By Rotimi Faan
YOU’VE no doubt seen it by now. Perhaps you’ve turned the names over and over again in your mind and have finally committed them to memory. And you sure should, and even consider yourself privileged to have seen this day in which you were given a sneak preview, just a peep really, at the faces of Nigeria’s problem children.
Don’t be led to believe that is all there is to the story: The list is anything but exhaustive. It is, I dare say, certainly nothing more than a tiny tip of the proverbial iceberg. A lot more filth lies beneath the surface. Which is to say that there are very many more Nigerians whose names, either by default or design, have been left out of the scandalous list of debtors responsible for the rot in at least five of Nigeria’s leading banks.
The list reads like a chapter off a typical Yellow Page, a who-is-who in Nigeria’s business sector, if not the country itself. Which brings me close to where I’m going, the crux of the matter, to wit: That the problem with Nigeria is with her elite- business, political, etc, proving Chinua Achebe’s thesis, that the trouble with Nigeria is her leadership.
While the details of Achebe’s conclusion might be debatable, he was and is still right with the basics that our problem really is caused by our leadership, the men and women who claim to lead in our name. The very people that have the responsibility to protect our economy, those who own the leading companies and private concerns that purportedly provide jobs for millions of Nigerians, have taken to routinely abusing the trust the people have in them.
These are Nigeria’s richest people, the very ones you see where the ruling party and leading politicians are launching ghost-written books boldly stamped with personal imprint and names, or setting up foundations that are in fact avenues to feather personal nests or manage slush funds. When they feel like it, you hear them making loud donations of hundreds of Naira for so-called public and other philanthropic causes.
But these donations we all knew in our guts were stolen from us in the first instance, in the classical fashion of what the Yoruba will describe as entertaining Abu with Abu’s own money. Our gut feelings are now being confirmed before our very eyes.
Sometimes you wonder if Nigeria’s elite are really Nigerians when you measure the level of mischief they can, at the slightest opportunity and without the least scruple, wreak on a country that made many of them some of the world’s richest people. Well, sometimes, we also hear that some of this people are either Godogodo from Chad, Niger or some far-flung clime with no name on the map.
On second thought, there should be no cause for wonder when you realise, too, that most of what the Nigerian elite steal from Nigerians are taken abroad for the good of foreigners- their kith and kin across the Atlantic or the Sahara Desert.
The hard working people of this country, the very ones who are at Kosofe or Nyanya Market before dawn to buy vegetables, peppers and various groceries to be vended and/or distributed for sale around our towns and cities in return for profits that can hardly cover the cost of transportation; the regular men and women without regular jobs but who have (God have mercy!) the regular task of putting food on the table and paying their children’s fees- these groups of Nigerians are made to look like idiots when they stand by their no-good compatriots, the fat cats and executive thieves who have perfected the sinister art of sucking the people, as Fela would have put it, dry.
The terrible thing here is that our thieving elite are born quislings, cowards without the gumption to rob like the village square robber- that is with regular weapon. Rather, they’re content to engage in the sleight of hand of pen and keyboard robbery. Worse yet, they are too spineless to own up to their own crime.
They are no sooner taken into detention than they start reeling out a litany of rich people’s ailments that require round-the-clock medical attention for which reason they must not be detained.
At other times, they simply deny knowledge of their crime- witness the speed with which many of the accused debtors have come out to deny owing what has been attributed to them even while making frantic effort to pay back part of their loot before the expiry of the deadline given them to pay up by- wait for this- (another surprise of our wonderful country) the EFCC! Not the banks from which they took the funds turned non-performing “loans”.
The point here is that this people knew what they did was wrong but the culture of impunity that allows Nigeria’s rich to live in borrowed plumes also allows them to borrow what they had no intention to repay.
And who is there to bring them to account? Who are the regulators or gatekeepers of our commonwealth? Is it the CBN, the CIBN, SEC or the NSE, etc, whose leaders are themselves covered in the heavy tang of suspicion and/or complicity?
The best one can hope and ask for is that everyone under investigation should be assumed innocent until guilt is proven. And no one should have their rights denied or dignity compromised. The CBN too should, as much as possible, ensure transparency in its conduct at this time.
Nigerians don’t know who to trust or believe and cannot be sure if the present investigation is yet another smokescreen for something else. We shall, however, keep our eyes open and hope all that started well will end well.
Your write-up is a good piece and all the contents are appreciated.
But my fellow readers, please kindly pause for a moment and think. Is it not possible that most of the so-called debtors actually borrowed for genuine, legitimate and supposedly with good intentions but the the same government put mechanisms (unnecessary “policy changes” A.K.A “policy summersault”) in place for the borrowers to fail in their effort?
For example, imagin somebody up there crying out loud that our nation’s Sea Port is congested and at the same time making it difficult for importers who, on many occasions, may have imported goods/services with borrowed funds to clear their consignments on time. The result? Over-exposure to their banks, inability to break-even and inability to meet up financial obligations to their lender(s).
My fellow readers should also not forget that what the government owes contractors is much more than what the whole debtors combined owe our nation’s banks.
We need the government to put workable/feasible system in place. A system that is well structured, with less bureaucracy and that is self-reporting; then
we can truly know who-is-owing-who.
The government should take their hands off business, focusing more on regulatory and oversight functions with genuine and sincere intention to grow the economy while allowing our economy to be more private sector driven.
It is doubtful if Nigeria has since the end of Gowon’s rule been ruled by Nigerians.And I mean NIGERIANS!!
Whether we like it or not, the ball is on and anyone who doesn’t like it
should re-examin the rebellion of the new-born mice. They would like to
dependend on the parenthood or fetch for themselves. Ideas are like a
dream and where one fails, another one opens. No man, with all his might
can possibly supress the ideologies of young people. Successive leaders
and tyranic heads of states have tried various methods to silence minorities
or less considered unpopular voices only to discover that things change ;
circumstances change and opinions change to accommodate the rising tides
of activities.
It is imperative that Mallam. Sanusi be allowed to finish his banking sanitations
and Madam,Waziri to be supported with her active roles. Perhaps, situation
has called for the President Yar’Adua to endorse the Obasanjo’s investigation
now the formore head of state is still alife and capable of answering for himself.
Thus, I shall not be a party to an act of cowardice like the late Abacha’s case to
go after the Obasanjo’s children. There is no justification where children should\
be made to suffer for their parental crimes if those children were not participants
to such crimes. It would be shame to let Obasanjo geta away from his misdeed.
It would be a shame on the part of the presnt Administration to completely ignore
the collective call and screams of both the world and Nigerians to investigate
Obasanjo now he is still alife and keeping the proceed of his loots.
And if, just per-adventure there is no ileggal and irregularities surrounding the
ex-president’s wealth, the rest of Nigerians would live to respect the man’s legecy and treat him with respect. There have been allegations of his “playboy
or sexual trafficking with women”, that is a different manner. Anyone who feels
agrieved by that should deal with such just as one of the former president’s sons
had done. As the late Prime Minister of Canada- Pierre Elliot Trudeau once said;
quote: The State has no business in the bedrooms of the Nation”; unquote.
Cleaning up Public Treasury illegally is not in the same bedroom of the nation.
It is felony, theft and it is against our Constitution. It is more likely that some
Nigerian money could have been ordered to be printed during the Obasanjo’s
regime illegally or without appropriate functional mandate nor backed with the
required International substance, and President Yar”Adua knew this and afraid
of its reflection on Nigerian economy and such misdeeds could turn-up during
probably investigation of Obasanjo, and decided to adopt a silence mode. But,
how long would this type of secrecy be allowed to go on ? We better put everything out now, feel the pains, lick our wounds, learn a lesson or more
and move on. This Nation is not and has not gone anywhere since Yar”Adua
came to power. The rumours of his illness and his ability to govern Nigeria
has routinely been questioned and the President has maintained a mute code.
He frequently travels out of the country especially when the Nation faces a very
crux socio-economic problems. Does these flights suggest “Administrative
Adbication”, cowardice, intimidation or just fear of uncertainty ? Who actually
is incharge of this country – Nigeria ? Yet, the President on each occassion he
voluntarily returns to meet his country in ruines, would not feel remorsed nor
accountable to reassure the Nation on issues. Why must we always hear from
the President’s Secretary or Spokesperson, which is like listening to a “radio”
which does not bear any significance of humanity nor authentication ? Why is
always the “erand boy” that is entitled to respond to this country ? An errand boy
the Nation did not vote for and who is not Administrativel and Politically elected
nor legally accountable for the country. Is Yar”Adua snubbing Nigeria and at the
same time recieving the salary of the President of Nigeria ? If he does not like
his job, he should quick immediately for health reasons or family matter or for
personal safety, which ever he decided to rely upon is acceptable now.
Yet, I have failed to hear any socio-political leaders stressing nor echoing on
the voice of Nigeria nor calling on the crises resolutions or expressing their
respective opinions to decide where they stand. What actually make these so
called our leaders if they have no concerns nor opionions concerning who does
what and how it is done ? Why should these leaders always want us to vote
for them to continue to manipulate us but would like to trade positions like us
to be governed ? Why do they believe that what is good for the gender would not
be good for the geese ? It is time to differentiate the boys from men. Whosoever
that does not support the necessary change in the country should not be allowed
to enjoy those changes when they materialise. It is only natural to harvest where
one laboured. We all knnow what is wrong in Nigeria but some people are
playing it safe be false pretences awaiting the boat to sinck before they would
come up as the new saviours. If they cannot save themselves, how could they
practically save anyone let alone the Nation ? The root of Democracy carries
a commitment and a general atosphere of freedom and transparent justice.
Irrespective of religion, tribalism, regional disparity and socio-disparities, the
present issues call for a collective action and bonding trust to move ahead.
It’s obvious we don’t want dictorial regime but through “brain storming socio-
discussions”, we may find solutions to our collective appending problems.
I like it when i read good and objective write ups like this. Imagine the rot in the system, haba Nigerians. When Hilary Clinton came and said our prblem is leadership the leaders opened up and began to condemn her and her mission. The truth is she came and said the truth. The truth is we dont have leaders in this country, and that is a very big problem. Most leaders fight to take good things to the people they represent but not in Nigeria. The Nigerian leader is self centred, greedy, mindless and above all insensetive to the needs of Nigerians. Thank God i could still meet some people with my kind of thiking free of religious or ethnic sentiments. Nigerians should be careful about what is happening now in the banking sector. Some of the beneficiaries, their friends, relations and relations friends would want to turn this around to be either witch hunting or relagious ethnical matter. We most follow this issue with care and inteligence. Those who took that money most be made to return it no matter what it may cost, and lets forget about printing more naira notes for now, lets try to recover all the money first. I know it is not easy on those incharge but we should also know that even at trying to recover the loans some could still have their own hidden agenda, This is Nigeria, who do you trust.
Stories!!!! I have told my colleagues here that the only thing I like about Naija news is that It has been my new source of happiness. Stories about naija is like comedy movies. Vanguard una do well!!!
I liked this article very much as it summarises the paralysis that Nigeria is in. A phrase caught my attention “Nigerians don’t know who to trust or believe and cannot be sure if the present investigation is yet another smokescreen for something else.” The only way to start addressing this problem is full disclosure and transparency and jocking from one day to another fire fighting a fire that does not exist or was created by the leadership itself.
Let the banks or CBN publish 100% names of debtors and not some sanitised versions that suit the leadership mission. The people, nigerians, must be the judge and not some sickly persons garrisoned in Abuja or Ikoyi.
Certainly most of these alleged individual/ company debtors borrowed with good intention/ plan to do business but the so called government/CBN/EFCC that is prosecuting them now failed to provide an enabling evironment for them to do business. No electricity and bribery is the order of the day in Nigeria taken by these same hollier than thou people in government now out to smash the banks and companies doing legitimate business. We are all watching. What goes around comes around.
“Nigerians don’t know who to trust or believe and cannot be sure if the present investigation is yet another smokescreen for something else. We shall, however, keep our eyes open and hope all that started well will end well.” Mr. Rotimi Fasan, you said it all; no need for me to say more. This country is completely rotten to the core, but without the constant influences of the Western Powers. Western Powers have dished in our mist to make sure this country remains underdeveloped as long as we look forward for them to provide every minute technology we crave for. Nigeria is the only country on this Universe where where her President, ex-presidents, and State governors can not be prosecuted for any past wrong doings; viz: enbezzlements, money launderings, and treasons against this Nation, and yet Papa Igbochukwu Obasanjo vowed to die for this country after taking us to the cleaner. It was OBJ who just of recent said that it was not his responsibility to provide Nigerian citizens with WATER and ELECTRICITY. Then let us ask Papa OBJ what happened to all the money he earmarked every year during his tenure for the followings; 1. Ajaokuta Steel Mill, 2. Nigerian Railway Restorations, 3. Nigerian Road Infrastructures, Niger Delta River Dredging, Electrification of the Nation. and the recent Central Bank Crises. OBJ himself admitted before leaving office that over 500 BILLION NAIRA were earmarked for road infrastructures, but NOTHING to show for it. No one arrested nor prosecuted. Papa Obasanjo sat there for over eight (8) years and allowed corruptions to go haywire. No one knows where Abacha’s loot recovered from Swiss Banks is. Just like Fela Anikulapo has said “ODOU don overtake ODOU” . This Fela’s phrase is another CBN ODOU trying to overtake another ODOU. I hope not. Make dem hold Papa OBJ and Soludo very very very well; the damages both of them committed against this Nation are more than sacrileges.
this is a good piece