Wednesday, November 14, 2018

Magnus Onyibe

    War against corruption: Role of judiciary, state and society

War against corruption: Role of judiciary, state and society

I would like to commence this intervention with the very cryptic statement by president muhamadu Buhari at the opening ceremony of the 55th Annual General Conference of the Nigerian Bar Association, NBA on August 21,2015 where mr president urged the judiciary to support his war against corruption while noting that , "Ability to manipulate and frustrate the legal system is [...]

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    Which is hurting more: Corruption or collateral damage from fighting it?

Which is hurting more: Corruption or collateral damage from fighting it?

Some of us have literally been at president Muhammadu Buhari's 'throat' over what we deem to be economically, socially and politically rough and nasty methods and procedures that mr president has been adopting in combating corruption in Nigerian polity and the catastrophic effects on the nation.Apart from the evidently obtrusive anti corruption war, another clog on the wheel of progress [...]

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    Political or economic malpractice: Which is worse?

Political or economic malpractice: Which is worse?

It is common knowledge that the focus of govt in the past one year of the administration of president Muhamadu Buhari has been to drastically reduce, if not eliminate economic malpractices popularly known as corruption, which has been wrecking havoc on Nigerian economy.Apart from the global economic meltdown arising from the plummeting price of commodities, particularly crude oil, which is [...]

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    Banking on alert

Banking on alert

[...]

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    Next for Buhari: Naira/Yuan swap and tax reform

Next for Buhari: Naira/Yuan swap and tax reform

Upon his return from a state visit to China a few months ago, song and dance were made of a business scoop, that goes by the name Naira/Yuan swap which the high powered Nigerian entourage, struck with their Chinese counterparts.The deal was meant to assist in easing the pressure on Nigeria's foreign exchange, fx reserve which has been declining rapidly [...]

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    Federal Republic of Inequality?

Federal Republic of Inequality?

Hitherto, even under military rule, the positions listed above were spread amongst people from the 250 ethnic nationalities earlier listed particularly amongst the three major groups, Hausa /Fulani, Yoruba and lgbo.If the recent interview, claimed to have been granted Hausa service of the BBC is to be believed, mr president is making a case that appointment of mostly close associates [...]

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    One year of Buharinomics: Reality check on floating the naira

One year of Buharinomics: Reality check on floating the naira

The very seminal book 'The Monetary History of The United States' by Milton Friedman and Anna Schartz which l read in the course of my academic pursuits, particularly when l was trying to understand the causes and solution to the Great Depression, was too tedious.In the book, Friedman, Nobel prize winning economist and Anna Schwartz identified four main policy mistakes [...]

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    Evidence that TSA has hurt instead of helping Nigerians

Evidence that TSA has hurt instead of helping Nigerians

Roughly 1,500 Nigerians in the financial services sectors have in the past couple of weeks been relieved of their jobs. This comprise of 200 from Skye Bank, 200 from Diamond Bank and 1,040 from Ecobank, just to mention a few.Without the threat to withdraw banking licenses of institutions that would further sack employees by minister of employment and productivity - [...]

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    Now that Buhari has delivered on loot recovery

Now that Buhari has delivered on loot recovery

Amidst doubt about president Muhamadu Buhari's ability to deliver on his cardinal campaign promises to rein in corruption, recover looted funds, restore security of lives and property and stabilize the economy, Nigerians were on Saturday 4th June, 2016 apprised of the amount so far recovered.According to information and culture minister Lai Mohammed, a whopping sum of money estimated to be [...]

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    Nigeria now looks like an ICU

Nigeria now looks like an ICU

Some of us are familiar with intensive care units, ICUs of hospitals where cries of pain from people in anguish rend the air.That's where people involved in road accidents, fire disasters, domestic violence and sundry tragedies , often of life threatening magnitude, are taken to for urgent attention and timely remediation.In ICUs, practically everybody you are likely to find would [...]

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    President Buhari’s leadership: Looking beyond headlines

President Buhari’s leadership: Looking beyond headlines

As President Muhammadu Buhari and the APC mark one year in office, the media have been full of screaming headlines in praise or denunciation of the leadership style and its positive or negative impact on the lives of Nigerians.To achieve a more holistic assessment of the new Aso Rock occupant and the new ruling party, we have to look beyond [...]

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    Nigeria, Boko Haram, politics and economics of tomatoes

Nigeria, Boko Haram, politics and economics of tomatoes

Nigeria became a butt of international jokes when she banned importation of 41 items, one of which is tooth pick, considered non essential to warrant allocation of hard earned foreign exchange, fx from the Central Bank Of Nigeria, CBN for its importation.Following the ban,an International media outfit, The Economist magazine published an article with the blistering headline "Nigerian Currency: Tooth [...]

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    Buhari: Leading in turbulent times

Buhari: Leading in turbulent times

President Muhammadu Buhari's face can sometimes be deadpan and inscrutable.As an ex soldier, he is supposed to be stern,so wearing a straight face that leaves no clue is not unexpected.At the inception of his administration,most things that appeared to have been unhinged during the immediate past administration, started falling into place. Electricity supply ramped up from about 3,500 mega watts [...]

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    Another opportunity to create 1m jobs

Another opportunity to create 1m jobs

These are perilous times for President Muhammadu Buhari and the 36 state governors of Nigeria.In fact some would argue that this is not a good time to be president or governor in Nigeria.Already, about twenty seven, 27 of the states are said to be so insolvent, that the governor's are unable to pay civil servants their monthly emoluments without assistance from [...]

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    The anti-corruption blow back in London

The anti-corruption blow back in London

Barely 24 hours to the celebrated Anti-Corruption Summit in London, David Cameron, British prime minister, PM and convener of the event, in a moment of indiscretion, and in the presence of the Queen of England and the Archbishop of Canterbury, verbalized his true evaluation of Nigeria, in the following damning words: "We have got some leaders of some fantastically corrupt [...]

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    Analysing the Buhari appeal

Analysing the Buhari appeal

As the old saying goes, a prophet is not recognized in his home but often times, revered outside.As President Muhammadu Buhari is increasingly being loathed at home-if social media activities are anything to go by- he is now being courted abroad.On Monday, May 9, he jetted off again to the United Kingdom for a conference on anti corruption- a subject [...]

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Exchange Rates

November 13, 2018USDGBPEUR
INTERBANK306397354
LAGOS359475418
KANO359476420
PH360476420
ABUJA359478419
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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