President Goodluck Jonathan has urged heads of other countries to join forces with Nigeria in stamping out terrorism from the country, the continent, and the rest of the world.
Speaking on Thursday on the occasion of the Centenary Conference themed Human Security, Peace and Development: Agenda for the 21st Century, Jonathan emphasised the importance of countries working together across boundaries, not only to coordinate and strengthen their defences but also to address the socioeconomic roots on which these extreme ideologies thrive.
He called for greater regional cooperation in intelligence gathering, saying the control of insurgents will ensure not only Nigeria’s security, but also the security of its neighbours.
Describing the rising menace of the use of small arms and light weapons as a great threat to the world’s human and national security, he revealed that out of the 500 million illegal small arms and light weapons in the world, an estimated 100 million are in Africa, with 10 per cent in West Africa, mainly in the hands of non-state actors.
“Today, as our nation marks its first 100 years, we look back with gratitude to God and with pride in our citizens. We look forward also, to the future, with hope and confidence”, he said.
“In this hall and beyond, I am delighted to welcome many of our past, current and future leaders, as well as our friends and partners, from near and far, persons and nations that have stood with us in times past, and whose friendship we will continue to cherish in the years to come.
“It is my unique honour and privilege to welcome you all to this Conference, a shared moment, to celebrate the 100 years of the Nigerian nation; and for profound reflection on our challenges and opportunities as a continent.
“Your Excellencies, only one year ago, in Addis Ababa, Ethiopia, Africa celebrated 50 years of the establishment of the Organization of African Unity, now the African Union. On that occasion, African leaders reflected on our history and on the state of our union and we re-committed ourselves to building a new Africa, which will usher in greater peace, security and prosperity for our peoples.
“But as I address you today, I have a heavy heart. Two days ago, terrorists invaded a secondary school and murdered innocent children in Yobe State, while they slept. The children, the hopes of their parents and the future leaders of our dear nation, had their hopes and dreams snuffed out, leaving behind grieving families, schoolmates, communities and a sad nation”.
He conveyed his prayers and thoughts to families of victims of the killing, which he described as gruesome and mindless act of savagery that is totally not Nigerian or African. Jonathan assured that his administration will spare no resource in bringing those murderers to justice.
He expressed happiness with Africa’s rise, noting that seven of the fastest growing economies in the world are in Africa, while investment in the continent by Africans in the Diaspora bears testimony to the increased level of confidence in our continent.
He praised the rising middle class and greater penetration of Information and Communications Technologies, which when combined with a fast-expanding financial services sector, are all pointers to a better future. But we must secure this bright future. To do so, we must seriously address the issues of human security, peace and development.
“Your Excellencies, as you well know, the issues of human security and peace are indispensable in the life of every nation. For far too long, in many parts of the world, especially in our continent, governments had placed much emphasis on the security of the state, and our very scarce resources were committed to military and regime security, at the expense of human security.
“We recognize human security as encompassing firm guarantees for human rights and good governance, that translate into expanded opportunities for economic security, food security, health and education security, environmental security, and personal and community security.
“A firm commitment to human security holds the promise of an end to persistent conflicts, insecurity, poverty, disease, terrorism and other scourges that undermine the attainment of our dreams.
“We must emphasize that human security and peace are intertwined. Peace is not just the absence of violence or war. Peace encompasses every aspect of social tranquillity and wellbeing. The peace we strive for is a state marked by the absence of severe human want and avoidable fear. In our lifetime, this peace is attainable, in our nations and our continent”.
He also spoke of the need to strengthen existing mechanisms for national and international conflict management, and create new avenues for cooperation, within and between our peoples and our Nations. He canvassed the view that with focused and cooperation, the 21st century can be the African century — the century where all African children have enough to eat, the century where all children will be in school, where economic growth and prosperity touches all, regardless of gender, economic, political status, ethnic or religious affinity.
But for this to be achieved, he agreed that development on the continent must be people-centred, people-driven and anchored on human security. He stated that the current state of human security, peace and development in our dear continent presents a picture of hope as well as challenges. He noted that for over a decade, Africa has consolidated on its democracy, and many countries have exited military dictatorship, which has now a heightened commitment to the tenets of good governance, and the rule of law.
“Nigeria has always sought security, peace and development. We are steadily developing a strong and vibrant democracy. There is enthusiastic participation across the Nation, with a purposeful government and active opposition parties. This was clearly expressed in the last national elections held in 2011, which received wide national and international acclaim, and was adjudged the freest and fairest ever in our nation’s history”, he continued.
“But as our nations grow, and as Africa grows, we must address some fundamental challenges to our human security, peace and development. Terrorism, which is a global menace, has extended its tentacles to Africa and Nigeria. In concert with our regional and global partners, we will continue to respond strategically and decisively to this scourge, and together with our people we shall end the killings and bring terrorism to an end.
“Your Excellencies, let us work together across boundaries, not only to coordinate and strengthen our defences, but also to address any socio-economic roots on which these extreme ideologies thrive. Terrorism must be condemned in the strongest possible terms. We all must work together, collectively, to rid our world of haters of peace, who use terror to maim, kill, instil fear and deny people their rights to peace and security”.
“The Boko Haram insurgency in Nigeria is one of such condemnable acts of terror. We have continued to deploy human and military intelligence, in close collaboration with our partners, to bring an end to their nefarious activities. Greater regional cooperation in intelligence gathering and control of insurgents will ensure not only Nigeria’s security, but also the security of our neighbours.
“A great threat to our collective human and national security is the rising menace of the use of small arms and light weapons. Out of the 500 million illegal small arms and light weapons in the world, an estimated 100 million are in Africa, with 10% in West Africa, mainly in the hands of non-state actors.
According to Jonathan, Africa has had enough of wars and their cost, as well as that of insurgencies, is too high. He stated that Africa loses an estimated 18 billion dollars per year from wars and insurgencies. He said wars, insurgencies and conflicts impact neighbouring countries even more, due to displacement of refugees, illegal trafficking of arms and disruption of economic activities.
The president maintained that when there are wars or conflicts, we all lose and when there is peace, we all win. He therefore stated the need to deepen the resolve to regulate the illicit trade in small arms and light weapons, strengthen enforcement of the regional protocols, such as the Economic Community of West African States (ECOWAS) Convention on Small Arms and Light Weapons, their Ammunition and Related Materials; and the Nairobi Protocol for the Prevention, Control, and Reduction of Small Arms and Light Weapons in the Great Lakes Region and the Horn of Africa.
“We must do more to reduce some of the drivers of growth in illicit small arms, including human insecurity, inequalities, marginalization, ineffective disarmament, social exclusion and the culture of violence.
“Africa faces a huge challenge with youth population bulge. By 2050, it is projected that about 40% of the population of Africa will be made up of young people below the age of 15 years, while about 60% of the population will be made up of young people below the age of 25 years.
“A major concern is the high level of unemployment among the youth, especially those that are educated and skilled. No priority for human security is more important for African countries than a sharp focus on creating jobs for this teeming youth population. Skills acquisition, entrepreneurship development, encouraging the youth to go into agriculture as a business, and providing them with access to cheaper financing to fulfil their dreams, are all needed to harness and unleash the power of our youth to secure our collective future.
“To foster this, we need to further strengthen intra-Africa trade to create jobs. Africa must add value to its primary products and commodities to ensure that wealth is created on the continent. This will create wider scope for prosperity for our populations.
“We must address the issue of inequality. There is no doubt that Africa is growing and our economies are among some of the fastest growing in the world. But this growth is not creating enough impacts in terms of improving the living standards of our people”.
The president further spoke of the need for inclusive growth capable of stimulating broader shared prosperity among the citizens, adding that social policies that improve access to food, water, housing and education are crucial for inclusive growth and social participation.
While speaking on the importance of addressing the challenges of climate change, he observed that Africa accounts for less than three percent of greenhouse emissions, but it bears the greater brunt of the negative impacts of climate change, such as increasing incidences of floods and droughts, which create vulnerabilities, displace populations and threaten human security.
“The Africa Risk Capacity, the Specialized Agency of the African Union, has a major role to play in reducing the impacts of climate change on farmers, pastoralists, food security and budgets of governments as they address the challenges imposed by extreme weather events and natural disasters”, he said.
“Africa must address the issue of women empowerment to improve human security. When there are wars and social conflicts, women and children bear the brunt of it. So, when we have peace and stability, women and children should be those who benefit the most.
“That is why I am calling today for an Affirmative Finance Action for Women. Under this action, banks should devote at least thirty percent of their bank lending in Agriculture to women farmers and women-owned agribusinesses. The evidence is clear that women rarely default on loans. This purposeful focus on women must become our priority for the post-2015 MDGs.Securing women’s future will secure Africa’s future.
“This brighter future can only occur, if we improve governance and accountability systems. We must reduce the cost of governance and increase more of the national resources on the governed. In particular, we need to reduce the cost of elections and electioneering and shift greater focus on ensuring that the dividends of democracy are delivered to our peoples.
“But democracy alone is not enough. We must remain vigilant and look into our peculiar situation in Africa and identify critical factors that belies the extremism and terrorism that threatens our collective security. The enemies of the state today in Africa are often faceless, driven by religious extremism, ethnic mistrust and rivalries, and propagandas of hate. Their nefarious actions are not limited to any single country and no one is immune.
“Therefore, as leaders we also must change our approach and work more closely together to confront and defeat terrorists and purveyors of hate. Terrorists do not respect borders or boundaries. While we respect our national boundaries, terrorists move in and out of our borders. It is now time that we agreed as African leaders that acts of terror against one nation is an act of terror against all.
“We must not allow our countries to become safe havens for terrorists. We must cooperate maximally in better managing our political boundaries. We should adopt protocols that allow countries to pursue terrorists well into their safe havens in other nations. While we cannot redefine our borders, we must re-define our collective approach to ending trans-boundary terrorism and insurgencies”.
Jonathan also urged the African Union Peer Review Mechanism to pay greater attention to the issues of human security, peace and development. He proposes the development of an African Human Security Index that helps to measure the progress on these and other critical issues in Africa, as shaped by African countries themselves.
He argued that what Africa needs more than anything else in this 21st century therefore is collective action for positive transformation for the good of Africa, saying there is no doubt that this is the African century.
“That is why I want to call on other African leaders to join me in seeking new ways to achieve our goals together, new strategies and workable solutions that advance our cause for peace and development”, he said.
“Let us work towards an Africa, where economic growth leads to jobs for all school leavers, regardless of their ethnicity, their religion, or their gender. Let us work towards an Africa where we all live free from the fear of war and terrorism, and where young Africans see a future for themselves in productive employment, enterprise and education, and not in the false promises of extremist ideology.
“We must work towards an Africa in which human security is a priority for all governments, where genuine and lasting peace makes it possible to achieve, and where economic development works for the benefit of all. It is that Africa of peace, of equity and justice that I crave and it is that Africa that seeks and secures democracy, the democracy that guarantees human happiness.
“Your Excellencies, distinguished ladies and gentlemen, the past is behind us and the future beacons on us. As leaders, we must build a future Africa that generations yet unborn will be happy we bequeathed to them. This must be an Africa devoid of wars and conflicts. An Africa where there are no borders. An Africa where there is free movement of people, goods and services. An Africa that is full of boundless opportunities. To this new Africa we must commit ourselves. Long live Africa, Long live Nigeria, God bless you all”.
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Gunmen believed to be kidnappers attacked a commercial vehicle belonging to Benue Links, the state-owned transport company.
About 17 candidates travelling to Otukpo for their examination centres in the ongoing Unified Tertiary Matriculation Examination (UTME) are feared to have been abducted, although the exact number of victims remains unclear.
Information available to our correspondent says that the incident took place between 7–8 p.m. on Wednesday, April 15, along the Benue Burnt Bricks in Otukpo, Otukpo Local Government Area (LGA) of Benue State.
According to sources, the assailants waylaid the bus and robbed the occupants of their belongings before whisking them away into the bush.
An eyewitness, who spoke to journalists on the condition of anonymity, said the Benue Links bus, which was conveying about 18 passengers, ran into the kidnappers at about 8:00 p.m. on Wednesday night.
“The passengers were mainly young persons heading to Otukpo to sit for the JAMB examination scheduled for Thursday.
“Two people, the driver and one passenger, managed to escape. Incidentally, the passengers were mainly young men and women who travelled to sit for the JAMB examination scheduled for today (Thursday),” he said.
When contacted, the General Manager of Benue Links, Mr Alexander Fanafa, confirmed the incident, noting that the driver of the bus is presently undergoing interrogation at the police station in Otukpo for violating the company’s safety policy not to travel beyond 6:00 p.m.
He said, “As I speak with you, the driver has been arrested and is under investigation for traveling against company directive. I have warned all drivers to stop night journeys, as they would be held as first suspects if anything unfortunate happens.”
The General Manager further stated that the driver took his vehicle and loaded the passengers who were heading to Otukpo after official hours when the park manager, Mr Amedu, had closed, and ran into trouble, so he has been arrested.
The Executive Chairman of Otukpo Local Government Council, Prince Maxwell Ogiri, confirmed the incident, saying that it occurred between 7 and 8 p.m. on Wednesday.
He added that security agents have been mobilized to rescue the victims, stating that the victims are all young people coming to Otukpo to write JAMB examinations.
“It is true, I’m just coming out from a security meeting, and security operatives have been moved into the forest to help rescue the kidnapped victims.
“The victims are mainly young boys and girls coming to Otukpo to write JAMB,” Ogiri said.
However, when contacted, the Benue State Commissioner of Police, Ifeanyi Emenari, confirmed the situation, but said 14 passengers were kidnapped, while one passenger escaped.
The commissioner disclosed that he had already arrived in Otukpo and is conducting the rescue operation.
“I am in Otukpo now with all my team and DPOs who are here in the bush, and I am heading the operation.
“What happened was that one Benue Links bus carrying passengers coming to Otukpo was stopped and attacked by hoodlums, and 14 passengers were kidnapped, but one was able to escape,” he said.
According to him, the command had commenced an investigation into the incident, particularly the circumstances surrounding the journey.
He maintained that Benue Links management has a policy against night travel, but the driver allegedly picked up passengers after official hours.
“We know that Benue Links has a policy and don’t usually drive at night. So from what I got, they have already closed, but the driver, for reasons best known to him which we are still trying to find out, picked passengers along the road, and when he came here, the story you have is what we are having.
“But as we are investigating, we are on the ground to make sure that the victims are rescued,” Emenari said.
News
There are governments that save for the rainy day, governments that prepare for the storm, and governments that, when the heavens open and money falls like tropical rain, rush outside with buckets full of holes. Nigeria, under President Bola Tinubu, has perfected a fourth category: the government that borrows during a windfall. It is a feat of fiscal acrobatics so astonishing that even the most cynical observers of Abuja’s budgetary theatre must pause in admiration. For decades, Nigeria has squandered oil booms with the reliability of a metronome. But this administration has achieved something more ambitious: it has managed to squander a boom before it even finishes arriving.
The US–Iran war has sent oil prices soaring to $115 per barA Government Addicted to Debtrel, nearly double the government’s benchmark of $64.85. Nigeria is earning an extra $92 million every single day; a torrent of unbudgeted cash that would make even the most jaded petro state accountant blush. In barely a month, Abuja has pocketed almost $3 billion in windfall revenue. If the conflict drags on, the country could rake in $30–$36 billion this year alone. And what has the Tinubu administration done with this unexpected bounty? Why, it has gone on a borrowing binge, of course.
In the past week alone, the National Assembly approved: a $5 billion loan from First Abu Dhabi Bank; a $1 billion UKEF backed loan for Lagos ports; a $6 billion external borrowing package, rubber stamped in under four hours, and a N68.323 trillion budget; the largest in Nigeria’s history. This is not fiscal policy. This is a national credit card with no spending limit. Nigeria’s public debt now hovers around $115 billion, and debt servicing will gulp N20.5 trillion in 2026; more than the budgets of health, education, and infrastructure combined. Yet the government borrows as though it were a teenager discovering online shopping for the first time. One might have expected that a historic oil windfall would inspire restraint. Instead, Abuja behaves like a gambler who wins the lottery and immediately takes out a loan to buy more lottery tickets.
The Senate: From Upper Chamber to Upper Cashier
The Senate’s role in this farce deserves special mention. Once conceived as a check on executive excess, it now functions as a conveyor belt for presidential loan requests. The $6 billion borrowing package was approved with the speed of a fast food order; no debate, no scrutiny, no hesitation. Former Vice President Atiku Abubakar, hardly a stranger to Nigeria’s fiscal melodramas, described the approval as “reckless urgency.” He is being polite. The Senate has not merely abdicated oversight; it has embraced its new role as a ceremonial stamp of approval, a kind of legislative rubber chicken waved over every loan document. One wonders whether senators even bother to read the fine print anymore, or whether they simply check the exchange rate, sigh, and sign.
The Oil Windfall That Will Not Be Saved
Other countries treat oil windfalls as blessings. Norway built a sovereign wealth fund so large it could buy entire countries. Saudi Arabia uses its surpluses to diversify its economy. Even Angola; long mocked for its corruption, has learned to stash away a portion of its oil riches. Nigeria, by contrast, treats windfalls as invitations to spend more, borrow more, and plan less. The Excess Crude Account, once envisioned as a rainy day fund, is now emptier than a politician’s promise after election day. The Sovereign Wealth Fund is a polite fiction. And fiscal discipline is a rumor whispered in the corridors of the Ministry of Finance. The tragedy is not that Nigeria is poor. The tragedy is that Nigeria is mismanaged.
The revised N68.323 trillion budget is a monument to fiscal optimism. It allocates N15.8 trillion to debt servicing; N15.4 trillion to recurrent expenditure, and N32.2 trillion to capital projects, many of them rolled over from previous years because the government failed to implement them. This is not a budget. It is a wish list. The government insists that the spending spree will “stimulate growth,” “unlock infrastructure,” and “stabilize the economy.” These are the same phrases Nigerian governments have used since the 1970s, usually moments before the economy collapses under the weight of its own contradictions.
Borrowing to Service Borrowing
The most farcical element of the Tinubu administration’s fiscal strategy is its reliance on borrowing to service existing borrowing. Nigeria now borrows to pay interest on previous loans, borrows to refinance old debts, borrows to fund recurrent expenditure, and borrows to cover budget gaps. This is not fiscal management. It is a Ponzi scheme with national colors. The administration insists that the debt is “sustainable.” So did Greece in 2008. So did Argentina in 2001. So did Nigeria in the 1980s; right before the IMF arrived with structural adjustment programs (SAP) that Nigerians still curse today.
Nigeria’s economy is a house built on sand: the naira remains fragile, inflation is suffocating households, foreign investors are fleeing, debt service consumes most of national revenue, oil production is unstable and non oil revenue is anemic. And yet, in the middle of this storm, the government has chosen to borrow more; at a moment when it should be saving aggressively. The oil windfall is a gift. But gifts require stewardship. And stewardship requires discipline. Neither is in abundant supply in Abuja.
Conclusion: A Nation at the Edge of a Fiscal Cliff
The expanded budget includes lavish allocations to the judiciary ahead of the 2027 elections, feasibility studies for politically convenient infrastructure, and capital projects that conveniently align with electoral maps. This is not economic planning. It is election year choreography. Nigeria is not being prepared for the future. It is being prepared for the polls.
The Tinubu administration inherited a difficult economy. But it has chosen to make it worse. Instead of using the oil windfall to rebuild reserves, strengthen the currency, reduce borrowing, and stabilize the economy, it has embarked on a reckless spending spree financed by loans that future generations will be forced to repay. Nigeria is earning billions, and saving nothing. And it is borrowing everything. History will not be kind to this moment. Nor will the bond markets. In the end, Nigeria’s tragedy is not that it lacks resources. It is that it lacks restraint. And in Abuja today, restraint is as scarce as electricity.
Business
In The Spotlight
On Friday, Nigeria’s Defence Headquarters confirmed the death of the Commander of the 29 Task Force Brigade in Benisheikh, Borno State, Brigadier General Oseni Braimah, and three other soldiers, following a ruthless attack on the military formation. Though this confirmation calmed initial reports that more than 17 soldiers were killed in the April 9, 2026 attack, it, however, ignited a deeper cause for concern among Nigerians, considering the fact that just about five months earlier, another brigadier general, Musa Uba, was murdered in cruel but avoidable circumstances near Wajiroko, in the same Borno State.
The attack on the military formation was not the only terrorist strike that week. That same Thursday, the devastating news of the soldiers who paid the supreme price had not been fully digested when another report filtered in, at night, that no fewer than eight persons had been killed by gunmen, in Mbwelle village, Bokkos Local Government Area of Plateau State. This was besides the bloodshed recorded in Shanga Local Government Area of Kebbi State on Easter Sunday, where 24 people were killed, according to the Kontagora Catholic Diocese, and in Kebbi and Kwara states, where 49 villagers were reportedly killed on Friday.
Despite the confusion, mourning and grief that followed the killing of these helpless civilians in various communities, described by authorities as some of the deadliest incidents recorded in recent months, the report of the military formation invasion and the killing of soldiers specifically caused panic attacks among citizens and gave a “hopeless situation” slant to the worsening security crisis. And this has become a trend since the beginning of the Boko Haram insurgency in 2009.
It is true that Nigeria’s security forces under the current administration have been dismantling bandit networks and killing scores of terrorists. But the relentless attacks on innocent citizens, which have led to the death of over 10,000 people in two years, and the kidnapping of more than 1,100 people in northern Nigeria, in just four months, appear to have enveloped security agencies’ efforts and boxed the current All Progressives Congress administration into a more precarious corner than previous opposition governments.
A few analysts have tried to compare the security situation under the late former President Muhammadu Buhari with the situation now. While some scored the President Bola Tinubu administration above his predecessor’s, others like Olu Fasan, in his article: “Recurring bloodbath: Nigeria is too fragile, too fractured to be safe”, said, “It has taken Tinubu less than three years in office to achieve a worse security situation than Buhari did in (his) eight years in power.”
I may not directly agree with this notion, but I know that the prevailing economic hardship or widespread poverty in the country, despite significant, growth-targeted policy reforms like exchange rate unification, subsidy removal, and fiscal coordination, can be justifiably linked to rising insecurity.
The Nigerian Institute of Social and Economic Research, in a 2024 study brief, titled: “Insecurity takes the lead as the key driver of poverty in Nigeria”, said, “Once a country experiences conflict and insecurity, it faces a reversal of economic development, which in turn increases the likelihood of further conflict, resulting in a cycle economists refer to as doom-loop. By undermining household livelihood activities on massive scales in Nigeria, increasing insecurity in the last five years has not only intensified poverty in the country, but has also opened up new frontiers of multidimensional poverty across Nigeria.”
Insecurity, according to NISER, drives poverty by disrupting and destroying livelihood activities and by reducing access to basic needs, thereby stifling meaningful improvement in the quality of life in Nigeria. This argument can be better appreciated if one considers how many Nigerians have abandoned leisure or commercial farming, especially in rural areas, owing to rising insecurity.
It would be unfair to pin the blame for this lingering crisis on the current administration; past governments were not also able to do much to stem the tide. But the fact that political IOUs seemed to have trumped competence during the initial formation of President Tinubu’s cabinet inadvertently gave room for unpalatable political treatment of delicate security matters across the states.
The Ministry of Defence, according to analysts, was the worst hit until recently, as analysts found it difficult to decode the consideration behind the choice of the two ministers who were initially saddled with such a priority responsibility. Perhaps, if the issue of security had been given the kind of attention it is being given now, from the beginning of the current administration, the terrorists might not have been this emboldened amid international focus.
The result is that, unlike when Nigeria was ranked the Number One Destination for Investment in Africa for two consecutive years (2012 and 2013), other African countries have, since then, continued to displace the nation, owing to a combination of factors, including accessibility and innovation, economic stability and investment climate, among others.
Of the 31 countries that were tracked in the 2024 edition of the “Where to Invest in Africa” report, published by Rand Merchant Bank and the Gordon Institute of Business Science, Nigeria was ranked as the ninth most viable destination for investment in Africa, behind South Africa, in fourth position; and Ghana, sixth. The 2025 report sadly reflected a further decline for Nigeria, by nine places, to the 18th position.
It doesn’t take an economist to understand that banditry, kidnapping, killings, among other forms of security crisis being witnessed on a large scale in Nigeria, can seriously damage the investment climate and trigger capital flight. Any government that picks the socio-economic well-being of its citizens as Number One on its priority chart must, therefore, go all out to first ensure the security of lives and property, against all odds.
That the Federal Government has published a list of 48 individuals linked to terrorism financing is a step in the right direction. That it has also secured 386 convictions, out of 508 cases in a mass terrorists’ trial, is another feat that can deter others and stem the tide, but politicians must, in the interest of the masses and the well-being of the nation, stop playing politics with this sensitive issue of insecurity.
Rather than mock or blame the APC administration for the current predicament, opposition figures and Nigerians as a whole must converge on the need to be united against this monster. However, the Tinubu administration must also avoid actions or statements that could trigger a revolt at this period. With the economic challenges from almost every angle, Nigerians seem to be constantly on edge.
In March 2014, the APC, then the main opposition party, lambasted the former President Goodluck Jonathan administration for trying to cover up its “incompetence and cluelessness” in tackling the Boko Haram insurgency.
The APC, in a statement signed by Lai Mohammed, its interim National Publicity Secretary at the time, said, “A country that has no discernible counter-terrorism strategy that will clearly identify the multiple means for preventing, responding and defeating terrorist groups, including the alignment of political, military, social and economic instruments and objectives, cannot expect to successfully battle any insurgency.”
Now that the APC is the ruling party, and Nigeria is still not out of the woods, should citizens still agree with the party’s assertion? How the authorities handle the situation will determine the answer. What goes around comes around!
In The Spotlight
Nearly 40 years ago in London, I was invited to dinner by a Nigerian woman I knew in Lagos.
She had described the place in general terms, but I arrived at an upscale home with some serious luxury. She was kind enough to show me around, and following a stylish dinner, she described how she had acquired the place, mentioning headline Nigerian names.
I had no reason to doubt her: some of them called during the evening. I declined her offer to share her conversations with them.
It was my personal introduction to the scale of Nigerian property in the English capital, as she described who owned what or lived where.
While my visits to England at the time were work-related and I had little time to socialise, I did meet several teenage Nigerian students whose parents were glad to send them abroad for education.
They patrolled the streets of London in exotic cars, and I thought it was ironic that, in isolation away from Nigeria, the young ladies were often being manipulated by their fathers’ friends.
In the decades that followed, I read stories of politically exposed Nigerians, particularly state governors, for whom the UK was the first address in money laundering.
On a few occasions, I have alluded to that phenomenon in this column. They acquired expensive homes, cars and even gold phones. One, Diepreye Alamieyeseigha, fled London disguised as a woman. Another, James Ibori, was tried and jailed.
Keep in mind that there have been about 185 governors since May 1999, and that London is nearly always their first port of call.
It is humbling to reflect on what percentage of this number has, in the past 26 years, sunk Nigerian wealth into the soil of England, with considerable swathes lost to middlemen and smooth women.
Remember: in 2006, the then-Minister of State for Finance, Nenadi Usman, criticised governors, saying that they disappeared abroad just days after receiving state allocations and after visiting Bureau De Change operators.
In 2007, a famous Human Rights Watch report, “Chop Fine,” described the case of Rivers State in grim detail.
The problem is that it is not always governors, as demonstrated by the story, “Abuja on Thames,” which appeared in the British monthly, Private Eye, in March 2019. That month, I commented on that story, which involved the astonishing wealth in that country of Paul Ogwuma, a former governor of the Central Bank of Nigeria.
The full Nigerian picture of capital flight, elite consumption, and political patronage was on display when the Panama Papers in 2016 and the Pandora Papers in 2021, two massive international media investigations in which our Premium Times participated, uncovered how the world’s rich and powerful deploy offshore mechanisms to hide their possessions.
As always happens, no Nigerian lost a kobo, let alone a heartbeat, as a result of those investigations, because in Nigeria, crime and hypocrisy quite literally pay.
And then in 2024, a list appeared of 58 deceased Nigerians with unclaimed assets in the UK, as part of a daily-updated “Bona Vacantia” (BV) list, meaning that having remained unclaimed, they are now considered the property of the Crown.
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The Nigerian government does not inform Nigerians about the BV list or the claims process, so those properties are probably lost forever.
Remember also, the case of Nigerian “government” property on the verge of forfeiture in the UK a few years ago. In New York and Maryland, in the US, Nigerian governors and diplomats have left behind a long trail of property issues. In 2012, Alamieyeseigha forfeited $401,931 in traceable assets to the US government when President Jonathan’s government failed to claim them.
And so, the rich continue to flourish, and in January 2026, Tax Policy Associates of the UK published the extensive investigation, ‘Who secretly owns Britain? The hidden offshore owners of £460bn of UK property.’
A report in The Londoner, based on that investigation, peeled back the layers to link the late Herbert Wigwe, the former chief executive of Access Holdings, to about 106 properties. That placed him at No. 7 on a list of “The overseas power players in London’s property market,” with each property registered under shell companies outside the country, leaving none of them directly traceable to him.
While some of these practices are legal, especially on the part of private businessmen, the problem is that Nigeria has, for decades, been burdened by an army of much smaller ants eating away at her. Most of them are pillars of society, either claiming sainthood or praying for it, while the people from whom they amassed their wealth starve to death.
But there is another side: in Nigeria, the Tax Policy Associates investigation, like the arrests of Dariye and Alamieyeseigha and the trial of Ibori, would have been impossible.
“Abuja on Thames” would never have been investigated or published. Not the Pandora Papers. Not the Panama Papers.
Because we are traders. We are either buying or selling. When the aroma of money or power is present, some would sell their very souls. It is why we are where we are.
The system, of course, is in many ways pre-rigged. On real estate matters, we operate a fragmented administrative system with multiple overlapping authorities, incomplete digitisation, and overwhelming opacity. The FCT and state capitals are stories of greed.
This is because the Land Use Act vests all land in each state in the governor (and the President for the FCT). This means that, technically, no one “owns” land outright; one only holds a Certificate of Occupancy. That creates enormous scope for discretionary allocation and corruption, since governors and the FCT minister can grant or revoke rights, and often do.
This is why an FCT minister is a king. He can allocate land to whomever he pleases:
Relatives of the First Lady were thrice removed.
His wife.
Fourth cousins.
Underage children.
Governors, again.
EFCC officials.
ICPC officials.
Code of Conduct Bureau officials.
Girlfriends and their friends.
Supreme Court judges.
Court of Appeal judges.
INEC officials.
Senators.
Top police officers.
Among others, remember the FCT land scam of 2004; the Ministerial allegations involving the current FCT Minister, Nyesom Wike; and the 57 multi-billion-naira properties linked to former Attorney-General Abubakar Malami.
Just imagine what a Tax Policy Associates-style investigation of real estate ownership in Nigeria’s big cities would reveal.
Because in Nigeria, power is deployed into service only when we pray in the mosque or the church. Outside that, power is for the self.
And if you can export that power abroad in funds that belong to the commonwealth, to deprive other Nigerians of it and make you live like a king forever, so much the better!
Sonala Olumhense