Breaking News
Translate
Latest

Rational Perspectives

Tortoise folklore and national leadership

Pius Adesanmi

THE article “Tortoise Folklore as Metaphor of National Leadership” is published again, this week, as a humble tribute to Pius Adesanmi, a celebrated African Intellectual beacon who regrettably eclipsed much, much too early, in the fatal crash of Ethiopian Airlines Boeing 737 MAX in March 2019. Please read on:

Read More

Parable of the fool and his money…

The other day, a friend narrated a story, which I found stranger than fiction; the story related to the travails of a family who lost a successful and illustrious breadwinner, who unfortunately, also died without a Will.  Consequently, the family elders were formally entrusted with the responsibility to efficiently manage the estate of the deceased for the benefit of his children and dependants.

Read More

The masses as victims of government

POWER, they say, belongs to the people. This may actually be true where there is respect for the rule of law, and where equity and justice subsists in the free association of people and communities. These are inalienable characteristics, which positively impact human capacity development and improved social welfare, in enduring democracies. Indeed, in such a progressive ambience, political power becomes a motivation for public service rather than the pursuit of self or partisan interest, despite the obvious collateral of social deprivation and oppression.

Read More
Naira

Party campaigns and the phobia of true federalism

THE Political Parties have, lately hit the election campaign trail, to plead with the, erstwhile, ignored proletariat to adopt their candidates as the preferred choice to plunder the common treasury for the next four years. Predictably, political office holders and their cohorts will, score government’s performance at all levels as satisfactory, even when the rest of us have clearly become poorer with decayed social infrastructure and power supply which has, unexpectedly, fallen below pre 1999 levels; furthermore, the economy is persistently plagued with increasing unemployment, and oppressive inflation rates which deepen poverty!  

Read More
CBN

Where is $7bn CBN placed with 14 Banks?

THE subject of the narrative, in this column, last week, was the $7bn which Festus Odoko, former CBN Corporate Affairs Director, confirmed had been deposited with 14 Nigerian banks in October 2006. It is not clear how many banks, actually, succeeded in raising the mandatory capital base of N25bn, and the additional N35bn steep threshold, required to manage part of Nigeria’s foreign reserves; nevertheless, on hindsight, CBN may have quietly dropped this clearly ambitious requirement, so as to pursue its declared agenda.

Read More
Banking hall

14 Nigerian banks to enjoy $7bn reserve

THE Chairman of the Special Presidential Panel for Recovery of Public Property, Mr. Okoi Obono-Obla, noted in a NAN report on (September 7, 2018), in Abuja, that the Agency is continuing its investigations to “recover monies that had been taken away (stolen?) from the people of Nigeria.” One of such ‘loot’, according to the Chairman, is the “$7bn fund that the Central Bank of Nigeria granted 14 commercial banks in 2006. Incidentally, Obono-Obla also confirmed that, these banks have not repaid the money to government’s treasury “after 13 years.” Curiously, however, according to the Special Panel’s Chairman, “when we enquired from CBN, the state of that money, the banks told us that the money was ‘dashed’ to them.”

Read More

The self-destructive, unforced error of Fuel Subsidy

‘THE most important  question now is: For how long must misguided government economic policies ruin our nation while we do nothing? This year like others has only twelve months. At least five will be spent with nobody thinking about how to prevent more deterioration. The remaining seven months cannot possibly reverse the accumulated damage – unless a new and radical solution is found”. An excerpt from ‘As Dangote goes, so does Nigerian economy’ by Dele Sobowale, Vanguard Newspaper on Monday, January 21, 2019.

Read More

The pathetic destiny of pensioners in Nigeria

OUR collective sense of compassion may have become so dulled, overtime, to media reports and media images of emaciated senior citizens, collapsing after waiting endlessly in queues under the hot tropical sun, for verification and payment of pension entitlements.    In reality, the victims of this oppression, have no ethnic or religious colouration, but are all bound by the common index of social deprivation, while the rest of us discountenance the gross abuse of the dignity of aged men and women, who had served their country for most of their lives.

Read More
Naira

Wages advisory committee as smokescreen

PRESIDENT Muhammed Buhari inaugurated a Technical Advisory Committee for the implementation of National Minimum Wage, on Wednesday, January 9, 2019 in Abuja. The occasion offered Mr. President the opportunity to declare his commitment “to a review of the present N18,000 minimum wage;” PMB consequently, assured workers that “we at the federal level have made adequate provision for increase in the minimum wage, in our 2019budget proposals, which we have submitted to the National Assembly;” notably, however, the budget submission came, barely a week before Parliament went on recess in December 2018!

Read More
Naira

Haunting echoes of a sage

THE late Prof. Samuel Aluko was probably Nigeria’s best known Economist, until he passed on in 2012. In addition to his prowess as a notable scholar and sage, he later served as Chairman of the National Economic Intelligence Committee, in the Abacha Administration, and arguably provided the robust intellectual anchor to the military Dictator’s successful Economic Programmes, in which, despite Nigeria’s international pariah status, the naira notably remained stable at around N80=$1, even when the foreign reserves base was a paltry $4bn.

Read More

Budget 2019 and the blind leading the blind

PRESIDENT Muhammed Buhari, finally laid the 2019 budget before the National Assembly, on Wednesday 19th December 2018; that is, barely 2 days before Parliament vacated for the Year End holidays. Incidentally, there was no apparent regret, nor indeed explanation why this mandatory process took so long; arguably, however, tardy implementation and gross distortion of the budget plan are the usual products of such casual approach to this critical national assignment.

Read More
CBN

Killing the poor & desperate with shylock rates

“Those Micro-finance banks that we have today, are not ‘giving’ loans at single-digit interest rates”; for example, “You borrow N50,000 for 90 days and they expect you to pay another N50,000 interest to them in another 90 days. That is outrageous and that is too exorbitant…” besides, “if you don’t pay the N50,000 interest, they seize your bicycle, or your car or your machine.” (CBN Governor, Godwin Emefiele-see story titled ‘Microfinance Banks Charging Outrageous Interest Rates on Loans”, Punch edition of December 10, 2018).

Read More