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Borrowing for Consumption is Nigeria’s Major Challenge – Peter Obi
Peter Obi, former governor of Anambra, says borrowing for consumption is Nigeria’s major challenge.
He said this in a tweet on Thursday.
According to him, the country can borrow funds but they should be used wisely for investment.
He said the mismanagement of borrowed funds has cost the country so much, hence the government should enforce a law to regulate borrowing.
“There is nothing wrong with borrowing. But what we need to do is to put a law in place that if we must borrow, it must strictly be for investment in areas of growth,” he wrote.
“Our past and continued mismanagement of borrowed funds and borrowing for consumption are the major contributors to the monumental economic challenges confronting Nigeria today.
“Today, we are spending 90% of our revenue servicing debts because, ironically, our borrowed funds were mismanaged and have not been properly invested.
“If the funds borrowed were invested in critical areas of development, education, health and poverty alleviation, Nigeria would have developed far beyond what it is today.
“Many countries have built robust economies with borrowed funds. We can do the same if only we enthrone visionary and committed leadership.”
In November 2021, Patience Oniha, the Debt Management Office (DMO) director-general, said public debt was instrumental in helping Nigeria bounce back from recession.
She said government understands the need for caution when borrowing, especially with mounting public debt and rapidly increasing debt service obligations.
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London Property Dispute Exposes Alleged Corruption, Forgery by Nigerian Politician and Lawyer
By Hassan Taiye
A recent judgment by the UK’s First-tier Tribunal (Property Chamber) has shed light on a complex web of alleged corruption and forgery involving a Nigerian politician and a senior lawyer. The case revolves around a disputed property in North London, valued at 79 Randall Avenue.
The property was purchased in 1993 under the name “Tali Shani,” which is allegedly an alias for late General Jeremiah Useni, a powerful member of the Abacha regime. Chief Mike Ozekhome, SAN, claimed the property was gifted to him by “Mr. Tali Shani” in 2021 as payment for legal services. However, the tribunal dismissed this claim, describing it as “fabricated” and “fraudulent.”
The tribunal’s ruling highlights the alleged involvement of Ozekhome and his associates in fabricating documents, including a Nigerian passport, National Identification Number (NIN), and Tax Identification Number (TIN). The NIN was reportedly created remotely from Monaco using a non-compliant photograph and bypassing biometric requirements ¹.
The Human and Environmental Development Agenda (HEDA Resource Centre) has petitioned the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate Ozekhome and others over alleged fraud, forgery, and unlawful attempt to acquire the London property. The ICPC has launched an investigation, and the Attorney-General of the Federation (AGF) has also taken notice of the case ²
Chief Mike Ozekhome, SAN Senior lawyer accused of forgery and attempting to acquire the property through fraudulent means.
General Jeremiah Useni Late Nigerian General allegedly behind the purchase of the property under the alias “Tali Shani.”
Osilama Ozekhome*: Ozekhome’s son, implicated in the alleged forgery and fraud.
L-r Senate Committee Chairman on Appropriation, Solomon Adeola; Senate Deputy Whip, Onyekachi Nweboyin; Former Senate President, Ahmad Lawan; President of the Senate, Godswill Akpabio; Senator Sharafadeen Ali; Deputy Senate President, Jibrin Barau; Senate Leader, Opeyemi Bamidele; Senate Whip Tahir Monguno and Senate Committee Chairman on Financial Institutions, Tokunbo Abiru, after resumption of plenary yesterday. Photo: Senate President’s Office
By: Fabian Apechihin
The Minister of Innovation, Science and Technology, Uche Nnaji, has resigned from President Bola Ahmed Tinubu’s cabinet amid a growing controversy surrounding his academic credentials.
Presidential spokesman Bayo Onanuga confirmed Nnaji’s resignation in a statement issued late Tuesday.
Nnaji’s exit follows mounting allegations that his academic certificates were forged. Investigations revealed that the University of Nigeria, Nsukka (UNN), disowned the Bachelor of Science degree he claimed to possess, stating that he never completed his studies at the institution and was therefore not issued any certificate.
According to UNN Vice-Chancellor Prof. Simon U. Ortuanya, Nnaji was admitted in 1981 but failed to meet the requirements for graduation.
In a related development, the National Youth Service Corps (NYSC) reportedly disowned the certificate of national service presented by Nnaji, describing it as fake.
His resignation marks the latest in a series of controversies to hit the Tinubu administration over questions of integrity and accountability among public officials.
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