PRESS RELEASE
Project Igala debuts All Igala Economic Summit
Plans are well underway by Project Igala to host the first ever all Igala Economic Summit.
Project Igala, a think-tank of Nigerian intelligentsia of Igala extraction, with membership strength that cuts across six continents, armed with a focal commitment to the overall development of the Igala Kingdom, through educational, infrastructural and economic interventions intends to use the forum to raise awareness on its potential to uplift the economic wellbeing of the Igala people.
The Igala are the largest ethnic group in Kogi State strategically occupying the eastern axis, with Idah as the traditional home of the Igalas. The paramount ruler of the Igala Kingdom, Agabaidu Aliyu Obaje, seats in Idah, hence the conjecture by historians that Idah is the ancestral home of the Igalas.
The Igala Economic Summit, aims to set the Igala Kingdom on the path to economic recovery, by articulating a definitive vision for where the Igala Kingdom should be at key futuristic milestones; marshall strategies that translate the people’s hopes and aspirations into tangible realities, and to lay a solid foundation for the much awaited Igala Renaissance, and showcase the viability of investment opportunities in Igala land.
To this end, members of the Igala Economic Summit Steering Committee, led by its Chairman, Mr. Rowland Ocholi Ataguba, were guests of the paramount ruler of the Igala kingdom, His Royal Majesty, Agabaidu, Alhaji Aliyu Obaje to brief him on plans for the Summit and to seek his blessings.
His Royal Majesty Alhaji Obaje who endorsed the Summit in totality called on all sons and daughters of Igala extraction to lend their support to the Summit, in the quest to bring about meaningful development to the Igala Kingdom.
The Summit which is scheduled to hold during the Easter of 2010 at the Auditorium of Kogi State University, Anyigba is expected to attract the creme de la creme of Igala land, with those from the professions in particular.
Members of the Steering Committee comprising representatives of Project Igala, Igala UK, Igala USA and other stakeholders include, Rowland Ataguba as Chairman, David Abutu, Atayi Babs Opaluwah, Abu Saidu, Emmanuel Haruna, Joshua Ocheja, Awulu Attah, Dr Abdu Opaluwah, Omachonu Abu, Oguche Akor and Alex Baba as members, while Henry Agbonika serves as Secretary.
According to the Chair of the Information sub-committee of the Steering Committee, Abu Saidu, “the need for the summit has arisen from the imperative to arrest the slide into decadence and thuggery bred by underdevelopment and shattered dreams. If we do not act now, the consequences for our people will be grave. If not now, when?” He asked.
Abu Saidu
Chairman, Information Sub-Committee
Tel: 08034523246
Henry Agbonika
Secretary,
Tel: 0805 640 9523
Igala Economic Summit Steering Committee
20 Limpopo Street,
Maitama
Abuja
He sacked them and so what?
He sacked them and so what?
By
Joshua Ocheja
This is indeed a sad epoch in the annals of Nigeria, so sad that I find it most worrisome and indeed compelled to assert that the problem with this country are the elites that dots the nook and crannies of government, industries and most recent the financial landscape.
I am among the apostles of change that posit that the problem with Nigeria does not just begin and end in government circles, but other sectors of the economy, have a fair share of the blame, reminiscent of the theory of structural functionalism.
Structural functionalism is a sociological paradigm which addresses what social functions various elements of the social system perform in regard to the entire system. Social structures are stressed and placed at the center of analysis, and social functions are deduced from these structures.
Structural functionalism is built upon twin emphases: application of the scientific method to the objective social world and use of an analogy between the individual organism and society.
The emphasis on scientific method leads to the assertion that one can study the social world in the same ways as one study the physical world. Thus, Functionalists see the social world as "objectively real," as observable with such techniques as social surveys and interviews. They believe that rules and regulations help organize relationships between members of society, while values provide general guidelines for behavior in terms of roles and norms.
These institutions of society such as the family, religion, the economy, the educational and political systems, are major aspects of the social structure. Institutions are made up of interconnected roles or inter-related norms. For example, inter-connected roles in the institution of the family are of wife, mother, husband, father, son, brother, sister and daughter.
This brings us to the recklessness exhibited by the sacked management of five banks. While we may be carefully not roll out the drums in ecstatic celebrations occasioned by the timely intervention of the Sanusi led Apex bank, we must begin to trace the origin of this debacle we have found ourselves.
Just like the Marxists posit, no event happens in a vacuum, but rather events occur as a result of a systemic buildup of contradictions within a system that a little drop of ice is capable of igniting an earthquake.
If you ask me, I will say the system has been compromised for a long time and trust Nigerians we have a way of posing as “James Bond”. The list of casualties has just begun; the EFCC has a daunting task ahead as we have a tsunami waiting to happen in the long run.
I wonder where Charles Soludo is right now, I wonder where he hid those Abracadabra books of his that constantly reminded him that the physical size of banks determines their balance sheets. Its further insults our sensibilities that when major financial institutions in the world are filing up for bankruptcy and seeking bailout, Nigerian super banks did not see the light in joining their Europeans colleagues, not on the strength of hypocrisy, but rather on the strength of the reflects in their balance sheets, these and many more calls to question the sincerity of those saddled with position of authority in this country.
The pertinent question we should all be asking ourselves is what would have happened if Soludo was given a second term? Going down memory lane, when the issue of de- marketing came up with intercontinental bank, it was he that rose to the defense of intercontinental bank on the pages of newspapers, while availing bailout funds through the expanded discount window for intercontinental and other banks, as a sign of “the eagle is watching with keen attention” I must say at this point that Soludo should be traced wherever he is to answer some pertinent questions, not just him but also his lieutenants charged with the role of supervising and monitoring these banks.
The underlying issue is and remains the exhibition of a clear lack of management cum supervisory skills by most bank chiefs in the country. Were the sacked bank chiefs sensible enough to know that the job was tedious and oversight in some cases will not allow for prudent management of resources, noting stops them from appointing lieutenants and decentralizing decision making for the benefit of shareholders, depositors and the bank at large.
The greed in human nature will not allow them do that, the celebrity lifestyle has been entrenched into their consciousness that they will stop at nothing to continue to further entrench themselves by taking unilateral decisions and engaging in unethical acts.
However the blame should not rest on their shoulders alone. Why? There is an organ of government in the Central Bank that acts in a supervisory capacity to ensure that the right practices and procedure are followed in the course of conducting business.
The central bank has a governor and deputy governors, chiefly among them the deputy governor, banks supervision and surveillance. My point here is in as much as these executives were reckless, they had collaborators in the central bank whose principal function is to act as a watch dog, but the reverse was case as these bank executives were seen and regarded as the super fly bride, everyone must befriend in the course of doing business in the murky waters of the Nigerian business environment.
Yours sincerely is not an egg head economist, but I can remember vividly in my university days how I loathe at students of economics because of the brazen display and often use of micro and macro economic theories to explain a simple situation.
My point of argument always was, why use complex language and theories to explain simple situations?
I know some economists will be gearing up for a fight, but it’s this simple, there is global financial meltdown, and major financial organizations are taking precautionary measures, to stem the tide, but their Nigerian counterparts are busy using theories to explain how safe the economy is even in the face of near collapse.
This is what I term the highest form of idiocy in high places. Some equally idiotic people are crying foul where non exist, insisting, postulating and suggesting that Sanusi Lamido is playing out a northern script aimed at transferring ownership of these financial institutions to northerners.
I never bought into their unpalatable misgivings, ok fair and fine I might be dead wrong and I might be super right, but what if he was actually playing out a script? I suppose he is not an imbecile that will just wake up and for no reason, without facts and figures sack bank executives.
If my memory serves me right, he highlighted the reasons why these bank executives must go, not just that, he availed a bailout package to these ailing banks in an attempt to protect ordinary depositors like me and you. If what he Sanusi did was a charade, then the list of chronic debtors published should be discarded and thrown into the trash can.
Disguising under the umbrella of concerned Nigerians to pursue ethnic and sectional interest, should be resisted wholly by all and sundry. These five banks were grinded to a halt and nobody saw a crime in that, but there is a crime in taking proactive steps to forestall a systemic crash of the economy.
I stand to be corrected, as I earlier said I am not an economist but from a reasonable perspective, I think Sanusi Lamido acted in good faith.
At this point, I will plead with Sanusi Lamido to extend his cleansing exercise to the books of microfinance banks too, as their existence is suspect and might constitute a menace to unsuspecting saving public, who throng these banks with life savings.
Its a 50k job so i went for it
It’s a 50k job so I went for it!
By
Joshua Ocheja
Please listen attentively to what I have to say, I promise not to bore you with sociological theories as the case maybe.
This is a story that tells the untold hardship youths of this great country encounter in job hunting exercises all in the quest to make life meaningful.
I graduated over five years ago did my imposed youth service, brimming and bustling with life as I was pretty content with my “alawi” and I served at my primary place of assignment with dedication.
Five years down the road, my face has become a trade mark at every job aptitude test center. I graduated with a second class upper degree, and funny as it seems, I have never been certified fit to proceed to the next stage of interviews in most cases, but the closest I got was a 50k job so I went for it.
I was busy soliloquizing to myself when my phone rang. Quickly I glanced at the screen at close range because the screen has gone bad, it was an unknown number. Whilst I hesitated for a while, I eventually picked. The syrupiness of the voice I heard reminded me of the beautiful princess of Wales.
I quickly composed myself and the conversation went thus: I will like to invite you for an interview at our corporate head office by 9am on Tuesday. Thank you. Thank you I asked rhetorically, yes the lady said, and I said ok and hung up. I was filled with mixed feelings as I could not place the rationale for the “thank you”. It sounded awkward as I have been used and adjusted to derogatory words in the course of my job hunt, hence my being skeptical at the chivalrous gesture of my caller.
I concluded within myself that the miracle I have been waiting for has finally come. Quickly I rushed to Mallam shehu outside and bought a stick of cigarette, as I puffed away I reminisced upon the long struggles I have encountered in my quest for a job. It has been a case of near luck instances and in majority nearly killing a bird, “but nearly cannot kill a bird as they will say”
As I was puffing the cigarette I kept reminding myself I did not need to fill my lungs with smoke in an attempt to forget my sorrows, but I found it extremely difficult to let go the habit, a habit am not proud of in all ramification.
I embraced cigarette, when it seemed my world had crashed immediately I was told I could not proceed for the next stage in a bank interview I attended. Somehow cigarette only gave me respite for a few seconds and I return to my thinking ways almost immediately, and I strongly believe that lots of my comrades in the struggle have embraced drugs higher than cigarette out of sheer frustration.
Ijeoma my neighbor was not left out of this struggle as we have always been interview mates. On one sunny afternoon, Ijeoma walked into my room, sat down and looked at me straight into the eyes and immediately I got the message, we were busy on the floor, bed and just name it, after all we were jobless. I must confess this act of ours was also a consoling activity at least the pleasure derived equals to pay day for those gainfully employed.
In all of these we knew we were doing the wrong thing and I made a bold attempt to tell her that it was not proper, she looked at me and said,” am hitting the streets” if you will deprive me of my only source of happiness. At first the meaning didn’t register to me, not until I realized she usually returns home at the early hours of the morning.
I prepared so hard for my interview, learning all the necessaries, not forgetting G math too. I ensured my only surviving coat of many colors was at its best and at last the D day was here.
I was at the venue quite early to meet a handful of fellow travelers and I sighed relief, at the thought of “we are not much” so the chances are high. But gradually my fears were confirmed as the turnout increased from a modest 50 people to well over 2000 job seekers. The sun was scorching and the time was 12:30 pm, and there was no trace of interviewers for an interview scheduled for 9:00 am.
Suddenly there was an announcement by a skinny lady informing us to form a queue, and this announcement signaled an earthquake of sort as we all scrambled to make the first five or ten on the queue, having in mind the uncertainties surrounded with such exercise.
I was at my best trust me as I was the number eleven man on the queue. The eleventh position to me was a superlative performance I put up, considering my previous positions of 4 digits and above.
She started calling out names and behold mine was missing from the list; initially I pretended I didn’t hear her as my anguish knew no bound. I could feel tears building up around my eye region as the thought of another opportunity slipped by. No! I said to myself, the job is mine!!!!! I screamed unconsciously, suddenly a pin drop silence enveloped the once “jankara market” like setting.
What is your name young man I heard a voice asking me, I paused and remembered the voice that invited me for the interview. I was able to utter Joshua Ocheja. Sounds familiar I think I heard her whisper to her colleague. I was ushered into the office and my emotions betrayed me. I was asked questions and I realized I was begging for a job instead of answering questions.
I didn’t get the job finally. I returned home and continued with my life of absolute debauchery.
The above though a fiction, illustrate the untold hardship youths of Nigeria faces after graduation from the university. A lot of them have embraced acts inimical to the interest of the country, while ladies have embraced prostitution as way out of the debacle.
Youth empowerment policies have eluded our generation, I speak on behalf of millions of unemployed youths out there that have given up in the struggle. We all know some have committed suicide and other acts out of sheer frustration, as the government has failed us woefully.
Job placement is premised on “man know man” or a letter from either a senator or a highly placed government official. This is what our dear country has turned into. There is no hope for the sons and daughters of the ordinary man on the streets. Nobody cares about us but I fear for one thing, I fear for the day the youths will pick up arms and revolt.
We have been left to fate or our faith by those up there, not minding and clearly ignoring the consequences of such actions. The future of the country rests on the shoulders of the youths, but ironically these youths have been abandoned wholly, and in some cases used as thugs by politicians to rig elections for people that do not have our interest at heart.
The universities are shut down, the federal government and ASUU seem to be at each other’s neck fighting for superiority rather than addressing the pertinent issue.
The time is ticking, frustration is setting in, I only hope the federal government realizes in good time before it gets out of control.
The future of Nigeria is important than the present. Government, wake up from your slumber and address this pertinent issue at hand.
So they have the money to pay back
So they have the money to pay back?
By
Joshua Ocheja
I have a penchant for going through major newspapers every morning, so interesting that it’s now more of a ritual to me.
This act has been so ingrained in me that a day with newspapers is like a day without water, suffice to say my interest in reading newspapers and generally keeping abreast of happenings in the country was put in me by my late father.
I remember vividly he will always come home with a copy of punch newspaper and as soon as he enters his room, he calls for my attention and here you are a newspaper to read and later explain to him on the dining table.
I saw this exercise rather weird as I was still a rookie in elementary school that felt my dad hated me so much to be suffering me with newspapers instead of comic magazines.
This trend continued and became an integral part of me and if my memory serves me right at my 28th birthday I celebrated recently I got a bunch of newspapers and magazines as gifts from friends and siblings, including my dearest wife.
In those formative years, I realized I had always wanted to contribute to societal issues after a dose of newspapers, but how to go about it was beyond my imaginations, no thanks to my dad that was a very busy police officer that was busy combing the nooks and crannies of Lagos in search of criminals, which eventually earned him gift of a bullet in his stomach and guess what he got from the police hierarchy? A certificate of commendation from the then Inspector General of Police.
Somehow I knew I was to lend my voice to societal issues and as destiny would have it, I applied to study Law and was eventually given sociology. Sociology! I said to myself when I saw my name printed boldly under the column.
You reading must be wondering what this self assessing essay is all about, pretty boring to say the least, but it’s with so much pains that I woke up to write this piece. I woke up because I was sweating profusely as there was no electricity to power my rickety fan and because of all the noise of debtors coming to the office of the EFCC to make payment and stupid promises.
I kept wondering to myself, what manner of country is Nigeria? So they had the money to pay up but refused to until the distress bell rang in the five banks.
My anger knew no bounds as I watched some shameless and artificial billionaires that had to wait for the EFCC to ring the alarm bell for them to come out with money from God knows where.
Going by my calculations, in as much as these banks executives were reckless, I strongly believe that they made overtures and appeals to these chronic debtors parading and disturbing our peace with Forbes list entry and brazen display of greed on the pages of newspapers over a deal gone sour.
I also find it most worrisome that the EFCC did not see the light in arresting these people in the first place, because from a rational perspective, their refusal to pay back or service their debts, resulted to the collapse of these banks and constitute a financial crime.
Only recently I heard that billions of naira has been recovered by the EFCC within days. I kept asking myself, why did they have to wait this long to fulfill their obligations to these banks?
This is what our dear country has turned into, we are captives in our own land, we are slaves in our own kingdom, and complacency of the spirit body and soul has gradually crept into our sub consciousness.
The arithmetic is very simple, had these people paid up their debts, these banks would have been solid. For starters to get a loan from a bank with collateral that does not equal the sum is criminal, the lenders, likewise the receivers are all guilty in every sense of it.
I stand to be corrected, what we have failed to realize is that what the EFCC is doing is wrong and tantamount to administering malaria drugs to a patient suffering from high fever.
In sociological studies, we were taught that in proffering solutions to a problem, you must be able to ascertain the immediate cause of the problem before you can think of proffering a solution, and in relation to the crisis in the banking industry, I would like to ask all reading this piece, what was the cause of the collapse of these banks?
Organizations and individuals collected loans and simply refused to pay back, pure and simple. Now let’s digress a little from the roles of these banks and focus on the roles of the debtors. But why did they refuse to pay up their debts? And they were busy buying up houses in highbrow areas, driving flashy cars directly ordered from factories, all with borrowed money.
It is such a shame that we can allow these people walk freely on the streets. The funny thing is that in as much as these banks gave out these monies and charged exorbitant interest rates, the debtors are most guilty if you ask me.
This is simple common sense, the EFCC should as a matter of urgency confiscate properties of these people so they can taste the bitter pills too, because as far as a logical mind is concerned their walking scot free when it’s obvious that they are the cause of the crisis, is a mockery and an insult to the millions of depositors whose monies these people collected.
They should be cooling off with these bank executives too as it’s a clear case of an accomplice in a crime.
If we must move forward, the right procedures must be embraced in all our dealings, nobody is bigger than Nigeria and Nigeria belongs to all of us and not a select few.
This is to let those saddled with this sacred opportunity of leading us that we are watching with keen interest to see the outcome of this whole mess.
In solving a problem, the immediate cause must be identified and addressed in the spirit of fairness.
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