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The  CBN, Cryptocurrencies And The Wisdom Of The Future

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The  CBN, Cryptocurrencies And The Wisdom Of The Future

By

Eddington Obaro Jonathan

Recently, our “Central Bank of Integrity”, for the sake of integrity, smashed its sledgehammer on the heart of the crypto space in Africa and the world. According to our ever-loving apex bank whose sole purpose is to protect our battered image, cryptocurrencies are fast becoming popular among drug barons and terrorists and, therefore, any association with them might call into question the integrity of our beloved country. However, the Central Bank failed to explain how these negative elements of society survived through the ages.

Did Al-Qaeda conduct their business in Bitcoin in 2001 when they attacked the United States? Or is there any evidence to show that Niger Delta militants purchased their weapons with Ethereum or Litecoin? Or was Boko Haram using XRP or Dogecoin when they bombed the Abuja police headquarters, the United Nations building and the St Theresa Catholic Church at Suleja? Can the CBN claim that Naira and indeed other fiat currencies have not been used by terrorists, armed robbers, drug barons and internet fraudsters? The Central Bank should tell us that our economic problems have grown beyond their expertise rather than furnishing us with one-sided arguments and half-truths.

In the most unscholarly manner, our beloved Central Bank argued that since countries like China, Canada, Taiwan, Indonesia, Algeria, Egypt, Morocco, etc. placed “certain levels of restrictions on financial institutions facilitating cryptocurrency transactions”, it is expedient that Nigeria does the same. But the CBN deliberately refused to let Nigerians know that cryptocurrencies are supported by progressive countries like the United States, the United Kingdom, Japan, Germany, France, Singapore, Russia, South Korea, etc. They also refused to tell Nigerians that China has seriously been considering instituting their own digital currency since 2018 and has been using blockchain technology in immigration, medicine, judiciary and other aspects of its economy.

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Furthermore, the CBN claimed so loudly that it has a problem with the volatile nature of cryptocurrencies and that it is protecting Nigerians from the financial risk that is inherent in the crypto space. It recommended that the stock exchange market is a much safer place for trading without fear of volatility and speculation. Again, the CBN has refused to tell Nigerians the other side of the truth, that volatility is not peculiar to cryptocurrencies, that the foreign exchange market which is traded by financial institutions all over the world is also a highly volatile and speculative market, that the American S&P 500, the French FTSE, the German DAX and other indices are also volatile and speculative. The CBN did not tell Nigerians that the skill set required to trade currencies, ETFs, synthetic indices, metals and energy on MetaTrader4 and MetaTrader5 are the very same skills needed to trade cryptocurrencies yet the CBN was very particular about cryptocurrencies.

What then is the problem with cryptocurrency? We cannot tell but we know that the gods of our land are still angry with us for staging a protest that shook their tables, sent shockwaves through their spines and almost set their shrines ablaze and that progressive move was largely funded through cryptocurrency. We know that the old generation in this country have closed their minds to new innovations and that they truly do not belong in the digital economy.

READ ALSO: Gunmen Kidnap Over 300 Female Pupils In Zamfara School

Indeed, in every society and age, there has always been a generational conflict between the old and the new. The old generation always claim to have seen more of life and therefore feel that they possess so much authority in issues of life. Often times, these people in their hoary phase tend to forget that society is in a constant state of flux and requires humility and an open mind to keep up with the times. For progress to be achieved, this generational conflict must be resolved in favour of the new generation, otherwise the society will remain stagnant till a new generation is strong enough to overpower the ideals of their predecessors.

Moreover, one is constrained to ask if the Central Bank is aware of the recent happenings in the crypto space. Is the CBN aware that global tech giants like Apple, Facebook and Tesla have started selling their stocks in the form of tokenized assets which one can buy using BTC, Ethereum and other cryptocurrencies? Is the CBN aware that we no longer need naira or dollar to buy shares in some American companies? Perhaps, the CBN needs proper education on the emerging trends in the financial world because it appears to have lost touch with the rest of the world.

No doubt, the CBN has demonstrated that it is suffering from chronic myopia. In the nearest future, more than ninety percent of human activities will be in the virtual world. A sane system should be auspicious enough to plan for that “necessary end” that “will come when it will come.” But not Nigeria: we are so used to following the trailblazers that we forget to take the lead when we have the chance. Nigerian youths are among the most enlightened in the crypto space. Far from the negative perception that the president has about us as being lazy and idle-minded, we are a set of highly intelligent and resourceful people who keep searching for new ways to break the hard ground that our older generations have paved for us.

Rather than think of how to harness the blockchain which is able to gulp the teeming population of unemployed youths in Nigeria, the CBN is more concerned with national integrity which they claim we have but which past events appear to have proven otherwise. Needless to say, the CBN has the power to trace every financial transaction in the country yet billions have disappeared from the coffers of this nation. The apex bank remains at its duty post, the silent watchman that it is, at the gate of corruption.

Jonathan, a teacher of English Language and Literature, wrote from Port Harcourt, Nigeria.

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Opinion

Professor Ayo Olukotun, My Eyuze

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Readers’ Showers Of Encouragement
Prof Tony Afejuku

 

By Tony Afejuku

My bosom friend, Professor Ayo Olukotun, a man and personage for whom I placed considerable respect, who died recently, was committed to mother earth last Friday. The ever-delightful Professor Kayode Soremekun, the immediate past Vice Chancellor of Federal University Oye-Ekiti pointed my attention to this in his tribute to Professor Ayo Olukotun symbolically captured in The Punch newspaper of Friday, 27 January, 2023. After reading his tribute on the very day Ayo Olukotun normally appeared on the back page of The Punch as a five-star columnist, I nodded my head in painful pain. Kayode Soremekun’s tribute essentially captured aspects of our friend’s public life, and I gave some long thought to our departed humanist of humanists’ hurried committal to the brown earth of Ibadan which was not near his homestead, geographically speaking, in Egbe Yoruba of Kogi State. Was an injustice done to him in his prompt burial in Ibadan of cultural and poetic seven hills?  Perhaps circumstances of his demise compelled his remains to be committed to mother earth in Ibadan of JP Clark’s “broken china in the sun.” (How my memory is failing me as a result of my emotional state!) The one who was supposed to get back to me for accurate information on and about the event did not when I was putting my words together. Another common friend and my friend’s course-mate at Obafemi Awolowo University (formerly University of Ife, Ile-Ife), did not divulge this information in his similarly public picture of my friend in his The Guardian’s roaring tribute of Tuesday, 31 January, 2023. I am of course referring to Barrister Alade Rotimi-John who was one of the early bringers of our gone hero’s demise to my poor attention. The other person was Suyi Ayodele, Tribune’s Tuesday ace columnist.

 READ ALSO: CBN Orders Banks To Pay New Naira Notes Over The Counter

Before Soremekun’s and Rotimi-John’s well-crafted tributes found me, Professor Olu Obafemi’s great elegiac poem of immortal diamond had galloped and gasped to me. The poem by our National Laureate, a Nigerian National Order of Merit winner, clearly made its mark on my mind. The privately circulated poem to a select audience was one in which Professor Olu Obafemi tried successfully to crowd Olukotun’s career with conquest in Olukotun’s years and years of eventful events. I never knew that Obafemi knew Olukotun until I read his afore-said poem entitled “Ayo, Omo Olukotun, Odabo!”

Professor Olukotun’s “Yagba homestead” and ancestry and scholastic biography right from “Titcombe College, Egbe in Kogi State” up to the “forest of Knowledge” in Ile-Ife and beyond as “hero of the Globe” were/are movingly and movingly rendered in the poem. But why was the dazzling adventurer “Okun, Son of Jege” committed to the red soil of Ibadan when his eyes finally and eternally closed? I tried in vain to reach Professor Obafemi, another worthy friend, and  my friend’s close kinsman, for an answer. All I got was prophetically rendered in the poem as follows: ”It is doubtful that this adventurer into/the forest of knowledge/Shall return to these shores again.” Another common friend, Professor Ademola Da Sylva, who knew Ayo in their Ife days, was similarly moved by Obafemi’s elegy.

    Professor Ayo Olukotun was no Professor Ayo Olukotun to me. He was simply to me – until he breathed his last breath Eyuze as I was to him Tone Baba. We first met in 1977 in Zaria now in Kaduna State. We were lecturing colleagues (Graduate Assistants – later Assistant Lecturers) at Ahmadu University. He was my tightest pal. Our other tight friend was the sociologist/criminologist Basil Owomero (a fellow Graduate Assistant) from Ozoro town in Isoko-land in Delta State. Basil died a pretty long time ago after earning a doctorate in Criminology. Of the three of us I am the only living one now. As I am reflecting on this confusion of thought, emotion, and vision of our then years a void stares at me pitilessly. The vastness of the then years of youthful youthfulness up to when we left Zaria at different times blurs and time becomes hollow. I am in the moment of writing remembering only one or two or three things of the happy and unhappy events we shared. 

    I remember that Eyuze Baba brought Adebayo Williams and me together. Adebayo Williams is now a Professor of Literature and a novelist and columnist of no mean repute. He and Eyuze were together as under-graduates in those years of tempestuous student unionism of patriotic patriotism when Eyuze made hay and held sway in Ife as President of the Students’ Union. But it is not this I am recalling and remembering. I am recalling and remembering… I am recalling and remembering Bayo Williams’ visits in his ever-faithful Passat to Eyuze (and then eventually to us) from Kaduna (where he was teaching at Federal Government College and at the same time working on his Master’s degree in Ife as we were doing in Zaria) when we dreamed dreams of Nigeria and our tempestuous love affair with your country my country our country. We dreamed the dreams of writing and of how to help this country to constitute ethical or moral or whatever science and knowledge of growth to shape it and humankind. Each of us endeavoured to adopt the method which would make him the peerless master of positive criticism of our country. Then we really had and held lofty dreams of enlightened patriots as young as we were with the whole world before us. Until he died Eyuze did not betray the dream and did not deviate from its anatomy.  Our man was a stammerer and stutterer in private conversations but in his public speeches and lectures he was a brilliant and very brilliant orator and analyst of acute dialectical proportions who always was an orator’s orator. He always reminded me of the late famous socialist novelist Professor Festus Iyayi of the University of Benin (who famously led the Academic Staff Union of Universities in the military era that in hindsight is hundred percent better than this civilian democratic regime of rotten rottenness). And in Professor Olukotun’s shining and shiny writings you would not notice any stammering and stuttering. Let me refrain from citing numerous examples. Eyuze was simply and more than simply audaciously brilliant and courageously courageous. He stood on a very high moral ground which his elegant writings are evidence of.

    What else am I remembering? When I was leaving Zaria finally, with my all-what-not, Eyuze accompanied me to the Mid-West. This attests to the measure of our tight friendship. We spent three days together in Sapele and Warri before we travelled back together in order for me to tidy up my disengagement from Ahmadu Bello University. I can write a treatise on the pure geometry of our healthy relationship. But it is immaterial now. Yet let me say this. In later years, in much later years, after we were fully committed to marital duties – with the vagaries of our politics and economy not helping matters – the cruel wind and breeze of boisterous Nigeria roped, wrestled, beat bare our friendship but we never ignored the generosity of our closeness through ample calls. In one of those calls I related the gloriously memorable one night I spent with him in the Lagos Daily Times estate/quarters he was staying in then as an editorial staff  member of that once famous global newspaper before he was a faculty member of University of Lagos. He enjoyed it all then. I can imagine how he and our elderly GG Darah, who is also now a Professor, cordially and graciously – and very warmly, welcomed me to the editorial office when I visited Kakawa! Or is memory failing me again? No, no, no.

    Is there anything further I want to recall about Eyuze? Of course, there are many more things to say about my kind and joyfully-minded Eyuze. But I must hold my breath here. In despair, of course. And my despair is not the vigorous pleasure of despairing. Our gone revolutionary humanist was every revolutionary’s humanist. He should not have left us now. But his time was surely up. I say this as a revolutionary mystic and peace activist – if you permit me to say so.

Afejuku can be reached via 08055213059.

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Opinion

Witch Persecution And Dream Experiences In Nigeria

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Witch Burning, Impunity And Abuses Linked to Witchcraft Beliefs In Benue State
Dr Leo Igwe

By Leo Igwe

The Advocacy for Alleged Witches welcomes the arrest of a young man, Joseph Friday, who allegedly murdered his father for witchcraft in Akwa Ibom. The development represents some of the best ways the police could help end impunity and beat back the tide of witch-hunting in the country. The suspect told the police that the father used to appear to him in a dream. He said that the father would hypnotize him before depositing a spell in his body. Mr. Friday said, “My Father used a charm on me; he appeared in my dream and hypnotized me. Whenever he appeared, something like a tortoise entered my body, and I would start to behave abnormally”.

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Akwa Ibom is one of the states in Nigeria where witch persecution is pervasive, and abuses linked to witchcraft beliefs are widespread. As in this case, many cases of witchcraft accusations are linked to dreams, mystical interpretations of dreams. It will take more than arresting suspects and perpetrators to end these savage acts.

In Akwa Ibom, people are taught to take their dream experiences seriously. They believe or are made to believe, that those who appear in dreams are witches or agents of the occult. People are taught that dream experiences are revealing; they disclose potential harm and harmers. So people believe that their dreams point to what would happen to them or their families. So, whenever a person sees someone threatening or attacking them in a dream, they confront, attack, or kill the person when they wake up. Some people have noted cases where they have seen people pursuing them with a machete, or pressing their chest in the dream. And they felt horrified upon waking up. People who see others in a dream prefer to expose and kill them before they wreak further havoc. People take the dream experiences as real-life experiences. Incidentally, this mistaken idea of dreams is real and dangerous. And as this case has illustrated, the mystical idea of dreams leads to horrific abuses.

To end witch persecution, Nigerians need to change their attitudes towards dreams. Nigerians should understand that dreams are natural, not supernatural phenomena. Dreams are a stream of images and sensations that well up in the mind whenever a person is asleep. They have nothing to do with witchcraft or magic as popularly believed. People dream because their brains are not dead. Dreams are rooted in thoughts and imaginations that the mind entertained while awake. It is grossly mistaken to attack or kill someone based on another person’s dream experiences.

Dr. Igwe is an executive director of the
Advocacy for Alleged Witches.

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Opinion

Where Did All The Money Go?

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Mike Hunder

By Mike Hunder

For eight straight years, the Buhari administration had been turning up the “no money” rhetoric.  Added to the puzzle, at a time when oil-producing countries were reaping sustained windfalls from high oil prices, at above $100 per barrel on average in 2022, following the Russia-Ukraine war, the NNPC made zero remittance to the federation account for most of the year. 

Now, a series of striking revelations have contradicted the administration’s “no money” claim, at a dramatic speed.  

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First, the Auditor General, in a 2022 letter to the Senate revealed that “a total of 17,877,705 barrels of crude oil valued at $1,020,969,281.12 (over one billion, twenty million dollars), were exported between 2016 and 2020, without proper records. This perhaps explains the non-remittance of funds by the NNPC into the federation account that characterized the administration. 

Second, things got so bad that, the then Minister of Finance, Mrs. Kemi Adeosun, locked horns with NNPC over shortchanging the government on several occasions. In one instance, in June 2018, there was a standoff between the National Economic Council and the Nigerian National Petroleum Corporation (NNPC), when the then Minister of Finance, Mrs. Kemi Adeosun, pointedly accused the NNPC of short-changing the government.  She declared NNPC’s account to the federal accounts allocation committee (FAAC), “unacceptable” and asked that they render the full account of the “missing billions”!

What happened there after?  The “deep state” clipped her wings, with allegations that she forged her NYSC certificate. Three months later, she resigned, and life went on.

Another revelation came to fore on the floor of the Senate in December 2022. That about 100 federal MDAs failed to account for the sum of #1.9 trillion naira from 2017 to 2021, despite several invitations. More shocking, most of the agencies involved, report to the presidency. This included the State House, Presidential Fleet, Ministry  of Finance, the armed forces, Police, Accountant General office,  NEMA, Ministry of Defence,  Special Assistant to the President on Niger Delta Affairs and many others.

The fourth was a bigger problem than many first thought. The CBN embarked on unfettered “printing of money” for the Buhari administration since 2015, in repeated disregards of the laws. Under the CBN Act, “ways and means” facility (a code for printing money for government), should not exceed 5% of the previous year’s revenue of the government and must be paid within the financial cycle. Then again, Section 38 provides that, “ways and means”… must be refunded before the collection of another one.” Yet, the Buhari administration kept collecting “ways and means” from the CBN, without making a refund, in a zeal not seen before, hitting #23.7 trillion by December 2022.

When the Edo state governor, Godwin Obaseki, first spilled the beans about CBN’s printing of money for the federal government back in April 2021, the government denied it. Now, realizing that the “ways and means” account, cannot possibly be kept way from the public beyond May 2023, the president has sent a request to the Senate to give it a second life. Asking for a legislation to restructure it, and pass the repayment to future generations over a period of 40 years! Added to the puzzle, the request contained no records of how, when and what the #23.7 trillion was spent on.

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Until recently, the administration claimed that Nigeria does not have a debt problem, but a revenue problem. Then, it embarked on constant external borrowings, increasing external debts by 300% between June 2015 ($10 billion) and June 2022 ($40 billion), without a corresponding increase in foreign currency earnings.  Now, Patience Oniha, the director general of the Debt Management Office, when appearing before the House of Representatives to defend the 2023 budget, revealed that Nigeria does have an external debt problem. To the extent that Moody’s and Fitch downgraded Nigeria to a Category ‘B’ economy in 2021, the international market has closed its doors of borrowing against Nigeria, making it difficult for the country to borrow.

On top of this, fell the huge national debt stock, at seventy-seven trillion Naira.

Thus, an ugly spiral has developed: huge sums of money that are unaccounted for, constant external borrowings without a corresponding increase in foreign earnings – and a gigantic national debt of seventy-seven trillion Naira, completes the circle!

In the current climate, what is puzzling to people is, where did all this money go? Many who have defended the administration on financial prudence, now say they cannot go beyond this caricature. Then again, post-May 2023, things will probably get worse, before they get better. So, now comes the hangover! 

*Mike Hunder, an economist and business-training consultant based in Lagos, is a former General Manager at Union Bank Plc and Oceanic International Bank, respectively. He can be reached at: hundermike@mikehunder.com

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