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Blog, Essays, Writers

Invasion by Kenneth Nwabuisi

The armed robbers climbed through the high fence of No. 50 Ziks Avenue and jumped inside its premises. Musa, a long-nosed Hausa gateman, wasn’t at the gate. He had travelled last week to cast his vote, Hausa chaps liked travelling on time during election periods. Only the Igbo’s in Hausa land stayed, slept, woke up, pitched high tents and often ended up killed. The compound was calm save for a dog on a leash barking, stretching its jaw wide. Scorpion, Jericho and Spider were the three able-bodied, but hungry youths from the slums who had gotten information that the owner of the house, Chief Izegbe, had made a huge withdrawal of countless Naira notes at the bank earlier the day, despite the scarcity of cash that had ridden the economy for two weeks. Chief Izegbe, a man with a bushy moustache and scanty eyebrows, was one of the wealthy businessmen in Enugu metropolis. His wealth spoke for him. And he wasn’t one of those rich men who got their monies in an illegal manner. He toiled and hustled for his cash since his youth. His long years of importing electronic goods and countless consignments from China into the country were paying him off. In fact, his daughter, Mirabel, would always call him a business tycoon. Chief Izegbe had a distended stomach. He walked like one who was pregnant. His late wife, Rebeca had often teased him, when she was heavy with Mirabel’s pregnancy, saying that the nurses at the hospital might be confused on who was due for delivery between her and Chief. Because Chief’s large stomach could be compared to hers. The armed robbers shuffled their feet to the entrance door, the crickets chirping as if they were in a nocturnal contest. Scorpion, tall and with the face of a horse, pulled his mask firm on his face. Jericho the one with slender fingers like toothpicks, tightened his hand gloves, stretching it so his fingers looked like chopsticks. Spider, short and tepid, was running around like a cockroach, surveying the crew, making sure their guns and every other thing were intact. The plan was to go in, extort the money from Chief and scram. Boom! Boom!! The knock on the door sounded. Chief, who was sitting on the sofa in his agbada, flipping through the pages of his favourite newspapers: the daily sun, called on Chioma, the plump chef, who was in the kitchen preparing dinner. Soon, the dark-skinned chef showed up by the door. The eyes of the guns the robbers held gazing at her. Frightened, she shrieked, “Chim ooo.” She shouted, bending on the floor. Chief stood up, the guns pointed at him too. “Shhhhhhh. Lie down!” Scorpion ordered. Chief’s stomach was plastered on the floor as if he was sailing on cold water. Jericho stamped his foot on his back and he huffed. “We come in peace. We no go hurt any of you if una comply. Wey the money?” Spider’s voice melted into Chief’s ears. “Which money?” Chief said. “You dey ask me which money? You want make I waste your life?” Jericho threatened. “No, no,” Chief replied, shivering. “I’ll give you anything you want.” “Oya na, tell us where the money dey make we begin dey go.” Jericho lit a cigarette, each of the crew came forward to light their sticks. Jericho takes a whiff before he continued. “You know say town don red like this. The boys need to feel all right. POS dey collect 3k charge to withdraw 10k. Filling stations dey sell half liter fuel for the money wey suppose buy full liter. Wetin boys wan do? Boys gatz survive, shey you understand. Abi no be so?” Chioma was lying silent beside Chief. Jericho moved his leg on Chief’s body and Chief was roused. His brains seemed to have gone on an exile. “I say no be so?” Jericho repeated. “Na so, na so.” Chief said without bating an eyelid. A figure swished on the staircase. Spider was the first to notice. “Who be dat?” Spider asked. “Una get any other person with una for this house?” Scorpion asked, pointing his chopstick fingers at Chioma and Chief. “Ye—ess, Yes.” Chioma replied in quivering lips. “Who be that?!” Jericho’s voice rose. It didn’t sound twice before Mirabel came to the staircase, a piece of cloth tied around her face. It was her mother’s hair-tie, the one she wore the night she died during childbirth. “I’m the one.” Mirabel glided down the staircase, her legs moving slowly like a cat. “And who are you?” Spider asked, walking close to her. Mirabel was a smart kid. In her results in school, her teachers would always comment that she was as shrewd as a serpent, yet as slow as a cat. She knew exactly how to meander her way through thick and thin, how to push and pull her way out during difficult situations. Mirabel had once left her class boy in an unfathomable maze. One morning, the boy had stolen her pen. Since stealing was a law against the school, the proprietor sounded a note of warning to everyone, more directly to the boy in Mirabel’s class, who Mirabel had somehow found out had stolen her pen. After the warning, the boy didn’t budge. He was being hideous about the pen. The proprietor granted a search warrant to all teachers if the thief did not deliver the pen after school. The morning of the next day when the search was to commence, Mirabel endeavoured to come to class early. She sat bending her head on the desk, surveying the whole class through her eyes, waiting for her class members to arrive. The boy entered and saw the class was empty except for a class girl who was bending her head on the desk and, he thought she wasn’t watching, she could be dozing off or something. He stealthily withdrew Mirabel’s pen from his bag and stuck it inside a hole on the wall

Essays, Writers

The Ibukun Awosika by Ojetunde Esther.

  A lady born as Bilikisu Abiodun Motunrayo Adekola(got converted in her 20s). She was born on 24th December,1962, the third child of seven from Ibadan, the capital of Oyo state.She is married to Abiodun Awosika(who is a petroleum engineer) and blessed with three children. Ibukun completed her primary and secondary school at St. Paul’s African church Primary School,Lagos and Methodist Girls’ High School, Yaba respectively before she proceeded to the university of Ife( now Obafemi Awolowo University) were she graduated with a B.Sc in chemistry (a course she didn’t like). She holds Post Graduate and MBA certificates upon the completion of several business school and IESE Business school. While on her compulsory NYSC service, she worked as an audit trainee at Akintola William and Co. When she got into Akintola Williams, within the one year of her service, she discovered that she hated Accounting. Though she was good at the figures but she hated the idea of moving from one company to the other going through old dusty files. She didn’t need anybody to tell her this. She was too restless to just keep following some certain procedures that are laid down. She was so restless and she needed to be able to express myself as there was no room within auditing to do that. At the end of her service year, even though they offered her permanent employment, she turned it down, she served in Kano and came back home. Her parents were wondering what to do with her. She wanted any job, anything she could do. But the first job she found was with a furniture company and she didn’t care. She took the job because she just wanted to be busy and only lasted three and a half months with that company. But it was three and a half life-defining months for her. Within those months, she discovered why she wanted to study Architecture in the first place. Within the context of furniture, she discovered she could play around with space. Loving the process of creating and designing furniture, she left for Alibert Nigeria Ltd. as showroom manager.In her quest to be independent, she established a furniture manufacturing company called Quebees Limited  in 1989 before it evolved into The Chair Centre Limited and later SOKOA Chair Centre Limited following a venture merge with SOKOA S.A  and Guaranty Trust Bank in 2004. She says”I’m always going to school. In year 2000, I went to Lagos Business School. I did a Chief Executive programme. After about three years, I knew there are new things to learn. Having just had a baby, I took off to Barcelona, Spain to do a MBA Global Executive programme. People thought she was crazy. They said “what do you need all these for? You are already successful. What do you need all these degrees for?” Success is left to the person interpreting. What others consider success, for you, it might be the beginning. I don’t give myself out for people to measure. I will be the one that is measuring. Every year, I must go for at least a brief course.” She is now a fellow of the African Leadership Initiative and Aspen Global Leadership Network, Ibukun is a member of the Nigerian Economic Summit Group , member of the board of Nigerian Sovereign Wealth Fund and former Chairperson, Board of Trustees of Women in Management, Business and Public Service .In 2011, she co-founded the Afterschool Graduate Development Centre, a career centre established in order to checkmate the high rate of unemployment in Nigeria. In 2008, Ibukun was among five Nigerian entrepreneurs who appeared in the first African version of the Dragon’s Den . She also hosts a T.V programme called Business His Way. She takes over following the retirement of previous Chairman, Prince Ajibola Afonja .Ibukun Awosika is member of IESE’s International Advisory Board (IAB). She also sits on the board of Digital Jewel Limited and Cadbury Nig Plc. Mrs Ibukun Awosika was, on Monday, September 7, 2015, appointed at the Chairman of First Bank Nigeria. The woman, an ardent lover of God, as shown through her life that life is in stages so you therefore have to begin little ( Do not despise the day of little beginnings), then with you been hardworking and motivated you mount up to the top. She taught the importance of following what you love doing passionately, even when people don’t seem to understand you. She also taught the importance of education, one doesn’t really stop learning, the more heights she got to the more she put effort into learning more. Most of us would probably not have known her if she had just settled for been the head of her manufacturing but she kept striving and now she is THE IBUKUN AWOSIKA, first female chairman of First bank with a couple of awards to her name. Ojetunde Esther, a first year student of Pharmacy in the University of Lagos wrote in via ojetundeesther45@gmail.com

Blog, Monishots

Skye Bank and political meddling in the corporate sector.

Economists often talk about the 80/20 Principle, which is the idea that in any situation roughly 80 percent of the “work” will be done by 20 percent of the participants. In most societies, 20 percent of criminals commit 80 percent of crimes. ~Malcolm Gladwell, The Tipping Point: How Little Things Can Make a Big Difference The CBN recently announced that it had approved the revocation of the operating license of Skye Bank. It created Polaris Bank which the Asset Management Company of Nigeria (AMCON) will recapitalize with N786 billion. Even as many Nigerians were taken aback by the news, the informed and particularly those in the financial sector knew the action had been long coming considering the lingering liquidity squeeze in Skye bank and the apex bank’s obligation to act proactively in order to secure depositors’ funds and forestall potential threats to the stability of our financial system. But the recurring insolvency issues within the banking industry is now causing serious concern among a populace that is expected to key into the ‘cashless’ singsong being trumpeted by the authorities. Interestingly not a few financial experts are of the opinion that had the CBN been stricter in its regulatory duties, the situation could have been better managed or completely avoided. “While shareholders of Skye Bank have lost their investments, what happened to the management who took the decision and those professional consultants who did the due diligence reports that the management relied on to make decisions?” queried Moses Igbrude, publicity secretary, Independent Shareholders Association of Nigeria. “It is high time regulators address the issue of fake consultants who parade themselves as professionals or else this will continue to happen,” he added. In 2016 the CBN had sacked the bank’s board of directors citing the bank’s failure to meet minimum thresholds for critical prudential and adequacy ratios as reasons for its intervention. The bank’s chairman then was Mr. Tunde Ayeni, a popular backer of former President Goodluck Jonathan. The rumour mill was filled with insinuations that the Federal Government was going after the bank in a political witch hunt. But those in the know were aware of the huge indebtedness to the bank by Ayeni and his business partners. Reports had it that Mr. Ayeni and his business partners had used several companies to borrow over N400 billion from the bank. Broken down into N110 billion to Jide Omokere Group, N191 billion to Fadeyi for Pan Oceanic Group, and N120 billion invested in the privatisation programme to acquire the Yola and Ibadan DISCOs. They also bought NITEL and Ascot Offshore Nigeria Limited, an oil servicing company. To make matters worse Skye bank further burdened itself with the acquisition of Mainstreet bank (formerly Afribank PLC) for a whopping N126 billion in the last quarter of 2014 despite red flags raised by its shareholders. Of course, there is nothing wrong with the bank’s ambition to propel itself into the league of elite banks but such an audacious growth strategy using depositors funds cannot be described as proper risk management. Add all these to the humongous loans and you have a recipe for disaster. Given the situation, it required no clairvoyance to predict the path in which the bank was headed and expectedly it didn’t take long for the downward slope to commence. One of its debtors, Integrated Energy Distribution and Marketing Company Limited which paid about $56M to acquire the Yola DISCO returned same to the Federal Government in a little over a year citing operational difficulties in a conflict area. They demanded the repayment of $186M predicated on force majeure from the same government that declared a state of emergency in the region pre-privatization. Unfortunately, the Jonathan administration which eventually approved a refund after a joint assessment was carried out with the BPE didn’t win re-election and subsequently not a dime was paid. Undoubtedly the ill-advised acquisition of Mainstreet bank also contributed to the crisis that bedeviled Skye bank but the political meddling via insider lending which largely became bad loans did the most damage. As the bank continued to stutter while its erstwhile director Mr. Ayeni had run-ins with the EFCC, a news report alleged that “a forensic audit revealed how the bank operated two sets of financial accountability/books which was responsible for the regulators/auditors inability to detect the massive losses and infractions, particularly the balance of N280 billion in suspense accounts”. You just couldn’t make this up, it is analogous to the classic case of “one lawyer with a briefcase” right out of the pages of Mario Puzo’s Godfather. Haven’t we been through similar incidents time and time again? From the alleged involvement of Bukola Saraki and Jim Nwobodo in the demise of Societe General Bank and Savannah Bank respectively to the thousands of affected Nigerians who are yet to recover from the trauma caused by Cecelia Ibru’s Oceanic bank fraud and Erastus Akingbola’s Intercontinental bank debacle. I have an in-law who is yet to receive her severance benefit from Access bank. Outside the banking sector, we have also had reports of overbearing political influence behind the struggles of Transcorp, NICON and more recently Etisalat to mention just a few. Many experts are of the opinion that if the CBN had discharged its regulatory role more assiduously, we would have a different tale today. In a country of about 200 million people where over 60% of government revenue is spent on less than 1 million public servants, it is preposterous that only fifty customers owe commercial banks about N5.23trillion, representing 33.4% of the total private sector credit exposure of N15.68trillion as revealed by no less than the CBN itself. This where Malcolm Gladwell’s opening quote becomes tempestuously glaring. Emefiele has enormous resources available to him. He must be more circumspect, meticulous and ruthless in executing his oversight functions. Much as democracy guarantees inclusivity for all there is a need to underline the rules of engagement and practice, especially in a corporate sector that is the crucible of every economy. Free enterprise

Blog, Essays

Federal Republic of Northern Nigeria by Jesse Bay

  Ok, you may enjoy and luxuriate in your ignorance. I am not under a contract to share it with you. So the president asked for the World Bank to concentrate its loans for development in the North East of Nigeria. These are the issues for me. The name of the country is the Federal REPUBLIC of Nigeria. That means there are FEDERATING units which make up the Republic. That have needs. They also have responsibilities. One of such responsibilities is to be accountable for their own economy. That we are in a federation doesn’t mean that you abandon the task to feed, clothe and preserve yourself. And you don’t have to saddle the other federating units with your problems. They are not your creator, father, mother or god. This is the crux of self-determination fights since the days of Adaka Boro. Now that we have established that for the kindergartens, we can move on to the other aspects of responsibility and duty. Nigeria refused to evolve a proper federal fiscal system since Aguiyi Ironsi did the unthinkable in the 60s. So we have been feeding off the huge, crude breasts of the Niger Delta peoples. This feeding frenzy lottery has been won by the denizens of the North by a mile. Not only has the oil funds been the mainstay of the Northern States since the groundnut pyramids disappeared, the people who have arrogated the power to seize this massively wealthy breasts as ‘administrators’ have largely been from the North. So you would expect that the unequal and even illegal appropriation of somebody else’s wealth would be used to develop the North. But no. We were given the gift of 5 million Almajiris. Free roaming kids with no care, education, love or ability to make a livelihood. From the ranks of these hordes came the Boko Haram sect. Of course, social deprivation, mixed with religion always produce disasters in abundance. At least, 70% of the massive social upheavals have had their beginnings from the North. Fulani Herdsmen. Maitatsine. Kafanchan. Zangon Kataf. Bauchi. Boko Haram. Zak Zakky. Now, the failure of governments in the North to educate kids, in spite of allocating, disproportionately, more local councils to themselves than any other region – a way of cornering the Niger Delta wealth – produced millions of kids ready to become additional problems to other regions. Lagos has complained about the unsustainable influx of low skilled Northern youths into the place. There aren’t enough gate men jobs to go round and too many motorcycles as taxis. In a nutshell, the North East that President Buhari has asked special treatment for, came as a result of decades of failure on the path of Northern governments to do the needful. And we have all paid for their selfish, inane and irresponsible decisions or indecisions. A. More of the Niger Delta oil cash would not have been spent to defend the North East unnecessarily if the right things were done earlier. B. The other federating units have lost sons, dads, daughters, and mums in the service of defending the North East. We are paying lives for the sin of not educating kids and giving them hope. Something we already paid cash for by denying ourselves. Most of the foot soldiers of Boko Haram have come from the ranks of the Almajiri. So these are the ones shooting and killing our boys and girls. These kids are the ones being used to destroy their own corner of Nigeria. It’s not the Yoruba, Tiv, Urhobo, Efik or Benin youths doing this. We have Agberos in my corner of Nigeria. We are yet to have the need for Nigerian soldiers to die from their activities. C. It is this perpetual spoon feeding of the North that is fuelling the secessionist ideas. The spokespeople of the Northern lottery winners make matters worse by making incendiary comments. Just listen to the Junaid muppet. D. The lopsided nature of government and civil service appointments, favouring the North is another problem. Buhari typified this by his contract awards while in PTF. And this administration has seen more than necessary of the lopsided appointments. I don’t know how you expect the Ijaw to feel. E. On top of all of that, justice is buried while we are being asked to foot the bill of the perfidious jamborees. Now, imagine that some Northern governors were implicated in the Boko Haram debacle. Were they properly investigated? All the agencies to do the investigations are probably too lopsided in their appointments to even bother. So, back to the divisive, ethnic, and illegal request to the IMF by the president; WHEN THE BILL FOR THE REPAYMENT OF THE LOANS IS TO BE MADE, ALL THE FEDERATING UNITS WILL BE REQUIRED TO PAY UP. THAT WILL BE US CLEANING UP AFTER THEIR CORRUPT BEHINDS. That’s you and your kids forking out for loans you never asked for. NEVER MIND THAT SUCH LOANS OUGHT TO BE SHARED OUT TO THE FEDERATING UNITS. NEVER MIND THAT THESE NORTHERN STATES DO NOT TAKE PRISONERS WHEN IT COMES TO SHARING THE VAT MONEY UNDER THE ‘DO OR DIE’, ‘FOR BETTER OR WORSE’ GUISE. I am merely helping you to break things down so you can understand. Jesse Bay is on Facebook

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