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Was Bola Ige’s murder avoidable?

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Late Chief James Ajibola Ige

Could Chief Ajibola Ige, former governor of old Oyo State, ex-Attorney General of the Federation and foremost apostle of Yoruba’s recent ancestor, Chief Obafemi Awolowo, have escaped the gruesome death that took his life on December 23, 2001 if he had chosen the sobriquet “Demosthenes,” rather than “Cicero”? Ige’s gruesome murder and the unfortunate circumstances surrounding it have attracted mottled commentaries in the last 20 years.

This was the crux of the intellectual spat that respected professor of Political Science, my Master’s class teacher at the University of Ibadan and former Minister of Education, Tunde Adeniran and I engaged in after the death of Ige. Writing an elegy to the murdered wordsmith, orator and elder statesman, a piece I entitled Between Ige, Cicero and Demosthenes, in my Sunday Tribune column offering of March 10, 2002, I had concluded that probably, the name “Cicero” had spiritually attracted to Ige his fatal end.

Perhaps, if Ige had adopted the sobriquet “Demosthenes,” a Greek philosopher whose end was not as fatal as that of his Roman compatriot, Cicero, Ige probably would not have met such a ghastly fate in the hands of his traducers. I had strongly but passionately argued that the name, Cicero forebode a disastrous ending and Ige would have done well to avoid it. Adeniran, in a chapter he entitled “Bola Ige’s complex political philosophy,” in the book entitled, Bola Ige: The Passage of a Modern Cicero, while appreciating the arguments, he disagreed with the unscience of my postulation and sought to divorce a fatalistic connect between the sobriquet and fate of the assassinated minister.

My argument was that, granted that Marcus Tillius Cicero – Ige corrected us that the name’s pronunciation was Kikero and not Si-se-ro – and Demosthenes were both imbued with great oratorical prowess and were the greatest of their time in Rome and Greece respectively. Ige’s path with Cicero crossed in that, like him, Cicero held several political offices and became governor of Cilicia, wrote the first and second Phillipic and was equally assassinated on December 7, 43 BC, Demosthenes, whose life was wrapped up in same vocations like Ige’s, was also an orator whose life was devoted to law practice, philosophy and politics and who also wrote three Phillipics. The third Phillipic, which he entitled, On the Peace (346 BC) had as its thrust a call for a cessation of the war of Yoke and Macedon. Though attempts were made to execute Demosthenes, he fled and thereafter swallowed poison to avoid his approaching captors. Ige too was a brilliant writer who sermonized in treaties and on campaign rostrums.

Cicero, Roman statesman, lawyer and scholar, was known for upholding republican principles during the final civil war years which led to the destruction of the Roman Republic. He was a great Roman orator and writer whose writings on rhetoric, philosophy and other political treatises stood out. Like Ige, as a lawyer, Cicero’s appearances in court recorded profound legal firsts. His brilliant defence of Publius Quinctius and Sextus Roscius, the latter having been charged in a fabricated crime of parricide, stood him out. Cicero was an associate of the political trio of Julius Caesar, Crassus and Pompey who were called the First Triumvirate. He was sorely hated by the three Roman leaders, Octavian, Lepidus, and Anthony, who eventually ordered his execution. Of the three, it was Anthony who disdained him most.

Condemned to death, alongside his son, brother and nephew, Cicero fled to the Italian town of Caieta. There, Laenas pulled out Cicero’s head from a litter where he was hiding, dismembered it from his body and cut off his hand as well. While Ige was brutally gunned down at Similia Court, Bodija, Ibadan that dark December night at the age of 71, Cicero met his own gruesome death at the age of 63. Anthony was so delighted at the news of Cicero’s assassination that he gave Laenas, who brought the news to him, 250,000 denarii for the death of “the man who had been his greatest and most aggressive personal enemy.” He kept Cicero’s head and hand on a rostrum before the table where he had his meals, for a very long time.

It is not difficult to come to grips with the fatal reality that, 20 years after the death of this Nigeria’s affable Minister of Justice, the Nigerian state has literally left his coagulated blood as an advertisement of its inhumanity and an encouragement to would-be mindless murderers that Nigeria is at home with their nefarious activity. From empirical evidence of the last two decades-plus democratic “governmenting” in Nigeria, successive governments’ conspiratorial silence, lackadaisical attitude to bloodshed or even pure naivety about the destructive spiritual implication of shed blood, have become legendary.

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Aside entering the pantheon of history as about the only country whose Minister of Justice was unjustly killed like a chicken and whose death is yet unraveled, the peremptory back-off of the state from finding out who actually pulled the trigger has not only raised dusts of suspicion, it has baffled the comity of civilized states. This heightened allegations that the state was actually the yet unknown gunman who pulled the trigger and that its motive was to stop an Ige who was on the verge of committing the perceived hara-kiri of tendering his letter of resignation from the federal cabinet to regroup his politically fractious South Western base.

Though Ige was labeled by his vast array of supporters as the Cicero, his humanism was the most outstanding of his philosophy. Humanism is a philosophical and ethical school that underscores the value and agency of human beings in the use of reason and their ingenuity, as against blindly deploying tradition and authority in the improvement of their individual or collective lives. Ige’s humanistic philosophy was a huge clone of the seminal thoughts of German philosopher, Martin Heidegger and that of Soren Kiekergaard. Like them, he believed that existence and humanity were more material and vital than any other consideration.

For years writing his weekly homily, Uncle Bola’s Column in the Tribune newspaper, Ige preached the invaluable essence of existence and human values. In very scurrilous pen drippings, he frowned on disorderly administration of society wherever he found one and sought to take the world through a path earlier trodden by his political leader, Chief Awolowo. He could not stand mediocrity and did not suffer fools gladly. Those who knew him spoke of his perfectionism and his finicky abidance by the dictates of truth. When he eventually became the governor of the old Oyo State, Ige struggled to match his years of political discourses with action, skirting a practical path that would serve as a showcase of what he stood for and espoused in newspaper discourses.

For this writer, an encounter with Ige that remains unforgettable was one that was readily a poster for Ige’s readiness to vacate his Olympian societal height and acknowledge that he, like every human being, was fallible after all. While his Uncle Bola’s Column starred on Page 7 of the Tribune, this writer sought refuge in aping his public sphere dissection of issues of contemporary society on Page 3 of same newspaper in a column named Festus Adedayo’s Flickers. And so, Ige and others became ministers in the Obasanjo government that would yet be his death.

Soon, a great uproar erupted on the perceived humongous furniture allowance allocated to the Obasanjo ministers. In my column, I excoriated such an inflated governmental largesse and dragged the ministers and indeed the Obasanjo government by the nape of their agbada for what I felt was an unmitigated wastage of public funds. Same week, on the political page of the Tribune, the Political Editor had also taken umbrage at such ministerial financial rascality. Minister Ige apparently read both pieces and on his Page 7 the next week, he sought to put a lie to all the vilifications of the government over the issue. What pained him most, he wrote, was that “one Festus Adedayo” of “our own newspaper” also joined the fray by “adding salt and pepper” to the issue. He then went ahead to quote what the “one Festus Adedayo” purportedly wrote, which was, and which turned out erroneously, a lift of the Political Editor’s words, verbatim.

Reading through Chief Ige’s gaffe, I was excited that I had him by his balls. To me, it was an ample opportunity to test Ige’s abidance by the same homily he preached to society. Being one assigned the task of proof-reading his column for years, I also wanted to take a pound of flesh from him for the back-of-the-tongue Ige always gave me at every misreading of his beautiful cursive handwriting which, on a few occasions, translated into errors in his column, errors that the finicky Ige couldn’t stomach. The manuscript of his column arrived Saturday afternoon. “Did that fellow go to school at all?” he would thunder whenever he spotted errors in his column.

Every attempt I made in discussions with my Tribune colleagues on the need for me to re-joind Ige’s gaffe led to cold rebuffs and sympathy for me. They all concluded that attacking Almighty Ige was tantamount to blindly walking into the unemployment market. How could a common reporter like me vilify Ige or show to the world that he was fallible, in an Awolowo newspaper? Indeed, the editor of the Sunday Tribune at the time also felt that I wanted to bite a bullet. He however acceded to my right to commit journalistic suicide; so far as my blood spillage would not splash on anyone else but myself. So the second week, I literally took the great Cicero to the cleaners in my column, condemning Ige’s condemnation of me and even almost imputing senility on the great Cicero, in a newspaper where he was held almost like a god.

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But after that bravado, to parody the lingo of this generation, my liver failed me. I prepared for the worst. When I arrived office on Monday, I was told that the Minister had called to speak with me. I saw the last flame of my bravado spiral out into thin air. The stark reality of my audacity dawned on me and I almost turned jelly as the possibility of being asked to leave my job loomed. I told myself that shortly, the Minister would descend on me with his fabled and famous waspish tongue.

Same day, Ige called the central Newsroom analogue line, 02-2311675 and I was literally pulled by the trousers to pick the phone’s prong. “This is Bola Ige… Is that Festus?” he had asked. Waffling, I affirmed that I was the one speaking. And then, the bombshell, “I am really very sorry. Please, accept my apologies…”

It’s about 22 years now since that encounter and I cannot recollect plausibly my reply to this pleasantly shocking statement from Chief, the Honourable Minister (apologies to T.M. Aluko). A few days after, duty took me to Ikenne, Ogun State, Chief Awolowo’s country home, for an Awo family event and, lo and behold, the Minister arrived and went straight to the living room to discuss with Chief (Mrs.)  HID Awolowo and other dignitaries. All of a sudden, Mr Folu Olamiti, the newspaper’s then Managing Editor, came looking for me. The Minister had asked if I was at the occasion and wanted to meet me. So I folded myself, prostrated before the legendary man whose name I had heard of  from my primary school days. Ige held me by the shoulders and repeated his apologies. In the next installment of his column, the minister had written, “I apologise to Festus Adedayo, who I wrongly castigated.”

Bola Ige was not abashed about his Yoruba-ness and flaunted its superseding epistemology and culture above others. He constructed an idealist theory about a welfarist and humanist society that would cater for the weak against the strong, one where survival-of-the-fittest had no place. A video of Ige delivering a speech recently surfaced from God-knows-where and has suddenly gone viral. Therein, Ige’s idealism, something of the mould of the suffering animals in George Orwell’s Animal Farm, was revealed. In Orwell’s, animals sang, “Beasts of England, beasts of Ireland//Beasts of every land and clime//Hearken to my joyful tidings Of the golden future time//Soon or late the day is coming//Tyrant Man shall be o’erthrown//And the fruitful fields of England Shall be trod by beasts alone…”

“By the grace of God, by 2000AD, freedom will come the way of Yorubaland. I am sure that the God of Oduduwa, the God of Oranminyan, the God of Obafemi Awolowo and the God of Adekunle Ajasin will take us to the new land where disgrace, suffering and cheating will be a thing of the past for Yoruba people,” Ige said in impeccable Yoruba in the video. He disparaged those who thought the idea of an Eldorado for Yoruba people was a mirage and likened their resentment to the mythic grumbling of gnomes. Valiant hunters in Yorubaland who reportedly encountered these mythic beings in forests told awe-inspiring stories of their weird composition. Ige however nationalized the “disgrace, suffering and cheating” being encountered as a Nigeria-wide thing with the Yoruba wise saying of “arun to ns’ogoji ni ns’odunrun, ohun to ba s’Aboyade, gbogbo oloya lo nse.”

Though he spoke Hausa fluently, Ige was persuaded about the strength and superiority of his roots and sought to wedge together every fractious part of the Yoruba nationhood. In the video, Ige unwittingly showed the Western region what it lost by the disagreement between Chief Awolowo and SLA Akintola. Just imagine a Western Region where Awo and Akintola worked together. The rest of Nigeria might never have kept pace with their race.

In the same video, Ige regaled his audience with Akintola’s profound ribaldry. Trying to discredit the alliance between NCNC and AG called UPGA, SLA called it OBUGA (it exploded), during a campaign in Ige’s Esa-Oke hometown. In his tiny feminine voice, SLA had pointed to a house which he said belonged to “Ige-Chukwu,” a scorn at the Igbo and Yoruba alliance. Akintola, said Ige, again at a campaign forum in Akure, still trying to discredit top stalwarts of AG, had told his UNDP members that he had just returned from Owo, the home of Chief Adekunle Ajasin. “Anyone who wants his children to bury them should please raise their hands up,” he pleaded. When they did, he played on Ajasin’s name which literally meant “Dog-buried” and said that when he went to Owo, rather than see a person buried by his children, he saw one who dog buried!

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Perhaps aware of how Chief Awolowo met him, underscoring his youthfulness and brilliance, Ige never forsook the assemblage of young, brilliant persons. He had an unrepentant obsession for them, with whom he surrounded himself.

Many posthumous analysts of the foot Ige took wrongly that ultimately led to his death believed that his decision to leave his Western flank for the federal, and work with Olusegun Obasanjo, perceived as the enemy of the Alliance for Democracy (AD) and Yoruba leader, Awolowo was the crucifix on which he was hoisted, preparatory for the final nail on his coffin. Same Obasanjo was the reason the Unity Party of Nigeria (UPN) sought to punish Ige and his deputy, S. M. Afolabi, at the party’s Jos convention, on allegation of illicit fraternization with him.

In a later press interview where his government was accused of failure in provision of electricity, Obasanjo called Ige a minister of power “who knew not his left from his right hand.” With this, the analysis that Obasanjo wanted to calibrate the Ige enigma by offering him ministerial appointment got a semblance of truth.

Ige was a very brilliant political strategist and a firm believer in democratic ethos. Those who knew his antecedents, especially his revolutionary consciousness, were alarmed by the grave implication of an Ige’s resignation from the Obasanjo cabinet. He had opted to leave so as to solder his disintegrating political base, in preparation for the 2003 re-election. For a sitting Nigerian president who did not win even his Otta farm ward in the 1999 elections, another landslide disclamation of Obasanjo would have upset the power apparatchik that sponsored his election and stood to lose if he was kicked out. Thus, permutations that the Nigerian government or its lackeys killed Ige to guard against this apple cart upsetting were rife. So who was the government or its sidekick that pulled the trigger? No stronger motive for his assassination has since impeached this seemingly flawless skirt.

It is in the interest of government to unravel the knot of Ige’s assassination, 20 years after. Ige’s and thousands of unjustly spilled blood are crying for vengeance. Right from the time of creation till now, the corrosive spiritual implication of unjustly shed blood has always been evident. The blood of the biblical Abel, for instance, was on its prowl and never rested until it got justice. Perhaps, the socio-political bedlam and leadership miasma that Nigeria currently finds herself are a reflection of the numerous unjustly spilled blood in the land seeking vengeance. No sane society allows such spillage of blood to pass without a wink while perpetrators of the dastardly acts strut about the landscape like some stray penguins.

 

Dr. Festus Adedayo, journalist, lawyer and public affairs analyst, writes from Ibadan

 

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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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