Kashimawo: The Play took over Shaw Theatre, London, for an unforgettable night of history, culture, and powerful storytelling. Our cast and crew delivered an outstanding performance, bringing Kashimawo – The Play to life. Every moment was a true celebration of history and legacy.
There is nothing left to add to the tax bracket, and we have a substantial mandate to generate revenue.
What we now have settled down to is a government that has shown an extreme bias for revenue generation rather than wealth creation
When you pursue a significant interest in generating revenues without addressing the requisite blocking of loopholes, and fail to ensure that the funds are effectively plugged into wealth creation, then we have a scenario where we seem to be pouring water into a basket.
Customs at the ports are recording bumper collections, FIRS is also recording huge receipts, diaspora inflow is quadrupling, and exports are increasing as a percentage of GDP. We should be focusing on the fiscal side of things if the government truly knows what it is doing.
With this increased revenue profile, we are still relying on foreign credit for even recurrent expenditure, simply cos the Government has no political will to curb its spending, truly block leakages, reduce the cost of governance and really fight corruption, which is a massive leak of resources.
Granted, the indices are stabilising, inflation is dropping, the Naira is gaining strength, and infrastructure development, with projects like the Lagos-Calabar and Dangote Refinery, to mention a few, is showing positive reflections on the Government, we are still far from Uhuru, and this is why the Government must continue to ensure that the tap for revenue generation continues to flow
Here comes the role of the tax reformer – I continue to forget his name
His mandate is straightforward: ensure efficient collections, widen the taxpaying bracket, and smooth out the disproportionate tax payment regime between the rich and the vast majority of the population.
I hear he has submitted a good paper, which may have found its way into Law, and is expected to be implemented from next year
In his routine enlightenment campaign, he was however quoted to have said that the new tax regime would be so robust that even sex workers would be taxed, and this made a large number of watchers laugh in derision.
This is not the first time the government has been hovering around sex in their desperation to tap into the honeywell.
Just like drunken sailors, governments have been looking at the sex industry in lust
It was the NBS that first announced that it would use it as a basis for its calculations
They were laughed into their caves, and now the tax Czar has come again
To be fair to them, the sex industry generates trillions annually, and no sane hungry government would turn its eyes, especially with the lascivious need for funds by them
From its various subsectors – prostitution, porn, sex toys, etc, the sex industry is Nigeria’s highest employer of labour with the widest participants pulled from all demographics and subclasses
The industry is directly responsible for at least 20% growth in hospitality, healthcare, tourism, infrastructure, media and fashion, amongst others
Contraceptives and other sexual health subsectors of the healthcare industry are valued in billions, throwing up another super subsector – aesthetic surgery
We now spend billions on facial and body-altering surgery.
The sex industry is also the underlying driver of the multi-trillion Naira Detty December, since we all end up in bed at the end of every day of the month
So now the Government wants to tax it all. I must confess that I have not seen the new tax laws or even will understand them when I eventually see them, but I must state very succinctly that this attempt, like its predecessor, will fall by the wayside
Granted, this is happening in other countries, but our system is different
Our industry is fluid, as sex workers cannot only be found on the streets; they are in our homes, offices, churches, mosques, schools, and even the Presidency.
How, then, do you tax a worker who will not identify herself as a worker, even though she or he is a market leader?
Secondly, which customer would agree to be identified and have their name on a receipt for tax purposes, since these customers, like the purveyors, are all over in society, including all those places mentioned
So if the sex worker can’t keep a record of ‘sales’, how do we now access her for tax purposes
Like I have said earlier, I do not understand the parameters or how the Government wants to go about it, but let me quickly add-
Most of the associated inputs in the sex industry have already been taxed and put under VAT
From the hotels, the sex toys, the lubricant, clothes, cars, drugs, almost everything, and it will amount to double taxation to even attempt it
I think maybe they want to now tax the Vagina and license it like we do cars
Yes, that’s possible. We send the vaginas for assessment, like we do MOT for our cars, and then issue an annual licence, which they will pay for, permitting them to go ahead.
This will now raise the moral questions that we have been debating since Eve gave Adam the apple to eat.
If we are going ahead with the registration idea, then a separate government agency can be set up to handle the registrations of Vaginas for the sole purpose of generating much-needed revenue for the government as they seek to fulfil campaign promises
Please, where do I submit my resume for this new agency
Msshee. Misplaced priority
Come and beat me
Duke of Shomolu
Investible funds, sponsorships, and grants? Yes, we are.
We now have 30% sustainable institutional flows in sponsorships and grants and then 70% emotional funding which rests on my networks.
Now the plan is to grow the institutional funding to 50% and begin to put structures that will enable us to attract investor funds in facilities, equipment etc.
This is why we now have lawyers, accounts and consultants. We spend about 20% of our funds on these experts.
We now have an advisory board for the UK business and I’m whittling down my powers.
My MD sits at every meeting and only comes to me for advice.
Now another thing that deters investors and serious producers is the lack of understanding of the concept of delayed gratification.
Thespians want to collect all they can from this one production, thereby bloating the budget with fees that cannot be justified, over-invoicing, taking percentages from little actors’ fees, and conniving with vendors to overprice services.
All these adds to the cost and dont forget the gate fees cannot cover cost and the Production declares a loss and with that no investor or sponsor will touch.
These bloated costs, hits ability to market the play as the thespians would have sucked up the funds and there will be no funds to pay for advertising whixh is usually the first to suffer.
If thespians calm down and work with producers without literary ‘stealing’ then the business will grow and everybody will enjoy.
Last year, i lost N50m in the UK. I cried like a child but thanked God that it was sponsorship and not investors fund.
If it was investor funds i would be on jail now simple.
Now when we looked at the books, expenditure lines where bloated by over 500%.
A rehearsal space that was gotten at £400 i was charged £4,000. Instrumental Rental that was £1,000, i paid £10,000.
All of these are verifiable and tracked. I cried but was advised ro let go.
Came out with a profit of £10. Now if i had borrowed the money, what would i b doing now and which investor will hear this and come in.
So let’s grow the space and u will see cast fees go up, more jobs, more productions etc.
Kashimawo is coming at 50% less than Awo.
Awo took over £100,000 and Kashinawo is coming at £62,000 even with a bigger cast.
At these figures, I will be able to do four plays a year in UK which is the plan and move more ppl from here to experience an international stage.
This year, we are moving 12 people with no airline sponsorship. We bought full tickets cash and dts cos we have saved so much money on the production itself.
So the culture of the average thespian who sees eveey production as an opportunity to steal shd change cos they are biting their own fingers.
Duke of Shomolu
The narrative following the very offensive Yahaya Bello clip where he was seen ‘advising’ alleged Members of the Kogi State House of Assembly played to the gallery and leveraged our eagerness to accept such a narrative as we continue to ‘sorrowrise’ about the situation in this Country.
Following our inability to fight and push back, we have majorly turned ourselves to a nation of cowards who collectively fold our hands and stand with chewing sticks in our mouth and like Chinua Achebe’s Unoka just lament and wear our badges of shame with pride and with heads still bowed
This is why we were quick to accept the wrong narrative of that clip and quickly share it with additional captions illustrating just how Nigeria is ‘finished’.
But as I looked through the clip, I remained excited and engaged. I am currently working on a Book – Maddtimes power list Coffee table – where We are mapping Power and Influence in our country
The theoretical structure of the book is built around the fact that structural power has failed us as a nation and by structural power, we mean power gotten by Ballot and appointment or any power secured thru structural means including traditional title holders
So for us, real power is charismatic power. Vision driven power and power that emanates from sheer guts, drive, courage and boldness. We have gone further to say that this power may not always be seen in a positive light by the generality of the people
In this regard, people not well regarded by society but continue to show charisma and vision driven drive would make the book. Bare it in mind that the building blocks of politics and governance are ambigous and do not let themselves to structured and boxed in definitions
So concepts like ‘good, just, fair, interest’ amongst others avail themselves floating definitions all guided and pushed by self interest. So for example Trump can be a very ‘good’ Leader to those who his policies are benefitting and a ‘bad’ leader to those who are receiving a beating by his policies. Same with Nigeria’s Bola Tinubu – millions are standing on his mandate just as millions are hating him for his policies
It is in this wise, that some people who would make our list and book may not be there by popular choice but will make the book by their sheer understanding of the concept of charismatic power and influence and with the way they deploy it
So, back to the Yahaya Bello clip.
Now, what I saw there was a positive use of power and influence. What I saw there was a powerful man with all the charisma in the world speaking to a people who have been beholden by his sheer guts, courage, boldness and carriage. I didnt see any compulsion on his part when he asked the people to sit down. They all obeyed him very voluntarily and looked up to him with fervour
Now the clip didnt show if there were enforcers outside waiting to break the knees of those who didn’t obey or if there were any threat muted or otherwise that ensured compliance. What I saw there was qauint obedience, almost spiritual fervour in compliance and general love for a leader no matter how he got there.
This is power at its best. Now its up to the observer to define and box it by labelling it either positive or negatibe. But as a scholar of power, what I saw there was naked raw charismatic power the type we are documenting.
This is exactly the kind of power Nnamdi Kanu of Ipob is wielding. His words from prison stoping economic activities in a whole region, keeping the biafran hope alive by sheer charisma and using his oratorial skills to push a narrative desite his lack of freedom
Chief Obasanjo wields that kind of power and influence making his home a shrine for people seeking structured power. Remember the incident where Obasanjo asked traditional rulers to all stand up and they immediately did
Now let’s go back to the Yahaya clip.
Look again and you would see one man standing in total submission with his hands clasped to his crotch and head in continous bowing motion and standing as Yahaya spoke. That is a classic case of a man zombified by power snd influence.
He is a breathren and can be likened to members of cults or huge churches. In this case logic and rationality has been beaten out of his brains and he has become a slave to his master and must follow all instructions no matter what.
You find these types in Nigeria’s mega churches, North Korea and Mormon communities of Salt Lake Utah in America.
So unlike most of you, what I saw in that Yahaya clip was a man who has parlayed structured power as a former Governor into a charismatic hold on power where despite the absence of constitional power, he still controls the one who has constituional power and his minions
Remember how the sitting Governor Ododo ran to his rescue during his travails with the EFCC and the rest. Now what is remaining for Yahaya Bello is how to deploy this his immence power whether for the good of the people or in continuation of the pursuit of his self interest
But remember very quickly that I have said in this write up that what is good or what is best really and truly can only be defined from the prisms of self interest.
So the only sure thing here is that Yahaya Bello has won my nomination into the Maddtimes 100 most powerful and influential Nigerians 2025 for his sheer grasp of Charismatic Power snd Influence no matter how he deploys it.
Come and beat me.
Duke of Shomolu
A few individuals who used to be well respected have turned the benign institution, the NASD into a monkeying institution.
Holding Board seats for over a decade and superintending over a leprose performance that has denied the economy benefits and rued the ambitions of a workforce that seems stymied by the situation.
I have come into possession of a letter written by a vexed shareholder – Adelabu Muriamo who, in no uncertain terms have asked that the Chairman immediately step down and resign.
His letter, which I think should have been addressed to the hard-working SEC DG, the affable Mr Agama, stated very clearly that the continued stay in office by the chairman and other such directors is in arrant disobedience to the SEC Circular released this July, which stipulates a tenor limit of 10 years to all directors.
He also went further to state that the continued insistence to remain on the Board is also aggressively at variance with the Business Facilitation Act of 2023, which states that at least one third of the board must be independent directors.
Today only one person is an independent director on their board.
I have had an intrinsic relationship with the NASD which was founded in the BGL Boardroom with the late Albert Okumagba as a driving force.
The idea was for it to provide an alternative market for firms who could not meet up with the stringent listing requirements of the more robust NGX.
But since its inception, It has been riddled with vacous visionless leadership leading it to be firmly placed at the bottom of the pyramid in all performance measurments.
A quick cursory look at it’s current shareholding structure and you will see why shareholder Adelabu is very angry.
The chairman who is having allusions to corporate despotism holds just 5% of the company with his 25m units which he probably bought at per value.
Total numbers of Share outstanding is 500m units with about 234 shareholders.
The top 10 shareholders own 62% of the company with firms like VFD Group, NSE Consult, Heirs Holdings, chapelhill and some other stockbroking firms holding 38%.
So what we have here is now a classic case of corporate bullying where a significantly minority shareholder abuses the respect he was given by his colleagues when they made him Chairman by refusing to leave even after 12 years on the saddle despite the SEC circular and other such regulatory prompts.
It is the arbitrarines of this form that goes straight at market confidence and it is this folly that the SEC have come out boldly to fight with the recent circular.
It now remains of the SEC if they would have the gumption or the political will to push out these ancient gladiators.
For how can a person whose tenor has expired two years ago now precide over an AGM that has been called to throw up his successor.
So the process of dummifying the institution after monkeying it is now in full gear, I ask?
Before settling down to write this epistle, I carried out wide consultations and what I came out with is nothing but shameful and base idiotic.
From ego driven engagements to stubborn resolution to not just go down to allusions to ethnic superiority with dotted lines to strategic government and enforcement points in a needless struggle that continues to stymie growth in the system.
Another sad thing, is that, this Chairman and his cohorts are some of the most well respected in the space.
I grew up as a stock broker with the highest regard for some of them and cant seem to tie this dispacable act of ‘capturing’ a whole instituion – a self regulatory institution for that matter in such a barbaric manner with my perception of them as a starry eyed stockbroker.
It is the same arbitrarines that led to the toppling of the Emperor at FMDQ, a senior cousin.
I hear that it took almost all of our Federal might to kick that one out and when that finally happened, getting a successor has been a herculean task cos of the lack of due process in succession.
Why brilliant men fall into gutter like this when they taste small power and lucre of office will continue to defy all consuming logic.
One wise man once said, give man power and you will now knw his true person.
Why would you be a minority shareholder but sit as chairman for 12 years, pay dividends only once – 20k with bonus of 1 for 5 in 2024 and still be wearing suit and be tying yourself to the seat with cello tape?
The tsunami that threw out this same tendency at the neighbouring NGX must be teleguided towards this sickly NASD.
The results at the NGX with its young and vibrant leadership is there for all to see.
The All share Index is on an increasingly record run, Companies crossing the N100 mark and the bourse recording one of the best performances globally, beating rabid inflation and generally just pushing more energy into the economy making the Presidency use it to gloat to its critics.
Same cannot be said of the NASD which cannot see huge opportunities like Nick Okoye’s Digital Asset revolution which is the next frontier for the catarach in the eyes of its aged Board.
The SEC must come at this matter with a strong resolve to send a very strong signal to the market that it is now very ready to wrestle down the monster that is arbitrarines.
As for me, I think the Board of the NASD should stop monkeying around and do the right thing which is to just resign immediately and allow a breath of fresh air into the place abeg, its no longer funny.
They may now come and beat me.
Thanks
Duke of Shomolu
As I sat in the beautiful Oriental Hotel Ballroom yesterday at the investiture of my sister, the ever-so-brilliant and elegant Uto Ukpannah as the second female president of the very powerful Institute of Chartered Secretaries, my eyes surveyed the room.
Uto’s investiture had pulled in power.
Emir Sanusi was in full attendance, Keem Bello Osagie, the Board Room titan and now a Professor, the GMD of the uproarious NGX, Temi Popoola, Dr Karl Tomori, the GMD of the giant MTN, former Ministers, and so many other bigwigs, including the top Senior Advocate who administered the oath.
Just as I was about to sneak out, Usoro Akpabio sent me pictures and a news statement detailing her receiving her official letter from the Secretary to the Federal Government formally signposting her earlier announcement as the Chief Executive of the Multi billion Naira South South Development Commission a mighty Intervention agency with a budget over N500 billion
I smiled and looked at pioneer Akwa Ibom powerful woman Mary Alibaba who rose to the position of Executive Director in two major Banks and who in her days was a true leader and who was sat in front of me at the Event.
Akwa Ibom, as a state and a people, have come a long way.
We have moved from a conglomeration of ‘little people’ with funny accents to a powerful force that continues to hold and contribute very powerfully to our nation.
Today, we hold the number three position in the land, we have captains of industry and great military men.
People like Admiral Akpan, Udo Udoma, Udeme Ufot and his wife – Ekaette Ufot, famed estate surveyor Tony Nda, Mayen Adetiba and my dear Aunty Mrs Eshiet, who held sway at the NNPC in a very strategic position for years, to mention a few.
Uto and Usoro’s ascendency has not only been on the back of the pioneering role these titans mentioned above have played in opening the eyes of the nation to the quality manpower our state can bring to the table, their push has also been on the back of their individual merit.
Uto has had a rich professional career. From UBA, through Afribank and now MTN, where she is the Company Secretary, she has continued to herald brilliance and professional integrity in all she does, hence the huge respect and influence she continues to parlay in her career.
Married to the brilliant Aniekan who is also a globally revered legal practitioner, Uto continues to push merit-based leadership in her space to the constant admiration of not only her peers but all stakeholder groupings that she belongs.
It is no wonder that the room was bursting at the seems with very influential people flying in from all over the world to be part of her investiture.
Usoro is a veteran on power. She is one of Nigerias best when it comes to international protocols and who has also parlayed a career in Oil and gas despite a medical background into one of the most admired careers in the country.
It is no wonder that her choice for the new intervention agancy isnt considered as far fetched.
The South South Region which is the wealth basket of the Nation continues to suffer neglect deosite billions earned by the various supra national Govts and other such interventionist platforms in the region.
Poverty levels are atrocious, infrastructural decay is in epidemic propotions, health care delivery is a mirage and level of despondency is pervading despite the oil wealth.
It is in this vortex, that Usoro is expected to wield the magic wand.
President Tinubu’s government by this singular act of not only establishing the Commision but also manning it with this kind of merit based leadership has sent a very strong signal to the serially underperforming NDDC that its days may just be numbered.
Usoro comes to this job with a well funneled clarity that will further sharpen her ability to deliver on her objectives leaving us in no doubt as to her determination to succeed.
Let me however at this point digress and look at the socio-Cultural milliue that Uto and Usoro have come out from.
They are both Ibibio a sub cultural collective found in the Akwa Ibom state of Nigeria. Same sub cultural milliue that I belong to.
I have used ibibio in a very loose form to identify the people that can be found within Akwa Ibom.
Akwa ibom is made up of many tribes – ibibio being the largest hence the loose umbrella formation in describing their forebearance in this article.
My people are strongly patrilineal and the woman is but at best a help mate and not necessarily an equal.
It is from this seeming double jeaopardy that these two hve struggled thru to leverage on the achievements of pioneering figures like the aforementioned Mayen Adetiba who was a nationally respected Engineer who sat on the Boards of CBN and many other huge corporations to attain this massive positioning.
It is as a result of this, that Uto and Usoro are today seen as very strong beacons of hope to not only the Akwa Ibom female but Nigerian females as a whole.
These two have broken the glass ceiling, pushed thru a male dominated socio – cultural enclave to position themselves in a way that their voices would be held.
As a minority tribe, the national ascendency of these two beautiful women is being celebrated with so much pomp that an observer will begin to wonder why.
It is for this reason that our State Governor Umo Eno sent a high powered delegation to Uto’s investiture.
Uto and Usoro for me represent the final coming of age of the Akwa Ibom woman who has been caricatured as usually nothing but a barely literate housemaid or a sexual object.
Today, cos of these two the Akwa Ibom woman more than ever before now has a very strong voice and this by extension also gives the Akwa Ibom nation much more than a bumbling Senate President as our own contribution to nation-building.
Akwa Ibom isong o
Come and beat me
Duke of Shomolu
Eniola is my young investment banking star who is the apple of my eye.
The other day, I heard him on the phone. Emem, I need you to …
I want you to… As I listened, I knew Emem would not answer him.
At the tail end of the call, I heard Emem say to him, What is all this need to and want to.
I smiled and told him that he had lost the first rule in influencing people.
To be a good networker and Influencer in Corporate Nigeria, never be caught dead talking down on people.
Words like need, want, must, come here, etc should be very scarce in your vocabulary.
Even if you are Mike Adenuga, don’t try it otherwise you would be digging your grave cos you would be building an army of employees instead of an army of visionary co-travellers.
In my over 30 years in the sales space, I have learned that the easiest way to influence people and get them to work for you is to show respect. Sincere respect !
I have found out that words like – kindly, if you don’t mind, God bless u, can you possibly, thank you so much are passwords to closing sales or building enduring relationships.
As you grow higher in rank and status, those words become very powerful weapons.
As a very close friend of Otunba Bimbo Ashiru who is Chairman of Odua, I go to visit him at work regularly.
Before I get there, he would have informed them that I was coming.
Now imagine me work in there and tell his support staff to – get me that charger or I need you to inform the Chairman that I am around.
I will get my bidding no doubt but be very sure that my file wont move fast and that I wont get anything extra that is not within the procedure and if by any stroke of Ill luck, i enter trouble, I am on my own.
Now juxtapose this with how I treat Dr Ebose’s staff. Dr Ebose is MD of Anchor Insurance.
Obama how are you this morning and this your suit is sharp bro. Obama is his EA and when that one offers me a drink, i say ohh thanks so so much Obama you are a great guy.
Then Austin says, go to Nelson I have aporoved your sponsorship and I walk into Nelsons office and say – Bro how madam, I saw u the other day at the event, I think you do such a nice job branding your firm.
Then I will go – Bro no vex o but Austin says I shd ask if you have possibly processed my payments.
Then he says yes oo Duke and I say ohh thank you so so much, I am indeed too grateful.
If you dont mind. Cn I possibly ask how much was approved? And my brother i beg you is it possible I get payment today?
He will say Aghhh Edgar our procedure ooo. Ok make I see what i can do, lets go to Tayo.
And I go to Tayo and hug him and say wow, I havent seen u in a bit. I just want to thank you so much for all your support cos i knw that without you i no go get Anchor.
We both know that I will get Anchor with or without him but his contribution in fast tracking is just as important as almost the approval and even if its not, I still must get him on my side.
There is something called Influencing up which is influencing those in superior authority to you and influencing down those obviously below you in status.
Its still the same tactics you use. Still those same words.
Thank you, God bless you, you hsve been so kind, may I, could you, i appreciate you …
Have you noticed, that i call almost everybody – My Lord?
That works like juju as it massages the ego, messes you up by tickling you like a baby and prepares you to be sold.
Influencing in Sales is truly a very simple thing to do once you get used to words that massage, elevate, push sincerity while eshewing words that appear condescending and rude.
Thanks.
Joseph Edgar is working on the iconic Maddtimes power list Coffee table book.
N1.3 trillion is the reported loss by Nigerians in the latest CBEX matter.
Ponzi Schemes now litter the space with the SEC almost at a loss as to how to curb this or protect Nigerians from it. A Ponzi Scheme is basically robbing Peter to pay Paul. You take from one and give the other and cream off for yourself some, and everybody is happy until, like a domino everything falls flat.
Despite the cries, Nigerians flock to these schemes with so much vigour that one begins to wonder why. It is held in some circles that funds held and traded in these Ponzi schemes far dwarf what is being held by legitimate licensed Fund Managers by almost 1,000%.
How do you compete with single-digit returns, cumbersome screening and heavy regulations against a competitor with four-figure returns, little or no entry barrier, ease of moving funds and instant rewards, especially with benefits accruing from affiliate marketing, which further deepens the earning power of the target?
The Fund Managers Association of Nigeria really have no prayer in this matter as they cannot even compete with the speed, ease, and buxom returns of these crazed marauders. It is no wonder that they are losing business to the Ponzi operators, who seem to understand the market psychology better.
The weak regulatory environment, loose enforcement and lack of controls on the upside further boost their activities. But much more importantly, on the side of the market, you get tough economic conditions and poor investment education being the bane of the Nigerian investor.
We all know how tough the economy is, leading to job losses, hyperinflation and poor micro and macroeconomic indices stifling socio-economic development, amongst others. With a minimum wage that can only buy Boli and Epa, according to our Economic guru Tope Fasua, an opportunity for a quadruple return on investment in 30 days or less is something that even the most pious of individuals would find very difficult to resist.
By the time you now add the poor investment education indices, what you have is a fallen petrol tanker with fuel spilling and people scooping scenario, which most of the time ends in an explosion consuming everyone.
The SEC’s approach of robust social education through massive public awareness can not work. It is like verbally cautioning a toddler not to go near a fire without making an attempt to remove the fire.
In my discussions with the hard-working SEC DG, he talked very passionately about his resolve to tackle this menace. The passing of the ISA would embolden him and give him a stronger platform to fight this fight. He really has to win this fight cos it’s like a fibroid in the womb. If not excavated, it would grow unwieldy and disturb the process of taking in.
The SEC DG has a real battle on his hands, and if you ask me, it’s the battle of his life going by the volumes being lost, which is a good fraction of our national GDP. Now that he has his ISA, he should not only intensify his campaign awareness and education; he must engender a multi-institutional framework that would bring together various local and international monetary and legal enforcement authorities to come together to instil process and stop gaps in the areas of transfers both inbound and outbound.
Local institutions like CBN, EFCC, Deposit Monetary Banks and even the National Assembly and intelligence community must be pulled in. On the outflow side, Car dealers, Real estate and other such endgame beneficiaries of these bogus returns can also be pulled in and made to report such purchases that can not be justified through legal means – they already do this to some point.
Internationally, Interpol, cyber security experts, the international Intelligence community and all of that can also be pulled in. This crime is borderless, aided by seamless fintech capacity, hence the need to forge intensive International corporations to effectively fight this scourge. It will take much more than the boundless emotional energy for the DG of SEC to push back very aggressively at this matter but a strategic and focus-based push at identifying these promoters, instituting institutional stop gaps at various payment gates, among others, while intensifying the already running public awareness campaigns.
Internally, SEC must also build structures thatbwould havr better trained human capital thatbwould now be deployed to this fight. It canot use its present internal stuructural capacity to fight a digitally enhanced hydra headed menace, it too must forge a digitally enhanced hydra headed structure to combat it.
SEC’s job is clearly cut out for them, and they must, in turn, show more than passing resolve that they first understand the issue and secondly have clarity as to how to tackle it. I really do not envy them at this point but my prayers are with them
Thanks
Duke of Shomolu
This is exactly the reason I kept faith with my brother Dele Farotimi during his dance of madness in Ekiti. When elders act in one way, the effects usually transcend the immediate but spread to the younger ones, who will now take the lead and perpetuate the act.
The emergence of the Tinubu administration has come with it a very worrisome variant for intolerance to dissension. For a leader who built a career on opposition touting democratic credentials, his administrations impatience for dissent is really contradictory. Warnings, threats, strengthening of muzzling laws, outright bans, social media stalking and pseudo-regulation have been the order of the day
However, unlike their military cousins, they have used the law and the courts to a devastating effect falling back on things like libel, defamation and criminal defamation as triple weapons to wrestle down opposition. This achieves a double victory for them – allows them to boast of being democratic in the way they treat dissent as against the soldiers who will hide under their Decree 4 or some draconian decree to trample on free speech.
The second victory for them is that it throws fear into the minds of the people who would not want to add months of struggle within a vexed police and judicial system battling allegations of defamation to the struggle to breath under severe economic hardship. Now while there is concrete reason to be worried about this aberration in governance a new kind of monster has reared its head.
Civilians now, at the slightest opportunity, are grabbing their fellow citizens and charging them for criminal defamation. As of the last count, Chief Babalola, Burna Boy and now Saheed Osupa remain very high-profile examples of this worrisome trend. I am not sure the Falanas did the same with VFD; I think they just went the route of libel- I will have to cross-check that.
Now, when a charge of criminal defamation is alleged, the police are empowered to pick you up, move you across state lines and secure remand orders from the nearest Magistrate court and boom, you are in jail just because you pointed out that someone has a boil on his bum.
Saheed Osupa is reported to have gone this route with his junior colleague-Portable and the police secured an order, moved into one state and dragged him to Ilorin where he was charged and given very stiff bail conditions which he could not meet and ended up in Ilorin prison – reports have shown that he has been released after Mr Osupa withdrew the charges.
For Burna Boy, the same tactics and his ‘victim’ ended up spending months in detention. My brother Dele Farotimi spent 21 days in prison under the same tactics. A big bank also used the same tactics on four bloggers and got them remanded in prison. The tomato saga is still fresh in our minds, which led to the loss of a pregnancy and jail time just cos she offered her thoughts on a product
Some legal minds have argued that there is nothing like criminal defamation in our statutes while others have affirmed its existence. The aim of this write-up is its current abuse as it is now being used by civilians who have taken a cue from the government to unleash on Nigerians a very robust rape of our rights.
The police and the Judiciary have been willing accomplices in this matter as the enthusiasm that is showed by them in railroading people into jail in these matters leaves a very bitter taste. Whole teams of policemen are deployed to pick just one loudmouth, he is moved to a far-flung precinct where it would be difficult to rally support and resources to fight and then he is confronted with very terrible bail conditions designed not to be met, earning him jail time. The whole thing looks very punitive instead of an exercise to safeguard a maligned reputation
Our Police and Judicial authorities should do better. They must be seen to play a mediatory role and not allow themselves to be used as weapons of revenge and wickedness. They owe the rest of us the full responsibility to be fair arbiters and not just koboko-wielding enforcers. When you look at all the bail conditions in these cases, as I have mentioned in these article you will get a clear understanding of the probability of persecution instead of the whole exercise being a journey for redemption. I do not understand how a verbal supposition can ever be criminal. Yes, can affect reputation and impact very negatively, incomes and influence but criminalising it to the point of abusing it is what I really don’t understand
As the NBA is gearing up for its next National Convention, this matter should be looked at very seriously. The high command of the Police should also immediately throw up investigations as to the possible abuse of this process by its people to reform it. The Judiciary should also do the same while the National Assembly should revisit this law if it truly exists with a view to reselling it. It is just another Decree 4 in make-up. Simple
Sad
Duke of Shomolu
In the last few days, Nigerians have been assaulted with the humungous sums our Banks have been declaring as profits. Almost all the big banks collectively termed – FUGAZ have crossed the N1 trillion mark in top line revenues leading them to declare billions as dividends leaving their stakeholders smiling to the bank while making the rest of us feel lost. It’s so ‘bad’ that even ‘little’ Ecobank declared profits in excess of N900b making the banking sector the most lucrative in the economy. Reasons for this ‘anomaly’ are not far fetched. People who are raising eyebrows and wondering why this is the case especially with the reality of a deflated economy and its attendant effect on pocket spend, investments, businesses and the rest.
A quick run through of these figures shows that these huge revenues are coming from two major sources. Above the table and under the table transactions.
Above the table, you can break into about 4 major areas: Digital banking, Interest income, fees and commissions and increased investment in IT which can be linked to the first one.
A quick research throws up the fact that seven major Banks generated N109b from e-banking 2023 showing a 24% increase from the previous year. As internet penetration deepens, this will continue to go up and costs will continue to go down and this will ultimately impact operating cost esp human capital costs as they continue to downsize as technology ramps up. Another reason is interest income. Access Holdings for example have recorded a rise in its interest income to N719b from N254b showing a growth of about 189%. Other Fugaz have done same.
A quick discussion with a former Treasurer in one of the Fugaz paints an expert understanding of the markets by the treasury of these banks Interest income from investment is the real bomb for GTCO and the rest. GTCO according to her ‘doubled their deposits and was able to neutralize the increased liability costs by very high rates on Tbills’
She continues –
It’s only if you generate significant cheaper liabilities that you can take advantage. That has been ZB Plc’s bread and butter!. I’m a seasoned treasurer o she screams with glea on the phone.
But I was confused so I ask – does Zenith have cheaper funds than GTCO
Zenith used to she averse. They were heavy on demand deposits! I think GTCO has found a way to ramp up DDA ( demand deposit accounts). DDA – that current accounts- they are the cheapest o. If you have big companies, and public sector accounts. Then loads of retail accounts. You can invest in short term govt securities that are risk free at good yields. Huge retail savings account balances can go into staggered maturity bonds too. All carry the least risks and are profitable. So you see where most of these huge revenues are coming from. With yields at between 35% pa and 45% pa and cost of borrowing to govt hovering at 23% even with the CRR at 50%, the banks are basically minting money. Fees and commissions is another aspect with some Banks recording increases of up to 37.9%. The report I have seen has attributed this to increase in technology which has significantly boosted efficiency, penetration, TAT all impacting revenue growth. So for instance, GTCo from the report that I have seen have increased it’s IT investments by 115%.
Another area the Banks would not want you to look at is the forex hedging part of their business. During the Emefiele era where regulation was lax with a lot of loopholes, some of these Banks had leveraged this to build huge portfolios denominated in hard currency. These portfolios are traded both locally and internationally throwing up average returns when benchmarked against international returns but report huge margins when benchmarked against a dying Naira. So a Naira that has declined from N600 to N1, 500 would impact say a $500m portfolio returning just 5% massively. They recognise that as investment and interest income on their books without even touching the funds and this is why you see, despite the trillions reported the whole banking sector cannot underwrite one major Aviation transaction or one major oil and gas transactions. It has been reported that some of them would even take a 24 hour period to credit a request withdrawal of a huge size and also bank borrowings from the CBN is at an all time high despite all these trillions being declared up and down.
Now the below the table reasons –
Increased political activities and the stringent International money laundering rules has perfectly positioned these banks as quassi legal conduits for these below the table transactions. What with their efficient digital transfers playing key roles in these dark alleys. Some people I have spoken to have adduced 20% of the huge increase in digital banking revenues to politics and its several payments at all levels of government. The case of the missing N500m in the Ministry of Humanitarian affairs being a case in point. The funds went back and forth the banking system with the banks collecting their fees each time the funds went missing and were found in different accounts. When you now extrapolate this across all levels of public sector activities, you begin to see what I am saying
How does all of this impact the real sector?
The CBN’s money and credit data report revealed an expansion in credit to the private sector. Bank lending to private businesses and individuals reached N75.96 trillion in November 2024, marking a substantial increase of 27.3 percent compared to N59.68 trillion recorded in November 2023. On a month-on-month basis, private sector credit grew by 2.6 percent from N74.07 trillion in October 2024. This increase palls to insignificance especially when you juxtapose it with the double digit and in some case triple digit increase on most revenue lines by the Banks. With a seemingly collapsed regulatory environment, a funny judiciary and a distressed macro economic environment occasioned by policy summersaults, hara kiri in policy formulation and execution you cannot really blame the banks who would rather work with their treasury in playing the markets than taking risks no matter how calculated in the macro economic environment. This has now thrown up the expansive Bank CEOs who now wants to intervene directly in developmental issues. You see them playing in infrastructure – National Theatre, roads, bridges etc. You see them funding education, Technology, Media and hospitality as a way of bridging and making atonement.
In all of these, as technology deepens its impact, the Banks are well positioned to keep making this brazen profits and with regulatory weaknesses that pervades the system we will continue to see the trillions flowing in which leaves us with no other option than to now ply more pressure on these mega banks to do more in the areas of impact, CSR and bridging vulnerable sectors and communities since for all intent and purposes, they are now a quasi-government.
Thanks.
Edgar is founder of Barnaby and Edgar a thought leadership consultancy playing within the investment banking sector
Www.barnabyandedgar.com