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Voice of Emancipation: Migrating to a Digital Economy

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By Kayode Emola

Money has meant many things to many people across a plethora of different civilisations and ages. For many people in our current society, money is still synonymous with the hard cash in which transactions are conducted. However, more advanced countries have adopted a cashless economy, seeing money gradually moving to the digital space.

For centuries, Africans has spent money in different forms: from trade by barter, to cowries, to the present-day cash in our pocket. Nigeria is no exception to this. Historically, we have used trade by barter as a means of commerce, even using the local gin as the currency for land transactions, particularly during the colonisation by Britain in the twentieth century. Cash-based transactions were introduced by Lord Lugard in order to create a way for the British government to impose tax on them. Till today, most of us still hold to the idea of a cash-fuelled economy, despite the digital world presenting enormous opportunities.

Many countries, such as Sweden, have been employing a cashless society for years. Although now less physical cash is printed in Sweden, the transition has not diminished their way of life nor reduced the population’s earning potential. And as digital economy has become the accepted standard across most of the world, we are seeing the emergence of the next stage in finance: cryptocurrency. Its growing popularity is undeniable, with nearly a thousand crypto wallets being created daily.

Nigeria today has started encouraging electronic payments with the “point of sale” (POS) payment system. However, the government has sought to curtail the exchange of crypto to conventional money, as it accorded the youth increased freedom to voice their anger. This was most pertinently seen during the ENDSAR’s protests. Thanks to transactions sent through crypto, the youths were able to rapidly mobilise sufficient funds to enable millions of people to mount daily protests against police brutality. Consequently, Nigerian youths were able to organise the most peaceful yet prolonged protest the world has ever seen.

Many countries and their central banking systems are against the full-scale introduction of the cryptocurrency, understandably so. However, there is a flaw in their claim that cryptocurrencies are worthless, as they are not back by any commodity. In 1971 President Nixon ended the ability to convert US dollars into gold – a move described by financial expert Robert Kiyosaki as being the death of the dollar. Yet despite the loss of equivalency, the dollar is still accepted as the global currency even now. If the gold bars no longer underwrite the dollar, then I believe it and all other currencies are backed by nothing more substantial than the global goodwill of us all.

Just as Nigeria was forced to adopt cash-based transactions in the colonial days, I foresee that the world will be compelled to accept cryptocurrency in the imminent future. Many countries are already beginning to recognise its importance, and are adapting their economies to be able to withstand whatever challenges this new world currency may pose. However, there remain many countries and governments who are still in denial about its longevity and the potential financial disruption it will bring to world in the next 50 – 100 years.

The fear of the unknown has never succeeded in obstructing innovation across the world. For example, on first glance it seems utterly implausible that aeroplanes should stay in the air for hours without falling to the ground. Yet today aeroplanes spend days in the air and, likewise, ships stay afloat on seas without sinking.

In our journey to Yoruba nation, we must realise that some ideas will appear to contravene the prevailing wisdom of the day. Yet we must be ready to embrace them nonetheless. Cryptocurrency will be a game changer for the financial markets in years to come, and so we must be ready to learn how to integrate it into our financial system. For the young people who are aware of the endless opportunities abounding in this digital currency, my advice is to take advantage of every one that you can: for Yoruba people trapped in poverty due to the economic dilapidation of Nigeria, the digital economy is truly a place to traverse for opportunities.

However, it should be acknowledged that the high volatility in the crypto market makes it unattractive for the risk-averse person, and it can be difficult to successfully profit from it. There are several genuine global platforms that can help ordinary people fulfil their dreams of financial independence. However, caution should be exercised as, alongside the genuine platforms, there are also many fake platforms set up just to defraud people of their hard-earned money. Therefore, I would counsel anyone venturing into this world to always seek information and guidance on how to maximise the enormous potential that the crypto has to offer.

As we strive towards an independent Yoruba nation, there is no doubt that our fledgeling country will face numerous challenges. One way to safeguard against any financial storm is to explore opportunities in the digital space. This may perhaps protect those who might have otherwise been vulnerable left to conventional means of making income.

Cryptocurrency is set to become a worldwide phenomenon with no regard for whether or not we choose to embrace it. Therefore, let us, as individuals and as a united Yoruba society, position ourselves at the head of the curve; let us equip and educate ourselves now. Then, by the time crypto is global and inescapably integral to the functioning of everyday life, we will be the frontrunners, world leaders in this sector, in possession of powerful leverage to make our voices heard and our rights defended. This could be one of the greatest bargaining chips the Yoruba nation could ever attain, and the power to acquire it is in YOUR hands. The time is ripe; take this opportunity to garner all the knowledge that you can. Through the accumulation of every individual’s action, we can collectively build a brighter tomorrow for the Yoruba people.

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Opinion

Tinubu, One Year in Office and Catalogue of Woes

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By Eric Elezuo

That day was a Monday. Nigerians had waited to know what was in store for them for the next four years. Expectations were high, considering that the three major presidential contenders had painted a blossoming picture of a better Nigeria. It was like whoever emerges knows the problems of Nigeria, and will fix it within a twinkling of an eye. Nigerians were sure to smile again.

But hope began to dim as the just sworn in president, Bola Ahmed Tinubu, began to drift during his inauguration speech. Thousands were at the Eagle Square, venue of the swearing in ceremony, and millions were watching via online or cable television. When will he made the turnaround announcement that will usher in the much expected Eldorado.

The announcement did come. But it had no smack of Eldorado, it had no dressing of the Renewed Hope agenda on which Tinubu, and his All Progressives Congress (APC) campaigned, it was a blunt ‘spirit possessed’ outburst that changed the landscape of everything political, economic and welfaristic. It was a line borrowed from non-concentration, and it says “Subsidy is Gone”.

Since that Monday in 2023, May 29, to be precise, till now, one year after, Nigerians have practically lived from hand to mouth, moving from one terrible woe to another, and respite seems far from coming.

Just immediately after the announcement of May 29, the price of Premium Motor Spirit, ordinarily known as petrol, jumped to the roof. It sold at N615 as against N180 prior to the Tinubu era. The people did not protest. The people murmured, and adjusted to the hardship that came with the rise,  and emboldened the government for more draconian policies. The prices of foodstuffs such as staples like garri, rice and beans soared beyond the reach of the regular citizen, and so emerged hunger, extreme starvation, deprivation and untold woes.

Then the government took more extreme steps, and descended on tariffs, increasing electricity cost even with abysmal supply. The Minister of Power, Adebayo Adelabu, had defended the move, and in a petty response, blamed Nigerians for putting on the freezers and A/Cs. He however, apologized for his misplaced utterance.

The naira totally collapsed, and nearly exchanged at N2000. Today, it trades at a price a little less than N1500.

Adding salt to injury, the Central Bank of Nigeria (CBN), in a bid to deepend the country’s forex reserve introduced the Cybersecurity levy. The public outcry that followed the policy led to its suspension.

In the midst of all the woes, members of the National Assembly are buying cars at N160 million each and sending “prayers” to their various account numbers at regular intervals – while the masses continue to understand.

Meanwhile, Tinubu and his supporters have maintained that the government is doing well, and deserve applause as it completes one years in office.

Every Nigerian wants Tinubu to succeed, yes, but so far, it’s been a bleak one year of hunger, taste, deprivation and hopelessness. Someone says the matra has become renewed fraud!

The most fearful part is that there are three more years for the clueless administration to further torment Nigerians.

Tinubu government just have to review all they have done in the last one year with the eye of the regular citizen on the street, and not the Abuja landlord, and make amends before the hungry man truly becomes an angry man.

But Nigerians hope for the best, and this catalogue of woes may just end.

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Opinion

Day Dele Momodu Injected Africa With Energy

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By Michael Effiong

It all begun with a phone call. It was one fine morning and I got a call from my former boss, Aare Dele Momodu whom we fondly called Bob Doo.

Before now, when his voice booms at the other end of the line, he would say Editor!!! But these days, since I joined Akwa Ibom State as the Senior Special Assistant to Governor Umo Eno, he has changed it to SSA!!

So when he called that morning, I answered and he told me he that his birthday was fast approaching and he was reflecting that he had just six years to make seventy and just 16 years to 80.

“Do you know, I have just 16 active life remaining in this world if I am lucky?”. I was wondering where he was headed because when my boss goes philosophical like this, get ready for a session of enlightenment about his life, trails and triumphs.

On this particular day, however, all he said was that he was thinking of his legacy and that since he had written many articles on Nigeria and proffered solutions endlessly  without much difference, he was thinking of holding a dialogue or a lecture series, something deep. He had no plans for any party or “feferity” like we used to say.

For me, that was a brilliant idea and I told him so. He then said he believed that with the  epileptic energy situation in Nigeria, South Africa and the return of the worse form of dum so dum so (light on and off) in Ghana, a discourse on the subject will be useful.

We agreed that it was a good plan. Having worked with him for 20 years, I know that when he has a brainwave like that, his adrenaline usually pumps on overdrive-and for some inexplicable reason, lines usually fall in pleasant places for him.

Five minutes later, in a very excited manner, he called back and  announced, “We are good to go! I have just contacted Prof. Barth Nnaji and that day is not only free on his calendar but he has agreed to come.” That was how the first Dele Momodu Leadership Lecture with its theme as “ The Politics Of Energy and The Way Forward” with the Nigeria Institute of International Affairs (NIIA) as venue began.

From that moment on, he began to work the phones, and he usually would not hide any new success story. In less that 20 minutes he has confirmed the Chairman of the occasion and so many of the special guests. He then asked that we set up a small committee of friends and begin to work on this project.

Pastor Lanre Obey (Lansrock), Kingsley James (IDCL), Seyi Orolugbagbe, whom we fondly call Man Seyi, Azuh Arinze, Prince Adeyemi Aseperi, Ian Okudzeto from Ghana, Dr Sani Saidu Baba, Osagie Alfred and Eric Elezuo, our Editor at Ovation International and Supervising Editor of The Boss Newspapers and the only lady in the house, Ms Bola Ojofeitinmi and yours truly were all added to platform as Planning Committee Members.

We all went to work, handling different aspects of the event. Lanre Obey in matter of days delivered the stage design and entire venue plan while IDCL also submitted ideas for the walkway, red carpet and venue branding etc. The show production guru, Edi Lawani was coopted to offer his expertise while Biodun Oshinibosi of Abellinis called to offer his services.Things were taking shape.

Then, in his usual ebullient manner,  Chief Momodu shared the good news that Mr Leke Alder, the one we call the Genuis, has agreed to help with logo and other designs!

After sending through different ideas, we adopted one and the creative force of Alder Consulting  went to work pronto delivering invitations, newspaper adverts and other promotional materials The Alder team came up with the tag name of the event “Intellectual Discourse”. This was efficiency at its best.

There were reservations about using the NIIA, some believed  it was not befitting for his status, but Chief Momodu would have none of it. He argued that NIIA is our equivalent of Chatham House and should therefore be given its pride of place.

“Taking the event out of a formal venue like NIIA, would make it look less serious and intellectual’. He stated firmly.  He then announced that as part of his 64th birthday celebrations he would relay the red carpet at the Main Auditorium and also donate two new air conditioning units.

As the day got closer, Chief Momodu rushed to Ibadan for a few days where he was putting finishing touches to his personal library that would soon be opened. He was on the phone at all times keeping tabs on the planning process.

We had two physical meetings but all the coordination was virtual, and the Executive Producer and celebrant, Momodu was on top of everything.

A day before the event, we were at the venue, and everything was coming to fore. The venue was witnessing a massive transformation.

Then,  news came that Prof. Nnaji arrived  Lagos and was warmly welcomed at the luxurious Delborough Hotel.  We we were all excited and when later that night former President John Mahama landed at the Execujet private jet terminal, we knew that all was set.

On day Day May 16, nature decided to test the clout and connection of Chief Momodu by releasing a heavy downpour. But God took control!

From Governor Ademola Adeleke to former Governor Donald Duke,  Ooni of Ife, HIM Oba Adeyeye Ogunwusi to Mr Peter Obi, Alhaji Rabiu Musa Kwakwanso to Hajia Bola Shagaya, Dr. Bobby J. Moore, Consul-General of the Republic of South Africa and his wife to Oluwo of Iwo Land, HIM Oba Abdulrasheed Akanbi, Mr Olumide Akpata to Senator (Prince) Lanre Tejuoso, AIG Tunji Alapini (retd) to Senator Olubiyi Fadeyi, Erelu Olajumoke Adebola to Mr Kola Karim, Delborough Hotel owner, Dr. Stanley Uzochukwu to Prince Bisi Olatilo, Prince Damola Aderemi to Mr Segun Fatoye, Dr Larry Izamoje to Mr Mike Awoyinfa, Mr Dozy Mmbuosi to Mr Gbadebo Rhodes-Vivour, Mr Kunle Bakare to Bankole Omishore, Ayo Animashaun of HipTv  to Mr Segun Ogunsanya, MD/CEO, Airtel Africa and so many others all defied the rain and the terrible traffic that occurred that day to grace the occasion.

And to sweeten the day, celebrant’s wife, Yeye Aare Bolaji Momodu and three of his children: ‘Pekan, ‘Yole and Eniafe were there to give him the much needed moral support.

Steered by Dr. Rueben Abati assisted by Mr. Oladele Ogunlana, the Guest Speaker and other commentators not only x-rayed the problems of the energy sector but proffered solution. Guests were also served excellent canapes by Laredo and drinks cum cocktails by  Depotters Limited. It must be said that the intellectual the content of the event itself was top notch.

Interestingly, though the event was an altruistic effort to help governments across the continent ,which was why it was advertised as apolitical with invitations extended to all political affiliations,  members of the All Progressives Party (APC) except for Senator Tokunbo Afikuyomi shunned the event!

Describing the event as a vehicle for international diplomacy, Chief Momodu stated in his welcome address that the lecture was his way of igniting a conversation that would  benefit African governments and their people.

Chairman of the occasion, former President John Mahama, who actually solved the energy crisis that engulfed Ghana while he was President said the severe energy deficit on the continent is surmountable.

Drawing from his river of knowledge and bank of experience, President advocated collaboration among countries as well as the willingness to deploy  an energy mix: gas, coal, natural gas and renewable energies such as wind, solar, hydro and biomass as solution.

As for Professor Barth Nnaji, Nigeria can solve its current problem if we make the national grid more robust.

According to Prof. Nnaji “Countries like Nigeria have the responsibility to remind developed nations that much as natural gas is a fossil fuel, it is a transition fuel because of its relative cleanliness. Even lithium-ion promoted as the silver bullet to the climate crisis has serious defects including the fact that it is mined like any other mineral, ipso facto, causes environmental pollution

“While the Nigerian government should be encouraged to explore foreign markets for its resources like natural gas, sight should not be lost on the fact that charity should begin at home. In fact, an emergency has to be declared in the domestic gas market to save the electricity sector.

“The super grid should be given priority to boost national transmission capacity. The Federal Government has to resume signing power purchase agreements (PPAs) with appropriate guarantee instrument to attract private sector investment  so that Nigeria can experience proper economic trajectory like other emerging nations such as Brazil, Russia, India, China, Columbia, Indonesia, Vietnam, Egypt, Turkey and South Africa”

He then concluded “ We can achieve these if we have the will power and right frame of mind to change the energy equation. It is now up to us a s a nation”

There were very thought-provoking remarks from Mr. Kola Karim, Ooni of Ife, Alhaji Kwakwanso and Mr Donald Duke.

In all, it would be said that the Dele Momodu Leadership lecture was an energetic shot in the arm that should arouse our sense of purpose, wake African governments from their reverie and ignite them to find solutions to the energy crisis.

 

 

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Opinion

The Impact of Parental Incarceration on Children in Nigeria by Hezekiah Olujobi

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There is no official data available on the specific number of children with incarcerated parents in Nigeria.

The issue of parental incarceration and its impact on children is often underreported and not systematically tracked. However, it is widely recognized that there are a significant number of children affected by parental incarceration in Nigeria, and the challenges they face are substantial.

The impact on the children of incarcerated individuals is particularly distressing, as they often face hardships and disruptions to their lives that are beyond their control.

The lengthy and complex process of appealing a conviction further compounds the suffering of those involved, as the financial burden and procedural delays create additional barriers to accessing justice.

It is evident that the current system is in need of significant reform in order to address these issues and ensure that individuals are not unjustly punished and that their families are not unduly burdened by the consequences of incarceration.

As a mediator or intermediary between those who are incarcerated and the criminal justice system in Nigeria, I have had various interactions with individual inmates awaiting trial who believe they are victims of circumstances, including their relations. Oftentimes, I am exposed to the agony the parents of the incarcerated are going through at home and the impact of the absence of the incarcerated parents on the children.

I always feel the pain when I see children, considered part of the youth of Nigeria, who can no longer go to school because of their parents’ incarceration. I always think of their struggles. Some of them have had their wives abandon them for another man and leave the children with the mother-in-law.

The question is: do these children deserve the punishment and hardship they are going through? Considering the slow and crippled nature of our criminal justice system, it takes 10 to 15 years to get justice. Some, after suffering such injustice, still end up with a death sentence, which may take decades to come out of.

Recently, three individuals were sentenced to death after struggling with justice for 12 years over a crime they claimed they never committed. These three people had a total of 8 children before the incarceration. One had 2 children, and the others had 3. I was privileged to have contact with the relatives of two of these children, and it was confirmed that not all of these children grew up with their mothers. Some of them ended up with their fathers’ aunties at the ages of 7 and 9 after their parents had the problem. Insight into how they are surviving shows how the incarceration of their parents affected their uncles’ and aunts’ businesses.

When the news of their parents’ death sentence was broken to them, it was like breaking the news of a real death. When another one called me to inquire about the outcome of the judgment, I had to ask her if she was in a safe environment. She said yes. When I broke the news, she went into silence, weeping silently.

They asked me what could be the way out, and I said “appeal.” The question is, what does it take to appeal? It is very expensive. This is the reason why the death row is congested, because not many can afford the appeal. The cost of the appeal varies, depending on the volume of the record. The record will be duplicated into 24 copies. 21 copies are going to the Court of Appeal, one copy for the record of the High Court, one copy for the litigation, and the other for the defense counsel. The compilation and duplication of the record always cost 250,000 per appellant.

Additionally, you need to pay 50,000 into the account of the Court of Appeal, which will be refunded after the completion of the appeal. This does not include the defense counsel fees. This is the reason some of the counsel who want to take a case on Pro bono may not take the work seriously or expedite action on the appeal because it is free.

The causes of delay in the appeal process include the compilation and typesetting of the record of proceedings, including the judgment, which always takes time. Many cases are going to the Court of Appeal, including civil cases. The question is, which one do you think will take priority: the lawyer who is handling civil cases or the lawyer who is handling criminal cases? Which one do you think has time to pursue the document?

Another factor for delay is the state. The lawyer assigned to the case may not have time to respond to the appeal in time.

The Court of Appeal factor: The judges may not form a quorum, and their hands may be full. Reading and writing the judgment is a task with great rigor.

What happens when the appeal fails? Then, you proceed to the Supreme Court. All cases of failed appeals in Nigeria are transmitted to the Supreme Court for final determination at the Federal Capital Territory.

If you’ve ever been to the Supreme Court, you will see how well-organized the system of admitting the cases is. They have to input each detail of the case into the computer database. Just as you queue in the bank, these files are also moving. This is the reason why it may be difficult to expedite the process. It can be monitored to know the state of the case at the Supreme Court. This is the reason why the road to justice is a long walk.

Hezekiah Deboboye Olujobi is the Executive Director, CJMR

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