Connect with us
Advertisment

Business

OPINION: Buhari’s Dilemma, Naira Fall, Nigerians’ Suffering & National Security Question

Published

on

Buhari goodGeorge Final

Advertisment

 

MEN make history and not the other way around. In periods where there is no leadership, society stands still. Progress occurs when courageous, skillful leaders seize the opportunity to change things for the better”, postulates Harry S. Truman.

Advertisment

 

Nigerians had high hopes. Nigerians believe basic amenities of life would be readily available. Nigerians were sure health institutions in the country would be better off. The people of Nigeria were certain they would not go to bed in hunger as three square meals would be made available. Millions of Nigerians had belief that house rents payment would be easily affordable. Electricity supply, the masses were sure would have improved and be more constant.

Graduates of Nigerian tertiary colleges were hopeful that securing jobs after school completion would be a walk-over. Farmers were bold enough to agree that they would have access to soft loans to produce food in large capacity to guide against food insecurity in the county. Market women resolved in their several meetings to make prices of food affordable to Nigerians.

Advertisement

 

Nigerians were joyful that they would be able to sleep with their two eyes closed, not afraid of hoodlums or armed robbers invading their homes. From the East to West, North and South of Nigeria, everyone was certain Naira, Nigeria’s currency would appreciate in the Foreign Exchange Market (Forex) soon as the nation witnessed new administration.

 

Nigerians had all of these high expectation since on May 29, 2015 when President Muhammadu Buhari assumed power as Nigeria’s leader, the people saw in him: a firm leader going by his antecedent as a military ruler of Nigeria from 1984-1985; an incorruptible personae, a disciplinarian who would be willing to go extra mile ensuring sanity in politics and economy, which are the core promises he made to Nigerians in his manifesto before all of us entrusted our collective destinies in his hands by overwhelmingly voting out Peoples Democratic Party (PDP) and had All Progressives Congress (APC), an opposition party take over the reigns of power. During the election, many Nigerians died in the process, as some of them became victims of gun shots, party-rivalry attacks, stray bullet.

 

In short, Mr. President rode to power on the wings of Nigerian lives who sacrificed themselves, faced all odds, queued long in the sun, kept vigil on ballot boxes so they are not stolen by hooligans: all in their sorrows, tears and blood. So what did Nigerians get in return for all these sacrifices? Empty promises, disappointment, regret, inflation, sufferings; more joblessness, shattered dreams, unfulfilled aspiration, propaganda and deceit in the most alarming rate ever in Nigeria’s history. It is akin to dancing on dead Nigerians’ graves. Many of them are wishing if the earlier young, vibrant, energetic and resourceful Buhari whom they knew as a military leader in the 80’s could be reincarnated into this 21st Century by his vibrancy. Alas, veils have fallen off Nigerians’ eyes since it is now realized that Buhari of the 80’s is not the same as Buhari of this 21st modern Century. As at today, Buhari is 73 years old, an old man that has obviously lost the energy, vigour, strength, ingenuity and profound thinking capacity of the 80’s.

 

There comes a time in the life of every man when that man looks himself straight in the mirror and tells himself the truth. At Mr. President’s age of 73 years, if he continues in this path as at present, it is either he his not telling himself the truth by looking closely in his appraisal-mirror of performance or gullible to the high-praise of political sycophants whom General Ibrahim Badamasi Babangida (retired) also a former Nigerian military ruler described in his recent tweeter handle as glutton, hungry politicians with voracious appetite whose main visit to Aso Rock, seat of power is to consume food. IBB, as fondly called captured it in these words: “I strongly believe our Politicians are well fed. Aso Rock is Not A Place to Feed Nigerian Politicians.” A popular adage in Nigeria says “A fool at 40 is a fool forever,”, then how do you describe someone at the age of 73years?

 

It is becoming more crystal clear daily that there are some political wolves in the corridor of power whom Mr. President must have seen as harmless, political sheep that would not wrongly advise, guide, inform him of the pulse of Nigerians’ expectation; rather these same politicians are not only misinforming, misguiding but seems set to rubbish earlier legacies of Buhari’s accomplishment in the 80’s through his lackluster political performance as being witnessed by all and sundry today.

Regarding Nigeria’s Naira fall to over N300, which has for the first time almost brought the nation’s economy down on its knees due to oil reliant to an all time shame, the words of Douglas MacArthur, an American great philosopher, a five-star Army General and a former Chief of Staff of the United States who died April 5, 1964 in Washington DC readily comes to mind. He said: “A true leader has the confidence to stand alone, the courage to make tough decisions and the compassion to listen to the need of others. He does not set out to become a leader, but becomes one by the equality of his actions and the integrity of his intent.”

 

Yes, Buhari has been a true leader standing alone. Yes, Mr President has had the confidence to make tough decisions. No, he has not had the compassion to listen to the need and suffering of the masses. Nigerians damned all odds across ethnicity, social barriers, political affiliations to elect him their leader by seeing through the prism of his unquestionable integrity, but the equality of his actions buoyed by his non-compliance to his own electoral promises, willful desecration of his own Oath, now cast shadows of doubt on his economic prowess to save Nigeria from the woods.

 

Godwin Emefiele, a former Chief Executive officer and Group Managing Director of Zenith Bank Plc has been Governor of Central Bank of Nigeria (CBN) since June 3, 2014. He brought in various economic theories, fad, ideas and policies. On the long run, right under Mr President eyes, Emefiele has found it so difficult to ‘arrest’ the rising of Nigeria’s Naira in Foreign Exchange Market to the extent that One United States Dollar now goes for over N300 in the open market. Under Goodluck Jonathan, Buhari’s predecessor, the then CBN Governor, now Emir of Kano State, Sansusi Lamido Sanusi, ensured Naira exchange to a Dollar was stable at N150. Today, Nigerian politicians due to economic orders handed down to the nation’s financial institutions by CBN; majority of them have literally been buying-out dollars everywhere, anywhere they found it the country, which they now keep at home to avert the slamming hammer of CBN regulations.

 

These realities have brought untold hardship to majority of Nigerian homes, with money becoming further scarce in circulation as Buhari’s anti-corruption drive steep lower into the standard of living of the masses. Unlike Buhari who had military background, Emefiele would have imprinted his name in the Hall of Infamy at the end of his tenure as ‘one of the worst economists with bad policies that worsened the value of Naira.’ Mr President, it is time you wake up from this slumber that is obviously blowing weird air on Nigerians. Do the right thing: give a deadline to the CBN Governor to put into pragmatic use sound economic policies that would ensure Naira is strong, stable and higher in value compared to other currencies in the Foreign Exchange Market.

 

Just like every other Nigerians, it is needful that I tell you this Mr President. Great that you are all out fighting Nigeria’s economic saboteurs, corruption, political thieves that have stolen the nation’s wealth by bringing them to justice, blocking all loopholes in the Federal Civil Service to avoid financial waste, having Treasury Single Account (TSA) an initiative which requires that government revenue collection is put into single account to centralize control on effective cash management. But have you asked yourself of what effects are your economic drives on the people you are leading as being guided by the CBN Governor?

 

Emir of Kano recently said Mr President needs urgent help economically to steer the nation. He also accused Emefiele not to be in denial of being able to artificially hold up the currency. His words: “Let’s stop being in denial, we cannot artificially hold up the currency. President Buhari needs help on the economy. CBN Governor should devalue the Naira. Our economy, the biggest in Africa is in danger of a long slump unless the government confronts slowing growth.”

Another former CBN Governor, Charles Soludo carpets Buhari’s economic direction which he described as ‘Old Buharinomics.’ While delivering a lecture recently in Lagos under the title ‘Avoiding the mistakes of the last Buharinomics’, Soludo said: “There seems to be a perception of the sense of nostalgia, a thing about the command and control regime battling with what is required in a competitive market economy worldwide. The element of the old Buharinomics that we need to change include Fix Exchange Rate, Fix Capital Control, Import Bans and Forex Rationing.”

In his reaction, Emefiele in a grand-standing way to impress Mr President that his economic policies are good and rebuff criticisms daily enumerated by other economic experts so as to keep his job, he recently states during 49th Annual Bankers’ Dinner hosted by the Chartered Institute of Bankers of Nigeria (CBN) in Lagos that “My economic policies are bitter pills with long term benefits. While it is too soon to articulate the benefits, the economy is headed in the right direction. The CBN will always act in good faith in pursuing price and financial system stability. The CBN had instituted many polices, including the Treasury Single Account (TSA), restrictions of foreign exchange (Forex) for the importation of some 41 items, financial bailout for some states and capital controls. I insist that the Naira will not be further devalued and we have been implementing fixed exchange rate regime instead of flexible exchange rate.” Except Buhari takes urgent step to re-write this wrong economic policies, else his administration economy will eventually go down in ruins, as Nigerians are now coerced to swallow the bitter pills of Emefiele’s clueless economic daftness by way of harsh inflationary realities.

 

On National Security, Mr President should answer the following posers in truth and honesty: Do you have an empirical data of how many Nigerians that goes to bed daily on empty stomach? Do you know the sufferings most businesses in Nigeria are going through without steady electricity supply? Do you have a track record of how many graduates that are jobless yet walking the streets daily in search of non-existing jobs? Have you a collation of how many Nigerians that goes to work daily without any salary to pay their bills by month end? Do you know how many underage girls in Nigeria today that have left secondary schools or still in high schools but have taken to prostitution to help their families eke out a living so they would not die in starvation? Can you give us details of how many Nigerians literally ‘sleeping’ outside various foreign embassies in Nigeria in search of visa to run away from effect of your anti-people economic policies? The hypothetical questions are limitless. Without doubt, Buhari is presently in dilemma.

 

Advertisment
Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Business

$87m Theft: Abayomi Remanded in Suleja Until Bail Perfection As Court Adjourns Till 14th (Video)

Published

on

$87m Theft: Investors of Afriq Arbitrage System Boos,Jeer At Abayomi, Remanded in Suleja Until Bail Perfection As Court Adjourns Till 14th

$87m Theft: Investors of Afriq Arbitrage System Boos,Jeer At Abayomi, Remanded in Suleja Until Bail Perfection As Court Adjourns Till 14th ( Video)

 

Advertisment

 

 

Advertisment

The arraignment of Abayomi Oluwasesan over the lingering theft saga to the tune of $87m commenced today with the review of his bail conditions.

Abayomi Segun Oluwasesan who allegedly committed the heinous crime of defrauding the leading global crypto space known as Afriq Arbitrage System was arraigned alongside his wife at the FCT High court, Jabi in Abuja.

Earlier, the defendants’ lawyer appealed for leniency on the stringent bail condition on behalf of Abayomi OluwaSesan citing their prolonged detention and promising their availability for trial if granted bail. However, the complainant lawyer, Sidi Abdulrasheed, opposed the bail request, highlighting previous instances where the defendants had allegedly fled after being granted bail.

Advertisement

 

Responding to the bail review, the presiding judge, Ms. Idris insisted the earlier bail conditions remain valid with little modification. It would be recalled that the conditions initially given included provision of two sureties each with 500 million Naira, owning property in Maitama, and also two directors in the federal civil service. Additionally, the sureties must deposit the title documents of their properties in court. However, in his ruling today, he said the sureties should be owners of properties anywhere within the FCT and worth 400 million naira and above. He also reiterated that the two directors should be serving directors and the properties be valued by a licensed estate valuer registered with the federal government.

Thereafter, he adjourned the proceedings till 14th ,15th and 16th of May 2024 for speedy trials.

 

Speaking to Jesam Micheal, the CEO of Afriq Arbitrage System (AAS) after the court proceedings, he clarified the wrong narratives about the case. He said the appearance of Abayomi in court has justified the truth that he defrauded the company to the tune of $87m and that he has confessed to his crime. He narrated how Abayomi who was entrusted with the platform while he went for liver transplant tempered with the systems and defrauded the community of the staggering sum of $87m. He stated that all he is after is for him to refund the stolen funds.

Also, the complainant’s counsel, Barrister Obeten revealed that justice will be served at the court as the suspect has allegedly admitted to committing the crime.

 

Meanwhile, there was mild drama in court as thousands of investors stormed the court today, booed and jeered at Abayomi and his wife. Their anger was not unconnected to the fact that his actions gravely affected them and their means of livelihood.

 

 

It would be recalled that Abayomi and his wife were tracked to an estate in Lagos and brought back to Abuja on Sunday, March 24th, 2024 over the lingering financial scam to the tune of 87 million dollar and criminal activities he perpetrated against AAS and the CEO, Jesam Micheal.

 

 

The arraignment of Abayomi by the IG of police at the Federal High Court in Abuja witnessed a significant development on Thursday, March 28th, 2024, as the case involving the alleged theft of 87 million dollar by Abayomi OluwaSesan charged by the Inspector General of Police, Kayode Egbetokun, proceeded with significant deliberations.

 

 

The accused individuals were charged for purportedly accessing millions of subscribers’ investments at the Afriq Arbitrage Company’s online trading platform until October 9th, 2023.

 

$87m Theft: Investors of Afriq Arbitrage System Boos,Jeer At Abayomi, Remanded in Suleja Until Bail Perfection As Court Adjourns Till 14th

Advertisment
Continue Reading

Business

Wema Bank Celebrates Remarkable Journey of 79 years

Published

on

Wema Bank Celebrates Remarkable Journey of 79 years

 

Advertisment

 

In a remarkable celebration of heritage and innov ation, Wema Bank, Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT today announced a joint celebration marking Wema Bank’s 79th years and ALAT’s 7 years anniversaries. This significant celebration not only commemorates nearly eight decades of exceptional service and innovation in the Nigerian banking sector but also celebrates the bank’s seven years of digital excellence with ALAT.

Advertisment

 

Wema Bank Celebrates Remarkable Journey of 79 years

 

Advertisement

 

Since its inception in 1945, Wema Bank has been at the forefront of financial innovation, constantly adapting to meet the evolving needs of its customers. Over the decades, the bank has evolved from a regional bank to a national bank, adapting continuously to meet the dynamic needs of its customers and establishing itself as a pillar of trust and reliability for millions of individuals and businesses across Nigeria.

According to the MD/CEO Wema Bank, Mr. Moruf Oseni, the bank’s evolution from being Nigeria’s oldest indigenous bank to being at the forefront of innovation, pioneering Africa’s first fully digital bank, ALAT, has been a true story of resilience and transformation.

“At 79, Wema Bank stand stronger than ever, and this achievement would not have been possible without the support of our customers and employees. We thank them for believing in the Wema vision, for entrusting their financial security to us, and for allowing us to contribute to their personal and professional aspirations. Their faith in us is deeply cherished, and we are honored to serve them.”

“As we mark our 79th year today, we reaffirm our commitment to empowering lives through innovation, and exceeding our customers expectations with unparalleled banking experiences tailored to their needs. Our pledge is to stand by our customers through every stage of life, offering enabling platforms to accelerate their growth and propel them to extraordinary heights.”

“While the past 79 years have been remarkable, we anticipate that the coming decades will be even more inspiring. With the partnership of our customers and employees, Wema Bank is poised to set new standards in financial services and redefine the future.” He concluded.

As part of the anniversary celebrations, Wema Bank and ALAT are rolling out a series of customer-focused activities designed to reward loyalty and enhance the customer experience. Throughout the anniversary month, customers will enjoy various promotions, including discounts on transactions, cash prizes, special loan offers and much more.

This anniversary is more than a celebration; it’s a reaffirmation of Wema Bank’s resilience and ongoing commitment to innovation and customer satisfaction in a competitive industry. Both Wema Bank and ALAT are poised for further growth, with strategic initiatives designed to enhance customer-centric services and expand the reach yearsw capability of digital banking solutions.

Advertisment
Continue Reading

Business

Federal Housing Authority goes digital …As the MD/CEO flags off Digitalisation drive

Published

on

Federal Housing Authority goes digital
…As the MD/CEO flags off Digitalisation drive.

 

Advertisment

 

The Managing Director and Chief Executive, Federal Housing Authority, Hon Oyetunde Ojo, May 1st, 2024 flagged off the Authority’s digitization drive.
In a ceremony at FHA’s head office, the MD CEO noted that the digitalisation effort is the first phase of the organisation’s march towards being a fully digitized outfit. This phase he stated covers all the Authority’s internal operations. He stated that the next phase that would take off in the coming weeks would be the real time interface with the public: allottees, prospective customers and Stakeholders.

Advertisment

 

 

 

Advertisement

Describing the event as a significant milestone in the Authority’s history and corporate existence, Hon Ojo noted that it has become necessary for FHA to embrace digitalisation to stay competitive and relevant.

 

Federal Housing Authority goes digital
...As the MD/CEO flags off Digitalisation drive.

 

In his words, the MD said : ” in today’s rapidly evolving world, where technology continues to reshape industries and redefine how we operate, it has become imperative for us to embrace digitalisation to stay competitive, efficient and relevant.
The FHA Chief Executive noted that when his management resumed duties about two months ago, they found It unacceptable to lead the nation’s premier housing agency operating analogue in the this 21st century. He noted that their resolve and commitment to modernize and streamline the Authority’s operations, enhance service delivery, and ultimately serve the Stakeholders better, was the driving and motivating force behind them.
Hon Oyetunde Ojo also emphasized that the robust programmes of his management towards expanding the operations of the Authority has made it expedient to embrace digitalisation.
Citing FHA’S role in the Renewed Hope Agenda of President Bola Ahmed Tinubu (GCFR) on Housing, the commencement of the Authority’s Diaspora City initiative as some of the projects FHA is currently involved in, he pointed out that the enormity of the projects can only be supported by digitalisation.
According to him, “…it has become more pertinent now that FHA is in the fore front of Housing revolution in the country through President Bola Ahmed Tinubu’s Renewed Hope Agenda in Housing… the Authority is also getting set fir the take off of the Diaspora City initiative, meant to help our people living outside the country to gave befitting homes back home”
Continuing, he said that the enormous nature of these projects has made digitization of FHA more expedient.
” We are repositioning an FHA where people could stay in the confines of their homes and monitor their investments with us, buy houses, obtain any information the want, just by the click of a button”. He said.
The MD revealed that the coming months and years will witness series of digital initiatives that would be rolled out across the Authority. He declared, ” … from automating manual processes to digitizing records, implementing advanced analytics, and enhancing cybersecurity measures, our digitalisation efforts will touch every aspect of our organization”.
Hon Ojo encouraged the staff to embrace the changes that comes with digitalisation. ” As we embark on this journey, I encourage each and every one of you to embrace change, to be open to new ideas, and actively participate in our digital transformation. Together, we have the opportunity to shape the future of FHA and pave the way for a more innovative, efficient, resilient organization “. He said.

Advertisment
Continue Reading

Cover Of The Week

Trending