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IMF/World Bank And The Rot In Our Banking Sector – Richard Odusanya.


IMF/World Bank And The Rot In Our Banking Sector – Richard Odusanya.

Let us begin with the profound words of Chief Obafemi Jeremiah Oyeniyi Awolowo, a Nigerian nationalist and statesman who played a key role in Nigeria’s independence movement (1957–1960). Awolowo, in his book, “Voice of Courage” Awo, remarked as follows: Africa’s Dependence on Former Colonial Masters “Today, Africa is a continent of COMPETING BEGGAR-NATIONs. 

“We vie with one another for favors from our former colonial masters; and we deliberately fall over one another to invite neo- colonialists to come over to our different territories to preside over our economic fortunes…Unless a beggar resolutely shakes off and irrevocably turns his back on, his begging habit, he will forever remain a beggar. For, the more he begs, the more he develops the beggar characteristics of lack of initiative, courage, drive and self-reliance.”

Similarly, George Pratt Shultz, an American politician, economist, statesman, and businessman. He served as the United States Secretary of Labor from 1969 to 1970, as the U.S. Secretary of the Treasury from 1972 to 1974, and as the U.S. Secretary of State from 1982 to 1989. Shultz remarkably posited: “The price of freedom is eternal vigilance and a willingness to act in its defense.” In my humble opinion, eternal vigilance is not only the price of liberty; eternal vigilance is the price of human decency.

A characteristic feature of Nigeria’s post-independence economic/industrial policy was deregulation and the monetary policy in our beloved country Nigeria. I will be very frank: it has been a very distressing period for us as a nation, under a different constitution. Thus, we have now lived over six decades of nationhood without clear direction. IMF/World interference, sharp practices, compromises, and unethical practices in the banking sector have been having negative multiplier effects on the cost and standard of living of Nigerians. 

To be honest, our Constitution and Monetary policies have become a doubtful experiment, and at the end of over half a century, we find that it has not been able to preserve the liberties of the people, secure the rights of property, and that our country has not improved and is yet flourishing beyond any former example in the history of nations. In our domestic concerns, there is everything to discourage us, and if we are true to ourselves there are so many impediments on our march to the highest point of national prosperity.

Furthermore, the current crisis of deregulation in Nigeria is generated by the pervasive impact of yesterday’s Recklessness and Profligacy. For example, the sums of $43.4m, 27,700 British pounds ($36,000), and 23.2 million naira ($74,000) were found by the Economic and Financial Crimes Commission (EFCC) at a private residence in Lagos. Sadly, like many others, it may have been swept under the carpet as they say in the local parlance.

Additionally, in response to allegations by the current governor of Edo State Godwin Obaseki that money was being printed indiscriminately under former president Buhari. The former Minister of Finance, Budget and National Planning, Zainab Ahmed had dismissed the claim by Obaseki as false. Zainab Ahmed said no money was printed for sharing. Whereas the former CBN Governor Godwin  Emefiele contradicted the minister. However, Gov. Godwin Obaseki reiterated his position, asking the Nigerian government to end the current monetary rascality and stop playing the ostrich.

Let me, therefore, continue with the position canvased, some three decades ago by no less a personality than Bashorun Moshood Kashimawo Olawale Abiola (MKO), the President whose mandate was truncated by reactionary forces. MKO profoundly posited: “…every effort have been made in the past to shave people’s heads in their absence; the cumulative wisdom of all the bankers would have seen us out of the trouble. 

“Some people came from the IMF and World Bank; what do they know about Nigeria? You see…the most brilliant doctor in Norway may not have seen MALARIA before. Therefore, imposing such will be tantamount to sending our people to their early graves.  You see…we will rely on Nigerians to keep things running, not those who will be imposed on us by foreign authorities. We are an independent entity under God, ain’t we”? This is where I personally questioned the wisdom of both former president Olusegun Obasanjo and Goodluck Jonathan, under whom Ngozi Iweala a certified imperialist agent begin the dislocation of our economy.

At this point, permit me to share with you one of the feedback from my recent article “A CORRUPT NATION IN DEPRESSION” 

Richard, g’day. “This is a good article. I would like to add that ours is not a country with leaders – instead, we have RUINERS of various generations.  They are made up in the form of a hydra with five legs: political, religious, Civil (evil) servants, 99% of so-called businessmen/women, and judicial impostors (law careerists of all categories).”

“I do not like comparing Nigeria with America or any other industrialized countries on earth as it amounts to false and erroneous pursuits. You can only give relief to your people if you have the funds to do so. Welfarism requires money to implement and where your country is in the “valley of death” money-wise, you have no way out or the capacity to provide hand-outs to any masses.”

“If I get it right, we service our debt with over 80% of our GDP, how do you provide for a people that produce practically, nothing of much value and breed like a rabbit? We are in a deep-rooted mess, and no government can quickly resolve this matter.” 

“This is why I produced a simple economic model that is based on the Malaysian Mahattir Mohammed’s model. You cannot use the established Western economic models – our past and current governments have continued our enslavement using the IMF/WB models, and the approach would not work. Please, look at my model again as I am convinced that it is this model or its tactful variation that could pull us out of the current mess! My regards.”

These are the profound word, eruditely posited by Prof Kunle Oloyede, the first African professor of medical Engineering. 

Likewise Steve Biko’s Black Theology of Liberation from the Perspective of Ubuntu – “If one is free at heart, no man-made chains can bind one to servitude”.

Conclusively, I should note, at this point, that Nigerians were treated to a comical show of ignominy when it came to light that some criminals inside Emefiele’s CBN forged the signature of ex-President Muhammadu Buhari to steal $ 6.3 Million. It was more comical when “Big Masquerade” Boss Mustapha, former secretary to the government of the federation (SGF), said the recipient of the $6,230,000 from the Central Bank of Nigeria (CBN) is not a staff of the SGF office. What a country, what a system! Who does that? Where would you forge the signature of Vladimir Putin in Russia and still be walking on Mother Earth?

Characteristically, in the pitfalls of unbridled self-promotions; Godwin Emefiele and Zainab Ahmed, former finance minister, had jointly signed a statement advising the then President Muhammadu Buhari to restructure the Ways and Means of N23.71 trillion “a different figure presented to the National Assembly on the same date”.  On the contrary, Buhari presented N22.7 trillion to the National Assembly in December 2022. This shows conflicting figures within the same system.  Hence, this is part of the Ways and Means of fraud in the banking sector under a government that prides itself on “Anti CORRUPTION”.

Richard Odusanya


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