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Tinubu’s Economic Agenda in Crisis: North-South Divide Strikes Again

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Tinubu’s Economic Agenda in Crisis: North-South Divide Strikes Again

By George Omagbemi Sylvester

 

President Bola Ahmed Tinubu, elected in 2023 on the wings of political calculation and elite manipulation, has now found himself caught in the snare of Nigeria’s enduring historical curse: the north-south divide. His ambitious economic reform agenda, intended to liberalize the economy, remove structural inefficiencies, and reduce government expenditure—has hit a legislative wall. But this isn’t just about policy. This is about power, patronage, and the ancient scars of a fractured federation.

The rejection of critical aspects of Tinubu’s economic proposals by lawmakers is a stinging rebuke, not only to his administration but to the very idea that Nigeria can be reformed from the top down without confronting its structural imbalances. In many ways, Tinubu’s presidency is now facing the same nightmare that has haunted every Nigerian leader since independence: how do you govern a country that was never truly united?

The Crumbling Reform Agenda
At the center of the storm is Tinubu’s proposal to centralize and streamline federal subsidies and remove what he termed “wasteful duplication of agencies.” This was meant to continue the subsidy removal narrative started in June 2023, and reduce fiscal leakage. However, the backlash, particularly from legislators representing the northern states, was swift and coordinated.

The northern bloc, comprising lawmakers from Kano, Katsina, Kebbi, Sokoto, and Borno, objected on the grounds that Tinubu’s proposals disproportionately affect their regions, where federal allocation remains a critical lifeline in the absence of strong internally generated revenue. But critics argue this is a strategic form of sabotage, aimed at retaining an unsustainable status quo that prioritizes political patronage over national progress.

Tinubu’s Economic Agenda in Crisis: North-South Divide Strikes Again
By George Omagbemi Sylvester

As Prof. Wale Adebanwi of Oxford University has argued, “Nigeria’s northern elite have historically benefited from the spoils of a rentier state, with oil wealth redistributed without the burden of productive contribution. Any move to reverse this equation is seen as existential.”

Tinubu, a southerner from Lagos, with strong Christian support from the Southwest and Southeast, is now facing the very brick wall that has impeded reforms since the First Republic. His own political survival now depends on how much compromise he’s willing to make—or whether he can break the mold entirely.

A Century-Old Fracture
The rejection of Tinubu’s reforms by northern lawmakers is not new. It is deeply rooted in a century-old tension embedded in the structure of the Nigerian state. The 1914 amalgamation, engineered by British colonialists, fused two vastly different regions, the industrializing, Western-educated Christian south and the feudal, Islamic north, into one artificial political entity.

From independence in 1960, this contradiction has remained unresolved. “Nigeria was created not to function as a cohesive nation, but as an economic convenience for its colonial masters,” noted historian Max Siollun. “What we’re seeing is the consequence of a nation built on convenience rather than consensus.”

The economic priorities of the north and south remain deeply divergent. While the south boasts ports, oil revenue, industries, and a growing tech sector, the north has remained largely agrarian, dependent on federal allocations and political appointments. Any attempt to tamper with this redistribution—whether via subsidy removal or cuts in federal spending, provokes immediate resistance.

Reform vs. Redistribution
Tinubu’s administration promised reforms: subsidy removal, tax reform, and investment in critical infrastructure. But all reforms require sacrifices, and those sacrifices must be nationally distributed to succeed. What Tinubu is discovering, painfully, is that reforms without inclusive buy-in are dead on arrival.

Economist Dr. Obiageli Ezekwesili captured the challenge succinctly: “Nigeria’s political economy is structured around the sharing of oil rents, not the creation of wealth. Any attempt to disrupt this structure will provoke fierce opposition from those who depend on the current dysfunction for survival.”

Indeed, the loudest resistance to Tinubu’s reforms has come not from the opposition PDP or Labour Party, but from within his own APC, particularly from northern senators and representatives who feel alienated by the president’s southern-centric economic vision.

The Ghost of Buhari
Many Nigerians are now drawing comparisons between Tinubu’s presidency and that of his predecessor, Muhammadu Buhari, a northern Muslim who governed with overwhelming support from the north. Buhari’s policies favored heavy spending, a bloated civil service, and minimal economic restructuring, a model that created illusions of stability while deepening the economic rot.

“Buhari governed like a tribal chief, rewarding loyalty over competence, and expanding a culture of dependency,” said Prof. Kingsley Moghalu, former Deputy Governor of the Central Bank. “Tinubu’s efforts to break away from that legacy will require courage, strategy, and above all, an appeal to national interest.”

But appealing to national interest in Nigeria is easier said than done. The political class thrives on division. The north fears marginalization, the south resents over-centralization, and the middle belt remains trapped in identity crises. Tinubu, in failing to build a coalition around his reforms, is now paying the price of elite disunity.

The Danger of Ethno-Political Paralysis
The rejection of Tinubu’s agenda is not just a political problem, it is an economic time bomb. Nigeria is drowning in debt, with over 90% of its revenue now going to debt servicing. Inflation is running rampant, the naira has crashed, and unemployment remains alarmingly high. The country cannot afford to maintain the current level of government spending without reform.

But if every economic policy must first pass the tribal test, then reform is doomed. “A nation that filters every economic decision through the lens of ethnicity is a nation marching toward collapse,” warned Nobel Laureate Wole Soyinka. “If Nigeria cannot rise above its primordial divisions, it cannot survive the 21st century.”

What Next for Tinubu?
Tinubu’s next steps are critical. Will he revise his reforms to appease northern lawmakers and keep the political peace? Or will he double down, use executive power, and mobilize the Nigerian people behind a populist push for structural change?

There is a middle path, dialogue, renegotiation of the federal structure, and regional empowerment. Many have called for fiscal federalism, where regions generate and control their own revenues, sending only a fraction to the center. This model, already practiced in countries like Canada and the United States, could reduce the perennial tension around federal allocation.

Political economist Ayo Teriba suggests, “Nigeria must move away from revenue-sharing to revenue-generation. That shift requires not just policy but a new national consensus, and that is where Tinubu must lead.”

In conclusion: Lead or Collapse
President Tinubu is at a crossroads. He can continue playing the dangerous game of balancing regional interests with national imperatives, or he can rise above the tribal chessboard and lead with boldness. The north-south divide is not just a historical relic, it is a living cancer that must be addressed through structural reform, not rhetorical appeasement.

The economic reform agenda is not a southern agenda. It is a Nigerian necessity. If lawmakers continue to sabotage reform because it threatens their regional comfort zones, then the entire nation will suffer. As the saying goes, “A house divided against itself cannot stand.”

In the end, Tinubu must decide: will he be a president of compromise, or a reformer of consequence?

Tinubu’s Economic Agenda in Crisis: North-South Divide Strikes Again
By George Omagbemi Sylvester

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WHO IS AFRAID OF FIDELITY BANK -By Udeme Etukeyen

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WHO IS AFRAID OF FIDELITY BANK -By Udeme Etukeyen

Leading up to the recent superlative annual reports showcasing one of the most significant growth experienced by a Nigeria Financial Institution in recent years I was forced to ask “what is Fidelity Bank” doing right?

My banking and financial sector experience got me digging deeper into the statistics of the report-Fidelity Bank recorded a substantial 210.0% growth in PBT, reaching N385.2 billion in FY 2024. Deposits increased by 47.9%, from N4.0 trillion in 2023FY to N5.9 trillion in 2024FY, Gross earnings shooting by 87.7% to N1,043.4 billion which was primarily caused by a 106.9% increase in interest and similar income. Was I impressed? Absolutely

Now to the scary part, they opened the year with a bang implying that 2025 year end results was going to be nothing but spectacular; check this out-Fidelity reported a whooping 167.8% increase in PBT (Profit Before Tax)to N105.8 billion in Q1 2025, compared to N39.5 billion in Q1 2024. Gross earnings from January to April had reached some N315.421 billion signaling a 64.21% increase year-on-year.

These results were nothing short of astonishing and with great hope I sat my team to review our Investment Strategy to accommodate taking up equities in Fidelity and advising our portfolio investors to do same.

We quickly appraised the fundamentals and Key Success Factors to include their focus on the strategic youth economy that the Creative and Digital Transformation sector promises, the banks bullish inroads in MSME promotion and financing, their glowing penchant for Gender inclusion without abandoning the core sectors of Mining, Renewables and other key industries

Then came the dissecting of Leadership, my team of analysts mostly female went on about Fidelity MD being one of the most experienced and affable Amazons in the industry; done this, achieved that and all the entreaties you’d expect from smart ladies who feel mentored from a distance. I didn’t hesitate to draw their attention to the experience of the menfolk within the organization like I had any measurable data to establish that mix…truth remains you can’t but admire the Banks Leadership and strides

A deeper look at the banks expansion globally could reveal a strategic and noiseless acquisition of Union Bank,London and their planned incursion into African and other European financial markets, you just can see that such daring strides and impact would give competition and detractors sleepless nights. Not in an era where sleeping pills are sold strictly by prescription and no thanks to the high cost of medication for peddlers of cheap propaganda

Within barely 30days of announcing such magnificent results little wonder how pundits would cook or spin a narrative to suggest a bank that has announced herself as First Tier with shoulders leveled up with other Banking giants would shudder over a judgement against her customer G.Cappa or even the contribution they would be required to cough out over that said Sagecom saga. With that judgement not going the way of pundits a contemptuous attempt at calculating interest at unclassified rates from an initial N14b to cause an unnecessary scare or negative press on the bank speaks volumes of how we unrepentantly strive to destroy value in our economy.

One would think that interpretation of the judgment and computation of due figures which will understandably come with a payment plan be awaited instead of the usual bad blood generated and envisaged by toddler media characters.

It is not in doubt that the discerning public sees through the cruise and flat falling attempt of dramatic clout chasers ever ready to stain Fidelity’s white apparel which savvy Investors and analysts are filled with bridal admiration

Like Joseph Campbell hinted in his famous quote “The cave you fear to enter holds the treasure you seek.” We cast our treasures and bets on Fidelity Bank as the Nigerian treasure house to beat in the years ahead!

*Udeme Etukeyen is an Abuja based Pan African Investment Advisory Expert*

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Jemras Homes Unveils Treasure Mall in Lekki with a Star-Studded Grand Opening Ceremony

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Jemras Homes Unveils Treasure Mall in Lekki with a Star-Studded Grand Opening Ceremony

Jemras Homes, one of Lagos’ fastest-growing real estate firms, held a vibrant and star-studded grand opening of its debut commercial property, Treasure Mall, on Thursday, May 15, 2025, at Abijo GRA, Lekki-Ajah.

The colourful ceremony brought together top political figures, industry leaders, celebrities, and business stakeholders to celebrate the launch of this landmark development.

The event was graced by notable personalities, including Hon. Moshood Aro, member of the Lagos State House of Assembly; Hon. Fatiu Salisu, the immediate past Chairman of Ijede LCDA; and veteran actor and brand ambassador of Jemras Homes, Alhaji Taiwo Hassan, popularly known as Ogogo.

While addressing the press, Ogogo shared his deep connection with the brand “My relationship with Jemras Homes goes beyond mere brand representation — it’s a partnership rooted in trust, shared values, and a commitment to excellence. I believe in what the company stands for and the vision it’s bringing to life in the Nigerian real estate space.”

The Founder of Jemras Homes, Mr. Tayo Razaq, also delivered a heartfelt speech during the event, describing the company’s mission and the long-term value Treasure Mall offers “Treasure Mall is more than a building — it is a statement of our dedication to quality, innovation, and strategic investment. We are creating not just spaces, but opportunities that empower businesses and elevate communities.”

The grand opening was a lively affair, complete with music, entertainment, and testimonials from satisfied clients and partners who praised the transparency, quality, and professionalism of Jemras Homes. The atmosphere reflected the company’s growing reputation for delivering smart and stylish real estate developments.

Treasure Mall is a 1,350-square-meter, three-floor commercial complex offering business spaces ranging from 25 to 110 square meters. Located in the heart of Lekki’s flourishing Abijo GRA, it features ample parking, 24/7 security, and cutting-edge infrastructure — ideal for retail outlets, cafés, restaurants, and office spaces.

Strategically positioned near landmarks such as Lagos Business School, Novare Mall, and over 15 private estates, Treasure Mall also shares a boundary with the soon-to-be-completed Treasure 2 Residence — adding significant residential appeal to the area.

With this successful launch, Jemras Homes has not only unveiled a premium commercial destination but also reinforced its position as a visionary leader in Nigeria’s real estate sector.
[5/16, 8:41 AM] Peace: Pix

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Nigerian Excellence in Medicine: Dr. Dennis Agbazue Makes History in South Africa with Groundbreaking Spine Surgery

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Nigerian Excellence in Medicine: Dr. Dennis Agbazue Makes History in South Africa with Groundbreaking Spine Surgery

By George O. Sylvester

On March 22, 2025, a new chapter was written in the annals of spinal surgery in South Africa. In what medical professionals are hailing as a major breakthrough in minimally invasive spine treatment, Nigerian-born orthopaedic and spinal surgeon, Dr. Dennis Agbazue, successfully performed Gauteng Province’s first fully endoscopic lumbar spinal decompression and fusion at Mediclinic Vereeniging. This landmark procedure has not only redefined the surgical possibilities within the province but has also elevated South Africa’s standing in the realm of advanced spinal care. More importantly, it represents the growing global footprint of Nigerian professionals who are transforming lives and industries in their host countries.

The patient, a 55-year-old male suffering from spondylolisthesis; a condition where one vertebra slips over another, often causing debilitating nerve compression and spinal stenosis underwent a complex yet precise surgical procedure executed entirely through two tiny incisions. Known as the bi-portal endoscopic technique, this method allows for bilateral laminectomy (removal of part of the vertebral bone), disc removal and spinal fusion all done with minimal disruption to muscle and tissue. This technique, relatively new in South Africa, reduces hospital stay, speeds up recovery and offers patients immediate relief from pain.

This is a monumental stride, not just for Mediclinic Vereeniging but for the entire province of Gauteng. Until now, endoscopic spinal surgeries, especially bi-portal decompression and fusion, were rarely performed in the region due to their high level of technical difficulty and the need for specialized training and equipment. Dr. Agbazue’s success now opens the door to a future where such procedures become commonplace, benefiting thousands of patients suffering from chronic spinal conditions.

A Surgeon of Many Firsts
Dr. Agbazue is not new to trailblazing. Since 2022, he has emerged as one of the few spinal surgeons in South Africa proficient in both uni-portal and bi-portal endoscopic spinal techniques. His journey into endoscopic spine surgery began with the uni-portal approach, a technique that involves a single incision for both visualization and surgical instruments. Since adopting it, he has successfully completed approximately 330 cases, earning him accolades from both peers and patients.

What sets him apart is not just his technical expertise, but his commitment to patient-centered care and surgical innovation. The transition to the bi-portal technique in 2024 allowed Dr. Agbazue to tackle more complex spinal conditions with enhanced surgical visibility and dexterity. Unlike open surgery, which often requires long incisions and extended recovery periods, the bi-portal method uses two small portals, one for a camera and another for surgical tools enabling more precision and less trauma to surrounding tissues.

“This technique represents the future of spine surgery,” Dr. Agbazue noted. “We are now able to offer patients the best of both worlds: surgical efficacy and a rapid return to normal life. It’s truly transformative.”

Building a Hub of Excellence in Vereeniging
Since leading the first endoscopic spinal surgery at Mediclinic Vereeniging on August 9, 2022, Dr. Agbazue has been instrumental in transforming the facility into a center of excellence for minimally invasive spine care. By March 2024, he had performed over 200 successful endoscopic spinal procedures, with outstanding outcomes and low complication rates.

His collaboration with Q Surgical, a medical instrumentation firm, has played a pivotal role in advancing the hospital’s capabilities. Together, they have introduced state-of-the-art endoscopic equipment and surgical tools, ensuring that local patients receive world-class care without the need to travel abroad.

As a result, Mediclinic Vereeniging has seen an influx of patients from across Gauteng, including metropolitan hubs like Johannesburg and Pretoria, seeking treatment under Dr. Agbazue’s expert care. For many, this represents not only hope but a second chance at life free from the chronic pain and disability associated with spinal disorders.

Representing Nigeria with Pride
At a time when negative narratives often dominate discussions about Nigeria and its citizens abroad, individuals like Dr. Dennis Agbazue offer a powerful counter-narrative. A proud Nigerian, Dr. Agbazue embodies the resilience, intellect and work ethic that define the best of the Nigerian spirit. His achievements are not isolated; rather, they are part of a broader wave of Nigerian professionals excelling globally in medicine, law, academia, technology and business.

From the corridors of Johns Hopkins and Mayo Clinic in the United States to the consulting rooms of top hospitals in the UK, Canada and Australia, Nigerian doctors have built a formidable reputation for excellence. According to a 2021 report by the UK’s General Medical Council, over 7,000 Nigerian-trained doctors were registered to practice in the UK, one of the largest contingents of foreign-trained doctors. In the United States, Nigerian-Americans are among the most highly educated immigrant groups, with medicine ranking among the top professions.

In South Africa, despite facing xenophobic challenges, Nigerians like Dr. Agbazue continue to distinguish themselves through competence and integrity. They fill critical gaps in healthcare and education and contribute to national development in quiet yet powerful ways.

The Global Shift Toward Minimally Invasive Surgery
Dr. Agbazue’s success must also be seen within the global context of medical innovation. The past two decades have seen a seismic shift from traditional open surgeries to minimally invasive procedures across all specialties. Spinal surgery, once known for long recovery periods and high complication risks, has now embraced technologies such as robotics, navigation systems and endoscopic tools.

In endoscopic spinal surgery, the benefits are indisputable. Studies published in peer-reviewed journals such as The Spine Journal and Journal of Neurosurgery: Spine have shown that endoscopic techniques result in less blood loss, shorter operative times, lower infection rates and faster functional recovery compared to open surgery. This approach is particularly beneficial for older patients or those with comorbidities who might not tolerate extensive surgery well.

Dr. Agbazue’s use of bi-portal endoscopy aligns South African spinal care with these international best practices, giving local patients access to treatment modalities previously reserved for developed countries.

A Call to Celebrate Nigerian Excellence
As Nigerians, we must learn to recognize, amplify and celebrate our own. In a world quick to highlight the failures and shortcomings of African professionals, stories like that of Dr. Dennis Agbazue remind us of our boundless potential. These are the narratives that must dominate our airwaves, newspapers and social platforms not only as a source of national pride but as an inspiration to young Nigerians at home and in the diaspora.

The future of Nigeria lies in the excellence of its people. Whether in medicine, innovation or public service, it is those who dare to push boundaries and defy odds that will shape our nation’s global identity. In Dr. Agbazue, we find one such individual a healer, a pioneer, and a worthy ambassador of the Nigerian dream.

Final note
The March 22 procedure at Mediclinic Vereeniging was more than a surgical first, it was a testament to the transformative power of skill, vision and perseverance. Dr. Dennis Agbazue’s achievement has not only raised the bar for spinal surgery in South Africa but has also positioned him as a beacon of excellence among Nigerian professionals abroad.

As we look to the future, may we continue to support and celebrate the likes of Dr. Agbazue, whose work reminds us that, regardless of where we come from, greatness knows no boundaries.

Nigerian Excellence in Medicine: Dr. Dennis Agbazue Makes History in South Africa with Groundbreaking Spine Surgery
By George O. Sylvester

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