HOW MANY OF YOU CAN STOMACH THE TRUTH ABOUT TODAY'S
NIGERIA....
WHY WE ARE KILLING CORRUPTION
Yinka Ogunnubi Wrote:
1. Allow me to share a few thoughts on the unique relationship between our whole
economic system and corruption. And why we need to stay the course
2. First we must realize that Our social and economic system was not just corrupt,
CORRUPTION WAS THE SYSTEM. Corruption was what actually sustained it.
3. From the Banking sector to the Oil & gas sector to the Real Estate sector to
the Military apparatus, the system was oiled by Corruption Inc.
4. Let's start with the banking sector.
The financial system was full of cash. Government cash placed to extract value for
corrupt officials and not government
5. Of Course, this cash ensured liquidity which supposedly meant banks could lend at
higher volumes and cheaper rates. But was that really the case?
6. Yes! if you were a big corporate body or you had a big last name or you were
politically influential. But if u were an Small Medium Enterprises, SME, sorry
you're On Your Own, OYO
7. Nevertheless this whole idea of Government cash fueling the system was d height
of inefficiency since Government was still borrowing at record levels.
8. How about the Real Estate Sector. This sector fed off massively from corruption
flows. Property became over-valued because some could pay over the odds.
9. Property yields that were modest went sky-high. The result? High vacancy rates.
Property owners could afford to wait years for that big sale.
10. How about Oil & Gas Sector? Where do you want to start from? Do you want
to start from the subsidy regime? From fake consumption figures to false claims?
11. Do you want to start with the cesspool of corruption called the NNPC and
corrupt swap deals and bedroom bidding's? We know the result.
12. The result was that this corrupt system enriched some & made them billionaires.
Their wealth trickled down to others. The Economy boomed.
13. Because they had cash, their wife's, kids, side chics, relatives, friends could buy
properties, invest in companies, buy stocks, travel the world
14. What about the military? Professionalism was replaced with Business agility with
Generals turning into contractors & becoming mega-rich.
15. Service Chiefs and Top Military Brass, were collecting billions from false
procurement contracts, inflated payrolls and investing the cash
16. They and their kids bought properties (at above mkt price), invested in start-ups.
The cash flowed freely...some back to us. We all smiled
17. How about the Police? Don't even get me started. This organisation gets
allocated billions in the Federal budget & gets donations frm State and private
organisation
18. Yet, its the same organisation that a current IG thinks it is ok for a former IG
to retire with 4 exotic cars bought with tax payers money. # Sigh
19. I could go on and on. But the truth of the matter is this:
The economy was on drugs - Hard Drugs. It was addicted to being run by
Corruption Flows.
20. Like any addict, the difficult part is to be clean. Ever seen an addict in detox?
Its not for the faint-hearted. Reason why its called "Tough Love"
21. What this government, the government of Pres. Muhammadu Buhari, has tried to
do, as difficult and as unfriendly as it seems, is to wean this economy away from
the stimulus of corruption flows
22. And like any addict, the system is fighting back. Its resisting medication. Its
crying out for the corruption flows to come back so it has relief and gets high
again.
23. Its the reason why banks will cry out against TSA..a system meant to ensure
efficiency and that value is given to the due owner - Govt.
24. Its the reason why the Oil marketers will try to blackmail the entire country
just to ensure they keep getting their subsidies.
25. Its the reason some avengers will blow up oil Wells just because their security
contracts and access to easy cash is blocked or made difficult.
26. Its the reason why some will pad a budget; ignore calls for transparency like
# OpenNASS & carry on with impunity. Because they are hooked on the Corruption
drugs.
27. Any good care-giver will tell you..."Never let the cries of the patient deceive
you...Tough Love demands you stay on course".
28. After sometime, the economy will find its point of equilibrium. Hopefully it will
be a point no longer driven by corruption flows but real Trade
29. The other day, I went to price a property that was going for N70m about 2
years ago. Guess the new price of the property? N40m!
30. The real estate market is finding its equilibrium. Its coming to terms with the
true value of the assets. The other sectors will follow.
31. So when next you hear the phrase "Corruption Fighting Back", know its not just
a cliché, its actually the spasm of an addict trying to get rid of drugs in the
system; to get clean.
We must therefore, support the war on corruption.
God Bless Nigeria.
God bless us, everyone.
and if i may add
-our political parties that became cartels for plundering our commonwealth rather than
organs of national leadership.
As well as religious bodies that have become tacit advocates of corrupt officials in
exchange for a piece of the juicy poisonous pie.

Word!