society
Nigeria’s Wealth Must Not Be Buried in a Family’s Account
Nigeria’s Wealth Must Not Be Buried in a Family’s Account.
By George Omagbemi Sylvester — published by SaharaWeeklyNG.com
“Stop the looting; start the lifting; our oil, our schools, our future.”
Nigeria sits on a treasure trove – OIL, GAS, ARABLE LAND, MINERALS and a HUMAN CAPITAL POOL BRIMMING with TALENT. Yet year after year, decade after decade, those riches vanish into a narrow CUL-DE-SAC: private bank accounts, shell companies, luxury mansions and politically-protected empires. This is not accident. It is deliberate. It is theft dressed in law, in contracts and in the cloak of impunity. Make no mistake: when a nation’s wealth is siphoned into a few family accounts, the country dies a little more each day; its hospitals crumble, its children go hungry, its schools rot and its future is mortgaged to foreign lenders.
The scale of the damage is not rhetorical. Nearly half of Nigerians (an estimated 45–47 percent) live in poverty today, a backslide from gains made in previous decades. This is not HAPPENSTANCE; it tracks directly with a failure to translate national resources into public goods and inclusive growth. When resource rents are privatized, the social contract ruptures. The numbers come from the World Bank and national poverty assessments: tens of millions of Nigerians count themselves among the dispossessed while national treasure is diverted.
Corruption in Nigeria is structural and systemic, not episodic. Transparency International ranks Nigeria among the countries with the lowest public-sector integrity scores, placing it deep in the lower third of the global table. That ranking is not just a badge; it is a diagnostic: weak institutions, opaque procurement, entrenched patronage networks and a justice system that is slow or selective. When you have that ecosystem, state wealth becomes private wealth.
We must be precise about who benefits and who loses. In the past years, Nigeria’s anti-graft bodies reported significant recoveries (nearly half a billion dollars in one year) a sign both of the scale of grand corruption and the capacity of law enforcement when political will aligns with teeth. Yet recoveries are only part of the picture: they point to an enormous stock of looted assets and a flow of stolen revenues that have already damaged infrastructure, education and health for generations. Recoveries are APPLAUSE-WORTHY only if followed by institutional reform that prevents RE-LOOTING. Otherwise, they read like mopping the floor while the tap remains open.
Why does this matter? National wealth is the fuel for public services. When royalties, taxes and export receipts are diverted to private coffers, the obvious consequences follow: SCHOOLS lack TEACHERS, HOSPITALS lack MEDICATION/TABLETS, ROADS remain UNBUILT and SECURITY FORCES are UNDER-RESOURCED. The International Monetary Fund and World Bank have repeatedly warned that revenue leakages and weak governance constrict fiscal space for development and leave ordinary citizens exposed to austerity that benefits no one but the already wealthy. The IMF’s policy teams have documented how mismanagement and corruption eat into budgets that should be used for human development.
This is not a problem without solutions. Though solutions demand ferocity; legal, institutional and civic. First: transparency. Every contract, every licence, every major procurement in extractive sectors must be published, audited and put in the public domain. Citizens have a right to know how much was earned, how much was spent and who benefited. The Extractive Industries Transparency Initiative and similar frameworks exist for a reason: sunlight is the antiseptic that kills many corrupt arrangements. Countries that have enforced publishing and independent audit have seen substantial reductions in leakages and higher public trust. Lack of transparency is the first oxygen upon which looting breathes.
Second: strengthen legal institutions and make enforcement impartial. It is not enough to recover stolen assets when prosecutions are rare, sentences light and legal processes drag on. The EFCC and other bodies must be independent, funded and legally insulated from political interference. Fast-track courts for corruption cases, asset-freezing orders that take effect immediately and international cooperation to follow illicit flows must be scaled up. The recent record of asset recovery shows capability; but capability must be matched with consistency and due process.
Third: redesign public finance to minimize single-point vulnerabilities. RESOURCE-DEPENDENT economies must create sovereign wealth vehicles with strict governance rules; independent boards, multi-year budgeting rules and mandatory social spending floors that cannot be altered by one executive’s whim. A WELL-GOVERNED sovereign fund transforms resource volatility into predictable investment in education, healthcare and infrastructure. When properly governed, resource wealth becomes a buffer, not a temptation. The IMF and World Bank have repeatedly endorsed these mechanisms.
Fourth: rebuild civic culture and elite responsibility. No law can substitute a society that tolerates theft. As economist and global thinker Dambisa Moyo warns about dependency and poor governance, SUSTAINABLE GROWTH REQUIRES ACCOUNTABILITY and ELITE COMMITMENT to NATIONAL WELLBEING; not personal accumulation masquerading as public service. And as a salient voice in Nigerian public life, Ngozi Okonjo-Iweala has long reminded us that fighting corruption requires citizens at every level; there are no bystanders in a functional democratic fight against kleptocracy. These are not empty slogans: they are the moral spine of reform.
There will be pushback. Those who have enjoyed privatized state wealth will invoke NATIONALISM, BUREAUCRATIC COMPLEXITY, or “POLITICAL WITCH-HUNTS.” Ignore him. This is not about revenge; it is about recovery, fairness and survival. It is about replacing patronage with performance, secrecy with scrutiny and capture with competence.
Let us be blunt: ACCOUNTABILITY IS NOT A COSMETIC EXERCISE. It will require targeting HIGH-LEVEL ENABLERS; accountants, lawyers, bankers and foreign intermediaries who design and conceal schemes. It will require cooperation from international financial centers, tougher ANTI-MONEY-LAUNDERING ENFORCEMENT and a refusal to treat recovered assets as political bargaining chips. When the law is crisp and the will is fixed, stolen wealth returns to public use to build SCHOOLS, to widen CLINICS, to make POWER available for factories and farms.
Finally, Nigerians must demand a different social bargain. Vote, protest, litigate and monitor. Civil society must be endowed, not harassed. Journalists must be free and protected to follow stories that lead to offshore accounts and private islands. Citizens must refuse the bargain where family enrichment substitutes for national stewardship. The country’s wealth must be a NATIONAL INHERITANCE and not a FAMILY HEIRLOOM buried in an invisible account.
To paraphrase the blunt truth of our times: wealth hidden in a family account is wealth wasted for a nation. Every naira that disappears from public books is a teacher who will not be hired, a clinic that will remain without medication/tablets, a road that will never be paved. If we do not act, we consign our children to inherit a nation of truncated promise.
This is not pessimism. It is a call to arms. Nigeria’s riches are not fated to enrich only a few. With transparency, legal rigor, institutional redesign, international cooperation and civic insistence, we can finally ensure that what belongs to Nigeria benefits Nigerians. We must refuse the theft of tomorrow’s opportunities to pay for today’s ostentation.
“STOP BURYING OUR WEALTH IN PRIVATE GRAVES” should be more than a slogan; it should be a NATIONAL DEMAND. The time to speak it aloud, loudly and collectively is NOW.
society
Governor Dauda Lawal Hails Troops for Successful Fight against Banditry, Terrorism across Zamfara State
Governor Dauda Lawal Hails Troops for Successful Fight against Banditry, Terrorism across Zamfara State
Governor Dauda Lawal has commended the troops of the Joint Task Force (North West) Operation Fansan Yamma for achieving significant operational successes against bandits in Zamfara State. The troops of the Joint Task Force launched an elaborate and coordinated onslaught in the early hours of Thursday, May 7, 2026, in the Kaura Namoda and Birnin Magaji Local Government Areas of Zamfara State. Following the encounter, troops effectively neutralised three gang leaders and recovered a cache of weapons and ammunition, which included an AK-47 rifle, a machine gun, a locally fabricated handgun, seven rifle magazines and a total of 571 rounds of ammunition.
Governor Lawal described the renewed military offensive as timely, particularly due to the successful operation recorded on May 10, 2026, which disrupted a significant gathering of notorious terrorist leaders and neutralised several commanders. The troops acted on an intelligence report that confirmed that the terrorists had converged at a concealed location in Tumfa Village, Shinkafi Local Government Area, with the intention to coordinate attacks and criminal activities targeting innocent communities in the state. The Air Component launched a precision airstrike on the identified terrorist hideout that successfully destroyed the structure, which served as the terrorists’ meeting point. The governor further reiterates Zamfara State Government’s commitment to ongoing support and logistics for the military and other security agencies operating in the state.
Old Students Association rejects alleged commercialisation of Unity School land
By Ifeoma Ikem
The Unity Schools Old Students Association (USOSA) has rejected the alleged commercialisation of any unity schools land under the Public-Private Partnerships (PPP) initiative.
The association made its displeasure known during their awareness walk to protest the concession of the 33 hectares of land belonging to Federal Government College (FGC) Kano yesterday in Lagos.
The members were carrying placards, some of which read “PPP: Save the Future”, “Protect Unity Schools”, “PPP must serve Education not land conversion” and “Schools are not for Real Estate”.
President-General of the Unity Schools Old Students Association USOSA Michael Magaji says Public-Private Partnerships (PPP) was designed to improve public institutions, and not strip them of assets or reduce their land.
Over 60 Unity schools members were drawn from across the nation for the awareness walk to protest against the alleged sale of the school lands.
The P-G said the association was advocating for a sustainable funding model that would preserve educational assets while improving infrastructure, manpower and learning conditions.
“Our coming together is to restore the lost glory of Unity Schools and strengthen Nigeria’s education system. Unity schools are nation-building institutions that have produced leaders across various sectors.
“Unity Schools were not just about education, they were about integration built not by spectators but by active citizens that believe in one nation.
“ The alumni support PPP but oppose the sale of educational assets. Unity never happens by chance but designed, nurtured and protected,’’ he added.
He added that the awareness walk brought about by the alumni across the nation was also to have a stronger network to revive the vision of the Unity Schools.
Mr Humphrey Nwafor, Lagos Chapter President, Federal Government College, Kano Old Students Association said that they are pushing back against the alleged commercialisation of Unity School lands.
Nwafor pointed out that the 33 hectares of land belonging to FGC Kano was concessioned without adequate consultation with stakeholders.
“We are saying there is a better option. Instead of selling our lands and assets, we would rather fund the schools ourselves.
“If the government says it does not have enough money to run the schools, the old students can provide support without taking one inch of the land,” he said.
According to him, the concession arrangement involving the school’s land will undermine the future of unity schools, which were established in the first place to promote national integration.
“These schools were established to unite Nigerians from different ethnic and religious backgrounds and we are appealing to President Bola Tinubu to intervene and ensure that public educational assets are protected,” he added.
He called on the Federal Government to leverage alumni networks in addressing funding challenges confronting unity schools.
“We are in solution mode and impact mode and we believe alumni associations should be integrated into the process of repositioning these schools.
“We recently met with officials of the Federal Ministry of Education and discussions are ongoing toward finding mutually beneficial solutions,” he said.
Mr Alex Akindumila, President of FGC Idoani Alumni Association said the concession controversy was a national test of how public assets and educational institutions are being managed.
He said that they are concerned that reducing lands allocated to unity schools could limit future expansion, agricultural projects, sports facilities, technical workshops and staff accommodation.
“The lands allocated to unity schools were deliberate and visionary.“They were designed to ensure that the schools remain self-sustaining and adaptable to future needs.
According to him, when you shrink the land of a unity school, you do not just reduce space, but reduce possibility , reduce ability to run agricultural programs that can feed students and teach enterprise, even the space required for sports facilities that build discipline, health and national pride.
Also, Mrs Ifeoma Okeke, an alumna of FGC Nsukka, called for transparency, due process and stakeholder engagement in any PPP arrangement involving educational institutions.
She said PPP agreements should align with the public purpose of the schools and not diminish their long-term capacity.
“There must be transparency, competitiveness and proper stakeholder engagement in any concession process involving public educational assets,” she said.
society
NAPS Southwest Condemns Delay in Passage of HND,/B.SC Dichotomy Bill, Issues 30 Days Ultimatum to Nigeria Senate and Federal House of Representative
NAPS Southwest Condemns Delay in Passage of HND,/B.SC Dichotomy Bill, Issues 30 Days Ultimatum to Nigeria Senate and Federal House of Representative
The National Association of Polytechnic Students (NAPS) Southwest has strongly condemned the continued delay in the passage of the bill aimed at ending the long-standing disparity between Higher National Diploma (HND) and Bachelor of Science (B.Sc) qualifications in Nigeria. The association has described the delay as unjust, discriminatory, and harmful to the future of polytechnic education in the country.
The NAPS Southwest expressed deep frustration over what it called the unacceptable silence and inaction from the Nigerian Senate and Federal House of Representatives regarding the bill. The proposed legislation seeks to abolish the dichotomy between HND and B.Sc holders, a divide that has for years limited career progression opportunities for polytechnic graduates, particularly in the public sector.
This ongoing delay represents a significant policy gap that must be urgently addressed. The continued discrimination against HND holders contradicts the principles of equity, fairness, and meritocracy that should define Nigeria’s public service.
For years, polytechnic students and graduates have faced systemic discrimination in employment opportunities, career progression, and societal recognition an injustice that undermines the value of technical and vocational education in national development. The proposed bill represents a critical step toward equity, fairness, and the full recognition of polytechnic education in Nigeria.
We therefore call on the current administration and the National Assembly to prioritize the reintroduction and immediate passage of this critical legislation. Nigeria cannot afford to sideline a significant segment of its skilled workforce due to outdated and discriminatory policies.
It is therefore disheartening that the Nigeria Senate and House of Representatives has yet to act decisively on this matter of urgent national importance. The continued delay raises serious questions about the commitment of lawmakers to addressing the challenges faced by millions of Nigerian youths in the polytechnic system.
The NAPS southwest unequivocally calls on the Senate and House of Representatives to, without further delay, deliberate on and pass the bill to end the HND/B.Sc dichotomy. The future of countless students and graduates depends on this decisive action.
The continued delay in passing this bill is a direct attack on the dignity and future of millions of Nigerian students and graduates, the statement read. We cannot continue to tolerate a system that places artificial barriers on capable individuals simply because of the institution they attended.
Failure to meet this demand will leave NAPS Southwest with no choice but to mobilize Nigerian Polytechnic Students and Graduates across the country for peaceful but firm actions to press home our demands. We are prepared to take all legitimate steps necessary to ensure that justice is served.
NAPS Southwest has therefore issued a strong warning to the Senate and House of Representatives, urging lawmakers to prioritize and immediately pass the bill without further delay. The association made it clear that failure to act promptly would trigger nationwide protests and coordinated actions by Nigerian polytechnic students and graduates.
We urge all relevant stakeholders to initiate comprehensive reforms that will harmonize qualification frameworks, ensure equal opportunities for career advancement, and restore confidence in the civil service system.
NAPS Southwest remains committed to advocating for the rights and dignity of polytechnic students and graduates across Nigeria. We will continue to engage constructively with policymakers and mobilize support until justice is achieved.
Signed
Comr Ogunsola Adewale John
NAPS Southwest Coordinator
+234 704 720 2907
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