The President of the Senate, Senator Godswill Akpabio, has reaffirmed Nigeria’s readiness to collaborate with Switzerland to drive innovation, diversify the economy, and create lasting opportunities for future generations.

Akpabio highlighted Nigeria’s position as Africa’s largest economy and a member of the African Continental Free Trade Area (AfCFTA), emphasizing the country’s willingness to engage with the European Free Trade Association (EFTA) beyond traditional trade partnerships.

Speaking in Abuja during a courtesy visit by the Chairman and members of the Swiss EFTA delegation to the National Assembly, Akpabio said, “We envision partnerships that will ignite innovation, diversify our economy, and create opportunities for generations to come. Switzerland and EFTA have long exemplified ingenuity and economic cooperation, setting a benchmark for unity and shared progress.”

He recalled the 2017 agreement in which Switzerland returned $321 million in recovered funds to Nigeria, describing it as a historic act that strengthened trust and set a global standard for accountability and justice.

Akpabio also highlighted Nigeria’s ongoing economic reforms under President Bola Tinubu, including the removal of fuel subsidies and the unification of the naira exchange rate. He noted that these reforms are paving the way for sustainable growth, with projections suggesting a GDP growth rate of 4.17% by 2025.

“Our challenges can be overcome—not by one nation alone, but through the unity of many,” Akpabio said, expressing optimism about future collaborations.

On behalf of the Nigerian Senate, he thanked the delegation, saying, “May our deliberations be fruitful, our resolve unshakable, and our partnership enduring.”

Thomas Aeschi, leader of the delegation and a member of Switzerland’s House of Representatives, expressed optimism about strengthening economic ties with Nigeria. He noted that while EFTA has yet to formalize trade negotiations with Nigeria, the visit aimed to lay the groundwork for future collaboration.

“EFTA, comprising Switzerland, Iceland, Norway, and Liechtenstein, is dedicated to fostering free trade and economic cooperation with countries outside the European Union. Nigeria, as a country of immense potential, is an indispensable partner for Switzerland in Western Africa,” Aeschi said.

He underscored Nigeria’s significant potential, driven by its large population, and expressed confidence in parliamentary diplomacy as a tool to enhance bilateral ties and initiate new processes for collaboration.

“While we do not yet have a formal trade negotiation framework with Nigeria, we are here to explore possibilities and set the stage for future engagements,” Aeschi concluded.

[Opinion Nigeria]

The allure of journalism is undeniable. From the outside, it is a profession often seen as glamorous, replete with perks, fame, and a seemingly unending stream of exclusive invitations to high-profile events. Many believe that journalists enjoy a front-row seat to the world’s most significant happenings, rubbing shoulders with the powerful, and living a life of privilege.

Permit me to confess at this seeming embryonic stage of this piece that I was inspired to express this view as a way of achieving ‘emotional catharsis’ in order not to become a victim of depression as a result of pondering over the profession I am so passionately affiliated with. Reflecting on the weight of constant deadlines, the relentless pursuit of truth, and the personal sacrifices often overlooked by society, I realized the need to give voice to the untold stories of journalists who carry the burden of public trust while silently navigating their own struggles.

But beneath the surface lies a starkly different reality, one that is far from the romanticized notions often held by the public. The truth is that being a journalist, particularly in Nigeria, is a daily battle riddled with frustrations. When the layers are peeled back, it becomes evident that many journalists are overworked, underpaid, and perpetually misunderstood.

Against the backdrop of the foregoing facts, it is germane to opine that Journalism thrives on activity. Events, press conferences, breaking news, and interviews are the lifeblood of the profession. However, there are days, sometimes weeks, when nothing significant happens, no events to cover, no exclusive stories to chase, and no press invitations to attend.

During these lulls, a journalist’s life becomes an existential challenge. Without events, there is often no content to file, and without content, there is no justification for income. This “dry spell” is a common source of anxiety for journalists, especially freelancers, who rely on events and stories for their livelihood. The glamour fades quickly when you are left staring at an empty calendar, wondering how to make ends meet.

The financial frustrations of journalism cannot be overstated. Many people assume that journalists swim in money simply because their bylines appear in newspapers or their faces are seen on television. This assumption could not be further from the truth.

The harsh reality is that a significant number of journalists in Nigeria, especially those working for smaller or struggling media houses, are owed salaries for months on end. Some are not even on a salary at all, relying solely on commissions or allowances that are often irregular and insufficient. For others, the meager wages they earn are barely enough to cover transportation and basic living expenses.

The lack of advert revenue compounds the problem. In an industry heavily reliant on advertising to stay afloat, the dwindling budgets of advertisers leave media houses gasping for survival. The result? Layoffs, salary cuts, and an increased expectation for journalists to “hustle” for their survival.

Compounding these issues is the glaring lack of support from the government for the journalism sector. Over the years, the government has extended lifelines to various industries, agriculture, banking, aviation and even the entertainment sector. These interventions, often in the form of bailout funds, grants, or tax incentives, aim to revive struggling sectors and ensure their sustainability.

Yet, journalism, a profession that serves as the watchdog of democracy and a critical pillar of society, has been left to fend for itself. The sector has not received any meaningful government intervention, despite its crucial role in holding power to account and educating the public.

Instead, journalists often find themselves at odds with the government, battling censorship, harassment, and outright hostility. Rather than supporting the sector, authorities frequently view journalism as a threat to their power and work to undermine it. This lack of support leaves journalists and media organizations vulnerable, further compounding the financial and operational challenges they face.

One of the most heartbreaking aspects of journalism is the lack of prospects for a fulfilling retirement. Unlike other professions where workers can look forward to pensions, gratuities, or even personal savings, most journalists face old age with uncertainty and anxiety.

The absence of financial security means many journalists cannot afford to retire, even when their health or age demands it. This has given rise to the phrase “Old soldier never die,” as journalists, much like retired soldiers, find themselves unable to leave the battlefield. They continue to write, report, and hustle for a living long after their peers in other professions have retired to a life of comfort.

This grim reality is not a result of poor planning or financial irresponsibility on the part of journalists but of systemic failures that leave them perpetually underpaid and unsupported. The profession, as noble as it is, does not guarantee a safety net for those who dedicate their lives to it.

One of the most painful misconceptions about journalism is the assumption that journalists are perpetual beggars. This perception stems from the unfortunate reality that many journalists, out of sheer necessity, must engage in practices that could be construed as beggarly.

In the absence of fair remuneration, some resort to collecting “brown envelopes” at events, a euphemism for monetary gifts given to journalists in exchange for favorable coverage. Others rely on freebies, patronage, or stipends from event organizers to cover basic expenses.

While these practices are far from ideal, they are often the result of a system that has failed its practitioners. The journalist who accepts a “transport allowance” after covering an event is not doing so out of greed or a lack of ethics but out of desperation. The system pushes them into a corner where survival becomes the primary goal, and professional ideals take a backseat. After all, it is a disservice to a Lagos-based Journalists who covered an event at Lekki in Victoria Island to trek back to his office in Ogba, Ikeja all in the name of being ethical. 

Another myth about journalism is the idea that it brings fame, and with fame, fortune. While it is true that some journalists achieve a level of recognition, it is often fleeting and rarely translates into financial security.

Fame in journalism is a double-edged sword. The recognition may open doors to certain opportunities, but it also exposes journalists to scrutiny, criticism, and sometimes even danger. Moreover, for every journalist who becomes a household name, there are hundreds who work tirelessly behind the scenes, unnoticed and uncelebrated.

Beyond the financial struggles, journalism takes a significant emotional toll on its practitioners. The constant pressure to break stories, meet deadlines, and deliver engaging content can lead to burnout. Coupled with the lack of appreciation and understanding from the public, it is no wonder many journalists feel disillusioned with the profession.

The frustration is exacerbated when journalists are criticized for doing their jobs. Accusations of bias, sensationalism, or incompetence often fly from all corners, even when the journalist has acted in good faith. It is a thankless job where the mistakes of a few tarnish the reputation of the many.

Given the foregoing, it is germane to opine that for journalism to regain its dignity, systemic changes are necessary. Media organizations must prioritize fair wages and timely payment of salaries. Advertisers should recognize the critical role of journalism in society and support it accordingly. Most importantly, the government must extend a lifeline to the sector, recognizing its indispensable role in the nation’s democratic framework. Policies to protect journalists from exploitation and harassment must be implemented and enforced.

Journalists, too, must embrace financial literacy and diversify their income streams to reduce dependence on media houses that fail to meet their needs.

Despite its many frustrations, journalism remains a noble profession, one that is indispensable to the functioning of any society. It is through the work of journalists that injustices are exposed, voices are amplified, and truths are brought to light.

But the profession cannot thrive on passion alone. It needs support, from the government, advertisers, media houses, and the public. It is time to dismantle the myths surrounding journalism and work collectively to restore its dignity. Only then can we ensure that the watchdogs of our democracy are not left to suffer in silence.

The Group Chief Executive Officer of OandO Plc, Wale Tinubu has disclosed that the oil firm is partnering with the Lagos State Government to deploy 5,000 electric buses for public transportation in the state.

Tinubu, said this in an interview with CNBC Africa, on the sidelines of the just concluded World Economic Forum in Davos, Switzerland.

He said the decision to invest in electric vehicles, particularly for public transportation, is informed by the company’s commitment to adopting cleaner energy solutions as part of its ‘just’ energy transition drive.

He makes a case for a ‘just transition’ over decarbonisation in Africa as the continent “is actually a victim of global warming,” bearing the brunt of climate change while contributing only about 3% of global emissions.

He stressed that Africa cannot decarbonise or abandon its large deposits of fossil fuels for clean energy sources while the majority of its citizens wallow in energy poverty.

“The arguments for decarbonisation are as important as the arguments for a just transition, and that transition has to recognize the fact that Africa has 45% of the people who have no access to electricity or energy products so our first step really must be to use what we need, which means that we need to use our gas as part of the energy mix to service the needs of our continent and that we need to do so as a transitional fuel whilst we work with an energy mix”

He noted that Oando, being a major player in Nigeria’s oil and gas industry is deploying EVs as a “carbon capture technique” to contribute to the global decarbonisation campaign.

“For every modicum of carbon we put into the economy, into the world and the environment, we are also taking that out by ensuring that we have carbon capture techniques as well as ensuring that our clean energy offering to as part of our products and services is high so we’re focusing a lot on e-vehicles,” he explained.

He disclosed that the company will deploy 5,000 electric buses to Lagos in its contribution to helping Nigeria transition its public transport system from combustion engines to electric vehicles.

“We are using gas as a transitional fuel to create electricity to generate the power to power buses, transport is 10% of global emissions so if we tackle public transport we would be able to reduce emissions by 5% almost immediately and the first step we’re doing now is also working on a public system of being able to transit the bus system in Nigeria from diesel or petrol to electric vehicles starting with a project which we’re working on with the Lagos state government as a pilot case where we expect to see up to 5,000 buses, e-buses being deployed in our streets.”  

Oando to deploy AI in next oil drilling campaign  

Tinubu also hinted at the potential deployment of artificial intelligence in the company’s next drilling campaign, as the company aims to enhance operational efficiency through technology.

He explained that the deployment of AI has become necessary to effectively utilise resources, and improve overall performance in Oando’s upcoming projects.

“It (AI) is a big game-changer. For example in our drilling operations, we have to make serious decisions which have a high impact on cost. And being able to throw in all the potential answers to our questions based on old experiences, by having a whole sequence of possibilities which can be taken through artificial intelligence. So it is something we are looking forward to deploying in our next drilling campaign,” he disclosed.

What you should know  

• In August 2024, Oando PLC acquired Nigerian Agip Oil Company (NAOC) from Italian oil giant, Eni in a deal worth $783 million. The acquisition increased Oando’s oil and gas reserves and doubled its oil and gas reserves.
• Earlier this year, the company announced that its subsidiary, Oando Energy Resources (OER), was awarded the operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin.

[Nairametrics]

President Bola Tinubu’s government has reaffirmed its commitment to combat corruption, revitalize the economy, enhance national unity, bolster the judiciary’s independence and ensure free and fair elections in Nigeria.

Naija News reports that Vice President Kashim Shettima made this statement at the national conference on Monday in Abuja, which focused on reinforcing democracy in Nigeria.

The conference, titled ‘Strengthening Nigeria’s Democracy: Pathways to Good Governance and Political Integrity,’ was organized by the African Centre for Leadership, Strategy and Development.

Represented by his Special Adviser on political matters, Hakeem Baba-Ahmed, Shettima acknowledged that while democracy may not be flawless, it remains the most effective form of governance when compared to others.

Shettima urged Nigerians to rally behind the All Progressives Congress (APC) government during this difficult yet ultimately fulfilling journey, emphasizing that the Bola Tinubu government is deeply invested in the quality of the democratic framework.

“We will listen and adjust where necessary, and we will account for our stewardship in all matters our challenging democratic systems demand.

“I am convinced that Nigeria shall rise again, answer to its full potential and lead the way to a future that has learnt lessons from a difficult past into a world in which our country will be a key player, and our young will be active champions of a democratic system because it speaks to them.

“It has been said many times that democracy is an imperfect system, yet superior to all others.

“We will continue to seek to provide evidence of the values of the democratic systems by, among others, fixing major weaknesses of our economy, securing our communities, fighting corruption, supporting free and fair elections, strengthening the independence of the judiciary and improving national cohesion,” he said.

[NaijaNews]

The FCT Police Command says preliminary investigations have revealed that the abductors of family members in Chikakore community in Bwari area council, were unknown men who disguised as vigilantes wielding machetes and sticks.

Daily Trust had reported that a man, his wife and their son were abducted in the early hours of Monday.

A statement by the command spokeswoman, SP Adeh Josephine, said the suspects deceived the man into opening his house gate, after which they abducted him alongside three of his family members.

She said a neighbour, who attempted to intervene, sustained injuries during the attack and was rushed to Kubwa General Hospital for treatment.

She said the FCT Police Command received a distress call at about 1:00:am regarding a case of abduction and assault in the Chikakore community, adding that police operatives were swiftly deployed to the scene.

“Preliminary investigations revealed that seven unknown men, disguised as vigilante members and armed with machetes and sticks, attacked the residence of the victim. The suspects deceived him the victim into opening his gate, after which they abducted him and three members of his family. A neighbour who attempted to intervene sustained injuries during the attack and was promptly rushed to Kubwa General Hospital for medical attention,” she said.

She, however, said that the police command had commenced a comprehensive search and rescue operation, aimed at rescuing the abducted victims safely and apprehending the perpetrators.

The command urged residents of the Chikakore community and the general public to remain calm and vigilant, calling on members of the public with useful information that could assist in the rescue of the victims to promptly report to the police.

She said the FCT Police Command can be reached via its emergency lines: 08032003913, 08061581938, 07057337653, and 08028940883.

[DailyTrust]

Former President Muhammadu Buhari has opened up about his health since leaving office on May 29, 2023.

Buhari said his health has improved, adding that he looks better since leaving office in 2023.

While in office as President, Buhari was plagued by illness which led to him being flown abroad for medical attention.

He handed over to Bola Tinubu after serving his two terms as President.

Speaking at an All Progressives Congress, APC, stakeholders’ meeting at the Katsina State Government House, Buhari suggested that the complexities of being the President of Nigeria affected his health.

“Those outside the corridors of power do not understand the complexities and difficulties facing Nigeria.

“My health has improved since leaving office. People who visited me told me I look better than before.”

[DailyPost]

Actress and producer Mary Njoku and netizens have criticized 2baba’s decision to divorce his wife, Annie Idibia.

Njoku expressed her concerns on Instagram, stating that 2baba’s actions would humiliate Annie, who has already made tough choices for the family.

Njoku’s reaction is not isolated, as many fans and friends of Annie have questioned 2baba’s decision.

She wrote: “Bro, Annie has a family o, your sisters-in-law are many, and we’ve stayed quiet out of respect for her tough choices.

“But since you’ve decided to humiliate her at her lowest, no wahala. It’s your choice, just make sure she’s healthy and ok.

“Because when the time comes, we’ll have plenty of questions for you.”

Netizens reactions: One Bayo Otedola on X wrote: “We all know 2face to be a very quiet and private person about his marriage and for him to come online to make such statement about his marriage means he’s seen enough. I wish the guy all the love and support he needs at this time. All the best 2baba”

Oku_yungx wrote: “It is really difficult to see a grown man speak up honestly. 2face needs all the support he can get this period.  He looks worn out just like Pep Guardiola.  Gentlemen, stay praying for 2baba and his family.”

The Amazon wrote: “This whole 2baba and Annie saga is just a description of how men always put themselves first! Men are very selfish with their life choices, they use their head not heart to act, unlike women, always emotional about everything and put men first before themselves”.

Big Love wrote: “The way 2face embarrasses Annie is just too much! Disgracing the woman who stood by him when he had nothing, giving him her life. Even if the whole world is against her, 2baba should know better. He’s always finding a way to disgrace her when people are against her. Her first love is you, 2baba. She sees you as her best friend and husband! She doesn’t have anyone else but you. You’re the one she trusts and leans on. It’s heartbreaking for Annie. I hope all of you won’t kill her because of your madness and hate for this innocent girl. She’s been nothing but loyal and deserves better than all this negativity”.

The legendary singer announced his plans to divorce Annie on Sunday, which sparked widespread criticism.

[TheNation]

Anambra State Governor Charles Chukwuma Soludo in a Trumpian manner, made several fallacious and specious statements at the December 2024 dedication of a new church building in Onitsha. For example, the press quoted him as saying: “Since the inception of my administration, we have declared war on criminals, their shrines, priests and burnt down their idols.”   

In this claim, he tries to present non-Christians and non-Muslims as the criminals in the state. This is a fallacy. Criminals including elites looting our common patrimony, cut across all religions. In fact, many    criminals who claim adherence to foreign religions, use the proceeds of their crime to go on pilgrimages.When he talked about declaring war    on “their shrines” Soludo exhibits his    severe limitation of the English language.

The Oxford Dictionary explains that a shrine is: “a place regarded as holy because of its associations with a divinity or a sacred person or relic, marked by a building or other construction.” So, the building he went to open in Onitsha, is nothing but a shrine.

Then he mentioned priests; but it is not traditional religion alone that has priests, all major religions I know including Christianity which he claims to practice, also have priests. Soludo proudly proclaims that he has: “ burnt down their idols.” An idol is an image or representation of the Almighty. The fact that churches have the images of the cross, Jesus or    Mary, does not mean those are what Christians worship, it simply means that they are images or some representation or symbol.   

So, if Soludo has been involved in burning idols, then he is publicly confessing to criminality and deserves to be tried and imprisoned once he ceases to be governor and   loses his immunity. He wails that: “”Idolatry is the fastest growing religion in the state.”    As I explained earlier, traditional religion adherents, at least in Nigeria, do not worship idols; these are mere representations.   

Rather, they believe in God, and this has been so for thousands of years before Christianity.    So, it was not foreigners    who taught    Africans about God.    Thousands of years before Abraham was reportedly called from Ur of the Chaldees, the Yorubas knew God as Olorun or Olodumare, the Hausas call him Ubangiji while the Igbos call him Chineke, Olisa or Chukwu, which is the governor’s middle name.    

In any case, how can it be a state      matter that a particular religion is allegedly winning more adherents? How does such concern put food on the table of the Anambra people? How does it lead to the provision of more schools, hospitals, houses or jobs? Is Governor Soludo in reality such a jobless man? In addressing imaginary enemies, Soludo said:  “They can come with whatever they want to but with the Bible in our right hand, we shall prevail.” Wrong! What the Governor as the chief security officer of Anambra State    needs to wield in his right hand is not the Bible, but the law, and in his left hand, the sword of justice. He was not elected into office as a priest, but to govern in accordance with the constitution.

Soludo in a self-righteous manner proclaimed on the rooftops: “We must not take it for granted. Pope Francis preaches ecumenism. I just don’t preach it, I try to live it out.”    Such claims of piety, cut no ice. Religion is an issue between a person and God and, only God knows who truly worships him.    Jesus Christ had settled such matters thousands of years ago when he was quoted in Mathew 7: 21-23 as saying: “Not everyone who says to me ‘Lord, Lord’ will enter the kingdom of heaven, but only the one who does the will of my Father in heaven” What is expected of Soludo as a Governor is not to shout around about ecumenism, but to promote the unity of    all Nigerians irrespective of religion, ethnic nationality, regionalism and political affiliation.

Soludo at the ceremony, proclaimed    Anambra    a Christian State.    This, like most Soludo talks and programmes, is empty talk. Was this a proclamation of the State Assembly, or the product of a referendum? This false claim is an impeachable offence as it is a blatant violation of the constitution. Section 10 states in simple English: “The Government of the Federation or State shall not adopt any religion as State religion.” If Soludo were a man of honour, based on this his patently false claim, should have  resigned and returned to his profession of economic speculation and preaching the discredited gospel of the Western Structural Adjustment Programme, SAP which ruined most African countries including Nigeria.

This Soludo declaration which is part of the strategy of causing confusion and disunity amongst the Nigeria people, is an old discredited one. This dates back to colonial times when the colonialists championed the divisive politics and slogan of ‘Muslim North’ in reference to Northern Nigeria which in reality, was, and remains, a multi-religious, multi-ethnic, multi-lingual and multi-cultural society.    The British colonialists were so vicious, and that in order to sponsor religious divide in Northern Nigeria, it consciously excluded Christians from being admitted into Katsina College, the only school in the 1920s providing high school education in the North. 

Some years ago, some state Governors imposed Sharia based on claims that the states they ruled were Muslim States. Those governors succeeded so well that when the extremist fruits they planted sprouted into Boko Haram and bandits, even they themselves cannot comfortably live    in their states. They became muffled choristers of religious de-radicalization in Northern Nigeria. Today, there is a similar retrogressive movement in Western Nigeria. There are now traditional rulers who want to ban    traditional religion in favour    of their own private religion. There are also those who are obviously profiting from a campaign to introduce Sharia in the area. When such campaigns bear fruits as they did in the North, such characters will flee the land.

Promotion of religious extremism continues in various forms. For instance, while Jesus Christ fasted for forty days, a leading Nigerian church, obviously in order to get ahead of its rivals,    has in 2025 decreed 100 days of fasting. Apart from the health of the adherents who are engaged in these marathon fast, what sense does it make to get a people to fast for 100 of the 355    days in a year?    So while serious countries like the United States and China will be at work, producing, some Nigerians will be spending about one third of a year fasting and praying.

We need to call to order, people misusing religion for divisive politics and private gains; violating the secular provisions of the constitution and generally, luring Nigerians into lethargy when they should be productive. 

“An institution is the lengthened shadow of one man”- Emerson, 1803-1882, VANGUARD BOOK OF QUOTATIONS, VBQ p 105

“Every great enterprise starts off with enthusiasm for an exalted aim; and ends up bogged down in petty politics” – Charles Peguy, 1873-1914, VBQ p 49

The Assets Management Corporation of Nigeria, AMCON, is one of those institutions created in Nigeria with all the enthusiasm in the world to solve a critical problem, like its counterparts elsewhere globally; which not only failed woefully, but made the situation worse. AMCON, like a few of the consolidated banks licenced by Professor Soludo, Governor of the Central Bank of Nigeria, CBN, in 2006, was handed to individuals who cast their shadows on the organisations they led as Chief Executive Officer, CEO.

“Haste makes waste.”

AMCON should never have been necessary. It was the lasting monument to the failure of Soludo’s bank consolidation policy which reduced the number of banks operating in Nigeria in 2005 from 73 to 25 in 2006. Banks were ordered to increase capitalisation to N25 billion or merge or close shop – all within seven months. At the time of the announcement, only three banks were within touching distance of N25 billion – First Bank, Union Bank and UBA. Most of the rest were so far off that it was obvious to objective observers that Soludo, not a banker and lacking banking experience, had jumped headfirst into consolidation only as an academic concept.

 The decision which was unveiled in Lagos was attended by bankers, financial experts and media. I was there 20 years ago. I recollect quite vividly, Mr Atedo Peterside, during the question and answer period, making two points. While agreeing with Soludo about the need for bigger and stronger banks in Nigeria, he pleaded for timeline extension to enable the banking sector to get prepared for the new regime. Second, he argued that a banking sector consisting of only “megabanks” was not a healthy situation. Instead, he urged the CBN to consider categorising banks into three groups – national/international, regional and local – each group operating with its own share capital requirements. All the suggestions were rejected. In fact, every alternative idea was turned down.

 I wrote nothing less than six articles on these pages predicting the eventual collapse of some of the “megabanks” which emerged from the banking consolidation programme. For instance, when in 2008, the global banking crisis started in the US and Europe, Soludo assured Nigerians that our banking sector was “insulated” from contagion by the global crisis. I disagreed. By then, evidence available to me had already proved beyond reasonable doubt that we could no longer put our money – in any form – in the banks and “go to sleep with two eyes closed”; as Soludo promised us in 2005.

 In August 2008, I published an article on this page urging our readers to dump their bank shares. It was obvious to me that a major banking crash was coming.  From information available to me (and I don’t know why they were unknown to CBN, there was clear evidence that at least eight of the banks were being steadily and mindlessly looted by their directors – especially Managing Directors. Furthermore, there was a great deal of mutual contagion. Friends and relatives of the directors of one bank accumulated non-performing loans in other cooperating banks. At the time my article was written, which was indirectly rebutted by CBN, First Bank shares were selling for over N50 per share; Intercontinental, N35 per share and Oceanic Bank about N28 per share and still going up. I sold all my shares except a few against the advice of my stockbroker. By December 2008, bank shares were in a free fall. Till today, no bank has come close to the August 2008 price; millions of Nigerians who borrowed to purchase bank shares were ruined for life.

How and why AMCON was created

“The evil that men do lives after them….” William Shakespeare, 1564-1616.

Every big lie eventually has an expiry date. Soludo’s illusion about creating a stronger banking sector was inevitably exposed by facts which could no longer be denied. It became inescapably clear that the banks had been publishing falsified Annual Accounts and Reports; declaring fictitious revenue and profits; paying unearned dividends (mostly to the major shareholders) until 2008. By 2009, the CBN was forced to admit, however reluctantly, that the dream had become a nightmare.

 The AMCON Act which was passed into law by the National Assembly, NASS in 2010 was the final admission by the CBN that banking consolidation has failed. Without it, all the banks approved for operations by Soludo in 2006 would have been swept away by their own recklessness and fraudulent practices. Every country had to introduce one form of the rescue plan or another; but, the Nigerian AMCON Act was based on the models adopted in Ireland and Malaysia. The banks were allowed to dump their toxic or non-performing loans on the federal government under stated conditions; but, on the understanding that the loans will eventually be repaid. It is to AMCON’s everlasting shame that all the other national institutions established for this purpose had folded up because the loans had been repaid; while Nigeria remains the only nation which is still grappling with the consequences of the banking crisis of 2008.

 The Act has been amended twice since its inception, but, the payback has not improved significantly. Several reasons account for this. The Nigerian law left too many loopholes for lawyers to exploit. Some of the more powerful lawmakers in Abuja were/are among the largest loan delinquents. Influential Senior Advocates of Nigeria, SANs, colluding with complaisant Justices in courts have frustrated all the efforts aimed at loan recovery. But, lately, we are finding out that whereas borrowers were assisted in other countries to restructure and repay the loans, AMCON might actually be the stumbling block in some cases.

Today, Intercontinental and Oceanic have faded into history; along with other banks – Skye, BankPH etc. But, the liquidated banks and virtually all the survivors from the tsunami which swept others away still left about N4 trillion loans outstanding almost fifteen years after. AMCON has been mostly responsible. For four years under Jonathan and eight years, under President Buhari, AMCON has been sabotaging the intentions of those who established the institution without being called to order by the FG which condoned every wrong-doing as long as the perpetrators were in the corridors of power. For the sake of those who might think that this is an intervention in support of any party now in dispute with AMCON, permit me to refer to two, out of four articles, published on this page which call into question the integrity of its Directors as well as its spokespersons.

 Right now, a former Managing Director/CEO of AMCON has been charged to court by the Economic and Financial Crimes Commission, EFCC, for fraudulently mismanaging the assets of one of the companies handed to the corporation. He had accomplices. That, obviously, was not the intention of the framers of the AMCON Act. The institution was supposed to try to manage the affairs of the companies whose toxic debts were handed to it professionally….

To be continued