By Emmanuel Edukugho
Covenant University Chancellor, Dr. David Oyedepo has blamed lack of applicable knowledge for the suffering of the people, and called for a bold review of the curriculum to address real life problems.

He told a distinguished audience of intellectuals, academics, professionals, scholars, university professors, lecturers students and clerics at a Book Presentation, inside African Development Centre Auditorium, Covenant University, Ota, Ogun State, on Monday, that the academia has the challenge of bringing about  relevant, appropriate curriculum that will clearly seek solutions to developmental issues confronting the nation.

Making an opening speech as chief host, he recalled, thus:
“I had a mentor early in life who has been called to glory. He said that it is not due to lack of education that we suffer, but due to lack of applicable knowledge.

With the writing of this book (The Nigerian Maladapted Financial System – Reforming Tasks and Development Dilemma), we are now addressing life issues in our nation.”

Covenant University Chancellor, Dr. David Oyedepo

According to him, the author, Professor Joshua Adewale Thompson Ojo, clearly showed that the present financial system can’t effect speedy development, described it as “lameduck, maladapted frame, and there is need to evolve a new banking and finance culture to promote technological advancement.”

Oyedepo noted that there are great brains in our country, but no opportunity to express themselves.

“Infastructure down, education system in decay, at the end, people are asking for votes. There is human catastrophy, human sacrifice. This revolution will take intellectual approach, not human sacrifice. Everybody should take up the challenge. Unless we rise up, we will one day look for where Nigeria is.”

He warned about the dark days looming in our nation, with the devastating, destructive effects of corruption.

Pointing to his last visit to Isreal where some tribes have become extinct, he asserted:
“I see us eating up ourselves… corruption destroying destinies without feeling. It’s my wish that Nigeria not become extinct or our children not to ask where is Nigeria. Let us express our observations and stop this drive towards self destruction.”

He continued: “In Nigeria, prosperity is robbery. If it’s your turn, carry all you can carry. Even those who are pastors. We have great policies, but nobody comes to drive them.

As long as corruption is not confronted and the culprits brought to book, our economy will not move forward. Everything in Nigeria today is for sale.”

He bought two hard copies of the book to be given to each of all the private universities in Nigeria, “to sow seed into people’s lives.”

“I’ve invested all my life in books and what is of value. People need to be aware, rise and disarm people who want to bring our nation down. Inspire this author and others to write more books,” the chancellor urged.

He described the review of the book by Professor Tela, Vice Chancellor Crescent University, Abeokuta and Professor Oloyede, Department of Banking and Finance, University of Agriculture, Abeokuta, as excellent, which created impetus to read.

“Professor Ojo is an asset to Covenant University. From the first day I met him, I saw God in him. Has love, respect and honour as a man deserving honour.”

Professor Aize Obayan, Vice Chancellor, Covenant University said she was excited by the presentation of the book which addressed issues of human development, indicating the great strides being taken by the institution to be a world class university.

She pointed out that the book is mainly on the pertinent subject of a crisis in the world not seen since the Depression of the 1930s, touching on the health of our banking system, global issues of finance and effective strategies for re-positioning the sector.

Professor Ojo, one of the two distinguished professors of Covenant University, specialised in Development Finance, Domestic and International Banking and Financial systems.

His latest book – The Nigerian Maladapted Financial System – Reforming Tasks and Development Dilemma  depicts and analyses Nigeria’s maladapted financial system and many of Africa’s financial systems that have missed and continue to miss the several golden opportunities which could have effectively mobilized Nigeria’s huge petroleum resources for industrial investment, in a manner that could have boosted production of goods and services as well as the nation’s industrial transformation and economic development.

Also speaking at the presentation, he expressed deep appreciation to God for His Kindness, and acknowledged the Chancellor, Bishop (Dr) Oyedepo for “propelling us not to allow the ideas on our heads  to die with us, provide conducive environment for us to work like this.”

He affirmed the lameduck financial system in Nigeria, saying that in other nations their strong financial systems lifted them up. Japan, after the defeat in the second world war, said, ”we will rise up again,” also Germany emerged not applying the traditional system.

“Germany will tell you and stand by you. Britain will give you an umbrella when the weather is fine, but when there is rain, will say give me back the umbrella. We have to lift up from the ruins and poverty status Nigerians live.”

President of Nigerian Economic Society. Dr. Adeyemi, said the book essentially identified the distortions and shocks in the banking sector. Looking at China, India and Germany, he asked what type of growth do we have in Nigeria.

“It is growth without development – education, health, housing, sanitation, not developing. We are applying Western system. While the Asian tigers (Singapore, Malaysia, Thailand, etc) started together with Nigeria, but they’ve all left us behind.”

Adeyemi recalled that Nigeria stopped planning since 1983, drifting to recession and depression.’ The Vision 2010 was not realised and now it is Vision 2020. That Nigeria plans without facts or data.

The emphasis should be knowledge based economy – ICT, Science and Technology, Engineering, Medicine and “that is what Covenant University is doing.”

Among those present were Eze (Professor) Green Nwankwo, first head of the Banking and Finance Dept, University of Lagos, Prof. Adegbite of UNILAG, Gbade Alabi, Chief Launcher, representatives of CBN, Dr. Daniel Rotimi, Registrar who gave vote of thanks.