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Nigeria’s 2023 Elections: Thumb-Printing Folk Devils or Lesser Evils on February 25?

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Moral panic is a widespread, often irrational fear that some evil person or thing threatens the values, interests, or well-being of a community or society, according to Stanley Cohen and subsequent scholars and professionals who discovered it as a concept that needs to be adopted for understanding trends in human behaviour.

Politicians often use moral panics during campaigns in order to divert attention away from the primary campaign issues and create a sense of urgency and fear in the public. By creating a moral panic, politicians manipulate public opinion and gain more attention for their campaigns. Instead of focusing on the actual issues and policies, they focus on creating a sense of fear or urgency in the public. This allows them to avoid discussing the actual issues and policies, which could lead to criticism or a decrease in public support.

Moral panics can be effective tools for politicians during campaigns, but they can also be dangerous. They can create an environment of fear and hysteria that can be difficult to control.

From all indications based on the campaign activities Nigerians have been exposed to by candidates and political parties since September 28, 2022, Nigerian politicians and their supporters cannot be exonerated from political actors who have been deploying moral panics as part of key elements of modern propaganda manufacturing and use during election campaigns. As stated previously, instead of focusing on primary issues that concern citizens and the country’s development in particular, candidates and their supporters have largely dwelled on using poor health conditions, age, trivial issues around the Naira redesign policy and fuel scarcity to create anxiety that swayed citizens from asking fundamental questions. Also, presidential candidates, in order to have a large share of votes in regions such as north-west, north-central and south-west primarily known for having “block votes,” have mainly played identity politics by employing religion, ethnicity and the “same faith” ticket as part of their campaign message elements.

These elements have been used to negotiate and construct different identities for candidates, political parties, groups and individuals to the extent that voters, according to our analyst, would find it difficult to make an appropriate decision on February 25, 2023, when they are expected to be at various polling units and electing their preferred candidate(s). They have made voters see some candidates as “folk devils” and others as “lesser evils.” Some candidates and political parties are classified as “folk devils” using these elements because of their prior performance while in power. However, for those under the “lesser evils” category, they are better to be considered despite using these elements because “folk devils” have significantly ruined the fortune of the country in all sectors and industries.

An open letter to internet fraudsters

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How do you sleep well at night knowing fully well that your husband, your boyfriend or your fiancé is an internet fraudster aka Yahoo Yahoo? Don’t you get nightmares?

How do you sleep peacefully at night knowing fully well that the money that your son or brother sends to you is made off from scamming and defrauding people? Don’t you get flashes of evil?

The way Nigerian society has normalized and accepted internet fraud has made it look as if it’s a normal thing and people have accepted it as a good way of making quick and easy money. Some parents support their children and even take them to prayer houses for prayers for them to be successful fraudsters. A pastor in Benin city was seen in a video the other prophesying for his church youths that are into internet fraud “to pick” and become more successful so that they can sow more seeds and pay have offerings. It is now this bad.

People now baptize it and call it “hustles; but no matter how much you try to sugarcoat it, internet fraud Aka yahoo is stealing and not hustle as people call it, if you are an internet fraudster you are simply a thief and a criminal waiting to be caught and sent to jail by the law enforcement agents. It will always end in doom.

By the nature of my work as a lawyer, I have come in a close encounters on numerous occasions with some internet fraudsters; some of them contacted me to represent them when they got arrested and charged to court by law enforcement agents and it is pathological to see that some of them do not have any sense of guilt, they feel they are doing the right thing, maybe because of the societal acceptance of this crime.

No matter how much you want to try and cover up, the end of it is doom and destruction if you do not get out of it; you can confirm from Hushpuppi or Invictus Obi who are currently in the US jail doing their time, peradventure you are able to escape getting caught by the arms of the law, the tears of those you have ever defrauded will always be on your head and karma will always catch up with you.

Some of your victims commit suicide because you take everything from them, all they have ever worked for, their retirement plan, the money they borrowed from banks and they are left with nothing. Some fall into depression because of what you put them through. Internet fraudsters are pathologically greedy that once they start stealing from their victims they must be sure that everything is taken before they will dump the victim and jump over to the next one.

It is surprising to know that girls are into yahoo yahoo, it is no longer a gender-sensitive crime that is reserved exclusively for men.

Some even form a conglomerate of internet fraudsters which they call “HK” where they train and bring up other Yahoo wannabes.

Innocent Nigerians are constantly profiled and stereotyped in the international scene due to the handwork of internet fraudsters and their cohorts in the drug smuggling business. Honest Nigerians are being tagged as fraudsters and dishonest and getting dropped from business deals on daily bases because of what internet fraudsters are doing. 

I want to appeal to your sense of decency and morality (if you still have any left in you) to ask yourself why you must live off of other people’s tears and sorrows. If you are an internet fraudster, it’s not too late to turn on a new leaf and utilize yourself to earn a living from a legitimate source. 

China and Asia will lead Wave on Inflows of Institutional funds into Crypto

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China and in particular countries in the Asian zones will lead the next explosive wave of crypto growth and the move from Hong Kong to legalize crypto further amplifies this considering it’s proximity to China.

The China crypto narrative is a forced meme, apparently more liquidity has been added to the system in the last two months than in the last two years (3T Yuan/ 450B) yet major Chinese indices show no sign of change yet, yet you think they are bidding less accessible crypto? The only thing that makes sense is that crypto may rise because of the monetary policy change, if crypto is a hedge against monetary debasement.

People’s Bank of China (PBoC) is the world’s third-largest central bank, with assets of around $6 trillion, playing a key role in global liquidity. The opening of Hong Kong as a crypto hub combined with monetary policy in China could thus be a catalyst for a new Bitcoin bull market.

Hong Kong as a crypto hub is a development that will have a big positive impact on the crypto market. China Reopening plus Hong Kong as crypto Hub, It is not a coincidence they injected over $100 Billion Liquidity. Last Friday, $92bn USD (net) was injected to bring down borrowing rates and make cash easier to come by.

Crypto exchanges in Hong Kong can obtain a Virtual Asset Service Providers (VASP) license to legally operate in the Chinese special economic zone. Hong Kong Securities and Futures Commission released a statement outlining its plan to allow not only institutional investors but also retail investors to trade cryptocurrencies such as Bitcoin and Ethereum.

“As long as you don’t violate the basic rule of not jeopardizing financial stability in China, Hong Kong is free to pursue its own goal under the slogan of ‘one country, two systems,” Nick Chan, a member of the National People’s Congress and digital asset lawyer.

Hong Kong is the fourth largest financial center in the world, after New York, London and Singapore, making it one of the largest capital hubs in the world. Hong Kong is considered the first option for wealthy mainland Chinese to withdraw their capital from the isolated country. As per an estimate, Chinese wealthy move close to $500 billion to Hong Kong to gain access to special economic zones and the global financial system.

Andrew Kang, Investment Lead at PleasrDAO said “A lot of people in crypto that joined in the last few years have never witnessed the power of a China pump since China whales were mostly net sellers from late 2020 to 2022. They only know the power of Korean pumps.”

United States regulatory activities on the Crypto Industry is starting to take a back seat due to the Hong Kong/China crypto adoption narratives. The USA will be forced to adapt and follow China or they risk being left behind. China just said “One Country, Two Systems” a reversal from their prior anti-crypto position while the USA does the opposite, moving to crush Crypto. I love this quote from China: “As long as it doesn’t threaten financial stability, Hong Kong is free to explore crypto.”

The Supreme Court of Nigeria Punts on Naira Redesign Policy

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Nigerian naira banknotes are seen in this picture illustration, September 10, 2018. REUTERS/Afolabi Sotunde/File Photo

Hahaha – Nigeria, what a country as the Supreme Court punts on the new naira policy: “The Supreme Court of Nigerian has adjourned the lawsuit instituted against the federal government by states opposed to the naira redesign policy to March 3 for judgment, a week after the presidential election.” You get the idea now. As usual, every president gets his desires in Nigeria, court or no court. Muhammadu Buhari runs Nigeria, PERIOD.

Three states: Kano, Kogi and Zamfara had on February 8, dragged the federal government to court over the February 10 deadline set by the Central Bank of Nigeria (CBN) for the old N200, N500 and N1,000 notes to be phased out. The suit, which has now been joined by seven other states namely; Lagos, Ondo, Ekiti, Kano, Sokoto, Ogun and Cross River, is seeking to stop the CBN from implementing the monetary policy.

The Supreme Court had earlier issued an ex parte order restraining the CBN from enforcing its February 10 deadline. But the Attorney General of the Federation (AGF) Abubakar Malami, had argued that the apex court has no jurisdiction to entertain the case because the applicants did not include the CBN in the suit.

(On March 3, the Federal Government could comply, but by then, it will be very late for the underground vaults to open, with money for election rigging)

Yet, I do not buy into the thesis of causing severe pain to citizens (with confirmed deaths) on the premise that it could eliminate election rigging. This policy confirms that the government is afraid of some people. If there are those doing criminal things, go after them, and stop destroying families and communities with a policy. This collateral damage is regrettable, as I received messages that even Ovim Oriendu Market is under stress due to lack of new Naira notes.

Some women who carry palm oil from Ezeukwu, trekking 5 hours to get to Oriendu Market, the largest market in the area, had to carry that palm oil back, because they could not find buyers to pay cash since most have no bank accounts. This is painful. Nigerians, we must learn from this and avoid repeating this mistake.

Comment on Feed

Comment 1: “As usual, every president gets his desires in Nigeria, court or no court.” I concur prof Ndubuisi Ekekwe

In terms of how a system ought to be, this move by the judiciary doesn’t sit quite well. Smirks of timidity of the law and of those who should enforce it.

On the bright side, if it can incapacitate, to a very large extent, the flow of money to maneuver the election and the electotorate, we can obtain a white agidi from a black pot.

Comment 2: Two things stand out for me as regards this post that concerns me.
1. If the candidate that this policy is presumed to favour is not declared the winner after the elections, would we then accept it as a free and fair election devoid of vote buying?
2. If the federal govt decide to comply a week after the presidential elections, does that mean they concent to vote buying during the gubernatorial elections? Considering it is rumoured that not only do some presidential candidates have huge sums of the old notes but most governors do too.

Comment 3: It’s not a problem of having bank account. What’s the use of having a bank account when transactions take days to complete? If you can’t get notification from your bank that your transaction has been approved or disapproved, how do you conduct business with a total stranger under such circumstance?

The problem is that the bank infrastructure lags. Most people are willing to accept transfers, but when a transfers take 3 to 4 days to approve, banks become useless as a medium of exchange.

Comment 4: Many people supporting this policy of pain and death think that this evil policy will railroad their candidate to Aso Rock.They should get a shock absorber ready.
Only evil people will support evil policy.
Currency redesign can be done without having to cause pain and anguish.

Comment 5: Sad to hear about the palm oil woman. That is so unfortunate. Prof Ndubuisi Ekekwe this is a good time to use one of your portfolio fintechs to work on financial inclusion.

My Response: Indeed – it is painful. We’re sending tech but as you know, you cannot change people’s culture overnight. This is beyond tech. Some people want to hold that Naira on their wrapper because that is their life. They have a right to do that, digital or not.

Naira Redesign: Supreme Court Adjourns Case Seeking to Halt the Policy Implementation to March 3

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The Supreme Court of Nigerian has adjourned the lawsuit instituted against the federal government by states opposed to the naira redesign policy to March 3 for judgment, a week after the presidential election.

Three states: Kano, Kogi and Zamfara had on February 8, dragged the federal government to court over the February 10 deadline set by the Central Bank of Nigeria (CBN) for the old N200, N500 and N1,000 notes to be phased out. The suit, which has now been joined by seven other states namely; Lagos, Ondo, Ekiti, Kano, Sokoto, Ogun and Cross River, is seeking to stop the CBN from implementing the monetary policy.

The Supreme Court had earlier issued an ex parte order restraining the CBN from enforcing its February 10 deadline. But the Attorney General of the Federation (AGF) Abubakar Malami, had argued that the apex court has no jurisdiction to entertain the case because the applicants did not include the CBN in the suit.

During the arguments on Wednesday, Kanu Agabi, counsel for the federal government, noted that the Supreme Court held that all reliefs are rooted in section 20 of the CBN Act. He further noted that the plaintiffs did not deem it fit to include the CBN as a respondent despite making reference to the apex bank 32 times in their originating summons and despite the fact that seven of the reliefs sought relate to the CBN.

Agabi, SAN, argued that the suit has nothing to do with the interest of the common man as claimed by the plaintiffs.

“The people who said they are fighting for the common man didn’t even bother to bring one common man along to court…even the Supreme Court had stopped collecting old notes before the restraining order was given.

“In all these processes, none of them has mentioned the common citizens. No one is complaining. They have not produced one single citizen who is complaining.

“Our processes have covered all the issues. All the cases should be dismissed. If court finds that we are right that under section 23 of the CBN Act, the defendants are crying in the wrong place, then cases should be dismissed.

“They made references to the CBN 32 times in their originating summons, yet the CBN has not been joined. Long before you made your order, everyone was rejecting the old notes, including this court. The President only acted to save the nation from drifting,” Agabi told the court.

The Kano State Attorney General, Sanusi Musa, SAN, who represented the 10 states, argued that the policy and its implementation did not follow due process.

“This naira redesign policy is an economic policy. It was never discussed in the Executive Council of the Federation. Our affidavit attests to that. The only body that should advise the President on economic policies is the National Economic Council, in which every state is represented,” he said. “The President did not consult the council. He consulted the Governor of the Central Bank of Nigeria, who is not a member of National Economic Council. So, this policy runs foul of the law and the process.”

“This court has a reputation for saving democracy. It must do so again in this case and overrule the President,” he added.

However, the presiding judge, Justice Inyang Okoro, decried the use of the Supreme Court for trivial issues.

“The Supreme Court has been reduced to a customary court. Tenant slaps landlord, case must end here,” he said. He added that the Supreme Court is overburdened with excruciating processes with many cases to handle. The judge therefore called for the constitution to be amended to ease the apex court of the burden.