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Tag: Etim Etim

  • Banks’ profits, charges and customers’ complaints – By Etim Etim

    Banks’ profits, charges and customers’ complaints – By Etim Etim

    Grumbling about banks’ profit is a favourite Nigerian pastime that gets louder and louder in the first quarter of the year when their financial performance for the previous year is announced. But lately, the grumblers have shifted attention to bank charges, with some arguing that the lenders are too profitable and should waive these deductions from customers’ accounts. ‘’How do the banks make so much profit while the rest of the economy is collapsing?’’; ‘’Banks are stealing from their customers through dubious charges;’’ and ‘’Let’s boycott Bank XYZ…’’ are some of the commonest protestations.

    On Wednesday, May 14, The Guardian published an article with a rather ghoulish title, ‘’The blood profits of Nigerian banks’’, written by Dr. Emmanuel Owhoko, identified as a public policy analyst, author and journalist. The piece drips with obvious irritations about banks’ ‘’growing quest for abnormal profits through use of arbitrary charges, devoid of empathy for emotional state of customers’’. It suggests that bankers are just a lazy bunch that does nothing other than to debit customers’ accounts and convert the proceeds into huge profits. But the essay is based on ignorant assumptions and poor knowledge of the operations of banks. As a former banker, I feel compelled to intervene in a very simple manner.

    First, why do banks make so much profit? The reason is simple. Their unique role and peculiar functions confer on them some advantages that other industries don’t have. A typical bank sells a wide range of services to millions of customers every day and night, including weekends and public holidays. Such a business will most likely be profitable unless it is mismanaged. A top tier Nigerian bank has millions of customers (Access Bank has over 60 million, for example) and each of these customers has one thing or the other to buy from their bank. Even if you have a savings account from which you rarely make withdrawals, your bank is making money off you by lending your money at a higher interest rate than it’s paying you. It’s called financial intermediation; and it’s the main reason a bank exists and the core source of its income.

    In addition to lending (and there are many types of it), banks also offer a wide range of other services such as financial advisory; wealth management; investment banking; foreign exchange services, etc, to millions of its customers and get paid for them. In some cases, a bank is part of a holding company that offers a lot more varied and diversified services such as insurance; pensions; fintechs and payments. It therefore follows that almost every adult person, including students, is in a regular need of one banking service or the other. Such inevitability offers the industry unique benefits that can only translate onto profits.

    Unlike a manufacturing business, a bank does not import raw materials; has no complex machines and conveyor belts that break down; does not pay customs and excise duties for spares and inputs and does not deal with the problems of unsold goods, huge inventory costs and products recall. The peculiarity of banking business and its inherent advantage became clearer last year. While many Nigerian manufacturers with dollar-denominated loans suffered huge losses due to Naira depreciation, banks actually recorded fat gains from their massive dollar holdings.

    A bank simply makes the bulk of its revenues from financial intermediation – taking money from the surplus side and giving it the deficit side with a margin. So, consider a bank with a loan book of N500 billion at an average interest rate of 20%. How much interest income is that? There is no business as lucrative as money lending, right from history; and there’s no reason for a bank not be profitable, unless it is mismanaged. But banking is also a very risky business (actually, the technical name for a loan is ‘’risk asset’’) with its own peculiar challenges. Many banks, including some very big ones overseas have failed. Nigeria has also recorded many cases of bank failures. One bad loan can almost sink a bank. This is why it is a highly regulated industry.

    Dr. Owhoko writes in his article which I referred to earlier: ‘’Implicitly, these charges constitute huge burden on the average bank customer who contends daily with depletion in his or her account balances. Corporate customers or businesses are also not spared from these questionable charges that have become a drain on the balance sheet of companies’’. A bank is a commercial and profit-oriented business whose services and activities are well regulated. A bank must stay profitable, safe, sound and stable. To that extent, Banks and other Financial Industry Act (BOFIA), the law that guides banking businesses, stipulates that all services provided by a bank must be paid for by the customer. In other words, there’s no free lunch in the banking hall. A customer – whether corporate or individual – should never expect to obtain free services from a bank. The charges that Dr. Owhoko and many others complain so stridently about are just the cost you pay for the services your bank renders to you.

    I often wonder why the same people who whine about bank charges are eager to pay various telecommunications charges; cable TV subscription; dry cleaning bills; air tickets; restaurant bills and other sundry obligations without complaints, but are quick to bicker over bank charges. Are banks charity organizations? Don’t they understand the risks involved in keeping trillions of customers’ deposit safe? If you think that bank charges are too high, you may wish to consider keeping your money at home and watch it grow!

    A bank provides the safest and most reliable place to keep your financial treasures. But it comes with huge costs to the banks. Charges on customers’ account are therefore meant to help offset these costs so that the banks could continue to operate in a safe, sound and stable manner. The idea that these charges, which are typically in small amounts, are the main sources of banks’ profit is erroneous. Banks make the bulk of their income from interest earned on loans, investments and other assets. Minor debits like account maintenance fees and SMS charges constitute a small portion of the bottom line.

    Nigerian banks should be commended for their important roles in the economy. They provide funding for big and small businesses like Dangote Industries; the airline industry; manufacturing sector; public sector and even small businesses like schools; restaurants or a corner shop. Instead of bellyaching over minor charges, Nigerians should ask their governments to provide security, stable electricity and adequate infrastructure that banks spend so much to provide.

  • ETIM ETIM: Aniefiok Festus Udott, August 9, 1961 – April 15, 2025

    ETIM ETIM: Aniefiok Festus Udott, August 9, 1961 – April 15, 2025

    It feels so surreal that I am writing Aniefiok’s eulogy. Ani and I were born in the same year –just four months apart; grew up in the same town; attended the same secondary school and university and lived in Lagos at the same time. We were your typical childhood friends, and so I took it for granted that we would grow old together. My heart is heavy and I’m so shattered, pained and disconcerted. The agony, anguish and sorrow are too deep to describe. We had known each other right from childhood, but our friendship actually started in late October 1979 when we bumped into each other at the bookshop of University of Nigeria, Nsukka. ‘’So, you are here’’, we said to each other simultaneously. He had just arrived the campus that day to begin a course of study in Mechanical Engineering, and I had arrived two weeks or so earlier. There and then began a lifelong friendship that brought our two families together.

     Ani is one of the most generous; amiable; affable and good-natured persons I have ever known. He was indeed a visionary who lived a life of purpose and faith. A loving husband and doting father and grandfather, he gave and loved generously; lived with passion and compassion and was driven by an insatiable urge to leave a positive impact and legacy. He was a community leader in the true sense of the word that brought his extended family together and led his community in Akwa Ibom State in warmth, love and peace. Ani was a man of deep faith who contributed generously to build his church in Lagos, Uyo and many other cities in Nigeria – the same church in which his father and father-in-law were elders; the same church in which he met and married his wife of almost 40 years.

    His scholarship scheme for unprivileged children and assistance to widows and to the needy reflect the true essence of his munificence. He was a leading figure in the establishment of a beautiful residential estate in Lekki, Lagos, some 18 years ago, and was working on building a fabrication yard and logistics facility for the oil industry in Akwa Ibom. It’s a project he has been working on in the last 17 years. Unfortunately, he passed just when the dream was to be realized. The more I reflect on his life, the more it dawns on me that Ani is indeed a true manifestation Mathew 5:13. ‘’You are the salt of the earth…’’. Wherever he was, his presence was felt in many positive ways.

    Ani’s father, a successful businessman, died while Ani was only 25 and just starting out on his first job at Shell Nigeria. As was expected, Ani had to marry early – at just 26 – and from that early age, he took on responsibilities that many of his coevals could only imagine or read about in novels. He catered for his mother; siblings and of course, his young family. I visited him in Port Harcourt from my base in Lagos late 1988 and spent a few days with him and his wife, Helyn. Nsikak, the first child, was then a baby. I observed with admiration how Ani had transitioned effortlessly into the role of a family man with many responsibilities. He took me around PH and to his office at TransAmadi.  I noted that he was still his jovial, humorous and witty self. He did not wear the usual grumpy look of a man weighed down by life’s burdens; and throughout the following decades, I can’t remember seeing Ani get angry, indulge in self pity, or wallow in incessant complaints and discontents. He lived a life of contentment, grateful for God’s abundant blessings, acknowledging the inevitability of the many twists and turns of life, but always full of hope and enthusiasm. I won’t forget his jokes, laughter and conviviality.

    Ani relocated to Lagos from PH in early 1990s, and we got closer and closer; and even after relocating abroad since 2015, distance wasn’t a barrier. Naturally, longstanding close friends have one or two things they learn from, or admire in each other. Even before I got married, I learned from Ani the importance of building a peaceful and happy home and admired his ability to learn new things, seek knowledge, unlearn and relearn. I learned a lot about Nigeria’s secretive oil industry from him. It was the subject matter of our discussions the day before he passed. He was very fond of my columns and read them quite avidly, commending quite faithfully. Ani loved Nigeria and despite its many imperfections, he never denigrated the country as is common in the Diaspora community. Instead, he was obsessed with what he could do to make it a better place.

    Now, to Helyn, Nsikak, Udeme and Amanti; and all of the Udott Clan, I know that this is a very painful loss.  I pray for God’s mercy and guidance for all of you.

    ETIM,a journalist, is the publisher & editor-in-chief of Policy and Politics (www.policyandpolitics.com.ng)

  • Democratic Republic of Congo: Contradictions, agony and implications for pan Africanism – By Etim Etim

    Democratic Republic of Congo: Contradictions, agony and implications for pan Africanism – By Etim Etim

    Although the rest of Africa seems to have forgotten about the crisis and wars in the Democratic Republic of Congo (DRC), some scholars, intellectuals and thinkers from the continent are continually engrossed in finding the pathways to resolving the perennial problems in the continent’s largest country. Last weekend, they came together to examine the underlying causes of the conflicts and proffer solutions. It was at a webinar organized by The Pan-African Dialogue Institute (TPADI) on the theme ‘’Invasion of DR Congo: Global interests and implications for pan-Africanism’’ TPADI is an international think tank of African academics, professionals, students, civil society and grassroots leaders in different fields of life within Africa and the Diaspora, coming together for the study, practice, and propagation of Pan-Africanism.

    The Keynote Speaker at the webinar, Prof G. Macharia Munene, is a Professor of History and International Relations at the United States International University Africa (USIU-A). He has taught in several universities in Europe, America and Africa, and published many articles and books. His academic excellence and advocacy have earned him an award as a UN recognized Expert on Decolonization. Prof. Munene gave a historical account of Congo crisis, tracing it to the Berlin Conference of 1884, and argued that the country is “the source of both Pan-African agony and Pan-African consciousness”, because of being subjected to military, mercenary, commercial, mineral resource looting, and spiritual invasions. Congo is geographically a big country and there actually seems to be two countries in one, Eastern and Western Congo. Those in Eastern Congo appear to be closer to East African countries than to Western Congo. To them, the zone around Kinshasa in Western Congo is like a foreign country and Eastern Congo is similarly a foreign country to those in Kinshasa. Congo is rich in strategic minerals and such other forms of wealth like rubber and timber. He noted that DRC is similarly a source of African contradictions of extreme wealth in the midst of extreme poverty – a place of attraction for colonizers to extract wealth accompanied by the pain of poverty for African victims of colonialism. It attracts extra-continental adventurers and wealth looters.

    Participants at the Berlin Conference, Munene reasoned, achieved two things. First they partitioned the Congo zone so that the French, the British, the Portuguese, and the Germans each got a piece of the Congo zone. The biggest beneficiary of the partitioning was King Leopold of Belgium who acquired the entire DR Congo as his personal property, to be called ‘Leopold’s Congo’. The second achievement was to agree on how to claim other African territories without fighting. But Congo was set on a path of destruction.

    The post-Independence killing of Lumumba plunged Congo into Cold War chaos and acted as a warning to other African leaders of what could happen. Leaders of the soon to be independent Kenya took note of those happenings and assured the West that all would be well because thugs would not run the government. Nairobi tried to reconcile the Congolese factions in the 1960s but external forces made sure that the reconciliation would not go far. Mobutu was the main man to be protected by the Western powers in the 1970s even as he looted his country dry. He became so rich and ran his country bankrupt, so much so that he could lend money to his country. He tried derailing the events in Angola, sponsoring Holden Roberto. In his private visits to the US, he still received honored treatment from US President Jimmy Carter.

    Mobutu’s ouster was due to both internal weaknesses as well as external pressure. Internally, he had alienated the Congolese so much that he did not have an army to rely on. He instead relied on mercenaries and mercenaries rarely fight when they should. They simply take the money and move elsewhere. Mobutu’s mercenaries abandoned him to his fate. The external factors involved a coalition of Congolese in exile under Laurent Desire Kabila, a purported follower of Lumumba and who was supported by neighboring countries such as Rwanda, Burundi, Uganda, Angola, Zimbabwe, Tanzania, Ethiopia, Eritrea, and Zambia. Paul Kagame, initially operating from Uganda, came from the 1994 genocide in Rwanda as a savior. About two million genocide suspects, who escaped to Eastern Congo, endorsed Kabila. And so did Uganda’s Yoweri Museveni and other countries which joined the Kabila bandwagon which swept Mobutu out of office into exile in 1997.

    With Kabila finally in Kinshasa as president, he changed the country’s name from Mobutu’s Zaire to Democratic Republic of Congo, DR Congo. He also chased his Ugandan and Rwandan supporters from Kinshasa. His body guards assassinated him in January 2001. He was succeeded by his son, Joseph Kabila. In addition, the anti-Mobutu allies started quarrelling as each country leader looked after his country’s national interests. Some of those interests turned out to be exporting gold and other minerals from Eastern Congo. Some like Rwanda and Uganda, exchanged fire in Eastern Congo or, like Uganda and Zimbabwe, exchanging insult as to who was a lackey of the United States. Kabila transferred power to Felix Tshesekedi in 2019 after an election. Several countries have different excuses for having troops in Eastern Congo ranging from security to supporting Felix Tshesikedi’s government against such rebels as M23.

    Congo also attracts extra-continental players who propel conflicts in return for access to different types of minerals. They supply the guns to keep the violence going and offer ‘humanitarian’ assistance for the victims. Among the extra-continental players in DR Congo are the EU, China, Turkey, United Arab Emirates, France, and Russia. Tshesekedi, probably observing Ukrainian indecision on giving minerals to Trump’s America, offered to give Trump access to Congolese minerals in return for security. The meeting with Masaad Boulos, advisor to Trump on Africa and Middle East, who is also an in-law to Trump, reportedly yielded positive results. It might imply a return to the Mobutu days.

    Prof Munene concluded that the violence in DR Congo is likely to continue partly because it is not in the perceived interests of the forces that control Congo’s resources such as the mining of the minerals. Those forces subject Congo to various types of invasions ranging from the military invasion to commercial as well as beliefs that are designed to dehumanize and enslave people into submission. This is not a new challenge but a long lasting one that has ravaged Congo for more than 140 years.

    Another speaker, Prof. Mutombo Nkulu-N’Sengha, a citizen of DRC and a professor of Religion at California State University, Northridge, USA, is the Vice President of TPADI. In his presentation titled, Geopolitical and Pan-African Approach to the DR Congo Tragedy, he noted that foreign powers have vested interests in the Congo due its vast mineral deposits. Western powers consider Congo, and indeed Africa, as their properties that can be used however they want; and keeping Africa in perpetual conflicts is part of their strategies for continued exploration and exploitation. Prof Mutombo said although many scholars are suggesting that that DRC may be divided into two countries – Western Congo and Eastern Congo – just as the North and South Koreas, he is against demarcation of his native country. For him, division does not necessarily bring a solution and gave the example of Sudan. Eastern Congo has been the in the eye of the storm, he argued, because the largest deposits of minerals are found there. He concluded by calling on all Africans, particularly the Congolese, to rise up, and come together to engage the common enemy, the West.

    The third speaker, Dr. Peter Wafula Wekesa, a Senior Lecturer in the Department of History, Archeology and Political Studies at Kenyatta University, Nairobi, Kenya, is a specialist in border community relations, border resources, identity politics, international relations as his main research focus. He is an accomplished academic with many publications to his credit. On DRC, Dr. Wekesa believes that border and ethnicity issues may not be unconnected to the instability witnessed in the Congo region. Western Powers, he argues, capitalize on ethnic divisions amongst the Congolese to perpetrate their evil agenda, which is to keep the people under subjugation while they exploit their minerals. He therefore called on Congolese and indeed Africans to talk less on the things that divide them but dialogue more on those things that unite them.

    Dr. Francis Khayundi looked at the DRC problems through legal framework. An Assistant Professor of International Law at the United States International University, Africa, he is also an advocate of the High Court of Kenya. At USIU-Africa, he teaches and researches International Law, International Organizations, Refugee Protection, Human Rights, Governance, Data Protection, and International Relations. According to him, the Berlin Conference and its outcome were related to international law as the Western Powers needed to legitimize their actions in Africa through that conference.

    The director of TPADI Commission on African Politics, Governance and International Relations, Dr. Kakai considered the leadership question and its roles in the DRC crisis. He is a Senior Lecturer in the Department of History, Archaeology and Political Studies at Kenyatta University, Nairobi. Dr. Kakai questions the quality of leadership in DRC and wondered if the invasion was as a result of the abundant mineral resources in the country or a result of the collusion between the government and foreign forces. He however insisted that no matter the level of conflicts, the country should not be divided; but remain united and find a lasting solution to their problems.

    The International President of The Pan African Dialogue Institute (TPADI), organizers of the webinar, Dr. Effiong Udo, thanked the panelists for giving the best of their scholarship in enlightening participants on the invasion of the Congo. He noted that what happens in the Congo was of paramount interest to the institute and should be of concern to everyone in Africa. ‘’As Pan-Africanists, we believe that an Injustice to one African is a tragedy to all Africans”, he said. He regretted that the natural resources in Congo have become a curse that has sent millions of Congolese children, women and men to their early graves with no end in sight, stating that every blood spilled in Congo by the M23 militants is either feeding the greed of its leaders or enriching the Western contractors. He encouraged all to embrace dialogue, peaceful and non-violent approach to this conflict against picking arms. According to him, violence has never solved a conflict. He called on the African Union to assist the leaders and citizens of Congo to resolve this prolonged conflict through dialogue and deep thinking or our people will continue to die like fools.

  • Watch out! Our women are fighting back – By Etim Etim

    Watch out! Our women are fighting back – By Etim Etim

    Since late February when Senator Natasha Akpoti-Uduaghan nearly brought down the roof of the Senate, wagging her finger at the Senate President and shouting, ‘’I’m not afraid of you’’, Nigerian women have found their voice and are rising to assert their influence. Akpoti-Uduaghan’s sexual harassment allegation against Akpabio and her relentless pursuit of the matter have further pumped up our women fold; creating a sense in them that they can’t remain silent further. The other day at the airport, a woman caused a stir as she shouted at a middle aged man, ‘’If you cross me, I will deal ruthlessly with you’’. I don’t know what the matter was, but I had to quickly walk away from the scene. On talk shows, women activists are punching the air to make their points on the issue of gender equality and reiterate their support for the embattled Kogi Senator. Last Saturday, a female guest in a TV interview looked intensely into the camera and bellowed out: ‘’we’ve been quiet for so long. It’s time we, the women, came out of our shells and teach the men some lessons’’. But nothing prepared me for the shock of last night when Dr. Oby Ezekwesili, former Vice President for Africa at the World Bank and former Minister of Education, nearly came to blows with Senator Onyekachi Nwebonyi, deputy chief whip of the senate. I have never seen Ezekweisili so agitated, irascible and emotional.

    It was at the sitting of the Senate Committee on Ethics where Akpoti-Uduaghan’s petition against Akapbio was to be heard, and the former minister was there in her capacity as the Country Chair of Women Political Leaders (WPL), a nonprofit foundation that operates as a global network of female political leaders. Nwebonyi attended as a representative of the Senate President, who has been in the centre of the storm. According to Nwebonyi, trouble started when the petitioner and his lawyer refused to go on oath before they could make their presentation. Nwebonyi told Arise News: ‘’When they refused to take the oath, I asked the Chairman of the Committee to call off the meeting as the petitioner was not ready. That’s when Dr. Ezekwesili told me ‘shut up your mouth. You are a hooligan’. A shouting match then ensued. Nigerians are sharply divided on who to blame for the altercation. While some argue that as a man, Nwebonyi should have kept quiet and received Ezekwesili’s insults with equanimity, others claim that the former minister ought not to have been rude to the man, a principal officer of the Nigerian Senate, no matter her status. In any case, Nwebonyi was not even addressing her when she interjected with ‘’Shut up your mouth’’.

    I have known Ezekwesili right from our days in the university in the 1980s as a respectful, courteous and good-natured, but independent minded person, and I have never thought that a day would come when she would call a senator a ‘’hooligan’’. The anger, emotions and the adrenalins we have seen in Nigerian women since the Akpoti-Uduaghan saga have been enormous. Many have thrown away self restraint as they try to make their point. This is their ‘’Me too’’ moment. I recall that #MeToo started in the US as a social movement and awareness campaign against sexual abuse, sexual harassment and rape culture in which women publicize their experiences of sexual abuse or harassment. The phrase ‘’Me Too’’ was initially used in this context in the US in 2006, on Myspace, by a sexual assault survivor and activist, Ms Tarana Burke; and the hashtag #MeToo was used in 2017 as a way to draw attention to the magnitude of the problem in the US. ‘’MeeToo’’ is therefore meant to empower those who have been sexually assaulted through empathy, solidarity and strength in numbers, by visibly demonstrating the depth of the problems, especially at workplace. So far, Nigerian activists have not used the hashtag #MeToo in their advocacy, but I will not be surprised if someone comes up with a typically Nigerian creative slogan. It’s not long ago that we had #EndSARs; #EndBadGovernance and #NoGreeForAnybody.

    Now that personalities like Oby Ezekwesili have come out to openly identify with Akpoti-Uduaghan, it is important that Nigerian men realize just how important this issue is to our womenfolk; how sensitive they are to such matters, and that the women are fighting back in unimaginable ways. To my fellow men, let me warn that the era of leering lustfully at women or making comments about a woman’s bust or length of her skirt is gone. You could be accused of sexual harassment for passing what you think is an innocuous joke. Last May, Mrs Simisola Ajayi, an assistant to the Minister of Foreign Affairs had accused the Permanent Secretary in the Ministry, Ibrahim Lamuwa, of sexual harassment. Mrs Ajayi had petitioned the then Head of the Civil Service of the Federation, Mrs Folashade Yemi-Esan of serially making passes at her despite her status as a married woman. Then Head of Service promptly suspended the Perm Sec, but the matter had since died. Attempts by the House of Representatives to weigh into the matter quickly fizzled out. Activists like Dr. Ezekwesili did not even bother to comment on it, perhaps because Mrs Ajayi is not a senator. That’s how Nigeria works. If you are not a big man (or woman), nobody fights your fight. The reason Natasha’s matter has become an international embarrassment is because she is a beautiful senator married to a Warri chief. If she were a teacher in my village, nobody would listen to her even if her headmaster had torn her skirt!

    Nigerian women are fighting back to assert their position as equal partners in society and demand for respect, recognition and a place at the table. But like all struggles, this one requires good strategies and long-term planning; not emotions and insults.

  • Why African countries should trade amongst themselves – By Etim Etim

    Why African countries should trade amongst themselves – By Etim Etim

    Africans could be incredibly hard on themselves. We complain about bad leadership, corruption, economy, the weather and even our accent. But the continent continues to record noticeable achievements in key sectors. Take intra-African trade, for example. Decades ago, we rarely had anything to buy from one another. But according to Afrexim Bank, in 2023, despite a volatile global economic landscape, intra-African trade remained resilient, standing as a beacon of hope for sustainable development in Africa. It grew at 7.2% year-on-year, reaching $192 billion, which accounted for 15% of total African trade in 2023, up from 13.6% from the previous year. Although this is a notable triumph, African business leaders are not resting on their oars. They want to trade more amongst themselves; break down barriers that keep us from visiting each other more freely and integrate the continent into a large economic bloc. But there are important challenges to overcome before the continent could deepen its intra tade volume. Last week, Access Bank Plc hosted the inaugural Africa Trade Conference in Cape Town, South Africa, bringing together industry leaders, policymakers, and trade experts to drive solutions for accelerating intra-African trade and unlocking the continent’s economic potential. The conference tackled critical challenges, including limited access to capital, market information gaps, trust deficits between trading partners, and the urgent need for modernised trade infrastructure.

    Roosevelt Ogbonna, the bank’s Managing Director/CEO delivered the opening remarks, setting the tone for discussions by highlighting the critical barriers hindering trade across Africa. He emphasised the urgent need for financial sector collaboration to facilitate seamless access to capital and foster a business environment where African enterprises can scale and compete globally. “We must invest in the initiatives that ensure that we can bring businesses together, forge trust, and create the connections necessary for trade. In doing so, we must stamp out the narrative that ‘Made in Africa’ is inferior to any product made anywhere else in the world. We must buy Africa, be proud to wear Africa, and invest in Africa because that is what the continent needs to leap forward into the next generation,” Ogbonna stated.

    He highlighted the need for Africa to take control of its economic destiny by fostering deeper collaboration, investing in financial infrastructure, and creating home grown solutions that drive sustainable growth.

    Ogbonna underscored the shifting dynamics of global trade and increasing need for Africa to look inward. The world, he noted, has become more fragmented, with rising nationalist tendencies and supply chain disruptions that have disproportionately impacted the continent. These challenges, he argued, present an opportunity for Africa to strengthen its trade networks, support local businesses, and build the resilience needed to compete on a global scale. However, for this vision to become a reality, several structural barriers must be addressed. One of the critical issues is the challenges businesses face in securing capital. While many African enterprises have the ambition to scale, the excessive cost of financing often inhibits their ability to expand. He advocated a financial services sector that is designed to empower businesses, making capital more accessible and affordable.

    His words: “Many businesses on the continent struggle to find capital or access to capital and the right structure of capital, and when they do find it, the cost of capital is so significant that it makes it unbelievably expensive for them to be able to raise capital and still do business competitively. That has to change. We have to create a financial services sector that empowers businesses, one that makes it easier and seamless for businesses to be able to access capital, to able to invest in growth, invest in innovation, and of course, the muscle they need to expand beyond their local boundaries. It is clear that we need to create a network of Africa financial giants who are willing to create home grown solutions to support the continent in achieving the objectives that we have set for ourselves.”

    Beyond financial constraints, limited access to market intelligence remains a major hurdle. Many African businesses lack the necessary insights to identify trade opportunities beyond their local markets. Leveraging technology to enhance information-sharing can bridge this gap, enabling businesses to make informed decisions and seize growth prospects across the continent.

    Apart from capital, Ogbonna highlighted the critical role of access to information. Many businesses struggle to find the data and intelligence necessary to make informed decisions and identify opportunities beyond their national borders. He stressed that leveraging technology to bridge this gap will be instrumental in driving cross-border trade and creating a more connected Africa. He also addressed the issue of trust between trading partners, noting that historic challenges, inconsistent regulations, and varying standards have contributed to a lack of confidence in intra-Africa trade. Overcoming this scepticism, he affirmed, requires deliberate efforts to harmonise standards, foster cooperation, and shift perceptions about the quality of African goods and services. He urged African businesses to take pride in what they produce, invest in local industries, and reject the notion that products made on the continent are inferior to those from elsewhere.

    There is also the urgent need to modernise Africa’s trade routes and infrastructure. Drawing on historical examples, he pointed out that Africa once had well-established trade corridors that connected it to the Middle East and Asia. Today, however, inefficient transport networks and regulatory bottlenecks make it easier for businesses in Angola to trade with Portugal than with South Africa or Nigeria. He called for a renewed commitment to building the infrastructure and regulatory frameworks necessary to facilitate seamless trade across the continent, ensuring that goods, services, and capital can move freely between African nations.

    The Access Bank Africa Trade Conference represents a significant step toward fostering dialogue, building partnerships, and driving policy initiatives that support Africa’s economic transformation. As the continent continues to navigate global uncertainties, events like this serve as a reminder that Africa’s future lies in its ability to collaborate, innovate, and build a sustainable trade ecosystem that benefits all.

    With Africa’s population projected to surge to 2.5 billion by 2050 from 1.2 billion, the African Continental Free Trade Area (AfCFTA) stands as the most significant free trade initiative since the formation of the World Trade Organisation. By fostering economic integration, AfCFTA has the potential to reshape trade dynamics across the continent, creating a unified market that enhances industrialisation, boosts employment, and strengthens Africa’s global competitiveness. Recognising this transformative opportunity, Wamkele K. Mene, Secretary-General of AfCFTA, emphasised the urgency of fully implementing the agreement to unlock its immense benefits. He said: “The AfCFTA is not just a trade agreement; it is an instrument for Africa’s industrialisation and economic sovereignty. It is a tool that will enable us to break down historic trade barriers and build an Africa that is self-sufficient, competitive, and prosperous. But for this to happen, we must commit to operationalising the agreement fully, ensuring that businesses, particularly SMEs and women-led enterprises, have access to the information, capital, and platforms they need to thrive’’.

    Also, Kanayo Awani, Executive Vice President of Afreximbank, emphasised the importance of financing mechanisms that support African businesses in their expansion across borders. She reaffirmed Afreximbank’s commitment to championing trade finance solutions and infrastructure investments that will unlock Africa’s trade potential.

    “At Afreximbank, we understand that trade finance is the lifeblood of economic development. Without it, businesses cannot scale, industries cannot innovate, and Africa cannot fully realise its trade potential. This is why we have developed instruments such as the Pan-African Payment and Settlement System (PAPSS) to facilitate seamless transactions across borders, reducing reliance on foreign currencies and strengthening intra-African trade,” Awani remarked.

    The conference featured an insightful testimonial from Nathalie Louat, Global Director at the IFC/World Bank Group, who pointed out the pivotal role of trade finance in enabling cross-border transactions and supporting financial inclusion. She underscored the long-standing partnership between IFC and Access Bank in fostering Africa’s economic resilience. Several high-level panel discussions explored strategies to overcome trade barriers and enhance market access through innovative solutions. Experts from leading institutions, including Deutsche Bank, Traydstream, OWP Partners, Fiducia International, and more, examined how infrastructure improvements, digital solutions, and policy harmonisation could drive economic growth and boost intra-African trade.

    Dr. Marc Auboin from the World Trade Organization (WTO) shared key insights on how digital transformation is reshaping Africa’s supply chain landscape, creating efficiency and unlocking new global market opportunities. Tanya Dos Santos-Ford from GIBS Business School also led a session on sustainable trade practices, emphasising the need for environmentally responsible economic growth strategies. The event culminated in an awards ceremony recognising outstanding contributions to intra-African trade and economic transformation. Tradepass Commodities Limited (Ghana), Chemaf International FZE (DR Congo), and Harvest Group of Companies (Zambia) were honoured for their impact on SMEs and women-led trade enterprises. Bulkstream Limited (Kenya) and Electricidade de Moçambique (Mozambique) received awards for advancing intra-African trade, while Tennant Metals South Africa Pty Ltd was recognised as an Emerging Leader in Trade.

    The International Finance Corporation (IFC) was awarded the Climate Finance Leadership Award, while Afreximbank received the Champion of Intra-African Trade Award. The African Development Bank (AfDB) and Africa Finance Corporation (AFC) were celebrated for their roles in economic transformation and infrastructure finance, respectively. The prestigious African Icon Award was presented to IHS Group, Dangote Industries Limited, and MTN Group Limited for their significant contributions to Africa’s economic progress.As the conference ended, Seyi Kumapayi, Executive Director, African Subsidiaries at Access Bank, reaffirmed the institution’s commitment to supporting trade finance, fostering regional integration, and championing policies that create an enabling environment for businesses across Africa.

  • Ibom Deep Sea Port and Nigeria’s maritime economy – By Etim Etim

    Ibom Deep Sea Port and Nigeria’s maritime economy – By Etim Etim

    With a 129-km coast line – the longest in the country – and many inland waterways, Akwa Ibom State is designing new schemes to exploit the huge potentials in its maritime economy. And this costs a lot of money.

    The government is building a deep sea port, designed for very large vessels that can load over 13,000 containers in one voyage. It is a joint venture with the Nigerian Port Authority with the Singapore-based Global Maritime & Port Services PTE Limited as the transaction driver. The government is pleading with the Tinubu administration for the full support of the federal government to realize the construction of the deep sea port as the other ports in the country; especially the ones in Lagos are congested. In the meantime, the state government is also developing a modern maritime infrastructure in the coastal town of Oron to facilitate trade, water transportation, boost tourism and reap the benefits of the maritime economy. The project includes a terminal building, new cargo jetty, ferry jetty and joint task force (JTF) jetty.

    There will be high-capacity storage facility for warehouse, dry storage and cold room, in addition to provision of shoreline and embankment protection facility. To boost water transportation between the state and neighbouring Cross River State, the government has already ordered Nigerian Naval Shipyard Limited, a subsidiary of Nigerian Navy, to build two luxury ferries, one of which is expected to be delivered later this year. Each ferry will carry 150 passengers. To encourage leisure and tourism, there is a provision for a garden at the beachfront and a facelift for the museum in the town. Rear Admiral Etop Ebe, the Superintendent of the Naval Shipyard said the ferries would be built to international standard with consideration for safety and comfort.

    The provision of ferry service will essentially restore interstate passenger water transportation which was the only mode of transport between the two states till the now dilapidated Calabar-Itu-Uyo highway was constructed in 1978. Gov. Umo Eno said at the flag-off of construction work that the project is meant to ‘’ignite the renewal and renaissance of Oron as a thriving beachfront town’’. Currently over 1,000 workers are employed at this construction stage, according to Fassal Harb, the chief executive of Bulletin Construction Company which is handling the project. Developing the maritime economy, also known as the blue economy, is an important component of the governor’s economic blueprint. Blue economy creates jobs; drives up revenue; boosts tourism and recreation; facilitates transportation and adds to the GDP growth, among many other benefits. Together with the N5 billion cash and equipment support the government is currently doling out to thousands of NMSES (Nano-, micro- and small-scale enterprises), the new investments in the maritime sector should go a long way in stimulating rural economic activities. ‘’My main objective is to create a secondary, rural-based economy in the state that will not only provide food to the urban markets, but ensures that our communities are more developed and livable’’, the governor said.

    With the investment in maritime infrastructure, the government is hoping to enhance food production through fishing and aquaculture. From generation to generation, Oron has been a major source of seafood in the country, and the provision of cold room by government as part of the infrastructural overhaul will further improve its supply. Marine insecurity was a challenge in the past as pirates regularly mugged fishermen and farers. To curb this, Gov. Eno has created Ministry of Internal & Waterways Security and appointed a retired army general as commissioner to curb security challenges in our waterways. The efforts have paid off. A Marine JTF jetty and outpost together with a solar-powered lighting are will further enhance security of the Oron beach.

    Ibom Deep Sea Port is an important national infrastructure that the federal government ought to support wholeheartedly for the development of the maritime sector in the Gulf of Guinea. Nigeria will benefit enormously from it. Let’s get it done!

  • Babangida, Dele Giwa and June 12 – By Etim Etim

    Babangida, Dele Giwa and June 12 – By Etim Etim

    Nobody had expected that Gen. Ibrahim Babagandida would be truthful in all the claims in his autobiography; or that there would not be twist of history in his narrations and recollections. After all, autobiographies in their very nature are typically replete with embellishments and overstatement of personal acts of heroism.

    In my preview of the book, titled a Journey in Service, published three weeks before its launch on February 20, I had forewarned that the book may not offer much more than we had known on the major issues of his eight-year rule. I noted that because most of those who were part of his government had passed away, ‘’IBB therefore has enough motivation to engage in revisionism and embellishment of his story’’. I wrote: ‘’Babangida has a lot to tell Nigerians and I hope that he would be honest and candid. Coming this late, will IBB’s book be worth the wait? Will he give honest answers to the many puzzles that dogged his administration or is this a mere attempt to burnish his image and rewrite history as he prepares for the final phase of his life?  It’s been a generation since Gen. Babangida hurriedly put together a contraption called interim national government and left office after an eight-year deceptive dictatorship. His transition programme was a farce, illusory and wasteful’’.

    I have just finished reading the book, and I must confess that I was not prepared for the scale of obfuscations and revisionisms embedded in it, and in no other section is this more obvious than the one on the Dele Giwa assassination.  Babngida claims that Giwa was killed as ‘’part of a series of booby traps and acts of destabilization being hatched against (his) administration’’ and it was meant as a ‘’political blow to the young military administration’’. He says the insinuations that the parcel bomb had emanated from ‘’the headquarters of the administration as cheap and foolish’’, asking: ‘’why would an officially planned high-level assassination carry an apparent forwarding address of the killer?’’.

    In other words, IBB is arguing that, if indeed, the military or his government had dispatched the bomb, the parcel would not have borne the coat of arms and the words ‘’From the C-in-C’’. He blames Newswatch management for frustrating police investigation by ‘’recourse to play to the gallery of public sentiment’’, and noted that “the involvement of high-profile lawyer Gani Fawehinmi and the populist slant given to the case by the media poisoned the investigation with political overtones. The investigation into the Giwa murder became part of the tools in the armour of a growing political opposition targeted at discrediting the military over the planned political transition programme and human rights issues’’.

    This is as specious as you can possibly get; and to blame the management of Newswatch, and Gani Fawehinmi (who died many years ago) is to say the least very cruel. Many Nigerians are still convinced that the régime and/or the military authorities were complicit in the murder of Giwa. No civilian individual or organization had the technology, capability and sophistication to deliver a parcel bomb in Nigeria of 1986; and even as I write, the technique of packing explosives into a package; wrapping, sealing and delivering it to the intended receiver, in such a way that it could only explode when opened is a complicated technique available only to military and security authorities. That is why parcel bombs have not been used to settle scores with all the political assassinations we have had since 1999. The idea that Giwa’s murder was all ‘’bobby traps’’ and a ‘’political blow’’ meant to destabilize the régime suggests that Babangida knows more than he’s telling us. As experts often tell us, understanding the motive could be crucial to solving a crime.

    In the days leading up to the assassination, Giwa was thoroughly hounded, harassed and hunted by the officials of the military intelligence. He was falsely accused of gun running and other heinous crimes. Afraid for his safety and security, Giwa reported the matter to his lawyer and senior government officials, but the snare had already been set up for him. The parcel was delivered to him a day after a military intelligence officer called Giwa’s home and asked for the address; and Giwa’s wife, Fumi, who took the call, innocently obliged the caller. Curiously, IBB omitted this damning sequence of events in his book.

    That the parcel bore the seal of the government was just a clever ploy to deceive the recipient into opening the package. The planners of the plot had known that since Giwa was in regular contact with the President, and had previously received letters from the government; such an insignia on the package would be a convincing reason for him to open it.  The aim was to kill him at all cost.

    I have spoken to Ray Ekpu, the editor-in-chief of Newswatch, and he’s promised to issue a statement on IBB’s claims after consulting Dan Agbese; Yakubu Mohammed and their lawyers. I look forward to reading their rejoinder, and Ekpu’s autobiography set for publication next year. I am sure he will tell the Giwa story more truthfully.

    Another disturbing aspect of the book is Babangida blaming Sani Abacha for the annulment of the June 12 election. He claims that the election was annulled by forces loyal to Sani Abacha while he, IBB, was in Katsina to visit with the Yara’Adua family that had just lost its patriarch.  The government and the military were polarized and split in the middle with some officials opting for the annulment while others were against it. He stated he was afraid for his life and safety and believed that Abacha was ready to lead a coup and assassinate him and/ Abiola. Babangiga concludes that it was Abacha that deceived Abiola into rejecting his offer to be head of the interim government he was setting up.

    By blaming his failure to handover and conclude the eight-year transition on Sani Abacha, IBB appears as a coward who could not rein in on a fearsome fiend. In one breath, he commends Abacha for his loyalty and sparing his life in two instances, and in another, he presents Abacha as an evil, power drunk officer who was desperate to torpedo the transition programme and plunge the country into turmoil in order to take power. If IBB knew this much about him, why was Abacha not retired? It is a reasonable assumption that the two might have entered into a pact to let Abacha take over after IBB had ‘’stepped aside’’.

    Babangida’s accounts of the Giwa murder and the annulment of the June 12 election nearly rendered the whole volume distasteful. But it’s a good reading, rich in history, and well researched and written. I suspect that that it was ghost-written by Yemi Ogunbiyi and Chidi Amuta, two of Nigeria’s outstanding journalists, who are well acknowledged by the author for their support. In fact, IBB’s book has a striking similarity in style and language to Ogunbiyi’s memoire, The Road Never Forgets, published in 2022.

  • Oil politics and community development: A note to Seplat Energy – By Etim Etim

    Oil politics and community development: A note to Seplat Energy – By Etim Etim

    Seplat Energy Plc, an indigenous oil and gas producer, is settling down to business in Akwa Ibom State with its successful acquisition of the assets and liabilities of ExxonMobil Producing Nigeria Unlimited last year. It was one of the protracted corporate purchases in Nigeria’s oil industry lasting well over five years. ExxonMobil had operated in the state for over 50 years (It started as Mobil and in November 1999, merged with Exxon to form ExxonMobil) and had become an important part of Akwa Ibom community until it was bought last year for $1.3 billion by Seplat. To make its presence easily felt in the state, Seplat appointed an eminent Akwa Ibom son, Senator Udoma Udo Udoma as its Board chairman. Early this year, the chairman led the company on a visit to Governor Umo Eno. I congratulate Senator Udoma on his appointment and I welcome Seplat to Akwa Ibom the state. But I have a few words of advice to the company.

    During the visit to the Government House, Senator Udoma told the governor that the company is willing to partner with the government for sustainable development and would ‘’support the socioeconomic development of Akwa Ibom State’’ and improve the wellbeing of the host communities. He said Exxonmobil was acquired by a subsidiary of Seplat known as Seplat Energy Offshore Limited, and clarified that the new entity will now be known as Seplat Energy Producing Nigeria Unlimited (SEPNU) and that all assets and liabilities of the previous company would be retained. Gov. Eno welcomed the company and promised cooperation of the government.

    The specific roles and contributions of oil companies to the host communities are well spelt out in the Petroleum Industry Act and I am sure that SEPNU will do well to adhere to the provisions of this law and establish healthy relationships with its host communities in particular and Akwa Ibom State as a whole. But there are other items that I wish to bring to the notice of the company in terms of its relationship with Akwa Ibom State. First, ExxonMobil was a very responsible corporate citizen and through its conducts; it endeared itself to the people and the government. It had a lot of Akwa Ibom people in its senior management cadre. My good friend, Udom Inoyo, who is also well known to Senator Udoma, rose from a junior executive position hired in 1989 to the position of Executive Vice chairman from where he retired a few ago. There were many other Akwa Ibom sons and daughters in senior positions as geophysicists; engineers; lawyers; HR; finance; communications and IT specialists, etc.

    Now, these people are retiring, and I want to advise that SEPNU should replace them with other Akwa Ibom people who are qualified to hold these positions. SEPNU should not make the mistake of replacing them with people from other places with the hackneyed excuse that ‘’there’s no qualified Akwa Ibom person for the job’’. I have heard such silly excuses from other companies, and I believe that with Senator Udoma as Chairman, Seplat will not insult our people with a similar justification. In fact, SEPNU may have to draw up an affirmative action to ensure the employment of our people in all cadres; with at least two Akwa Ibom people in executive positions. There are many qualified Akwa Ibom persons and they are capable of competing for any position in the company. Akwa Ibom people will resist every attempt at cleansing out our people who were hired, trained and groomed by ExxonMobil from SEPNU.

    ExxonMobil had also built and maintained a large pool of competent contractors and service providers from Akwa Ibom State. I will imagine that SEPNU will continue to use them and add more to the list in future. In fact, it would be cost effective for SEPNU to encourage service providers to be located close to QIT instead of mobilizing them from Warri, Lagos or Port Harcourt to its shallow water platforms. In terms of educational intervention, SEPNU should also offer generous scholarships to Akwa Ibom students at various educational institutions. ExxonMobil was also very good at this. The technical training center built by ExxonMobil in Eket which served as a training facility for the technical staffs will have to be upgraded to a full-fledged engineering center. ExxonMobil had planned to establish an engineering center at the University of Uyo, but unfortunately, the plan was not fully realized before it exited the State. An engineering center is relevant for the Nigerian oil industry as a training facility for the core professionals in civil, mechanical, petroleum and alternative energy engineering. SEPNU may wish to go ahead and either upgrade the training center to an engineering centre or complete the one ExxonMobil was planning to build at UniUyo as well as continue with the trauma center it was planning for University of Uyo Teaching Hospital.

    The location of ExxonMobil’s corporate headquarters in Lagos was a major concern to Akwa Ibom people and the state government. The company resisted pressures from successive governors to relocate to Akwa Ibom despite the incentives and conducive business environment the state offers. As a renowned corporate lawyer, Senator Udoma understands the intricacies of oil politics and he’s in a position to guide Seplat on the issue of headquarter location. Seplat will do well to respect the people; interests and cultures of our people and work to establish mutually beneficial relationships with the people and their government.

    I have a word for the host communities and the state government. Undoubtedly, they have their respective roles in making a success of Seplat’s entry to the state. While the PIA authorizes oil companies to pay royalties directly to the host communities, it is the responsibility of the host communities to manage these funds efficiently, transparently and develop the communities. The monies are not to be shared among community leaders.

    The state government is expected to deploy tax revenues and contributions from the oil company to create enabling environment for the growth of business. I recall that in 2011, ExxonMobil paid N8 billion to Akwa Ibom government when Godswill Akpabio was governor as its contribution to the repairs and expansion of Eket-Ibeno Road. But quite curiously, the Udom Emmanuel administration that succeeded Akpabio later denied that the money was paid. The denial created quite a furore and resulted in an unfortunate and needless controversy which embarrassed our people, including Akwa Ibom executives in the company. It was enough to discourage future CSR initiatives from the company. The government has a responsibility to manage its resources responsibly and transparently to earn the confidence of the citizens and investors.

    I’m pleased at the appointment of Senator Udoma as the Chairman of Seplat. In 2021, I put him and 12 other persons on the cover of my book on the struggle for the abrogation of the onshore-offshore oil dichotomy. As a senator between 1999 and 2007, he fought hard to ensure the abrogation of the obnoxious dichotomy and with that, Akwa Ibom has been receiving billions every month in oil revenues. Senator Udoma is one of the most upright; decent and honest Nigerians. I’m sure that he will protect our interest.

  • Mass weddings in Northern Nigeria – By Etim Etim

    Mass weddings in Northern Nigeria – By Etim Etim

    The headlines last week gave a kaleidoscopic picture of the Nigerian tragedy: Lagos State allocates N3.5 billion to improve power supply; Kano votes N2.5 billion for mass wedding. It captures the inherent absurdities in our nation and the different the mindsets of its leaders. While a section of the federation is investing in key infrastructure and human capital development, the other half is wasting away resources on things that induce poverty and hasten underdevelopment. In its 2025 budget, Kano State government is allocating N2.5 billion for sponsorship of mass weddings in the 44 LGAs. Total fiscal proposal is N719. 7 billion. Commissioner for Planning and Budget, Musa Shanono says the government is sponsoring mass wedding in order ‘’to promote social responsibility, human rights and transparency, in addition to fostering sustainable society’’.

    Kebbi, another state in the same North West, would splash N54 million to sponsor mass wedding for 300 couples on February 27. Chairman of the organizing committee, Alhaji Suleiman Argungu, said the event is a fulfillment of the pledge made by Gov. Nasir Idris at a similar ceremony last year. The governor had promised that mass wedding would be a regular program of his administration. In addition to the payment of bride prices on behalf of the groom, the couples will receive household items such as furniture and food items ‘’to help them establish a stable marital life’’, according to Alhaji Argungu.

    Many states and well-to-do persons in the North routinely sponsor mass weddings to goad poor individuals into marriage. In October 2020, then Senate President Ahmed Lawan sponsored the wedding of 100 couples whom he identified as orphans and the less privileged in his constituency. Over 5,000 persons are wedded every year in such ceremonies.  But why are mass weddings so important in Northern Nigeria? There’s a political dimension to it. Although they are presented as welfare or philanthropic gestures, mass weddings are in reality meant to encourage rapid population growth, which the elites believe, ultimately confers electoral advantage to the region. This is why Northern politicians are always quick to boast that the region will always determine who wins Nigeria’s presidential elections.

    But they have failed to realize the problems associated with unbridled population growth such as overcrowded cities; resource depletion; unemployment; strain on infrastructure and social services; increased crime; decreased quality of life; increased disease transmission; increased poverty; inadequate housing and overwhelmed healthcare and educational systems.  According to UNICEF, there are 18.3 million out-of-school children in Nigeria, of which 10. 2 million are of primary school age and 8.1 million are of junior secondary school level. Most of them are in the North where terrorism has been a big problem.

    Instead of tackling this globally embarrassing problem, Northern political leaders are more interested in boosting population growth by offering the poor all-expense paid weddings. The urge to control power and be in public office is stronger than the need to enhance the welfare of their people.  But a poverty-stricken and poorly educated population is less likely to take care of its offspring; thus perpetuating a vicious circle of poverty and dragging the rest of the society back. Without skills, education and future prospects, they are easily recruited into terrorist groups; kidnap and robbery gangs. They do not work; don’t pay taxes, but rely solely on alms and government handouts. Some drift southwards where they take to menial jobs in big cities; constituting themselves into social menace and security risks. This is the problem of Northern Nigeria, which has become the Nigerian crisis. Mass weddings are a clear example of how a government’s welfare programme could be counterproductive.

    Nigeria has one of the highest fertility rates (number of births per woman) in the world. As at 2022, it was 5.14 per woman. It is far higher in the North, with some states like Katsina hitting 7.4; and lower in the South, as low as 3.2 in some Southern States, according to the economist. The import of this disparity between the two regions is obvious. While one region is far more economically progressive, the other seems to be travelling back in time. A 7.4 fertility rate is higher than what the global rate was in the 1800! Nigeria’s population is growing quite rapidly, faster than GDP’s three per cent growth rate. Income levels are also very low in the country.   A recent report by McKinsey & Company, an international consulting firm, stated that less than one million Nigerians in both government and private sector earn up to one million naira per month. Our huge population therefore does not necessarily translate into a big consumer market with more than 70 per cent of the population living in multidimensional poverty. Northern Nigeria underperforms the South in almost all indices: per capita income; employment; school enrolment; WAEC performance; poverty rates and many others. The convention wisdom in many parts of the world is that no young man seeks to marry and start a family until he has a means of livelihood.

    In recent times, a few Northern leaders like Gov. Sule of Nassarawa State have admitted publicly that the region has failed in its basic responsibilities to the citizens. Speaking in Lafia at a conference on population dynamics, security, climate change, out-of-school and vulnerable children last November, Sule said it was time for the North to address the challenges of the almajiri system. ’’The almajiri problem is indeed a huge issue for us. It’s time we stopped complaining and took the bull by the horns to solve it. He attributed the persistence of the almajiri problem to systemic failures and the neglect of parental responsibilities.

    Mass weddings have not helped the North. Rather, it has perpetuated poverty and it’s time to modify it. One way of doing this is to train the would-be couples in any trade of their choice; give them grants for take-off and offer to sponsor the weddings of only those who can fend for themselves.  In that case, mass weddings would become incentives for economic empowerment rather than a tool for subjugation.

  • Babangida’s autobiography – By Etim Etim

    Babangida’s autobiography – By Etim Etim

    The news that Gen. Ibrahim Babangida is set to launch his autobiography next month, 32 years after he left office as our fourth military dictator, is one of the surprises of 2025, but will the memoire answer the many questions Nigerians have been asking?

    I had long given up expecting a memoire from IBB. He has a lot to tell Nigerians and I hope that he would be honest and candid. Gen. Gowon also owes Nigerians a full account of his story. Coming this late, will IBB’s book be worth the wait? Will he give honest answers to the many puzzles that dogged his administration or is this a mere attempt to burnish his image and rewrite history as he prepares for the final phase of his life?  It’s been a generation since Gen. Babangida hurriedly put together a contraption called interim national government and left office after an eight-year deceptive dictatorship. His transition programme was a farce, illusory and wasteful. Nigerians have moved on and practically forgotten about him.

    A lot of those who were either members of his regime or active participants in the polity in those days have either passed away or are too old to bother about what he writes. IBB’s book may therefore escape a rigorous scrutiny from eyewitnesses to the events of that era like other such accounts from Obasanjo and other civil war actors. Given IBB’s notorious predilection to obfuscate facts and dribble the country when he was the Head of State (the press did not name him ‘’Maradona” for nothing), this book will likely be a mere addition to the shelf.  Nothing new will come out of it. But I want to be surprised.

    What will IBB write about the coldblooded assassination of Dele Giwa, one of the nation’s finest journalists, in the morning of Sunday, October 19, 1986, through a parcel bomb delivered to his home in Ikeja, Lagos? What reasons will he give for the annulment of the June 12, 1993 general election, an event that set off the most cataclysmic political crisis in the country after the civil war? Will IBB write candidly and honestly about Gloria Okon; the $12 billion Gulf windfall; Nigeria’s membership of OIC; Ebitu Ukiwe matter; Vatsa’s coup; Orkah’s coup and his endless transition programme? Nothing defines the IBB junta and his persona like the heartless killing of Dele Giwa. I look forward to reading a full and honest account of the sad event in his book.

    Babangida had always struggled to live with the negative impressions Nigerians have of him. He believes that he should be treated like a respectable global statesman in the mold of Gen. Obasanjo. He has consistently denied complicity in the numerous atrocities that happened under his watch, hoping that somehow, we would forgive him. He had always toyed with the idea of coming up with a memoire, but he was never sure of how well it would be received. In 2018, he told journalists that he was not sure that ‘’Nigerians would like to read about a dictator’’, a self-deprecating way of lowering expectations in whatever he came up with. With Chief MKO Abiola; Prof. Humphrey Nwosu; Chief Gani Fawehinimi; Dr. Beko Ransom Kuti; Admiral Augustus Aikhomu; Admiral Ebitu Ukiwe; Dr. Chu SP Okongwu; Gen. Sani  Abacha and many others who fought against him; worked and walked with him gone, who shall offer counter narratives? In his own memoire published a few years before his death, Prof Nwosu, the INEC chairman (it was then known as NEC) who supervised the 1993 presidential election laid the blame for the annulment on IBB’s insatiable appetite to prolong his stay in office. I’m eager to read the general’s response.

    Of the 28 original members of the Armed Forces Ruling Council (AFRC), the regime’s highest policy and legislative body, only IBB who served as its chairman, is alive. He’ll be 84 in August. Many of the newspapers that thrived during his time have died. A lot of the journalists that covered him are now old; some suffering from memory loss and other impairments. IBB therefore has enough motivation to engage in revisionism and embellishment of his story. He should, however, be reminded that Ray Ekpu, who was the deputy editor-in-chief at Newswatch magazine, is alive and well; and is writing his own memoire. Funmi, Giwa’s widow and Billy, his young son who collected the parcel bomb from  gateman and took it to his father, are also alive. The other key members of the Newswatch family like Dan Agbese; Yakubu Mohammed; Soji Akinrinade and Kayode Soyinka who was with Giwa at his study when the bomb exploded, and a few others are also well and kicking. I am sure that they will read IBB’s book with considerable concentration.

    At this point, I remember the firebrand lawyer and civil rights activist, Gani Fawehinmi, who fought tooth and nail to save Dele Giwa as the regime’s killing machine was closing in on him. Even after Giwa’s assassination, Fawehinmi continued to fight to uncover the truth and bring the suspects, who were the intelligence chiefs in the military, to justice.

    I had a taste of IBB’s repression. I was a young reporter of only 27 years of age at The Guardian newspaper when the regime locked me away for three months in 1988 for doing nothing other than my work as a journalist. I am eagerly waiting to read this autobiography.