Individuals and groups both within and outside Nigeria spent a major part of Monday condemning the chairman of the Lagos State Traditional Council and Oba of Lagos, Rilwan Akiolu, for saying "any Igbo person in Lagos who refuses to vote for his own endorsed candidate would die withing seven days."
The Oba, who received some Igbo chiefs resident in Lagos at his palace during the Easter celebration, reportedly commanded the Igbo people to vote for Akinwunmi Ambode, the candidate of the All Progressives Congress (APC) as governor of Lagos State in the election that would hold on Saturday because if they vote for Jimi Agbaje, the candidate of the Peoples Democratic Party (PDP), whom he called his blood, that would be their end.
By the grace of God, I am the owner of Lagos for the time being. On Saturday, if anyone of you, I swear in the name of God, goes against my wish that Ambode will be the next governor of Lagos State, the person is going to die inside this water.
« For the Igbo and others in Lagos, they should go where the Oba of Lagos heads to. When they were coming to the state, they did not come with all their houses. But now, they have properties in the state. So they must do my bidding. And that is the bidding of the ancestors of Lagos and God.
"I am not ready to beg you. Nobody knew how I picked Ambode. Jimi is my blood relation and I told him that he could never be governor in Lagos for now. I am not begging anybody, but what you people cannot do in Onitsha, Aba or anywhere you cannot do it here," the Oba had said.
Since Monday when the report as well as the audio and video format broke, Nigerians have taken to various social media to castigate the Oba with many saying he does not know how to talk while others say his comments are inciting.
Some even made jest of him saying as a retired police officer, he has been heavily influenced financially to forget the pride that should come with his stool.
CATHOLIC GROUP CONDEMNS AKIOLU
In a statement condemning him, the Catholic Caritas Foundation of Nigeria said the Oba's threat was against morality and royalty.
in a statement signed by Fr. Evaristus Bassey, Executive Secretary of the Caritas Nigeria and JDPC, Abuja, the religious group wondered why the Oba singled out the Igbos whereas even some Yorubas and people of other tribes would vote for Agbaje.
"At the national offices of Caritas Nigeria and Justice Development and Peace Commission, we are totally shocked to read about the threat handed down by Oba Akiolu to the Igbos in Lagos. While it is understandable that a Royal Father would want for his wishes to be carried out, we are deeply concerned that the royal father is missing the point that Nigeria is a republic and a democracy and not a monarchy.
"We understand the genuine fear of the great Oba of losing Lagos to strangers. But Lagos has been one of the most cosmopolitan cities in Africa for decades and any citizen contributing to its economy and politics can be a bona fide resident. As such, the upstages as happened in the last elections are to be expected.
"Nevertheless natives and non-native residents should feel free to negotiate and clarify expectations but not in the threatening and intimidating manner the revered Oba has lashed out.
"We have just a few interrogations: why single out a particular ethnic group for this curse? Does it mean a Yoruba or Hausa person living in Lagos who votes for Jimi Agbaje will go scot-free but any Igbo who votes for Agbaje will drown in the Lagoon?
"Does it mean that people should vote out of fear and not their consciences? Would such an election be free and fair, where people have to vote out of intimidation? Does not the threat of the Oba Akiolu amount to voter intimidation?
"We humbly call on the Oba himself to withdraw his curse and rather appeal to the people, for indeed such a threat may amount to playing God and God who is a merciful father will not allow his children to die so senselessly just because they were fulfilling the dictates of their conscience.
"The fact that APC is government at the centre is a strong factor to employ and appeal to people to vote APC rather than invoking ancestral powers for destruction. Why is it that in Africa we usually invoke our powers for destruction and not for building-up?"
OHANAEZE GIVES AKIOLU 48 HOURS ULTIMATUM
The Ohanaeze Youth Council (OYC), the youth wing of Ohanaeze Ndigbo, a socio-cultural organisation of Igbo people, on Monday evening issued Oba Akiolu a 48-hour ultimatum to, not only retract his threat to the Igbo people, but tender an unreserved apology to the ethnic group.
The group which reminded the monarch that democracy gives the freedom to the electorate to make their choices without intimidation, said it was a despicable insult on the Igbo nation, home and abroad, for the Oba to issue such threats adding that it was the least expected of a royal father in the rank of Oba of Lagos.
The group, which asked security agencies to invite the Oba for questioning because of the grave dangers his current posture portends, slammed the Oba for using a crude method to attempt to coerce the people in a situation where they are free to make their choices.
In a statement issued in Umuahia, Abia State and endorsed by its National President, Mazi Okechukwu Isiguzoro, the group warned that Igbo youths would not take this insult lightly, and unless he apologises within 48 hours he should know he is courting the wrath of the Igbo people. It also asked that the Oba should be held responsible should anything happen to any Ndigbo or their business interests in Lagos in the event of APC losing the Lagos governorship race.
"Inasmuch as we do not want to get involved in Lagos politics, we want to sound a note of warning that no Igbo should be vilified or persecuted for his or her electoral choice in Lagos or any part of Nigeria.
"Every Nigerian has the constitutional right to reside in any part of the country and participate in the electoral process based on one’s convictions, and electoral choice is not a crime.
"Nobody no matter what he thinks he is, has the right to command Ndigbo anywhere on who to vote for in a democratic setting," the statement said adding that the Oba's comments only revealed his innate hatred for Ndigbo.
YOU DON'T OWN LAGOS, PDP TELLS OBA
In a statement issued by its National Publicity Secretary, Olisa Metuh, the Peoples Democratic Party (PDP) condemned what it described as "the emerging height of political recklessness in Lagos and Ekiti states ahead of Saturday’s governorship and House of Assembly elections and calls on all Nigerians to stand up against such anti-democratic tendencies."
APC members in the Ekiti State House of Assembly have commenced impeachment moves against Governor Ayodele Fayose, but the PDP said: "the senseless and unpatriotic impeachment move against Governor Ayo Fayose by out-going APC state legislators and the barbaric death threats on non-indigenes in Lagos by the Oba of Lagos, Oba Rilwan Akiolu if they voted for the PDP candidate, Mr. Jimi Agbaje, ascended to a height of unruliness that should not be accommodated.
"The PDP totally and unequivocally rejects the flimsy and unsubstantiated allegations concocted by the APC legislators against Governor Fayose. We state in very clear terms that we will stand with him and bear our full weight in defense of the mandate freely given to him by the people of Ekiti state.
"We invite all lovers of democracy and the international community to note the antics of APC and the deliberate plot to destabilize the polity even when it is yet to assume power.
"In the same vein, it is indeed most unfortunate that a royal father of the status of the Oba of Lagos should attempt to drag the revered traditional institution into partisan politics to the level of threatening innocent Nigerians with the view to prevent them from freely exercising their constitutionally guaranteed right.
"Our response to the Oba of Lagos is that he cannot play God and can never be God. God owns the universe and every part of it and can never share His glory with any human no matter how highly placed.
"We therefore call on all Nigerians in Lagos state; all Igbos, Hausas, Yorubas and people of other tribes; all northerners and southerners; all Christians and Muslims to turn against this unpatriotic stance, by coming out enmasse to vote for the PDP candidate, Mr. Jimi Agbaje on Saturday.
"Undoubtedly, this anti-Nigeria position reminds of the 2013 inhuman and callous arrest, detention and eventual ‘deportation’ of non-indigenes by the APC-led government of Lagos state and confirms fears that the APC is indeed on a mission to destroy our national unity, balkanize the nation and obliterate the personal freedom Nigerians enjoy today.
"Already, the APC has started terrorizing supporters of the PDP with vows to make life unbearable for them when it eventually assumes power. Our investigation reveals that many of our prominent supporters have been marked. The process has already started with threats to the life, family and business of the Chairman of the Transformation Ambassadors of Nigeria (TAN), Dr. Ifeanyi Ubah for supporting PDP candidates and helping non-indigenes win some Lagos seats in the National Assembly on the platform of the our great party.
"Indeed, if this threats on a duly elected state governor and innocent Nigerians constitute the picture or foretaste of the order of the day when the APC finally assumes power at the center, then the nation is in serious danger. However, the PDP states in very unambiguous terms that Nigerians would not accept such under any guise whatsoever.
"This is more so because in the last 16 years, our citizens from all walks of lives have seen civility and decorum under the PDP-led administration and would not accept any attempt by anybody to institute a reign of terror in the country
"We therefore urge General Muhammadu Buhari as the leader of the APC to call his members and supporters, particularly in Lagos and Ekiti to order; especially bearing in mind that it was the peaceful atmosphere and the level playing ground nurtured by the PDP-led administration that created the room for his emergence at the presidential polls. Our country cannot at this moment afford to slide into anarchy, reign of terror and deliberate schemes to divide the the people for selfish political reasons.
"The PDP will completely resist all anti democratic forces from any quarters. We therefore charge Nigerians, especially those in Lagos and Ekiti states respectively to stand up fearlessly and reject the unpatriotic stance of the Oba of Lagos and the undemocratic move to dismantle the mandate given to Governor Ayo Fayose by the people."
FEMI FANI-KAYODE`S RESPONSE
In his reaction, the Director of Media of the President Goodluck Jonathan campaign Organisation, Chief Femi Fani-Kayode, said: "the Oba of Lagos' threat against the Igbos in Lagos that if they do not vote for the APC in the governorship elections on Saturday they should be ready for the consequences and that if they don't vote for Ambode they should be ready to perish in the lagoon is ominous and unacceptable.
"The truth is that we were threatened with ethnic cleansing and religious carnage in the north had Buhari not won the election on march 28th and had Jonathan not quickly conceded defeat and now our traditional supporters are being threatened in Lagos and in many other states.
"Let two things be clearly understood. In as much as we all want peace in this country and in as much as Jonathan has graciously and quickly conceded defeat in the Presidential election, this does not mean that we are weak or powerless.
"Let it be clearly understood by all and sundry that any attempt to kill or molest our supporters in the north, in the west or indeed in any other part of the country either before, during or after saturday's governorship elections or any attempt at ethnic or religious cleansing by the APC, their supporters or their friends and agents will be deemed unacceptable and will be met with defiance, contempt and resistance.
"Enough of all these APC threats and all this rubbish. No-one is intimidated on our side and neither do we fear for the future because God is with us, He is faithful and He is in control. We want peace and we want harmony in this country but no-one or no group of people will be allowed to turn us or our supporters into slaves or give us sleepless nights.
"The APC would do well to remember that they only won the presidential election by 2 million votes. The PDP got 12 million votes in that election which means that we have 12 million loyal foot soldiers and supporters in this country and that is no mean feat.
"We are a strong party, we are confident for the future, we are ready for anything and most important of all we are ready for the polls on saturday. We take this opportunity to urge the PDP faithful in Lagos to go out and vote en masse for the PDP.
"We urge them to vote for Jimi Agbaje and to free Lagos state from the shackles of darkness and oppression. We urge them to stand firm, to hold their heads up high and to do their very best.
"We urge our supporters in Rivers state, Oyo state, Imo state, Plateau state, Kaduna state and indeed in all the states where elections will take place on saturday to do the same, to take the destiny of their respective states into their hands and to vote for the PDP candidates in the various elections.
"What happened during the presidential election on March 28th was sad and unfortunate but we have accepted defeat and we wholeheartedly accept the will of the people of Nigeria. That does not however mean that we should close shop and not put up a good fight for Saturdays governorship elections.
"This is the time to call on the party faithful to rise up. This is the time to rally our troops and to call on our footsoldiers and loyalists to come out in their millions and wipe away the sadness of march 28th by winning massively in saturdays governorship elections.
"This is the time to prove to our detractors that despite their provocative utterances, their empty and boastful threats, their mocking words and their gratutious insults that the PDP is far from dead and is still very much alive.
"Our party shall go from strength to strength despite the monumental challenges that lie ahead. Whether we win or lose on saturday is not the issue. The issue is that whatever anyone may say and whatever they may feel, the PDP is not going anywhere and neither shall we crumble and fade away. We are here for the long haul: we are here to stay."
AMBODE'S SUBTLE DISAPPROVAL
In what seems like a subtle disapproval of Oba Akiolu's threats to the Ndigbo in Lagos, Akinwunmi Ambode said he would not be a governor to selected ethnic groups in the state but would stand for everyone in the state as governor.
In a statement released to journalists on Monday, Ambode said promised that every group in Lagos would be safe in his hands as governor adding that he would not discriminate against any religious or ethnic group if elected.
"It is our Lagos and we must build it together.
« In my acceptance speech after the primaries I made this note that I will be a governor for all and Lagos is safe in my hands. I want to build on the foundation of unity, peace and progress and development laid by my predecessors.
"And though tongue and tribe may differ, we stand in brotherhood in Lagos from the smallest ethnic groups to the major ones. We are all stakeholders," he said.
PALACE CLARIFIES OBA'S STATEMENT
In a bid to douse the tension created by the Oba's statement, the palace has explained what it said actually transpired at the event.
In a statement signed by Chief Lateef Aderibigbe Ajose, the Opeluwa of Lagos, and made available to Huhuonline.com, the palace said: "last Sunday, all honorary Eze Ndigbos in Lagos paid a courtesy call to HRM Oba Akiolu. At the meeting the visitors praised the Oba for his fatherly support for and cooperation with Igbos in. Lagos. They assured him of their continued good neighbourliness with other tribes in Lagos and support everything that will further strengthen that harmony.
"Oba Akiolu on his part acknowledged the enviable performance of Governor Fashola and his contribution to the growth of investments in Lagos. He gave the assurance that he is not disturbed or angry with South-East and South- South votes for President Jonathan as perceived by the Eze Ndigbos.
"The Obas thereafter called on the Igbos chiefs to show appreciation to Lagos State by supporting his candidate Mr. Ambode for continuity of excellence as they have earlier promised.
"He assured them of his continued support and assistance where needed and the meeting ended with the traditional breaking of kola, alligator pepper, and bitter kola and pouring of libation on the ground.
"It was within this context that the tradition of Lagos with regard to the lagoon came up. It was noted that whoever works against the throne and the interest and peaceful co-existence of Lagos would end up in the lagoon as per tradition.
"Oba Akiolu stated further that the Igbo people have not betrayed the throne. Lagos has also not betrayed the Igbo people. Lagos has done so much to make the Igbos comfortable and to prosper. For this, we expect reciprocal respect and understanding. The Oba of Lagos prays that the Lagoon and the throne will continue to bless and protect all those who reside and visit Lagos.
"Oba Akiolu is the father of all irrespective of tribe, religion or political persuasion. In Lagos, we have an old traditional proverb that relates to the Lagoon. The Lagoon is unique to Lagos. The proverb stresses the need for unity and understanding when you do business in an environment and in this case when you live and do business in Lagos.
"Oba Akiolu prayed for peace for the land of Lagos and prosperity for all its inhabitants."
APC DISOWN OBA AKIOLU
However, the All Peoples Congress in a statement signed by Joe Igbokwe, the state spokesperson of the party, the APC apologized and appealed to Ndigbo to allow peace reign, considering the longstanding relationship that has existed between Igbo and Yoruba since the inception of Nigeria. “No human being is above mistakes,” Mr. Igbokwe said. “People can make mistakes and correct it thereafter. The Oba of Lagos can make a mistake and we believe that the statement credited to him was a mistake. If to err is human, we plead with Ndigbo to let the sleeping dog lie.
“After the March 28 2015 Presidential elections, Ndigbo in Lagos have been trooping into the Lagos APC fold in droves. They have pledged to throw their full weight behind the APC guber candidate, Mr. Akinwunmi Ambode. The support was total and unprecedented. You can therefore imagine how we feel as a party when this incident came just few days to the governorship elections.”
“Oba Rilwan Akiolu of Lagos is not a card-carrying member of APC. He is not a leader in APC. He does not speak for APC. He did not speak for Governor Fashola of Lagos State. He did not speak for our National leader, Asiwaju Bola Ahmed Tinubu. He did not speak for the incoming governor, Mr. Akinwunmi Ambode. His Royal Highness is at liberty to speak for himself and he spoke for himself only. Lagos APC appeals to Ndigbo not to take the statement as the position of the party in Lagos.”
“We passionately appeal to Ndigbo not to carry the statement credited to Oba Akiolu too far so as not to put a knife on things that have held us together for more than 50 years now. If out of annoyance you throw your cap away a mad man will take it and use it forever.”
“A lot is at stake in Lagos. Lagos has been fair to Ndigbo and Ndigbo have reciprocated by taking Lagos as their home no matter whose ox is gored. Lagos APC believes that Ndigbo will not burn the bridges because of this minor setback.
“Lagos APC has worked so hard with other Nigerians to enthrone a government at the centre and we cannot afford to throw all these gains away by allowing the mistakes of the last weekend to stand on our way to link Lagos effectively with the centre. Our own Oba Rilwan Akiolu’s slip of tongue should not be used as an excuse by Ndigbo to reverse these huge gains. Ndigbo should forgive and forget by voting APC en mass this coming Saturday.”
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Gunmen believed to be kidnappers attacked a commercial vehicle belonging to Benue Links, the state-owned transport company.
About 17 candidates travelling to Otukpo for their examination centres in the ongoing Unified Tertiary Matriculation Examination (UTME) are feared to have been abducted, although the exact number of victims remains unclear.
Information available to our correspondent says that the incident took place between 7–8 p.m. on Wednesday, April 15, along the Benue Burnt Bricks in Otukpo, Otukpo Local Government Area (LGA) of Benue State.
According to sources, the assailants waylaid the bus and robbed the occupants of their belongings before whisking them away into the bush.
An eyewitness, who spoke to journalists on the condition of anonymity, said the Benue Links bus, which was conveying about 18 passengers, ran into the kidnappers at about 8:00 p.m. on Wednesday night.
“The passengers were mainly young persons heading to Otukpo to sit for the JAMB examination scheduled for Thursday.
“Two people, the driver and one passenger, managed to escape. Incidentally, the passengers were mainly young men and women who travelled to sit for the JAMB examination scheduled for today (Thursday),” he said.
When contacted, the General Manager of Benue Links, Mr Alexander Fanafa, confirmed the incident, noting that the driver of the bus is presently undergoing interrogation at the police station in Otukpo for violating the company’s safety policy not to travel beyond 6:00 p.m.
He said, “As I speak with you, the driver has been arrested and is under investigation for traveling against company directive. I have warned all drivers to stop night journeys, as they would be held as first suspects if anything unfortunate happens.”
The General Manager further stated that the driver took his vehicle and loaded the passengers who were heading to Otukpo after official hours when the park manager, Mr Amedu, had closed, and ran into trouble, so he has been arrested.
The Executive Chairman of Otukpo Local Government Council, Prince Maxwell Ogiri, confirmed the incident, saying that it occurred between 7 and 8 p.m. on Wednesday.
He added that security agents have been mobilized to rescue the victims, stating that the victims are all young people coming to Otukpo to write JAMB examinations.
“It is true, I’m just coming out from a security meeting, and security operatives have been moved into the forest to help rescue the kidnapped victims.
“The victims are mainly young boys and girls coming to Otukpo to write JAMB,” Ogiri said.
However, when contacted, the Benue State Commissioner of Police, Ifeanyi Emenari, confirmed the situation, but said 14 passengers were kidnapped, while one passenger escaped.
The commissioner disclosed that he had already arrived in Otukpo and is conducting the rescue operation.
“I am in Otukpo now with all my team and DPOs who are here in the bush, and I am heading the operation.
“What happened was that one Benue Links bus carrying passengers coming to Otukpo was stopped and attacked by hoodlums, and 14 passengers were kidnapped, but one was able to escape,” he said.
According to him, the command had commenced an investigation into the incident, particularly the circumstances surrounding the journey.
He maintained that Benue Links management has a policy against night travel, but the driver allegedly picked up passengers after official hours.
“We know that Benue Links has a policy and don’t usually drive at night. So from what I got, they have already closed, but the driver, for reasons best known to him which we are still trying to find out, picked passengers along the road, and when he came here, the story you have is what we are having.
“But as we are investigating, we are on the ground to make sure that the victims are rescued,” Emenari said.
News
There are governments that save for the rainy day, governments that prepare for the storm, and governments that, when the heavens open and money falls like tropical rain, rush outside with buckets full of holes. Nigeria, under President Bola Tinubu, has perfected a fourth category: the government that borrows during a windfall. It is a feat of fiscal acrobatics so astonishing that even the most cynical observers of Abuja’s budgetary theatre must pause in admiration. For decades, Nigeria has squandered oil booms with the reliability of a metronome. But this administration has achieved something more ambitious: it has managed to squander a boom before it even finishes arriving.
The US–Iran war has sent oil prices soaring to $115 per barA Government Addicted to Debtrel, nearly double the government’s benchmark of $64.85. Nigeria is earning an extra $92 million every single day; a torrent of unbudgeted cash that would make even the most jaded petro state accountant blush. In barely a month, Abuja has pocketed almost $3 billion in windfall revenue. If the conflict drags on, the country could rake in $30–$36 billion this year alone. And what has the Tinubu administration done with this unexpected bounty? Why, it has gone on a borrowing binge, of course.
In the past week alone, the National Assembly approved: a $5 billion loan from First Abu Dhabi Bank; a $1 billion UKEF backed loan for Lagos ports; a $6 billion external borrowing package, rubber stamped in under four hours, and a N68.323 trillion budget; the largest in Nigeria’s history. This is not fiscal policy. This is a national credit card with no spending limit. Nigeria’s public debt now hovers around $115 billion, and debt servicing will gulp N20.5 trillion in 2026; more than the budgets of health, education, and infrastructure combined. Yet the government borrows as though it were a teenager discovering online shopping for the first time. One might have expected that a historic oil windfall would inspire restraint. Instead, Abuja behaves like a gambler who wins the lottery and immediately takes out a loan to buy more lottery tickets.
The Senate: From Upper Chamber to Upper Cashier
The Senate’s role in this farce deserves special mention. Once conceived as a check on executive excess, it now functions as a conveyor belt for presidential loan requests. The $6 billion borrowing package was approved with the speed of a fast food order; no debate, no scrutiny, no hesitation. Former Vice President Atiku Abubakar, hardly a stranger to Nigeria’s fiscal melodramas, described the approval as “reckless urgency.” He is being polite. The Senate has not merely abdicated oversight; it has embraced its new role as a ceremonial stamp of approval, a kind of legislative rubber chicken waved over every loan document. One wonders whether senators even bother to read the fine print anymore, or whether they simply check the exchange rate, sigh, and sign.
The Oil Windfall That Will Not Be Saved
Other countries treat oil windfalls as blessings. Norway built a sovereign wealth fund so large it could buy entire countries. Saudi Arabia uses its surpluses to diversify its economy. Even Angola; long mocked for its corruption, has learned to stash away a portion of its oil riches. Nigeria, by contrast, treats windfalls as invitations to spend more, borrow more, and plan less. The Excess Crude Account, once envisioned as a rainy day fund, is now emptier than a politician’s promise after election day. The Sovereign Wealth Fund is a polite fiction. And fiscal discipline is a rumor whispered in the corridors of the Ministry of Finance. The tragedy is not that Nigeria is poor. The tragedy is that Nigeria is mismanaged.
The revised N68.323 trillion budget is a monument to fiscal optimism. It allocates N15.8 trillion to debt servicing; N15.4 trillion to recurrent expenditure, and N32.2 trillion to capital projects, many of them rolled over from previous years because the government failed to implement them. This is not a budget. It is a wish list. The government insists that the spending spree will “stimulate growth,” “unlock infrastructure,” and “stabilize the economy.” These are the same phrases Nigerian governments have used since the 1970s, usually moments before the economy collapses under the weight of its own contradictions.
Borrowing to Service Borrowing
The most farcical element of the Tinubu administration’s fiscal strategy is its reliance on borrowing to service existing borrowing. Nigeria now borrows to pay interest on previous loans, borrows to refinance old debts, borrows to fund recurrent expenditure, and borrows to cover budget gaps. This is not fiscal management. It is a Ponzi scheme with national colors. The administration insists that the debt is “sustainable.” So did Greece in 2008. So did Argentina in 2001. So did Nigeria in the 1980s; right before the IMF arrived with structural adjustment programs (SAP) that Nigerians still curse today.
Nigeria’s economy is a house built on sand: the naira remains fragile, inflation is suffocating households, foreign investors are fleeing, debt service consumes most of national revenue, oil production is unstable and non oil revenue is anemic. And yet, in the middle of this storm, the government has chosen to borrow more; at a moment when it should be saving aggressively. The oil windfall is a gift. But gifts require stewardship. And stewardship requires discipline. Neither is in abundant supply in Abuja.
Conclusion: A Nation at the Edge of a Fiscal Cliff
The expanded budget includes lavish allocations to the judiciary ahead of the 2027 elections, feasibility studies for politically convenient infrastructure, and capital projects that conveniently align with electoral maps. This is not economic planning. It is election year choreography. Nigeria is not being prepared for the future. It is being prepared for the polls.
The Tinubu administration inherited a difficult economy. But it has chosen to make it worse. Instead of using the oil windfall to rebuild reserves, strengthen the currency, reduce borrowing, and stabilize the economy, it has embarked on a reckless spending spree financed by loans that future generations will be forced to repay. Nigeria is earning billions, and saving nothing. And it is borrowing everything. History will not be kind to this moment. Nor will the bond markets. In the end, Nigeria’s tragedy is not that it lacks resources. It is that it lacks restraint. And in Abuja today, restraint is as scarce as electricity.
Business
In The Spotlight
On Friday, Nigeria’s Defence Headquarters confirmed the death of the Commander of the 29 Task Force Brigade in Benisheikh, Borno State, Brigadier General Oseni Braimah, and three other soldiers, following a ruthless attack on the military formation. Though this confirmation calmed initial reports that more than 17 soldiers were killed in the April 9, 2026 attack, it, however, ignited a deeper cause for concern among Nigerians, considering the fact that just about five months earlier, another brigadier general, Musa Uba, was murdered in cruel but avoidable circumstances near Wajiroko, in the same Borno State.
The attack on the military formation was not the only terrorist strike that week. That same Thursday, the devastating news of the soldiers who paid the supreme price had not been fully digested when another report filtered in, at night, that no fewer than eight persons had been killed by gunmen, in Mbwelle village, Bokkos Local Government Area of Plateau State. This was besides the bloodshed recorded in Shanga Local Government Area of Kebbi State on Easter Sunday, where 24 people were killed, according to the Kontagora Catholic Diocese, and in Kebbi and Kwara states, where 49 villagers were reportedly killed on Friday.
Despite the confusion, mourning and grief that followed the killing of these helpless civilians in various communities, described by authorities as some of the deadliest incidents recorded in recent months, the report of the military formation invasion and the killing of soldiers specifically caused panic attacks among citizens and gave a “hopeless situation” slant to the worsening security crisis. And this has become a trend since the beginning of the Boko Haram insurgency in 2009.
It is true that Nigeria’s security forces under the current administration have been dismantling bandit networks and killing scores of terrorists. But the relentless attacks on innocent citizens, which have led to the death of over 10,000 people in two years, and the kidnapping of more than 1,100 people in northern Nigeria, in just four months, appear to have enveloped security agencies’ efforts and boxed the current All Progressives Congress administration into a more precarious corner than previous opposition governments.
A few analysts have tried to compare the security situation under the late former President Muhammadu Buhari with the situation now. While some scored the President Bola Tinubu administration above his predecessor’s, others like Olu Fasan, in his article: “Recurring bloodbath: Nigeria is too fragile, too fractured to be safe”, said, “It has taken Tinubu less than three years in office to achieve a worse security situation than Buhari did in (his) eight years in power.”
I may not directly agree with this notion, but I know that the prevailing economic hardship or widespread poverty in the country, despite significant, growth-targeted policy reforms like exchange rate unification, subsidy removal, and fiscal coordination, can be justifiably linked to rising insecurity.
The Nigerian Institute of Social and Economic Research, in a 2024 study brief, titled: “Insecurity takes the lead as the key driver of poverty in Nigeria”, said, “Once a country experiences conflict and insecurity, it faces a reversal of economic development, which in turn increases the likelihood of further conflict, resulting in a cycle economists refer to as doom-loop. By undermining household livelihood activities on massive scales in Nigeria, increasing insecurity in the last five years has not only intensified poverty in the country, but has also opened up new frontiers of multidimensional poverty across Nigeria.”
Insecurity, according to NISER, drives poverty by disrupting and destroying livelihood activities and by reducing access to basic needs, thereby stifling meaningful improvement in the quality of life in Nigeria. This argument can be better appreciated if one considers how many Nigerians have abandoned leisure or commercial farming, especially in rural areas, owing to rising insecurity.
It would be unfair to pin the blame for this lingering crisis on the current administration; past governments were not also able to do much to stem the tide. But the fact that political IOUs seemed to have trumped competence during the initial formation of President Tinubu’s cabinet inadvertently gave room for unpalatable political treatment of delicate security matters across the states.
The Ministry of Defence, according to analysts, was the worst hit until recently, as analysts found it difficult to decode the consideration behind the choice of the two ministers who were initially saddled with such a priority responsibility. Perhaps, if the issue of security had been given the kind of attention it is being given now, from the beginning of the current administration, the terrorists might not have been this emboldened amid international focus.
The result is that, unlike when Nigeria was ranked the Number One Destination for Investment in Africa for two consecutive years (2012 and 2013), other African countries have, since then, continued to displace the nation, owing to a combination of factors, including accessibility and innovation, economic stability and investment climate, among others.
Of the 31 countries that were tracked in the 2024 edition of the “Where to Invest in Africa” report, published by Rand Merchant Bank and the Gordon Institute of Business Science, Nigeria was ranked as the ninth most viable destination for investment in Africa, behind South Africa, in fourth position; and Ghana, sixth. The 2025 report sadly reflected a further decline for Nigeria, by nine places, to the 18th position.
It doesn’t take an economist to understand that banditry, kidnapping, killings, among other forms of security crisis being witnessed on a large scale in Nigeria, can seriously damage the investment climate and trigger capital flight. Any government that picks the socio-economic well-being of its citizens as Number One on its priority chart must, therefore, go all out to first ensure the security of lives and property, against all odds.
That the Federal Government has published a list of 48 individuals linked to terrorism financing is a step in the right direction. That it has also secured 386 convictions, out of 508 cases in a mass terrorists’ trial, is another feat that can deter others and stem the tide, but politicians must, in the interest of the masses and the well-being of the nation, stop playing politics with this sensitive issue of insecurity.
Rather than mock or blame the APC administration for the current predicament, opposition figures and Nigerians as a whole must converge on the need to be united against this monster. However, the Tinubu administration must also avoid actions or statements that could trigger a revolt at this period. With the economic challenges from almost every angle, Nigerians seem to be constantly on edge.
In March 2014, the APC, then the main opposition party, lambasted the former President Goodluck Jonathan administration for trying to cover up its “incompetence and cluelessness” in tackling the Boko Haram insurgency.
The APC, in a statement signed by Lai Mohammed, its interim National Publicity Secretary at the time, said, “A country that has no discernible counter-terrorism strategy that will clearly identify the multiple means for preventing, responding and defeating terrorist groups, including the alignment of political, military, social and economic instruments and objectives, cannot expect to successfully battle any insurgency.”
Now that the APC is the ruling party, and Nigeria is still not out of the woods, should citizens still agree with the party’s assertion? How the authorities handle the situation will determine the answer. What goes around comes around!
In The Spotlight
Nearly 40 years ago in London, I was invited to dinner by a Nigerian woman I knew in Lagos.
She had described the place in general terms, but I arrived at an upscale home with some serious luxury. She was kind enough to show me around, and following a stylish dinner, she described how she had acquired the place, mentioning headline Nigerian names.
I had no reason to doubt her: some of them called during the evening. I declined her offer to share her conversations with them.
It was my personal introduction to the scale of Nigerian property in the English capital, as she described who owned what or lived where.
While my visits to England at the time were work-related and I had little time to socialise, I did meet several teenage Nigerian students whose parents were glad to send them abroad for education.
They patrolled the streets of London in exotic cars, and I thought it was ironic that, in isolation away from Nigeria, the young ladies were often being manipulated by their fathers’ friends.
In the decades that followed, I read stories of politically exposed Nigerians, particularly state governors, for whom the UK was the first address in money laundering.
On a few occasions, I have alluded to that phenomenon in this column. They acquired expensive homes, cars and even gold phones. One, Diepreye Alamieyeseigha, fled London disguised as a woman. Another, James Ibori, was tried and jailed.
Keep in mind that there have been about 185 governors since May 1999, and that London is nearly always their first port of call.
It is humbling to reflect on what percentage of this number has, in the past 26 years, sunk Nigerian wealth into the soil of England, with considerable swathes lost to middlemen and smooth women.
Remember: in 2006, the then-Minister of State for Finance, Nenadi Usman, criticised governors, saying that they disappeared abroad just days after receiving state allocations and after visiting Bureau De Change operators.
In 2007, a famous Human Rights Watch report, “Chop Fine,” described the case of Rivers State in grim detail.
The problem is that it is not always governors, as demonstrated by the story, “Abuja on Thames,” which appeared in the British monthly, Private Eye, in March 2019. That month, I commented on that story, which involved the astonishing wealth in that country of Paul Ogwuma, a former governor of the Central Bank of Nigeria.
The full Nigerian picture of capital flight, elite consumption, and political patronage was on display when the Panama Papers in 2016 and the Pandora Papers in 2021, two massive international media investigations in which our Premium Times participated, uncovered how the world’s rich and powerful deploy offshore mechanisms to hide their possessions.
As always happens, no Nigerian lost a kobo, let alone a heartbeat, as a result of those investigations, because in Nigeria, crime and hypocrisy quite literally pay.
And then in 2024, a list appeared of 58 deceased Nigerians with unclaimed assets in the UK, as part of a daily-updated “Bona Vacantia” (BV) list, meaning that having remained unclaimed, they are now considered the property of the Crown.
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The Nigerian government does not inform Nigerians about the BV list or the claims process, so those properties are probably lost forever.
Remember also, the case of Nigerian “government” property on the verge of forfeiture in the UK a few years ago. In New York and Maryland, in the US, Nigerian governors and diplomats have left behind a long trail of property issues. In 2012, Alamieyeseigha forfeited $401,931 in traceable assets to the US government when President Jonathan’s government failed to claim them.
And so, the rich continue to flourish, and in January 2026, Tax Policy Associates of the UK published the extensive investigation, ‘Who secretly owns Britain? The hidden offshore owners of £460bn of UK property.’
A report in The Londoner, based on that investigation, peeled back the layers to link the late Herbert Wigwe, the former chief executive of Access Holdings, to about 106 properties. That placed him at No. 7 on a list of “The overseas power players in London’s property market,” with each property registered under shell companies outside the country, leaving none of them directly traceable to him.
While some of these practices are legal, especially on the part of private businessmen, the problem is that Nigeria has, for decades, been burdened by an army of much smaller ants eating away at her. Most of them are pillars of society, either claiming sainthood or praying for it, while the people from whom they amassed their wealth starve to death.
But there is another side: in Nigeria, the Tax Policy Associates investigation, like the arrests of Dariye and Alamieyeseigha and the trial of Ibori, would have been impossible.
“Abuja on Thames” would never have been investigated or published. Not the Pandora Papers. Not the Panama Papers.
Because we are traders. We are either buying or selling. When the aroma of money or power is present, some would sell their very souls. It is why we are where we are.
The system, of course, is in many ways pre-rigged. On real estate matters, we operate a fragmented administrative system with multiple overlapping authorities, incomplete digitisation, and overwhelming opacity. The FCT and state capitals are stories of greed.
This is because the Land Use Act vests all land in each state in the governor (and the President for the FCT). This means that, technically, no one “owns” land outright; one only holds a Certificate of Occupancy. That creates enormous scope for discretionary allocation and corruption, since governors and the FCT minister can grant or revoke rights, and often do.
This is why an FCT minister is a king. He can allocate land to whomever he pleases:
Relatives of the First Lady were thrice removed.
His wife.
Fourth cousins.
Underage children.
Governors, again.
EFCC officials.
ICPC officials.
Code of Conduct Bureau officials.
Girlfriends and their friends.
Supreme Court judges.
Court of Appeal judges.
INEC officials.
Senators.
Top police officers.
Among others, remember the FCT land scam of 2004; the Ministerial allegations involving the current FCT Minister, Nyesom Wike; and the 57 multi-billion-naira properties linked to former Attorney-General Abubakar Malami.
Just imagine what a Tax Policy Associates-style investigation of real estate ownership in Nigeria’s big cities would reveal.
Because in Nigeria, power is deployed into service only when we pray in the mosque or the church. Outside that, power is for the self.
And if you can export that power abroad in funds that belong to the commonwealth, to deprive other Nigerians of it and make you live like a king forever, so much the better!
Sonala Olumhense