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Much Ado About Confab Report And Restructuring

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The last time I checked, many Nigerians in various fields of endeavour were emphatically calling for restructuring of the Nigeria’s State.

Prior to this clamour, hundreds of thousands of individuals cum groups across the country had been equally calling on the Federal Government (FG) to ensure thorough implementation of the report of the National Conference, Abuja (Confab) with a view to restoring various lingering socio-economic cum political quagmires.

It would be recalled that, in 2014, following several agitations by the citizens, the FG under the leadership of Dr. Goodluck Jonathan thought it wise to institute a national conference. Consequently, the proposed conference was inaugurated on 17th March 2014 in Abuja, the Nigeria’s Capital Territory.

It’s noteworthy that about 492 delegates, that represented a cross-section of Nigerians including professional bodies, were present at the event that was graciously chaired by Justice Idris Kutigi (rtd.).

After plenary session of the historic outing that lasted for months, twenty committees were inaugurated among the attendees. The committees included, public finance and revenue generation; political restructuring and forms of government; national security; devolution of power; politics and governance; environment; social welfare; law, judiciary, human rights and legal reform; public service; transportation; agriculture; society, labour and sports; electoral matters; foreign policy and diaspora matters; energy; land tenure matters and national boundary; trade and investment; religion; as well as science, technology and development.

At the end, the Confab, which was originally billed to last three months but was granted about a month extension, came up with pertinent and mind-blowing resolutions towards settling the nation’s myriad problems. The report (resolutions), which was presented to former President Jonathan on 21st August 2014, summarily recommended mainly as follows: that,

  • The current system of 774 local authorities should be scrapped.
  • More 18 states should be created.
  • National income going to the FG should be reduced, thereby increasing that of the states.
  • There should be modified presidential system of government that combines the presidential and parliamentary systems.
  • Power should be shared and rotated at all levels of government.

The report, which bore more than 600 distinct resolutions and produced a 10,335-page work, contained issues ranging from the contentious revenue-sharing formula to the divisive political structure of the acclaimed giant of Africa. However, it’s equally pertinent to note that about #7 billion was utilized for the Confab.

At the moment, an average Nigerian citizen is deeply concerned over the much-talk-about proposed restructuring as well as the ‘awaited’ implementation of the Confab’s report.

From my painstaking view, the prime problem with Nigerians remains that we overstress issues. We often tend to use ‘noisemaking’ to qualify our intent, even when the object is laudable. Which rational being in Nigeria is yet to realize that the country requires restructuring? It depends on the perspective we are looking at it.

From a general context, to restructure simply means ‘to organize differently’. In other words, restructuring is the act of organizing the operational mechanism, or other structures, of a given institution/society for the purpose of making it more viable or better organized for its current needs.

Going by this brief definition, there’s no gain reiterating that Nigeria deserves to be restructured. People are however of the view that the proposed restructuring is targeted toward disintegrating Nigeria; that is a fallacy, or a misconception. Restructuring is arguably a way forward in the present Nigerian situation; hence, such campaign ought not to be overstressed.

Raising much ado over such laudable idea would make people to abuse its potential efficacy. When some things of national interest are being suggested, courtesy demands that we go back to the drawing board in order to cross-examine the essence of such mantra as well as its anticipated impact.

The point is that, all the facets of the country, to include social, economic, and political, are yearning for lobotomy, and such measure can only be actualized via restructuring. Sure, restructuring would help to strengthen the country’s national unity contrary to the ongoing presumptions in some quarters.

Considering the Confab’s report; may I ask, what was really so special about the 2014 National Conference? Prior to the Confab, I categorically made it clear that the proposed conference wouldn’t solve the country’s numerous problems; rather, may end up constituting more harm.

As far as I’m concerned, the conference in question only ended up squandering the funds that would have been channelled into other crucial matters of national interest. #7 billion wasn’t #7 million; it was a whole lot of money. Besides, the duties carried out by the Confab’s delegates could be exercised by the federal legislators; I equally pointed this very issue out, but the candid advice wasn’t heeded.

Talking about the report; was there any consequential resolution reached by the august assembly that was different from what discerning Nigerians had been clamouring for prior to the inauguration of the assembly?

Before the Confab, who didn’t know Nigeria was yearning for additional states; who didn’t know that Nigeria needed true federalism; who was yet to realize that power needed to be shared or rotated among the electorate, at all levels of government; or, who was yet to acknowledge that Nigeria needed to review most of her fiscal policies?

The Confab even suggested that we scrap the existing Local Government (LG) system that was established with the sole aim of taking the government closer to the people, forgetting that why the LG system is presently seemingly moribund is as a result of corruption among the various state governments’ officials.

It’s even more worrisome to acknowledge that the said conference suffered a derivation fiasco owing to ethnic interests among the delegates. It’s not anymore news that various well-meaning Nigerians had rigorously solicited for a return to the First Republic paradigm when regions controlled 50 per cent of their respective resources, 30 per cent was shared among all the regions, whilst 20 per cent went to the FG.

It was against this background that the Southern delegates suggested that the current derivation demand should be reduced to 18 per cent. Similarly, the Northern delegates advocated for 5 per cent revenue allocation toward rehabilitation of the North-East region ravaged by the Boko Haram insurgency.

There was agitation that the areas outside the North-East with similar challenge ought to be included as one of the beneficiaries of the 5%, but the Northern delegates frantically kicked against the agitation, thereby causing the derivation proposal to suffer a setback.

We really need to stop overstressing the Confab report, thus concentrate on the ongoing call for restructuring. Nigeria acknowledges her plight; hence, no one comprehends the plight more than she does. He who wears the shoes knows where it pinches most.

In other words, we don’t need further analysis or directive before realizing how to address the lingering anomalies. We are required to fiercely hold the bull by the horn, and quit from indulging in frivolous and retrogressive debates to avoid causing more harm to the system.

In essence, our plight can only be adequately tackled and solved if we embraced reality. The predicaments are glaring, so are the remedies.

Once Again, Nigeria’s Central Bank Devalues the Naira

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Central Bank Governor, Nigeria

The Central Bank of Nigeria (CBN) has once again devalued the naira, this time, from N411 to N413.49/$1, adding to the many times the Nigerian currency has been devalued in 2021.

The devaluation followed CBN’s adjustment to the official exchange rate on its website, changing it from N411/$1 to N413.49/$1.

The CBN confirmed the devaluation through the response of its spokesperson, Osita Nwasinobi, who told The Cable upon inquiry: “If you see N413, then that’s what it is. The market determines the rate.” The devaluation pushed the naira to its all-time high in parallel market on Friday.

Under the leadership of governor Godwin Emefiele, the central bank has been working to tame the tides of multiple exchange rates, which has been fingered as an obstacle to Nigeria’s economic growth. In May last year, the CBN adopted the Importer & Exporter window (I&E), in an attempt to heed the repeated calls by the International Monetary Fund (IMF) and experts for Nigeria to have a unified foreign exchange rate. The naira was adjusted from N379 to N411.

The CBN has tried many regulatory policies in an attempt to stabilize the naira, which has been free-falling for years now. Recently, the apex bank cut off dollar supply to Bureau de Change operators, accusing them of inflating dollar price in the parallel market. Also, AbokiFX, an online forex aggregator, was in September, declared a ‘person’ of interest in Nigeria’s forex crisis. Emefiele accused the online outlet of being responsible for the free-fall of the naira by manipulating market prices, and vowed to go after it.

AbokiFX was forced to shut down as the pressure from the central bank heightened. The outlet said then it hopes its decision to suspend operation will boost the naira’s value in the foreign exchange market.

“We will not be publishing any form of rates on our platforms for now. We sincerely hope this suspension will lead to the Naira appreciation,” it said.

Months after AbokiFX closed its foreign exchange rates publishing, the naira is yet to show any indication that the aggregator was manipulating the forex market. The naira’s value has continued to plummet, compounding the challenges of doing business in Nigeria.

Though in its latest move to quell the forex crisis, the CBN shifted its dollar supply to commercial banks, mandating them to sell to qualified applicants at the I&E rate.

However, business owners who rely heavily on FX to run their businesses, are still lamenting that insufficient dollar supply in the Nigerian market is resulting in high cost of goods and services, nearly crippling their businesses. On Friday, December 31, 2021, the naira closed at N435/$1 after opening at N420/$1 at the official market, according to FMDQ OTC Securities Exchange, a forex data platform.

Experts said that the continuous crash of the naira is as a result of insufficient dollar liquidity in Nigeria. Increase in demand for dollars is said to be forcing the CBN to deplete Nigeria’s dollar reserve, fueling the fall of the naira. With depleted oil output and reduced diaspora remittances, the naira is expected to undergo more devaluation in 2022.

Starting the year on a legal note

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Start the year by going big on your goals and plans. If you have a start up, business or nurturing a dream of owning a startup or running a business of your own, creating values and becoming an employer of labour, this year is the best year for you to kick off. This is the best year to initiate and execute your plans.

All you need to start is by registering the business with the corporate affairs commission (CAC) to give the business or startup a legal face and background. You can either register your startup as a business name or as a company, depending on how big the startup is. Whenever your business or startup is registered, it becomes a legal personality, separate legal entity, separate from you the founder, it can sue and be sued, acquire properties, employ staff and agents and do other things a legal personality is legally entitled to do. 

Kick off your 2022 by registering that startup or business you had in mind since or that startup you have been operating since without incorporation. It is when you are duly incorporated that you can properly expand the business. 

An investor or big clients won’t take you seriously if the business or startup you are pitching to them is yet to be incorporated with the corporate affairs commission. An investor who knows his onions will definitely not want to invest in an unincorporated startup or business for the risk of losing his or her money.

We planned for our marriage in the metaverse

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I was discussing with one of my female friends over the phone and we had a very long conversation talking about our relationship and my love for her. Tadaa!! ? While we were discussing, I told her I really love her and would want us to get married. So I went ahead to propose to her over the phone. You must be saying this guy is crazy. Yea, you need to be crazy sometimes.

These were mere jokes though. She went ahead asking me,

Is that how you propose to a lady in your place?

Then I proceeded to present my defense.

I explained, the world has gone digital and it has changed the way we interact. Classes, meetings, and occasions are being held virtually. So we need to catch up with things”. “How can you be proposing to a lady over a call? It doesn’t make any sense. Men propose with an engagement ring. So where is the ring now?”, She asked.

Me: That’s a good one. Since we live in a digital world, the ring also will be a digital ring.

Her: You must be crazy, How will you give me a digital ring for our wedding?

Me: Okay, what if I transfer 1BTC(Bitcoin) to you as a ring, or even better an NFT?

Her:  (laughs profusely).Well…..

Me: You now see what I’m saying. It doesn’t matter where we are. As far as there is a connection between both of us, that’s all.

The world has changed, digital activities are taking over our daily lives, our social life is being defined daily by the internet.

The metaverse has now skyrocketed and concerts are taking place in the metaverse. Artists are making millions way more than physical shows. One will begin to wonder, where are we heading to?

It will be of no doubt that the entertainment industry will become a virtual world where one will have to go into the metaverse before he can watch some classical shows, movies and more; moreover, movies are a digital asset.

The incursion which the metaverse will introduce into our social lives will be devastating. After all, we are humans, we have emotions, we are meant to feel, love and sense. But will the metaverse offer these things to us?

Different aspects of our lives will step in, Marriages may begin to be conducted in the metaverse with web3.0 being the pioneer of this game. Blockchains, crypto, NFTs and all of that. We are all going insane!

Street car racing is illegal in Nigeria

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A lot of people don’t know that street car race is banned in Nigeria and it’s been so since the promulgation of the Federal Road Safety Commission (Establishment) Act of 2007 and the National Road Traffic Regulations of 2012 and those that engage in it are either ignorant of these laws or they are just blatant law breakers. These laws were enacted to stop street car races due to the danger it poses to the society and to enforce that these law breakers who engage in street car racing are brought to book.

The sole reason for this enactment prohibiting street car racing is because of the reckless and dangerous driving of those engaging in the sport which they regard as fun and cruising but very risky and dangerous for themselves and for other road users.

The FEDERAL ROAD SAFETY COMMISSION (ESTABLISHMENT) ACT, 2007 and NATIONAL ROAD TRAFFIC REGULATIONS, 2012 are the laws that are enacted chiefly to make street car race illegal. S.228 of this act which is titled: prohibition of car and speed races provided thus: No person shall drive or cause to be driven, a vehicle on any public road for any car race, drag race, acceleration contest, test of physical endurance, exhibition of speed, speed competition or for the purpose of establishing a speed record, except in an area designated or authorised for that purpose by the Commission.

 To this effect, public display of car driving skills, car racing on public roads, streets or on government owned facilities are highly prohibited unless the area has been designated for the purpose of the race either for sport or educational purpose as that time after obtaining necessary authorities and licenses from the law enforcement agencies.

People engage in car races for fun especially in big cities like Federal Capital Territory, Lagos, Port Harcourt etc. Infant car racing is a big game in Abuja; weekly the major location where this contest usually takes place in the Federal Capital Territory  is beside the central mosque, Central Area, Abuja. This race has caused a lot of accidents to the racers, onlookers and other road users hence the need for the strict enforceability of this S.228 of the National Road Traffic Regulations, 2012.

The wheels of this law was put to drive when the police accosted car racers in their full force in the Federal Capital Territory on 25th December, 2021, who decided to spend the Christmas racing and contesting expertise in driving skills and car maneuvering. The law enforcement agents  arrested and detained about five of the racers and impounded about 21 sport cars used for the race.

The road safety commission and the police commission are using it as a sound warning to emphasize that the laws that banned street car races in states in Nigeria are not for fancy, not repealed, and are still in force and will be enforced to the letter subsequently.