Opinion
Mr. President Must Read This
My name is Chief O. K. Isokariari, founder O. K. Isokariari & Sons (Nig.) Ltd — a limited liability company registered and published in the Nigeria Gazette of 4th July, 1972 with Registration Number 10313.
I will be 86 years old on November 4, 2021 and now retired. My company is 49 years old as an Engineering, Procurement and Contracting (EPC) firm. I observed with dismay the general accusation levied on the President and the various state Governors by the general public.
It is pathetic to note that these accusations about the nation’s economic woes cannot solve our collective problems; rather, we should engage sound economists and technocrats in the like of late Professor Samuel Aluko, including like-minds from our ivory towers in Nigeria and the Diaspora. They should be invited to form a consortium and sit side-by-side with the National Economic Council with two-year short-term and 10-year long-term mandate to turn the economy around.
The 12 topmost economists so appointed should not be confrontational with Central Bank of Nigeria (CBN) authorities but should work amicably to solve the Nigeria economic woes that are ravaging us now. They should be given Federal Government accommodation with less than 30 minutes drive to the CBN Headquarter, Abuja.
They should be free to meet with the highest CBN authorities including the Governor, at least, once a month to exchange ideas to solve our economic woes. The topmost economists should work for four days a week, Monday to Thursday and use Fridays and Sundays to attend to their religious services meaningfully.
They should have formal secretariat, employ well experienced staff well paid (at least, double of the normal salaries of government staff) and accommodated within the vicinity of the employer to assist them in their daily deliberations to counter the economic problems of Nigeria.
The President and Commander-in- Chief of the Armed Forces, Muhammadu Buhari, should be free to appoint these topmost economists to solve these economic woes of Nigeria. All these economic woes started in the early 1970s when the naira value started cascading to its present alarming state.
I hereby give some practical situations for us to see how much things have changed; O. K. Isokariari & Sons (Nig.) Ltd. has built over 400 (four hundred) houses, bungalows and high-rise buildings, including the nine-floor Nigerian National Petroleum Corporation (NNPC) office complex with its 10th floor penthouse, Moscow Road, Port Harcourt, Rivers State, which was awarded to us at a contract price of N9.5 million (Nine Million, Five Hundred Thousand Naira Only). We have also constructed about 120 kilometers of asphalted roads for the Federal Government of Nigeria, corporate bodies, states and more especially oil companies.
We built the Rivers State Newspaper Corporation (The Tide) office building on Ikwerre Road at a full contract price of N340,000.00 (Three Hundred and Forty Thousand Naira Only). It was one of the biggest contracts in Rivers State as at that time. Buguma General Hospital with nine buildings, comprising of female & male wards with combined thirty beds, a maternity home, mortuary, anti-natal clinic, a dispensary, a theater and sundry facilities which was awarded to us – O. K. Isokariari & Sons Nig. ltd. at a contract value of Two Hundred and Ten Thousand Pounds Sterling in 1972 and the building was commissioned in March 1975.
We built the National Fertilizer Company of Nigeria (NAFCON) awarded to us by M.W. Kellogg, an American company based in Houston Texas, USA, at a contract price of N17,356,326.00 (Seventeen Million, Three Hundred and Fifty-Six Thousand, Three Hundred and Twenty-Six Naira Only) in 1982. By then one naira was equivalent to $1.24 US Dollars.
We built Pan African Bank, Azikiwe Road, Port Harcourt with about N7,000,000.00 (Seven Million Naira Only) and it was commissioned by Governor Milford Okilo in 1983. At that time, I had never heard the word ‘billion’ as many other people never heard. All these you can get in my book, My Mission — an autobiography published on November 8, 2013, registered in British Library, London.
All these buildings now will cost billions, if not trillions, of naira to construct. The plummeting of naira to this present pathetic state – one dollar is now equivalent to about N560.00 (Five Hundred and Sixty Naira). These are the monumental problems to the economic woes we are facing now. The average Nigerian is poorer by six hundred times in this 2021 than in 1982. The best paid staff is from the oil company, yet the present oil company staff are groaning in pains that their salaries cannot pay the school fees of their children including- the CBN’s best paid workers. No government worker, from the highest to the lowest can pay the school fees of their children comfortably anywhere in the federation.
The prices of our commodities in the market are rising unabated. I am appealing to Mr. President to set up these topmost economists permanently to seat with the CBN Governor to stop this suicidal tumbling of the naira.
The growing insecurity in the country has its major route from this biting economy. School children in their hundreds are kidnapped from their dormitories and taken to the bush without food for days until huge ransom is paid to release them. These are organised crimes that are plaguing us. These tragedies are heartbreaking, tormenting and nauseating to every right thinking person in Nigeria. It’s incumbent on us all to find an immediate solution.
The menacing problem of the Almajiris of the North, if not nipped in the bud now, will create intolerable problems in future. Majority of the Alamajiris are now between 20-30 years old. They don’t know their fathers or their mothers and this had made them to join organised crime gangs that are menacing in the North. They act with utmost brutality in committing crime. They should be rehabilitated now!
Let these twelve topmost economists, together with the CBN highest authorities, solve these problems for us.
I know we can, I know we will! (a la late President Ronald Reagan of USA).
By: O. K. Isokariari
Chief Isokariari wrote from Port Harcourt.
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