Editorial

That Sovereign Wealth Fund

Published

17 years ago

April 26, 2010

Last Tuesday, the National Executive Council (NEC) approved the substitution of the nation’s existing Excess Crude Account (ECA) with a new National Sovereign Wealth Fund (NSWF).

The new Fund, according to NEC, would be subject to approval by the National Assembly before its take off in few months time.

The birth of the NSWF, which did not come as a surprise to many Nigerians, perhaps, signifies the end of the unending controversies surrounding the application of the ECA.

Explaining the modus operandi and the rationale behind its creation, the minister of finance, Mr Olusegun Aganga, said the the new fund is an embodiment of robust institutional framework and strong fiscal policy for managing excess crude earnings, with the advantage of a stabilization fund structured to boost infrastructure and other developmental needs of the country.

NEC, with the Acting President, Goodluck Jonathan as Chairman, agreed on the need to depart from the vagaries of the past that marred execution of the Excess Crude Account, by ensuring a legal backing for the National Sovereign Wealth Fund. By that, the NSWF would enjoy legitimacy which the ECA, a product of political and economic expediency, was bereft of.

The Council members shared a common cardinal objective for setting up the new fund , that time has come to save for the future, rather than expend all revenue generated in the country.

That was the major shortfall of the Excess Crude Account, leading to its regular depletion, otherwise it was used as revenue complement when oil price ebbed.

If anything, the ECA was more dead than alive on arrival, as it was left to the whims and caprices of corrupt leaders, an oversight responsible for the devisive tendencies between the federal and state governments. In fact, it became a matter for the courts to decide how it should be shared.

ECA’s regular slide from $20.1, billion to $7.8 billion, between 2008 and 2009, was noteworthy and alarming, which informed the warning from World Bank Director and Nigeria’s former finance minister, Dr Ngozi Okonjo-Iweala. She suggested a policy action by the federal government, Central Bank of Nigeria and the Ministry of Finance to arrest the situation.

Still on its unstable nature, the Revenue Mobilization, Allocation and fiscal commission (RMAFC), last year, criticized management of the Excess Crude Account, noting that government was depleting the account when no single dollar accrued from crude sale between August to October, save the much that came from other sources.

Apparently, NEC’s option for the new NWSF is shared by many. But we wish to advise that the primary pitfalls of ECA are still very much around and ready to threaten the existence of the Sovereign Wealth Fund if not well managed.

For instance, certain basic rules that stimulate wealth creation and financial discipline must be kept for the SWF to succeed. They include: flexible and market based exchange rate, curbing fiscal deficit, checking debt increase (domestic borrowing) and transparent bank recapitalisation.

While we share NEC’s policy of saving for the future, therefore, we maintain that these conditions if not adhered to would translate government’s new plan to merely storing an old wine in a new vessel.

Again, we make haste to add that the “Nigerian factor” must not bedevil the operation of the new fund. Rather than create a loophole (despite the legal framework) for corrupt leaders to abuse the fund and challenge aggrieved persons in court, let the status quo remain.

After all, it would amount to a lesser evil if part of the fund is channelled to special projects while the rest is shared among the states.

Indeed, only a workable legal framework, supported by strong political will, can ensure a successful Sovereign Wealth Fund.

But just as we plan for the rainy day, it is our opinion that the federal government, through the SWF, should set aside specific fund to fast-track infrastructural and sectoral development in the states.

We welcome the NSWF, in the belief that if well managed, it would serve as the much needed stabilizing factor in the nation’s sources of revenue generation and savings. In addition, it would save the nation from more borrowing and larger deficit, should our yearly oil revenue assumption in the budget fail.

Editorial

Champions At Last: Well Done, Flamingos

Published

4 days ago

November 9, 2026

The Tide

History was made on 7 November in Rabat, Morocco, when Nigeria’s U-17 women’s team, the Flamingos, beat Japan 2-1 to win the FIFA U-17 Women’s World Cup 2026.

Nigeria became the first African women’s team to win a FIFA title at any level, breaking a hierarchy long dominated by Asia and Europe. Before this final, only five nations had lifted the trophy since 2008: North Korea (4), Spain (2), and South Korea, France and Japan (1 each).

Nigeria’s dominance of women’s football in Africa is well established. The Super Falcons have won a record 10 Women’s Africa Cup of Nations titles since 1998, winning all 10 finals they contested. Yet continental supremacy had never translated into a global crown for a women’s side, until now. The Flamingos have bridged that gap.

The manner of victory made it even more impressive. In the semi-final, Nigeria beat Brazil 3-1 to surpass their previous best finish of third in 2022, when they beat Germany on penalties for bronze. The Brazilian coach conceded candidly that the Flamingos were better and stronger. It was merit, not fortune, that carried Nigeria to the final.

This gold was also the fulfilment of a long apprenticeship. The Flamingos had featured in seven of the eight previous editions, reached the quarter-finals five times, and secured Africa’s first podium finish with bronze in 2022. That bronze was a promise; this gold is its fulfilment. Their rise from quarter-finalists to medallists to champions reflects steady maturation, not accidental brilliance.

The triumph arrives at a moment when Nigeria’s senior teams are faltering. When senior sides stumble, confidence wanes and supporters grow cynical. The Flamingos have rekindled belief, reminding the nation that its talent pipeline remains fertile and its place in world football is attainable. Their success is a beacon in a period of gloom.

Kudos to the Flamingos. They have earned a special place in Nigerians’ hearts, not merely because they won, but because they won with courage, discipline and collective spirit. In a nation often divided by ethnicity, politics and economic anxiety, these young women have provided a rare moment of unified jubilation.

Having made the country proud, they deserve tangible recognition, not fleeting applause or empty rhetoric. Other nations honour conquering athletes with national honours, financial rewards, housing and scholarships. Nigeria must not be less generous. A formal reception, befitting remuneration and public celebration would show that sacrifice for the national colours carries reward.

Beyond that, these girls must not be allowed to fade away. Nigeria’s U-17 boys achieved comparable feats, yet many of those players disappeared for want of structure, guidance and continuity. History cautions that a single triumph can become an epitaph rather than a foundation if it is not consolidated. The nation must resist the familiar cycle of euphoria followed by neglect.

If properly tutored and groomed, these players will bring further glory, through a deliberate transition from the U-17s to the U-20s and ultimately to the Super Falcons. That requires structured coaching, competitive exposure, sports science, psychological support and regular international fixtures, rather than sporadic camping before tournaments. The Federal Government must ensure no Flamingo is lost to idleness, injury without care, or migration without a pathway home.

To sustain this success, the authorities must adopt policies to grow the game as other successful nations have done. Spain, twice champions at this level, and Japan, champions in 2014, built their success on school football, licensed academies, professional women’s leagues and long-term technical curricula. North Korea’s four titles reflect systematic, state-supported youth development. Nigeria need not copy every detail, but it must embrace the principle: talent is cultivated, not accidental.

The Nigeria Football Federation, National Sports Commission, state governments, corporate sponsors and schools must, therefore, act in concert. We propose: first, individual development plans and scholarships for every squad member; second, guaranteed progression into the U-20 team and the Nigeria Women Football League; third, a national girls’ football academy system anchored in the six geopolitical zones; and fourth, transparent contracts, medical insurance and mentorship to protect these minors from exploitation. These are not extravagant demands; they are the minimum obligations owed to world champions.

The Flamingos have given Nigeria more than a trophy; they have given the country a template and a testimony. They have shown that with preparation, belief and unity, Nigerian girls can conquer the world. Let the applause be loud, but let the action be louder. If we nurture these champions and sustain the policies that produced them, this golden November in Rabat will be remembered not as an isolated miracle, but as the dawn of Nigeria’s enduring reign in women’s football.

Editorial

Kula Tragedy, Needless Loss Of Lives

Published

2 weeks ago

November 2, 2026

The Tide

The reported drowning of about ten young men in the creeks of Kula, Akuku-Toru Local Government Area of Rivers State, during an alleged confrontation over an oil spill at OML-55 is an avoidable tragedy. What began as a protest against environmental degradation and demands for remediation and compensation ended in a fatal collision between a community boat and a gunboat operated by personnel in military attire. The incident, which occurred amid efforts to halt a commercial vessel, underscores the persistent tensions between host communities and oil operators in the Niger Delta.

According to community accounts, including those of Chief Anabs Sara-Igbe, a former spokesman of the Pan Niger Delta Forum, residents sought to suspend operations pending cleanup and compensation. The arrival of armed personnel reportedly heightened tensions, resulting in the community boat capsizing. Recovery efforts were ongoing when initial reports emerged, while the Nigerian Army’s 6 Division and the Rivers State Police Command had yet to issue formal statements. Such delays in official communication only deepen public anxiety and suspicion.

This unfortunate situation is not an isolated incident. The National Oil Spill Detection and Response Agency (NOSDRA) recorded 4,184 oil spill incidents in Rivers State between 2015 and July 2025, the highest among Nigeria’s states. Nationally, 589 spills were recorded in 2024, releasing approximately 19,000 barrels of crude. Although sabotage and theft account for many incidents, operational failures remain significant. Since commercial oil production began in the late 1950s, millions of barrels have reportedly polluted the Niger Delta, devastating mangroves, fisheries, and livelihoods.

The conduct of some youths in dealing with oil companies requires sober reflection. While grievances over pollution, inadequate remediation, and unfulfilled obligations are legitimate, physically obstructing vessels or confronting armed security personnel rarely produces constructive results. The Ogoni struggle of the 1990s, associated with Ken Saro-Wiwa, demonstrated the power of organised, non-violent advocacy. Subsequent militant violence, however, exacted devastating costs on communities. Youths must, therefore, prioritise dialogue, petitions, traditional institutions, and lawful complaints over dangerous confrontations.

This tragedy could and should have been prevented. Existing laws provide avenues for addressing community grievances. The Petroleum Industry Act (PIA) 2021, for instance, requires settlors to contribute three per cent of their preceding year’s actual operating expenditure in upstream petroleum operations to Host Communities Development Trusts. These trusts are intended to support infrastructure, education, healthcare, and environmental protection, providing structured mechanisms for handling development deficits and community concerns without risking lives.

Oil operators must equally demonstrate restraint and environmental responsibility. Where pollution occurs, as alleged at OML-55, companies must ensure transparent investigation, remediation, and meaningful engagement with affected communities. Deploying armed personnel at the first sign of resistance often escalates disputes rather than resolves them. Host communities are stakeholders, not adversaries, and legitimate environmental concerns must never be treated as threats warranting intimidation or excessive force.

Both sides must respect the rule of law. Youths should avoid dangerous confrontations with armed operatives, particularly on waterways, where accidents can quickly become fatal. Operators, in turn, must not take unilateral actions that disregard community concerns or environmental obligations. Properly implemented, the PIA’s Host Communities Development Trust framework and applicable environmental regulations offer avenues for resolving disputes and grievances.

Regulators, particularly the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and NOSDRA, must act more decisively. Effective monitoring, prompt investigation of spills, and strict enforcement of remediation and compensation obligations would help prevent recurring confrontations. Although improvements in spill management are possible, persistent pollution, unrecovered crude, and community alienation demand stronger institutional commitment. Laws are meaningful only when enforcement delivers tangible results to affected populations.

Security agencies must also establish clear protocols for handling disputes between oil operators and host communities. Reports that uniformed personnel allegedly left the scene after the Kula incident raise serious questions requiring investigation. The police and military must establish what happened, under whose authority the personnel acted, and whether failures of judgment or communication contributed to the tragedy. An independent, transparent inquiry is essential to establish accountability, restore public confidence, and prevent recurrence.

Sustainable peace in oil-producing communities depends on mutual respect, environmental justice, and genuine partnership. Youths must pursue organised, peaceful advocacy; oil operators must prioritise remediation and equitable community benefits; and regulators must ensure that existing laws translate into timely action. Above all, the reported Kula tragedy must not be reduced to another statistic or forgotten after public outrage subsides. Only through accountability, restraint, and institutional diligence can the Niger Delta break free from the destructive cycle of pollution, protest, and preventable death.

Editorial

INEC’s Threat Alert Deserves Urgent Attention

Published

2 weeks ago

October 30, 2026

The Tide

The Independent National Electoral Commission’s (INEC) disclosure of an alleged plot to target its ad hoc personnel ahead of the 2027 general elections demand urgent national attention. The reported arrest of suspects, with intelligence support from the Department of State Services (DSS), is encouraging, but must not breed complacency. Any attack on electoral workers threatens not only human lives but also Nigerians’ constitutional right to choose their leaders through credible elections. The alleged conspiracy must be thoroughly investigated, its sponsors identified and all those found culpable prosecuted.
Particularly troubling is the reported targeting of National Youth Service Corps (NYSC) members, who play a vital role in Nigeria’s electoral process. Many serve far from home and undertake sensitive assignments at polling units and other electoral locations. As civilians, they should not be exposed to intimidation, abduction or violence without adequate protection. If election workers are vulnerable, the safety of other officials, observers and voters cannot be guaranteed.
Nigeria’s electoral history offers painful lessons. Human Rights Watch reported in Nigeria’s Post-Election Violence, published in May 2011, that more than 800 people died in the violence following the 2011 general elections. NYSC members serving as electoral officials were among the victims. This tragedy underscores the deadly consequences of political tension, incitement and disputed outcomes. Nigeria must act on the latest warning before another preventable disaster occurs.
INEC deserves recognition for uncovering the alleged plot, while the DSS and other security agencies merit commendation for their reported assistance. However, arrests are only the beginning. Investigators must establish the suspects’ identities, motives, networks and intended targets, ensuring that evidence is admissible in court. The process must remain impartial and free from political interference. Credible public updates are also necessary, provided they do not compromise investigations or operational security.
The authorities must adopt a comprehensive, intelligence-led security strategy for 2027. INEC’s proposed security conference should produce practical measures developed in collaboration with the Inter-Agency Consultative Committee on Election Security (ICCES), the police, the DSS and other relevant agencies. Threat assessments should guide personnel deployment, secure transportation, emergency communications, evacuation procedures and rapid response. Protection must extend beyond polling day to the distribution of sensitive materials, collation centres and the safe return of ad hoc personnel.
Those who provide intelligence must also be protected from retaliation. Confidential reporting channels and appropriate safeguards should be established for informants and others assisting investigations. Equally, security deployments must not intimidate voters or facilitate political repression. Personnel should act professionally, impartially and proportionately, within the law. Clear mechanisms for reporting misconduct and investigating abuses are essential to maintaining public confidence.
The threat also highlights broader concerns about trust in the electoral system. The European Union Election Observation Mission’s June 2023 final report identified shortcomings in transparency and operational implementation during Nigeria’s 2023 general elections, alongside concerns about the legal framework and electoral dispute resolution. Credible elections require more than security; they depend on transparent procedures, accountable officials and consistent enforcement of electoral laws. INEC must demonstrate measurable progress in addressing previously identified weaknesses.
Voter apathy presents another challenge. INEC’s published figures indicate that approximately 25 million people voted in the 2023 presidential election, out of about 93.5 million registered voters, a turnout of roughly 26.7 per cent. Although insecurity is not the sole cause of low participation, threats against electoral personnel can heighten public anxiety and discourage voters from exercising their franchise. INEC should strengthen civic education, improve polling accessibility and communicate procedures clearly. Political parties, civil society and the media must promote peaceful participation and reject electoral intimidation.
Misinformation and manipulated digital content pose additional risks. False reports, fabricated announcements and deepfake videos can inflame tensions, impersonate officials and mislead voters. INEC should establish a well-resourced, rapid-response communication system supported by verified digital channels and timely public statements. Collaboration with credible media organisations and fact-checkers would help counter falsehoods without suppressing legitimate criticism. Clear, consistent communication is indispensable, as administrative confusion and delayed explanations often allow rumours to spread.
Electoral integrity must also begin within INEC itself. The chairman’s warning against partisanship, negligence, extortion and ethical misconduct deserves serious attention. Security measures cannot compensate for officials who abuse their positions or disregard established procedures. INEC should strengthen staff training, ensure transparent recruitment and deployment, provide secure channels for reporting misconduct and enforce disciplinary rules consistently. Allegations of bribery and political interference must be investigated regardless of rank, while ad hoc personnel should receive adequate briefing, support and prompt payment.
The legal framework also requires clarity and consistent enforcement. INEC should explain the precise provisions and applicability of Section 26 of the Electoral Act 2026, including the obligations of electoral officials and security personnel, and publish authoritative guidance on neutrality and professional conduct. Complaints by opposition parties that they have been prevented from campaigning in certain states must likewise be investigated impartially. Any established violations should attract appropriate corrective action. Electoral fairness requires not only impartial polling officials but also lawful campaigning, access to competing viewpoints and freedom from intimidation.
The alleged plot against INEC’s ad hoc personnel is a warning against complacency ahead of the 2027 general election. Governments, security agencies, INEC, political parties and civil society must work together to prevent violence, punish misconduct and protect citizens’ participation. The commission should communicate its security priorities, maintain accessible threat-reporting channels and provide periodic updates on preparedness. Nigeria’s democracy cannot be safeguarded by assurances alone; it requires demonstrable preparation, impartial law enforcement and an unwavering commitment to free, fair and credible elections.