News

Vested Interest Killing Nigeria -Sanusi

Published

13 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 DPOs Receive Awards For Outstanding Performance In Crime Prevention …As Students, Media Group Honour CSP Worgu, CSP Yusuf

Published

2 days ago

August 17, 2026

The Tide

Two Divisional Police Officers (DPOs) in Rivers State have been honoured by separate groups for their contributions to security, crime prevention and improved community-police relations in their respective areas of responsibility.

The beneficiaries are the DPO of Afam Police Division, CSP Endurance Worgu and his counterpart at Oyigbo Police Division, CSP Bello Yusuf.

CSP Worgu was honoured by a group of students under the aegis of Rivers State Graduate Students Associations for what they described as his commitment and outstanding performance in the discharge of his duties.

The students, led by Chidi John Enyie, Esq. said CSP Worgu was selected based on his track record and status as one of the longest-serving young DPOs of Rivers State origin.

According to the group, CSP Worgu has made significant contributions to the protection of lives and property in the area since assuming office following the #EndSARS period.

The students said they were particularly impressed by the improvement in community-police relations under his leadership, noting that professionalism had remained a key feature of his service.

Enyie represented by Comrade Briggs Soku, said the students community was pleased to identify with a Rivers indigene who had distinguished himself in the police force.

He said the students considered it necessary to encourage and celebrate CSP Worgu because of his achievements as a young Rivers man excelling in a profession that many people from the state were often reluctant to join.

Receiving the award at his office in Afam, CSP Worgu expressed gratitude to God and the students for finding him worthy of the honour.

The DPO said the recognition had boosted his morale and encouraged him to sustain his efforts towards maintaining peace and security in the area.

He said he least expected the honour, particularly because it came from the students, adding that the recognition would further motivate him to serve the people better.

CSP Worgu assured residents of Afam that the police would sustain the existing peace in the area.

He appealed to members of the public to support the police by providing credible and timely information, stressing that useful information from residents would make the job of security personnel easier.

Meanwhile, the Ikwerre/Etche Media Association has also honoured the DPO of Oyigbo Police Division, CSP Bello Yusuf, for his efforts in tackling criminal activities in the area.

The media group presented the award following the swift tracking and arrest of five suspected kidnappers who had allegedly terrorised residents of the Kom-Kom axis and other parts of Oyigbo.

The group commended CSP Bello for what it described as his determined efforts to restore confidence and security in the affected communities, particularly Kom-Kom and Obeama.

According to the group, the arrest of the suspects demonstrated the DPO’s commitment to tackling criminality and safeguarding residents.

The media association said residents had received the development with relief, noting that the police action had sent a strong message to criminal elements operating in the area.

Responding, CSP Yusuf appreciated the group for the recognition and reaffirmed that there would be no room for criminality in Oyigbo.

He also commended the media for its role in disseminating credible information to the public, saying the media had remained supportive of the police in the fight against crime.

CSP Yusuf warned criminal elements operating in Oyigbo to leave the area or be prepared to face the full weight of the law.

He assured residents that the police would continue to pursue criminals and work to dismantle their hideouts, regardless of where they might be operating.

News

College Of Bishops Endorses Tinubu, APC Candidates For 2027 Polls

Published

2 days ago

August 17, 2026

The Tide

The 5000 Achievers Christian Forum and Colleges of Bishops, Archbishops and Apostles, a Christian interdenominational organisation, has endorsed President Bola Ahmed Tinubu and all candidates of the All Progressives Congress (APC) in Rivers State for the 2027 general elections.

International President of the forum, Archbishop Lucky Aroh, disclosed this during the ordination and consecration of three new Bishops, as well as an award ceremony held in Port Harcourt.

Aroh said the performance of the APC-led Federal Government had endeared the party to the organisation, prompting the forum to declare its support for President Tinubu and other APC candidates in Rivers State.

He said the forum would support all APC candidates in the state during the 2027 elections and urged Nigerians to vote for the party.

Aroh, who is also the General Overseer of Caring Peoples Church, Port Harcourt, charged the newly consecrated Bishops to see their new positions as a great responsibility and dedicate themselves to the advancement of the kingdom of God.

He cautioned them against conduct capable of bringing their offices into disrepute, stressing that their activities would be closely watched by members of the public.

“As Bishops, the eyes of the public are on your activities. You must therefore conduct yourselves in a manner worthy of your calling,” he said.

Also speaking, the International Coordinator of the forum, Bishop Saint Robinson, urged the newly consecrated Bishops to work diligently towards winning souls for the kingdom of God.

Robinson, who was the guest speaker at the event, stressed that the activities of Bishops must at all times be guided by godly principles.

He also called on members of the church to support and cooperate with the newly consecrated Bishops in the discharge of their responsibilities.

The Secretary of the College, Apostle Elizabeth Ayadi Abaye, said the organisation was established to advance the kingdom of God and promote spiritual development.

According to her, the forum has organised several crusades, conferences, prayer meetings, ordinations, consecrations, enthronements, empowerment programmes and other spiritual development activities across the country as part of efforts to win souls for Christ.

Abaye said the organisation has members across the world and disclosed that more programmes had been scheduled to promote the spiritual development and wellbeing of humanity.

The three Bishops consecrated at the ceremony were Prince Alban Chike, Testimony Omenihu Shedrach and Prince Ifemena.

Among those honoured at the event were the Chairman of the Community Development Committee (CDC), Abali Community, Port Harcourt City Local Government Area, Manuchimso Prince Lemmy Wopara, and Clifford Oko Jaja, Coordinator of the 5,000 House-to-House for President Tinubu.

By: John Bibor

News

Police Arrest Fake Soldier, Others For Armed Robbery, Kidnapping

Published

2 days ago

August 17, 2026

The Tide

The Rivers State Police Command has arrested a 49-year-old suspected fake soldier, Andrew Atausi, and several other suspects in connection with various criminal activities, including kidnapping, armed robbery, cultism, one-chance robbery and the alleged murder of police officers.

The State Commissioner of Police, CP Olugbenga Adepoju, disclosed this in Port Harcourt, recently during a press briefing at the Command Headquarters, where he said the arrests formed part of the operational achievements recorded by the Command between June and August 2026.

Adepoju said Atausi was arrested on August 10 by police operatives along Ada George, Port Harcourt, while dressed in military uniform and driving a Toyota Hilux painted in Army colours.

The Commissioner said investigation revealed that Atausi was not a member of the Armed Forces, adding that he was suspected to be a serial car snatcher, with three suspected stolen vehicles recovered from him.

He said the recovered vehicles included three Toyota Hilux vehicles without registration numbers and a Toyota Corona Premio with registration number BNY 380 ES, noting that the chassis and engine numbers of the vehicles had allegedly been tampered with.

Adepoju added that an axe and military accoutrements were also recovered from Atausi, as investigation continued into the circumstances surrounding the vehicles and other items recovered from him.

On the June 29 attack on police officers at Aluu Division, the Commissioner said three members of the gang allegedly responsible for the incident had been arrested by operatives of the Violent Crime Response Unit, VCRU-AKU.

The suspects, identified as Maduabuchi Emeka, 34, alleged gang leader; Doctor Chinedu Owhor, 42, and Kamachi Joe, 28, alleged armourer, reportedly led operatives to their hideout at Omagwa where two AK-47 rifles stolen during the attack were recovered.

Adepoju recalled that two police officers were killed during the Aluu attack, while others were wounded and one officer had his leg amputated, stressing that efforts were ongoing to apprehend the fourth suspect.

On kidnapping, the Commissioner said five members of a suspected kidnapping syndicate were arrested in Oyigbo Local Government Area, adding that they allegedly confessed to operations in Kom-Kom, Railway, Obeama and Afam communities.

He said two other suspects from the same network, Anele Ogbogu, 35, alleged to be the gang’s armourer, and Kenneth Eke, 38, were arrested on July 27, with one AK-47 rifle and one SMG rifle recovered.

The Commissioner further disclosed the arrest of suspects in connection with alleged firearm offences, armed robbery, cultism and one-chance robbery, with firearms, ammunition and other exhibits recovered during the operations.

Adepoju assured residents that the Command would sustain intelligence-led, proactive and community-oriented policing in collaboration with other security agencies, while urging members of the public to continue providing credible information that would assist the police in combating crime across Rivers State.

By; King Onunwor