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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

Supreme court dismisses Atiku server suit

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The Supreme Court on Tuesday dismissed the appeal by the presidential candidate of the Peoples Democratic Party (PDP) in the February 23 election, Atiku Abubakar, seeking to Inspect the central server of the Independent National Electoral Commission (INEC) for lacking in merit.

The apex court held that the request lacked merit because it was brought by Atiku after the parties had joined issues on the existence or otherwise of the server.
According to the unanimous judgment delivered by Justice Chima Nweze, the Presidential Election Petition Tribunal was in order in refusing to grant Atiku’s request at the time it was made so as not to prejudice other parties in the matter.

In addition, the apex court held that the appeal lacked merit because the appellants failed to prove how the decision of the tribunal was unfair to them.

Justice Nweze said a party can only complain of the lack of fair hearing when discretion of court was wrongly or arbitrarily used by the court, adding that in this instant case the tribunal used its discretion judicially and judiciously.

“I see no reason to depart from the decision of the lower court, the appeal is lacking in merit and is hereby dismissed,” the judge held.

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Supreme Court set to rule on INEC server

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The Supreme Court has suspended proceedings to rule on an appeal by the Peoples Democratic Party (PDP) and its candidate in the last presidential election, for permission to be allowed access to a supposed server owned by the Independent National Electoral Commission (INEC).

President Muhammudu Buhari and Presidential candidate, Atiku Abubakar

The Presidential Election Petition Court (PEPC) had on June 24, 2019, dismissed an application by Atiku and the PDP requesting permission to have access to the central server, which they claimed INEC used for the February 23 poll.
It is the decision of June 24 that Atiku and the PDP now appealed at the Supreme Court.
A panel of the Supreme Court (led by Justice Datijo Mohammed after taking arguments from Eyitayo Jegede, SAN, (for the appellants); Yunus Usman, SAN, (for INEC); Wole Olanipekun, SAN, (for President Muhammadu Buhari) and Charles Edosomwan, SAN, (for the All Progressives Congress), rose briefly to consider the arguments and return for its decision.
The Election Petition Court, at the Court of Appeal, Abuja, had, while dismissing the application by Atiku and the PDP, held that INEC, having denied the existence of the said server and insisted that results of the election were not electronically transmitted into any server as claimed by the petitioners (Atiku and PDP), granting the application would amount to deciding the central issue in the petition at the interlocutory stage.
The court’s Presiding Justice, Justice Mohammed Garba, who read the ruling, added that granting the application would imply that the court had “indeed recognised and found out that there is a central server into which results of the held on February 23, 2019 were electronically transmitted by the 1st respondent (INEC).”

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Buhari tasks ministers on team work

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President Muhammadu Buhari yesterday in Abuja told ministers-designate that they must work as a team, stressing that his administration would rely on them to implement policies and programs to lift Nigerians out of poverty.


The president also described as frightening Nigeria’s “looming” population status, which he put at 200 million today but has been estimated by the United Nations (UN) to rise to 411 million by 2050.

He told the would-be ministers in Abuja at the opening of the two-day retreat for them that “working as a team demands that we know what the next person is doing.”

The retreat is to familiarise the incoming cabinet members with governance process and to let them know expectations of them.

The retreat also began on a day the Federal High Court, sitting in Abuja, refused to grant an order by indigenes of the Federal Capital Territory (FCT) seeking to stop the president from swearing in the 43 ministers-designate.

In his speech at the retreat, Buhari said: “As ministers, I am counting on you together with advisers and Nigerians willing and able to contribute to building upon our road map of policies, programs, and projects that will lift the bulk of our people out of poverty and set them on the road to prosperity.

“Our administration’s eight years will have laid the grounds for lifting 100 million Nigerians out of poverty in 10 years. This outcome will fundamentally shift Nigeria’s trajectory and place us among the world’s great nations.”

The president also told participants at the retreat to see their appointments as a great privilege and to ensure that they put in their best because Nigeria needs frontline individuals to address its many challenges.
He warned them to prepare for arduous commitments, which would require long hours of work and acute labor all geared towards optimal performance.

Buhari seized the occasion to give account of activities of his administration in the first term.
He said: “First – we have rolled back the frontiers of terrorism; we are actively addressing other challenges such as kidnappings, farmer-herder violence, improving the safety of our roads, railways, air traffic and fire control capacities.
“Second – we are steadily turning the economy round through investment in agriculture and manufacturing, shoring up our foreign reserves, curbing inflation and improving the country’s infrastructure.

“Third – on corruption, we have recovered hundreds of billions of stolen assets and are actively pursuing control measures to tackle leakages in public resources. We will not let up in fighting corruption.”

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BREAKING: S’Court strikes out Atiku, PDP suit

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The Supreme Court has struck out an appeal filed by the Peoples Democratic Party (PDP) and its candidate in the last presidential election.

President Muhammad Buhari and Presidential candidate, Atiku Abubakar

The appeal marked SC/738/2019 was filed against a ruling of the Presidential Election Petition Court (PEPC), in which it held that the Atiku and the PDP do not have a reply to an application filed on May 14, 2019, by the All Progressives Congress (APC) seeking among others, the dismissal of their (Atiku and the PDP) challenging President Muhammadu Buhari’s victory at the last presidential election.

In a ruling on Tuesday, a five-man panel led by Justice Datijo Mohammed struck out the appeal for having become statute-barred.

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