Olabayo and the Possibility of a Cataclysm

By Okey Ikechukwu

President Tinubu has declared a State of Emergency on Security. Then what? Yes, what next and what does that boil down to at the end of the day? I hope it will, by some magic, make locals give more intel to the military, paramilitary and security agencies. I also hope that it will translate into greater supply of the right types of arms and ammunition, as well as more drone-driven military interventions, to our fighting forces.

Whether it does any of the above or not, the undeniable fact before us today is that the Nigerian State stands challenged in ways that it has never been challenged before. Every aspect of the decade-old security crisis is expanding in scope, frequency, dimension and audacity. In particular, the sudden spike in kidnapping, abductions and outright murders within the last the last few weeks leaves one wondering whether this is a deliberately organized upsurge, to reinforce what Donal Trump of the United Staes said about Nigeria. Is the government, and Nigeria, being set up to appear generally ungoverned and ungovernable today?

If yes, why? If not, are there other forces at play Here, that are feeding off our misdeeds over the years and inflicting just recompense on all and sundry?

Primate Theophilus Olabayo, head of the Evangelical Church of Yahweh and renowned cleric who has made many correct predictions about Nigeria in the last four decades ominously declared, a few weeks ago: “Nigeria is sitting on a keg of gunpower”.

He asked Nigerians to expect an increase in security problems and criminal acts across the country. He spoke of more hunger, the effects of endemic corruption and how the last three months of this year may take us on a path, or paths, not contemplated by anyone. He warned about the possibility of hunger, unemployment, anger, general hardship, and the accompanying frustration spiraling into chaos. And he urged the government to quickly take steps to avert what he sees as clear and present dangers.

In his exact words, as published in Thisday Newspaper three weeks ago, “… there are powerful people, even within his (Tinubu’s) party, sponsoring instability ahead of 2027. The president must act quickly because between now and January, Nigeria is sitting on a keg of gunpowder. If we are not careful, hunger and anger will destroy this country”.

He spoke of religious killing, pointing out that everyone is now affected; both Christians and Muslims. “It’s more of a general insecurity problem”, he said. Continuing, he added: “Armed robbers and other criminal elements have worsened the situation. Nigeria is in a hopeless condition”.

Continuing still, Olabayo said: “The President himself must lead by example… If we don’t, there will be unrest, even war, between the rich and the poor. Our lawmakers, too, must make sacrifices. But instead, they are flaunting wealth; building mansions, buying cars, and acquiring property at home and abroad. It will get to a point where people will sell their children just to survive. Poverty is only beginning”.

He added: “We must be our brothers’ keepers and be honest with ourselves. Corruption must end, and we must fear God. Some of the people behind these atrocities are within the security system, using it to enrich themselves. There must be total cleansing”. Then he concluded, as reported in the aforementioned newspaper: “Our leaders must sacrifice for the good of the nation. They know those behind terrorism and killings; they should arrest them and cleanse the system. If they take bold action, Nigeria will rise again”.

And I add; He who has ears to hear…

If we take the security issues outside the domain of Primate Olabayo’s telling, and almost self-fulfilling, pronouncement, we can see that the unbelievable rise in security and related challenges today demand desperate and honest measures. So, I ask, is there anything new to be said to Mr. President about solutions that he has not been told, perhaps several times, before?

In an article which appeared on this page on 20th January, 2024, titled, “Mr. President, Arm Your People”. That was two years ago.

The article began thus: “Our people say that a father who allows his son to enter the village square for a wrestling contest and then enforces a family rule of not grappling with anyone in public has guaranteed the defeat of his son, even before the latter’s opponent is known. That appears to be the position of the average Nigerian today. Thus, except the Federal Government urgently reviews the existing policy on arms possession in Nigeria, the nation’s growing reputation as a mass killing field will become its marker, and identity trademark”.

The article spoke of how Miyetti Allah set up a Nomadic Vigilante Group in Nasarawa State, a spitting distance of the Presidential Villa. The reason for setting up the organization was “to help improve national security”. The article asked: “If reason and common sense are not being stood on their heads here, why should Miyetti Allah’s expression of “shared commitment to economic prosperity, job creation, and the fight against banditry and cattle rustling” not start in Katsina, Kebbi, Sokoto, Zamfara, Borno and Bauchi states”.

Pointing out that these states had the highest negative security indices, extremely high poverty ratings and every other thing that diminishes life in Nigeria today, the article had this to say: “If, as stated by the initiators of the vigilante programme, part of the reasons for setting up the group is to “help flush out the bad elements among them in the state”, the question WHY NASARAWA STATE? Still remains.

Today, insurgency, kidnapping and banditry are on the increase, despite the best efforts of the nation’s security agencies. And the question is: Should President Tinubu not ask himself why adult Nigerians of both genders, whose character and means of livelihood can be vouched for, should not carry arms and ammunition for self-protection?

The ban on certain categories of firearms came at a point in our political experience. That historical hour, which is far behind us now, led to new rules that limited interested citizens to either a single or double barrel, cartridge powered, long snout rifle. This species of guns has limited firepower and cumbersome loading protocols. The possessor is at a clear disadvantage in the face of any real danger that requires prompt response.

As pointed out in the referenced article, “…before this development, the Mossberg Shotgun, including the short barrel option, were available under government license. So was the .22 Gevam Sporting rifle, a lovely French product. …there are citizens – sometimes of questionable origins – who freely and openly wield banned military assault rifles within the same country where such hardware is banned. They flaunt it everywhere, ostensibly to protect their cattle from cattle thieves”.

Then the article asked: “Should all other trades group also arm themselves against whatever dangers threaten their members and their goods? Would that be the way to go and still remain a viable 21st century nation? In the same country where banned military assault rifles are impudently wielded by teenagers in defense of the cattle they are rearing for some members of the elite, a pastor who was caught on social media brandishing the same military assault rifle is on trial for illegal arms possession.

As was said on this page on July 17, 2019, “The strength of the criminals all over the country today, some of them Fulani from outside Nigeria, actually comes from the fact that they are unchallenged for now. When the government of Ghana took concrete and firm steps to contain their excesses, it became obvious that they had no capacity to do anything.

But that is because the Ghanaian State took its own survival seriously. The Fulanis, and Myetti Allah, did nothing when Sule Lamido, as governor of Jigawa State, forbade open wandering of cattle in his state. They also did nothing when Lamido authorized every citizen of Jigawa State to kill and barbecue any cattle found roaming in the city. No one heard their whimper about this “Lamido’s free gift to the people of Jigawa State,” as it was then called. And Lamido is Fulani, and of the right breed if you like”.

Miyetti Allah has not been particularly helpful in building bridges. This organization for cattle herders and related trades, and its Nomadic Fulani Villante Movement, some years ago, actually stepped forward and offered to provide security services in Imo State, far from the real domains of insecurity in Nigeria. Then there is Sheik Gumi and several other advocates of a romance with bandits and banditry whose are street roaming the land and making bold statements.

Recall that the Myetti Allah group in Nasarawa was formally launched, with uniforms and all. We ask: Who approved and funded everything connected with this vigilante group? Can any other association do the same, “in support of national security”? Are the personnel now on full time job, for which they are paid regular salaries? What is their background, and what will you do with them in the next one, two, five, or ten years? Who assessed them, and on what basis were they recruited? Etc. etc. 

There is no reason why any other association should not, following this precedent, set up is own vigilante group, “to help secure the livelihoods of farmers and herders, and aid sharing of information and intelligence with security agencies”, or that of fish seller, vehicle spare parts dealers, or Adire makers in Nigeria.

Drugs, poverty and rapacious daredevilry have chased northern big men to Abuja. Now, Abuja itself is no longer safe. High-profile estates and exclusive neighborhoods in Abuja are being quietly attacked and overrun.

The problems are now too real, too close to the skin and seem too well choreographed to be happenstance. Budgets are being run but local economies are collapsing, re-desertification it taking over many places the North East Development commission is supposed to be rescuing and the proceeds of crime are now the new means of livelihood for the unlettered.

That is why the peace of mind of those who had the chance to make a difference but failed to do so is now shattered. That is why the Federal Government must urgently review national policy on arms possession in Nigeria. That is why the president must look into the need to arm his people, in addition to other steps being taken to address the nation’s security challenges; lest Primate Olabayo have cause to say later: “If only our people had listened…”

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    Chuks Okocha and Micheal Olugbode in Abuja

    Former President Goodluck Jonathan, who recently returned from election monitoring duties in Guinea-Bissau—where he was trapped and later evacuated after the military seized power—has alleged that the “so-called coup” in the West African country was engineered and proclaimed by the ousted President Umaro Sissoco Embaló, and was not a genuine military coup per se.
    This comes as the Authority of Heads of State and Governments of the Economic Community of West African States (ECOWAS), yesterday, suspended Guinea-Bissau from all decision-making bodies of the regional bloc.

    The coup leaders on Thursday swore in an Army General as Guinea-Bissau’s new Head of State to serve as transitional president for a period of one year. Gen. Horta N’Tam took the oath in brief and quiet proceedings at the army headquarters, a day after the Army coup that toppled Embalo and the country’s democratic structures.
    Jonathan told Journalists in Nigeria that it was Embaló that first announced what he termed a “ceremonial coup” before the military came in to take over, saying that he was surprised and embarrassed by such an action.
    The former Nigerian president said the ousted President made phone calls to other countries and spoke with journalists that there was a coup, unlike a normal coup d’état.

    He said: “There was no coup in Guinea-Bissau. What happened in Guinea-Bissau, I wouldn’t call it a coup. It was not a coup. Maybe some people will describe it as a ceremonial coup. It was President Embaló who announced the coup, before later, a military man came up and addressed the world that they had taken charge, which is strange.
    “Embaló not only announced the coup, but he was using his phone, making calls and addressing media organisations around the world that he had been arrested. I am a Nigerian and close to 70, and I know how they keep ex-heads of State when a coup takes place.                                              

                               
    “The military doesn’t overthrow a government and a sitting President they have overthrown would be allowed to be using their phones and addressing press conferences, that he has been arrested. Who is fooling who?
    “What happened in Guinea-Bissau is quite disturbing to me, who believes in democracy. I feel more pain than the day I called Muhammadu Buhari to congratulate him when I lost the election as a sitting president. What is happening is that we are going back to the past in Guinea-Bissau when the military was in charge.

    “The election was peaceful. During the meeting of Heads of Observers’ missions, and all the observers gave their account, nobody said anything different. The elections were peaceful, the counting of votes was carefully done, conduct of officials was okay. The same thing with party agents. When they had finished collating the results, the nine regions were ready.”
    Speaking further, the former Nigerian President said: “When they were ready to announce the results, Embaló announced that there is a coup. That they have taken over and they have arrested him. But, from every indication, no body arrested him.”
    Jonathan then charged ECOWAS and AU to ensure that the result of the election, which according to him, was ready, should be announced and let the winner be known and acknowledged.

    Jonathan also explained why he returned to Nigeria aboard an Ivorian aircraft, saying he felt the need to speak to Nigerians to thank them “for the show of empathy and encouragement” when he was trapped in the West African country.
    According to him, both President Tinubu and Côte d’Ivoire’s President Alassane Ouattara made arrangements to evacuate him and his delegation from Bissau.

    But the Ivorian team secured landing clearance first due to the stronger regional links between the country and Guinea-Bissau.
    “While we were in Bissau and this so-called coup happened, the information we got was that the whole country was agitated, young and old, irrespective of religious or political divides.
    “And I sincerely appreciate Nigerians, and I want them to hear directly from my mouth to appreciate their concern. And secondly, to thank my president, President Tinubu, and the Ivorian president, President Ouattara.

    “Both presidents were to send aircraft to lift us, but somehow you know Côte d’Ivoire is closer to Guinea-Bissau, and there’s always some relationship between the Francophone countries and the Lusophones, who are among the Francophones.
    “They were able to penetrate their system to get a a landing permit before Nigeria could do that. So the Ivorian aircraft was already on its way to pick us up,” he said.
    He explained that Côte d’Ivoire’s aircraft was already en route when he was informed that the Nigerian jet had received approval to depart.

    “So when we learnt that the Nigerian aircraft were about to leave, we asked them not to bother. That is why, if you see the pictures, I was brought by an Ivorian aircraft,” he said.
    Meanwhile, ECOWAS has suspended Guinea-Bissau from all decision-making bodies of the regional bloc.
    The Authority of ECOWAS Heads of State and Government, under the chairmanship of President Julius Maada Bio of Sierra Leone, the Mediation and Security Council (MSC), met virtually on Thursday at the level of Heads of State and Government following the military coup on Wednesday and suspended Guinea-Bissau after reviewing the situation.

    The West African leaders acted in accordance with the provisions of the ECOWAS Protocol on Democracy and Good Governance, warning the coup leaders to restore the democratic order and return to their barracks.
    A communique issued after the meeting read: “The MSC decides, in accordance with the provision of the ECOWAS Protocol on Democracy and Good Governance 2001(A/SP/12/01), to suspend Guinea-Bissau from all ECOWAS Decision-making bodies until the restoration of full and effective constitutional order in the country.”

    “The MSC also said it holds the coup leaders in the country individually and collectively responsible for the protection of the life and property of all citizens and residents of Guinea-Bissau and for the security and safety of all detainees.”
    It also advised the army to return to their barracks and maintain peace and their constitutional role, even as it ordered the ECOWAS Stabilisation and Support Mission in Guinea-Bissau (ESSMGB) to continue helping protect the institutions of Guinea-Bissau.

    “The MSC decided to continue to monitor the situation in Guinea Bissau and reserves the right to use all options provided for by the 2001 ECOWAS Supplementary Protocol on Democracy and Good Governance and the 2012 Supplementary Act on Sanctions, including sanctions on all entities deemed culpable of disrupting the electoral and democratic process in Guinea Bissau,’’ it added.

    The MSC then mandated the chair of the Authority to lead a high-level mediation mission to Guinea-Bissau to engage with the leaders of the coup, to ensure the complete restoration of constitutional order.
    The appointed members of the mission include Faure Gnassingbe, President of Togo; Jose Maria Pereira Neves, President of Cabo Verde; and Bassirou Diomaye, President of Senegal, and will be accompanied by the President of the ECOWAS Commission, Dr. Omar Touray.

    ​  

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    Cardoso: Foreign Capital Inflows Rise by 70% to $20.98bn in October

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    The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, yesterday, disclosed that foreign capital inflows in Nigeria surged to $20.98 billion in the first ten months of 2025 a, 70 per cent rise above 2024 levels and 428 per cent higher than the $3.9 billion recorded in 2023.

     He noted that the surge reflects growing investor confidence, driven by structural reforms that have restored order, transparency and price discovery in the foreign exchange market.
     He also described Nigeria’s exit from the FATF grey list as one of the country’s most significant achievements in 2025, reiterating that grey listing carried a high cost, with countries typically facing a 7.6 per cent of GDP in inflows in the first year, equivalent to more than $30 billion in potential investment in Nigeria’s case.

    He said this at the Chartered Institute of Bankers of Nigeria (CIBN) 60th annual bankers’ dinner in Lagos, yesterday.
    On Foreign Capital Inflow, he said: “Foreign capital inflows reached US$20.98 billion in the first ten months of 2025, a 70 per cent increase over total inflows for 2024 and a 428 per cent surge compared to the $3.9 billion recorded in 2023, reflecting a clear resurgence in investor confidence.”

    He added: “Nigeria’s grey-listing carried a significant cost: countries in this category typically experience a 7.6 per cent of GDP drop in capital inflows in the first year, for Nigeria, that translates to more than $30 billion in potential investment.
    “Exiting the list therefore signals a major restoration of confidence and eases compliance frictions for correspondent banks.  The global financial community has welcomed Nigeria’s exit, noting improved access to international finance and smoother cross-border payments.”

    He further projects that with the recent monetary reforms, disinflation would continue in 2026.
    “Recent reforms have begun to ease inflationary pressures, stabilise the exchange rate, and restore investor confidence. Our vision is clear: a Central Bank of Nigeria that is trusted and respected.
    “As we transition towards a full-fledged inflation-targeting framework, this partnership will deepen, ensuring fiscal and monetary policies reinforce each other in delivering durable price stability.”
    He further noted that Nigeria was beginning to reap the benefits of economic diversification, pointing to a marked decline in the dominance of the oil sector.

    “A case in point is Nigeria’s improved economic diversification: with oil now accounting for a smaller share of our GDP, 33 per cent of government revenue, and 51 per cent of exports significantly reducing our vulnerability to oil price shocks.”
    On the country’s external reserves, he reiterated that the ongoing build-up reflects genuine economic strength rather than external borrowing.

    He added: “What is most important here is that our FX reserves are being rebuilt organically, not by borrowing, but through improved market functioning, stronger non-oil exports, and robust capital inflows.”
    On the banking sector, Cardoso disclosed that the CBN was redesigning Nigeria’s credit-risk framework as recapitalisation progresses.

    He said: “Our decisive actions on regulatory forbearance mark another turning point. As recapitalisation progresses, we are redesigning the credit-risk framework to enforce stronger governance, greater transparency, and firmer accountability across the sector.

    “We are determined to break the boom-and-bust cycle that has accompanied past recapitalisation efforts.”
    He added that MSMEs remain central to the CBN’s strategy, noting that microfinance lending expanded.
    “MSMEs remain central to our efforts. This year alone, microfinance lending expanded by over 14 per cent, and new digital-credit products reached more than 1.2 million small enterprises evidence of the sector’s growing depth and capacity. We are improving access to credit, supporting microfinance institutions, and expanding financial products tailored to smaller enterprises.”
    On the exchange-rate framework, he affirmed the Bank’s commitment to stability, noting: “We are committed to maintaining the current flexible exchange-rate framework that allows the naira to act as a shock absorber while limiting excessive volatility.
    “To strengthen this framework further, we will shortly be unveiling the revised FX Manual to expand market participation and tighten documentation standards, enhance EFEMS surveillance, and ensure consistent implementation to avoid any possibility of policy reversal.”

    Providing an update on the recapitalisation exercise, he stressed that the process remains firmly on schedule.
    Cardoso said: “With just four months to the conclusion of the recapitalisation exercise, I am pleased to report that the process is firmly on track. Several banks have already met the new capital thresholds, while others are advancing steadily and are well-positioned to comfortably meet the March 31, 2026 deadline.

    “To date, twenty-seven banks have raised capital through public offers and rights issues, and sixteen have already met or exceeded the new requirements, a clear testament to the depth, resilience, and capacity of Nigeria’s banking sector.”
    He also made it clear that a key policy shift is now firmly entrenched, stating: “There will be no return to the practice of financing fiscal deficits by the Central Bank.

    Cardoso outlined six strategic priorities for 2026, including strengthening banking-sector supervision, delivering durable price stability, modernising payments, fostering responsible fintech innovation, building institutional capacity, and deepening collaboration with domestic and international partners.

    ​  

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