Connect with us

Opinion

Is the word bankrolling derogatory? | By Onike Rahaman

Published

on

Subject:

Given the harsh reactions and ill-mannered responses of Femi Fani Kayode to the question asked by The Daily Trust Correspondent during the interactive session held with the journalists in the Cross River State yesterday, the action of FFK which has been largely condemned, considered as social misconduct and irrational forced me to carry out further search of the extensive meanings of the word ‘bankroll’ .

 

Up till now, I have not got any hints, tips or information on the derogatory meaning of the word bankroll to have prompted FFK outbursts of anger.Even my dictionary of insulting words didn’t include such entry.

 

Background information:

Chief Femi Fani Kayode in the past few days had been touring some states meeting the governors in those states.

He was in Calabar the capital of Cross Rivers state when he was asked by Eyo Charles the Daily Trust Correspondent in the state that who is bankrolling his tour.

Fani Kayode became livid with anger and said, ” What type of stupid question is that?

Bankrolling who? Do you know who you are talking to? I will not take any questions from this man. What type of insulting question is that? Which bankroll? To do what? Who can give me money for anything?

Who do you think you are talking to? Go and report yourself to your publisher… Don’t insult me here… I could see from your face before you got here how stupid you are. Don’t ever talk to me like that. Who do you think you are talking to?”

While some people have blamed the reporter for asking a denigrating question, others insist Fani Kayode displayed pride as it is the duty of journalists to promote accountability. Who do we blame?

A. Eyo Charles the reporter.
B. Chief Femi Fani Kayode.

Semantics of the word that ignited the anger of Femi Fani Kayode:

Bankrolling:

1.Cambridge English Dictionary: verb. informal.
‘To support a person or activity financially’

2.Collins Dictionary:

VERB
‘To bankroll a person, organization, or project means to provide the financial resources that they need’.

[mainly US, informal]
The company has bankrolled a couple of local movies.

3. Longman Dictionary of Contemporary English:

bankroll:Informal-to provide the money that someone needs for a business,a plan etc.

4. Merriam-Webster Dictionary:
bankroll verb
bankrolled; bankrolling; bankrolls
Definition of bankroll (Entry 2 of 2)
transitive verb
: to supply money for (a business, project, or person.
5.Macmillan English Dictionary for Advanced Learners:
bankroll:to provide the money for something.

My Take:

What then could have infuriated the former Minister and Lawyer with the question asked by the timid journalist for him to have acted oddly and reacted annoyingly in a way that has exposed him to public ridicule?

The whole scenario is a pointer to the fact that the man lacks emotional intelligence, maturity, decency and capacity to handle stressful situations.

Comments

Opinion

2027: Why Oyo APC Should Close Ranks Behind Sarafadeen Alli | By Adeniyi Olowofela

Published

on

Since the emergence of Senator Sarafadeen Alli as the governorship candidate of the All Progressives Congress (APC) for the 2027 election in Oyo State, I have listened to and read numerous reactions from party members and stakeholders. While some of his co-contestants have expressed disappointment, such feelings are understandable in every keenly contested democratic process.

Interestingly, many people have attempted to draw Senator Teslim Folarin into the controversy surrounding the party’s choice. However, he has remained silent. In my view, that silence is deliberate. I believe Senator Folarin understands the direction taken by the party’s national leadership regarding the choice of candidate.

Anyone who believes Senator Folarin was unaware of Senator Sarafadeen Alli’s governorship ambition does not fully appreciate his political experience. Senator Folarin is a strategic politician. In the 2023 governorship election, he pursued victory with determination and commitment. Personally, I had hoped he would emerge victorious, and I remain convinced that he gave his all in that contest.

Former Minister of Power, Chief Bayo Adelabu, also contested the 2023 governorship election on the platform of the Accord Party. Although I disagreed with that political decision, democracy guarantees every citizen the freedom of association and political choice.

Following the election, he was appointed into the Federal Executive Council, a development many interpreted differently based on their political perspectives.

Today, Chief Adelabu commands a substantial political following built over several election cycles. His support base remains significant, and if APC is to present a formidable front in 2027, Senator Sarafadeen Alli will undoubtedly benefit from the goodwill and backing of Adelabu and his loyalists.

Similarly, former Minister of Communications, Barrister Adebayo Shittu, has consistently demonstrated interest in Oyo State’s governorship over the years, even though he did not purchase the APC nomination form this time. His political experience and network remain valuable assets that should not be ignored.

My sympathy also goes to those aspirants who invested as much as ₦50 million each to purchase the APC governorship nomination form. That is no small sacrifice. Nonetheless, politics demands sacrifice in the collective interest. The pendulum could easily have swung in favour of any of them. Had that happened, the rest of us would equally have appealed to others to rally behind the eventual flag bearer.

I recall an incident during the 2022/2023 party activities when an official from Abuja, sent to supervise APC affairs in Oyo State, passionately appealed to stakeholders to embrace consensus. His message remains instructive. He warned that continued division within the party would only prolong its stay outside power and ultimately hurt everyone.

That warning remains relevant today.
For seven years, the APC has remained outside government in Oyo State. Can the party afford another four years in opposition? I do not think so.

This is why the task before us goes beyond the personal ambition of Senator Sarafadeen Alli. It is a collective struggle for every APC member, especially the foot soldiers who have remained loyal through difficult times. The Federal Government alone cannot provide opportunities for everyone. Regaining power in Oyo State is essential if the party hopes to broaden opportunities for its members at both the state and federal levels.

The challenge before us, therefore, is to build a larger political platform that accommodates everyone.
Senator Sarafadeen Alli is no political novice. Over the years, he has built relationships across virtually every ward in Oyo State. His political structure and grassroots appeal are undeniable. If party members unite behind him, APC stands a strong chance of returning to Government House.

Realistically, the 2027 governorship contest in Oyo State is shaping up to feature three major political forces. First is Senator Sarafadeen Alli of the APC, representing arguably the state’s most established political platform. Second is Hon. Bimbo Adekanbi, who many believe enjoys the backing of Governor Seyi Makinde and is expected to fly the flag of the APM. Third is Alhaji Hazmat Oriyomi of the Accord Party, whose growing popularity among many grassroots supporters cannot be dismissed.

The eventual winner is likely to emerge from one of these three political blocs. That reality alone should remind APC members that victory is far from guaranteed.

The surest path to success is unity.

This election should not be seen as Senator Sarafadeen Alli’s personal battle. It is the collective responsibility of every APC member who desires the party’s return to power in Oyo State.

The time has come to bury personal grievances, close ranks and work together. Only through unity can APC reclaim Oyo State in 2027.

 

Prof. Adeniyi Olowofela, former Chairman of the defunct Alliance for Democracy (AD) in Oyo State, former Chairman of Ido Local Government, former Commissioner for Education, Science and Technology in Oyo State, and former Federal Commissioner representing Oyo State at the Federal Character Commission (FCC), writes from Abuja.

Continue Reading

Opinion

The Silent Thief in Nigeria’s Petrol Stations | By Solomon Oroge

Published

on

File photo of Dr. Solomon Oroge

• How systemic fraud is draining billions, weakening businesses and threatening the future of the downstream petroleum sector

The Nigerian petroleum retail industry remains one of the most important drivers of economic activity in the country. Every day, millions of litres of petrol, diesel and other petroleum products are sold through thousands of filling stations spread across cities, towns and rural communities.

To many Nigerians, a filling station is simply a place where vehicles are refuelled. To investors and operators, however, it is a complex business environment involving inventory management, transportation logistics, cash handling, procurement processes, technology systems and human resources. When properly managed, petrol retailing can be highly profitable. When poorly controlled, it can become a breeding ground for one of the most dangerous threats to business sustainability – systemic fraud.

Unlike isolated incidents of theft or misconduct, systemic fraud is far more sophisticated and destructive. It is not the work of a single dishonest employee acting alone. Rather, it is a pattern of fraudulent activities that gradually becomes embedded within an organisation’s operational processes and culture. Over time, such practices become normalised, tolerated and, in some cases, deliberately protected by those who benefit from them.

This is what makes systemic fraud particularly dangerous. It often operates quietly beneath the surface while management remains focused on sales growth, market expansion and operational targets. By the time the full extent of the problem becomes apparent, substantial damage may already have been done.

Across Nigeria’s downstream petroleum sector, systemic fraud continues to drain significant resources from businesses every year. Revenue leakages occur through fuel diversion, stock manipulation, sales suppression, procurement abuses, payroll fraud, inventory theft and cash skimming. In many organisations, these activities take place daily, gradually eroding profitability and shareholder value.

One of the most common schemes is fuel diversion during transportation. Products that leave depots in approved quantities may arrive at their destinations with unexplained shortages. Sometimes these losses are disguised as operational variances or transportation-related discrepancies. In reality, they may be the result of organised siphoning carried out during transit.

Another common practice involves pump calibration manipulation. In such situations, customers unknowingly receive less fuel than the quantity displayed on the dispensing pump. While the discrepancy may appear insignificant on a single transaction, the cumulative financial impact can be enormous when repeated hundreds of times daily across multiple stations.

Tank dip manipulation represents another major challenge. Deliberate alteration of stock measurements allows losses to be concealed, making it difficult for management to accurately determine actual inventory positions. Similarly, sales suppression occurs when transactions are intentionally omitted from official records, creating opportunities for revenue diversion and cash theft.

Procurement fraud, inflated maintenance costs, ghost workers on payrolls, fictitious vendors and collusion between employees and suppliers have also become recurring concerns within many petroleum retail operations.
The unfortunate reality is that systemic fraud thrives where governance is weak, accountability is limited and internal controls are either poorly designed or inadequately enforced. High daily cash transactions, large fuel inventories, multiple operating locations and limited real-time supervision further increase exposure to fraud risks.

The warning signs are often visible long before losses become catastrophic.

Persistent cash shortages, unexplained stock variances, delayed banking, repeated customer complaints, inflated procurement costs and declining profitability despite rising sales should immediately attract management attention. Likewise, employees who resist transfers, refuse annual leave, display unusual secrecy or maintain lifestyles far above their legitimate income levels may warrant closer scrutiny.

Many organisations make the mistake of assessing fraud only from the perspective of direct financial losses.

However, the true cost extends much further.

Systemic fraud distorts management information and weakens decision-making. It undermines operational efficiency, damages corporate reputation, attracts regulatory sanctions and erodes customer confidence. Investors become wary, employees lose morale and businesses struggle to achieve sustainable growth.

Perhaps most damaging is the fact that fraud weakens trust—the single most important asset any organisation possesses. Once trust is compromised, rebuilding it becomes both difficult and expensive.

Addressing this challenge requires a shift from fraud detection to fraud prevention.

The most successful organisations understand that preventing fraud is significantly less costly than investigating fraud after it has occurred. Prevention begins with strong corporate governance, ethical leadership and a clear commitment to accountability at every level of the organisation.

Technology has also become an indispensable ally in the fight against fraud.

Automated tank monitoring systems, CCTV surveillance, GPS tanker tracking, integrated enterprise resource planning systems and data analytics tools provide organisations with greater visibility over operational activities and help identify unusual patterns before they escalate into major losses.

Yet technology alone cannot solve the problem.

Organisations must also invest in people, processes and culture. Employees should receive regular ethics training.

Whistleblower mechanisms must be strengthened and protected.

Responsibilities should be properly segregated and surprise verification exercises should become part of routine operational oversight.

In this regard, Internal Audit has a strategic role to play.

Modern Internal Audit functions must evolve beyond traditional compliance checks and become proactive partners in fraud risk management. Through fraud risk assessments, data analytics, control testing, fraud mapping and unannounced verification exercises, Internal Audit can provide independent assurance that critical controls are operating effectively and that emerging fraud risks are identified before they become crises.

To strengthen organisational resilience against systemic fraud, the Sedabuk Fraud Risk Management Model (SFRMM) was developed as a practical framework for fraud prevention, detection, investigation and sustainable risk management within petroleum retail operations.

The model is built around seven strategic pillars: Surveillance, Fraud Risk Assessment, Robust Internal Controls, Monitoring and Data Analytics, Management Accountability, Detection and Investigation, and Ethical Culture and Employee Engagement. Together, these pillars create a continuous cycle of identifying risks, implementing controls, monitoring activities, detecting anomalies, conducting investigations and driving continuous improvement.

The message for operators in Nigeria’s downstream petroleum sector is simple but urgent: the greatest threat to profitability may not be competition, inflation or market volatility. It may well be the silent leakage of resources occurring within their own operations.

As the industry continues to evolve under ongoing reforms and changing regulatory expectations, organisations must recognise that sustainable profitability is achieved not merely by increasing sales but by protecting every litre of fuel, every naira of revenue, every operational process and every stakeholder’s trust.

Companies that embrace ethical leadership, strong governance, proactive Internal Audit, technology-enabled monitoring and a zero-tolerance culture towards fraud will not only reduce losses but also strengthen stakeholder confidence, improve operational efficiency and position themselves for long-term success.

 

Dr. Solomon Oroge, PhD, is an accomplished professional in Internal Audit, Risk Management, Corporate Governance, Compliance and Fraud Risk Management with extensive experience in Nigeria’s downstream petroleum industry.

He is the developer of the Sedabuk Fraud Risk Management Model (SFRMM), a proprietary framework designed to help petroleum retail organisations proactively identify, prevent, detect and manage systemic fraud risks.

Oroge can be reached via the following contact details: saoprofessional@gmail.com or +234 806 512 6192.

Continue Reading

Opinion

State Police, Local Government Autonomy: Answers to Nigeria’s Lingering Questions | By Titilope Gbadamosi

Published

on

File photo of Dr. Titilope Gbadamosi, the Special Assistant on Youth Initiatives (Monitoring and Delivery) to President Bola Ahmed Tinubu.

Almost every democratically elected administration in Nigeria has had to grapple with pockets of insecurity in one form or another. Nigerians have watched uprisings metamorphose into banditry and terrorism, as though every administration had its own uniquely tailored brand of insecurity, defined by the modus operandi of these vicious elements.

The faces change, the methods change, but the burden on whoever occupies the highest office in the land has remained heavy and constant.

Just two administrations ago, during President Goodluck Jonathan’s tenure, we witnessed the horror of the abduction of the Chibok girls and explosives going off in public spaces in Abuja, the nation’s capital. Every well meaning Nigerian was worried, and nowhere felt truly safe. The President’s seat was not the most desirable at the time, and it was clearly a difficult job.

President Muhammadu Buhari’s administration had its own share, mostly in the form of clashes between farmers and herders, driven by grazing routes lost to farming, droughts pushing herders toward greener pastures, and old accommodations between communities slowly breaking down.

I recall quite vividly, while serving as Special Assistant to the former Governor of Oyo State, the late Senator Abiola Ajimobi, joining the head of our team in several peace talks with farmers, traditional rulers, and the Hausa and Fulani community in the state. One lesson from those rooms has stayed with me ever since. The people who understood the grievances, the terrain, and the actors were all local, yet the command of security sat far away in Abuja. That gap is the question every administration has struggled to answer.

Today, President Bola Ahmed Tinubu is in charge, and Nigerians who are students of history watched to see what shape insecurity would take and, more importantly, what this President would do differently. In recent development, the country received an answer that previous decades only debated.

On June 11, following the President’s formal request to the National Assembly to restructure our security architecture, the House of Representatives passed the constitutional amendment to establish state police, with 289 members voting in support and barely a voice against, while the Senate works to complete passage before year end. Today June 12th,2026, in his Democracy Day address, the President spoke plainly: the insecurity we face is partly the product of collapsed grassroots governance, and his administration remains committed to financial autonomy for our 774 local government councils. There it is, a two pronged solution: state police and true local government autonomy.

The first prong closes the gap I saw in those Oyo State peace talks. The amendment to Section 214 of the Constitution creates a dual policing structure under which each state may establish its own force. Security decisions will now be taken by those who know the terrain, the actors, and the grievances at first hand.

To his credit, the President did not merely champion the idea; he asked the National Assembly to institute controls to prevent abuses, the mark of a leader interested in a reform that endures rather than one that backfires. All of this rides on the largest security investment in our history, a 5.41 trillion naira commitment in the 2026 budget and over 50,000 new police officers approved for recruitment.

The second prong puts resources where the new responsibility will live. Since the Supreme Court ruled in July 2024 that federation allocations belonging to local governments must reach them directly, monthly allocations to the 774 councils have grown from roughly 387 billion naira in March 2025 to nearly 530 billion naira by September 2025. The money has never been the problem; control of it was. By pressing autonomy to its conclusion, this administration is returning both funds and accountability to the communities where insecurity actually begins, so that the grassroots governance whose collapse the President identified can finally be rebuilt.

So who wins in all of these? Nigerians win, because security decisions and development funds will finally live where the people live. Governors win the powers they have long demanded, and with them the responsibility they can no longer pass to Abuja. And the country wins a President willing to attempt what others only discussed. The President reminded us on Democracy Day that Nigerians bend and bleed but do not break. With these two reforms, we may finally stop having to prove it so often.

 

Dr. Titilope Gbadamosi  is the Special Assistant on Youth Initiatives (Monitoring and Delivery) to President Bola Ahmed Tinubu.

Continue Reading

Advertisement

Entertainment

Advertisement

MegaIcon Magazine Facebook Page

Advertisement

MEGAICON TV

Advertisement

Trending