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Should Nigeria embrace Capitalism? Is what’s good for the merchants good for Nigeria?

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Indian merchants who knew Sheikn Rashid recall that his favourite saying was,

“What’s good for the merchants is good for Dubai.”

– Sheikn Rashid

The motto famous in Dubai as the philosophy behind the Making of the Megapolis. They also recall what a thrill it was for Emiratis each time a new merchant arrived to set up shop. Just sixty years ago Dubai’s population scraped a living by picking dates, diving for pearls, or sailing in wooden dhows to trade with Iran and India.

Dubai’s waterways: Dhows pictured on the city’s creek was once the centre of Dubai’s pearl trade

The emirate went from desert backwater to the Manhattan of the Middle East in just 50 years

But today, Dubai is everything the rest of the Arab world is not, with its unfathomably high skyscrapers, matched only in size by its vast, sprawling shopping malls and its residents’ bulging bank balances. As at 2013, the UAE’s per capita income of $48,000 was one of the highest in the world. A robust economy with perhaps the best infrastructures on the planet, one of the safest place to live or do business in the middle east, and generally, one of the safest sanctuaries of global capital. Achieved simply on the back of sound reasoning by good leadership, with a focus on establishing an economy beyond petroleum exports: using their oil wealth to invest in trade and industry for profit in accordance with basic principles of capitalism.

Dubai City

Like Dubai sixty years ago, the economic setbacks of Nigeria can still be addressed if Nigerians can look beyond cheap petrodollar and its criminal enterprise of bribery and corruption, as the nation’s main source of wealth creation. For which the consequence of this chronic condition has over the years impeded the incentives for creativity and the diversification of the Nigerian economy, which otherwise by now should have resulted in the economic independence from petroleum exports, and could have provided revenue generation in multiple growth sectors.

It remains shocking but not surprising that even amongst many of Nigeria’s enlightened youths and elites, a lack of the will or capacity to aspire beyond oil revenue and the followership of the downline of corrupt element still strives. However, from the leadership perspective, the main perpetrators have been myopic leaders whose years of leading with extreme incompetence, gross lack of commercial awareness and arrogance have not allowed for any well-grounded vision beyond the petrodollar.

Indeed, like Muhammadu Buhari, the quality of being perceived, to be honest, or having strong moral principles: integrity, is an attractive attribute of a leader. However, for the President of a country like Nigeria, with severe economic challenges and a rapidly growing youth population, a lot more substance is required for progressive leadership. Until Nigerians elect leaders that could radically embrace policies that promote commercial growth and create business-friendly environments with conditions suitable for domestic and international businesses alike, Nigeria would remain drowned in acute economic ignorance.

Only capitalism can save Nigerians

Undoubtedly, It is absolutely essential to plug the notoriously occurring leakages in the economy, however, with a population of 180 million people with a youth unemployment rate of 13.41% as at 2017 and increasing, a focus on revenue creation to stimulate growth is critically essential. But to date, efforts towards the regime’s myopic economic policy of simply fighting corruption, and its unstructured attempt to overhaul weak institutions have been largely diluted by nepotism and lopsided political prejudice, and as a result, has failed to produce any tangible outcome to count towards poverty reduction.

Sadly, after 4years of expectations, Nigerians are back to the choice of the same narrow mission that has proven to have little or no significant impact on the advancement of the common man in Nigeria. Generally, the efforts of Buhari’s 2015 -2019 regime simply lacked the prerequisite qualities needed to improve the welfare of Nigerians: an unsatisfactory outcome.

As Nigeria heads towards the general elections on February 16th 2019, where Nigerians would be faced with a binary choice, between the incumbent President Muhammadu Buhari and Atiku Abubakar, a Former Vice President of Nigeria, considered to be an advocate of Capitalism, I close by borrowing a famous quote from Shakespeare.

“There is a tide in the affairs of men, Which taken at the flood, leads on to fortune. Omitted, all the voyage of their life is bound in shallows and in miseries. On such a full sea are we now afloat. And we must take the current when it serves, or lose our ventures.”

– William Shakespeare.

Should Nigeria embrace Capitalism? Like Dubai, is what’s good for the merchants also good for Nigeria?

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Politics

INEC continues to deny existence of server

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The Independent National Electoral Commission (INEC) yesterday insisted that the results of the 2019 general election were not transmitted electronically to its server, stressing that the commission only experimented with the technology during some staggered elections held in 2018.


The commission said that the clarification was necessary because of rising controversy on the transmission of 2019 presidential election results from states to the INEC server.

Speaking during the post-election retreat organized by the commission for its staff and ad hoc staff engaged for the last general elections in Osun State, INEC National Commissioner, Mr. Solomon Soyebi, explained that many factors forced the commission to drop the idea of electronic transmission of the results to a central server.

Soyebi added that INEC experimented with electronic transmission of results during Anambra, Sokoto and Osun States’ elections held before 2019 elections but the commission did not sustain the use of the technology during the 2019 general election.

He maintained that the late release of INEC’s budget for the 2019 elections and controversy over the Electoral Act, among other reasons, forced the commission to jettison the idea of using the technology to transmit results to the central server.

He explained: “We piloted the use of transmission of election results electronically in Sokoto, in Anambra, even in Osun. What happened was that we were trying to pilot to see the desirability of such technology in our electoral process.

“First, our budget came out very late; there was also issue (with) the Electoral Act. For these and some other reasons, the commission did not adopt that option. 2019 elections were conducted according to law.

“We used the Constitution of the Federal Republic; we used the Electoral Act and our guidelines for 2019 elections. If you look at the three instruments carefully, the issue of the server was not highlighted.

“Once in a while, you will see an experiment going on but we have to pilot it before we will deploy wholesale for election.

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More foreign observers knock 2019 general elections

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Two United States’ institutes that monitored the 2019 general elections said yesterday that the election did not meet previous standards and the expectations of Nigerians. In their Joint report, presented in Abuja, the National Democratic Institute (NDI) and the International Republican Institute (IRI) said that 2019 elections were marred by irregularities, such as intimidation of voters/electoral officials, vote buying and election-related violence.

They also condemned the suspension of the former Chief Justice of Nigeria, Justice Walter Onnoghen, saying the judiciary plays a crucial role in post-election matters.

“Although many new political parties nominated candidates for the 2019 elections, the polls were largely a contest between the incumbent All Progressives Congress (APC) and the Peoples Democratic Party (PDP); the APC hoped to renew the mandate of President Muhammadu Buhari and consolidate its majority in the National Assembly and of governorship. However, the party faced internal wrangling and defections of some key figures in the months to the polls.

“The PDP fielded former Vice President Atiku Abubakar as its standard bearer and, entering the process for the first time as an opposition party, challenged the APC: record, claiming the ruling party not kept its campaign promises to fight corruption, improve security and boost the economy’’, the report said.
The IRI/NDI observation mission said that the 2019 elections did not meet the expectations of many Nigerians.

On security and elections related-violence, the report said, “Ahead of the 2019 polls, the poor security situation in Nigeria, mainly attributed to Boko Haram’s resurgence in the North-east, inter-communal violence in the Middle Belt and widespread crime and banditry, raised concerns about the safety of voters and candidates.

“Increased politically-motivated violence and conflict in the pre-election period was also a concern, especially around political party primaries in some areas.’’

The report further stated that for many Nigerians, the 2019 elections-the sixth since the country’s 1999 transition back to civilian democratic rule, were an opportunity to consolidate democratic gains and build on sound electoral practices.

‘’Significant improvements in the administration of the 2011 and 2015 elections boosted expectations in the 2019 electoral process. Moreover, Nigeria’s first peaceful transfer of power between political parties following the 2015 elections underscored for Nigerians that credible elections matter,” the report said.

The joint report further said that the last-minute postponement of the presidential and National Assembly elections on February 16 showed that INEC had underestimated challenges associated with the administration of the elections.

According to the report, “the commission did not communicate sufficiently with political parties and the public about election preparations. Such a late postponement likely depressed voter turnout and created confusion about the duration of candidate and party.

‘’Most significantly, the delay also undermined public confidence in INEC. After the one-week postponement, it increased its public outreach and communications through regular press briefings. Since the polls, however INEC has been slow to release information, including detailed results.’’

The report said that the last-minute postponement of the presidential and National Assembly elections on the morning of February 16, and delays in opening some polling units and other administrative challenges on February 23 undermined public confidence in INEC.

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Ex-minister’s son abducted at gunpoint

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Some unknown gunmen on Tuesday evening abducted Dayo Adewole, who is the son of the immediate past Minister of Health, Prof. Isaac Adewole. The military, the police, security agents and local hunters were already on the trail of the kidnappers as at press time.

Prof. Isaac Adewole

The ex-minister has, however, been forced to cut short his trip abroad.

The abductors were yet to contact the family on their motive and the condition of their victim.
According to a source, Dayo was ambushed at gunpoint on his farm in Iroko, near Fiditi in Afijio Local Government Area of Oyo State at about 6 pm.

Although there were some employees with Dayo, the abductors went for him as a prime target.

It was gathered that the kidnappers later took Dayo away to an unknown destination.

A source said: “The villagers were alerted by the staff who survived the ordeal. Local hunters were mobilized by the Oniroko of Iroko.

“The hunters were said to have located the car of the abductors along the road to Iware village near Iroko
“But they are yet to locate Dayo’s whereabouts. It was suspected that the kidnappers might have changed their vehicle following persistent announcement on the radio after Oniroko had raised the alarm on air.”

Findings confirmed that the military, the police, and security agencies have joined forces with the villagers to search for Dayo.

A top official of the Federal Ministry of Health said: “We are in sad mood over the abduction. Dayo was a graduate of agriculture and he opted for farming.

“He has been managing his farm peacefully in Iroko until he was abducted by some gunmen on Tuesday.”

Responding to a question, the official said: “The ex-minister left for abroad last Thursday for recess but he is on his way back. He has cut short his trip.

“The military, the police, and other security agencies are on top of the situation.”

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Imo Governor suspends LG chairmen

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Imo State Governor Emeka Ihedioha has suspended chairmen, vice chairmen, councilors and political appointees of the local governments for six months. The suspension is contained in the instrument signed by the Governor, pursuant to the recommendation made to him by the Imo State House of Assembly.

This is in pursuant also, to the provisions of Sections 4, 5, and 6 of the Local Government Administration (Amendment) law, 2019 and S.73(3) of Imo State Local Government Administration Law No 15 of 2000 (as amended) and all other laws enabling him.

He set up Interim Management Committees to manage the affairs of each Local Government.
Consequently, the Directors of Administration and General Services(DAGS) of each Local Government have been directed to take over management, pending the confirmation of Interim Management Committees by the State Assembly.

He also removed the chairman and members of the Imo State Independent Electoral Commission (ISIEC).

This is following a resolution supported by a two-thirds majority of the State Assembly rendered on 6th June 2019 seeking their removal from office.
The action is also in accordance with the provisions of S.7(1) of the Imo State Independent Electoral Commission Law and all other extant laws of the State.

The Commission will be reconstituted in due course to put in place the machinery for conducting a credible election into the local governments.

The Governor further directed that these officers handover to the most senior civil servant in the Commission.

The governor also dissolved all statutory boards, corporations, agencies, and parastatals. This is in line with relevant enabling laws of the state.

A statement by his Chief Press Secretary Chibuike Onyeukwu directed the chairmen and sacked to handover to the most senior civil servant in their various establishments.

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