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Oppressive Bank Charges: When silence is not golden

The role of money, when properly managed, arguably, galvanizes the critical factors of production and wealth creation in every nation; therefore, the provision of banking services, is pivotal to appropriately, manage the flow of money, between all parties to sustain growth in every modern economy.
Continue reading Oppressive Bank Charges: When silence is not golden at Vanguard News Nigeria. …

Tortoise folklore and national leadership

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:
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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.
Continue reading Parable of the fool and his money… at Vanguard News Nigeria. …

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.
Continue reading Where is $7bn CBN placed with 14 Banks? at Vanguard News Nigeria. …

The self-destructive, unforced error of Fuel Subsidy

Unemployed crisis: FG launches new skills acquisition framework

‘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.
Continue reading The self-destructive, unforced error of Fuel Subsidy at Vanguard News Nigeria. …

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.
Continue reading The pathetic destiny of pensioners in Nigeria at Vanguard News Nigeria. …

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!
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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.
Continue reading Haunting echoes of a sage at Vanguard News Nigeria. …

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.
Continue reading Budget 2019 and the blind leading the blind at Vanguard News Nigeria. …

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).
Continue reading Killing the poor & desperate with shylock rates at Vanguard News Nigeria. …

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