“When the going gets tough, the tough gets going.”
Right now, nobody on earth has a tougher assignment than you. You have my sympathies. Because you lead a team of Deputy Governors, all new to the Central Bank of Nigeria, CBN, embarking on the nearest thing to “Mission Impossible”, I want to start by congratulating you on your appointment as Governor of CBN. The occupant of that seat is the Governor of Governors. None of the thirty-six elected Governors can impact our lives as the CBN Governor. In fact, once you are sworn in, you will become the second most powerful man in Nigeria — after the President. It is an awesome responsibility which will test your competence and character every single minute.
So, let me start by assuring you of support in the discharge of your duties — as long as you operate within the confines of your legal responsibilities. Despite the fact that you are Yoruba and from my Popo Aguda area of Lagos Island, I must inform you that it is the policy here to be objective and not allow ethnic sentiments to get in the way of the truth. You must agree that Nigeria’s interests demands nothing else. Incidentally, you are the second CBN Governor born and raised in our Lagos Island. Late Pa Ola Vincent, scion of the Vincent family of No.8, Vincent Street, Lagos Island, was CBN Governor from 1977 to 1982. I was not in the media at the time. From information available to me, Pa Vincent served without blemish. I wish you the same — whether one or two terms.
So, rest assured that you will receive support when it is the right thing to do irrespective of the number of those rising against you. You will also receive lessons in history of the CBN, and advice; whether you ask for it or not. That is one of the responsibilities of those privileged to write columns; dispensing views. As a matter of fact, you are about to receive a few now, which it will profit you to remember.
Short history of CBN.
“When an old man dies, you lose a library.” – Anonymous.
Because you are being thrown into the deep-end of financial crisis engulfing the CBN, you will not have the time to read the history of the bank. Let me summarise for you the crucial ones that must be remembered.
As you will soon get to know, I have been on this page since 1987 and have observed five CBN Governors at close quarters. Abdulkadir Ahmed, 1982-1993, was the longest serving Governor, eleven years in all. He taught me a lesson about how powerful CBN Governors can be. He ordered me arrested and detained for more than twelve hours on account of one article written, titled ”CBN: Confused Bank of Nigeria”. I warned the Governor that a dual-exchange rate system would defeat the aims and objectives of the Structural Adjustment Programme, SAP, launched by the Babangida administration. I also opposed the weekly Dutch auction of foreign exchange to banks. Ahmed was furious. The affair ended peacefully by Divine intervention. He lived long enough to see SAP become a major problem for Ex-President Babangida, as all the banks engaged in round-tripping and steadily pushed up the exchange rate.
Dr. Paul Ogwuma, 1993-1999, and I actually worked together without meeting face to face. My article titled FUNNY MONEY, not only exposed how most of the banks were falsifying their Annual Reports and Accounts, it led to the promulgation of the Failed Banks (Recovery of Debts) and Financial Malpractices Act of 1994. I had pointed out in the article that virtually all banks, at the time were falsifying their accounts. It made no sense that banks would be declaring record profits and paying huge dividends to shareholders in an economy that was growing at two per cent and there was massive unemployment. Nineteen banks were specifically named among those I suspected distressed after analysing their returns for three years.
In the end, 17 of the banks went under. Two were saved by forced merger by the military government. I was warning the Abacha government despite two trips to detention under the regime. The bank crisis which started in 1994 resulted in the crash of the Nigerian Stock Exchange, NGX, two years after.
Chief J O Sanusi, 1999-2004, was the last CBN Governor to start and end his five years tenure without a major incident. Why he was denied a second term by Obasanjo remains a mystery. He was, however, the second Yoruba Governor of CBN to be appointed.
Professor Chukwumah Soludo, 2004 to 2009, was the first of three highly controversial governors we have had in a row. They include Malam Sanusi Lamido Sanusi, 2009-2014 and Godwin Emefiele, 2014-2023. Before going forward, let me give you the first strict warning. Avoid radical changes and don’t tamper with the currency. Soludo was denied a second term in office because Banking Consolidation collapsed. From 25 banks approved in 2006, by the CBN, less than 12 were in good shape by 2009. More importantly, Soludo had to go because he had proposed re-decimalisation of our currency as a short-cut to taming rising exchange rates and inflation. The measure would have meant that our highest currency would have been N100; billionaires would have become ordinary millionaires; and millionaires mere “thousandnaires”. He had even minted coins for ten and five naira to replace bills.
He announced the reforms to a packed hall in the CBN Auditorium; and received polite applause. I was there; and that evening attended a meeting of highly influential people in Kano — where a call was made to Yar’Adua by one of them. “Soludo must go”; said the billionaire to the President. Thereafter, Soludo was only marking time.
“People with vision usually do more harm than good.”- —John Major, British Prime Minister, 1993.
Unfortunately, Soludo left one massive problem which has refused to go away. The Assets Management Company of Nigeria, AMCON, was the offspring of a Banking Consolidation failure. Soludo convinced Obasanjo that instead of 73 mostly poorly capitalised banks, what Nigeria needed were a few well-capitalised banks – and the sooner the better. We agreed with him on the need for bigger banks; but disagreed on the speed. Speed kills as Soludo would find out later. By 2008, virtually all the approved banks were hanging on the ropes. The global banking crisis of 2008, from which Soludo said Nigeria was insulated, and we disagreed, had caught the country unprepared. Banks, self-advertised as sound, award-winning chief executive officers, tumbled like castles built by children on the sea shore. Some ran away; some were jailed; all left a mountain of toxic loans — N6 trillion high — which the CBN had to acquire to avert total collapse of a sector Soludo promised to strengthen. Nigerians who invested in bank shares, when consolidation started, lost trillions to Soludo’s vision.
CBN has a bundle on its hands. That calls for the third lesson. Be careful with visionary changes; they are counter-productive more often than not. Soludo’s admirers stop the history where he launched banking consolidation. They are too ashamed to recall that First Bank shares sold for N75 at one time and Intercontinental went for N56. Where is Intercontinental now?
Sanusi and Emefiele teach different lessons
Because Sanusi Lamido Sanusi and Godwin Emefiele teach different lessons about the relationship between the FG and CBN, I will stop now.
There is more worth in what is public than in what is private, By Jenerali Uliwengu
A conversation I have been having with my compatriots can suffer some escalation to the regional level, especially because our different countries have had largely similar experiences in many respects.
In the 1960s, Dar es Salaam had a more or less efficient bus transport service, run by the Dar es Salaam Motor Transport Company (DMT) organised along lines not dissimilar to the London metropolitan bus service. The city service once even boasted double-deck buses, immortalised in the Kilwa Jazz song, Kifo cha Penzi ni Kifo Kibaya.
The buses ran on strict timelines, and when a bus scheduled to pass by a stop at 7.15 came at 7.20 people waiting at the stop would be seen impatiently looking at their watches.
Some of us in the media would take the matter up as soon as we got to our newsrooms to ask of the transport company officials why our bus had delayed a full five minutes on a working day.
By 1983, the company had been nationalised and called Usafiri Dar es Salaam (UDA) and soon acquired the distinctive Ikarus articulated buses manufactured in Hungary, but soon even thy ran out of steam because of the usual, multifaceted problems attaching to public owned institutions.
Around that time, then prime minister Edward Moringe Sokoine decided to bring in minibuses operating in Arusha and Moshi to rescue Dar es Salaam “temporarily, while the government is making plans for a permanent solution” to the problem.
From that period, it is only now that Dar es Salaam is beginning to see what looks like that “permanent solution” with the introduction of the Dar es Salaam Rapid Transport (Dart), which was initiated by a former mayor, the late Kleist Sykes.
It was delayed for so many years due to political skulduggery and the inevitable corruption in all our public institutions.
In the meantime, a former transport minister, Harrison Mwakyembe, had the rare presence of mind to remember that the city had had, since colonial times, railway tracks linking different districts but which lay fallow; he took action, and this initiative — which created what has come to be dubbed as “Mwakyembe’s train” — has contributed to the easing of the transit system congestion, but only just, because of issues such as the infrequency of train rides and the lack of security lights, ventilation and so on.
As it is right now, the Dar Rapid Transit is hobbling along, packing the human press the way you would pack cattle if you are not a keen meat seller.
Surely, our people deserve better than that, and the so-called “Mwakyembe train” needs replication in other parts of the city, as I suspect, there are many other fallow railway tracks waiting for some smart alecks to collect them and sell them as scrap metal.
Amidst all this, we have young people with hardly an income to speak of dying to own and drive a personal car, not for anything else but that owning a personal car makes them “somebody.”
What I have been telling them is, you do not have to own a car to be somebody; you are somebody because you are a useful member of society, and, surely, if you are predicating your personality on ownership of material things, you’re not.
What our young people — including not-so-young people, like me — should be doing is to militate for public transport to be expanded, and for it to work well; that is what they do in Europe and the US. The collaborative cries should be for Dar rapid service to improve: This past week, I was in the Coast region and wanted to ride on the service, only to be told by the bored girl at the stop that they had no tickets. Shame!
I understand there is too much red-tape restrictions in the processes attaching to getting more buses run by private operators. If that is so, what are the myriad officials running around like headless chickens doing?
Why are they paid all the big salaries and allowed to drive such luxury cars if they cannot do a repeat “Mwakyembe train,” increase buses, and ensure tickets are available for rapid-transit bus rides?
These should be the issues our young people have to be fighting for not driving their cars, except if they belong to the Diamond Platmuz or Ali Kiba cohort.
With an efficient public transit system, we all become part-owners of our collective means of transport.
The opposite of that is when you forget what a car is for and you begin to think like the backward tribesman for whom the car is a mystical contraption which confers miraculous powers on the owner and driver, a far cry from the evolved, modern citizen.
Unfortunately, I know I am preaching to the unhearing, but this should not discourage anyone.
In the fullness of time, the message will sink home when the hordes of the lumpen motorcar realise they have more important things to seek for their lives to be better and more meaningful, instead of the trinkets that are being dangled before their noses.
I stand ready, as ever, to engage in a conversation.
Inside the special mission to save Nigerian music; and why the rest of Africa should care, By Chinedu Chidi
When famed German composer and pianist, Beethoven described music as a “higher revelation than all wisdom and philosophy” and as “the electrical soil in which the spirit lives, thinks and invents”, he may well have laid out a profound exposition of the depth and reaches of the art, one that is unrestricted by time or distance, by creed or colour, by status or zone. He envisioned a limitless art form. Today, we speak not only of its internal freedoms, but of its transcendent liberating force coursing through entertainment, education, politics, the economy, technology, and social change. Music has become a life form meandering like the bellows of an accordion into the many circles that define life as we know it.
The conception of the MTN MUSON Music Scholars Program in 2006, a partnership between MTN Foundation and the Musical Society of Nigeria (MUSON) School of Music, was a clear reflection of a keen appreciation of this power of music. It was a visionary idea that laid a foundation that would redefine the story, not only of aspiring and practicing musicians, but of the music industry itself. Looking back, it appears a bold demonstration of faith in the promise of Nigerian music while still at comparatively modest levels, and a commensurate investment in the vehicle that would drive its actualization. Today, over 300 graduates later, the Nigerian music industry has grown in leaps and bounds. With over $2 billion in revenue annually, over 30 million monthly listeners worldwide, over 500 music producers, over 1000 record labels, over 50 radio stations amplifying its rhythms and sounds, and multiple digital music distribution platforms, Nigerian music has become the stuff of dreams, if only commercially.
The partnership involves a 2-year Diploma in Music at the MUSON Diploma School. All the students admitted to the Diploma course receive MTNF Scholarships comprising annual scholarships worth N250,000 to cover tuition, books and transportation over a 2-year period. The graduating students are awarded an internationally recognized Diploma in Music. The scholarship is an open opportunity one. It allows applications from all musically talented youth through an open and fair process.
MTN Foundation’s investment in this educational scholarship is not an isolated endeavour; it is an integral part of the foundation’s broad commitment to promoting youth development through empowering the nation’s young people with the “skills, tools, access, knowledge, and opportunities to become economically active citizens”. The foundation combines this intervention with its “National Priority” portfolio which “focuses on Initiatives that support community infrastructure development and health-related initiatives that support women and children”. Together, the initiatives align with the objectives of the Government’s National Development plan and te UN Sustainable Development Goals (SDGs). Since its founding in 2004, the MTN Foundation has invested over N23.7 Billion in the 36 states of the federation and FCT, has over 1,017 project sites across Nigeria, with 50 unique projects spanning 3,319 communities. Overall, it has reached over 31 million people.
All this has been made possible by MTN Nigeria Communication PLC, its parent body, which has committed up to 1% of its Profit after Tax (PAT) to the foundation. Far-reaching strategic partnerships with key stakeholders have also been a major driver of the social investments.
MTN Foundation’s choice of MUSON School of Music was thus no coincidence. MUSON has been at the heart of developing and preserving the purest form of music in Nigeria, and helping to export same to the rest of Africa and the world. Created in 1989 by a group of friends, namely Mr. Louis Mbanefo (SAN), Mr. Akintola Williams (late), Chief Ayo Rosiji (late), Mrs. Francesca Emanuel (late) and Chief Rasheed Gbadamosi (late), the school was designed to promote, as Mr. Mbanefo, who is Chairman of the school, aptly captures, “the performance, understanding and enjoyment of serious music”. The dream, he notes, has continued to be realized, producing internationally reputed graduates and changing the dynamics of music in Nigeria and Africa. “The school has produced over 400 Diploma graduates, many of whom have continued their musical education in Europe, South Africa and America and attained international recognition. Most of our alumni have made and are making very impressive contributions to the musical life in Nigeria and indeed, the world. They have raised considerably the standard of singing and musical performance in churches, in schools and at social events. Indeed, many churches and musical societies throughout Nigeria are borrowing from the templates established by MUSON”, he proudly reveals.
As the proud owner of Nigeria’s “only professional Symphony Orchestra” and a choir of international renown, the school boasts a rich platform for empowering young Nigerian artistes and instrumentalists, especially in the dying art of classical and orchestral music performance.
Accredited by the Federal Government to award Diplomas in Music since 2002, the MUSON Diploma School grants all MTNF MUSON graduates diplomas which are equal to those awarded by the Associated Board of the Royal Schools of Music in the United Kingdom.
Perhaps the most critical area of importance that MTN Foundation’s music intervention serves is the preservation of the fine arts of the classical, orchestral and live performance genres, with their accompanying socially valuable messaging. The rapid rise of studio-recorded music, with its massive commercial success, has sadly provided an alternative to total music, one that substantively accommodates a wide array of ‘real’ instruments, trained voice, and electrifying theatre. It is perhaps the appeal of total music that inspired Victor Hugo to bellow, “Music expresses that which cannot be put into words and that which cannot remain silent”.
This challenge is one that is not only unique to Nigeria or Africa, but a universal one. In Sasha Frere-Jones’ piece, “Do Recordings Kill Music?”, she cited a profound quote from Richard Kostelanetz’s interview with John Cage, thus: “I’ve always said that a record is not faithful to the nature of music.” David Grubbs, a professor at the Conservatory of Music at Brooklyn College, she reports, “takes up a specific belief of Cage’s: that recordings can injure the ability of an audience member to experience a performance in real time. In theoretical terms, the recording reifies a specific moment, potentially interfering with a composition’s ability to live and change and breathe by fixing a single iteration as the ‘authoritative’ version”. Perhaps, nothing captures the triumphantly seductive and absorbing force of the authentic live performance than Robert Ashley’s description of Alvin Lucier’s 1969 piece, “Vespers” as referenced by Grubbs. Ashley wrote of “Vespers”: “No number of microphones and loudspeakers can reproduce the relationship between the sounds and the space in which the sounds create the musical experience.” This reminds one of Mozart’s delicate refrain that “The music is not in the notes, but in the silence between.”
This dying art form was once the force that rocked the bowels of mother Africa, from the Sahara to the Mediterranean. From Fela and Makeba to N’Dour, Salif Keita, Amr Diab, Sangare, Mapfumo, Kidjo, Mtukudzi and Ladysmith Black Mambazo, the glory days of message-laden total music may, but for the flickers embodied by the likes of the eternal Kidjo and the heirs to the Fela dynasty, be well and truly over.
But the rebirth glistening in the hallways of MUSON Diploma School offers hope. The school is home to the award-winning MUSON Diploma Choir directed by Sir Emeka Nwokedi, and the MUSON School Orchestra & Concert Bands. It has been able to produce outstanding Jazz ensembles such as the all-female GIRLZ RULE Band, the 5YZ MEN and The Theosolites.
At MUSON, MTN Scholars take advanced training in music with majors in voice or any of the instrument forms of: Piano, Organ, Violin, Viola, Cello, Double Bass, Flute, Clarinet, Saxophone, Trumpet, Trombone, Percussion, and Classical Guitar. “Students are also required to take 2 terms of an instrument minor other than their major instrumental family. All voice students must pass grade 2 piano, instrumentalists must pass vocal techniques and all students must belong to the choir. Orchestra is required for all string majors. All wind and percussion majors must belong to band. Others who may not be majors are welcome to audition for the orchestra band”, the school says. They also take part in high-level musical productions which provide the perfect opportunity to exhibit their talents and skills. At the end of their programme, the music scholars have the opportunity to showcase the result of their advanced training through performances at the annual Donors Appreciation Concert. This speaks to the neat integration of sound and rhythm, of theatre and messaging; the total music.
If the MUSON Diploma School is to continue to plot the course for Nigeria’s music salvation and become the sure hope of total music’s triumph for all of Africa, then it must display resilience, which its parent body— The Musical Society of Nigeria— chose as its Festival of Arts theme during the celebration of its 40th anniversary earlier this year. It must be resilient in the face of the onslaught of crass commercialism. It must be defiantly resilient if it must realize its goal of producing “well-rounded, thoroughly educated musicians…comparable to those found in a Conservatoire”.
And in its resilience, it must remember that lodged in the soul of this art, in its purest form, are the currents of humanity.
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