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Vested Interest Killing Nigeria -Sanusi

Published

12 years ago

January 15, 2014

Trading on the floor of the Nigeria Stock Exchange (NSE).

Central Bank of Nigeria (CBN) Governor, Malam Sanusi Lamido Sanusi, says the huge vested interest of economic and political officeholders has been the major barrier to Nigeria realising its huge economic potential.
Speaking on the topic “Overcoming the fear of vested interest” on an occasion organised by a group of youth under the aegis of TEDx in Abuja, Sanusi said that, in 1960, Nigeria was the preferred investment destination with per capita income higher than that of countries like Japan and South Korea.
However, over 53 years later, he said, Nigeria which has always had potential is still not able to realise that potential when countries like China, Indonesia, Japan, Korea, Vietnam and Brazil have since turned the potential that they had into reality.
“In four years or so that I have been in Abuja, I have come to understand that we need to overcome the power of vested interest. And I will talk with you a little bit about my own experiences at the Central Bank and use that as a basis or template for what I think we need to do if we must change this country,” Sanusi said.
Since the discovery of oil, the Nigerian state has been exploited to serve the vested interest of the rich minority at the expense of the poor majority, he noted.
The CBN governor highlighted some instances where vested interest took precedence over public interest in the country in the banking sector, petroleum subsidy scandals, among others, and urged the youth to use these as examples of what they can do if they want to confront these vested interests and deal with them and protect the poor people of this country.
“The fundamental character of the Nigerian state is that, for decades, since we found oil it has existed not to serve the people but as a site for rent extraction to serve a tiny minority in the country’s political power. And it doesn’t matter where this group comes from – whether it is north or south or Muslim or Christian or military or civilian. The state has always been a site for rent seeking with the exception of a few years when we have had development. And this is at the heart of the problems of the country,” he stated.
He spoke on the Nigerian paradox: “A country that specialises in exporting what it does not produce and importing what it produces; one of the world’s largest producers of crude oil that does not refine petroleum products but imports refined petroleum products; the world’s largest producer of cassava that does not produce starch or ethanol. Large tomato belt yet the world’s largest importer of tomato paste. A country that from my childhood I have heard had the potential of being a world power but every day we talk about potential. Today, we still talk about the potential of Nigeria and yet China, Indonesia, Japan, Korea, Vietnam, Brazil, all of these countries have turned the potential that they had into reality. What is the one thing that we need to do to break this barrier that faces us?”
On his experience: “Shortly after I came in and when we conducted investigations, I discovered that the Nigerian banking system was infested with the same corruption of the entire system in the country: that a number of bank chief executives had taken their banks and fleeced them of depositors’ money to buy property all over the world. And just like people do in ministries, in government agencies, or whenever they have the opportunity in oil companies, the banks were themselves a site for rent seeking.
“There was one chief executive officer that took away from her bank over N200 billion, and where was this money taken? Purchase of properties.
We recovered from one CEO 200 pieces of real estate in Dubai, real estate in Johannesburg, in the United States of America, apart from shares in over 100 companies and all of that was purchased with depositors’ money.
“For another CEO we got a judgment against that CEO for N142 billion stolen from the bank taken to buy shares and manipulate the shares of his own institution, and also transferred outside to purchase properties.
“Now, the first CEO we were able to convict, we recovered these assets and got a six months’ sentence and sorted it out. The second CEO, we finished our case established in Nigeria that we have a case in Nigeria, in the UK; two weeks before the closing statements were made the judge was miraculously promoted to the Federal Court of Appeal after three years of trial — at the very end of trial — because someone, a very popular religious leader with hundreds of thousands of supporters, carried him to the political authorities and the system that was supposed to protect depositors and handle criminals was used and manipulated to promote a judge so that he would not convict a thief. Now, this is an example of the kinds of things that happen in the country that prevent it from realising its full potential.
“Now, to my experience with the banking reforms, I observed the following: After the discovery of the things that happened in the banks, the most important thing was to take a critical decision that would pit us against powerful political and economic forces. We were dealing with chief executives that, in 2009, had become invincible. They were in the seat of power; they had economic power and had bought political protection. They were into political parties, they had financed elections of officers and they believed that nobody could touch them. And every time I said it was time to take action people said to me, ‘You can’t touch those people; you will be sacked’. Or, ‘You can’t touch these people; they will kill you’. And I said, you know what, we are going to take them on.
“And we took a decision to remove them, and, you know what, we removed them and nothing happened. We were going to prosecute them, put them in jail, and we put one of them in jail. We were going to recover these assets because the way the Central Bank operated in the past was such that these guys took all the money and the Central Bank said the banks have failed. The banks that we saved had N4.4 trillion in deposits. They had 8 to 10 million customers. But the government and the system had always betted on the side of the rich people. These 8 million customers — the old woman in Gboko or Yenagoa or Maiduguri who has struggled to save money for 40 to 50 years — and you wake up one day to say that the bank has failed and the money is gone. The man with his pension money in the bank, his children’s school fees, the medical bills, and you wake one day to say the bank has failed.
“When people say a bank failed, it is like seeing a man whose throat was slit and you say the man died; he didn’t die, he was killed. And those that murdered the banks have always walked free – they become senators and governors, they become captains of industry, they sit on the boards of banks and continue to be relevant in the system. Against millions of Nigerians who don’t have a voice.
“Nobody knows the number of people who have died as a result of failed banks. Because they were sick and could not pay the hospital bills, because their money was locked up in banks that had failed. Nobody knows the number of children whose parents could well afford to pay their school fees but they dropped out of schools because banks were mismanaged. Use these as examples of what you can do if you want to confront these vested interests and deal with them and protect the poor people of this country. But the banking industry is one sector in Nigeria; what is happening in other sectors?
“Take the oil industry: in 2009 this country paid N291 billion subsidy for petroleum products. By 2011, this number had jumped to N2.7 trillion. Did we start consuming 10 times the level of petrol? Did we have 10 times the number of cars? Did the population of Nigeria multiply 10 times? I do not believe these numbers. I screamed against these numbers and other people screamed and there have been investigations, and it was discovered that a lot of that money never went into fuel subsidy that was consumed by Nigerians. But people in this country had produced pieces of paper and gone to PPPRA and they stamped those papers claiming that they brought in petroleum products and actually paid them subsidy. And those pieces of paper said I brought 40,000 metric tonnes of petroleum product on so and so ship, and we discovered that that ship was nowhere near the shores of this country on the dates indicated.”

News

Rivers Govt Hails Anglican Church’s Role In Peace, Development

Published

5 days ago

May 18, 2026

The Tide

The Rivers State Government has commended the Church of Nigeria (Anglican Communion) for its outstanding contributions to the development of Rivers State, particularly in the areas of peacebuilding, education, healthcare, and moral development.
Governor of Rivers State, Siminalayi Fubara, stated that the Church has remained a dependable partner in promoting peace, unity, justice, moral discipline, and social harmony across society.
The Governor, who was represented by the Secretary to the State Government, Dr. Dagogo Wokoma, made the remarks during the thanksgiving service marking the 30th Anniversary and First Session of the 11th Synod of the Diocese of Niger Delta North, held at St. Peter’s Anglican Church on Sunday.
Governor Fubara described the Synod’s theme, “Kingdom Advancement: The Priority of Every Believer,” as timely and relevant, considering the prevailing realities in society.
According to him, the Church continues to play a vital role in shaping societal values and inspiring hope among citizens.
“The Church remains a vital partner in promoting peace, unity, justice, and moral discipline. Its role in shaping values and inspiring hope cannot be overemphasized,” he stated.
The Governor further acknowledged the Anglican Communion’s contributions in education, healthcare delivery, youth empowerment, humanitarian services, and spiritual guidance across communities in Rivers State.
“The Rivers State Government appreciates the invaluable contributions of the Anglican Communion in education, healthcare, youth development, humanitarian support, and spiritual guidance. Your impact across communities in Rivers State continues to strengthen families and promote peaceful coexistence among our people,” he added.
Governor Fubara reaffirmed his administration’s commitment to building a peaceful, united, and prosperous Rivers State where all citizens can thrive irrespective of religion, ethnicity, or social background.
He also urged the Synod to continue praying for sustainable development and progress in Rivers State and Nigeria at large.
Earlier in his sermon, the Guest Minister, Joseph Olushola, spoke on the topic, “Kingdom Investment and Internal Rewards,” urging Christians to remain faithful stewards of God’s blessings and committed to advancing God’s kingdom through service and generosity.
The cleric emphasized that believers are custodians of the virtues and resources entrusted to them by God, stressing that divine rewards are based on faithfulness and impact rather than material possessions.

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Shell, MAN Back Rivers’ Drive For Expanded Gas Supply To Industries

Published

5 days ago

May 18, 2026

The Tide

The Shell Nigeria Gas Limited, in partnership with the Manufacturers Association of Nigeria (MAN), has reaffirmed support for efforts to expand gas distribution infrastructure in Rivers State as part of initiatives aimed at improving access to affordable, cleaner and more reliable energy for industries across the South-South region.
The commitment was highlighted during the SNG–MAN Business Forum held in Port Harcourt, where stakeholders from the industrial and public sectors examined the role of natural gas in driving industrialisation, boosting local production and strengthening energy security.
Speaking at the forum on behalf of the Managing Director of Shell Nigeria Gas Limited, the company’s Head of Gas Distribution, Mr. Chukwuka Amos Ejesi, described natural gas as a critical component of Nigeria’s energy mix and a key driver of sustainable industrial growth.
According to him, Nigeria’s gas development agenda has reached a stage where policy direction must be matched with practical implementation capable of addressing the energy challenges confronting manufacturers.
He noted that pipeline gas offers industries a cleaner, more dependable and cost-effective energy alternative capable of supporting uninterrupted operations, reducing emissions and improving production efficiency.
“Gas is the backbone of manufacturing, and we are encouraged by the growing recognition among stakeholders of the need for cleaner and more reliable energy solutions,” he said.
Ejesi stressed the need for sustained collaboration among energy providers, government institutions and industrial stakeholders to maximise the country’s gas resources for economic development.
He added that improved gas infrastructure would strengthen manufacturing value chains, enhance productivity and promote more competitive industrial operations across Rivers State and the wider South-South region.
Participants at the forum also emphasised the importance of expanding energy infrastructure as a pathway to unlocking industrial capacity, reducing operating costs and promoting sustainable industrial development.
Representing Governor Siminalayi Fubara, the Director-General of the Rivers State Investment Promotion Agency, Dr. Chamberlain Peterside, reaffirmed the state government’s commitment to partnering with private sector investors to revitalise industrial activities in the state.
He identified key projects targeted under the initiative to include the revival of the Ahoada Industrial Park, the New Port City project and the proposed Bonny Industrial Park, all aimed at stimulating economic growth and expanding industrial opportunities along the Bonny corridor.
According to the governor, the long-term vision is to position Rivers State as a leading manufacturing hub in Southern Nigeria through strategic public-private partnerships.
Governor Fubara also commended Shell Nigeria Gas and MAN for sustaining engagements geared towards improving industrial energy access, noting that gas infrastructure development remains central to the state’s economic recovery plans.
He further observed that the gas sector presents enormous opportunities for economic growth, especially as global energy systems continue to shift towards cleaner energy sources.
The governor called on stakeholders to work collectively towards developing a practical and sustainable gas framework capable of supporting the state’s industrial and energy development objectives.

By; Kevin Nengia

News

Odu Charges Newlyweds To Build Marriage On Love

Published

5 days ago

May 18, 2026

The Tide

Rivers State Deputy Governor, Prof. Ngozi Nma Odu, has charged newlywed couples to build their marriages on the virtues of love and submission as taught in the Word of God.
Prof. Odu gave the charge at the wedding ceremony of Amblessed Favour Sunny-Cookey and Samson Jesuganji at Lifegate Power Ministries, Dominion Cathedral, in Port Harcourt on Saturday, 16th May 2026.
The Deputy Governor congratulated the couple on beginning a new phase of life together and prayed for God’s blessings upon their union, noting that the couple had been raised by godly parents and encouraged them to uphold the Christian values instilled in them.
Referring to the sermon delivered during the ceremony, Prof. Odu emphasized that the principles of love and submission remain fundamental to a successful marriage.
According to her, genuine love reflects the nature of God, stressing that love should remain the foundation of the couple’s relationship as they journey through life together.
Prof. Odu further prayed for enduring peace, happiness, and progress in the home, expressing confidence that the marriage would continue to flourish under God’s guidance.
The Deputy Governor also commended the families of the couple for their support and upbringing, while urging the newlyweds to always remember the significance of the day and the commitment they had made before God and witnesses.
In his sermon at the wedding, the Founder and Presiding Pastor of Salvation Ministries, Pastor David Ibiyeomie, stated that marriage did not originate from Western culture, traditions, or human ideas, but from God, whom he described as the “manufacturer” of marriage.
According to the cleric, couples seeking lasting and peaceful homes must rely on biblical principles rather than societal trends or assumptions.
He explained that many marital crises and rising divorce rates stem from ignorance and failure to apply scriptural teachings in family life.
Drawing from the biblical parable of building a house on a rock, Pastor Ibiyeomie said the Word of God remains the only solid foundation capable of sustaining marriages through challenges and difficult times.
He noted that marriage naturally comes with unexpected realities and pressures, stressing that religious ceremonies or cultural practices alone are not enough to sustain a home without proper understanding of God’s instructions.
The pastor further warned that ignorance of scripture remains one of the greatest weapons against believers, urging Christians to study and practice the Word of God rather than merely attending church services.
It would be recalled that the bride is the daughter of Pastor Sunny Cookey the Founder and Presiding Pastor of Lifegate Ministries. The Ceremony had lots of Ministers in attendance which includes Apostle Zilly Aggrey, Pastor George Izunwa, and Bishop Winston Iwo