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Emefiele the tortoise wants to marry the king’s daughter

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File photo of Nigeria’s CBN Governor, Godwin Emefiele,

As the melee I describe as the Godwin Emefiele malady gains traction, one anecdote that seems to capture it can be found in the song of late Ibadan, Oyo State-born Yoruba Awurebe music maestro, Alhaji Dauda Epo Akara. The malady is unexampled for its cunning. In it, Central Bank of Nigeria (CBN) governor, Emefiele, seeks to disadvantage others in the scramble for Nigeria’s Number One office, simply because he holds the key to the Nigerian vault and opens it at will to President Muhammadu Buhari, his home and a coterie of hangers-on.

Epo Akara, in one of his vinyl, had told the story of Tortoise, the Master of cunning, who wanted to marry the Princess of his town whose name nobody knew. As the contest for the heart of the Princess got hotter, the King announced that the man who would win his beautiful daughter’s heart must tell the world her name. After wracking his brain endlessly, one day, Tortoise devised a stratagem. So he woke up very early and scurried to the farm. He then headed for a mango tree which he climbed and hid himself. This was the tree the Princess and his sisters often went in search of its fruits. When he eventually sighted them at the feet of the tree, Tortoise, armed with mango fruits he had soaked in honey, threw the fruits down. As he did so, one of the sisters, picking the mango fruits up, quickly called on the Princess whose heart was being contested for, shouting, “Opobipobi, come and see a sweet mango!” Tortoise then quickly ran to the king’s palace with drummers and singers making a ring round him and asked the King to bring the Princess for betrothals.

As the circus of the Muhammadu Buhari presidential years winds to a close, a fitting descriptive image of the administration will likely be the mythical head of Medusa. In Greek mythology, the Medusa, also called Gorgon, was a monstrous winged female which, in place of hairs, had living venomous snakes. Anyone who was unlucky to gaze into the Medusa’s eyes would instantly turn into stone. Like the Medusa, virtually everything the Buhari government laid its hands upon in the last seven years lost its savour. A badly hit economy under Goodluck Jonathan is today comatose; security that was on the verge of hitting the canvass is gasping for life and society, under which politics is woven, is such that, in the words of Oscar Wilde, the gutter and the things that live in it fascinate.

In the last two weeks, politics, with Buhari superintending, has faced a major deconstruction in the jostle for presidential office. Though you will say that the shenanigan of political office is as old as Nigerian politics, what Nigerians have witnessed in the last few weeks is weird, grim and combined, have deconstructed the highest office in the land as a hub of dirty and petty intrigues.

First was the jerking up of expression of interest fee to N100 million by the Buhari party, the All Progressives Congress, (APC) in a way that has made fatal mockery of purity in politics, conferring jostling for office as exclusive preserve of those who have stolen huge sums from the Nigerian coffers. It is so bad that known malefactors who stole this country blind, rationalizing where they got the humongous money paid to collect forms, claim that some unnamed proxies paid on their behalf.

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The second deconstruction of the highest office in the land is the scramble of all manner of Charlie Chaplin characters to become Nigeria’s Number One citizen. It is such that two reasons have been adduced for the scramble: One, that Buhari had cheapened the worth of the office of Nigeria’s president to such inconsequential level, through his tooth-picking, indolent, you-may-jump-inside-the-lagoon-disposition-to-Nigeria’s-travails-government he runs, so much that every chicken and cockerel feels that they could do better than him. Or that Buhari wanted to legitimize the coronation of his eventual candidate as successor and needed plural democratic contest as alibi. Nothing else seems capable of explaining this fervor for Aso Rock that is assuming the level of the scandalous.

The rat race to the Villa has provoked one of the most iconic comic reactions in Nigerian history, as well as the standing of democratic logic on its head. We began the circus with candidates whose emergence provoked mis-labeling. Bola Ahmed Tinubu and Yemi Osinbajo’s fans riled the public sphere with their very empty typecasts of who the duo were. One was qualified to aspire and the other disqualified by these partisans. Thereafter, the list began to metastasize. You would think it was an ensemble of the travelling company of acrobats, clowns, and other entertainers.

While on the list is Chris Ngige, a man whose fatal handling of the crisis in our health sector as Minister of Labour has led to doctors leaving federal clinics in droves, Emeka Nwajiuba, Minister of State for Education, under whom our children are idling on the streets and roaming about, also purchased the N100 million form. We also have Rotimi Amaechi, whose laughable but scornful ambition to administer Nigeria is as long as the huge debts his 19th century locomotives have excavated in the purse of Nigeria. The blood of those killed on the Kaduna-Abuja train had hardly coagulated when Amaechi, suddenly locating his consanguinity to the Igbo, began to run round the field of Abuja.

In saner societies, Buhari, with constitutional powers to sanction his ministers for unexampled lust for power, when they have had no cognizable track record of performance, should have been the first to wield the big stick against his appointees who filed out to contest for his office. Again, why didn’t Mr. Integrity see the absence of integrity in a minister under him pulling off N100 million like one pulling leaf off a tree and setting it alight in a barren presidential contest? Buhari could not and cannot, for some obvious reasons. The first is that, in seven years, the president has allowed his appointees to fester in their ignominious fare in office, without sanction. Reports of monumental corruption, rank indolence and wanton disrespect for rules fly about on these appointees with Buhari busy picking his teeth. By not replacing them in seven years, Buhari has lent official stamp to their ill performance and sleaze, basically adjudging them to have met his expectations. Armed with this presidential assent on their rot, it is no wonder that these ministers are proceeding to the next level by seeking to replace their effete boss in office.

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To worsen matters, Buhari has been at the vanguard of seeking constitutional lacuna and alibi as shield for these appointees, so that they can eat their cake and have it. As we speak, none of these presidential contender ministers has resigned their appointments. This is in utter disregard for the immorality inherent in such gluttony. The norm in other democracies is that anyone with an eye on another office – except the presidency – should vacate the one he holds at the moment, in respect for equity and justice. Running a lax government exemplified by see-no-evil, say-no-evil, Buhari has played dumb to this moral assault.

Of all these aspirations, apparently funneled by greed and over-bloated estimation of selves, the one that has astounded Nigerians the most is that of Godwin Emefiele. Dubbing himself the ‘Development Central Banker,’ akin to that of Roberto Calvi, an Italian banker named “God’s Banker” by the Italian press due to his close affinity with the Holy See, Calvi, native of Milan, was Chairman of Banco Ambrosiano, a bank that  collapsed under one of Italy’s hugest political scandals. He was murdered in London in June 1982.

Like Calvi, Emefiele has sat on a Nigerian monetary policy which is high in theory but an unmitigated disaster in practice. Beginning his apex bank round in 2014 after a career in commercial banking, he is said to have held the otherwise tribally bigoted mind of Buhari captive. Those who are in the know about this queer aspiration of his put it at the feet of an incongruously political management of the CBN institution and the reach of its policies in the past eight years of his being in the saddle. What Emefiele is about in the presidency is exemplified by a viral photograph of him groveling by one of Buhari’s Man Fridays. Emefiele is said to have acted as funnel to sieve Nigeria’s scarce forex inside the parachute of the cabal’s insatiable babanriga.

Outside of late Aba Kyari and in close contest with Minister of Justice, Abubakar Malami, no one in this government is said to have Emefiele’s access to Buhari. Considering Buhari’s renowned loath for the Igbo, it is one of the wonders of the world that a Delta Igbo at the apex of Nigeria’s cash cozens up to the Daura-born General with baffling closeness.

The reason why Buhari cannot wholly disclaim a vicarious responsibility for this flourishing of the worst of us aspiring for his office is that, virtually everyone who went to him to seek his consent to vie for Nigeria’s presidency got the retort, “you have my support.” This is either a gross inability to argue otherwise, the subsisting evil of his infamous taciturnity or a wily attempt to populate the traffic for the office by his successor. This will then ultimately obfuscate the process and give democratic legitimacy to his coronation of an anointed favourite.

On Friday, some proxies collected the N100 million expression of interest form of the APC for Emefiele. This audacity to contest for the Nigerian presidency by stealth has been effectively and robustly impugned by the governor of Ondo State, the indefatigable and fearless Rotimi Akeredolu. In a statement he posted on his Twitter handle on Friday, Akeredolu called on Buhari to sack the CBN governor, except he immediately resigns his office.

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While referring to it as “a joke taken too far,” the governor said it was difficult to imagine that Emefiele, who occupied such “exalted and sensitive office,” would undertake the brazenness of using proxies to aspire for Nigeria’s No 1 office while at the same time occupying Nigeria’s No 1 Banker’s office. The SAN reeled into the Public Service Rules, CBN Act and the 1999 Constitution to show the insult and assault on society that Emefiele’s rumoured presidential aspiration constitutes.

In March, in an unexampled instance of public office impunity, Emefiele’s supporters swarmed the APC convention, openly campaigning that he be elected Nigeria’s next president. Earlier, photographs of hundreds of branded vehicles being prepared for the presidential contest flooded the social media, bearing Emefiele’s name. Multiple of millions of Naira-worth advertorials have also been sponsored in newspapers which were attributed to some nameless fronts. In all this, Emefiele has refused to distance himself from the campaigns.

On Saturday, Emefiele, basking in the time-worn Nigerian politicians’ belief that the rest of the people are dunderheads, put out a wonky and spineless rebuttal thus: “I have not come to that decision (italics mine). I note and salute the sacrifices of those farmers and patriots going as far as raising personal funds and offering me Presidential Nomination Forms: I thank them most profusely. However, Should I answer their calls (italics mine again) and decide to seek presidential nomination, I will use my own hard-earned savings from over 35 years of banking leadership (simulating the image of a public-spirited official) to buy my own Nomination Forms, without proxies…” He then added a caveat that is unequivocally the language of those who think the rest of us are simpletons: “This is a serious decision that requires God’s Divine intervention: in the next few days, (my italics) the Almighty will so direct.”

The greatest responsibility for the festering of Emefiele and the army of funny characters aspiring for the office of the Nigerian president lies with Buhari. He is either too timid to publicly stand on the path of normalcy or his Tortoise cunning, similar to Emefiele’s, has overwhelmed his sense of probity. Emefiele and Buhari will definitely know that the end of Tortoise and his cunning is always fatal. Or, don’t they know?

Dr. Festus Adedayo, a journalist, lawyer and columnist writes from Ibadan, Oyo State 

 

 

 

 

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Opinion

OYO101: ADELABU— When will this generational ‘UP NEPA’ chant stop?| By Muftau Gbadegesin

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The Minister of Power, Oloye Bayo Adelabu, has apologized for lashing out at Nigerians over poor energy management.

I hope Nigerians, especially our people from Oyo state, forgive and overlook his Freudian slip. Given that apology, I believe the minister has realized his mistakes and will subsequently act accordingly. In days that followed the minister’s vituperation, many otherwise cool-headed and easy-going observers quickly joined the band of critics and cynics. By the way, what BAND do you think those critics belonged to?

Plus, how best do you describe kicking someone who is down already? The flurry of condemnation that followed Oloye Adelabu’s ‘AC-Freezer’ sermon must have surprised and shocked him. Instead of sticking to his prepared speech, he decided to dash off by telling Nigerians some home truth. Quite amusingly, the truth, it turns out, is not the truth Nigerians want to hear. And as they say, ‘There is your truth, my truth, and the Truth.’ The fact is that Nigerians are angry at many things, the sudden hike in electricity tariff being one.

Perhaps the Minister’s press conference, an avenue to calm fraying nerves and address critical issues, quickly congealed into an arena for an intellectual dogfight – if you watch the video, you will hear the murmur that rented the air the moment that terse statement was uttered. While some influencers tried to downplay the minister’s jibe, they were instead flogged in their whitewashing game. Frankly, I am not interested in the minister and the energy management brouhaha. What I am indeed interested in is what the ministry and minister are doing to restore light in a country where darkness has permeated much of its landscape – don’t mind the confusion the minister and the ministry have created to disrupt the conversation around that vital sector of the economy.

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‘Up NEPA’, Lol

Trust Nigerians. When the defunct National Electric Power Authority failed to end the perennial and persistent darkness in the country, it was ironically dubbed ‘Never Expect Power Always.’ And when the company morphed into PHCN, Nigerians berated the name change, saying the company would hold more power than it would release. True to that assumption, PHCN indeed held more power than it gave to the people.

Then, in 2013, Nigerians woke up to the news of DISCOs, GENCOS, GASCOs, and so on. DISCOs for distribution companies, GENCOs for generating companies, and Gascos for gas suppliers. Of all these critical value chains, only DISCOs were handed down to private enterprises. Think of IBEDC, AEDC, IEDC, BEDC, etc. Unfortunately, the privatization of the distribution chain hasn’t transformed the sector’s fortune for good. More interested in the money but less motivated to do the dirty work of revamping the infrastructure.

Like a typical Nigerian in a ‘band E’ environment, I grew up chanting the ‘Up NEPA’ mantra whenever power is restored at home – and I am not alone in this mass choir. As a rural boy, the ‘Up NEPA’ chant is etched into our skulls from time immemorial. Sometimes, you can’t even tell when you start to join the chorus; you only know that you say it automatically and auto-magisterially. Many years down the lane, the persistent power cuts, blackouts, and grid collapses have worsened. And under Minister Adelabu, power supply, based on my little experience, has never reached this depressing point in history.

As a content creator, I can tell you Oloye Adelabu may likely go down in history as the most inconsequential minister of power unless something drastic is done to restore people’s confidence and bring about a steady, stable, frequent, and regular power supply. You may have seen on social media how most Nigerians who migrated abroad often find it difficult to shed that ‘Up NEPA’ chant from themselves once a power cut is fixed in those countries. Like the rest of their countrymen, they have internalized that mantra. Only after they’ve acclimatized to their new environment would they become healed of that verbal virus ultimately.

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‘Adelabu, end this chant’

This is a challenge. In my column welcoming Oloye Adelabu into the critical ministry of power, I asked a rhetorical question: Can Adelabu end the penkelemesi in the power sector? In Nigeria, is there any other economic sector troubled by multidimensional and multifaceted peculiar messes than the power sector? Adelabu’s grandfather, Adegoke Adelabu, was nicknamed Penkelemesi. History has it that the colonial masters, tired of that Ibadan politician, decided to describe him in the punchiest way possible: a peculiar mess. Quickly, a peculiar mess spread across like wildfire: the white men have described Adegoke as a peculiar mess. Translated to Yoruba, we have Penkelemesi. In retrospect, the minister must have realized the situation he met on the ground is better than what is obtainable now. He needs to own up, chin up, and take full responsibility for this total blackout.

‘Minister Fashola’

Babatunde Fashola, SAN is a clever man. For four years as minister of power, he avoided cutting controversy. But long before he was appointed, he had stirred quite an expectation around fixing the rot in the sector. He had jokingly said his party, the APC, would resolve the crisis of perennial blackout in one fell swoop. He categorically gave a timeline of when Nigerians in the cities and villages will start to enjoy regular power supply: six months. After four years of setbacks, Minister Fashola was forced to eat his vomit: the power crisis in Nigeria is deep-seated and chaotic. Oloye Adelabu has made more enemies than friends in less than a year. The minister may survey his performance among Nigerians to test this hypothesis. The truth is the truth. The mismatch between the minister’s area of competence and his assigned portfolio hasn’t helped matters as well. And this is a cavity many of his critics and traducers are banking on.

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For the first time in decades, Adelabu stands on the threshold of history: will he end this generational ‘UP NEPA’ chant once and for all? Time will tell.

OYO101 is Muftau Gbadegesin’s opinion about issues affecting the Oyo state. He can be reached via @muftaugbade on X, muftaugbadegesin@gmail.com, and 09065176850.

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Yahaya Bello: Do we need to prosecute ex-govs?

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I followed the drama of unimaginable scenes that unfolded in Abuja last week, as the Economic and Financial Crimes Commission(EFCC) moved to arrest and arraign the immediate past governor of Kogi State, Alhaji Yahaya Bello, in respect of alleged mismanagement of funds. I called it a drama of unimaginable scenes because the EFCC had laid siege to the house since very early in the day, knowing that its target, the “White Lion of Kogi State” was holed up somewhere in the compound.

But before the very eyes of the EFCC operatives, the man they had waited all day to catch, just slipped off their hands effortlessly. They claimed that he was rescued by his cousin, the incumbent governor of the state, Usman Ododo, who is protected by constitutional immunity. But EFCC lawyers would claim that Section 12 of the Administration of Criminal Justice Act (ACJA) empowers the body to break into houses to effect arrest.

Maybe that’s a story for another day. But it was surprising they didn’t think of that option. Bello was said to have stayed put in the Government House Lokoja since indication emerged that the EFCC was on his trail. So the easiest thing for the Kogi governor to do was to drive into the troubled house and then fish out a troubled cousin.

The Yahaya Bello saga is just the latest drama between the EFCC and former governors. Some time ago, we witnessed the Ayo Fayose drama. The former Ekiti State governor, whom EFCC was unable to arrest while in office put up some drama when he arrived at EFCC’s office wearing a branded ‘T’ shirt with the inscription: “EFCC I’m here.” Some of his loyalists helped him with things he needed to use in the EFCC detention.

Aside from that, we have also witnessed the Willie Obiano saga. The former governor of Anambra State was accused of misappropriating the state’s funds and has since been taken to court. Immediately after handing over the reins of power in Awka, the man had planned to jet out of the country but had to be stopped as EFCC operatives grabbed him at that exit point. We were also witnesses to the back and forth between the former Governor Abdulaziz Yari of Zamfara State and the EFCC. The commission had accused Yari of mismanaging billions of Naira and moved to arraign him.

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There were accusations and counter-accusations until Yari landed in the Senate, and things became quiet. The drama between the ex-Imo State governor, Rochas Okorocha, was interesting while it lasted. The commission had laid siege to the residence and eventually entered through the roof. We saw a terrified Okorocha and his household, praying fervently for God’s intervention as operatives jumped in to grab their suspect.

The list I have above is by no means exhaustive of the dramatic exchanges between the EFCC and some former governors accused of one financial misdeed or the other in recent years. One thing is, however, common to all the cases, after the the initial bubbles, the whole thing dies down as the retreating waves. Next to nothing is heard of the cases as the neck-breaking snail-speed of the nation’s judicial system takes over. Year after year, it is about one injunction or the other. Many of the accused had gone ahead to seek elective posts and won, many others have taken appointments and the law cannot stop them from utilising the benefits of the allegedly looted resources to gain an advantage since our laws presume individuals innocent until proven guilty.

The books of the EFCC and the Independent Corrupt Practices and Other Related Offences Commission (ICPCC) are full of such individuals who have allegations of hundreds of billions of Naira hanging on their necks. Many of them are busy swinging the official chairs in government offices as we speak. God forbid, one of such should, gain control of the nation’s presidency one day!

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Well, to forestall such a scary development, I think we need an antidote to these endless anti-corruption trials. The endless trial is not just a drain on the energy of the lady justice. It drills a gaping hole in the state’s resources as well. Imagine the legal charges the state incurs in taking several cases through the layers of courts. It is also possible some of the accused, who are innocent of the accusation could die in the process of trials and thus carry an unnecessary burden of guilt (at least in the eyes of the public) into their graves. The late governor of Oyo State, Otunba Adebayo Alao-Akala was able to win his case against the EFCC after 13 years, he died not long after the ‘not guilty’ verdict was pronounced. Former President of the Senate, Adolphus Wabara was also on the bribe-for-budget case preferred against him for more than ten years. Luckily, he was alive to receive his ‘not guilty’ verdict as well. Some may not be that lucky.

To stem this tide of seemingly endless trials of politically exposed persons, I want to suggest amendments to the EFCC and ICPC Acts to lay much premium on thorough and discreet probes of financial crimes rather than dump the results of the investigations in the court, the suspects should be called in and shown the traces of the illegally taken funds and their destinations. If the suspect is ready to refund at least two-thirds of the stolen funds to the coffers of the government, the agency involved, under the supervision of a competent court, could sign an irrevocable non-disclosure agreement and collect the funds into a special basket created for that purpose and which will be used for infrastructural development.

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Such an agreement should also take care of any possible penchant for grandstanding by any politician who could mount the podium one day and claim never to have been indicted of financial crimes. As much as the government would not waste time and resources prosecuting him or her, he should also be barred from active politics and playing godfather roles. If we do this, we will not only save time and resources, but we will get back a sizeable amount of the looted funds into government coffers for developmental purposes.

By Taiwo Adisa

This piece was first Published By Sunday Tribune, April 21, 2024.

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Opinion

Tinubu’s Naira Miracle: Abracadabra or Economic Wizardry? | By Adeniyi Olowofela

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Prior to assuming the presidency of Nigeria, Asiwaju Bola Ahmed Tinubu garnered the confidence of the majority of Nigerians with the promise of rescuing the country’s economy from the impending disaster it faced.

For the past 43 years, the Naira has been steadily depreciating against the Dollar, as illustrated in Figure One.

The graphs below unequivocally depict the exponential rise of the Naira against the Dollar from 1979 to 2022. This sustained upward trend would have theoretically resulted in the Naira reaching 2,500 Naira to one Dollar by now.

 

 

This situation led some individuals to hoard dollars in anticipation of profiting from further devaluation of the Naira.

However, under President Bola Tinubu’s leadership, the Nigerian federal government successfully halted the expected decline of the Naira.

The Naira has appreciated to 1,200 Naira to a Dollar (Figure 2), contrary to the projected 2,500 Naira to one Dollar, based on the exponential pattern observed in Figure One.

This achievement demonstrates unprecedented economic prowess. If this trajectory continues, the Naira may appreciate to 500 Naira against 1 Dollar before the conclusion of President Bola Tinubu’s first term in 2027.

While the purchasing power of the average Nigerian remains relatively low, there is a palpable sense of hope on the rise.

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It is hoped that the Economic Team advising the President will continue their efforts to stabilize the economy and prevent its collapse until Nigeria achieves economic prosperity.

The government’s ability to reverse the Naira’s free fall within a year can be likened to a remarkable feat, reminiscent of a lizard falling from the top of an Iroko tree unscathed, then nodding its head in self-applause.

Mr. President, we applaud your efforts.

 

Prof. Adeniyi Olowofela, the Commissioner representing Oyo State at the Federal Character Commission (FCC), writes from Abuja.

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