₦airaland Forum

Nigeria has 2 major problems. Religion and ethnic/ regionalism problems. Unite the country on these fronts..., prepare to witness astronomical growth in Nigeria.

"It's not about their age, it's about the ages of their ideas" ...Babatunde Raji Fashola

Please, what would be a good bidding rate for Skye bank 91, 182 and 364 days Nigerian Treasury Bills.

finch007:
i'm surprised Nigerians fall for this every time.

if you're financially sound, you'll know that this is not something to invest in.

firstly, you can make an investment decision of you're not aware of the details that governs your reward i.e. the interest rate. FGN has made it clear that the interest rate will be regulated between the buyer and themselves.

please note that any interest rate that does not exceed the current inflation rate (approx 18%) is NOT profitable. if you buy N10,000 worth of goods (lets say 25 kg of Garri) today and 2 years down the line, the value drops to N6,000 in 2 years (can only afford 12 kg). how then do we think an interest rate of 10-20% can yield you profit?

It's simply an avenue to get people's money into the system and the government use it to raise fund at your own expense.

These bonds could have been good if the maturity period was longer, that gives room for stability and being optimistic, crashes inflation rate (rare in emerging african markets).

If your argument for not investing is that you'll get negative returns because of high inflation, and you may be partially right. My question to you is, what are the alternative investments that will yield above the 13% (risk free) that government bond is currently offering? You can put your money in the bank for a year or two, and it'll still loose it's purchasing power because of inflation. Hence, reason why cannot afford to park your money in the bank. I'm eagerly anticipating your thoughts sir, on alternative asset options.

This is the best news so far today. The Senate think they can take Nigerians for granted by taking forever to pass the budget. The last extension will end March 31st. At least, with this extension, governance will continue.

Even though this is more of a campaign speech, i like it. This speech identifies current sufferings on ground and proffers necessary solutions. Very well articulated.

Text of an address by former Lagos State Governor and chieftain of the All Progressives Congress (APC) Asiwaju Bola Tinubu at the the 9th Colloquium to mark his 65th birthday in Lagos

It is more than gratifying to mark my birthday in this good way. To all of you – many who have traveled great distances – I am honored that you joined me today. Though the event banners speak my name, this gathering is not about me. It is about that which a people united in purpose must do to improve their beloved country.

We build the nation we seek by forcing ourselves to become that nation, day by day, step by difficult step. We do so by casting aside the prejudices of yesterday to forge a more just society where no Nigerian is held down because of his place of origin, his faith or social station. But where all have the chance to rise by dint of honest labor and constructive enterprise. This is as God intended us to be. We have no choice but to achieve this destiny.

Before we go further, I give special thanks to Vice President Osinbajo.

Leading a group of fellow commissioners who worked together during my time as governor of Lagos, Yemi and this creative group have turned this event into an annual reality.

Each year, they assemble creative minds to address the issues that stand in the way of our national greatness. As a result, the colloquium gets better by the year.

In this and so much else, the VP has proven himself a true servant of the Nigerian people. While our dear President had to be away, the VP performed admirably as his loyal subordinate.

I applaud President Buhari. He meticulously followed our constitution in temporarily transferring the helm to the VP. As such, these two excellent men exemplified teamwork and the true meaning of unity of purpose.

A selfless leader, President Buhari set the stage by giving strategic policy direction. Showing himself equally selfless, our VP, as acting president, worked as the faithful arm of the President, diligently putting in action what President Buhari had directed him to do.

Two men of different backgrounds, faiths and professional experiences forged themselves into a team managing complex matters of governance in a seamless, smooth manner.

Try as critics might, they could not create any space between the President and his deputy. This is how things are when people are united in vision and purpose. As President Buhari and his VP have been, we all must become.

I have been told that I must utter some brief comments. Given that this event has rendered you a captive audience and that my birthday affords special privileges that disappear the next day, I will take undue advantage to give more than brief comments.

Each year, they assemble creative minds to address the issues that stand in the way of our national greatness. As a result, the colloquium gets better by the year.

In this and so much else, the VP has proven himself a true servant of the Nigerian people. While our dear President had to be away, the VP performed admirably as his loyal subordinate.

I applaud President Buhari. He meticulously followed our constitution in temporarily transferring the helm to the VP. As such, these two excellent men exemplified teamwork and the true meaning of unity of purpose.

A selfless leader, President Buhari set the stage by giving strategic policy direction. Showing himself equally selfless, our VP, as acting president, worked as the faithful arm of the President, diligently putting in action what President Buhari had directed him to do.

Two men of different backgrounds, faiths and professional experiences forged themselves into a team managing complex matters of governance in a seamless, smooth manner.

Try as critics might, they could not create any space between the President and his deputy. This is how things are when people are united in vision and purpose. As President Buhari and his VP have been, we all must become.

I have been told that I must utter some brief comments. Given that this event has rendered you a captive audience and that my birthday affords special privileges that disappear the next day, I will take undue advantage to give more than brief comments.

Each year, they assemble creative minds to address the issues that stand in the way of our national greatness. As a result, the colloquium gets better by the year.

In this and so much else, the VP has proven himself a true servant of the Nigerian people. While our dear President had to be away, the VP performed admirably as his loyal subordinate.

I applaud President Buhari. He meticulously followed our constitution in temporarily transferring the helm to the VP. As such, these two excellent men exemplified teamwork and the true meaning of unity of purpose.

A selfless leader, President Buhari set the stage by giving strategic policy direction. Showing himself equally selfless, our VP, as acting president, worked as the faithful arm of the President, diligently putting in action what President Buhari had directed him to do.

Two men of different backgrounds, faiths and professional experiences forged themselves into a team managing complex matters of governance in a seamless, smooth manner.

Try as critics might, they could not create any space between the President and his deputy. This is how things are when people are united in vision and purpose. As President Buhari and his VP have been, we all must become.

I have been told that I must utter some brief comments. Given that this event has rendered you a captive audience and that my birthday affords special privileges that disappear the next day, I will take undue advantage to give more than brief comments.

Each year, they assemble creative minds to address the issues that stand in the way of our national greatness. As a result, the colloquium gets better by the year.

In this and so much else, the VP has proven himself a true servant of the Nigerian people. While our dear President had to be away, the VP performed admirably as his loyal subordinate.

I applaud President Buhari. He meticulously followed our constitution in temporarily transferring the helm to the VP. As such, these two excellent men exemplified teamwork and the true meaning of unity of purpose.

A selfless leader, President Buhari set the stage by giving strategic policy direction. Showing himself equally selfless, our VP, as acting president, worked as the faithful arm of the President, diligently putting in action what President Buhari had directed him to do.

Two men of different backgrounds, faiths and professional experiences forged themselves into a team managing complex matters of governance in a seamless, smooth manner.

Try as critics might, they could not create any space between the President and his deputy. This is how things are when people are united in vision and purpose. As President Buhari and his VP have been, we all must become.

I have been told that I must utter some brief comments. Given that this event has rendered you a captive audience and that my birthday affords special privileges that disappear the next day, I will take undue advantage to give more than brief comments.

ECONOMIC PHILOSOPHY

More than any hour in our recent history, Nigeria stands at a defining juncture. Our challenges are manifold and profound. But so are our collective abilities and talents. The balance will then tip in favor or against us as our commitment and political will to succeed dictate.

Today we must ask a most fundamental question: Is our our political economy structured for the benefit of man or have we reduced man to be subservient to the impersonal political economy?

The correct answer looms self evident. The political economy should be for the benefit of man. In reality, we do not first try to reshape the economy to realize optimal benefit for the people. Instead, we have been conditioned to demand that the people contort themselves to fit the dictates of what the economy is or what it isn’t.

I reject this harsh path. It violates the tenets of morality and of sustainable economics itself.

We must begin and end our pursuit of economic balance with the precious things this nation produces.

You see, Nigeria is actually a prolific manufacturer. It has produced 170 million of the most adaptive, industrious economic units on earth.

I talk about our people. Our task is not to lament their great numbers but to reform the political economy in a manner that puts them to productive work.

The old model upon which this economy has so long sputtered, has crashed right before our eyes. We must retool ourselves. A new outlook is needed.

Even at the best of times and with the highest of oil prices, widespread poverty, gross inequality and high unemployment of man, machinery and material described our condition.

The decline in oil prices turned our extant economic model into rubble overnight. If we do nothing to reform it, we have done nothing less than enter into an economic suicide pact with ourselves.

Fortunately, the current government has begun the sometimes painful process of salvage and reform.

I offer a few personal insights, hoping they may be of some help in this vital economic reformation.

DIVERSIFICATION / INDUSTRIAL POLICY

No populous modern nation with a significant urban population has attained prosperity without creating an industrial base capable of employing great numbers of the urban population and of manufacturing goods for domestic consumption and export.

We must learn from England which barred the export of textile looms at dawn of the Industrial Revolution, from the high tariffs America imposed for over 150 years after its independence. From China which implemented a most comprehensive protectionist regime to become the world’s most prolific manufacturer.

These three nations represent the past, present and immediate future of economic achievement.

Yet we depart from what has proven effective. The manuals of mainstream economics tell us not to do as these nations did. We oddly choose to believe falsehoods written in the books at the expense of the truth on the ground.

We must press forward with a national industrial policy fostering development of strategic industries that create jobs and spur further economic growth.

As part of this plan, government should institute a policy of tax credits, subsidies and the insulation from the negative impact of imports critical for these sectors.

INFRASTRUCTURE AND POWER

Closely complementing the industrial plan, we need a national infrastructure plan. New structures need to be built and existing ones enhanced so that we enjoy a coherently planned and integrated infrastructural grid. A national economy cannot grow beyond the capacity of the infrastructure that serves it.

Of utmost importance, we must conquer the political and bureaucratic bottlenecks preventing affordable, reliable electrical power.

This impediment places us literally and figuratively in the dark regarding our economic condition.

The problems are not technical in nature as reliable electricity is a staple of economic life in nations less endowed than Nigeria.

We must persuade and convince those factors that currently impede our national quest for reliable power to move aside so that we can achieve this crucial precursor to economic vitality.

CREDIT, MORTGAGES AND INTEREST RATES

Modern economies are built on credit. However, credit for business investment and consumer spending is too costly in Nigeria to be of much help.

Consumer credit mechanisms must be more accessible to the average consumer. Prevailing custom still requires a consumer to purchase in one lump sum a house, a car, a refrigerator. This is oppressive. It defeats the average consumer and dampens economic activity.

Moreover, this systemic credit malpractice fosters corruption. Hardly any can save so much that they are able to pay for a house or car all at once. To acquire the lump sum amounts, decent people are tempted to do what they would not even consider if consumer credit was practically at hand.

We have to revamp our government-backed home mortgage system. Mortgage loan agencies need to be better funded, they must liberalize eligibility requirements so more people qualify and they should provide longer-term mortgages with manageable interest rates.

AGRICULTURAL REFORM

At last year’s colloquium, we discussed a commodity exchange boards and futures markets to ensure minimum farm incomes and encourage production. We now need to summon the heart and courage to implement ideas that have consistently proven themselves in other countries. If we try, these measures will ably acquit themselves here.

CONCLUSION

In conclusion, one additional thought shall suffice. Here I add a third part to this year’s theme. Not only must we use what we make and make what we use. We must make what the world values.

A nation does itself better by manufacturing a good and affordable appliance or car than in cultivating a sublime mango or perfect banana. We must not allow our present comparative disadvantage in manufacturing to keep us from pursuing a tomorrow where that disadvantage is abolished.

We stand at a moment where history will be made for better or worse. Consequently, we must use our creative insight to peer into tomorrow to see what the rest of the world may want to buy, then devote ourselves to making these products.

Neither Japan nor South Korea had significant iron ore deposits. Yet they built steel industries as the foundation for their impressive rise in car manufacturing.

Nigeria must act in similar fashion. We must remember nothing that another nation can do is beyond our grasp even if we do not currently have the thing in hand. This is the change that we can and must achieve.

Here we go again

I'm hoping and praying this naira appreciation is real, sustainable and permanent. Our economy recovery depends on naira revaluation and stabilization. With naira appreciation and stabilization comes reduced inflation. Reduced inflation leads to reduced interest rate by CBN, based on monetary policy. Reduced interest rate leads to reduced bank interest rates and possibly higher loan extension to private industry. Increase activities in private practices leads to employment and job growth... and the cycle continues.

I don't know why it took CBN this long to wake up to their responsibilities. But, better late than never.

Kudos to the CBN for policy formulation and implementation. Nice one

These people have more than 6 months to deliberate, invite wherever necessary and pass the budget. Why should the house be allowed to hold the lives of 200 million people to ransom. These incompetent fools are the same sets of people shouting character and integrity to vet EFCC and other appointed positions. How can you demand what you never had. It's unfortunate we're heading for another showdown.

Interesting

Very nice...we need more of these biographical movies. Please, don't stop there. Make movies about sports icons, business magnates, political pundits, Human right activists and other Nigerian heroes who has progressed Nigeria and Nigerian unity.

Nice

Nice one

We have 2 major problems in Nigeria, and these 2 problems cascade into one problem.
1. Ethnic/regional problem
2. Religious problem

All these 2 problems cascade down to

Leadership problem

Nice PR

Intendy:
https://www.bloomberg.com/news/articles/2017-02-27/black-market-attack-is-just-a-stopgap-in-nigeria-without-float

There is no need to float naira at this time. It will not solve our economic problems. What we need is naira stability, which is currently being implemented. Bloomberg and all other speculators should get in line.

Keneking:
But where is lalasticlala sef

A dissection:

Group Captain Edem Oyo-Ita (Director of Air Transport Regulations, DATR). = South / Christian
Ahmed Abbas Sanusi (Director, Human Resources and Administration, DHR & ADMIN). = North/ Muslim
Bilikisu Adamu Sani, (Director of Finance and Accounts, DFA). = North / Muslim
Odunowo Tayyib Adetunji (Director of Aerodrome and Airspace Standards, DAAS). = South / Muslim
Engr.Ita Awak, (Director of Airworthiness Standards, DAWS). = North / Unknown (maybe traditional worshipper)
Lawrence Mathew Kwajok, (General Manager, Air Navigational Standards,ANS) = North/ Christian

So even Professor Osinbajo believes in this UP NORTH philosophy..

UP NORTH

Why question their region/ethnicity and religion? Why not question their competency and character?

Intendy:
Top volume trade for the day

Staco 252m +

ucap 61.9m +

zenith 59.5m+

Fcmb 21.29m+

fbnh 15.19m+

Fidelity 13.7m+

gtb 10.6m+

diamond 6.4m+

transcorp 3.8m+

N.B only diamond and transcorp traded below their average daily volume of 13weeks and 24 weeks respectively.

Staco traded 252 million shares today, what's going on? Any news?

Very stupid policy. Using revenue generation as the only reason for their policy is very myopic and unintelligent. What about those other positive reasons for bringing outsiders?

Godisfaithful:
Why CBN will not allow free-floating naira

CENTRAL Bank of Nigeria (CBN) has said it will not allow the naira to freely float in order to prevent a situation whereby inflation will become unbearable for citizens.
The apex bank also insists that it will not remove some 41 items on the list of those ineligible for import through the official foreign exchange window.
There have been local and international pressures on CBN from currency speculators, traders, consultants and politicians to allow the currency to freely float as a way of easing foreign exchange scarcity that has hit the country.
Speaking with Nigerian Tribune at the weekend, Acting Director of Communications at the apex bank, Mr. Isaac Okorafor said there was no reasonable justification to allow the naira to float in the market given that Nigeria is mainly an import dependent country.
He explained that the current high level of inflation in the economy was mainly imported as a result of naira depreciation and that the situation would escalate further should CBN allow further depreciation.
“What we have in the economy now is managed float,” CBN Governor, Mr Godwin Emefiele had explained during a press briefing shortly after Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, last week.
Banks will also be in trouble as they will no longer be able to cope with servicing the foreign facilities they have already acquired when dollar was cheap.
Demonstrations and press conferences have been organised in recent times to pressurise political authorities and CBN management to review the list of 41 items, which are mainly items, which Nigerians can produce locally like toothpicks, toilet roll, rice, palm oil, roofing sheets, and so on.
Another senior bank source who pleaded anonymity expressed worry at the role of a prominent chamber of commerce, whose members were described as business people with main interest in importing these items, “are less bothered about what happens to the larger society.”
“Let me tell you what will happen if we give in to the pressures to allow naira to freely float: the currency may in a matter of weeks depreciate to N1000/dollar and of course you know the implications of that on majority of our people.
“Already at N305/$, many parents have withdrawn their wards previously studying abroad. What do you think will now happen if things get worse?”
The source lamented that the pressure became so much in 2016 that CBN was forced to introduce the managed float regime upon arguments that foreign investors were not willing to bring in their investment in the belief that naira was overpriced.
“Since that time when naira went from N197/$ to what it is presently, why have they not brought in the so-called investment?” the source wondered.
Nigerian Tribune learnt that some individuals who have been able to save much foreign currency in the past are the ones organising protests so that once naira is much weakened, they can “swoop on the economy by acquiring some banks as an inroad to controlling this economy.”
CBN also announced late last week that some individuals have continued an unwarranted attack on its policies.
It noted that despite scarcity, it had managed to grow foreign reserves to $28.9 billion, representing an increase of 12 per cent within the first three weeks of this year.
The bank listed some of its other achievements in recent months to include ensuring that inflation remained within manageable limits; intervening in critical sectors through injection of much-needed capital to promote growth and employment; promotion of export-driven industrialisation as some of those efforts.
It had also provided easy access to credit to farmers and small scale entrepreneurs at single digit rates, protecting the interest of bank customers and ensuring that low income earners are protected from the vagaries of high naira depreciation.

http://tribuneonlineng.com/cbn-will-not-allow-free-floating-naira/

Did the CBN as an organization not anticipate the economic consequences of devaluation before taking position? I thought one of the cardinal functions of CBN is to first analyze economic ramifications of all policies before implementation.
Are the CBN board members incompetent or just unpatriotic?
Why are they now telling us what we already know, and what should have been basis of their argument when the devaluation debate started initially. These economic problems that Nigerians are going through right now could have been averted or reduced to barest minimum if the CBN has stuck to their gun and not float the currency in the first place.
I hope and pray the CBN will have the political will and discipline to stick with this pattern of reasoning, and not devalue the currency again. Else, more pain in the nearest future; high inflation, high interest rate, high cost of debt, collapse of Nigerian industrialized economy, more job losses and another recession looming.

WHERE WE ARE NOW

Leading into the 2015 election season, progressive politicians throughout Nigeria and across party lines recognized the nation was in deep trouble. Corruption was rampant. The Boko Haram menace growing. The economy was unbalanced and government policy was not providing the right growth catalysts despite favorable oil prices. PDP governance had overstayed its welcome. The people were ready for change. And we must develop the strategic leadership and determination to achieve the change. Standing as separate parties, we could not best the PDP. We had tried that path; it led to defeat in 2011. A strategic rethink was needed.

To attain the goal of ousting the PDP and placing Nigeria on the road to progressive governance, the strategic linchpin would be the merger of opposition parties. Time is inadequate to recount the complex journey toward the merger. My firm position was that only a merger would work. Anything short of that would disintegrate due to a combination of PDP enticement and the internal pressures arising from the strong identification of many politicians with their legacy parties. An ad-hoc alliance would be put asunder by these factors. Our push for a merger of the old parties into a new entity carried the day. We would join hands to form a collective identity. The CPC and my party, ACN, ANPP a long with progressive elements of the APGA formed the party. Key elements of the PDP would later join.

For this amalgamation to work, it had to be more than an anti-PDP gathering. It had to present a genuine, positive message that spoke to people’s hopes and aspirations. We developed the theme of change as our strategic message. The broom became an apt party symbol. We would sweep out the old, sweep in the new and work hard towards prosperity for our country. We fashioned a tripartite campaign message and strategy message. Security, Economy and Corruption. We would drive these three messages home as if with military artillery. However, we have only our leadership and strategic hammer. Still all of this would have been to no avail without the right candidate. Given his stature and reputation for integrity, honest dealing and patriotic commitment, there really was no other candidate to have carried the day, than then General Muhammadu Buhari. Yet, even with such a figure as our candidate, we foresaw the need to construct a public relations strategy to counter false accusations of religious intolerance and parochialism that would be hurled at him. We did this with great success because we prepared for these attacks beforehand.

We established other democratic and leadership strategies for our success, details of which time would not permit me to reveal here. We did not have the vast war chest of the PDP. Our efforts had to be sharper and more compelling. We accomplished this task. We did not win the election by accident. I had studied the resulting and voting patterns of all the prior elections since 1999. Our team did an honest assessment and detailed assessment of our strengths and weaknesses and those of our opponents. To win, we knew the votes we needed and identified the likely places and demographic constituencies from which the bulk of those votes must come. We did not waste time chasing votes we would not get. We concentrated on our strengths and the other side’s weaknesses, realising that our defence must be as tight as if we are inside the War College here in Abuja.

The other factor is one that is little spoken of. Our early insistence on biometric voter registration and the use of the card reader on voting day were of strategic importance as it is essential to safeguarding the integrity of the electoral process. In past elections, PDP vote padding had been massive in certain areas. We had to curtail this malpractice to achieve the objective of making the election as fair as possible, allowing us a chance to win. The card reader minimized the rigger’s ability to steal the election. Before its use, results could be written without regard to the number of actual people who cast ballots. In a polling booth where 50 people actually showed up to vote, the rigger could falsify figures and claim that 500 votes were cast. With the card reader, the rigger could steal no more than 50 votes. The tallies could not be inflated beyond the number of actual voters.

Upon these strategic pillars, we built historic victory. For the first time in the nation’s history, incumbent president and party lost the national election. This historic transition further cemented our democratic evolving tradition and structures, advancing us closer to the overarching vision that guides my political actions. Completing a personal transition, General Buhari would become President Buhari. And former President Goodluck Jonathan would become a stateman, winning worldwide commendation for conceding defeat, even before the final results were announced.

WHERE WE ARE GOING

In relative short order, the Buhari administration has done what the prior government seem unable to do. With the courage and dedication of the military, Boko Haram has been subdued. Also, notable and significant progress is being made against corruption. Press freedoms and civil liberties are protected, putting to lie those who cried that President Buhari would not respect democracy and rule of law. To move closer to the overarching vision I outlined, we now have to shift primary focus to the economic front. The decline of high oil prices threatens to be a long-term phenomenon. It placed the nation in recession last year and revealed the structural weaknesses of our national economy. Strategic objectives during this period of economic uncertainty must be to re-engineer the economy bottom up, diversify the economic base, strengthen our industrial base, modernize infrastructure, enhance agriculture, and provide employment. And of course, ease of doing business must not be overlooked in order to attract foreign investment.

The lower oil prices also reduced hard currency earnings. This undermined the naira, causing a steep rise in the cost of imports. The higher prices have suppressed aggregate demand, causing a decline in business activity. The challenge before us is a difficult but not impossible one. If we stick to the progressive beliefs of the APC, we shall overcome these difficulties to place the economy on surer permanent footing. Government has shown its commitment to these ideals via its budget for this year and by the strong help it is giving state governments to meet their budgetary requirements. The unprecedented stipend program for the poorest highlights the government’s concern for those who have been left unattended by the dynamics of the marketplace.

Achieve the desired economic restructuring will require a change in economic mindset and strategy. We must avoid the nostrums of mainstream orthodoxy that say government deficits are always bad. In the situation we face, deficit spending is essential to bolster aggregate demand and direct funds to projects that build infrastructure and bolster employment. We must better harmonize monetary policy with fiscal policy. It undercuts our goals if monetary policy is unduly tight at a time fiscal policy begets deficit spending. We must also realign trade policy with our need to create a meaningful industrial base and more potent agricultural sector. We can no longer allow cheap imports to preclude the development of industries and sectors strategic to our enduring economic future.

CONCLUSION

My public life spans over three decades. I have had my share of triumphs. I have felt the sting of setback. Through it all, I have tried to keep faith with the overarching vision I earlier set forth – of a more democratic Nigeria with a robust economy that provides sufficiently for all-. Throughout most of this time span, the strategic focus has been on politics, free enterprise and assuring democracy. I believe the toil and sacrifice has been worthwhile. We have secured democracy in Nigeria. Now, our strategic leadership must focus on realizing the second part of that vision, the economic component.

It was first necessary to getting the political equation right. From this platform, we can then better reform the economic side. The profound lesson my experiences as a political leader has taught me is the need to remain faithful to an achievable, well-articulated vision. Then develop practical strategies and tactics to progress toward that vision. The vision is the unchangeable lodestar. Strategies and tactics may change as events unfold. One must be intellectually vigilant, inquisitive and always examining the utility of strategy and tactics. Always guarding against muddled thinking or allowing emotions to blind you. You make sure, as a leader, that you do not commit the grave error of giving primacy to transient strategies or tactics, over the permanent goal. If you adhere to these leadership principles, you give yourself the best chance of progress toward your desired goals. In the imperfect world of human endeavour, no one can ask for more than this.

Read more at: http://www.vanguardngr.com/2017/01/tinubu-berates-buharis-economic-policy-seeks-review/

Strategic Leadership: My Personal Theory And Practice by WHERE WE HAVE BEEN, WHERE WE ARE AND WHERE WE ARE GOING)

I am honored to address the National Defence College and you, the participants in Course 25. I thank the Commandant, Rear Admiral Alade, and the staff of this esteemed institution for the privilege to deliver this lecture.
The Defence College has a special role to play in reshaping Nigeria. This institution is that special place where the best talent in the military may engage in fertile intellectual exchange with some of the brightest in our civilian institutions and from other nations. The laymen often mistakenly view the military as an inflexible, often unthinking collective. This is a distorted view of the military. Some of the best minds in our nation are found in the military. No military can be successful over the long-term unless it has the intellectual agility to adopt its doctrines and practices to the challenges of a dynamic and chaotic world as we have today. Like any large organization, a military overly resistant to change will find itself on the wrong end of history. It will not answer the questions an incessantly changing environment places before it.

The Nigerian military was established to respond to challenges resident in Third Generation or Trinitarian Warfare. The genesis of standard military philosophy can be traced to the works of classical and neo-classical theorists and practitioners such as Sun Tzu, Jomini (Joe-me-knee), Clausewitz (Clau sah vits), Alfred Mahan, Giulio Douhet (Do-hay), JFC Fuller and Basil Liddell Hart. Today, much of the world’s military challenges have little to do with the confrontation of standing army against standing army. You now must adapt your concepts and your very institution to Fourth Generation or Non-trinitarian Warfare. Here, you deal with the intersection of ideology, politics and highly weaponized non-state actors whose membership, tactics and aims are fluid and inconstant.

In the space of the last ten years, the Nigerian military has had to face violent militants in the tropical Niger Delta, then turn to battle wicked Boko Haram in the Sahelian Northern Nigeria. The principles of Jomini and Clausewitz have to be materially reinterpreted to apply to these battles. Yet these conflicts are of a different nature than what these 19th century thinkers encountered, but these modern conflicts are as brutal, and strategically important to the state as traditional warfare. This modern version is even more difficult to master and to win due to the fluid, almost clandestine nature of the adversary. Today, you battle not against standing armies; but against vanishing ghosts.
I commend the Nigerian military for what it has achieved against Boko Haram. You have battled and bested this evil enterprise. This vile force has been reduced to where it no longer poses a strategic threat. You have done as well as a military can in putting down this amorphous danger. The nation thanks you. I must say here, however, that we cannot lower our guard.

We have learned cardinal lessons from the Boko Haram crisis. First, we must govern justly and for the benefit of the people to prevent the recurrence of violent extremism in the future. Unjust allocation of resources Widespread poverty caused by an unjust allocation of income, wealth and resources provides fertile ground for extremist ideologies, that run contrary to the inclusive democracy we seek to perfect. Protracted years of gross mis-governance are a down payment on the rise of extremism. Second, the armed forces may contain violent outbreaks but they cannot fully resolve strife originating from a nation’s political and social imbalances. Some type of political resolution is needed. The military is hamstrung because it must restrain operations in order to protect the civilian population, which is the prime duty of the military. A paradox of fourth generation warfare becomes apparent. The duty to protect the state is rendered more complex because of the restraint that must be exercised in combating domestic insurgencies. However, engaging in less discrete operations may be easier done but this always proves counterproductive in the end because of the risk of alienating the local population.

Third, the longer an unfair political economic situation goes unattended, the more extreme become the views of the disaffected. The more difficult a political situation becomes, once the situation degrades into violent insurgency. There is little room to find a political solution and almost no mutual trust to attempt to locate that finite space. As a result, the nation is compelled to resort to force, to resolve non-military contradictions. This means the more the military has to expend itself in a contest of diminishing military returns. The more time that passes, the more the military is degraded. A conventional military is not structured to be on perpetual war footing. More resources have to be spent to prevent the military from diminishing its current state of readiness. The insurgency becomes institutionalized with each passing year. Insurgent ideology gives way to institutional inertia. Insurgency becomes something its members do simply because they have been doing it. It is no longer a means to an end; the insurgency becomes the end in itself… What I have said underscores a crucial point. The civilian and military worlds do not occupy distinct universes. They are but different points along the spectrum of collective human endeavour. For a nation at our stage of evolution, any politician who cares about internal security must be somewhat versed in military concepts and strategy. Any military officer who cares about the future progress of the nation must be conversant with the different political and economic themes contesting to govern the moment. “Strategic Leadership: My Personal Theory and Practice.”

MY THEORY OF STRATEGIC LEADERSHIP

Excellent strategic political leadership is based on commitment to a political vision. A leader must have a coherent objective in mind. Strategy and tactics are then fashioned to work toward that vision. This is an essential consideration. There cannot be strategic leadership without a conscious objective. Political leadership in Nigeria generally has fallen short in this regard. Leadership has been short-sighted and fixed on narrow, immediate objectives. Because of this, leadership has been more transactional than strategic in nature. It has been more focused on the retention of power and control than on the substantive results and long-term consequences of its policies and actions.

This state of affairs results in a cruel paradox. Fixation on the details of numerous transactions produces a mirage of control and order over every event and episode. However, when all the pieces are brought together, they give a picture of disorder and even chaos. Excessive control over individual parts comes at the sacrifice of harmony of the whole. The parts do not fit well together because they were not created as a unified whole. Things become as confusing as a labyrinth, with many entrances but no exits. It is as if we take 20 authors asking each to write a separate chapter of a book, without coordinating with each other. In this way, we protect ourselves from the writers plotting against us. While that objective is achieved, there is little chance that the book will be a coherent tale when we tack the chapters together. Each section will be fine in isolation. When read together, they constitute nothing more than literary confusion, intelligent babble. The totality of the work becomes less than the sum of its parts. So much energy expended towards almost no discernible purpose, except to control the process no matter how dysfunctional the outcome.

This is the bane of our political economy. We have so much talent in the nation but it has not been engaged and engineered to function in unison. Fiscal policy does not mesh with monetary policy. Trade policy undermined industrial policy, thus ease of doing business is inhibited. Overseas peacekeeping missions do not always harmonize with core foreign policy interests. No national system is perfect. In each, exist some contradictions. This is but evidence of the imperfection of human nature itself. However, a nation in progress seeks to minimize, not harvest additional contradictions, otherwise its leadership strategy is doomed to fail. These dilemmas arise in governance because there is no accepted overarching vision or strategy to achieve that vision. In the absence of these essentials that give definition to inputs and outcomes, coherence gives way to happenstance. Unaided by a greater purpose, governance and its institutions become ends in themselves. Their primary aim will be to exist, not to achieve. Leaders likewise become imbued with the same blindness. They occupy power because power needs to be occupied. I was fortunate to recognize early in my political life that a true political leader distinguishes himself by marrying principled vision with practical strategy. In combination, these things show you the way home and how to get there. Just as importantly, they help you determine what not to do or where to avoid as a good compass keeps you from going south when your destination lies north. Developing vision and strategy are easily said but hard to attain. Thought, diligent planning and constant reflection are needed.

President Dwight Eisenhower once said: “In preparing for battle, I have always found plans are useless but planning is indispensable.” The deeper meaning of this statement is priceless. You may set forth intelligently crafted plans. Once the complex enterprise begins, war or politics, unforeseen events and untold chance stirs the dust and changes things so quickly that the strict letter of our plans loses utility. Any general or leader who stubbornly adheres to preconceived notions has written his own tombstone: here lies a leader who defeated himself. No matter the beauty of your intellectual constructs, they cannot subdue reality; they must adapt to it. The plan can be a prison but the planning is essential. It conditions the mind to keep an eye on the objective so that you may adapt to changing conditions without losing sight of the prize. At this juncture, I am reminded of the tale of a farmer and his son. The farmer’s corn fields were plagued by ravening birds. Saving the harvest clearly became his objective. His strategy was to have his son gather stones, early every day, then toss them at the crows to scare them off. This went on daily for several months. One day, the crows did not come. The boy spotted the birds in the adjacent fields of his father’s worst enemy. Conditioned to bothering the crows, the boy hauled rocks to the other man’s field so that he may pelt the crows. While the boy was gone, wild pigs came and trampled the much of the cornstalks. The father spotted the boy and scream for him to come home. The boy came running. The father asked why was he being so disobedient. The boy was perplexed, saying you wanted me to chase the crows away.
The father answered: “No.” I wanted you to protect our corn. While here, the birds were our enemy. Not here, they are just birds. When they are in that man’s field, they are even my friends. “My son, you forgot the purpose of what you were doing. So you set yourself elsewhere and left the field unattended to bother birds that were doing us no harm. By your mistake, you just undid all the toil of these months and you put the harvest at risk.”

My constant vision has been the transformation of this nation into a robust decentralized democracy with a diverse industrial base, to provide sufficient jobs to a growing urban population; and a sufficient agricultural base, to achieve food security and provide a decent livelihood to the rural population. We have made some progress toward this vision. But we have a long way to go. I want to sketch out the journey thus far and offer my thoughts on how the future might unfold.

STRATEGIC LEADERSHIP IN PRACTICE
WHERE HAVE WE BEEN?

During the 1980’s and 1990’s, a progressive politician like me was at extreme odds with the military. This opposition was not against the military as the military. It was against military governance. Military governance was diametrically opposed to the democratic Nigeria I envisioned. The permanent aim was to attain democratic governance. During this period, the strategic objective had to be the exit of the military from power. Tactics would be devised to meet the moment. The tactics ranged from cooperation with the military during the SDP/NRC aborted transition to outright protests at home and seeking international condemnation of the succeeding military regime when it sought to perpetuate itself in power. When that regime became increasingly brutal, tactics changed. Some of us were arrested and detained; some of us went into exile. We could not contest muscle for muscle against the regime. Instead, we engineered a strategic retreat to be outside the regime’s strong reach. From this distance, we still did an effective job canvassing the nation and international community to support democracy and freedom. Our words were akin to long range artillery or air power. The military controlled the ground but we held supremacy in the air waves. We were winning the battle for the hearts and minds of people. Please take note here. My opposition was based on the fact that the hierarchical and centralized command inherent to military institutions was ill suited for democratic governance. While individual military officers may transform into successful democratic leaders, the institution as a whole constituted a brake on democracy.
We worked to ease the military from the political arena. There would be no recrimination or backlash against the institution. Once the military was out of politics, my opposition to the military ended. Others in the pro-democracy struggle embraced a more hardline position. Some wanted the military to be put in the docks. They wanted to weaken it as national institution. In my estimation, they gave more weight to temporary strategy than the overall objective. They had fought against military rule so long that they came to believe the goal was to defeat the military. No. The deeper truth was the return to democratic governance. Ending institutional military control of politics was merely the way to reach that end. Fortunately, our less combative approach won the day. The military exited governance but was not persecuted. It returned to being the strong unifying national institution it has always been.

Imagine if those who advocated a punitive approach had won the day. The military would have been greatly weakened. Such a broken outfit would not have summoned the leadership and dedication necessary to tackle both the Niger Delta militancy and Boko Haram’s terror. This is an important lesson. Narrow focus and the unwitting conflation of strategy with ultimate objective can be dangerous in the affairs of a nation. Civilian Rule Came. I was elected governor of Lagos in the AD (Alliance for Democracy), which came to be the pre-eminent party in the Southwest. The PDP controlled the federal government and most states. Quickly, it revealed itself to be a party of authoritarian excess. It boasted it would rule the country for 60 years. Just as quickly I came to the realization that continuation of PDP national leadership might be the death knell of my dream of a democratic Nigeria. As a democrat, I understood equal competition meant that my party could lose a free and fair elections. I was and remain ready to take a fair loss. Yet, I was and remain unprepared to see victory stolen from the rightful winner and to see any party install itself in near perpetuity, notwithstanding the expressed will of the people.
My strategic goal became the defeat of the PDP at the national level during this period. When the 2003 election came, the PDP dangled an alliance before the AD. The proposal was that if we supported the PDP at the presidential level the PDP would not oppose us at the state level. Because of my strategic perspective and the previous legal confrontations I had with the federal government due to its overreach, I rejected the proposal. It sounded too easy to be good. Sadly, some of my colleagues lost sight of the long-term objective; they were enticed to chase after short-term promises. Those promises were hollow. My friends chased themselves into a corner. Their non-opposition to the PDP at the presidential level would be repaid with deception. The PDP outflanked them in the gubernatorial race. Lagos was to be the only state with an AD governor. From this setback and crippled position, we began the long journey that would reduce the PDP’s boast of ruling for 60 years to just 16.

Paul kagame of Rwanda

Very nice

megainvest:
When everybody is bullish about a stock, it is probably time to start being bearish. After result & dividend declaration, I may be selling my UCAP.

I repeat what I have said before: 2016 was an exceptional year for UCAP. I may not be right but this is my honest opinion. Many people here already know my stand with UCAP So no beef.

I think UCAP still have more room to climb. Their investment banking business should benefit immensely from the 2.3 trillion naira fund that government is about to raise to fund deficit. The investment banking business should also benefit from raising money for a lot of private companies (banks and others) that need to shore up their balance sheets. Their asset management business should do well in the short and long term as well. When you have have over 40 billion naira under management, the management fees alone is enough contribution to their bottom line.

Very nice

This is a nice start. I hope the government will take it a notch further and provide details on how they're going to help make individual festival a continuous success.

This is a great idea, if implemented properly. Again, the devil is in the details. The black market was supposed to be eliminated when CBN devalued naira back in June. Lets hope this time around, it is for real. And our Bureau De Change members will not start another campaign to discredit this effort.

Can someone please post his bio

Devil is in the details