Opinion
Nigeria’s Bleeding Economy And Quest For A Sound CBN Governor
By Yakubu Sani
At no time in history has the global social and economic dynamics been so challenged like now. It is coming at a time of Nigeria’s transition from one government to another. The good thing is that the president-elect, Bola Ahmed Tinubu, is a man of excellence, who has been roundly acknowledged as a recruiter-in-chief. He will go the breadth and length of every circumstance to get eggheads into his government. He is a man who doesn’t take no for an answer.
A time of economic uncertainties such as this requires Nigeria’s best brains to ensure quick wins. Despite the scepticism by cynics, those who believe in the in-coming government are beginning to set agenda and putting timelines to deliverables. If this optimism must see the light of the day, competent Nigerians must be drafted to manage the economy. It has been said that the height of any building depends on its foundation. Hence, for Tinubu to demystify or shame cynics and nay sayers he must go for the best.
For any government to succeed and even surpass the expectations of its citizens, keen interest must be given to who heads the Central Bank of Nigeria (CBN) because the success or failure of any government depends largely on diligent and meticulous implementation of sound macro and micro economic policies. And it takes those who have learnt through the ropes.
Such technocrats are not in short supply in Nigeria. The country boasts of financial technocrats who have risen to the top in their banking career through dint of hard work, diligence and character.
Experience has shown that talent is not just enough. There is no doubt that the incoming president who is a recruiter of the best hands would also go for someone of impeccable character to head the apex bank. Nigeria has financial czars and unparalleled boardroom gurus who match the man Tinubu needs to handle the CBN, especially at such auspicious time as this – a financial expert who has remained unblemished all through his career in the banking sector.
A time-tested saying goes that “the reward for great work is often more work.” Similarly, the 26th president of the United States, Theodore Roosevelt, was famously quoted to have said, “The best prize that life has to offer is the chance to work hard at work worth doing.”
Throughout history, it has been proven true that the best way to get things done is to put square pegs in square holes. That is why governments around the world spare no efforts in identifying and paying anything to recruit men/women steeped in hard work, diligence, character and charisma to bestow on them more responsibilities because they have earned the accolades and credibility of a square hole.
The foregoing epitomises specific persons who are everything rolled into one. The CBN needs a governor who rose through dint of hard work, character and expertise. In view of the series of financial policy summersaults Nigeria has suffered in the last few years that has culminated in grave economic hardship for Nigerians, a technocrat with magical hands must be drafted to the CBN immediately Tinubu is sworn in to kick start the process of economic recovery and growth.
In retrospect, there must be one among the army of seasoned bankers who must have understood in clearer terms the Mahatma Ghandi’s assertion: “Live as if you were to die tomorrow. Learn as if you were to live forever.”
We have Alumi of some Ivy League institutions ranked among top echelons of training schools globally where they were trained in Advanced Management Programme (AMP). They attended the highest citadels of learning in the world like Havard University and University of Liverpool, among others. They are a perfect example of those that should constitute the economic engine room of any government.
Nigeria has financial magnates who have garnered immeasurable experiences and expertise to serve this nation. If we are serious about strengthening our currency and recalibrating our economy back on the path of recovery, we must go for such best hands. From antecedents, this is not an onerous decision for Tinubu because he has proven for the umpteenth time that he is a hunter of excellence and competent hands.
All Tinubu needs to do is to beam his searchlight on banks and sniff out serving Managing Directors/CEOs who have been at the leadership of dynamic teams that have turned financial institutions around from insolvent and loss-making banks plagued by high levels of non-performing loans, unprofessionalism to their current position as a growing export credit agency or development banks with core mandates in non-oil export development in line with government’s policy on diversification. There are banks that have now become strong players in financing and promoting export trade in Nigeria with very profitable operations.
I know of one who has in his Kitty 31 years of cognate experience in Banking, with numerous Nigerian banks, rising up to be the pioneer MD/CEO of United Bank for Africa in Chad and Zambia.
He specialises in the management of complex multi-cultural environments and employees at international levels. His experience in strategic forward-planning; operating within the tight financial disciplines imposed by ambitious targets which he helped to plan; methodical administration to deadlines and the application of modern leadership methods, through staff motivation and involvement in both decision-making and target-setting, clarity in communication, and easy personal inter-relations.
Over the course of his career, he had extensive experience in Development Finance (Export Development and Finance), Corporate Banking, Regional and Commercial Banking and Public Sector. He singlehandedly set up two International Bank subsidiaries with different cultural backgrounds that have left him confident in effective leadership, handling negotiations and the winning attitude.
As the MD/CEO of United Bank for Africa Zambia Limited between July 15, 2009 and December 2012 he was charged with the responsibility of setting up the operations of the bank in Zambia. This involves among others setting up the operational guidelines of the bank in line with the Group’s operational framework. He was also responsible for setting up Strategic Initiatives for entry into the Zambian banking space, employment of key staff, managing the setting up of the infrastructure of the bank.
He also obtained the first banking license for a Nigerian bank in Chad and became the pioneer MD/CEO.
Between August 2005 and June 2006, he was the Group Head, Telecoms & Tech Corporate Banking, UBA Plc. He successfully arranged the largest syndicated loan facility for Celtel/Zain Nigeria Limited; UBA’s participation was to the tune of $60 million and N75 billion. He also arranged vendor financing schemes for MTEL/Motorola $300m, as well as Vendor Finance Facility Celtel/Harris Communications with a total of over $120m. UBA became the 5th largest collector of telecom revenues during this period. He also set up the Risk Management framework of the subsidiary in line with the group standard and international best practice.
Between June 2004 and August 2005, he served as the Zonal Head, Standard Trust Bank Plc, Apapa, Lagos. Under him, the zone with a total number of seven branches became the most profitable zone of the bank nationwide.
The bumper resume extends to his time as the Group Head of Conglomerates and Manufacturing, Corporate Banking, Standard Trust Bank Plc between November 2003 and June 2004. In this capacity, he managed the bank’s portfolio for conglomerates and manufacturing. Among the companies managed are Dangote Group, Unilever Nigeria Plc; SCOA; Michelin Group; UAC Nigeria Plc; UTC Nigeria Plc; Mayor Group; Lee Group etc.
He was the Chief Marketing Officer, North, Standard Trust Bank Plc between April 2002 and October 2003. He was in charge of all the 11 branches and Public Sector Business of the Bank in the North Region of the Nigeria, responsible for the signing up of Zamfara State Statutory and IGR accounts.
Between April 2000 and October 200, he was the Regional Head, North Continental Trust Bank Ltd, Kano Pioneer Regional Director, after the bank’s conversion from merchant banking to commercial banking. He opened the branches of the bank in Kaduna, Kano, Damaturu, Maiduguri.
Within the backdrop of such a résumé and the dire economic diversification need facing our nation, the incoming government of Bola Ahmed must look urgently in the direction of such consummate technocrats. After all, the reward for good work is more work.
- Sani, an economic expert, sent this piece from Lagos
Opinion
BENUE 2027:The Apa/Agatu Quest for Equity
By Tunde Olusunle
It may be well over two years to the next cycle of general elections in Nigeria. For the people of Apa/Agatu federal constituency in *Benue South, however, the measure of their participation and integration into the governance scheme will be defined in the run-up to the general polls that year. Nine local government areas make up the predominantly Idoma country of Benue State also labelled Zone C in the senatorial tripod of the geo-polity. The zone is also home to the Igede ethnic stock and the Etulo. Local government areas in “Benue Zone C” include: Apa, Agatu, Oju, Obi, Ado, Ogbadibo, Okpokwu, Otukpo and Ohimini. The other zones, Benue North East and Benue North West, are wholly dominated by the Tiv nationality, striding across 14 local government areas. They are christened Zone A and Zone B in the local political scheme of the state. Federal constituencies in Benue South are: Apa/Agatu, Oju/Obi; Ado/Ogbadibo/Opokwu and Otukpo/Ohimini.
The subjugation of groups and ethnicities considered demographically smaller, by the larger groups which has dominated Nigeria’s politics over time, has not been any different for the Idoma of Benue State. Until the circumstantial emergence of a Yahaya Bello from the Ebira ethnicity in Kogi State in 2015, the Igala had the relay baton of governorship of Kogi State, in rounds and succession. The Ebiras and the Okun-Yoruba zones in the state could only aspire to be serial deputies or Secretaries to the State Government. This political template was virtually cast in stone. The Ilorin people of Kwara State have similarly wholly warehoused the gubernatorial office, sparingly conceding the position to other sociocultural groups in the state. The only exception was the concession of the seat to a candidate from Kwara South, in the person of Abdulfatah Ahmed, by his predecessor, Bukola Saraki in 2011. Even at that, there were murmurs and dissent from those who believed Ahmed came from a community too close to the Ilorin emirate to be of genuine Igbomina stock, which prides itself as the pure Yoruba species in Kwara State.
Twenty-six years into the Fourth Republic, the maximum proximity of the Idoma to Government House, Makurdi, has been by the customary allocation of the Deputy Governor’s slot to its people. Ogirri Ajene from Oju/Obi, the charismatic blue-blood of blessed memory, was deputy to George Akume, incumbent Secretary to the Government of the Federation, (SGF), from 1999 to 2007. Akume it was reported, genuinely desired to be succeeded by Ajene who exhibited competence and loyalty and could build on their legacies. The Tiv nation we understand, shot down the proposal. Gabriel Suswam succeeded Akume and had the urbane multipreneur, Stephen Lawani from Ogbadibo as deputy. Samuel Ortom, a Minister in the Goodluck Jonathan presidency who took over from Suswam opted for Benson Abounu, an engineer from Otukpo as running mate, while Hyacinth Alia, the Catholic priest who succeeded Ortom, also chose as deputy, Samuel Ode, who was also a Minister in the Jonathan government, from Otukpo. Arising from this precedence, Apa/Agatu has not for once, been considered for a place in Government House, Makurdi.
In similar fashion, the position of Senator representing Benue South, has repeatedly precluded Apa/Agatu federal constituency. David Alechenu Bonaventure Mark a former army General from Otukpo, took the first shot at the office in 1999. He was to remain in the position for five consecutive times, a distinctive record by Nigerian standards. Mark would subsequently become President of the Senate and the third most senior political office holder in the nation’s governance scheme for a string of two terms between 2007 and 2015. He was replaced by Patrick Abba Moro, who hails from Okpokwu and was a former teacher, in 2019. Abba Moro who previously served as Minister of Interior in the Jonathan government from 2011 to 2015, won a second term at the 2023 general elections and remains substantive Senator for “Benue Zone C.” He is indeed incumbent Minority Leader of the Senate, and thus a principal officer in the leadership scheme of the “red chambers.”
While Moro is barely two years into his second term, there are suggestions that he is interested in a third term which should run from 2027 to 2031! This is the core issue which has dominated contemporary political discourse in Benue South, especially from the Apa/Agatu bloc. For Apa/Agatu, it is bad enough that they are repeatedly bypassed in the nomination of deputy governors in the scheme of state politics. It is worse that they are equally subjugated by their own kinsmen within the context of politics in *Idoma and Igede land.* This is particularly worrying when both local government areas constituting the Apa/Agatu federal constituency, Apa and Agatu, are not in anyway deficient in human resources to represent Benue South. Names like John Elaigwu Odogbo, the incumbent *Och’Idoma* and respected clergy; Isa Innocent Ekoja, renowned Professor and Librarian; Sonny Togo Echono, FNIA, OON, Executive Secretary, Tertiary Education Trust Fund, (TETFUND), and John Mgbede, Emeritus State Chairman of the Peoples Democratic Party, (PDP), Benue State, readily come to mind.
Major General R.I. Adoba, (rtd), a former Chief Training and Operations in the Nigerian Army; Professor Emmanuel Adanu, former Director of the Kaduna-based National Water Resources Institute, (NWRI) and the US-based specialist in internal medicine, Dr Raymond Audu, are eminent Apa/Agatu constituents. There are also Ada Egahi, long-serving technocrat who retired from the National Primary Healthcare Development Agency, (NPHDA), and Super Eagles forward, Moses Simon, (why not, hasn’t the retired soccer star, George Opong Weah just completed his term as President of Liberia)? The Member Representing Apa/Agatu in the House of Representatives, Godday Samuel Odagboyi, an office previously held by Solomon Agidani, as well as Adamu Ochepo Entonu, is, like his predecessors, a prominent figure from the resourceful Apa/Agatu federal constituency.
The Olofu brothers, Tony Adejoh, a retired Assistant Inspector General of Police, (AIG), and David, PhD, a renowned management and financial strategist, who is also an Emeritus Member of the Benue State Executive Council during the Ortom dispensation, are from the same federal constituency. So is Abu Umoru, a serial entrepreneur who represents Apa State Constituency in the Benue State House of Assembly. The continuing intra-zonal alienation of Apa-Agatu from the politics of Benue Zone C, remains a sore thumb which must be clinically diagnosed and intentionally treated in the run-up to 2027.
If previous top level political office holders from Idomaland in general and Apa/Agatu in particular, had diligently applied themselves to tangible, multisectoral development of the zone and constituency, the present clamour for inclusiveness would probably been less vociferous. *River Agatu* which flows from Kogi State, and runs through Agatu before emptying into *River Benue,* is a potential game changer in the socioeconomy of Apa/Agatu, Benue South and Benue State in general. Properly harnessed, it can revolutionise agriculture and aquaculture in the state, beyond subsistence levels which are the primary vocations of the indigenous people. Rice, yam, guinea corn, millet and similar grains, thrive in the fertile soils of the area. These can support “first level” processing of produce and guarantee value addition beneficial to the primary producers, before being shipped to other markets. River Agatu can indeed be dammed to provide hydro-electricity to power the entire gamut of Idomaland.
The infrastructure deficit in Benue South with specific reference to Apa/Agatu is equally very concerning. A notable pattern in Nigerian politics is its self-centeredness, the penchant for political players to prioritise their personal wellbeing and the development of their immediate space. This has accentuated the ever recurring desire of people to ascend the political pedestals of their predecessors if that is the principal window by which they can also privilege their own primary constituents. Motorable roads are non-existent, seamless travel between communities therefore encumbered. Expectedly this has been a major impediment to subsistent trade and social engagements between constituents and their kinsmen. Primary health facilities are almost non-existent, compelling people to flock to Otukpo, headquarters of Benue South, for the minutest of medical advice and treatment.
Apa/Agatu pitiably bleeds from the relentless and condemnable activities of vagrants and bandits who have reduced the constituency into a killing field. Reports suggest that in the past 15 years, no less than 2500 lives were lost to the vicious attacks of marauders and trespassers in the area under reference. This unnerving situation has compelled engagements between concerned Apa/Agatu leaders, and the leadership of the Nigeria Police Force, (NPF). The prayer is for the swift establishment of a mobile police outpost in the troubled sub-zone to contain bloodletting. The proposal, anchored by AIG Tony Olofu, NPOM, (rtd), and Echono, has received the blessings of the police high command. At the last update, a commander for the outfit had been named, while the deployment of personnel had begun in earnest.
It is very clear that in the march towards 2027, Apa/Agatu will refuse, very vehemently, to be sidelined and trampled upon in the political scheme of their senatorial zone. Abba Moro may desire a third term in the Senate, but the people of Apa/Agatu are quick to remind him that his curriculum vitae as a politician is sufficiently sumptuous for him to yield the seat in the “red chambers” and sit back like an elder statesman. They remind you that for a man who began his working life modestly as a lecturer in the Federal Polytechnic, Ugbokolo in 1991, Abba Moro has done extremely well for himself in Nigerian politics. For reminders, Abba Moro was elected Chairman of Okpokwu local government in the state as far back as 1998. Ever since, he has remained a permanent fixture in Nigeria’s national politics.
The people of Apa/Agatu will put up a determined fight for the Benue South senatorial seat in 2027, and no one should begrudge them. They are the proverbial ram which was pushed to the wall, which must of necessity push back with angered horns to liberate itself. They are already engaging with their kith across “Benue Zone C” to ensure that intra-zonal equity, fairness and justice, prevails in communal politics.
Tunde Olusunle, PhD, Fellow of the Association of Nigerian Authors, (FANA), teaches Creative Writing at the University of Abuja
Opinion
The Prince Adebayo prescriptions for ease of doing Business: 15 Take-Aways
By Dr. Ag Zaki
On Thursday, 9 January 2025, Prince Adewole Adebayo presented a keynote address at the Radisson Blu Hotel, Ikeja, Lagos. The occasion was the annual conference of a group of professionals, business executives and experts codenamed J9C for January 9 Collective. The theme of the Conference was “Business and Policy Strategy: Examining the Role of Reform in enhancing the ease of doing business in Nigeria.” Prince Adebayo is a versatile cerebral man of many parts, a lawyer, a multimedia practitioner, a real estate investor, a large-scale miner, a philanthropist, a community developer, and the 2023 Presidential Candidate of the Social Democratic Party (SDP). The organisers of the J9C conference introduced him as an intercontinental lawyer because he currently practices law in over sixteen countries.
The full speech of Prince Adebayo at the occasion is available online and can be accessed by clicking at this url: https://youtu.be/SsHkcJbVNRg?si=ebvoOVqGh0zVOsnt or by scanning the QR code above. However, we are presenting the salient take-aways from this most incisive keynote address below for the convenience of interested persons and for the public good.
THE TAKE-AWAYS
Preamble
1. Not every change of policy or programme is a reform. A reform is a fundamental change in the activities, programmes, and policies structured to cause improvement. Genuine government reforms are people oriented and so citizens can interject, comment or contribute.
2. Reform may be internally motivated, externally forced or imposed, or technological driven.
3. The government of Nigeria must first reform itself to be able to implement development-oriented reforms to improve the country’s economic performance.
In general terms
4. Fiscal and monetary reforms are critical and are urgently required in Nigeria. While government can freely control its fiscal reforms, it must be bound by market forces for realistic and realisable monetary reforms.
5. Economic reforms must positively affect developmental policies, programmes and projects to engender economic growth, increase in efficiency, and lead to stability. Economic and political reforms must be implemented pari-passu for untainted policies and programmes.
6. Urgent structural reforms are required in areas of legal reforms, laws on banking controls and regulations, lending and borrowing as well as land matters.
In specific terms
7. Reforms which are aimed at targeting ease of doing business must be aligned with the Malam Aminu Kano maxim that “all civil servants should abstain from contracts or business”.
8. Nigeria must break the current odious and unwholesome conspiracies between policy makers, civil servants, and contractors, which can lead to irreversible endemic corruption, long foreseen by the revered Malam Aminu Kano, and which can permanently damage the economy.
9. Structural reforms must ensure that land laws open up maximum benefits and potentials of the land, encourage labour productivity and efficient and transparent entrepreneurship rules including registration, capital and lending matters.
10. Tax reforms should be broad-based, not about sharing of revenue but promoting productivity and competitiveness in all aspects of endeavours and infrastructure reforms should make transportation of people and goods safe and cost effective.
11. Monitoring economic crimes must be thorough and should go beyond arresting of “Yahoo boys” and those spraying Naira notes, but those devaluing the Naira and abusing economic rules and regulations.
Warnings
12. Adebayo left some stern terse warnings for the business sector and for the government of Nigeria.
13. Business executives and professionals should not ask or encourage government for specific reforms but for general broad-based reforms as firm-specific reforms can enhance operations of specific firms or business in the short term but will ultimately kill the industry.
14. Government should not meddle into business or be guided by partisan businessmen; government should meet business only at the junction of regulatory framework.
15. Government should be selfless and honest in carrying out reforms, incorporate measurable performance indices and ensure that reforms are implemented in a way not to inflict pains or punishment on the people.
# DrZaki25, 903 Tafawa Balewa Way, Abuja
Opinion
Governor Monday Okpebholo: A Blessing to Edo State
By Eigbefo Felix
His Excellency, Senator Monday Okpebholo, the Executive Governor of Edo State, has demonstrated that he is a blessing to the state through his policies, appointments, initiation of road construction across the three senatorial districts, and his deep love for the people of Edo State.
Governor Monday Okpebholo has begun fulfilling the five-point agenda he promised the good people of the state since his inauguration.
In the area of security, he has shown total commitment. He assured the people of Edo State that he would ensure their safety, and true to his word, the state remains peaceful, which has brought joy to its residents. He has provided the necessary support to security personnel.
The governor increased the subvention for Ambrose Alli University (AAU) from ₦40 million to ₦500 million. He also promised to address the issues facing AAU medical students. Additionally, he has started renovating primary and secondary schools across the state, underscoring his understanding of the importance of education.
The agricultural sector has taken a positive turn as Governor Okpebholo has allocated ₦70 billion to the sector. Recognizing agriculture’s importance to both the state and the nation, he is positioning Edo State to become the food basket of the nation with his investments in the sector.
During the electioneering period, Senator Okpebholo promised to create 5,000 jobs within his first 100 days in office. He has already begun the process, and soon, the people of Edo State will benefit from these employment opportunities. Unlike in the past, he will not rely on MOUs before making appointments. Furthermore, he has started appointing Edo State indigenes, rather than outsiders, to various positions.
Governor Okpebholo has commenced road projects across the state, from Edo South to Edo Central and Edo North. He believes that when roads are motorable, the prices of goods in the market will automatically reduce.
He has also begun investing in the health sector, understanding its critical importance to the people of Edo State.
Governor Monday Okpebholo’s initiatives and actions affirm his dedication to transforming Edo State for the better.
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