NIGERIA AT 48

Nigeria at 48 no news, same old story, FAILED PROMISES, DASHED HOPES and an ever increasing deceitful group of people (a cabal actually) who constitute themselves into a government against the will of the people.

Once upon a time Nigerians would look forward to the independence day celebration and draw from it inferences to help predict the tone of whoever is in government and also remember the people who had at one time or the other fought for the independence and unity of the largest African nation (at least for now). This was so because most times Nigerians were not very sure about the intention of people in government. But these days it is so easy because, from the very onset you can tell where the RULERS are heading from the way they got into government.

Coincidentally, while ruminating over and about the Nigerian question, I bumped into a book authored by Dr. Miles Munroe, in which he explored the question of purpose. He established how Purpose rules over everything "the very essence and reason for existence, the ends for which the means existed", then I came to the conclusion that the big problem Nigeria must tackle is one of discovering her purpose for existence and not bad leadership as we most often assume.

Why Nigeria?

• Largest Black African Nation (with the least contribution to world development)
• The world’s 7th largest supplier of crude Oil (yet without a functional petrochemical refinery and insufficient fuel for our tanks)
• 36 States (only a means of expanding the opportunities for their likes to hold on to power)
• Over 700 tribes (forced into one national identity)
• Rich arable land (yet incapable of supporting or producing enough food for her population)
• Blessed with a people that possess an unusual drive for success (yet lacking good schools for her teaming population)
• Have stayed together even after a civil war (but managing to nurse a relationship with her federating units)
• Biggest contributor of Men and Resources to Peace keeping operations in the continent (yet unable to tackle the Militants in the Niger Delta Region)
• About the largest gap between the rich and the poor amidst abundance and opulence (with over 60% of her people impoverished and wallowing in abject poverty)
• Embraced privatization (but sold only to a few overlords fronting for those in government-past and present)

These are but a few of the inexhaustible list of features that defines the uniqueness of our great motherland, where constant repression of opposition and oppression of the middle and lower class is order of the day with a deliberate intention to force the re-emerging middle class into extinction.

Just the other day the Central Bank (C.B.N.) governor was sensitizing the nation in preparation for the deployment of the next face of Economic and financial reforms (RE-DENOMINATION) as approved by the former president only for him to receive a message to appear before the new government to explain why he must deploy the next phase without fresh approval.

The current financial crises rocking the world (USA, Europe and Japan particularly) was predicted to have serious negative impact on Nigeria’s Economy whose stock market is still in shock following a sudden price depreciation which coincided with the summer holiday period making evident the gluttony of the rich to enjoy themselves outside the shores of the country even at the obvious detriment of the mass whose blood and sweat they exploit to generate these resources. As one commentator rightly puts it “despite all the foreign trips embarked upon by the ruling class, they still have not learnt any tangible lesson to bring back home for our national development” and I am tempted to add they only learn better ways to steal more money and recharge their appetite for illegality.

Perhaps the entire nation should in their little corners resolve to make a little difference even as the Lagos local government polls is around the corner. Just maybe we can start from bottom to top at least the Lagos state government has show commitment to real development which carries with it usually short-run discomforts.

Again I say let us seek to define the purpose of our corporate existence otherwise we have no need to have being in the first place.

419 ADVANCED FEE FRAUD ALERT

That there are fraudsters all over the world is no longer news, with recent landmark prosecution of cases involving transnational large scale advanced fee fraud tends to lend credence on the one hand to the fact that it truly exists and gives some hope that it could be policed on the other.

Certain schools of thought have emerged in the study of the people, methods/models, and the victims. Making a huge demand on government financial security agencies, the society (family, community, religion), as well as the victims themselves.

My motivation for this post is owing to the fact that despite attempts from the above mentioned quarters to curtail the scale of advanced fee fraud (otherwise called 419 in Nigeria) new emerging methods keep coming up everyday, fresh victims keep falling and the security agencies keep being eluded by the smartness of these fraudsters.

Quite a number of advances have been made by these 419ners to me but you know, only a greedy fellow who does not want to work for money or cut corners will fall for their antics. Take for instance a fellow tells you his father owns the national stadium of a country and the National Petroleum Corporation and then you send him money to under-cut the company or sell to you illegally an undiscovered oil block and you fall flat for it? Well, I say you have a problem yourself. Nigeria is not a Kingdom where Monarchs have domain over natural resources, moreover you want to buy an oil block through the back door. If you ask me the victims are the 419ners.

Recently I was sent a mail from a so called Irish Lottery Agency that I have won 1,350,000.00 pounds. Such messages do not get delivered by e-mail, it is accompanied with a lot of publicity. Check out the value, do the arithmetic it comes to about =N=310,500,000.00. That you will agree with me is not small money. Then after the long story, I was told to pay some miserable sum of money for the opening of an account and courier.

Whosoever falls for this sort of trick is not just a fool but greedy and simply put a thief.

The consensus we can reach about 419 are basic and simple;
If you are greedy you fall, government agencies sometimes aid and abet 419, family, societal and religious leaders have a greater share of the blame than governments.

It is monster that feeds and survives on the greed of their victims.

They are a moving target and must be policed as such.

BANKING REVOLUTION-NIGERIA

Sequel to the wind that blew through the Nigerian Banking landscape during the President Obasanjo Administration under his Banking Consolidation (Reform) programme, hopes were very high in expectation of wonderful financial products that will sail the Nigerian economy into the much desired double digit growth in all of its ramifications.

Scaling the banks to 25 Mega Banks, Creating a new brand for the community banks to become Micro-finance Banks, Removing Quarckry from the Foreign Exchange sector, Increasing Bank 's Minimum Capital base, expanded foreign reserve, scheduled currency re-denomination, among other strategies were in the fore to tackle Nigeria's ailing economy.

Accolades from the world, canceled debt, improved global confidence, direct foreign investment, increased development aid and so on also greeted the numerous moves.

Further, increased capital base translated to better liquidity for banks' money creation function through business financing. Extraction of government fund from banks, mopping-up excess liquidity, etc also gave birth to reduced inflation and vibrancy in the real productive sectors.

In the early parts of this year however, quite a number of disturbing developments have emerged. Notable among them is the unfriendly lending rate. when the banks are ready to give the facility usually after requesting documents they do not expect 98% of the business to have, the rates usually in double digits for short term (below one year) and accompanied with numerous hidden charges that are only made known after the borrower has been committed are then reeled out.

Another issue is the granting of equipment financing facilities. Rather than help the real sector to acquire productive equipment that will yield returns on investments, the Nigerian MEGA BANKS will give facilities to Blue chip workers-oil companies, telecommunications, and politicians, whose pay package they are sure can liquidate the facility (maybe its risk assurance).

Most disturbing is the granting of EDUCATION LOANS, good idea! it sounds like a new lease of life is given the less privileged to acquire education and break the cycle of poverty, but hey! do not be fooled. When you get to know that the birth certificate of your great,great,grand parents will be required including sureties from the presidency, then you will find out its impossible for the poor to get. Disgusting also to find out that it is meant for only over-seas studies (until recently when it was changed), meaning there are no schools in Nigeria any longer or its another way to tell that its a product meant only for the upper class.

The questions begging for answers therefore are:

1. would the Nigerian financial sector ever get better and her impact felt on the economy?
2. would the poor ever have hope of deliverance from abject poverty amidst plenty?
3. would the SMEs ever get: a) access to loans? b) a fair deal?
   
4. where is the place of social responsibility in product design and delivery?
5. is that why graduates of Nigerian universities have now been included in the discrimination against polytechnic graduates by employers (particularly the banks-predominantly new generation)?
   

someone should please answer these questions. Perhaps there is more to it than I see.

Aileon