Connect with us

VIRTUAL COLLOQUIUM IN HONOR OF GENERAL IBRAHIM BABANGIDA

Published

on

THEME: Celebrating the Visionary Leadership of General Ibrahim Babangida

The month of August holds immense significance in the life and career of former President General Ibrahim Babangida. Born in August, he ascended to the presidency of the Federal Republic of Nigeria in this month and voluntarily relinquished power in August as well.

Serving as President from August 27, 1985, to August 27, 1993, General Babangida’s tenure was marked by significant economic reforms, political restructuring, and visionary initiatives that have continued to shape Nigeria’s development trajectory.

This virtual colloquium aims to honor the profound contributions of General Ibrahim Babangida to the political, economic, and social development of Nigeria and Africa. It will provide a platform for reflections, discussions, and learning from his leadership journey, emphasizing his visionary policies and enduring legacy. The lessons drawn from his tenure can be applied to current and future challenges, fostering dialogue on critical issues related to governance, economic development, and regional cooperation.

The event will bring together distinguished speakers, scholars, policymakers, and the general public from across Africa and beyond to honor and critically examine the impact of General Babangida’s tenure.

TOPICS AND SESSIONS:

  1. Keynote Address: The Legacy of Leadership: General Ibrahim Babangida’s Vision for Nigeria and Africa.

 

  • A keynote speech focusing on General Babangida’s leadership style, vision, and enduring impact on the continent.

 

  1. Special Presentation: Economic Development and Regional Integration: General Babangida’s Vision for Africa.
  • A special presentation focusing on Babangida’s efforts towards regional integration and economic cooperation in Africa.
  • Developing actionable strategies for current leaders to enhance regional economic collaboration.

 

  1. Panel Discussion: Governance and Economic Reforms; Political Restructuring and Democratization; Insights from the Babangida Era; and Leadership Lessons from General Ibrahim Babangida. Three analysts discusses the economic policies and governance reforms introduced during Babangida’s presidency.
  • Discusses the long-term effects of these reforms on Nigeria’s economy and political stability.
  • Reflections on the transition to the Third Republic and its implications for Nigeria’s democracy.
  • Explores key leadership qualities and decision-making processes that defined General Babangida’s presidency.
  1. Special Tribute: August: A Month of Significance in Babangida’s Life and Career.
  • A special tribute to Gen. Ibrahim Babangida highlighting the important events in Babangida’s life that occurred in August.
  1. Special tribute: A Tribute to My Father, General Ibrahim Babangida.
  • Reflections on General Babangida’s values, parenting style, and the personal impact he has on his children and family members. The tribute provides a more intimate and personal perspective on his life beyond his public and political achievements.
  1. Closing Session: Reflections on Legacy: Ensuring a Lasting Impact.
  • A summary of key insights and takeaways from the colloquium and A call to action for preserving and building upon Babangida’s legacy in contemporary African governance and development.

ADDITIONAL FEATURES:

  • Q & A Sessions: Opportunities for participants to engage with speakers and panelists.
  • Networking Opportunities: Virtual networking sessions to connect participants from various sectors and regions.

DATE: 31ST August, 2024

VENUE: Virtual (Zoom)

TIME: 10 am (West African Time)

DURATION: 2 Hours

 

 

 

ORGANISERS:

The Africa Islamic Economic Forum (AFRIEF) is an independent development organization dedicated to the promotion of sustainable and inclusive economic growth and development in Africa through the application of Islamic perspectives on economic development and social issues. Registered in the Republic of Ghana as a non-profit in 2013, we engage in a variety of activities including professional advisory services to individuals, organizations, and governments; research; policy development and field-building. Our focus on themes related to the Islamic economy aims to drive sustainable and inclusive economic growth and development in Africa. Our research initiatives focus on generating knowledge and insights, which contribute to the promotion of ventures for the intellectual nourishment of humanity and the reconstruction of human thought in the light of Revealed Knowledge. In a continent marked by complex challenges and vast opportunities, we engage political, business, academic, civil society, and other leaders to shape Africa’s regional and industry agendas. Established to operate independently, we are dedicated to maintaining the highest standards of governance, moral, and intellectual integrity. Its quarterly colloquium series attract top scholars in the relevant fields from around the globe to explore pressing issues in Islamic economics, Environment, Global economy and leadership.

 

 

 

 

AFRICA ISLAMIC ECONOMIC FORUM

Al-Furqan Building, Behind Village Water Reservoirs,

P.O. Box ER 516, Tamale, Northern Region, Republic of Ghana

Tel: +233 243 655446, +234 809 63 42 795

E-mail: info@afrief.orgislamicinvestmentforum@gmail.com

Website: https://afrief.org

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

ISLAMIC FINANCE & CAPITAL MARKETS

UAE Green Sukuk Success – Aldar Investment’s $500M Issue Attracts Over $2B in Orders

Published

on

By

Spread the love

Imagine investors clamoring for a piece of sustainable finance – that’s exactly what happened with Aldar Investment! They launched a $500 million green sukuk in the UAE, and the demand? Blew expectations away, hitting over $2 billion. This isn’t just about big numbers; it’s a clear signal that the world is hungry for ethical, eco-friendly investments and that the UAE Green Sukuk scene is seriously heating up. Aldar’s success shows how sustainability and Islamic finance are merging powerfully in the region, catching the eye of global investors.

This significant oversubscription not only underscores the efficacy of Aldar’s meticulously designed green finance framework but also signals a pivotal moment for the UAE Green Sukuk market. It effectively demonstrates the market’s burgeoning capacity to attract substantial capital from a diverse pool of both regional and international investors, solidifying the UAE’s position as a leading hub for sustainable finance. The initial price thoughts, set at US Treasuries plus 140 basis points (bp) area for the Regulation S, no-grow issuance, were met with an enthusiastic response, reflecting the market’s positive perception of Aldar’s creditworthiness and the compelling attractiveness of its green bond proposition.

Aldar Investment’s Green Finance Framework

Aldar Investment Properties Sukuk will act as the trustee, with Aldar Investment Properties serving as the obligor for this landmark issuance. The proceeds generated from this pioneering UAE Green Sukuk will be exclusively allocated to fund a carefully selected portfolio of eligible projects, all operating under Aldar Investment Properties’ meticulously crafted green finance framework. This framework, developed in alignment with international best practices and sustainability standards, demonstrates Aldar’s unwavering commitment to fostering sustainable development across its diverse portfolio of assets.

The green finance framework encompasses a broad and impactful range of eligible projects, including:

  • Green Buildings: Investments in the development and retrofitting of energy-efficient and environmentally friendly buildings, adhering to globally recognized green building certifications such as LEED and BREEAM.
  • Renewable Energy: Funding projects related to solar, wind, and other renewable energy sources, actively contributing to the UAE’s ambitious clean energy transition and reducing its reliance on fossil fuels.
  • Sustainable Water Management: Supporting projects that promote water conservation, efficient water usage, and innovative water management technologies, addressing the challenges of water scarcity in the region.
  • Waste Management: Investing in initiatives that minimize waste generation, promote recycling and circular economy principles, and mitigate pollution across various sectors.
  • Sustainable Transportation: FunFundojects that promote sustainable transportation solutions, such as the development of electric vehicle infrastructure, the expansion of public transportation networks, and the implementation of smart mobility technologies.

A Powerful Syndicate of Leading Financial Institutions

A formidable syndicate of leading financial institutions has been meticulously assembled to facilitate the successful issuance of Aldar Investment’s groundbreaking UAE Green Sukuk. JP Morgan and Standard Chartered are serving as joint global coordinators, as well as joint lead managers and bookrunners, alongside a consortium of prominent banks, including Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Ajman Bank, Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, KFH Capital, Mashreq, and Sharjah Islamic Bank.

This diverse and highly experienced syndicate underscores the strong institutional support for Aldar’s green sukuk and reflects the collaborative approach adopted by the UAE’s dynamic financial sector in promoting the growth and development of sustainable finance.

Aldar’s Proven Track Record in Sustainable Finance

Aldar Properties, the renowned developer and real estate asset manager, has established a strong and demonstrable track record in sustainable finance. In January, the company successfully raised $1 billion through its inaugural hybrid bond issuance, showcasing its ability to access diverse funding sources and attract significant investor interest. Furthermore, Aldar secured a substantial $2.45 billion sustainability-linked revolving credit facility to bolster its liquidity and support its ongoing sustainability initiatives.

These previous successes have paved the way for Aldar Investment’s landmark UAE Green Sukuk issuance, effectively establishing the company as a recognized leader in sustainable finance within the region. Aldar has publicly articulated its unwavering commitment to ESG goals, integrating these principles as a core component of its overarching business strategy.

The Growing Significance of Green Sukuk in the UAE

The remarkable success of Aldar Investment’s green sukuk underscores the growing significance of UAE Green Sukuk in the global financial landscape. Green sukuk, which seamlessly combine the ethical principles of Islamic finance with a strong focus on environmental sustainability, are attracting increasing attention from a diverse range of investors seeking to align their investments with both ethical and environmental considerations.

The UAE has emerged as a leading and influential hub for green sukuk issuance, driven by the government’s steadfast commitment to sustainable development and the increasing global awareness of climate change risks. The UAE’s strategic geographic location, robust financial infrastructure, and supportive regulatory environment have made it an exceptionally attractive destination for both green sukuk issuers and investors.

Key Factors Driving the Exponential Demand for Green Sukuk

  1. Growing Investor Demand for ESG Investments: Investors are increasingly prioritizing environmental, social, and governance (ESG) factors in their investment decisions, reflecting a fundamental shift in investment philosophies.
  2. Proactive Government Initiatives: The UAE government has implemented a comprehensive suite of initiatives and policies to actively promote sustainable finance and green investments, creating a conducive environment for market growth.
  3. Increasing Awareness of Climate Change Risks: The growing awareness of climate change risks is driving a surge in demand for sustainable investment solutions as investors seek to mitigate the impact of climate change on their portfolios.
  4. The Continued Rise of Islamic Finance: The continued growth and expansion of Islamic finance are creating new and exciting opportunities for green sukuk issuers and investors, fostering a synergistic relationship between ethical finance and environmental sustainability.
  5. Technological Advancements: Advances in technology are facilitating the development of innovative green sukuk structures, platforms, and reporting mechanisms, enhancing transparency and efficiency.

The Impact of Aldar’s Green Sukuk on the UAE’s Development Goals:

Aldar Investment’s landmark UAE Green Sukuk issuance is expected to have a profound and lasting positive impact on the UAE’s ambitious sustainable development goals. By channeling substantial capital into green projects, the sukuk will contribute significantly to the country’s concerted efforts to reduce its carbon footprint, accelerate the adoption of renewable energy sources, and enhance overall environmental sustainability.

The resounding success of Aldar’s green sukuk also sends a compelling signal to other companies operating within the region, encouraging them to embrace sustainable finance practices and integrate ESG factors into their core business strategies. This ripple effect will contribute to the development of a more sustainable, resilient, and environmentally conscious economy across the UAE.

The Promising Future of Green Sukuk in the UAE

The future of UAE Green Sukuk appears exceptionally promising, with strong and sustained growth potential driven by increasing investor demand, supportive government policies, and the growing awareness of climate change risks. As the market continues to mature and evolve, we can anticipate the development of more innovative green sukuk structures, the expansion of green sukuk indices, and the seamless integration of green sukuk into mainstream investment portfolios.

Aldar Investment’s successful green sukuk issuance serves as a powerful catalyst for further growth and innovation within the UAE Green Sukuk market, effectively solidifying the UAE’s position as a global leader in sustainable finance. The success of this green sukuk stands as a testament to the UAE’s unwavering commitment to building a sustainable and prosperous future for generations to come.

Navigating the Evolving Green Sukuk Landscape

While the UAE Green Sukuk market exhibits significant growth potential, it also faces certain challenges that need to be addressed to ensure its continued development and sustainability. These challenges include:

  • Standardization: The lack of standardized definitions and reporting frameworks for green sukuk can create confusion and hinder investor confidence. Efforts are needed to establish clear and consistent guidelines for green sukuk issuance.
  • Greenwashing Concerns: The risk of greenwashing, where issuers misrepresent the environmental benefits of their projects, poses a threat to the credibility of the green sukuk market. Robust verification and certification processes are essential to mitigate this risk.
  • Data Availability: Access to reliable data on the environmental impact of green projects is crucial for investors. Enhanced data collection and reporting mechanisms are needed to improve transparency and accountability.
  • Investor Education: Many investors are still unfamiliar with the concept of green sukuk. Educational initiatives are needed to raise awareness about the benefits and characteristics of green sukuk.
  • Market Liquidity: Enhancing market liquidity is essential to attract a wider range of investors and facilitate secondary market trading.

However, these challenges also present significant opportunities for innovation and growth. By addressing these issues, the UAE Green Sukuk market can further solidify its position as a global leader in sustainable finance.

The Role of Technology in Driving Green Sukuk Growth

Technological advancements are playing an increasingly important role in driving the growth of the green sukuk market. Blockchain technology, for example, can be used to enhance transparency and traceability in green sukuk transactions. Digital platforms can facilitate the issuance and trading of green sukuk, making them more accessible to a wider range of investors.

  1. Blockchain for Transparency: Implementing blockchain technology to track the use of proceeds and verify the environmental impact of green projects.
  2. Digital Platforms for Issuance: Developing digital platforms to streamline the issuance and trading of green sukuk, reducing costs and increasing efficiency.
  3. AI for Data Analysis: Utilizing artificial intelligence to analyze environmental data and assess the sustainability performance of green projects.
  4. Smart Contracts for Automation: Employing smart contracts to automate the execution of green sukuk agreements and enhance transparency.

International Collaboration and Partnerships

International collaboration and partnerships are essential for fostering the global growth of the green sukuk market. The UAE can play a leading role in promoting cross-border collaboration and knowledge sharing.

  • Partnerships with International Organizations: Collaborating with international organizations, such as the United Nations and the World Bank, to promote sustainable finance and green sukuk.
  • Knowledge Sharing: Sharing best practices and providing technical assistance to other countries seeking to develop their green sukuk markets.
  • Harmonization of Standards: Working with international partners to harmonize standards and regulations for green sukuk issuance.
  • Attracting Foreign Investment: Promoting the UAE as a leading destination for foreign investment in green sukuk.

A Sustainable and Prosperous Future

Aldar Investment’s successful green sukuk issuance is a significant milestone in the UAE’s journey toward a sustainable and prosperous future. By embracing green sukuk and other sustainable finance instruments, the UAE is demonstrating its commitment to building a resilient and environmentally responsible economy.

Aldar Investment’s $2B+ demand for their $ 500M UAE Green Sukuk signifies a major win for sustainable finance. We explored how this success reflects strong investor confidence, Aldar’s green framework, and the UAE’s leadership in this space. This surge in demand, fueled by ESG interest and government support, is more than a financial trend; it’s a driving force for the UAE’s low-carbon transition. We discussed the impact on sustainable development goals and the potential for technological advancements and global partnerships to enhance the UAE Green Sukuk market. Ultimately, this growth signifies a shift towards a sustainable, equitable future, with the UAE poised to be a global green finance leader, creating new opportunities for investors, businesses, and communities alike.


Spread the love
Continue Reading

INTERNATIONAL POLITICS

Russia-US Negotiations Open the Next Phase Of Restructuring the World

Published

on

By

Spread the love

From 1945 until the early 1990s, the global order was based on the hostility between the United States and the Soviet Union. It was an order filled with conflict, danger and ideological discord, as all such orders are, but there was at least a system of organization based around the two powers. After the Soviet Union fell, Russia, though intact, was in a state of disarray in no small part because it had lost the satellite states that had insulated it from its enemies in Europe – NATO and the United States. The war in Ukraine was initiated largely to reclaim these buffer states. But it was also undertaken to resurrect the Russian state and rehabilitate it as a global power.

The war has been a failure. Moscow has taken only about 20 percent of Ukrainian territory, thus failing to rebuild a decisive buffer. It has weakened the Russian economy. And it imperiled the regime by sparking unrest and coup attempts, which Moscow successfully suppressed. Russia has done what it does best: It has failed but survived. It must now devise a strategy for the future that is more than just survival.

On Feb. 11, the U.S. and Russia exchanged prisoners after President Vladimir Putin said U.S.-Russia relations were in danger of collapsing. For his part, President Donald Trump said phone calls between them were constant. Rumors of summit planning were in the air and have since been validated by reports that Trump and Putin spoke on the phone, with both agreeing to start negotiations to end the war. (Trump spoke later with Ukrainian President Volodymyr Zelenskyy.) This is all a fairly normal negotiation process: One side threatens to leave the table, the other side displays patience, and both sides ultimately reach small agreements. In order to understand the geopolitical meaning of all this, we must consider the positions and strategies of both Russia and the United States in these negotiations.

Russia is in the process of redefining its relations with the rest of the world while preserving the state, building a healthy economy and wielding foreign influence. Strategically, Russia’s problem is that it is a vast country vulnerable to potential adversaries. The nation could not regain its position without unity, and unity required a powerful military and economic center. Throughout history, the government has been stable, but it had limited options, which forced it into strategies it did not have the resources to execute.

Russia’s failure to conquer Ukraine has created an economic – and even military – threat from Europe. To its east, Russia faces China, which is a historical Russian enemy with which it fought border wars even when both were communist states. China did not vote to support Russia in its invasion of Ukraine at the first United Nations meeting on the matter. (It abstained.) China was far more interested in relations with the United States and Europe than anything Russia had to offer. Strategically, Russia had to win the war outright to demonstrate its power. It failed, and now it has no strategic ally with an interest in supporting it. In other words, Russia has no strategic counterweight.

Russia’s long-term adversary is the United States, which thwarted Russia’s strategy in Ukraine. The U.S. has no existential threat facing it. Europe is divided. China has significant economic and internal problems, and its military is currently in no position to challenge the United States. Russia therefore must accept its current weakened position or deal with the United States.

The U.S. has a history of getting into unthinkable alliances with former enemies. U.S. grand strategy is founded on opportunism and flexibility, its passions reserved for domestic conceptions. Trump has demonstrated systematic unpredictability, which means that he has given himself maximum flexibility in negotiating with Russia. That the U.S. is fundamentally unthreatened on the world stage gives it options in negotiations. In stating – during his election campaign – that Ukraine was a European war and not an American war, Trump told Russia that it could deal with the U.S. For Washington, the fear was that Russia would, under Soviet rule, dominate Europe and thus radically shift the balance of power in the global system. If that was still a concern before 2022, Russia’s subsequent failure has put it to rest.

Without a sufficient military that is able to fully defeat Ukraine militarily, Russia is left to focus on economic development to return to power. This is a very long and potentially dangerous path as it leaves Russia militarily exposed. The other option is to reach an accommodation with the United States. Washington has no moral qualms in overlooking ideology and behavior to form worthwhile relationships. If an understanding were reached, the U.S. would be free of its responsibility for European security, eliminating China’s already vain hope of establishing an alliance with a powerful ally, and giving it more room to tend to its own interests. National interest rules all, and national interest is determined by power.

Ending a war is easier if one side has won and the other side has lost. It’s much trickier if the goal is to create long-term peace, rather than a brief suspension, absent a decisive outcome. That is the issue now. Russia, like Germany after World War II, must demand economic growth in which the U.S. would likely participate. (Russia is Russia, of course, so caution must be exercised as it recovers.) The negotiations will seem painful and filled with insults, breakdowns and threats. And hanging over all of this is the threat of nuclear weapons, which I believe are irrelevant to the negotiations; mutually assured destruction means that whoever attacks will be dead with his family within the hour. But, in time, the negotiations will bear the fruit that the diplomats will take credit for, even though it was raw power that decided the outcome.

George Friedman is an internationally recognized geopolitical forecaster and strategist on international affairs and the founder and chairman of Geopolitical Futures.

Courtesy: Geopolitical Futures


Spread the love
Continue Reading

SPECIAL REPORTS

Running On Empty

Published

on

By

Spread the love

Chidi Amuta

A giant question mark seems to hang over the Nigerian political landscape. Everybody seems to be asking everyone else this single question: What is going on? Suddenly, all seems quiet and clueless from the choir of government. The affairs of state seem frozen into a humdrum of routine and miserable predictability. There are no new excitements. No new programs and policy initiatives. Behind the ritual of state affairs, the usual FEC meetings, the goings and comings of the presidential motorcades and the boring unintelligible pronouncements of ministers and other senior officials of state bearing fancy titles, you get a feeling that perhaps government is not at home. But this is only in the zone of governance and policy formulation and implementation. Yet the urgent concerns that fired the minds of the people at election time remain largely unaddressed.

For an administration that is not quite yet two years old, the present barrenness of ideas and programs is not only disturbing. It is tragic. Worse still, for an administration that has finally branded itself as engaged in a reform of the economy, the dearth of ideas can be worrisome.

Let us admit that a few big things have been showcased. There has been a grand fanfare about an Alaskan highway that will stretch from the beaches of Lagos to the pristine sands of Calabar. Hundreds of thousands of bags of rice and beans have been distributed among state governments for onward distribution to hungry people. A hurriedly assembled student loan scheme has been shoe-horned into place without any serious thought as to how the loans will be recovered.

The Tinubu government insists that it is on a reformist path. The essence and definition of this reform orientation is to unleash an avalanche of hardships on the people. A litany of taxes, price hikes, tariff hikes, levies and surcharges on practically everything that means anything to ordinary people has been imposed. Gasoline prices have since multiplied manifold. The deregulation of the Naira exchange rate has since thrashed the Naira exchange rate towards its present struggle to catch a breadth. Nearly every price of every service or good that means anything to anyone has skyrocketed to a level where most Nigerians have resigned themselves to fate. People have since learnt to live life by the day and take what each day brings as their lot, often turning their eyes only to bare essentials.

The lack of new ideas and initiatives in the area of governance and policy has been counter balanced by sporadic dress rehearsals in the area of political activity at the level of the legislature and the states. Of course political life allows no vacuum. In the absence of concerted effort and purposive   momentum, something happens. The political space has in recent weeks assumed a mix of comedy and potentially dangerous drama.

At the Senate, a female senator popularly called Natasha has seized centre stage. She has accused Mr. Akpabio, the Senate President of doing what weak men with access to big money and immense power often do in high places. Mrs. Natasha has accused Mr. Akpabio of sexually harassing her. Her evidence for now remains scanty and doubtful. The relevant Senate committees have used technicality and legislative bureaucracy to befuddle what is ordinarily a straightforward ethical transgression at the height of power in the Senate.

Even the simple procedural tidiness to bring forward her accusation properly before the relevant Senate committee has been flawed by a bit of carelessness on her part. Her sympathizers and those of Mr. Akpabio have since thronged the premises of the National Assembly, desperately angling for public attention.  No one is sure where this charade could lead. But the brickbat has led to Natasha’s hasty suspension for six months by the ethics committee of the Senate. The public is perplexed that a Senate that is known for tardiness in more serious matters of state legislation was in such a hurry to suspend Natasha in a matter of hours.

The uproar is not yet over in spite of the suspension order. If Madam Natasha does manage to advance a serious enough substantiated allegation against Mr. Akpabio, then the Senate President could find himself quite busy untangling his lofty apparels from a woman’s complicated underpants.

For now, there is no certainty as to what the Natasha situation is all about and where it could lead. Some say it is politics. Others insist it is a business deal to wring some cash off the vaults of the allegedly loaded Akpabio. A minority feel Akpabio is too fond of the sniff of highly polished and perfumed womenfolk that he can hardly resist their lure. Ready evidence is drawn from his untidy encounters with Ms. Joi Nunieh, former Managing Director of the NDDC.  The odium of that earlier scandal is still heavy in the air of the current drama.

For whatever it is worth, the Senate’s Natasha versus Akpabio absurd theatre is just one sign that the Tinubu presidency is running out of steam and ideas. A political space that is serious with urgent national issues such as we have in abundance would have no time to waste on matters of pants and bras in highly placed places. The Natasha distraction is just one big evidence that our political life as a nation is fast running on empty.

Elsewhere in the states, governors and power moguls are busy testing their nerves in advance of 2027. In Lagos, factions in the drama of political incumbency and succession tested each other’s nerves. House Speaker Mr. Obasa had taken a casual vacation abroad. On his way back to the country, he found that there was no royal welcome awaiting him at the premises of the Lagos State House of Assembly where he had been holding sway as a powerful Speaker and de facto political emperor. Before he could unpack his bags, his colleagues had impeached him in absentia and elected Mrs. Meranda as Speaker in his place.

He hardly understood what hit him. He began to feverishly work the phones to call the most important numbers in the politics of Lagos state. An atmosphere of instability and uncertainty enveloped the Alausa secretariat of the state government especially the precincts of the House of Assembly. Two hidden hands were pulling the strings of the Assembly leadership apparently in a dance without a name. The impression that the hands of the state governor were behind the ouster of Obasa was palpable. But then, he was ousted by a vote by 30 out 35 members of the house. He was clearly unpopular among his colleagues, accused of many sins including high handedness, arrogance, insensitivity to the needs of the other members. Obasa was rumored to be disrespectful of the youngish popular governor.

The counter narrative was that Obasa did not need to pay the governor much attention since he seemed to have the ears of a higher political deity in Abuja whose wish is the law in the affairs of Lagos. Uncertainty reigned in Lagos for weeks. Obasa sat home and kept threatening to reclaim his speakership toga at the appropriate time. An emboldened Obasa threatened to invade and overrun the Assembly premises in a bid to reclaim his throne.

The state police command initially took over the premises. Legislators stayed away. Workers who were doing the biddings of the new speaker were rounded up and taken away by the police. No one knows whose orders the State police commissioner was obeying or enforcing. A few days down the line, the state police commissioner lost his command and was sent off into anonymity by higher police authorities. The hidden hands replaced the police presence at the Assembly premises with goons of the DSS who made it obvious that they were not in Alausa to play silly games with local politicians.

A few days later, an emboldened Mr. Obasa returned to the Assembly premises in a triumphant march to stage a comeback to the office of Speaker while poor Mrs. Meranda was placated with the lowly innocuous office of Deputy Speaker.  There was no obvious change in the disposition of the majority of the Assembly members. The simmering crisis in Lagos seemed to have been ‘nicely’ resolved. But the political signals seemed quite loud and obvious.

Lagos politics is not likely to be the same in the rest of the present tenure of both the governor and his president boss and enabler. We have just seen a hooded dress rehearsal of what might happen to the ruling APC in the state come 2027.  Many say that the president showed his hands in the insistence on Obasa as Speaker for reasons that many are too frightened to name. Days after the resolution of the crisis, a heavy overhang of dejection was detectable on the faces of opposition legislators who did not like Obasa’s tenure and the manner in which he was reinstated or re-imposed. If this disquiet lingers and flows into the contest for power and supremacy in Lagos in 2027, then the governorship succession race in Lagos is likely to be slightly bumpier than before. It is likely to be more than a wrestle and more of a civil war. Even more frightening is the use or abuse to which the security agencies are likely to be put by political gladiators.

In nearby Osun State, a more gruesome drama of political existence played out.  The famed dancing governor of the state was not in any laughing, singing or dancing mood. He needed to take over the grassroots by staging an impromptu local government election process. A challenge was lurking in the dark opposition APC led by the former governor who happens to be a cousin of the President. Another former governor, Mr. Rauf Aregbesola, had similarly fallen out of favor with the former governor, now Osun’s man in Abuja. Proxy wars among the followers of these gladiators was expected and did take place nastily. It went bloody and claimed a few casualties in the Osun countryside. But the dancing governor and his gang swept the polls. This is merely a dress rehearsal of what lies ahead in the state come 2027. Osun promises to be a theatre of blood and nasty sweat for many reasons. They say it is the actual home state of the president who has never stepped forward to claim ancestry. Nor has he disowned the immediate past former who claims to be his cousin and seems still bitter about his sacking by the dancing governor and his train. For now, the dancing governor could resume his dance steps while rehearsing for the fire next time.

Rivers state is a somewhat different and more tragic instance of politics in the absence of development and governance. The state seems to have settled into the status of a place where there is hardly any governance or development since the last two years or so. Since Mr. Nyesom Wike reluctantly handed over the keys of the government house in Port Harcourt to Mr. Fubara and relocated to Abuja as Tinubu’s emperor of Abuja, the state has hardly known an unbroken week of peace, sanity let alone any semblance of governance and normalcy. Politics has taken center stage in the lives of the people. It is not the politics that promotes development, good governance or healthy partisanship. It is the political equivalent of warfare. Impeachments and threats thereof. Multiple court cases and foolish litigations. A state legislature that has been burnt down or demolished or both. Local warriors brandishing ancient amulets and invoking primordial myths and loyalties. Free brandishing of dangerous weapons in the centre of Port Harcourt while trade, commerce and public service take a back seat. Political contractors and habitual trouble makers have seized the political space and come to town in occasional menacing war dances and rehearsals of ancient battle dance.

Mr. Fubara, poor governor, has been kept busy by Mr. Wike and his cohorts who have been busy picking and choosing godfathers and elders and changing them like nasty underpants. In turn, otherwise respectable state elders have found themselves changing allegiances and alliances with the contending partisans depending on which faction sends them the fattest bundle of cash under the cover of night.

In all of it, the politics of bad manners has taken over Rivers state at the expense of normalcy, development and the normal business of governance. If indeed Mr. Fubara survives his first tenure without impeachment that would probably be his most spectacular achievement in office. When the story of Rivers state between 2023 and 2027 is written, it would simply be that there was a governor that occupied the office but was never allowed to govern the state for one day.

In the latest round of judicial somersaults on the politics of the state, the Supreme Court has just ruled that the state be denied the statutory federal revenue allocation. The reason is ostensibly that the embattled governor has used the judiciary to exclude the majority of state legislators from the legislative functions of the state. As a result, he has had an Assembly of 5 pass the state’s 2025 budget into law while the majority of law makers were legally excluded. The Supreme Court’s argument is that our democracy was never designed to be without a legislative oversight.

The 23 Local government chairpersons have similarly been declared null by the Supreme Court, necessitating fresh Local Government elections now scheduled for some time in August. As matters stand now, the political future of Rivers state is more uncertain than it has ever been.

Taken together, these political motions without movement have provided the Tinubu presidency with a growing camouflage of activity in a polity with an embarrassing degree of governance and policy inactivity. Worse of all is the near absence of intellectual stimulus and original thought on even the most mundane problems confronting the nation. Nothing kills a nation than addiction to boredom and humdrum.


Spread the love
Continue Reading

Trending

Copyright © 2024 Focus on Halal Economy | Powered by Africa Islamic Economic Forum