This year, 2024 is clearly the year of democratic elections, the. year that democracy is put to the test in virtually every continent of the world – at least 97 elections worldwide and so far, we have witnessed and reported some of the significant ones - India, the world’s most populous country which ran an election for 44 days, with over one million voters, Indonesia, Israel, Kuwait, Mexico, Russia, Iran, European Parliament, Brazil, Pakistan, Bangladesh, France, Britain, and here in Africa, we have Senegal, South Africa, Togo, Tunisia, Rwanda, Ghana, Guinea Bissau, Mauritius, Mauritania, Namibia; in the Americas - Jamaica, Dominican Republic, Brazil, Belize, Canada, Chile, Costa Rica, Venezuela, Uruguay, United States. We also have - Finland, South Korea, Thailand, Austria, Cyprus, Czech Republic, Turkey, Poland, Belgium, Georgia, Hungary, Finland, Italy, Iceland, Moldova, North Macedonia, Poland, Portugal, Tuvalu, Solomon Islands, and so on and so forth. 

Nigeria held its own general elections in 2023, producing President Bola Tinubu as winner. For reasons owing to consanguinity or proximity, or shared historical affinity, or simply comparison, Nigerians have found themselves having to compare their own experience of democratic rule – 25 years of unbroken democratic rule since 1999 and the general elections in Nigeria in 2023. Most of the comparisons to put the matter in context, are with Senegal, South Africa, and now Britain, where a new Prime Minister, Labour party leader, Sir Keir Starmer has assumed office and power, and the Conservatives have packed out of Downing Street.  The reference to Britain is understandable: Britain used to be Nigeria’s colonial master, Everything Nigerian is linked to Britain, our common law heritage, history, culture, including the artefacts that the British stole from our people. 

For more than two centuries, Nigeria and Britain have been linked almost umbilically. There is hardly any family or community in Nigeria that does not have any relative, immediate or distant, in the United Kingdom. In the just concluded election in the UK, there was even a Yoruba Political Party, with a Dr. Olusola Oni running for MP from Peckham on July 4. A total of 30 persons of Nigerian descent who may identify as British-Nigerian made a bid to be in the British parliament. In the end about six of them won election into parliament including Chi Onwurah (Labour MP for Newcastle Central and West), Kemi Badenoch (re- elected as Conservative MP from Saffron Walden and the past  immediate Business Secretary), Kate Osamor (Labour MP from Edmonton and Winchmore Hill since  2019, now re-elected); Florence Eshalomi (Labour MP since 2019, now representing Vauxhall and Camberwell Green, Taiwo Owatemi (Labour MP from Coventry West), and Bayo Alaba (MP, Southend East and Rochford). These Nigerians in Diaspora are not alone, there are many others serving as Councillors, or Mayors, not just in Britain, but across Europe and as far as Canada, the United States and Australia. Those who are not in politics, are doing well in sports or business and other professions, all linked to their motherland by blood and ancestry, and legitimately, we are proud of them. What is proven is that “Nigeria no dey carry last” and the ones who project us brilliantly like Bukayo Saka and Kemi Badenoch deserve to be celebrated, for showing that although Nigerians these days talk about the “Japa syndrome”, the Nigerian DNA has excellence in its imprints. 

However, the temptation to review the British election, and compare it has been strong and compelling. Whereas it can be said that the British democracy is one of the oldest in the world dating back to the Magna Carta, in 1215, the creation of the British Parliament in 1707, the Reform Act of 1832, the Representation of the People Act of 1918, and the UK General Election of 1950 pointing to a long history and tradition, with tested institutions, democracy in Nigeria has been relatively new, but the key argument about the government of the people for the people and by the people is that democracy is a symbol, a standard and a system of politics which does not require a reinvention of the wheel. Democracy in modern times is certainly not about the Age of Methuselah, but the values that each country presents as its own standards. This therefore explains some of the observations that Nigerians have made, by way of public education, and self-derision perhaps, about the 2024 UK elections.  The July 4 general elections in the UK has been two years in the making with people predicting that the way the Conservatives were carrying on, they were bound to lose the next general elections to Labour, even if no one could predict the exact date until some gamblers around the Rishi Sunak circle and the Conservative party were found to have placed bets on July 4, and as it turned out former Prime Minister Rishi Sunak announced July 4. The furore over the gambling over the date spoke to the moral content of British politics. In the course of the campaigns, the debate was about issues that are of interest to the British people: immigration, taxation, housing, public spending, NHS, Brexit and the EU. The character of the front-runners was clear. Starmer is pro-business, pro-reforms, pro-EU. He promised to drive economic growth, invest in green energy, overhaul the NHS, create safer streets, and deliver opportunity through a new skills agenda. The Tories had been in power for 14 years, with five Prime Ministers – David Cameron (2010 – 2016), Theresa May (2016 – 2019), Boris Johnson (2019 – 2022), Rishi Sunak (2022- 2024) with the most disastrous of them being Liz Truss who was PM for a historically short period of 49 days. The Tories presided over austerity, Brexit, the pandemic and high inflation. The people got tired of them and this was reflected in the various Polls – YouGov and Ipsos ahead of July 4, indicating that the British people wanted change. They were tired of the chaos that the Conservatives had introduced into public life.  The party itself was divided down the middle with many key members defecting either to Labour or to Nigel Farage’s Reform UK. It was certain that the Conservatives were on their way out, and that was exactly what happened, the party’s worst result in its 190-year history was announced on July 5. It wasn’t exactly a wipe out, but the scale of the landslide that the Labour party recorded was their best performance since Tony Blair entered Downing Street in 1997, and the Tory’s worst performance in recent history.

The character of the election race and the outcome is remarkably different from what we have seen in Nigeria and what obtains in the United States which goes to the polls on November 5. The UK election was for six weeks. There was no time to waste. In the United States, the race can take up to two years of campaign. In Nigeria, so much time is taken up by the time table of the Independent National Electoral Commission (INEC), voter registration, voters register, delineation of wards and polling unit. In the UK, nobody heard of the Chairman of the Electoral Commission and there was no debate over polling units or wards. The British did not have to borrow and sell property to raise funds for political campaigns. Political advertising on radio and TV is restricted, and the spending limits on advertisement are strictly controlled. The American election is a bit more elaborate and expensive, but not the British.  Even at the height of the campaign in the UK, with Rishi Sunak being pushed by his allies to launch personal attacks on Keir Starmer and Nigel Farage, still there were no absurd diversions into personality attacks, insults and culture wars. If Rishi Sunak had been a candidate in a Nigerian election, he would have been told stories about how he came to England and how he is able to make it in life because he is married to a rich man’s daughter! There were no professional spokespersons fighting proxy wars in the media and claiming to know everything about almost everything. The British do not do God. There were no clerics offering predictions about who the eventual winner would be. The candidates were not going about proclaiming “God bless Britain”. There was no attempt to bribe God. 

In Nigeria, election time is boon season for clerics who distort the process with all kinds of dreams and visions, and shamanists who perform rituals and place sacrificial offerings at crossroads. Age was not an issue in the UK either. Sunak is 44. Starmer is 61. Age is a big issue in the forthcoming US elections but in the UK, the youngest candidate and elected Labour MP from Northwest Cambridgeshire is a certain Sam Carling, a 22-year-old Science graduate of Cambridge University – the first MP in British history to be born in the 21^st Century. He defeated Shailesh Vara with 39 votes. Vara had been in the Commons since 2005. Carling is now “Baby of the House” but the very confident Carling says his age is not an issue- he had been a Councillor before now and he knows his example will inspire other young people, but he wants to get on with the job. He has ideas he wants to pursue in parliament. I laugh in original vernacular. In Nigeria, he would not even have been allowed to buy a nomination form. He would have been advised to go and play with his mates.  

On election day, voting started at 7 am and ended the same day at 10 pm. By the following morning, all the votes had been counted and the result was in the public domain with Labour winning 412 seats, Conservatives – 121 (much better than the 61 that had been predicted; Lib Dems –72, Reform UK – 5 (a big gain for the Nigel Farage-led party), Scottish National Party -9, Plaid Cymru – 4; Green – 4: more or less a strong showing by the smaller parties. By Friday, July 5, Rishi Sunak tendered his resignation. Starmer was invited to Buckingham Palace and asked to form the new government and by evening a Cabinet had been announced.  Such a smooth, seamless transition is not possible in Nigeria. On election day in the UK, there was no such thing as the late arrival of voting materials. There were no BVAS machines or stories about technical glitches. No thugs on the streets. 49 million voters, 650 constituencies, turn-out of 60% and yet no policemen or soldiers at polling stations. No stories that touched the heart about voters’ cards: to vote in the UK, you only need a photo ID showing that you are of age. Nobody has gone to court to challenge the results. Even the persons who lost their seats in parliament like former Prime Minister Liz Truss, Jacob Rees-Mogg, Grant Shapps, Gillian Keegan and Penny Mordaunt - 175 Tory MPs- have accepted their loss in good faith. There has been no post-election throwing of tantrums in the UK because the institutions function, and the people understand what it means to live in an organized society. Nobody has had to wait for months before a cabinet would be announced. The very day that Keir Starmer assumed office work started; what we have seen is a clockwork relay race, indicating the efficiency of the British model. For the first time in British history, a woman – Rachel Reeves is Chancellor of the Exchequer. There are other high profile women in the cabinet as well: Angela Rayner is the new Deputy Prime Minister and Secretary for Levelling Up, Housing and communities. Yvette Cooper is Home Secretary. Lisa Nandy – Secretary of State for Culture, Media and Sport. Pat McFadden is Chancellor of the Duchy of Lancaster. In all, a total of 11 women Ministers. It is the most gender-balanced cabinet in UK history, relatively youthful and experienced but largely White. There has been no quarrel over the appointments. Nobody has protested that his or her constituency has not been represented. There have been no thanksgiving services in churches or notices to that effect nor has anyone placed congratulatory adverts in the media.  We have not heard that the King or his sons had a hand in the appointment of Ministers. 

After every election season in Nigeria, we tend to spend months agonizing over the outcome of the elections, with politicians and their lawyers seeking to win the election at the courts of law. Nobody trusts the process; every politician becomes an emergency lawyer. Our democracy is significantly court-determined. But what we have seen in Senegal, South Africa, India. Iran, Britain, and even just over the weekend, in France, is that it is possible for democracy to work. Some commentators have suggested that in seeking a solution to the contradictions in the Nigerian system, there should be electoral reform every cycle, but it would appear that the problem is not the complexity of the democratic process itself but the underdeveloped nature of Nigeria’s political machinery and the character of the people themselves. Democracy is seen as a form of coronation in Nigeria which grants access to public resources and other privileges. This is why when our leaders get to power, they seem to be more interested in exotic vehicles, choice accommodation, yachts, brand new aircraft, chieftaincy titles and fat security votes. 

Last Friday, Sir Keir Starmer, the 58^th Prime Minister of the UK, promised the people of the United Kingdom that he will lead a “government of service” on a mission of national renewal. Times will tell as they say, but whatever happens the British desired change, they have voted for it and now, they have it. In Nigeria, one year after the general elections, Nigerians are still wondering what happened to their country.  

The Kwara State Police Command has arrested a 46-year-old ritualist while attempting to slaughter a 10-year-old boy hawking pepper in Ilorin, Kwara State capital.

The suspect identified as Isiaka Adeniyi was arrested on Tuesday, July 2nd, 2024, at the Oke-Foma area in Ilorin West Local Government Area of the state.

The incident which was confirmed by the state Police Public Relations Officer, Ejire-Adeyemi Toun, in a statement on Sunday said the suspect allegedly lured the hawker (name withheld) into a room under the pretext of attempting to buy pepper from him.

“According to information received from the police at the C Division, on July 2, 2024, at about 1800 hrs, a report was received from Onidoko Police Post indicating that at about 1730 hrs, an incident occurred in the Abab Oke-Foma area of Ilorin.

“It was reported that a 10-year-old boy (name withheld) resident of Abab area Abayawo, Ilorin, was hawking pepper when he was lured into a room by a suspect identified as Isiaka Adeniyi, aged 46, from Ifedapo Community, Oke-Foma area, Ilorin.

“The suspect allegedly lured the victim under the pretext of purchasing pepper but instead covered the victim’s face with a cloth and attempted to slaughter him with a knife.

“Thanks to the swift action of vigilant community members, the suspect was apprehended and brought to the station. Preliminary investigation is underway, and the case has been transferred to the State Criminal Investigation Department for thorough and discreet investigation”, the PPRO said.

The Kwara State Commissioner of Police, CP Victor Olaiya, commended the proactive efforts of the community members in apprehending the suspect and ensuring that justice was served in the grievous matter.

“We urge the public to remain calm as we continue our investigation and assure them that the police will leave no stone unturned in ensuring the safety and security of all residents of Kwara State.”

Meanwhile, the Kwara State Police Command said that it had deployed tactical teams for public security in the state with effect from Sunday, July 7, and beyond.

The state Police Command in another statement said that it took this action in light of past incidents observed on July 7, where cult-related activities resulted in harm and violence within the area.

The command while assuring the citizens of their safety in the state said that “it has implemented comprehensive strategies to prevent any recurrence of such activities.

“To ensure the security of our community, we have intensified our surveillance measures and increased the presence of visible policing across all key areas in the state. Our officers will be conducting thorough patrols and security checks today, July 7, tomorrow (Monday), and thereafter to detect and deter any suspicious activity.

“We have deployed additional resources, including tactical teams and intelligence units to ensure a swift and effective response to security threats. These efforts are aimed at safeguarding the lives and property of all residents and maintaining public order.”

He urged all citizens to remain vigilant and report suspicious activities or persons to the nearest police station or through their emergency contact lines: 0812 527 5046 or 0703 206 9456, noting that their cooperation was vital in the collective effort to maintain peace and security within the community.

Nigerian-born French football star, Michael Olise completed his move from Crystal Palace to Bayern Munich on Sunday, July 7, 2024.

Bayern Munich paid Crystal Palace the sum of €60 million to complete the signing of Michael Olise.

Olise spent the last three seasons of his career at Crystal Palace. He joined the club from Championship side, Reading, for a transfer fee worth £8 million in July 2021.

The 22-year-old forward, who is eligible to play for France, England, and Nigeria, played 90 times for the Premier League club before he made the switch to the German Bundesliga.

Michael Olise snubbed other suitors like Newcastle United, and Chelsea to sign a five-year deal with coach Vincent Kompany’s side, which means he is expected to remain at the club until June 30, 2029.

After completing his move to the German Bundesliga giants, Michael Olise said: “I’m very happy to now be playing for such a big club – it’s a great challenge and that’s exactly what I was looking for.

“I want to prove myself at this level and play my part in ensuring we win as many titles as possible in the coming years.”

In reaction to his exit from Crystal Palace, the club’s chairman, Steve Parish said: “We are hugely proud of what Michael has achieved at Crystal Palace, a club where he has developed greatly as a player.

“We respect his desire to further test himself at the highest level of world football.”

Super Eagles captain, Ahmed Musa, has cleared the air on his purported retirement from the national team.

The former Leicester City forward has not featured in a competitive match for the Super Eagles since 2021.

He started his last game for the national team three years ago during a World Cup qualifier against Cape Verde, he played 67 minutes in the 2-0 victory.

Musa did not play in any of Nigeria’s seven matches at this year’s Africa Cup of Nations, AFCON, where the team finished as runners-up.

His most recent appearance was a seven-minute cameo in a friendly game against Guinea in January.

Musa has also been without a club since he parted ways with Turkish side Sivasspor after his contract was terminated in February.

But speaking with reporters after a friendly match he organized, Musa disclosed that he has not drawn the curtain on his Super Eagles’ career, adding that he was only on a hiatus.

He explained: “I only took a little break from the national team.

“But I didn’t exit the team.”

Governor Charles Soludo of Anambra State has recounted his experience spearheading the consolidation policy of the Nigerian banking system, describing it as a dangerous war. Soludo, who served as the governor of the Central Bank of Nigeria (CBN) from 2004 to 2009, detailed his challenges during this transformative period.

The consolidation policy aimed to reduce the number of banks and other deposit-taking institutions while increasing the size and concentration of the consolidated entities in the sector. This often involved mergers and acquisitions, resulting in fewer but larger and more robust institutions.

Speaking at the launch of a book titled “Power of One Man: How the Soludo-Engineered Consolidation Transformed Nigerian Banks to Global Players,” Soludo shared his harrowing experiences, including threats and attacks that led his family to exile.

Soludo said, “Let me start with a disclaimer: I have not read the book. My gratitude goes to the author of this book, and I appreciate my incredible team. I also thank the Nigerian stakeholders for their massive support because it was like a revolution; today, we are celebrating the possibility of Nigeria.”

He highlighted the lasting impact of the consolidation policy on the Nigerian banking system, noting, “The revolution changed the Nigerian banking system forever. As a leader, you must be self-sacrificing and ready to pay the price to avoid personal interest.”

Soludo emphasized the policy’s success by pointing to now-giant institutions like Access Bank and Standard Trust Bank. He concluded, “The major message today is the revolution for the banks themselves, who are now giants. What is stopping and limiting us from developing is our mindset. If we can dream it, we will achieve it.”

Mr. Olatunbosun Oyintiloye, a chieftain of the All Progressives Congress (APC), has appealed to President Bola Tinubu to address the country’s high cost of food items urgently.

In a chat with newsmen on Sunday in Osogbo, Oyintiloye expressed concern that Nigerians were hungry and living below the poverty line. He highlighted that many citizens are disillusioned and worried about where their next meal will come from due to the extreme economic hardship.

Oyintiloye also urged the president to heed the United Nations’ prediction that 82 million Nigerians, approximately 64 percent of the country’s population, might face hunger by 2030. He cited data from the National Bureau of Statistics (NBS), which revealed that the food inflation rate in the country hit a record high of 40.66 percent in May, surpassing the previous month’s increase of 40.53 percent.

As a former member of the defunct APC Presidential Campaign Council (PCC), Oyintiloye noted that the hike in prices is making common household food items increasingly unaffordable for the average Nigerian. Despite the country’s abundant natural and human resources, successive governments have failed to drive the economy productively.

He pointed out that corruption and overdependency on the distribution of crude oil revenue by the government tiers are hindering the establishment of a productive and self-sufficient economy for the benefit of the masses.

While acknowledging that President Tinubu is trying to address the situation through various intervention programs, Oyintiloye emphasized that the impact of these interventions has been insufficient in alleviating the economic distress. He noted that prices of basic household food items such as rice, beans, garri, and spaghetti are becoming increasingly unaffordable for the masses.

The National Drug Law Enforcement Agency (NDLEA) has arrested Ige Babatunde, the Ba’ale of Akarabata in Ile-Ife, for alleged drug trafficking.

In a statement on Sunday, Femi Babafemi, NDLEA spokesperson, said 50-year-old Babatunde was apprehended on Friday with 5kg of “fresh cannabis plants”.

The agency also said Yusuf Abdulrahman, a 25-year-old youth corps member, was arrested at Corpers Lodge in the Sumaila area of Kano, with 1.250kg of Loud. 

He added that the NDLEA also raided the Lagos base of a “high-profile cocaine syndicate” headed by Agbakoba John Mmadu and his wife. 

He said large consignments of cocaine meant for export and local distribution were recovered during the raid.

“Seven parcels of cocaine with a total weight of 7.652 kilograms were recovered from Mmadu at Ago Palace Way,” the statement reads. 

“One hundred and twenty-two (122) compressed pellets of the same drug weighing 2.42kg were seized from Ijeoma and Ifeoma at Lilly Estate, bringing the total seizure to 10.1 kilograms valued at over N2.1 billion in street value.”

Babafemi added that NDLEA operatives in Benue intercepted a consignment of 350 grams of cocaine at a checkpoint along Enugu Road on Thursday.

“The illicit drug was concealed in an MP3 speaker sent as a waybill parcel. A swift follow-up operation at Flight motor park in Otukpo led to the arrest of the owner, 25-year-old Odeh Anthony,” the statement added.

“Meanwhile, NDLEA officers on a stop-and-search operation along Ngurore-Yola road in Adamawa state on Wednesday, July 3, arrested a Chadian, Yves Ahmat Gali, in a commercial bus coming from Kano to Yola.

“The suspect was found with a loudspeaker used to conceal 20 compressed blocks and nine plastic containers of Loud, a strong strain of cannabis weighing 5.200kg.

“In Kano, operatives on Wednesday, July 3, arrested a youth corps member, Yusuf Abdulrahman, 25, at Corpers Lodge, Sumaila area of the city, with 1.250kg of Loud, while in Osun state, the head of Akarabata community in Ile-Ife, Ba’ale Ige Babatunde, 50, was on Friday, July 5, arrested with fresh cannabis plants that weighed 5kg.

“Two suspects, Monday Ali, 49, and Jimoh Alewi, 37, were arrested when NDLEA operatives raided Ikota forest in Ifedore LGA, Ondo state, where a total of 42,500kg of cannabis was destroyed on 17 hectares of farmland while 73.5kg of the same substance was recovered for the prosecution of the suspects during a five-day operation that ended on Monday, July 1.

“In Abuja, the FCT, NDLEA operatives on Saturday, July 6, arrested the duo of Sanusi Mamman, 28, and Usaini Ibrahim, 20, in a vehicle along Abaji-Gwagwalada with 1,132 bottles of codeine syrup; 13,540 pills of tramadol; 50,000 pills of diazepam; and 59 pills of rophynol. The suspects claimed they were bringing the opioids from Onitsha, Anambra state.

“With the same drive, commands and formations of the agency across the country continued their War Against Drug Abuse (WADA) sensitization activities in schools, worship centres, workplaces, and communities among others in the past week.

“These include WADA enlightenment lecture for students of Community Grammar School (Junior), Aroro, Ibadan, Oyo state; students of Candy Secondary School, Agu Awka, Anambra state; students of Community High School, Umuida, Enugu Ezike, Enugu state; students of School for Arabic and Islamic Studies, Kofar Nasarawa, Kano state; and WADA sensitisation lecture organized by Zone M Zonal Command of NDLEA at Sabo motor park, Kaduna, among others.”

The statement said Buba Marwa, NDLEA chairman, commended the officers and men of the special operations unit in Osun, Benue, Ondo, Kano, and FCT commands for the arrests and seizures, while charging them to “maintain the tempo”.

A 40-year-old mother, identified as Rafiat Sheriff and her seven-year-old daughter, Asisat, on Saturday, lost their lives in a gas explosion that occurred on Ebute Road, Ibafo area of Ogun State.

Vanguard gathered that Rafiat had instructed her seven-year-old daughter to cook their dinner.

Confirming the incident, yesterday, spokesperson for the Ogun State Police Command, Omolola Odutola, said: “The incident occurred last night (Saturday night) when the mother told her seven-year-old daughter to cook.

“The girl was attempting to light up the gas cylinder when the entire house went up in flames.

“The mother and the child lost their lives in the explosion. Two other girls, including one of the children of the deceased, are currently receiving treatment in the hospital.”

The federal government has filed an appeal seeking to overturn a ruling upholding a no-case submission filed by Abiodun Agbele, an associate of Ayodele Fayose, former governor of Ekiti.

In a notice, the federal government said the trial court erred when it held that Agbele, Sylvan Mcnamara Limited, De Privateer Limited, and Spotless Investment Limited do not have a case to answer.

The defendants are standing trial on a 24-count amended charge bordering on money laundering to the tune of N1.219 billion.

The money is part of the N4.7 billion allegedly transferred from an account belonging to the Office of the National Security Adviser (ONSA) and domiciled in the Central Bank of Nigeria (CBN).

The Economic and Financial Crimes Commission (EFCC) is prosecuting Agbele for indirectly accepting the sum in cash through an official of Zenith Bank in Akure, Ondo state.

The money was allegedly delivered by Musiliu Obanikoro, a former minister of state for defence, on behalf of Fayose, in June 2014 without going through a financial institution.

The EFCC said Agbele committed an offence contrary to Section 1(a) of the Money Laundering (Prohibition) Act 2011 (as amended).

The anti-graft agency also accused Agbele of aiding De Privateer Limited to take possession of N200 million — which was part of the N1.219 billion — on behalf of Fayose, contrary to Section 18 (a) of the Money Laundering Prohibition Act 2011 (as amended) and punishable under section 18 of the same Act.

However, in June, Nnamdi Dimgba of the federal high court Abuja upheld the no-case submission application filed by the defendants.

This happened after the prosecution called 16 witnesses between September 2016 and 2024. Instead of opening a defence, the defendants filed a no-case submission.

In the notice seen by TheCable, on Sunday, the federal government is faulting the trial court’s ruling on 17 grounds.

The federal government said the junior court did not properly evaluate the testimonies of its witnesses or the exhibits it tendered to the court.

“There is overwhelming evidence before the trial court that the sum of N1,219,000,000.00 from the account of the National Security Adviser of Nigeria domiciled with CBN earmarked for security purposes and paid into the account of the 2nd Respondent by the office of the NSA was unlawfully diverted by the 1st, 3rd and 4th Respondents to fund the Governorship Election of former Governor Ayo Fayose in Ekiti State,” the government said in the notice.

“The trial court erred in law in using the ongoing proceedings before another court of competent jurisdiction to determine the merits of the proceedings before the trial court.

“The trial court is not entitled to import into a statutory provision what is not expressly inserted therein by the draftsman.”

The government argued that “it is immaterial whether the origin of the funds is illicit or legitimate as long as the payment and receipt of cash is outside the statutory threshold”.

• CBN projects resilient financial  institutions 
• What 2004 consolidation achieved, by Soludo

Banking recapitalisation got unto the fast-lane with four banks jostling to raise more than N1 trillion in the first cluster of offers.

This is expected to be hallmark of the two-year plan.

Four commercial banks with international license – Fidelity Bank Plc, Access Holdings Plc, Guaranty Trust Holding Company (GTCO) Plc and FCMB Group Plc – which altogether needed to increase their capital base to N2 trillion, are seeking to raise about N1 trillion in the first phase of intense competition for investors’ funds.

The first cluster of offers came as the Central Bank of Nigeria (CBN) at the weekend said the ongoing recapitalisation will produce resilient and fit-for-purpose banks with more ability to grow the economy.

CBN Governor, Olayemi Cardoso, said banks recapitalisation will further strengthen the financial system and make it robust to be able to withstand economic headwinds.

Regulatory reports yesterday indicated that three other banks- Access Holdings, GTCO and FCMB have gotten approval to join Fidelity Bank in the capital market, with the four offers’ periods expected to overlap.

The four banks, which have combined share capital and share premium of N644.995 billion, need to raise N1.355 trillion to meet the new minimum capital requirement of share capital and share premium of N500 billion each, for a bank with international license.

Access Holdings will today open acceptance list for a N351 billion rights issue. Access Holdings is offering about 17.773 billion ordinary shares of 50 kobo each to existing shareholders at N19.75 per share. The rights are pre-allotted on the basis of one new share for every two ordinary shares held as at June 7. The offer is scheduled to close on Wednesday, August 14.

Fidelity Bank had launched a N127.1 billion hybrid offer including a rights issue of 3.2 billion ordinary shares of 50 kobo each at N9.25 per share and a public offer of 10 billion ordinary shares of 50 kobo each at N9.75 per share.

The acceptance and application lists for Fidelity Bank’s combined offer, which opened on June 20,  are scheduled to close on July 29. The rights issue was pre-allotted on the basis of one new ordinary share for every 10 existing ordinary shares held as at the close of business on January 05.

In the largest of the fund raising so far, GTCO is launching a N400.5 billion public offer by 9.0 billion ordinary shares of 50 kobo each at N44.50 per share. GTCO, which had secured approval of the Nigerian Exchange (NGX), will meet with capital market stakeholders today to outline facts behind its offer, preparatory to the opening of formal application list.

FCMB Group has also secured approval for a N113.98 billion public offer. The group is offering 15.197 billion ordinary shares of 50 kobo each at N7.50 per share.

The current capital raisings by Access Holdings and GTCO are more than enough to meet their new capital requirements.

However, Fidelity Bank and FCMB Group are implementing multi-layered recapitalisation plans that may see the banks coming to the market as many times as needed to meet their capital requirements. There is indication that Fidelity Bank may raise more than N127.1 billion under the ongoing combined offer, given the generally positive investors’ sentiment around the bank. The board of Fidelity Bank has already launched a regulatory process that will allow the bank to absorb excess funds in the event of potential oversubscription.

Under the current recapitalization process, the Central Bank of Nigeria (CBN) is using a distinctive definition of minimum capital as addition of share capital and share premium, rather than the entirety of shareholders’ funds used under the 2004 recapitalisation plan. With the distinctive definition, nearly all banks need to raise funds to retain their banking license.

Access Holdings has share capital and share premium of N251.81 billion; FCMB, N125.29 billion; Fidelity Bank, N129.705 billion and GTCO, with N138.187 billion.

Speaking at the weekend during the launch of a new book: “The Power of One Man- How the Soludo-Engineered Consolidation Transformed Nigerian Banks to Global Players”, Cardoso said it was important that banks are recapitalised to the levels, where they will be able to absorb any shocks that come and also be able to grow the economy. The book was written by renowned journalist, Dr. Ray Echebiri.

Cardoso, who was represented by Deputy Governor, Financial System Stability, Phillip Ikeazor, said the apex bank had kept close touch with former CBN Governor and Governor of Anambra State, Prof. Chukwuma Soludo in the course of recapitalisation.

He said the decision taken by Soludo 20 years ago on banking consolidation was a very bold one at that time with banks’ capital base of N2 billion raised to N25 billion.

“That is about 12 and half times. Incidentally, the current management of CBN has embarked on another round of banking consolidation. Why was it necessary then, Prof Soludo wanted to make the banks robust, resilient and fit for purpose to grow the economy, and that is exactly the reason why we are embarking on a similar journey today.

“I think by coincidence, if you check the amount of the minimum capital levels that we required, it is pretty similar because international banks are moving from N50 billion to N500 billion, which is 10 times, similar to Soludo’s 12 and half times. Our national banks are moving from N25 billion to N200 billion, roughly about 10 times. When you do consolidation, you would look at the microeconomic headwinds, the microeconomic conditions on ground and of course apply your stress test.

“And when you apply your stress test today, which I am sure all of the big banks have done, they would have second-guessed where the capital levels are going to land. If you compare the bank assets in Nigeria to Gross Domestic Product (GDP) and compare it with similar economies in Africa, you can see that we are way, way behind,” Cardoso said.

Providing more reasons why bank recapitalization was crucial, he said:  “Remember that when the current administration came into place, there were unification of forex rates, and removal of petrol subsidy. And the impact on the economy and manufacturing sector has started manifesting in 2024 and will continue over the next few years. So, it is important that the banks are recapitalized to the levels, where they will be able to absorb any shocks that come and also position the banks to be able to grow the economy”.

Addressing the consistent hike in interest rates,  he said although the jury is out and everyone debating what it should be, Cardoso insisted on the need  to tame and control inflation to ensure the economy does not go into hyperinflation.

He explained that hyperinflation is very difficult to reverse and takes several years to get out of it.

“There is a South American country that still has quite significant oil reserves but is facing hyperinflation. Everybody is aware of what is happening in that economy. We have our brothers in East Africa, who are also facing hyperinflation and we know how hard they are struggling to come out of it,” Cardoso said.

On how long the CBN will sustain the hike in interest rate, he said the apex bank will continue to maintain high interest rate, as long as it is able to control and reverse galloping inflation.

He explained that Western countries, have also raised interest rates for long, and are yet to lower the rates, at present.

 “So, it is important that we tighten and hold on for a little while, and in no distant future, we will be able to be slowing down on the rate hikes,” Cardoso said. 

Soludo described the 2004 banking consolidation as a revolution that produced today’s mega banks.

He said Nigerian banks have today expanded to different African countries, Europe, America and Asia, among others.

Soludo, who was the special guest of honour at the event, said the consolidation was nothing short of a revolution, with many people describing as an impossible mission.

The CBN had on July 6th 2004, announced the recapitalization of banking sector from N2 billion to N25 billion with effect from 31st December, 2005. The initiation of increasing the banks minimum capital base to N25 billion in 2006 led to a remarkable reduction in number of banks from 89 to 25.

Soludo said the CBN team, especially the Deputy Governors and himself, went through hell to achieve the results that turned around the financial sector.

He said the organised labour, Manufacturers Association of Nigeria and even the labour unions in banks kicked against the reform.

“I remembered those days we spent weeks here in Lagos trying to midwife mergers of strange bird fellows. I remembered the hours we spent just reconciling directors of various banks and their irreconcilable differences.  Nigeria is a country of infinite possibilities. It was a disruptive change and the revolution that have changed Nigerian banking and financial system forever,” Soludo said.

According to him, the apex bank, then wanted a private sector-led economy, and decided to pull down the entire banking system for a fresh rebuild.

 “And so, when we raised the capital base  of banks from equivalent of $15 million to equivalent of $200 million, which was about 14 per cent increase, everybody thought it was impossible. Even some bankers took advertorials to say it was impossible. And this is where we must celebrate one man on the issue of leadership. We were determined to get it done but what if the President himself under pressure from all sides cancelled the policy because they couldn’t meet $15 million in two years and now you have $200 million in 18 months?

 “For me actually, the story will be told of what we went through together with the formidable team at the Central Bank to get this done. And for me, the major message of July 6, is that it is a revolution day for the banks. What the policy did was to kickstart what I called a race to the top,” Soludo said.

The Lagos State Governor, Babjide Sanwo-Olu, advised the current leadership of the CBN to seek wise counsel to ensure that the ongoing banking recapitalisation succeeds.

The chairman of the occasion, former Director General of the West African Institute for Financial and Economic Management (WAIFEM), Prof. Akpan Ekpo, said Soludo brought positive changes to the country.

He advised on the need to always ensure that the right and qualified persons are entrusted with responsibilities.

 “In every economy, there is need to ensure that the right people who are qualified are used to drive growth,” Ekpo said.

The author, Echebiri, said the 20th anniversary of the banking consolidation marks a watershed in the Nigerian financial sector.

He said the book is a way to celebrate Soludo for his insightful leadership that made the programme a huge success.

 “We are celebrating Soludo for his insightful leadership in guiding the banking sector consolidation to success,” Echebiri said.

Other dignitaries at the event were Chief Guest of Honour, Chief Olusegun Obasanjo, former president of Nigeria, who was represented by former Governor, Donald Duke; Ogun State Governor, Dapo Abiodun and Senior Vice Chairman/Editor-In-Chief at Leadership Media Group, Azu Ishiekwene, who reviewed the book