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The wind that blew Dapo Abiodun’s rump

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File photo of Governor Dapo Abiodun, Ogun State

 

Prof Akinwumi Isola’s Efunsetan Aniwura (1981), his first play written in 1961-62 while he was a student at the University of Ibadan, is highly celebrated. It is a historical drama that reflects proceedings of the 19th-century reign of the heroine, the second Iyalode (Queen of women) of Ibadan, Efunsetan Aniwura. Aniwura – one with a surplusage of gold – a fiery, Egba-born but wealthy Ibadan slave owner and merchant, held the title from 1867 – 1874. The unwritten law among the coffle of slaves she kept was that no female slave must get pregnant. Thus, when Adetutu, one of her female slaves was audacious enough to get impregnated by a fellow slave called Itawuyi, upon hearing the news, Efunsetan’s immediate but fierce retort was, afefe ti fe, a ti ri’di adiye! Translated, it means, the wind has blown and the hidden rump of the fowl has been exposed.

So many reasons have been adduced by historians for Efunsetan’s outlawing of procreation among her over 2000 slaves. One was the emotional instability she emerged with from the death during labour of her only daughter child in 1860. This necessitated an absence of a progeny to inherit her tremendous wealth. This powerful Ibadan woman chief, aside her many slaves, also owned several farms, exported agric produce to Porto-Novo, Badagry and Ikorodu and traded in tobacco, while also manufacturing a local product called Kijipa which she exported to America. Efunsetan also traded in arms and ammunition and was on record to have granted credit facilities on ammunition she sold to Aare Latoosa and his warriors in 1872 while they were on military expeditions.

As a result of the psychotic depression she got from her barrenness, Efunsetan took out Providence’s denial of a child on her slaves. She inflicted unbridled injury on them through verbal abuse, corporal punishment, threat of killing them – Orun la’la! – and in some cases, cold-blooded murder. To God, who she regarded as the architect of the tragedy of her barrenness, Efunsetan vented her spleen on every of His creations, the society He created and her neighbours. She once ordered her slaves to beat Old Ogunjinmi, a palm dresser, to death, his crime being encroachment on her property. Efunsetan also punished her male slaves for tardy execution of their daily chores by tying them to trees. She also blatantly refused to assist anyone in need (reference to the brusque maltreatment she gave Akinkunle, who sought financial assistance for his ailing son). All in all, historians claimed that Efunsetan ordered the decapitation of over 41 slaves, including pregnant Adetutu. This cruelty was one of Aare Latoosa’s three-count charge against Efunsetan, leading to her deposition as Iyalode on May 1, 1874. Though she paid all the fines levied against her for these obviously politically motivated allegations, she was murdered in what was regarded as state murder, orchestrated by Latoosa, through two of her slaves, on June 30, 1874.

However, a feminist re-reading of Akinwumi Isola has accused him of recuperating and contextualizing, within the Yoruba socio-political and economic narratives of the late18th and early 19th centuries, a continuation of the masculinist oligarchy of traditional Africa in the play. The unbridled cruelty which he painted of his eponymous protagonist and heroine, Efunsetan Aniwura, is perceived to be a fictionalized misrepresentation of the great heroine, especially taking into consideration the unequal relations of power between the male and female gender of the time. Indeed, several studies have vilified Isola for unfairly reinforcing this image of a wicked, atheist and self-centred woman in his perceived pejorative representation of Efunsetan.

The Efunsetan Afefe ti fe, a ti ri’di adiye expresses excitement at the final unraveling of a long-held secret, the denouement of a cryptic play whose ultimate exposure ends in tragedy. Literally, the hen’s naked and ugly rump is hidden from view by feathers that give it a seeming aesthetic beauty. The moment the breeze blows the feathers, exposing the contours of the rump, the hen is presented to the world in its original form – the bumpy, uneven surface – as opposed to the smooth, feathery assemblage of quills that the world saw hitherto.

Last week, Ogun State quaked like a city afflicted by a thunderstorm. Respected journalist-turned politician and Chairman of Ijebu East Local Government, Wale Adedayo, was the wind that blew the feathers off the Ogun hen’s rump. As the thunderstorm raged, it left hanging in the space a foul and smelly tang that was offensive to the nose. In a petition addressed to former governor of Ogun state and a leader of the All Progressives Congress, (APC) Chief Olusegun Osoba, copies of which were sent to the Economic Financial Crimes Commission (EFCC) and the Independent Corrupt Practices Commission, (ICPC) Adedayo called for the investigation of Governor Dapo Abiodun, alleging that he was a kingpin of the mismanagement of local government funds in the State. Specifically, the now suspended chairman claimed that Abiodun withholds statutory allocations paid to councils in the state from the federation accounts. He also alleged that this blind thievery began immediately Abiodun took over the reign of office in May, 2019, leading to “zero allocation” of funds to develop the councils.

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Adedayo also claimed that ecological funds due to the councils too had “developed wings without trace” as well as an N8 billion sum released by the Buhari government to the 20 local governments under the SURE-P assistance. This, he said, was also swallowed by the Abiodun administration, with no single payment to the councils. Adedayo claimed that upon enquiry from the state government, the councils were reportedly told that the deductions were due to funds the councils reportedly owed the state government, to which Adedayo said, “But I know for a fact that my Ijebu East Local Government is NOT owing Abeokuta one Naira!”

Allegations of theft of local government monies by state governors in Nigeria have had a long gestation. Several scholarly offerings in the area of local government administration have contextualized the local government as where the elusive redemption of the poorest of the poor of Nigerians can come from. This is because of its centrality and proximity to the grassroots of locality administration. However, local government administration is itself suffocating under the strangulating hold of corruption and fief grips of state governments who see them as cash cow where they can get easy largesse, allegedly filching the bulk of their heists from them and resulting in total asphyxiation of grassroots governance. Farida Waziri, former EFCC Chairman, in discussing this blight of corruption, once noted that “…waste of government resources at the council level had reached monumental proportions. The local government council in the country could not explain the mismanagement of over N3.313 trillion allocated to them in the last eight years. …a whopping sum of N3,313,554,856,541.79 was allocated to local government across the country.”

Local governments did the magic of the highly talked about developments in Nigeria during the First and second republics. From locally sourced revenues like tenement rates, motor park fees and allied taxes, councils raked in sufficient money to construct roads, bridges, award scholarships to deserving students in their localities and had enough for other social services. However, since the Ibrahim Babangida government, local governments have gradually lost steam, arriving at this lamentable intersection where governors have collectively offered to be pallbearers of the remains of council administration. The most dispiriting aspect of cries about massive bleeding of the blood of local governments is that successive federal governments, though aware of this fraud, have kept silent.

To ensure that their thievery of local government funds goes undetected, many of the 36 state governors perfected several methods of hiding the sleaze and the loot. In a Premium Times report, the authoritative newspaper was told by sources among local government chairmen in Ogun State that monies enter council accounts in the morning, and they develop wings by evening.

The other pattern adopted by some state governors, which I have on good authority is also deployed in Ogun State, is swearing council chairmen to traditional oath. The recitation of the oath is that anyone who swears to it would never reveal the cryptic details of the local government heists. A traditional African justice system concept, oath-taking involves some curse and attracts the wrath of the gods for sanction against breaking of allegiance. Promises and covenants made during recitation of the oath must never be broken and if this is done, curse is believed to land heavily as recompense upon the perjurer for breach of promise.

I was told that the Ogun chairmen, shortly after they took office, were made to swear to the oath of non-disclosure of details of the council heists. Wale Adedayo, known by the sobriquet, Babalawo, steeped in the practices of traditional Africa, must have been persuaded to squeal by his conscience and the means he possessed to unlock the code of the oath he took alongside the other chairmen.

But for the fact that EFCC and ICPC are perceived to be either dead as dodo or gasping for breath, some characters should be in the cell now. State governments are alleged to have so compromised operatives of the commissions that they can only bark but would never go after well-heeled and federal government-connected state governments like Ogun to bite them. Otherwise, the modus operandi of discovering the veracity or otherwise of the suspended Ijebu local government chairman’s claims against the Ogun State governor are too clear for any feigning of pretense.

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Baring its fangs, the state government deployed over 100 policemen and thugs to storm the secretariat of Ijẹbu-East Local Government Area last Thursday. The instruction from above to councilors was to form a quorum to suspend Adedayo as chairman. The Department of State Services was to later detain the Chairman. The Ogun State House of Assembly also began to probe the alleged diversion of Local government funds, directing the state Accountant General and all members of the State Joint Account Allocation Committee to appear before it.

Wale Adedayo deserves commendation by all lovers of truth, accountability and traceability of Nigeria’s joint patrimony for his audacity to be different. This is why, with his graphic revelation of the alleged pattern of stealing of council funds by the Ogun State government, Nigerians should be egged on to equally, severally and jointly ask that that the federal government drills down on the truth or otherwise of the allegations. If the Abiodun government is thereafter found not guilty, Adedayo deserves censure for defamation. If the reverse is the case, government should be made public example of so that other governors can loosen their vice grips on the neck of council administration in Nigeria. The Bola Tinubu presidency must show that it has zero tolerance for the incubus of corruption by showing interest in the Wale Adedayo allegations. If it does not, it will be an ugly optic of connivance by government at the federal with its “good boys” in the state to steal the people blind. That Abiodun is a member of the APC as the president makes this need to double down on the allegation of corruption more pressing and auspicious.

Having said this, the twist that immediately occurred after Adedayo had leveled the allegation has not stopped confounding those who had raised cymbals in celebration of the anti-corruption credential of the now suspended council chairman. Shortly after the news of the petition hit town, local government chairmen in Ogun State, led by their leader, Hon Babatunde Emilola-Gazal, were reported to have filed down to beg Governor Abiodun who has the Swords of Damocles hanging over him. In a viral video, the chairmen, like a conquered fiefdom, prostrated to the governor “to forgive” their colleague.

As part of the twist, Adedayo was also said to have been part of the begging crowd, donning agbada. He was alleged to have made spirited attempt to beg the governor to forgive him, saying it was ise Esu, devil’s work. This is why I am personally afraid for the suspended chairman. I doubt if he had heard the fable of afi fila p’erin – the man who killed an elephant with his cap? Fully translated, it is afi fila p’erin, ojo kan ni’yi re mo, meaning the man who kills an elephant with his cap enjoys the adulation of his exploits only for a moment. Gbemisola Adeoti, in his article entitled “‘Border-neutering devices’ in Nigerian home video tradition: A study of Mainframe Films” in the book, African Theatre: Media & performance, edited by David Kerr and Jane Plastow, further drills down on the afi fila p’erin concept. It is a fable of a man who was carried shoulder high for his magical exploit of killing an elephant by merely swinging his cap at the animal. No sooner he had done this than the villagers began to run away from him. “The man who kills an elephant with his cap will soon earn the reputation of a murderer…It is a lesson in moderation, a value that is grossly lacking in post-independence politics in different parts of Africa,” said Adeoti.

If Adedayo didn’t understand this, he should then race down to I. B. Akinyele’s highly authoritative Iwe Itan Ibadan which contains a far more believable and relatable story with same teaching. Akinyele was Olubadan of Ibadan from 1955-1964. In the late 19th century, Ibadan took wars to neighbouring Yoruba towns, one of which was to Ilesa in today’s Osun State. The war was called Ogun Ilesa and it occurred in the late 1860s. Balogun Akere, highly resented among other warriors, led the battle for the Ibadan. There was thus mutiny among the Ibadan forces who perfected plans to get rid of their army General. As the warriors sat on how best to commit the regicide, one of them called Ajobo Seriki, originally from Ikire, cleared his throat and told them that if the Ibadan warriors would promise not to pay him with evil, he would help rid them of their General. According to him, he had a loin cloth, bante which, upon wearing it, and if he prostrated even to an Iroko tree, it “would fall before daybreak.” If he thus wore it to prostrate for Balogun Akere, within three days, he would die. When he was given a collective go-ahead and he went on all fours before the Balogun, the General died on the third day in 1869. His friend, Oyewo, also died the third day and it was reckoned that Ajobo Seriki prostrated to him as well. From the war front, Balogun Orowusi was appointed as his successor and he later became Baale, the head chief of Ibadan.

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When the war ended and they got back home in Ibadan, an inner conspiracy among the chiefs of Baale Orowusi erupted and it was directed at Ajobo who had now been made Balogun. Ajobo had become stupendously rich and highly loved for his generosity and philanthropy. This further incensed the other chiefs, coupled with Ajobo’s own arrogance of power. For instance, when an Owa of Ilesa was to be appointed and emissary was sent to Ibadan to pick a nominee, it was to Ajobo the emissary went and he handpicked a nominee. This riled the other chiefs who ran after the emissary and the nominee and killed them. This became the main charge against Ajobo, reified by the chiefs and Baale Orowusi who ordered Ajobo to leave town or commit suicide in June 1871. Ajobo however enlisted kings like the Alaafin, Awujale, Alake and Aseyin to help him make peace with Orowusi and the chiefs. The Ibadan monarchy had already acceded to this mediation, especially when Ajobo promised to come the following day to prostrate to them for atonement when, overnight, someone went to the chiefs to ask if they had forgotten that it was Ajobo who prostrated to Balogun Akere which led to his death. The next day, the conspiracy thickened and Ajobo was asked to leave Ibadan or commit suicide. He chose the former and early in the morning of a day in August 1871, on his way out on exile to the Ijebu area, to hand over the staff of office back to Baale Orowusi, he prostrated to him. Orowusi died that month.

The two stories of Afi fila p’erin and the fall of Ajobo should tell the suspended chairman of Ijebu East local government that, as commendable as his anti-corruption fight is, it contains gross implications. First, in a Nigerian politics that shares physiognomy with cesspool, it may mark the end of his sojourn with politicians at the top because he has killed elephant with a cap and murdered Ogun State’s Balogun Akere with his bante. Second, such fights as his, akin to biting the bullet, are battles of no return. Only proper valiant undertake them. No one fights such battles haphazardly. Once a fighter places their hands on the plough, it would be a fatal mistake to turn back. As the Yoruba say, he who differently seeks the head of an ahun – tortoise and its legs cannot but have the totality of the ahun. The chairman should ask the biblical Lot’s wife why she turned to a pillar of salt. It was a half-measure determination. Again, no one stands under a roof and throws stones at the rooftop. After writing such a damning petition, the now-suspended chairman should have tendered his letter of resignation. The rest battle should have been fought from without.

 

Celebrated columnist, Dr. Festus Adedayo 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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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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