says, “The only thing necessary for the triumph of evil is for good men to do nothing”. Disputes have arisen as to whether Burke, and not the British philosopher, John Stuart Mill (1876), made this quote. Mill was quoted as saying, “Bad men need nothing more to compass their ends than that good men should look on and do nothing”. What had earlier been attributed without any controversy to Burke in his book “Thoughts on the cause of the present discontents” (1770) is no less poignant; he said: “When bad men combine, the good must associate; else they will fail, one by one, an unpitied sacrifice in a contemptible struggle”.

 Anyone who keeps silent in the face of evil is complicit in that evil. In the words of our own Professor Wole Soyinka, Nobel Laureate, in anyone that keeps silent in the face of tyranny, the man dies!  “In other words’, says another author, “people must be vigilant and actively resist evil”. Easier said than done, if we reckon with another author who posits that “to learn what is good, a thousand days are not sufficient; to learn what is evil, an hour is too long”! So, continues the author, “never open the door to a lesser evil, for other and greater ones invariably slink in after it”

 The occasion was on Thursday, 27 February, 2025 at the Marriott Hotel, Ikeja, Lagos and the event was another leg of the recently-appointed ICPC chairman’s Editors’ Breakfast Meeting to introduce himself, his plans to combat corruption, as well as rub minds with top media editors. There was hardly anything that was said at the event that had not been said or been heard before. But in the collective wisdom of Burke, Mill, and Soyinka mentioned above, no harm was done running over them all over again. Corruption thrives where it is low risk. When the chances are high that the culprit will walk away free, corruption runs riot, Corruption thrives where everyone thinks the task is ICPC’s  (and EFCC’s) alone. Where everyone else minds their own business, as they say, turning a blind spot, corruption thrives. Corruption thrives where there is darkness; when everything is opaque, and naming and shaming the corrupt is alien culture.

 We also heard at the meeting that corruption fights back; especially in climes such as ours where the cankerworm has eaten so deep into the fabrics of the society as to become a national malaise. Where corruption becomes the natural order of things, those fighting or speaking against it are the ones swimming against the tide. Corruption exists where there is grinding poverty. This, perhaps, explains the exponential stride the monster has made in the country in the last few decades. Nigeria is said to be the poverty capital of the world; over 70 percent of its population is said to be desperately or multi-dimensionally poor. When people go to bed on an empty stomach, they will do anything to fill the void. Where the middle class has been decimated to the point that people are now either rich or poor, sermons not followed by Jesus Christ’s command of “give them something to eat” ( Matthew 14: 13-21) will ring hollow and fall on deaf ears.

 But what is corruption? One definition says it is “the abuse of entrusted power for private gain”. The same definition goes ahead to say that corruption “erodes trust, weakens democracy (and) hampers economic development”. Corruption is also defined as “a form of dishonesty”, a “criminal offence”, “abuse of office or power” for the purpose of “acquisition of illicit or illegal benefits”. The reward of corruption can be in cash or kind. Bestowing undue favours, denying someone his or her dues or rights, and perverting the course of justice are all forms of corruption. Ever heard political scientists talk of corruption functionality. The theory states that whatever exists does so to perform a function; otherwise, it will not exist. It is a simple case of demand and supply.  Corruption functionality means “the ways in which corruption provides solutions to the everyday problems people face, particularly in resource-scarce environments, problems that often have deep social, structural, economic, and political roots.”

 In other words, there are forms of corruption that, I dare to say, are inevitable or that are brought upon the people despite themselves. Where starvation wages are paid to workers, they will find other means to make ends meet. Where necessary amenities and social services are decrepit or totally lacking and people are consigned to being their own “local governments”, providing their own water, electricity, constructing their own roads, paying through the nose to buy petrol and diesel, recharge their PHCH meter, buy data, pay school fees, pay rents, buy drugs, etc., it stands to reason that people will cut corners to keep their head above the waters. Where penalties for everyday traffic offences are steep, even those of other faiths will quickly heed the admonition of Matthew 5: 25: “Agree with thine adversary quickly, whiles thou art in the way with him; lest at any time the adversary deliver thee to the judge, and the judge deliver thee to the officer, and thou be cast into prison”!

 To say, then, that the task before the anti-corruption agencies is daunting is to say the obvious. How many Nigerians are not corrupt in their own little corners? How many within the anti-corruption agencies themselves are above board like Caesar’s wife? And are the locales of humongous corruption, which are the habitats of the elites and ruling class, not more often than not a no-go-area for the anti-corruption crusade? Again, taking a cue from Burke, Mill, and Soyinka, we abandon the battlefield to the corrupt at our own collective peril. And that, in my view, was the import of the ICPC chairman’s homily to the senior editors he came to Lagos to rub minds with.  

 Dr. Aliyu was measured in his prepared speech, after which he painstakingly answered questions as well as engaged in tete-a-tete with the editors. He started by saying that  the ICPC cherishes and greatly values its partnership with the media. “Your dedication to exposing corruption and enhancing our efforts has been crucial in fostering a more transparent society”, he said. Therefore, the decision to meet with the editors was part of the determination to strengthen the partnership as well as reaffirm ICPC’s “shared mission to combat corruption and uphold integrity in Nigeria.” He then described the media as  “a frontline partner” in the fight against corruption, and this description brought floods of nostalgic memories of the fight against apartheid in southern Africa when Nigeria, because of its unyielding commitment to the struggle for the eradicate of apartheid colonialism from the face of Africa., was described as a “frontline state” despite that it was thousands of miles away from the battle front. 

 Commentators have often noted the difference in the modus operandi of the two anti-corruption agencies – ICPC and EFCC. Aliyu appeared to offer an explanation when he said the ICPC, over the years, “has adopted a strategic communication approach in line with Section 36 of the 1999 Constitution (as amended) and Section 27(4) of the Corrupt Practices and Other Related Offences Act, 2000 (which) ensure the protection of suspects’ rights. While remaining strict, diligent, and stern in our actions, ICPC will remain resolute in propagating the rule of law and protecting human dignity. Additionally, the ICPC prioritises the protection of whistleblowers and the integrity of investigations.”

 There was a period during the Muhammadu Buhari administration when whistle-blowing became a fad. Trust Nigerians, everybody, as it were, became a whistleblower overnight and, then, suddenly, the interest in whistle-blowing died down. Some reports said the laws were not strong enough to protect whistleblowers. Others said the government failed to honour its pledge to reward whistleblowers to the tune promised. Yet, others said victimisation, blackmailing and sheer criminality took over the laudable scheme that was meant to aid the anti-corruption war. Addressing this issue, the ICPC boss described whistle-blowing as indispensable in the anti-corruption war. He called on the National Assembly to pass the required laws that will streamline the operation of whistleblowers as well as offer them the requisite protection and incentives.

 Saying that transparency is a cornerstone of ICPC’s work, Dr. Aliyu vowed that they would continue to provide verified information through official channels, including press releases, newsletters, and digital platforms. In 2024 alone, the Commission physically reached 1,458,025 individuals through 579 sensitisation exercises conducted under its community engagement programmes. In addition, 188 press releases were issued, resulting in 1,860 news reports published in the media. The Commission experienced increased followership and impressions on its social media handles (Facebook, Instagram, and YouTube). 181,958 visits were recorded on its website while 158 television productions were aired in 2024. Episodes of its podcast, Ethics Pod, were successfully released on Spotify, YouTube, Apple Podcasts, and across all our social media platforms.

 Laudable as this progress report may seem, the ICPC chairman’s disclosure that only seven out of the country’s 774 local governments have functional websites trumps it all! In this digital age of raging Artificial Intelligence (AI)! What do the local governments do with the humongous federal allocations they collect every month? Since the coming of the President Bola Ahmed Tinubu administration and the removal of fuel subsidy, states and local governments collect two or three times more allocations than they used to each month: Where are the allocations going?

 Other sensitive issues discussed at the meeting include constituency projects, which have become cesspools of corruption. Dr. Aliyu said the ICPC is trying its best and has records of achievements in this regard. But how many of such projects can they possibly track? The delay tactics and other antics of defence lawyers also frustrate the ICPC and judges themselves. Lucky Dr. Aliyu: Had the Natasha-Akpabio sexual assault allegation broke before the meeting, the ICPC boss would have been put to task on how ICPC’s Sexual Harassment Prevention Programme would possibly handle the issue!

 The Supreme Court recently outlawed caretaker local government chairmen and councillors. It also gave the stamp of authority to the direct funding of local governments from the Federation Account, cutting off the State Government’s intermediary position to the bargain. Dr. Aliyu said the ICPC would study how to make the local government autonomy law work. He warned that no local government caretaker committee chairman has the powers to spend money or award contracts. “The ICPC has the powers to enforce the Supreme Court judgments”, he said. 

 Elected as the interim chairman of the African Assets Recovery Practitioners Forum in Arusha, Tanzania in November 2024, the ICPC chairman charged the editors: “Dear friends, corruption thrives in silence, but your voices can shatter that silence. Your role in shaping public perception and holding institutions accountable cannot be overstated. The more Nigerians see, read, and hear about the fight against corruption, the stronger our collective resolve becomes. Our mission to diminish corrupt practices through our public mobilisation, our doggedness, and our law-abiding operational strategies remains strong and unwavering.”

 I left the meeting charging myself that there is no harm in trying! 

About 73 years ago when Nigeria was still a colony, the Emir of Gwandu, moved a motion in the Northern House of Chiefs requesting all Native Authorities to trace and sanction with strict impartiality persons involved in bribery and corruption which were becoming pervasive across the entire colony. What this suggests is that corruption in Nigeria is not new.

Hence, the first national government led by Prime Minister Tafawa Balewa (1960-66) formally declared corruption as the nation’s main enemy. But he couldn’t stop the malaise which became a subject of concern to every government thereafter. General Yakubu Gowon (1966-75) was probably the first to formally develop an anti-corruption policy with his promulgation of the ‘Public Officer (Investigation of Assets) Decree’ of 1968, resulting in the forfeiture of corruptly acquired assets by culprits.

Neither the sacking of 10,000 supposedly corrupt civil servants by the Murtala/Obasanjo government (1975-1979) nor the inauguration by President Shehu Shagari (1979-1983) of an Ethical Revolution Committee to wage a philosophical fight against corruption brought any respite. With the return of the military in 1983, General Muhammadu Buhari (1983-85) swore never to “tolerate kickback, inflation of contracts, forgeries, fraud and abuse of office.” On his part, General Ibrahim Babangida (1985-93) invigorated the existing Code of Conduct Bureau and added the Code of Conduct Tribunal to it in 1989 to fight corruption. General Sani Abacha (1993-98) set up the Failed Banks Tribunal and promulgated the ‘Advance Fee Fraud and Other Related Offences Decree No. 13 of 1995’ which he himself obeyed more in the breach.

Chief Olusegun Obasanjo (1999-2007) brought into the anti-corruption fight two full-fletched anti-corruption organizations – the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission. The Umaru Yar’Adua/Goodluck Jonathan government (2007-15) did little about Nigeria’s corruption impasse ending ingloriously as one that overlooked allegations of missing huge sums of money from government coffers. Arguably, their ruling party, the Peoples Democratic Party (PDP) lost the general elections of 2015 to corruption. But President Muhammadu Buhari (2015-2023) also failed his admirers who thought the saviour had come. His party, the All-Progressives Congress (APC) unwittingly invited and protected from prosecution, many suspected corrupt politicians who decamped to the party.

Whether the current President Bola Tinubu would be the redeemer is too early to tell but he appears to be the first to recognize that having taken from the police the task of fighting corruption and handed it over to another entity – the EFCC, it is hypocritical to have asked police operatives to lead the same EFCC. Analysts such as this writer who drew attention to this were not only ignored, more and more members of the police family were drafted into the EFCC. It is the first malaise, the easy going new EFFC leader, Ola Olukoyede, a legal expert should halt. While it is unfair to condemn every police operative, to take a job from an organization and hand it to its operatives through the back door puts a garb of ‘business as usual’ on the so-called new handlers.

It is not only the imposition of police style of leadership that must change, customized bureaucratic processes and procedures must be critically subjected to global realities. For example, the fight against cybercrime is one that must be vigorously pursued, but EFCC must not copy or support the annoying method of picking-up affluent looking young Nigerians from our streets to hideouts to extort money from their ATMs etc. EFCC’s work methods must be distinct, clear, humane and directed only at crime, not extortion. If this is not done, the public will not know the difference between the EFCC and other law enforcement agencies especially those with criminal tendencies. Ample light must thus be thrown on the difference between the unpatriotic bodies and the EFCC so the latter does not incur a poor public perception that would antagonize the people against her employees. 

Curiously, poor public perfection is already the pathetic fate of the EFCC right now. She is doing the nation’s most intractable job, yet many in whose interest the hazardous job is being done prefer to idolize their corrupt kith and kin who strip the nation of the resources earmarked for executing development projects. Today in Nigeria, many communities organize huge rallies to welcome back home, their heroes who are temporarily released on bail while prosecution continues. EFCC workers are Nigerians to whom the hailing of corruption suspects, sends a clear dissuading message. If the truth must be told, Nigerians need to introspect and clearly make their intentions known because what many of us do now gives the impression that there is no need to fight corruption, yet we have anti-corruption agencies whose staff are threatened daily by corruption giants.

It is even more pathetic that the government which set up the EFCC and continues to mouth the need to seriously fight corruption is one of those whose disposition dissuades the EFCC from commitment to the same assignment it got. Otherwise, why will government pardon the few ex-governors that the commission was able to prosecute to the point of conviction? When what the commission went through to be able to secure conviction is looked at again, no one would be left in doubt that the establishment of anti-corruption agencies is merely to make the people believe that ‘government is working.’ Under the circumstance, the EFCC has no option than to incorporate in its public enlightenment programme, the exact nature of the challenges it passes through to execute its duty.

Of course, there are many advantages of public enlightenment schemes. The first is accountability where such organizations report back to the taxpayers who are their true owners. The EFCC should therefore tell Nigerians what it does and is currently doing as well as what it has failed to do. But most importantly, the reason it has failed to do certain jobs must be clearly stated – a good example being the obstacles it gets from corrupt elite. If I were EFCC chair I will go after any corrupt Nigerian irrespective of his political affiliation. But I will follow the rule of law as I know Barrister Olukoyede will do. I will not invade anybody’s house at night, but I will firmly operate with courage. Indeed, I will start by enlisting the support of fiery Femi Falana SAN, who said some two years ago that the leadership of the Nigerian Bar Association NBA knows the corrupt judges and even senior lawyers.

I will go after corrupt judges and their accomplices and present my findings to the National Judicial Council (NJC) which is the only body empowered to discipline judges in Nigeria. If nothing is done to them and therefore, they are allowed to remain in office, any time an EFCC case is assigned to any of such judges I will apply that they recuse themselves from my commission’s cases. I will tell the nation through the media why I object to such judges hearing the cases of their friends and associates in our custody. In other words, Ola Olukoyede should adopt the strategy of the late Dora Akunyili at NAFDAC to present occasional detailed and direct progress reports so that Nigerians can know why bodies like the EFCC are usually unable to successfully execute their assignments.  I will extend the strategy to the legislators that we hear pad the annual budgets and coerce heads of public bodies to render material returns to them.

If the above is done regularly, the EFCC will become the agency of the people; and many Nigerians will more willingly give information to the commission. But if the EFCC chair allows himself to be intimidated, he will be presented while leaving office as a corrupt EFCC chair like his predecessors.  Even if some chairpersons of EFCC were corrupt, we all know that Nuhu Ribadu an internationally acclaimed ant-corruption czar was not. Yet, corruption fought him back, got him sent away from EFCC on a course, demoted him from Assistant Inspector General of Police to a Deputy Commissioner of Police, stopped him from receiving his certificate at the course and eventually retired him from office. Today, he is the National Security Adviser NSA.  

It is because ordinary Nigerians, the media and civil society organizations are not with the EFCC that our wealthy elite is continuing with corruption. It is also for the same reason that corruption is cascading to the lowest cadre below. For EFCC to succeed, we must all stand behind the fight that will rescue Nigeria from its stunted growth. There is no better time than now to join other patriots in the fight. EFCC must work for us. 

Over dinner some 20 years ago, Asiwaju Bola Ahmed Tinubu, then governor of Lagos state, narrated a story I find fascinating till today. After the very public falling-out with his deputy, Mrs Kofoworola Bucknor-Akerele, in 2002, he said he started scouting for her replacement. He wanted a “technocrat” — as we say in Nigeria. Specifically, one with knowledge of the economy. I don’t know what was going through Tinubu’s mind, but I should guess he wanted to focus on politics while his deputy would co-ordinate policy. Different names came up and he started talking to them one by one. One of them was Mr Olayemi Cardoso, who was his commissioner for economic planning and budget.

Tinubu said he liked the prospects of Cardoso stepping up to the plate. He invited him for a meeting on, I think, a Sunday. When Cardoso got to Tinubu’s residence, he saw a swarm of party members and politicians — men, women, youths and all — sitting outside the gate and within the premises. Tinubu said when he made the offer to him, Cardoso asked: “Is this how people will be flocking my house if I am deputy governor?” Tinubu replied: “It goes with the terrain.” Cardoso shook his head and gave Tinubu an instant reply: “Count me out, sir.” This story got me laughing uncontrollably because that is exactly what I would say. In the end, Mr Femi Pedro, a seasoned banker, got the job.

Therefore, when a very strong rumour started flying around in 2023 that Cardoso was going to be appointed either minister of finance or governor of the Central Bank of Nigeria (CBN), I was sceptical. Why would anyone want to be CBN governor at that point in time? Inflation rate was in the skies, wiping off value everywhere; exchange rate was going insane without any asylum ready to rein in it; and the lending rates were a pain in the neck for businesses. The stability of these rates — which can define the level of macro-economic sanity in a country — is the primary responsibility of the CBN. It is a job that can wake up insomnia. That was why I initially doubted Cardoso would want the job.

Why would someone who could not imagine coping with the weekly congregation of a few dozens of party supporters at his residence be interested in handling the macro-economic headaches affecting over 200 million Nigerians? But that is just one way of looking at it. Maybe it is raw politics he couldn’t handle. Maybe he was more comfortable with policy. Maybe being CBN governor is a different kind of challenge that suits his skillset and temperament, compared to politics that could be convoluted. Regardless of my analysis, Cardoso took the job and has now spent a year and a half on the hot seat. But how has he handled the job so far? If he is stressed, it is not written on his face.

With a top team of four deputies — namely, Mr Philip Ikeazor, a former bank MD; Mr Bala Bello,  former ED of the Nigerian Export-Import Bank (NEXIM); Mrs Emem Usoro, former ED at UBA; and Mr Muhammad Sani Abdullahi (the man we call Dattijo), former commissioner for budget and planning in Kaduna state — Cardoso set out his agenda as a “return to conservative monetary policy”, “transparency”, and “bold corrective measures”. Among other things, he sought to reform the forex market to eliminate arbitrage by introducing a transparent trading mechanism. He toned down the development finance policy and announced a new capitalisation requirement for the banks.

Lately, the CBN has been receiving a lot of plaudits for its conservative approach to monetary policy which has boosted investor confidence and enabled substantial stability in the capital and money markets. I’ve read very positive reviews by both Nigerian and foreign analysts on the deepening of reforms and the restoration of confidence in the financial system. The banking sector might have experienced worse crises in the 1990s leading to bank failures, but the naira redesign fiasco and the failure of electronic payment systems in the run-up to the 2023 elections did a lot of damage to the confidence of customers. Some are still suffering the PTSD. Nigeria went really close to ground zero.

The forex market was also a nightmare. The official rate was around N425/$ and the black market was roughly N750/$ when Tinubu assumed office. The interim CBN management introduced the policy of “willing buyer willing seller” in a quickfire attempt to address the ailments and close the gap between official and parallel markets. The removal of the official peg nearly sank the economy as the markets went into a spiral. The parallel rate started racing recklessly towards N2,000/$. There was panic and pain everywhere. I was one of those who argued that the new policy — coming just a few weeks after the removal of petrol subsidy — was neither well thought-out nor well implemented.

The consolation is that after the rampage, the naira managed to settle around N1,500/$ for a bit. Many market analysts contend that the true value should be around N1,200/$. Nonetheless, it is now obvious that, like fuel prices, the naira will gain or lose from time to time depending on the variables — as it happens with even major currencies. Fixing a currency’s exchange rate is the real sign of trouble that will always inspire speculation. When the market knows that the exchange rate is flexible and can gain or lose as the forces of demand and supply interact, the reality may dim the light of marginal speculators with no staying power. Every genuine forex user needs this comfort.

I still do not support unbridled currency devaluation. I maintain that it is never a lasting solution to the forex crisis. A country that is “export-deficient” (the new politically correct term for “import-dependent”) will always run into this type of crisis. You cannot be demanding $3 billion for imports and earning $1 billion from exports and be expecting your currency to sleep easy. Will the forex rain from the skies? I have always favoured “deprecation with safeguards”, but I apparently lost the argument when we held on to the official peg for way too long and all kinds of shenanigans blossomed, with arbitrage billionaires springing up everywhere. The devil is always in the detail.

The CBN appears to have got a hold on the arbitrage haemorrhage. As the parallel market moves, the Nigerian Foreign Exchange Market (NFEM) also moves. The signal to the parallel market is that stocking forex in anticipation of arbitrage is now a risky venture. Cardoso will argue that his forex management policy is working, judging by the increased non-oil inflows, especially remittances. The new pricing mechanism is managed on an NFEM platform called electronic foreign exchange matching system (EFEMS), an open system for rate determination which provides visibility around demand and supply. This visibility helps drive more credible determination of the exchange rate.

If I have to be honest, though, I do not envy CBN governors. Most often, they are fighting a fire they did not start. For instance, take a look at the 2025 budget. Tinubu initially proposed an expenditure of N49.74 trillion before increasing it to N54.2 trillion. Our amazing lawmakers added N700 billion on top, taking the total to N54.99 trillion. In naira terms, this is the highest budget in our history. The budget contains an estimated deficit of N13.08 trillion. In simple English, for every N100 we plan to spend, N24 is from money we don’t have. Agreed, public revenues have grown remarkably in the last couple of years, but why not use part of that to reduce the deficit instead of expanding spending?

When the resultant liquidity floods the system and too much naira is chasing after fewer goods, it is the job of the CBN governor to deal with the inflation — even though he was not the one that prepared or approved the expansionary budget. When the three tiers of government pump out trillions of naira into the economy and the naira starts chasing dollars to finance both legitimate transactions and illicit payments (such as bribes), it is the job of the CBN to mop up the mess by making sure the exchange rate is stable. But can you fight the dollar with the naira? Oil exports provide most of the oxygen for the forex market but we no longer earn enough of petrodollars.

Inflation remains the elephant in the room. We’ve been warned that no country can record meaningful progress with double-digit inflation. The monetary policy committee (MPC) of the CBN has been trying to control money supply by keeping the monetary policy rate (MPR) high, but the inflation report by the National Bureau of Statistics (NBS) has not brought smiles to our faces. It was only in January that there was a drop (based on a new methodology), but even 24.48 percent is an enemy of progress. Whatever the methodology, the CBN has to do more work to bring down the inflation rate. And the fiscal and political authorities need to make things easier for the central bank.

Despite all the glaring challenges that are bedevilling the economy mostly because of the tough decisions we failed to take ages ago, I have been much impressed with the CBN management in recent times. For one, Cardoso speaks confidently and convincingly about the bank’s mandate. He speaks like someone who knows what he is doing, knows the direction he is facing and knows how to get there. Markets thrive on clarity. It breeds confidence. Cardoso has returned the CBN to an orthodox, data-led central bank model. Of course, he will make mistakes. But if he is pragmatic enough to correct them when they arise, he will win more respect. It is a hard road to travel.

AND FOUR OTHER THINGS…

ONE EL OF A GUY

Hated. Adored. Never Ignored. That is a slogan among fans of Manchester United Football Club. Mallam Nasir el-Rufai, the former governor of Kaduna state, can as well adopt the slogan. I do not know of many Nigerian politicians who evoke as much passion — either positive or negative — as el-Rufai. His defection from the ruling APC to the SDP has been dominating debates and discussions on X, Facebook, WhatsApp, TV and radio. There are rumours he wants to run for president in 2027. Others say he is only preparing the way for the emergence of a major challenger to the APC, with the way opposition parties are imploding. Whatever it is, el-Rufai has sent tongues wagging. Intriguing.

HIDE AND SEEK

The Supreme Court appears to have fully pampered the Rivers house of assembly with its judgment. The lawmakers are now on a frolic. The apex court ruled that Governor Simi Fubara should present the budget to the rebel lawmakers, most of whom had publicly announced they had defected from PDP to APC. The court said it was not an established fact. The lawmakers first gave the governor 48 hours to present the 2025 budget before later locking him out of the assembly complex “for not following due process”. The next thing we saw: they adjourned indefinitely. Fubara has obviously demonstrated his desire to obey the court judgment, but the lawmakers are having a ball. Politics.

VARSITY VANITY

I have lost count of how many universities have been established by the federal government in the last five years. As we speak, there are reports that the national assembly is planning to create 200 more. What really is the motive — or should I say motivation? Are we trying to have the highest number of universities in the world? To what end? Do we have the resources — intellectual and financial — to provide quality education to the intakes? I can understand that our population is growing and we need to prepare for the new generation of students but can we, in all sincerity, claim that these overnight, haphazard creations will add value to the knowledge industry? Confounding.

NO COMMENT

Senator Adeseye Ogunlewe, a former federal lawmaker and one-time minister of works, has added a curious dimension to the Senator Natasha Akpoti sexual harassment controversy by appearing to blame it on her beauty. “The beauty of distinguished Senator Natasha is a problem for her,” he said. When she is passing, there’s no way men will not look at her. How can you be a man, and when a beautiful woman is passing, you close your eyes? You might tag it as anything, but it’s inborn for men to look at beautiful women…” Can someone explain the relevance of this point to the issue at hand? Should robbers get a pass because they cannot take their eyes off the good things of life? Wonderful.

The Guinness World Records (GWR) has certified Oluwaseun Kuforiji, the Nigerian fashion designer, as the new record holder for the longest sewing marathon.

In a blog post, GWR announced that the fashion designer set the record by handsewing 22 items for 106 hours, 55 minutes.

The “sew-a-thon” attempt, which was held from January 22 to 26 in Ijebu-Ode, Ogun state, aimed to promote craftsmanship and creativity in fashion.

“The longest sewing marathon is 106 hr 55 min 20 sec, and was achieved by Oluwaseun Kuforiji (Nigeria) in Ijebuode, Ogun, Nigeria, from 22 January to 26 January 2025,” the post reads.

“Oluwaseun hopes to promote fashion craftsmanship and inspire creativity in others. He sewed 22 items during his attempt.”

Speaking of the achievement via Instagram, he said the attempt was an “incredible” journey that showcased his perseverance and craftsmanship.

“Officially a Guinness World Record Holder! 106 hours, 55 minutes, and 20 seconds of non-stop sewing needle and thread in hand, passion in my heart,” he wrote.

“From crafting a full Agbada in the first 6 hours to completing 18 outfits, this journey has been nothing short of incredible.

“This is more than just a record; it’s a testament to perseverance, skill, and the power of believing in one’s craft.

“Many thanks to @guinnessworldrecords for the recognition, and to everyone who supported me on this journey. Victory is ours!”

Before this, no one had held the Guinness World Record for the longest sewing marathon.

Kuforiji is not the first Nigerian to attempt this record.

In July 2023, Edmond Peace attempted to set the record in 170 hours but suspended it after a few hours.

In December 2024, Ibikunle Olamide, another fashion designer based in Port Harcourt, attempted to break the record in 100 hours.

Alhaji Buba Galadima, an outspoken politician and self-confessed insider of many conspiracies, recently raised an alarm alleging that the current downward trend of food prices was a conspiracy by the Tinubu administration to impoverish the Northern part of Nigeria. Food prices are going down. Many ordinary Nigerians are happy with the development. But people like Galadima see it as an opportunity to sell another of his many fibs about north/south dichotomy.

Many of our politicians would be nothing without the weaponisation of ethnicity and religion. No matter their level of education, the only way many of them can attract any kind of following is when they set brother against brother, tribe against tribe, Imam against pastor. They think it’s all part of the game of politics, whereas, it is the very lives of the people that are at stake. What makes Galadima’s allegation even more tragic is that he has all the education and career attainment to qualify as a beacon of the society but has chosen instead to spread darkness.

A Building Engineering graduate of Ahmadu Bello University, Zaria, Galadima has held many choice public offices in Nigeria. He hails from Gashua, the town in Yobe State made famous when the human rights lawyer, Chief Gani Fawehinmi, was incarcerated there. He worked with the Rivers State government in 1975 and has been a Director of Ajaokuta Steel Company and Director-General of NIMASA. He was the national youth leader of the National Party of Nigeria (NPN) during the Second Republic and national financial secretary of the National Republican Convention (NRC), during the Third Republic.

More recently, he was the national secretary of the Congress for Progressive Change (CPC), which was founded in 2009 and merged, four years later, with the Action Congress of Nigeria (ACN), the All Nigeria Peoples Party (ANPP), a faction of the PDP called the N-PDP, and a faction of the All Progressives Grand Alliance (APGA) to form the All Progressives Congress (APC). He is one of the nine signatories that signed the merger agreement.

By all local standards, Alhaji Galadima has paid his dues in the political arena, even if the public is entitled to ask, what dues, or in aid of what?

Following the presidential election of April 2011, Galadima protested that the vote was rigged and that the CPC would not accept the results until a comprehensive audit had been conducted. INEC had announced that Goodluck Jonathan of the PDP won 22,495,187 votes, while Muhammadu Buhari of the CPC had won just 12,214,853. There were outbreaks of violence across Northern Nigeria after the elections, with many deaths. Buhari and Galadima were accused of orchestrating the killings.

By 2017, Galadima had decamped to PDP and was appointed a spokesperson of the party. On February 24, 2019, twenty-four hours after the 2019 presidential election was conducted, Galadima recklessly announced on his social media handles that the PDP presidential candidate, Atiku Abubakar, had won the elections, even as results were still being collated by the Independent National Electoral Commission. He was later arrested.

While Alhaji Galadima’s eloquence and doggedness are incontrovertible, his style is alarmist and reckless.
A survey of the Nigerian food market revealed that there has been a 40 percent drop in food prices between December 2024 and March 2025. That ought to be cheering news!
What kind of politics is this Galadima brand that expects me to start protesting against the government when food prices are going down? Imagine if the government had not taken timely measures to ensure adequate food supply for the Ramadan season! Is there something else, unknown to the rest of us that is propelling Galadima, the perpetual ‘insider’?

“The government has started massive food importation, and this will make the economy of the North, which depends on agriculture, to dwindle as many won’t be able to farm to gain any meaningful profit”, said Galadima, who is also a farmer. Perhaps what he expects is that since the wave of banditry sweeping through many parts of the country has negatively affected food production, the government should just fold its arms and we should all engage in dry fasting until Galadima harvests his crops next season.
He accused President Tinubu of deliberately causing a sharp fall in food prices to undermine the economy of Northern Nigeria. He alleged that the policy is part of a broader strategy to weaken the North’s economic stability. He was visibly upset that Nigeria’s cost-of-living crisis recently eased for the first time since May 2023, offering an unexpected respite for households.

His claim elicited mixed reactions from Nigerians, many of who accused him of being part of the cabal profiting from the misery of the poor in Nigeria. One social media respondent, Amina Adamu, pointedly accused him of being a hoarder and a shylock merchant.

“Surely, there is a sign that he has hidden food, and by the grace of God, you will see, you will lose more than that”, said Amina. “If the poor will get better, Alhamdulilah! May God break those who play hide and seek.”

There are those who continue to make the academic argument that opening the borders to food imports will discourage local production. However, the answer to the current spate of banditry which has badly affected food production is complete routing of the criminals. Until that is done, Nigerians have to be fed.
In their bid to fully decode the complex persona of this intriguing politician, many Nigerians have zeroed in on his business activities. They draw attention to Suit No. FHC/ABJ/CS/1136/2019 at the Federal High Court sitting in Abuja in which the court ordered AMCON to take over the assets of Bedko Nigeria Limited, one of Galadima’s companies. Bedko Nigeria Limited and Buba Galadima owed AMCON about N900 million. The order, which was granted to AMCON by Justice A.I. Chikere, also gave the government recovery agency the power to take over some properties belonging to the politician, including House No. 15, Addis Ababa Crescent, Wuse Zone 4, Abuja, and House No. 4, Bangui Street, Wuse 2 also in Abuja.
Nigerians, who have watched helplessly over the years as big political camels passed effortlessly through the eye of the needle, swore that Galadima was too big to be forced to pay his debts and that the court’s judgement ceding his company and other assets to AMCON was government’s way of reminding him that he wasn’t as squeaky clean as he wanted the world to be and that his soft underbelly was not unreachable.

Buba Galadima is a journalist’s delight any day and I hope Providence preserves him on this side of the divide for many more years. The fact that, in spite of his wide political experience, he has wrongly predicted the winner of Nigeria’s presidential elections on at least three separate occasions should teach him to sip the waters of humility. He is one politician who can be said to possess a functional brain – which is more than can be said of many of his colleagues.

In a 2015 interview, he boasted: “No politician has ever suffered the kind of calamities I went through in the country. I was arrested, detained and harassed about 38 times.”

In whipping up primitive ethnic sentiments over the reduction of food prices, however, he should tarry awhile to benefit from the counsel of this student of the university of life: Courage is to the brave what recklessness is to the foolish.

...Leads FG's delegation on condolence over Sheikh Saidu Hassan Jingir's death

Vice President Kashim Shettima has reaffirmed the Federal Government's unwavering commitment to ensuring lasting peace, stability and economic development in Plateau State and across Nigeria.

Speaking on Saturday in Jos during his condolence visit to the National Chairman, Council of Ulama Jama'atu Izalatul Bid'ah Wa'Ikamatis Sunnah (JIBWIS), Sheikh Sani Yahaya Jingir, the Vice President emphasised the administration's determination to foster national unity and progress.

"President Bola Ahmed Tinubu specifically directed me to convey his heartfelt condolences and to assure the people of Plateau that this administration places high premium on the peace and economic prosperity of this strategic state. We recognise the critical role Plateau plays in our national cohesion and development agenda," VP Shettima said.

The Vice President, who was in Jos to commiserate with Sheikh Jingir over the death of his close associate, Sheikh Saidu Hassan Jingir, commended Plateau State government's peace-building efforts.

"We must acknowledge and applaud the tireless efforts of the state government in maintaining the peace we now enjoy in Plateau. This administration will continue to support these initiatives because without peace, there can be no meaningful development," the VP said.

While offering prayers for the repose of the soul of the late Sheikh Saidu Hassan Jingir, who served as the Deputy National Chairman of the Ulama Council of JIBWIS, the Vice President also prayed for peace, stability, cohesion and progress across the nation.

"I want to assure all Nigerians that better days lie ahead. The economic reforms being implemented by President Bola Ahmed Tinubu are designed with the long-term prosperity of our nation in mind. We are already seeing early positive indicators, and we ask for your continued patience and support," he added.

Earlier in his speech, Sheikh Sani Yahaya Jingir expressed profound gratitude to President Tinubu and Vice President Shettima for their show of compassion during this difficult period.

"This visit demonstrates the human side of governance that often goes unnoticed. We are deeply touched by this gesture," Sheikh Jingir said.

"We are grateful to Allah for the good work President Bola Ahmed Tinubu and Vice President Kashim Shettima are doing for Nigeria. True leadership requires commitment and patience with the people at all times, and this administration has shown both."

The religious leader specifically praised the government's responsiveness to infrastructure needs. "When we requested that the Jos-Saminaka-Kaduna road be fixed, you not only listened but acted swiftly. The Federal Executive Council's approval of N33 billion for the reconstruction of that critical road is evidence of a government that cares for its citizens," he noted.

On the administration's economic policies, Sheikh Jingir was unequivocal in his assessment: "The economic and agricultural initiatives of this government have begun yielding tangible results. We are witnessing a gradual but steady reduction in the prices of essential commodities, particularly foodstuff. This offers hope to ordinary Nigerians and validates the direction of your policies."

The cleric also spoke on the security situation in Plateau State, saying, "I am pleased to inform you that peace has come to stay in our beloved state. The followers of Islam, Christianity and other faiths have collectively resolved to embrace peaceful coexistence as the only path forward."

"This unity of purpose was clearly demonstrated during the funeral of our departed brother, Sheikh Saidu Hassan Jingir, when people from diverse religious backgrounds and all sections of the state gathered in unprecedented numbers to pay their respects. This is the Plateau we want to see and build upon.

"While we mourn our loss, we submit to the will of Allah. Death is inevitable for all mortals, and we find solace in the exemplary life our brother lived," he said.

The Vice President was received at the Yakubu Gowon Airport by the Deputy Governor of Plateau State, Her Excellency, Mrs. Josephine Piyo.

His delegation included the Deputy Chief of Staff to the President (Office of the Vice President), Senator Ibrahim Hassan Hadejia; former Deputy Speaker of the House of Representatives, Rt. Hon. Ahmed Wase; Minister of State for Regional Development, Uba Maigari Ahmadu, and Special Adviser to the President on General Duties (Office of the Vice President), Aliyu Modibbo Umar.

Stanley Nkwocha
Senior Special Assistant to The President on Media & Communications
(Office of The Vice President)

First Lady of the Federal Republic of Nigeria, Senator Oluremi Tinubu says the Nation has a space for women in all spheres and they can occupy that space with their continued hard work and dedication.
She was speaking during the visit by the management team of the Nigeria Customs Service and the National Sports Commission and others paid her a visit at the State House Abuja.
The visit which was led by the Comptroller General of the NCS Wale Adeniyi was to honour her as the Grand Patron for the 2025 African Women’s Volleyball Championship, scheduled for April, this year.

The First Lady who expressed her appreciation noted that the Nation occupies the pride of place in the sports world due to the relentless efforts of female athletes.
She urged these females who have been made their mark to mentor and be role models to young Nigeria Females with the message of encouragement to them.
She called on female star athletes from Nigeria to come back home and inspire other girls.
“Share not just your stories of successes and achievements but also your humble beginnings”.
“I can see that out of the 4 DCGs here 3 of you are women. And that tells me you have worked, worked, worked and worked. For you to be at the top, you must have worked hard. When you have been given a platform, it is not just about you. Go on and lift others, encourage them”.
Senator Oluremi Tinubu, who according to her guests is fast gaining reputation as a pillar of sports in Nigeria, particularly, where it involves women explained that she is expected to carry yet another torch for women, this time as the Grand Patron for the 2025 African Women’s Club Volleyball Championship, to be hosted by Nigeria, with the Customs Service flying the flag of the nation.

The Comptroller General of Customs, Adewale Adeniyi, while presenting her with the offer said the Service has taken particular notes of her support for female athletes and teams in the country, and will want her inspire the Nigerian team to victory at the championship.
“there is a popular saying that when a woman puts her hand to the plough, the earth itself will respond to her. All your initiatives and generosity are unparalleled and this is a great source of inspiration to us all”.
In his remarks, the Director General of the National Sports Commission Bukola Olapade pointed out with enthusiasm that the vision of President Bola Ahmed Tinubu and the support of the First Lady for Sports has brought in a new vista of life to participants in the sector especially the females.
According to the DG, the Nigerian Girl Child can now truly hold her head up high.
The First Lady, Senator Oluremi Tinubu was then presented with her kits as the Grand Patron of the 2025 Africa Female Volleyball Tournament.

23 other African countries are expected to join the host, Nigeria, at the championship which runs between April 1 and 14.

SIGNED
Busola Kukoyi
SSA Media to the First Lady of the Federal Republic of Nigeria

Bitcoin’s recovery to $84,500 on Friday exemplifies why following crowd sentiment often leads to poor trading decisions.

The recent market movements contradict common predictions during periods of extreme fear or greed.

Data analysis from Santiment reveals that social media reached peak negativity when Bitcoin btc0.01%Bitcoin dipped to $78,000 earlier in the week. There was also online chatter about further declines. This pattern mirrors late February’s market behavior when a temporary price surge in early March followed retail traders’ bearish outlook.

“Bitcoin’s rally back to $84.5K Friday shows what happens when the Monday crowd claims it’s time to sell,” Santiment noted. “Predictably, FUD hit its peak as $BTC was down to $78K, with predictions pouring in for lower prices all across social media.”

The research highlights Bitcoin’s recent stability within a defined range, having neither fallen below $70,000 nor broken above $100,000 over the past month. This stability creates clear sentiment markers: predictions below $70,000 means excessive fear, while forecasts above $100,000 signal overexuberance.

“Historically, markets move the opposite direction of the crowd’s expectations,” Santiment explained. They noted that clusters of bearish predictions ($10K-$69K) often follow upward reversals, while groupings of bullish forecasts ($100K-$159K) usually signal downturns.

Technical analysis supports this sentiment-based approach. Crypto analyst Rekt Capital pointed out that “the signs for a weakening resistance were there.”

He noted that the recent price movement is filling the CME gap between $82,245 and approximately $87,000. He suggests that a daily close above resistance could catalyze further upward momentum.

The current market structure also presents potentially bullish technical signals. Another analyst, Merlijn The Trader, highlighted Bitcoin’s approaching “golden cross.”

This is a technical pattern where the 50-day moving average crosses above the 200-day moving average.

This indicator has historically preceded substantial rallies:

• 139% in 2016
• 2,200% in 2017
• 1,190% in 2020 following previous occurrences.

When sentiment reaches extremes, positions become overcrowded on one side, creating the conditions for sharp reversals. As traders collectively lean bearish, selling pressure exhausts, leaving primarily buyers to influence price action.

At last check, Bitcoin was down 0.2% for the day, trading at $84,145. It’s down 22.7% from its all-time high of $108,786.

[Crypto News]