By Tunde Olusunle

Royalty enjoyed tremendous reverence when my generation was growing up. As a schoolboy in Benin City those days, the *Oba* savoured profound reverence and conjured trepidation amongst his subjects. He was and still is introduced with the prefix *Omo N’Oba N’Edo Uku Akpolokpolo.* Much as this simply means “His Royal Majesty, the Oba of Benin,” it is without doubt, a jarring mouthful. He is regarded as sole emissary of the supreme deity and possibly a god in his own right, most probably consecrated by cosmic consent. *Oba Akenzua II* was on the throne in my teenage days in Benin City. He loomed large in the public consciousness who barely caught a glimpse of him anywhere. The wholesale mythification of his office was such that his name was conjured to serve as warning and deterrent to potential rabble rousers. The now popular phrase, *You go see Oba* was added to day-to-day, now globalised conversational lexicon in my time. It served as deterrent to mischief and errant conduct. The lawless were thus admonished on circumspection, lest they had to go through the labyrinthine motions of seeking justice or redress before a barely ever seen *Oba.*

I equally keenly followed the trajectory of the immediate past *Ooni of Ife, Oba Okunade Sijuwade, Olubuse II.* Immensely affluent, urbane and classy, he brought elan, style and panache to bear on his office. He was famous for his striking regalia, typically complemented by corresponding accessories and adornments. He breathed style and elegance. The very popular *Forbes magazine* indeed once rated *Ooni Olubuse* as the “third richest royal in Africa” in his time. I was privileged to meet him a few times during his lifetime. I was still a student and member of one of our departmental students associations in school when I had the first encounter with him. Despite his impeccable proficiency in the English language, *Oba Sijuwade* elected to speak Yoruba during most of his engagements. This linguistic preference reinforced the belief that he was truly the mouthpiece of the gods and ancestors. There was always, ever a competent interpreter by his side, usually his long-serving Press Secretary, Funmilola Olorunnisola, himself a ranking Chief of Ile-Ife. The *Ooni* conveyed his thoughts and messages through him to his guests and audiences.

Contemporary royals have dominated the news in recent days and weeks. The manifest unseemly conduct of some of them, is totally at variance with their standings and statuses as traditional rulers. Indeed, their actions in many instances have unwittingly whittled down the historical dignity of the exalted stools they occupy, in the catacombs of otherwise revered palaces. Such custodians of tradition have unknowingly transposed their venerated seats, to the full glare of the public, the marketplace. From Ipetumodu to, Ibadan, to Oyo and to Katsina, in Osun, Oyo and Katsina states respectively, presumed royals have shown up in ways and manners which demean and diminish their offices. Such wholesome devaluation is of necessity impacting the very essence of the institution of natural rulership, passed down from ages and aeons.

The *Apetu of Ipetumodu,* Oba Joseph Oloyede, was arrested by United States security early 2024 for his role in obtaining COVID-19 relief funds estimated at $4.2million, fraudulently. While his subjects anticipated the return of their king from what was supposed to be a routine visit to the US, Oloyede had been answering charges before Justice Christopher Boyko, of the US District Court of Ohio. He reportedly colluded with a certain Edward Oluwasanmi, a Nigerian-American clergyman, with whom he defrauded the US system of resources designated as buffer for US small businesses and nonprofit organisations experiencing pandemic-related revenue losses. Court documents reportedly referenced falsified applications for “Paycheck Protection Programme Loans and Economic Injury Disaster Loans, under the US Coronavirus Air, Relief and Economic Recovery Act” submitted by Oloyede and Oluwasanmi.

Both men deployed fake tax and wage documents to secure funds intended to help struggling businesses keep afloat during the COVID-19 plague. Oloyede received about half of the $4.2million, scammed by him and his compatriot, Oluwasanmi. He reportedly invested his portion of the heist in real estate in the US. Oloyede by the way, was installed the Oba of his community in 2019. His profile as a travelled and affluent person counted amongst other considerations for the 62-year old monarch. His present engagement with the US justice system may yet torchlight other probable underhand financial dealings in the course of his long sojourn in the country in which earned him a residency. This is as his subjects remain in shock and bewilderment over such unsavoury revelations concerning a leader they once exalted.

The *Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, the Ojaja II,* recently had a spat with the *Alaafin of Oyo, Oba Abimbola Owoade.* at an event in Ibadan. Wife of the President, Oluremi Tinubu was guest of the Oyo State Government and both monarchs were invited to the programme. As the *Ooni* made his way to his seat, every traditional ruler on his route honoured him by rising to welcome him. The *Alaafin,* however, refused to rise up, even as he shook hands with the *Ooni* from his seating position. There is a long history about the rivalry for preeminence between the *Alaafin* and the *Ooni.* It was partially resolved when the administration of President Ibrahim Babangida created two states, Oyo and Osun, out of the erstwhile Oyo State. Both rulers were venerated as the *Numero Uno* monarchs in the various states. As the Ibadan incident revealed, however, animosity abounds between the *Ooni* who is 50, and the *Alaafin* who is 49, beyond the historical acrimony. A more recent reason has been adduced for the beef between both royals.

Decades ago, a US-based Nigerian of Yoruba descent, Efuntola Oseijeman Adelabu Adefummi, conceived of a “Yoruba village” to serve as a melting pot for Yorubas in the US. It was supposed to be a “home away from home” where the Yoruba essence will be celebrated. This vision berthed the *Oyotunji African Village* located in Beaufort County, South Carolina, in 1970. Efuntola Adefunmi the visioner was installed *Oba* of the “village.” *Ooni Ojaja* has in the past, been requested by the leadership of *Oyotunji* to mediate during disputes and conflicts plaguing the village and he had always willingly sent emissaries. It has been suggested that *Alaafin Owoade* has been wrongfully briefed that his rulership of Oyo, encompasses *Oyotunji* which in reality is an address for all Yorubas from Nigeria, Benin Republic, Togo, Brazil and so on. This has been adduced as probable reason for the grouse between both men.

A recent incident where one Chief Lukman Ojora Arounfale, the *Baba Oba of Oyotunji African Village* was allegedly assaulted in the *Alaafin’s* palace on the orders of the king, lends credence to the bile between him and the *Ooni.* The scenario which played out on Thursday April 17, 2025, was linked to the bitterness between the *Alaafin* and the *Ooni.* It fits the narrative that the *Alaafin* in reality conceives of *Oyotunji* as a diaspora extension of his kingdom. Chief Lukman Atounfale, we are told, died from injuries he sustained in the brutal attack on him and his wife, in the *Alaafin’s* abode in Oyo. Such are the dimensions of controversies which have trailed the teething weeks and months of the reign of *Alaafin Owoade* who was only installed in January 2025, by Governor Makinde.

Overzealous palace guards, *dogarai,* working for the Emir of Katsina, Abdulmumini Kabir Usman last weekend, broke the glass entrance into the Katsina home of Dikko Radda, Governor of the state. Radda had given out one of his daughters in marriage earlier that day and was hosting dignitaries including President Bola Tinubu to a reception at his address. State protocol and security regulations prescribe that once the President or guest-in-chief is already seated at a function, late comers are shut out. It was bad enough that Emir Kabir Usman came long after the nation’s chief executive was already settled. It was worse that his *fatawa* dared to bring down a section of the home of the chief host of the President. It was an utterly disrespectful act which underlined the operational manual in effect in the palace of the Emir. Let’s hope the Emir has sent pertinent formal apologies to Tinubu and Radda, principally.

At every opportunity, traditional rulers are known to have canvassed specific roles for themselves in the Constitution of the Federal Republic of Nigeria. This seems plausible given their proximity to the mass of Nigerians especially in the distant hinterlands and deep recesses of our vast national space. Against the backdrop of reported misuse of authority which we recently gleaned in the palace of the *Alaafin,* can our royals be trusted to manage gazetted authority? Two weeks after the assault and subsequent demise of Lukman Ojora Arounfale which was ascribed to *Alaafin Owoade,* we are yet to read a rejoinder. Wouldn’t aides of natural rulers like Dr Kabir Usman of the Katsina emirate, incorporate bulldozers in the vehicular convoy of their Principal as they journey through the emirate? The roofs of the homes of many of the Emir’s subjects who are in the quietude of their sanctuaries, may just be decapitated for not being on the streets paying obeisance to the king?

Our royals must reinvent themselves and re-perspectivise their offices. They are not “Highnesses” and “Majesties” simply for personal ennoblement. Their positions and honorifics bear immense relevance to the history and sociocultural identities of our diverse peoples. The onus is on them to restore relevance and reverence to our traditional institutions in a global sense. It is their responsibility to protect and preserve our cultures from adulteration, abuse and extinction. We should not pass down diminished and dismembered histories, narratives and beliefs, to successor generations.

*Tunde Olusunle, PhD, Fellow of the Association of Nigerian Authors, (FANA), teaches Creative Writing at the University of Abuja*

BY BOLAJI AFOLABI

It is no longer news that the seemingly “minor” disagreement between Sir Siminilaye Fubara, and Barrister Nyesom Wike, and by extension the Rivers state House of Assembly; which snowball into protracted quagmire, and multi-faceted crisis led to the declaration of state of emergency by President Bola Tinubu on March 18, 2025. Somehow, the power-tussle, and relevance-battle which grew in leaps and bounds threw up different names, and groups. Sadly, while development issues in Rivers suffered unnecessary, and unreasonable hiatus, many individuals masquerading as “analysts, commentators, and activists,” literally swarmed radio, and television stations pushing forward, with ecclesiastical posturing the positions they believed to be “facts.”

Perhaps, the pursuit of pecuniary benefits may have informed these actions, and attitudes by those who reportedly embarked on regular visitations to media houses in Lagos, Abuja, Port Harcourt, and other major cities across the country. Some of these “experts” became “merchants of propaganda” and “purveyors of falsehoods” while the beef festered. Determined to justify their pay, they dug in; harder, deeper, and ferociously. It is argued that the fire of confusion in Rivers dragged on, and refused to be extinguished as a result of the continued unfriendly comments, and unpeaceful antics of some of these financially-induced commentators, groups, and associations.

Like most things in Nigeria, many people joined the bandwagon; pontificating on issues they didn’t have full, and proper grasp. Some of these interventions ranged from the ludicrous to tongue foolery. Not mindful of the harm the continued schisms were having on the general well-being of the ordinary people on the streets of Rivers, these puppeteers evolved selfish ways in compounding matters, thereby ensuring that their unconscionable activities received regular patronage. Many of those who purportedly enjoyed the largesse included lawyers, politicians, and academics. Activists, women groups, youth associations, and others allegedly leveraged on the crisis for financial favours. Indeed, professional bootlickers, crisis-manipulators, and mudslinging “careerists” coalesce to have their bites, and share of the enticing cake from the “treasure base” state.

Between the time the crisis became public in the last quarter of 2023, and when Tinubu declared a state of emergency, the writer refused to comment on the issue. Save for an opinion published December, 25, 2023, a siddon look approach was taken. Comments raised therein that have been justified will be looked at in the course of this treatise. Any critical follower of Nigeria’s political history who is imbued with discerning gifts will not be surprised about the turn of events in the state. The unfolding developments were easily predictable by any unattached, and unbiased mind. With all modesty, having had consistent official and personal interactions with the political class, the writer can be credited with some measure of exactness, and appropriateness on certain matters bothering on power struggle, influence-relevance, structures realignment, and political control.

In over two decades of closely monitoring Nigeria’s political development, and the political class, there are many lessons learnt which has enriched one’s knowledge, and broaden understanding. Yes, democracy is practiced in Nigeria. However, certain situations clearly suggests that our variant of democracy is unique, different in many ways. What may be practicable in some other countries can be an aberration in Nigeria. Issues like loyalty, group interest, party structures, positions and projects sharing, and similar others are not, never toyed with. In most cases, political office holders dissipate energies, time, and resources in maintaining the status quo towards being in the good book of those that matters. Everything is deployed in achieving this purpose. However, anybody that steps out of the line, particularly for perceived arrogance, and selfish agenda, the outcomes may not be palatable.

The Rivers crisis is a perfect example of these issues. As the dispute gained momentum, and became the major topic of discourse across the country for months, some dispassionate observers postulated that the final outcome may become tasteless in the mouths of certain people. The writer in an earlier commentary, “RESCUING FUBARA FROM IMMINENT POLITICAL DESCENT” published on 25th December, 2023 wrote that, “Governor Sim Fubara, being a political-starter may not be discerning enough to know that those encouraging him to take rigid positions and rudderless actions are only digging his “political grave.” How do one explain a Governor carrying out actions that are purely undemocratic? Closure of the Assembly Chambers; allegedly demolishing the Assembly Complex; presenting the state’s Budget to a “3-man Assembly” and some other constitutional infractions.”

Continuing, the writer declared that, “somebody must strongly advise Fubara that if actions that may throw the state into further tensions continue, it would not be out of place if the Federal Government declares “state of emergency” in Rivers. Recall that a similar thing happened in Oyo and Plateau states during Obasanjo’s administration. If protests and other activities persist, and the Wike group of “27 majority lawmakers” insists on doing the right thing, or the Federal Government takes necessary steps, Fubara will be the greatest loser. Either impeachment or a state of emergency, NONE will favour him. If this happens, Fubara may just discover that his group of friends, loyalists, and associates would abandon him. Typical of politicians, these “yes-men” will not only leave him to groan over his predicament but likely jump ship by shifting their “loyalty” to the other group. Fubara should meditate on this age-long aphorism that, the umbrella becomes a burden once the rain is over; that is how loyalty (the feigned and contrived one) functions when benefits stop.”

Back to now. Though there are on-going lawsuits, initiated by different blocs including the Peoples Democratic Party, (PDP) Governors Forum to reverse the presidential declaration but until the Supreme Court pronounces otherwise, the state of emergency subsists. Days into the “emergency state” certain comments credited to Fubara were encouraging. At various times, he alluded to the fact that no sacrifice is too big for the peace of Rivers. However, recent developments give concerns, and worries about the likelihood of ending or extending the “emergency state.” From reports, there seems to be an upsurge in rallies, walks, and demonstrations against Naval Vice Admiral Ibok-Ete Ekwe Ibas (Rtd), Rivers state Sole Administrator. At many of the protests, the call for the return of Fubara; to the office has been loud and clear. There are no pretences about the demand.

Yes, the supporters, loyalists, and associates of Fubara have the constitutional rights to legitimately press for his return to the classy, comforts of the “Brick House” moniker for the Government House. Some people who are non-aligned in the Rivers crisis are worried about the timing, messaging, and mission of these actions. Meanwhile, the rumour mill is agog about Fubara’s alleged endorsement of these protests. Many dispassionate observers concerned about this trend, are asking questions. Why has Fubara not called these groups to order? Why have his senior aides not issued statements to disassociate him from the allegations? Of what use are these activities amid certain reconciliatory talks?

Given the strategic position of Rivers to national development, most Nigerians are seriously concerned about the unpleasant news coming from the state. As the second largest revenue generating state, after Lagos there is an urgent need for permanent resolution of the crisis, towards engendering growth and development. If media reports about Fubara’s reconciliation drive are true, many people will be happy. However, as advised in the earlier article, “Fubara should realize that some Elders and Leaders who are now his “political advisers” have other reasons for supporting him. Their loyalty and support is not driven by love for him but some other extraneous reasons. Hence they keep exerting pressure on him to renege on the “Abuja Agreement.” One does not need to be Nostradamus to postulate that some of these people may have begun shadowy moves to truncate the reconciliatory moves. One hopes that Fubara will, this time; ‘borrow himself proper brain’ as they say on the streets. Perhaps, he should talk to himself; being Governor of the oil-rich state ‘is no beans, something he got on a platter of gold, amid many other aspirants with better political capacities and public service credentials.

Indeed, for the supporters of Fubara to eventually witness the return of their person to office, they must wholeheartedly urge him to “own” the process. Just as he is the greatest loser of the “emergency rule,’ he stands to be the major beneficiary when proper reconciliation is achieved. As stated in the earlier treatise, “for once, Fubara should put on his ‘thinking cap’ and be truthful to his conscience by ……………….. ensuring irrevocable reconciliation with Wike. Fact is, the Ikwerre-born political tactician whom Fubara fondly calls ‘my Oga’ is the only Leader that is fully committed to his success and political growth. Not the retinue of his vicious, selfish, and wicked new-lovers who will evaporate when the table turns. Fubara should be sober and sombre by going back to his political roots.” This position was canvassed about two years ago and stands valid. From observations and analysis of his personae, Wike looks more like someone that has meekness, fairness, and empathy. Though perceived as arrogant, and haughty by some people but beneath may be a soft, considerate, and accommodating mind. Fubara should imbibe the spirit and letters of the saying, “stoop to conquer,” and come down from his high horse, as well as stop dancing to the quarrelsome drums of his coterie of “deceivers.” On his part, Wike, who has shown, and further consolidated his coveted status as the “grandmaster” of Rivers politics, should embrace the teachings, and lessons of the Biblical “prodigal son” by not only forgiving but accepting Fubara back to the political family; where he truly belongs.

* BOLAJI AFOLABI, a Development Communications specialist, was with the Office of Public Affairs, The Presidency, Abuja.

By Dr. Ibrahim Modibbo

The Central Bank of Nigeria (CBN) under the able leadership of Governor Yemi Cardoso has released the apex bank’s 2024 financial statements. The results reflect the bank’s commitment to economic stability, sound policy implementation, and strategic financial management. The financial performance further highlights improvements in external reserves, asset quality, cost efficiency and overall bottom-line improvement.

An indicator of Cardoso’s policy direction being on the right track is manifested by the CBN posting in its latest financial statement showing the country’s external reserves growing from $36.6billion in 2023 to $38.8billion in 2024.

This is phenomenal achievement is largely attributable to the apex bank’s improvement in accretion to external reserves from portfolio investors, diaspora remittances and the federal government receipts following improved confidence in the Nigerian economy, facilitated by better coordination with the Nigerian National Petroleum Company (NNPC) and diaspora engagement strategies.

Another contributory factor is the proper investment management decisions taking by the CBN governor, aimed at boosting the reserves of the bank. This glowing performance reflects the CBN’s firm commitment to external sector stability, ensuring Nigeria is better positioned to meet its international obligations, stabilize the naira, and boost macroeconomic confidence.

Remarkably, the CBN fianancial statement also showed that the bank’s bottom-line improved from a deficit position of ₦1.3trillion in 2023 to a surplus of ₦165billon in 2024. This turnaround is attributable to a direct consequence of apex bank’s effective containment of expenditure, gains on investments made by the bank and increased income from foreign exchange transactions under the Cardoso regime.

The financial statement further showed a notable reduction in loans and receivables from ₦16.1trillion to ₦11.9trillion, due primarily to significant recoveries from earlier intervention lending programmes; a deliberate policy shift away from previous intervention lending and monetary financing through ways and means in line with the bank’s new stance on allowing market mechanisms to drive credit allocation and financial sector development.

To reflect Cardoso’s enthroning of a cost-conscious culture at the CBN, the apex bank adopted a strategy of optimizing and streamlining it’s operating expenses in 2024, through strategic cost rationalization initiatives, including reduction in non-essential spending and streamlined operations across regional branches and departments.

Furthermore, in line with the Financial Reporting Council (FRC) regulatory requirement on ICFR, it is worthy to note that the Central Bank was able to carry out an assessment of its internal controls which was further certified effective by the joint external audit team. This approach resulted in enhanced transparency and accountability in financial reporting, strengthening institutional governance and internal risk controls, and aligning with international best practices in central bank operations

As a testament to the effectiveness of this initiative, the joint external auditors issued an independent assurance report declaring the CBN’s ICFR framework to be “effective” for the 2024 reporting period. However, it wasn’t all cheering news all the way because while the Central Bank of Nigeria’s 2024 financial results reflect operational improvements, some expenditure lines posed challenges.

One of the notable upticks in the apex bank’s expenses in 2024 was related to liquidity management operations. These costs rose to ₦4.5trillion from ₦1.5trillion in 2023. This increase can be traceable to the tightening monetary policy stance adopted by the CBN governor to combat inflationary pressures throughout the year.

In pursuit of that objective, the CBN conducted more frequent and higher-value Open Market Operations (OMO) to mop up excess liquidity arising from fiscal injections at a significant cost. This is a huge responsibility CBN is carrying out on behalf of the federation, whereas in some jurisdictions, this cost is borne by the government.

The financial statements also reflect an increase in the loss on settled derivative contracts during the year from ₦6.3trillion in 2023 to ₦13.9trillion in 2024. This development is a direct consequence of the high volume of derivative contracts settled by the apex bank in 2024. These are legacy transactions which the Cardoso management met on resumption of office.

This proactive settlement effort was undertaken as part of management’s broader strategy to reduce outstanding foreign exchange liabilities, thus lowering its FX exposure, boost net foreign reserves, thereby improving Nigeria’s external buffer and investor confidence, restoring credibility to Nigeria’s forward markets and address legacy obligations transparently.

It can be said that the improved performance of the Central Bank of Nigeria in 2024 is not coincidental but a product of deliberate, and strategic management efforts undertaken by Governor Cardoso. The bank’s leadership has reinforced governance and accountability, instilling operational discipline in the running of the CBN. It has also pursued a balanced monetary policy stance, ensuring price and financial system stability.

These reforms enunciated by Governor Cardoso since his appointment by President Bola Tinubu have collectively repositioned the CBN as a credible monetary authority, with its 2024 financial results serving as proof of its unwavering resolve to support the economic recovery programme of the current administration, safeguard financial stability, and build public trust.

Dr. Ibrahim Modibbo is a public affairs analyst and writes from Abuja.