Opinion
Nigeria’s bleeding economy and quest for a sound CBN governor
By Yakubu Sani
At no time in history has the global social and economic dynamics been so challenged like now. It is coming at a time of Nigeria’s transition from one government to another. The good thing is that the president-elect, Bola Ahmed Tinubu, is a man of excellence, who has been roundly acknowledged as a recruiter-in-chief. He will go the breadth and length of every circumstance to get eggheads into his government. He is a man who doesn’t take no for an answer.
A time of economic uncertainties such as this requires Nigeria’s best brains to ensure quick wins. Despite the scepticism by cynics, those who believe in the in-coming government are beginning to set agenda and putting timelines to deliverables. If this optimism must see the light of the day, competent Nigerians must be drafted to manage the economy. It has been said that the height of any building depends on its foundation. Hence, for Tinubu to demystify or shame cynics and nay sayers he must go for the best.
For any government to succeed and even surpass the expectations of its citizens, keen interest must be given to who heads the Central Bank of Nigeria (CBN) because the success or failure of any government depends largely on diligent and meticulous implementation of sound macro and micro economic policies. And it takes those who have learnt through the ropes.
Such technocrats are not in short supply in Nigeria. The country boasts of financial technocrats who have risen to the top in their banking career through dint of hard work, diligence and character.
Experience has shown that talent is not just enough. There is no doubt that the incoming president who is a recruiter of the best hands would also go for someone of impeccable character to head the apex bank. Nigeria has financial czars and unparalleled boardroom gurus who match the man Tinubu needs to handle the CBN, especially at such auspicious time as this – a financial expert who has remained unblemished all through his career in the banking sector.
A time-tested saying goes that “the reward for great work is often more work.” Similarly, the 26th president of the United States, Theodore Roosevelt, was famously quoted to have said, “The best prize that life has to offer is the chance to work hard at work worth doing.”
Throughout history, it has been proven true that the best way to get things done is to put square pegs in square holes. That is why governments around the world spare no efforts in identifying and paying anything to recruit men/women steeped in hard work, diligence, character and charisma to bestow on them more responsibilities because they have earned the accolades and credibility of a square hole.
The foregoing epitomises specific persons who are everything rolled into one. The CBN needs a governor who rose through dint of hard work, character and expertise. In view of the series of financial policy summersaults Nigeria has suffered in the last few years that has culminated in grave economic hardship for Nigerians, a technocrat with magical hands must be drafted to the CBN immediately Tinubu is sworn in to kick start the process of economic recovery and growth.
In retrospect, there must be one among the army of seasoned bankers who must have understood in clearer terms the Mahatma Ghandi’s assertion: “Live as if you were to die tomorrow. Learn as if you were to live forever.”
We have Alumi of some Ivy League institutions ranked among top echelons of training schools globally where they were trained in Advanced Management Programme (AMP). They attended the highest citadels of learning in the world like Havard University and University of Liverpool, among others. They are a perfect example of those that should constitute the economic engine room of any government.
Nigeria has financial magnates who have garnered immeasurable experiences and expertise to serve this nation. If we are serious about strengthening our currency and recalibrating our economy back on the path of recovery, we must go for such best hands. From antecedents, this is not an onerous decision for Tinubu because he has proven for the umpteenth time that he is a hunter of excellence and competent hands.
All Tinubu needs to do is to beam his searchlight on banks and sniff out serving Managing Directors/CEOs who have been at the leadership of dynamic teams that have turned financial institutions around from insolvent and loss-making banks plagued by high levels of non-performing loans, unprofessionalism to their current position as a growing export credit agency or development banks with core mandates in non-oil export development in line with government’s policy on diversification. There are banks that have now become strong players in financing and promoting export trade in Nigeria with very profitable operations.
I know of one who has in his Kitty 31 years of cognate experience in Banking, with numerous Nigerian banks, rising up to be the pioneer MD/CEO of United Bank for Africa in Chad and Zambia.
He specialises in the management of complex multi-cultural environments and employees at international levels. His experience in strategic forward-planning; operating within the tight financial disciplines imposed by ambitious targets which he helped to plan; methodical administration to deadlines and the application of modern leadership methods, through staff motivation and involvement in both decision-making and target-setting, clarity in communication, and easy personal inter-relations.
Over the course of his career, he had extensive experience in Development Finance (Export Development and Finance), Corporate Banking, Regional and Commercial Banking and Public Sector. He singlehandedly set up two International Bank subsidiaries with different cultural backgrounds that have left him confident in effective leadership, handling negotiations and the winning attitude.
As the MD/CEO of United Bank for Africa Zambia Limited between July 15, 2009 and December 2012 he was charged with the responsibility of setting up the operations of the bank in Zambia. This involves among others setting up the operational guidelines of the bank in line with the Group’s operational framework. He was also responsible for setting up Strategic Initiatives for entry into the Zambian banking space, employment of key staff, managing the setting up of the infrastructure of the bank.
He also obtained the first banking license for a Nigerian bank in Chad and became the pioneer MD/CEO.
Between August 2005 and June 2006, he was the Group Head, Telecoms & Tech Corporate Banking, UBA Plc. He successfully arranged the largest syndicated loan facility for Celtel/Zain Nigeria Limited; UBA’s participation was to the tune of $60 million and N75 billion. He also arranged vendor financing schemes for MTEL/Motorola $300m, as well as Vendor Finance Facility Celtel/Harris Communications with a total of over $120m. UBA became the 5th largest collector of telecom revenues during this period. He also set up the Risk Management framework of the subsidiary in line with the group standard and international best practice.
Between June 2004 and August 2005, he served as the Zonal Head, Standard Trust Bank Plc, Apapa, Lagos. Under him, the zone with a total number of seven branches became the most profitable zone of the bank nationwide.
The bumper resume extends to his time as the Group Head of Conglomerates and Manufacturing, Corporate Banking, Standard Trust Bank Plc between November 2003 and June 2004. In this capacity, he managed the bank’s portfolio for conglomerates and manufacturing. Among the companies managed are Dangote Group, Unilever Nigeria Plc; SCOA; Michelin Group; UAC Nigeria Plc; UTC Nigeria Plc; Mayor Group; Lee Group etc.
He was the Chief Marketing Officer, North, Standard Trust Bank Plc between April 2002 and October 2003. He was in charge of all the 11 branches and Public Sector Business of the Bank in the North Region of the Nigeria, responsible for the signing up of Zamfara State Statutory and IGR accounts.
Between April 2000 and October 200, he was the Regional Head, North Continental Trust Bank Ltd, Kano Pioneer Regional Director, after the bank’s conversion from merchant banking to commercial banking. He opened the branches of the bank in Kaduna, Kano, Damaturu, Maiduguri.
Within the backdrop of such a résumé and the dire economic diversification need facing our nation, the incoming government of Bola Ahmed must look urgently in the direction of such consummate technocrats. After all, the reward for good work is more work.
– Sani, an economic expert, sent this piece from Lagos
By Abiodun KOMOLAFE
The concepts of power, privilege and governance are complex and multifaceted. Power refers to the ability to influence others, while privilege denotes unearned advantages.
Governance encompasses institutions, structures and processes that regulate these dynamics. Together, these concepts raise fundamental questions about justice, equality and resource distribution.
It emphasizes the importance of considering marginalized groups’ experiences and perspectives. The main problem in Nigeria today is its political economy, which is rooted in rent-seeking and fosters a mindset that prioritizes patronage over production.
The country’s politics are characterized by a patron-client relationship, where everything revolves around government handouts rather than effective governance. This has led to a situation where “politics” in Nigeria is essentially a scramble for resources in a country with severely limited opportunities for self-improvement.
When French agronomist René Dumont wrote ‘False Starts in Africa’ in 1962, he inadvertently described Nigeria’s current state in 2025. Nigeria’s missteps have magnified themselves in the theatre of the absurd, such as the construction of a new vice presidential residence and Governor Chukwuemeka Soludo’s boasts about the lavish official residence for the governor of Anambra State, currently under construction.
It is to be noted in contradistinction that the newly sworn-in Prime Minister of Canada, Mark Carney, is looking for somewhere to live. The official residence of the prime minister, 24 Sussex Drive, the Canadian equivalent of 10 Downing Street, is in disrepair and uninhabitable. No Canadian government can dare ask the parliament to appropriate the $40m needed to refurbish the residence.
Canada’s Gross Domestic Product (GDP) exceeds $2 trillion, while Nigeria’s GDP is less than $400 billion. Still, Nigeria claims to be a giant! With an electricity generation capacity of less than 6,000 megawatts, Nigeria’s proclamation seems absurd, especially when compared to cities like Johannesburg, Singapore, Hong Kong and Mumbai. Even Lagos State alone should be generating, transmitting and distributing at least 15,000 megawatts, which would be a basic expectation rather than an achievement.
Nigeria today needs a comprehensive overhaul of its governance crisis to build a new political economy and social services that are fit for purpose. Although the government is on the right path in some ways, a root-and-branch transformation is still necessary.
A notable breakthrough is the decision to recapitalize development finance institutions, such as the Bank of Industry and, crucially, the Bank of Agriculture. This move is significant in a rent-seeking state, as it addresses the need for long-term capital – a prerequisite for achieving meaningful progress.
The development finance institutions require annual recapitalization of at least N500 billion, ideally N1 trillion. Achieving this necessitates a thorough cost evaluation of the government’s machinery, starting with the full implementation of the Oronsaye Committee’s recommendations.
The resulting cost savings can then be redirected to development finance institutions and essential social services like primary healthcare. Furthermore, the government should be bolder, if it can afford to be so, especially since there’s no discernible opposition on offer At the moment, the Nigerian political establishment across the board appears to be enamored by the position put forward by the leader of the Russian revolution, Vladimir Lenin, after the failed putsch. Lenin wrote the classic, ‘What is to be done?’
His observation is that revolutions do not take place at times of grinding poverty. They do so during periods of relatively rising prosperity. Significant sections of the Nigerian establishment believe that relatively rising prosperity could trigger off social discontent.
In their own interest, they had better be right. The caveat is that Lenin wrote ‘What’s to be Done’ in 1905. The world has moved on and changed since the conditions that led to the failure of the attempted takeover of government in Russia in 1905. Therefore, the Nigerian political establishment, for reasons of self-preservation, had better put on its thinking cap. Addressing power and privilege in governance requires collective action, institutional reforms and a commitment to promoting social justice. Nigeria currently lacks a leadership recruitment process, which can only be established if political parties are willing to develop a cadre. Unfortunately, the country is dealing with Special Purpose Vehicles (SPVs) instead. It’s rare to find leadership in Nigeria operating political boot camps to recruit and groom youths for future leadership roles.
This might be why many young people have a misguided understanding of politics, viewing it as merely a means of sharing the nation’s commonwealth. Mhairi Black was elected to the British House of Commons at 20 years old.
However, the key point is that Black had started becoming involved in politics at a young age. By the time she was elected, she had already gained significant experience, effectively becoming a veteran in the field. In Nigeria, politics is often seen as one of the few avenues for self-fulfillment. However, the economy is stagnant, with few jobs created in the public sector and limited investment opportunities.
This is a far cry from the 1950s and 1960s, when political parties were more substantial. Today, it’s worth asking how many Nigerian political parties have functional Research Departments. Besides, what socialization into any philosophy or ideology do our politicians have? Similarly to former Governor Rotimi Amaechi, many of those who currently hold power are motivated to stay in politics due to concerns about economic stability.
Of course, that’s why the Lagos State House of Assembly has had to revert itself. It is the same challenge that has reduced the traditional institution to victims of Nigeria’s ever-changing political temperature. It is the reason an Ogbomoso indigene is not interested in what happened between Obafemi Awolowo and Ladoke Akintola.
It is also the reason an Ijebuman sees an Ogbomoso man as his enemy without bothering to dig up the bitter politics that ultimately succeeded in putting the two families on the path of permanent acrimony. Of course, that’s why we have crises all over the place! May the Lamb of God, who takes away the sin of the world, grant us peace in Nigeria!
KOMOLAFE wrote from Ijebu-Jesa, Osun State, Nigeria (ijebujesa@yahoo.co.uk; 08033614419)
Byabiodun KOMOLAFE
Rivers State is now under emergency rule, and it’s likely to remain so for the next six months, unless a drastic change occurs.
If not managed carefully, this could mark the beginning of a prolonged crisis.
In situations like this, opinions tend to be divergent. For instance, some people hold the notion that the security situation and the need to protect the law and public order justified President Bola Tinubu’s proclamation of a state of emergency in, and the appointment of a sole administrator for Rivers State.
However, others view this act as ‘unconstitutional’, ‘reckless’, ‘an affront on democracy’, and ‘a political tool to intimidate the opposition’. When we criticize governments for unmet expectations, we often rely on our own perspectives and biases.
Our individual identities and prejudices shape our criticism. However, it’s essential to recognize that not all criticism is equal. Protesting within the law is fundamentally different from protests that descend into illegality. Once illegality creeps in, the legitimacy of the protest is lost.
As John Donne wrote in ‘Devotions Upon Emergent Occasions’, “Never send to know for whom the bell tolls.” A protest is legitimate when it aligns with societal norms, values and laws. But when protests are marred by violence or sabotage, they lose credibility. Without credibility, protests become ineffective.
Regarding the validity or otherwise of the emergency rule in Rivers State, it is imperative that the Peoples Democratic Party (PDP) governors approach the Supreme Court immediately. They should seek a definitive clarification on whether the proclamation is ultra vires or constitutional.
For whatever it’s worth, they owe Nigerians that responsibility!May the Lamb of God, who takes away the sin of the world, grant us peace in Nigeria!
Abiodun KOMOLAFE,ijebujesa@yahoo.co.uk; 08033614419 – SMS only.
Abba Dukawa
The political crisis began in December 2023, when Governor Fubara ordered the demolition of the state House of Assembly complex, which remains unrebuilt to this day. This act has effectively paralyzed the legislative arm, disrupting the state’s system of checks and balances.
The Supreme Court highlighted the severity of this situation on February 28, 2025, emphasizing the absence of a functional government in Rivers State and the executive’s role in collapsing the legislative arm, thereby creating a governance void
Additionally, recent reports indicate that militants have been vandalizing pipelines and issuing threats without any intervention from the state government, raising concerns about the state’s security and economic stability.Given Rivers State’s crucial role in the country’s economy, this situation necessitates urgent and cautious intervention from the federal government.Despite interventions from various stakeholders, including Tinubu himself, the crisis has persisted
.It’s worth noting that Tinubu is the third president to invoke Section 305 of the Constitution, after Ex-President Olusegun Obasanjo and Former President Goodluck Jonathan.
President Bola Tinubu’s declaration of a state of emergency in Rivers State has sparked intense debate about its necessity and potential motivations. During his nationwide speech, Tinubu warned that this decision could set off a chain of unpredictable events, potentially leading to radical ideologies and extremist tendencies.
Critics argue that Tinubu’s decision was unnecessary and politically motivated, particularly given his connection to Minister of the Federal Capital Territory Nyesom Wike, who is accused of being the “arrowhead” of the crisis. Some believe that Tinubu’s administration aims to remove Governor Fubara, perceived as hostile to the 2027 Tinubu/Wike project.Ultimately, the motivations behind Tinubu’s decision remain unclear, and its implications for Rivers State and Nigeria as a whole are yet to be fully seen.
Nigerian Bar Association (NBA) has strongly opposed President Bola Ahmed Tinubu’s declaration of a state of emergency in Rivers State and his suspension of Governor Siminalayi Fubara, his deputy, and members of the Rivers State President Tinubu, in his national address, cited rising political tensions and recent acts of pipeline vandalism as justification for the emergency declaration.House of Assembly. President Tinubu, in his national address, cited rising political tensions and recent acts of pipeline vandalism as justification for the emergency declaration.
The NBA pointed to Section 305 of the 1999 Constitution, which governs the procedure for declaring a state of emergency. While this section grants the President emergency powers, it does not allow for the removal or suspension of elected officials. The NBA stressed that the only constitutional method for removing a governor or deputy governor is through impeachment as outlined in Section 188.
Furthermore, the removal of lawmakers must adhere to electoral laws and constitutional provisions insisted that a state of emergency does not equate to an automatic dissolution of an elected government, and any attempt to do so is an overreach of executive power.
Also Former Vice President Atiku Abubakar has strongly condemned President Bola Tinubu’s declaration of a state of emergency in Rivers State, calling it an “assault on democracy” that must be denounced in the strongest possible terms . Wazirin Adamawa argues that Tinubu’s administration is responsible for the chaos in Rivers State, either by enabling it or failing to prevent it. He emphasizes that the President should bear full responsibility for any compromise of federal infrastructure in the state, rather than punishing the people of Rivers State with a state of emergency.
Abubakar also accuses president Tinubu of being a partisan actor in the political turmoil in Rivers, and his refusal to prevent the escalation is seen as “disgraceful to the people of Rivers” The former Vice President believes that the destruction of national infrastructure in Rivers State is a direct result of the President’s failure to act, and punishing the people of Rivers State would be undemocratic.
In his statement, former vice president asserts that the declaration of a state of emergency “reeks of political manipulation and outright bad faith. He urges that the people of Rivers State should not be punished for the political gamesmanship between the governor and Tinubu’s enablers in the federal government. Other analyst believes that the situation in Rivers State, though politically tense, does not meet the constitutional threshold for the removal of elected officials.
For a state of emergency to be declared, Section 305(3) of the Constitution outlines specific conditions, including:
1. War or external aggression against Nigeria. Imminent danger of invasion or war. A breakdown of public order and safety to such an extent that ordinary legal measures are insufficient.
Other reasons for such decisions to be enforced are clear danger to Nigeria’s existence and Occurrence of any disaster or natural calamity affecting a state or a part of it. Where public danger constitutes a threat to the Federation.
Since the state of the emergency in Rivers state has been promulgation, political watchers questions whether the political crisis in Rivers State has reached the level of a complete breakdown of law that has warranting the removal of the Governor and his administration. Political disagreements, legislative conflicts, or executive-legislative tensions do not constitute a justification for emergency rule.
Had been the president remain filmed Such conflicts should have been resolved through legal and constitutional mechanisms, including the judiciary, rather than executive fiat.
A state of emergency is an extraordinary measure that must be invoked strictly within constitutional limits. The removal of elected officials under the pretext of emergency rule is unconstitutional and unacceptable.Tinubu’s administration decision to declare a state of emergency has been met with mixed reactions. Some argue that it was necessary to restore sanity to the state and ensure the country’s stability. Others,, believe that it was an unnecessary decision that could have dire economic and security implications for the state and Nigeria at large.
Was declaration for Rivers state is necessary or political motivation? President Bola Amed Tinubu is fully aware that the declaration of State of Emergency in a prevalent democratic system is not the solution to the self-inflicted crisis bedeviling the State.
What Tinubu needed most was to call Wike, his Minister of FCT, to order. The former governor Wike is the arrowhead of the crisis bedeviling the State.
Now what the president Tinubu decision for the declaration of a state of emergency in Rivers State was an unnecessary decision” that could have dire economic and security implications for the state and Nigeria at large.
Other views whether president decisions of keeping his ally, Minister of the Federal Capital Territory Nyesom Wike, is worth jeopardizing Nigeria’s economy.The keen watcher of events regarded the decision as a display of unpardonable mediocrity and diabolic partisanship geared towards 2027.
Tinubu administration wants to use the excuse of the political instability and other security challenges in Rivers to remove Governor FUBURA from the POWER considered hostile to the minister of the Federal Capital Territory or TInubu/Wiki diabolic partisanship geared towards 2027 election.
During his speeches Mr. President, blaming only the state governor and House of Assembly for the crisis in Rivers State is like expecting one iron to make a loud sound – it’s unrealistic and ignores the roles of others, including the former governor and a cabinet member in your administration.
Let us not forget; The situation in Rivers state is indeed complex, with President Tinubu’s intervention aiming to restore order, but also raising important questions about the balance between federal intervention and state autonomy. Invoking a state of emergency to suspend elected officials is a drastic measure that may set a worrying precedent, especially if not handled carefully.
The appointment of a retired military officer as the state’s administrator also raises concerns about the militarization of a democratic government. This move may be perceived as an attempt to exert federal control over the state, rather than allowing democratic processes to unfold, the initial six-month period of emergency rule, with provisions for extension, could lead to prolonged federal control. This is why it’s essential to establish clear timelines and measurable objectives to ensure a timely return to democratic governance.
Some of the key concerns that need to be addressed include: The potential for abuse of power*: The suspension of elected officials and the appointment of a military administrator could be seen as an attempt to consolidate federal power.
– *The impact on democratic institutions*: The emergency rule could undermine the democratic institutions in Rivers state and set a precedent for future interventions.
– *The need for transparency and accountability*: The federal government must ensure that the emergency rule is transparent, accountable, and subject to regular review. Ultimately, finding a balance between restoring order and respecting democratic institutions is crucial. The federal government must tread carefully to avoid exacerbating the situation and ensure a peaceful resolution.
Dukawa public affairs commentator and can be reached at abbahydukawa@gmail.com
-
News5 days agoBill to establish National Cashew Production and Research Institute in Kogi passes first reading in Senate
-
Politics1 week agoCPDPL accuses Adeyanju of orchestrating smear campaign against FCT Minister Wike
-
News5 days agoReport of attack on Wike’s Port Harcourt residence false, misleading – Police
-
News5 days agoShehu Sani debunks Governor Uba Sani’s alleged diversion of LG funds, challenges El-Rufai to publicly tender evidence
-
News5 days agoPlateau gov’t expresses concern over violence in Shendam LGA, calls for calm
-
Sports6 days agoMerino gives Arsenal win over Chelsea
-
Interview6 days agoSenators Natasha-Akpabio saga should have been resolved privately – Rev. Mrs Emeribe
-
Politics3 days agoOpposition leaders announce coalition to challenge Tinubu in 2027