Opinion
WAS IT THE BANKERS WHO TOOK AWAY OUR DOLLARS?
![](https://naijablitznews.com/wp-content/uploads/2024/02/Naira-against-dollar.jpg)
By Segun Sanni
Nigeria is a peculiar place where those who know absolutely nothing about a topic would be making outlandish claims on the topic with supreme confidence that would make even a subject matter expert green with envy. To this nameless author that made the rounds all over the social media in the past week, 99% of bank MDs and executives are thieves and they are the ones behind the ongoing economic and currency crises bedeviling Nigeria. He obviously took his cue from a similar erroneous claim by elder statesman, Chief Bode George, to the effect that bankers were the ones behind the collapse of the Naira. He even mentioned some names to personify the object of his anger but with tremendous respect, Baba only waxed very angry and emotional, pretty much symptomatic of the current mood in the land, widespread anger at the government and at anyone perceived to either contribute to or is not/less affected by the spreading hunger and general hardship in the country. It would not occur, neither matter, to them that bankers are not exempted from the national calamity and they almost compete in number with doctors, nurses and other healthcare professionals on the Japa exodus queues. But back to Baba George, he did not make ANY single valid charge against Wigwe or the other bankers that he mentioned in his diatribe, and I will try quote him verbatim:
“Emefiele, Elumelu, Adeola…all of them, stupendously wealthy now! Wigwe, who became MD of Access Bank immediately the other young man left, has now established a university. He has the temerity to be advertising that university on CNN. Wigwe University! That’s personally established by him! Where’s the money? Where’s his factory??Access Bank! What is the practice? They release dollars to them on monthly basis. They use the dollars! If it’s at 1 to 100, they will get it through the Mallam to say 1 to 200. You see that profit, what do they do with it? Who are the commercial people that really need it and get it? Most people get back to the Mallam to buy dollars. You hardly would get from the bank unless you are…Is that commercial activity?? So, what they had done to this nation, they must all be invited for discussion because the rottenness started from there, and it’s been going on for years! But it has exploded now on our faces!…”*
And let us do the analysis: a man who had a strong passion and track record for excellence came out and said he wanted to establish a world class university with international standard facilities and top notch foreign professors and university administrators to attract students from Nigeria and other African countries who ordinarily would have been targeting European and American universities. And we knew this guy to be an unbeatable go-getter who had the uncommon grace to achieve virtually all he set his sight on, where should we expect him to advertise the culmination of his dream project and to invite students? On Radio OYO or LTV Channel 8??? We’re so used to things not working around here that we forget this school could be, or could have been, a major source of pride, prestige, foreign exchange, profit and academic prowess to our country! Are we aware of how much revenue and foreign exchange British universities attract to Britain every year? Recently, I read a report that British universities made £5.4bn from overseas students in 2015-2016 academic session (one session) but the same figure had grown 71% to £9.7bn (about N20 Trillion which would equal Nigeria’s one year debt-funded budget) by the 2021-2022 academic session, amounting to 21.5% of all incomes earned by the universities in the same year. This is a huge source of income/liquidity aside the attendant spillover effects on housing, food, tourism and general aggregate demand in the economy from the influx of international students. Why do we believe we cannot replicate the same here, at least from within the African region?? Are we going to reach Africa through NTA Channel 7?
Now back to Baba’s charges: 1. That bankers make their profit from selling and round tripping foreign exchange! 2. That Nigerians don’t get dollars to buy in the banks bcs the bankers have sold the dollars to Mallams??? Haba!!! Do you know of any industry that is as strictly monitored and regulated in Nigeria as banks?? If you know one that comes close, please mention it here. The Central Bank has a whole Banking Supervision (and Examination) Department, headed by a Director and a coterie of banking experts and auditors whose jobs would also be on the line should they fail to spot and report any infractions or violations or red flags which later became an issue or got discovered after their visit. CBN is almost overbearing on the banks and is always on their backs, issuing circulars and directives with threats and actions of serious penalties and consequences should there be a violation. Some in our midst think the CBN just allocates dollars to the banks to disburse as they deem fit and the banks then take the dollars to the Mallams. But that is not how things work. Every dollar that the CBN releases to the banks is backed by an actual transaction with a customer completing and signing the forms (sometimes electronic forms) and with the funds released directly to the eligible destination depending on the nature of the transaction. Every dollar the CBN releases to the banks is tied to a customer request and can be easily traced and confirmed in the customer’s account. And the customer’s foreign exchange transactions can be traced across all the banks because the accounts are all connected to a BVN.
From the above, the allegation that Nigerians don’t get dollars from the banks is a very false and unfair allegation. There was no big problem with dollar funding for eligible transactions until our economy was grounded by serious mismanagement and dollar flows dried up in the economy. It is not the making of the banks. The banks do not print or manufacture dollars. Is there anyone here who travelled abroad three to four years ago and couldn’t buy PTA dollars from his banker and had to buy from Mallams?? Is there anyone here whose child attended school abroad up till about four years ago and didn’t get dollars/Pounds from the banks and had to buy from Mallams?? Is there anyone here whose business opened an LC up to four years ago and whose bank would not remit the FX and had to buy from Mallams?? It was only recently that the sh.t hit the fan and the utter mismanagement and complete grounding of our economy became a crisis where the system ran out of dollars. The fact is that the system ran out of dollars, and not that the bank MDs gave the money to Mallams.
The question of “where is your factory?” is a rather old fashioned, almost archaic, way to look at business and wealth in today’s world. In the years leading to the 18th to early 19th centuries, farming was the way to make money for most people and the guy who had the biggest farm and the most number of people on his farm was the wealthiest guy, and that was the main reason behind inter tribal warfare and slavery, the quest for manpower. Later on from around the 1820s, the engine was (re)invented and there resulted the Industrial Revolution. With that came the tractors, etc and the resultant less need for human hands (a tractor would do in thirty minutes what hundred men would do on a farm in a whole day). That was one of the big reasons behind the abolition of slave trade. And with the Industrial Revolution came a new need, the need for large scale raw materials to feed their factories, and that was the big basis for colonialism and the Partition of Africa.
The rich people were then the industrialists, those who owned factories. Those were the days of the Rockefellers (oil), the Carnegies (steel), the Fords (automobiles), the Vanderbilts (rail and shipping), etc. And after the World Wars and with the emergence of economic and political stability, the global population grew tremendously and the products and services to sustain the large populations were then the focus. And that is the background to the question of “where is your factory?” whenever they would investigate how people made money. The industrialists were the champions of those days, just as the plantation owners before them, but the world has evolved and the needs of the ever growing world population have also evolved. Technology (including telephony), banking and logistics have emerged very strongly and have become the dominant businesses in today’s world. As at 1990, the 20 largest global companies were:
1 General Motors
2 Ford Motor
3 Exxon Mobil
4 Intl. Business Machines (IBM)
5 General Electric (GE)
6 Mobil
7 Altria Group
8 Chrysler
9 DuPont
10 Texaco
11 ChevronTexaco
12 Amoco
13 Shell Oil
14 Procter & Gamble
15 Boeing
16 Occidental Petroleum
17 United Technologies
18 Eastman Kodak
19 Marathon Oil
20 Dow Chemical
Source: S&P 500.
But the tech companies have taken over in the past decade. Today, the tech companies are the global giants. The top ten largest companies in the world in 2020 are:
- Apple Inc
- Microsoft Corp
- Alphabet Inc
- Amazon
- Berkshire Hathaway Inc
- Ali Baba Group
- JP Morgan Chase
- Tancent Holdings Limited
- Visa Inc.
These are mostly new/young companies which came in and took centre stage way beyond the global players of the past.
In most countries of the world today, the largest companies are the tech companies, the phone companies, the banks and the oil companies, not the factories.
In all of history, an economic crisis always leads to mass anger, resentment and frustration with the government, the wealthy and even with many in the middle class. Baba is only expressing similar frustration but those of us who know should not join in those claims which have no foundation at all. How can anyone claim to miss the obvious and unusual entrepreneurial passion, courage and the can-do spirit bristling in and driving Herbert and Aig? How can one imagine it’s CBN’s FX that would be behind a Nigerian bank being one of the largest banks in Africa and building sizable subsidiary businesses in the UK, US and China aside its tentacles in the African continent?? Even if all of Nigeria’s meagre FX was given to Access Bank alone, how much would that amount to?? If that was how easily CBN dollars were available for banks to corner and make huge profits upon, why have we had so many bank failures in Nigerian history? Are you aware that many more banks have failed in Nigeria than survived?? Or dollars just became available in the banks when Herbert and Aig set up their bank?
Now please note, young folks are also operating and making waves in the Fintech world today, the Flutterwaves of this world. They’re filling a gap and rendering much needed payment services and are making good money, legitimately. We better get used to them and pray that our children be like them and the successful clean bankers.
I pass no judgment on the Access-Intercontinental Banks acquisition issue which has also been beaten to death in the social media since Herbert died. I have not the full details to make a fair judgement, but on this claim that it’s banks not allowing you to get dollars, I say fa…fa…fa…foul, in the voice of Pa Zebrudayah Nwogbo, alias 430. 😀😂
And if you care to know what led us to where we are, they’re three or four main things. Let me quickly summarize them:
- The last government borrowed huge sums of money domestically and internationally. We mostly don’t know what the loans were spent upon. Nigeria is currently spending over 50% of dollars accruing to us on servicing the debts that we cannot account for.
- Unprecedentedly large volumes of Nigeria’s oil was stolen between 2021 and 2023. At a point, we were losing up to 1m barrels of oil DAILY with the government not raising any alarm and with no one arrested so far. Dollars were not coming in to Nigeria bcs the remaining oil that was not stolen, NNPC took the proceeds as “petrol subsidy” recovery.
- From the above, the government started printing/taking illegal empty money from the CBN, money that merely expanded the monetary base and was not backed by any production. At the last count, over N25 Trillion was so printed. Our leaders apparently did not watch “The Rise and Fall of Idi Amin” in the 1970s. How can we repeat this error in today’s world??
3a. This primarily is the source of the serious inflation that we’re experiencing in Nigeria apart from food shortages arising from weather and insecurity.
3b. In a staggering error that begs for explanation, the CBN kept trying to tackle the inflation by raising the interest rate rather than cut the source of the problem, the illegal money being printed for the government. This raised interest rates for the productive sectors of the economy and crowded them out of the loans market.
3c. The illegal money so printed and which expanded the monetary base (money supply) of the economy is also joining other (existing) monies to chase for fx (some even allege the politicians are using the empty money to buy FX). - In continuation of the reckless borrowing and spending which defined the last government, they had also taken loans and pledged future oil production as payment source. So, much of the oil we’re producing today, the money is not coming in as it is being used to service those debts.
Numbers 1,2 and 4 above contributed to deplete our foreign reserves while number 3 led to/aggravated inflationary and fx pressures. For the first time in history, oil prices have been high in the past two years since Putin attacked Ukraine but Nigeria is broke in the period of oil boom. Unprecedented but it is what it is.
From the above, do you still think it’s the banks taking your dollars and selling them to Mallams?? Why is CBN not arresting them and flooding the market with dollars?
Please ‘hep’ me ‘on’ television make I watch Pa Zebrudayah. 😂
-Segun Sanni is an ex-banker and trouble maker in the Ibadan-Lagos axis of political and economic conversations. 😂
Opinion
MUSINGS ON THE “RENEWED HOPE” AGENDA CABINET
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BY BOLAJI AFOLABI
For many football loving Nigerians, commencement of the 2024/25 league season across Europe was a welcoming break from the recurring palpitations occasioned by multi-dimensional and multi-sectoral challenges pervading national space. Given the ecstasy and excitement it provides, spectators and fans are very hopeful that for about 40 weekends, something cheering would occupy their minds; away from the ever-increasing national problems. Back in the ’80s, *INDEEP* , was a New York-based musical group that released ‘ *when boys talk’* after it’s hugely successful ‘ *last night a DJ saved my life* .’ A line in the former that, ‘ *boys* *talk politics* …’ came to mind after the Liverpool versus Ipswich Town English Premier League opener few weeks back.
Over an hour of chit chat which included analysis, opinions, arguments, and more; a regular fixture at most viewing centres the topic of discourse veered into politics. From national to states and party politics, it was a robust and enlightening exchange between and among all. To add colour, panache, and rib-cracking to the scenario, the writer threw a puzzle; asking the name of the person who superintendents a particular ministry. For over thirty minutes, the gathering became a mini “who wants to be a millionaire” show. Responses were funny, cynical, and befuddling. At the end, many got it wrong, no where near the actual answer.
Buoyed by this disturbing discovery, the writer did random survey asking name(s) of ministers from people. The results were thought provoking, challenging and revealing. Names of few ministers are readily called. Somehow, the ‘playful’ exercise brought concerns to the writer. That people cannot readily recall names of their respective state’s representative on the cabinet list was shocking. That many had to resort to Google for “escape route” was saddening. That educated elites flunked the poser gives worrying signs.
August last year, when President Bola Tinubu sworn in his 46-member cabinet team after successful screening and confirmation by the Senate, there were varied opinions. While some people criticized the number arguing that it would stifle the economy, others believed it was the right way to go considering urgent need for pragmatic development. A school of thought postulated that aside being the largest ministerial cabinet since 1999, the names do not evoke confidence and believability. Another school countered that with the injection of achievers in the private sector, and creation of new ministries, Tinubu’s cabinet should perform. Yet, a different group inferred that with the creation of new ministries including Creative Economy; and re-modelling of few such as Health and Social Welfare; Agriculture and Food Security; Water Resources and Sanitation the cabinet was primed to deliver.
After one year in their various capacities as ministers, just as it was during composition, opinions and views of Nigerians are divided about their performances. There has been wide-ranging comments and criticisms about the cabinet. From reports, it has been deluge of condemnation and few commendation. What about consistent talks of large numbers; wrong deployments; lack of understanding of briefs; and more? For many people, the ministerial team has not lived to the expectations of Nigerians. Some opined that they have not justified the confidence reposed in them by Tinubu.
By their actions, inactions, and activities one can categorize the cabinet in five groups. There are the performers; those showing promises; those who flatter; those missing in action; and outright failures. Some merely make ‘politically correct’ statements with less or no corresponding action. Sadly, there are those who have taken, and maintained sleeping-modes. Some do not have any concrete and ‘see-able’ programme. Some have been innocuously silent, absent, and forgotten by Nigerians. Some have performed abysmally low in spite their initial boastful, and pretentious posturing.
Though there has been near-unanimity of opinion about the whimsical and undulating performances of the ministers, it is not all gloom and moody. Given the aggregation of views and opinions by people, there are few bright lights that evokes inspiration and confidence. In the midst of the class of largely non-ingenious, somewhat confused, overwhelmed, and disappointing failures, few have earned the applause and encomium of Nigerians. To reasonable extent, they have added depth and deliveries to the Tinubu administration. A bird’s eye review of these ministers; in no ranking order will suffice.
Nyesom Wike as the 17th minister of the federal capital territory is a paradox. To some, he is controversial and aggressive. Many others love his direct, frank, and open style of administration. Like or loathe him, vast majority of Abuja residents, and regular visitors commend his business-like approach to the delivery of outstanding projects and programmes spread in and around Nigeria’s capital. Under his watch, in addition to massive infrastructural development geared towards transforming Abuja, he has increased revenue generation to about 126.54 billion naira in the first 6 months of 2024, which is 53.5 percent higher than the figure in 2023. Public service reforms leading to establishment of FCT Civil Service Commission; appointments of Head of Service, and a dozen Permanent Secretaries; creation of Women Affairs, and Youth Development Secretariats. Extension of development to Area Councils to open up, and boost rural economy. Impressed by his excellent work rate and visible achievements, many describe him as the ‘poster boy’ of Tinubu’s government.
One can conclude that the Interior Minister, Olubunmi Tunji Ojo has shown passion, dedication, commitment in his tour of duty. The 42-year old Ondo state-born former lawmaker has displayed ingenuity and fervour in piloting the ministry. With the rare combination of brilliance, education, exposure, and experience, he has recorded achievements. These includes innovative templates for passport processing; clearance of over 200,000 passport backlogs in just 3 weeks. Facilitated the release of over 4,000 prison inmates; payment of outstanding allowances, and improvement of existing welfare structures of agencies; rehabilitation and upgrade of facilities. Cleared over 10 billion naira debts, owed by his predecessors in his first few months; procurement of patrol vehicles, and other necessary operational components for surveillance activities.
Doris Nkiruka Uzoka-Anite, the medical doctor turned banker and financial investment expert superintendents the nation’s industry, trade, investment ministry. Though she oversee a largely unknown but critical sector, she has made encouraging achievements which is expected to manifest from the third quarter of 2025. These includes $30 billion investment commitments by some international companies and agencies; $14 billion worth of FDI inflow; $10 billion offshore investments commitment in Nigeria’s oil and gas free zones. Secured $3 billion facility from AFREXIM to build an industrial park, and light manufacturing expected to generate about 20,000 jobs; over $2 billion partnership with an African Finance Corporation subsidiary to resuscitate the cotton and textile industries for massive economic boost, and job creation. Arguably, the best in the ministry since 1999, she needs to improve her public affairs management.
Under the pragmatic leadership of Engr. Dave Umahi, the Works ministry is being positioned to effectively and efficiently meet the expectations of Nigerians.The Abuja-Kano, Port Harcourt-Enugu expressways, and other federal roads critical to national development are receiving positive look-in. It is expected that Umahi will galvanise the FERMA to fix bad patches of roads across the country. The Aviation and Aerospace Development Ministry has posted some encouraging feats. Under the leadership of Festus Keyamo, the ministry facilitated Air Peace’s Lagos-London route; the US-Nigeria Open Skies Air Transport Agreement which is expected to enable local airlines operate more freely on this routes; resolution of trapped funds for foreign airlines; resolution of the Nigeria/Emirates Airline crisis, and few other initiatives.
Few other ministers overseeing justice; solid minerals; housing and urban development; finance and budget; health and social welfare; digital economy merits measured commendation. Can one say same about their colleagues in defence; education; environment; tourism; science and technology; creative economy; blue economy; agriculture and food security; steel development; water resources and sanitation; and niger delta affairs? Indeed, their respective contributions to the renewed hope agenda requires robust public scrutiny and citizenry inquisition.
Having grossed one year as cabinet ministers, the searchlight has been on them. There has been repeated calls for total overhaul of the team. Some believe that the non-performance of many ministers has led to preponderance of socio-economic challenges. Pushing further, some argue that Nigerians are wallowing in pervasive poverty, escalating inflation, and gradual moral depravity due to the glaring disconnect between government and citizens. There is the general believe that re-jigging the cabinet is most ideal. Tinubu’s ministers should count themselves lucky for being chosen among 200 million Nigerians. A Yoruba proverb that you can facilitate employment for someone but you can’t do the job is most appropriate at this time. Tinubu should do the needful by embarking upon major surgery on his cabinet; to increase citizens believe, re-focus government, and ensure immediate service delivery. Capacity, competence, experience, and relevance should form the criterion for emplacing the proposed cabinet makeover.
* *BOLAJI AFOLABI, a development communications specialist was with the Office of Public Affairs in The Presidency*
Opinion
Before load shedding by telecoms operators begins
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By Sonny Aragba-Akpore
Nigerians are commonly used to electricity power load shedding which strategically reduces or cuts off electricity supply to different consumers or areas in a controlled manner. “This process helps balance demand with available resources.”
It is often planned and negotiated with local building owners. Utility providers monitor electricity demand and identify when it exceeds supply or nears capacity limits. They then create a load shedding plan that entails rotating power outages, temporary current disconnections and incentives to building owners for complying. Once demand decreases or additional power resources become available, the utility provider restores power to the affected areas.
Load shedding can also happen without prior planning. Power customers might experience involuntary load shedding when a utility electrical provider lowers or stops electricity distribution across a coverage area for a short period of time.
This type of load shedding is commonly referred to as a rolling blackout. Brownouts, another type of involuntary load shedding, are caused by a power supplier lowering voltage distribution during peak usage times to balance supply and demand.
Load shedding is about survival when telecom operators might start turning off some of their cell sites during less busy times to save on energy and costs.
This could help them minimize resources better and keep services running, even when it’s not a perfect solution. If telecom operators implement load-shedding, the quality of service could decline sharply. Load-shedding would likely result in reduced network coverage, slower internet speeds, and an increase in dropped calls according to an analyst.
According to the Nigerian Communications Commission (NCC), Nigeria had over 164 million million active internet subscriptions as of March 2024,with mobile data accounting for the majority. A reduction in service quality could severely impact these users, leading to widespread frustration,this analyst added.
An alalyst describes load shedding as a deliberate shutdown of telecom services in a part or parts, generally to prevent the failure of the entire system when the demand strains the capacity of available infrastructure.
Plagued by incessant rising cost of operations, including the increased prices of diesel, infrastructure maintenance, and a depreciating naira, “have called on the NCC to approve a tariff increase to help mitigate their financial burdens.”
MTN, for instance,with a subscriber base of 81.7million as of March 2024,reported a first loss after tax of N137 billion since its 2019 listing on the Nigerian Stock Exchange in 2023. The telco incurred FX losses of N740 billion ($815.79 million at N907.1/$).
> “Airtel Africa, which had 63.3 million subscribers in Nigeria as of March 2024, reported a loss after tax of $89 million for its full year ended March 2024, primarily due to FX headwinds in Nigeria and Malawi. It lost $1.26 billion to derivative and FX exposures, with $770 million attributed to the naira’s devaluation.”
This has led to dwindled investment in the telecoms sector, Carl Cruz, chief executive officer of Airtel Nigeria, stated, adding that, “The devaluation of the Naira moving from N420/dollar to N760/dollar in a month’s time, to about N1500/dollar today, had indeed affected telecoms industry who rely heavily on importation of infrastructure to grow the sector.’
In the same vein, Karl Toriola, CEO, MTN Nigeria, said operators are reluctant to invest, simply because of the high operating cost and the devaluation of naira, among other issues that have marred the growth of the sector.
According to him, the telecoms sector in Nigeria is now in an intensive care unit (ICU) gasping for breath, while calling on the government to intervene.
The sector is facing a lot of challenges of which if urgent action is not taken, it will dry up. The truth is that investors are not going to come to invest in the sector if the fundamental issues are not addressed. To rescue the sector from collapsing, there is a need to increase prices of telecom services.”
Despite repeated pleas, the regulatory body has remained silent on the issue, causing frustration and uncertainty among industry players.
ALTON had earlier sent a working paper (memo) to the telecom regulator (NCC) saying that “the telecommunications industry has been significantly impacted by a myriad of macroeconomic challenges experienced in recent years due to the resulting exponential increase in broad business costs.”
“Of particular importance are:
*the upward trajectory in the inflation rate from 11.98% in 2019 to 21.34% in 2022 and currently 27.33% as at October 2023;
•rapid devaluation of the Naira evidenced by the recent upward movement at a rate of 68.5% from N461/$1 in December 2022 to N777/US$ as at the end of September 2023;and now over 1,590/a dollar.
•Sustained rise in energy prices with diesel currently retailing at an average price of N1,400/litre from N250/litre in January 2022.
With energy costs representing >40% of Mobile Network Operators’ operating expenses, tighter external financing conditions, higher debt service payments, and increased pressure on the Nigerian FOREX market, there has been a significant increase in the cost of production which has jeopardized MNOs’ capacity to maintain healthy margins in such a capital-intensive and FOREX- dependent industry as ours.
Despite these adverse economic headwinds, the telecommunications industry remains the only industry that has yet to effect any general tariff increase for its services in the last five years due to regulatory and political restrictions limiting the MNOs’ ability to react to the increased cost of doing business with our applications for these general increases still pending with the Commission one year after submission. The same cannot be said for our counterparts in other critical industries who have adjusted the retail prices of their goods and services with the support of their industry regulators to be reflective of their true business costs of production as a means of cushioning the net effect of the sky rocketing costs of doing business. We have attached, for the EVC’s consideration, a detailed overview of examples of such price increases in other sectors.
The operators also lament regulatory overlaps where unbudgetted expenditures are spent to defray unexpected expenses.
In their own position,ALTON also advocates for the co-creation of policies for the ICT sector,
better collaboration between ICT and non-ICT regulators with oversight over the sector (environment and consumer and corporate
governance) given the cross-cutting nature of digital services, which span multiple subject areas and regulatory frameworks.
“The Federal Government should also give the telecoms sector a special status like
> Agriculture and Manufacturing and introduce fiscal incentives for the sector, for example, the reduction of spectrum and numbering fees,replicate Road Infrastructure Tax Credit scheme for digital infrastructure projects.”
“ There is also a need to encourage market consolidation/collaboration arrangements to build stronger market players in the industry.”
“Implementation of the Open Data policy to make data accessible such that companies can collaborate with third-party developers, startups,
>> and other industries to develop applications, analytics tools, and
>> personalized services which will unlock new data-driven revenue
>> streams not only for telecoms but also for other industries such as banking, agriculture, manufacturing, “
“ We also require capable regulatory agencies overseeing and regulating these innovations. As such, the staff of relevant agencies will need to upskill and broaden their knowledge base while revising their frameworks to enhance technical and analytical capabilities.”
> ALTON laments that amid the formidable challenges facing the industry, “MNOs have also had to contend with a protracted history of non-payment by Deposit Money Banks (DMBs) and other Financial Institutions (FIs) for their utilization of Unstructured Supplementary Service Data (USSD) services provided by MNOs from September 2019 till date.”
> “Regardless of the numerous ministerial and joint regulator-led interventions on this issue, commencing with the intervention of the immediate past Honorable Minister of Communications and Digital Economy (HMoCDE) in 2021, the consequent approval for disconnection of the banks issued by the Commission further to the HMoCDE’s directive in 2022, and the recent joint resolutions issued by the Commission and the CBN in August 2023 on the terms for defraying the debts owed, the DMBs and FIs have brazenly and persistently refused to meet their obligations to the MNOs through the malicious non-payment or, in many instances, the payment of a minuscule portion of their monthly invoices which has led to the accumulation of a massive debt of ⁓N200 Billion.”
> As a former Executive Director, Technical Services at the Nigeria Inter-Bank Settlement System PLC (NIBSS), “we believe the EVC appreciates the facilitative role of telecommunications in the provision of financial services to Nigerians and how the USSD service has transformed digital banking and advanced financial inclusion in Nigeria, thereby, positively impacting the balance sheet of the DMBs and FIs.”
> “We maintain that it is beyond the pale for the banking industry to hold the telecommunications industry to ransom by its impenitent freeloading activities.
We, therefore, respectfully urge the EVC to take decisive action to put an end to this deplorable practice moreso as the provision of such USSD services to DMBs and FIs come at considerable cost to MNOs. “
> USSD services require substantial investment in enabling platforms such as Applications Programming Interface (APIs) and USSD Gateways for service delivery, cost of establishing signaling channels (a limited and critical network resource essential for the hitch-free service delivery) and the opportunity cost of utilizing these signaling channels and network services for USSD services instead of other prepaid network services such as Call/SMS set-up and delivery which cannot run in parallel with a USSD session.
Opinion
MAN LIKE WIKE
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By Elder OSF
I don’t want this piece to be about the man Wike. But in truth I’m writing about him. I believe there’s a difference between writing about someone and writing of someone, or by someone and with someone.
Don’t mind me I’m just messing with you. It’s about Wike I’m writing, yes. Whether it’s of him or by, through or with him is, at best, misleading semantics.
There’s something in Wike that everybody should have. Yes, your mind has caught it too.
That relentless drive to push beyond limits, to chart new courses, to break barriers, is something every human being needs to have.
First off, Wike is not Jesus Christ. This is not about his values as a person. We will have to agree that our opinions on his values will be different, and that despite the difference we can examine his life to pick some lessons.
Why Wike, someone might ask. It’s because it is Wike. His story checks out well in the space we occupy as Nigerians. It is Wike. Everybody knows Wike – with all his flaws and accomplishments.
How Wike became a Minister, no I don’t mean being the Minister-Governor of Abuja, I mean being junior Minister of Education under President Jonathan, was by defying the odds placed before him by the political system of that era. It also involved facing stiff opposition by his erstwhile boss, our forever beloved CRA, the then powerful Governor of Rivers State.
How Wike became Governor, was by first refusing to cancel himself even on the basis of ethnicity, given that CRA whom he was seeking to succeed was of the same ethnic stock as he was in a multi-ethnic and diverse state as Rivers. He was relentless. He went the full nine yards and beyond. Some of his tactics are definitely indefensible but his relentless drive somehow counts for something.
How Wike ousted Atiku from being President, insisting on power rotation to the South, which favoured the incumbent President is itself worth studying. Make no mistakes about the fact that I am aware that there are various variants of narratives on how that happened. My interest is not the story. It is the fact that Wike got what he wanted.
He got more. He is the first Nigerian politician to influence the politics of both the ruling political party and its main opposition in his home State of Rivers. The very first person in history to accomplish that.
How does Wike’s mind work?
I’d tell you. It is solutions oriented. The impossibility of accomplishing anything has been so stifled in Wike’s thinking that it is impossible not to see possibilities, a way out of the myriad of complexities he navigates in the labyrinth of his daily political affairs. He is like a slippery fish. At least he’s proven to be that so far. You can’t hold him down.
Many times we’ve expected it to be the end of his political career, but somehow, he manages to wriggle himself out. Fayose his friend knows some things he has not told us. He only alluded to Wike’s opponents seeing spirits when they oppose him. But that’s not enough. What does Fayose know?
He knows how Wike’s mind works. He knows that Wike finds the way and where he can’t, he creates a new pathway.
This is how every human being should be wired. Wike’s creativity is not unique to him. But he has masterly mined the power of the human mind to his own advantage. Showing time and again, that impossibility is nothing.
As I said earlier, this is not about Wike. It is about the mind that powers his moves. If we can frame our minds like that and taint them with the values that we cherish, we will live more fulfilled lives.
This is how a regular guy from Rumuepirikom was able to be Governor of two Nigerian states back to back even without being a member of the political party of the latter.
Curse him for many reasons. He is a politician. He signed up for it. But when you’re done, give the man his flowers. He deserves them.
Elder OSF
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