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Russia’s Economic Sanctions: Perhaps Nigeria’s Elite Should Take Note
By Joel Popoola
Even for a country with as troubled a recent history – and present – as Nigeria, you cannot fail to have been moved by the scenes of carnage coming out of Ukraine following the cruel and cowardly Russian invasion.
But there are lessons Nigeria must learn from this horrific situation too.
The international response to Russian aggression has by and large, not been military, but economic.
Russia has been hit by severe sanctions designed not to attack her army, but hobble her economy – an indication that future wars may be fought not on the battlefields but on the international finance markets.
And while Russia seemingly holds a military advantage over Ukraine – despite the heroism of the Ukrainian people – it is getting destroyed economically.
An international alliance has cut off some Russian banks from the SWIFT messaging system, used to facilitate trillions of dollars’ worth of international financial transactions every day, in what has been called “the nuclear option” of sanctioning.
They also promised to prevent Russia from accessing some of its foreign reserves. To put that in layman’s terms, Russian has gone to the bank and found its saving account empty.
When the stock market opened for the first time after the penalties were imposed, the value of Russia’s major banks halved almost instantly and the rouble lost 30% of its value, making it much more expensive for Russian to trade – if indeed they can find anyone to trade with.
To combat inflation, the Russian central bank doubled its key interest rate to 20%. That’s higher than America’s equivalent rate has been in all of its history.
But what does this have to do with Nigeria?
A British parliamentary inquiry reported in 2018 that “despite the strong rhetoric, President Putin and his allies have been able to continue ‘business as usual’ by hiding and laundering their corrupt assets in London.”
Hiding illicit assets overseas you say?
This may sound very familiar to Nigerians.
As part of the international response to Russia’s aggression, Russian elites have seen their overseas assets targeted too – which may be why Roman Abramovich suddenly seems so keen to sell Chelsea.
The message is clear. If you try to hide dishonestly or illegally gained money overseas, there is no place to hide. And if your country finds itself embroiled in an international dispute, you may find yourself a target.
Russian is far from alone in seeing its very wealthy hide their wealth as far from home as possible.
In recent days, leaks from the Credit Suisse bank have shown how comfortable the Swiss bank was in having Eduard Seidel as a client.
The German was convicted of bribery in 2008 after overseeing a campaign of industrial-scale bribery to secure lucrative clients for his employer by shovelling cash to corrupt Nigerian politicians.
That leak follows last-year’s so called Pandora Papers leak, which pointed the finger at a number of high profile Nigerians – including current and former state governors, past and present lawmakers, and even a senior judge –for setting up shadow shell companies in notorious tax havens to hide their wealth. That leak suggested that powerful Nigerians have bought UK property valued at £350m using 166 offshore companies.
The Ukraine situation has highlighted this issue. Soon there may be no hiding place for those who hide their wealth overseas. And if not in the national interest, our elites need to consider acting in their own self-interest when it comes to transparency and accountability.
But politicians need to take the same steps towards transparency and accountability too.
At the digital democracy campaign I lead, we have been trying to give Nigeria’s elected leaders the tools to build back the trust and both their reputations and that of our entire political system, and to make all their financial interests publicly accessible.
We have created a free mobile app called Rate Your Leader, which was designed to reconnect electors and the elected, opening direct channels of communication between people and to their elected officials – giving local people the kind of access previously only enjoyed by funders.
Rate Your Leader encourages politicians to explain the decisions they have made and the reasons for making them directly to the people they affect. If the voters don’t like the answer they get, they can rate their politicians appropriately.
In the UK, a new Economic Crime Bill developed in response to Russian’s invasion of Ukraine will include a new register that will mean foreign owners of UK property must declare and verify their identities with the state.
That register will include Nigerians too.
This week the UK also signed another agreement relating to compensation for corruption in the Nigerian Energy sector.
The net is closing in on international corruption, and current international events are just making that net tighter. We now need to do our bit at home.
Joel Popoola is a Nigerian tech entrepreneur, digital democracy campaigner and creator of the Rate Your Leader app.
Impeached Speaker of the Lagos State House of Assembly, Mudashiru Obasa, has described the corruption allegations against him as “fictitious and unsubstantiated”.
Speaking during a welcome rally at his residence in GRA, Ikeja on Saturday, Obasa maintained that he was not afraid of being impeached but emphasised that due process was not followed.
The former Speaker alleged that his removal was orchestrated while he was away, and accused the state commissioner of police of aiding the process.
He claimed security agents, led by the police commissioner, invaded the assembly complex and his homes in Agege and Ikeja, locking his family indoors with over 200 officers present.
Obasa dismissed allegations of misappropriation.
He mocked claims that a gate construction had cost N16 billion, saying, “Is it the wall of Jericho?”
He said: “I am not afraid of being removed, after all, it is not my father’s chieftaincy title. I am representing my people and they have returned me six times. If you want to do anything, do it well.
“They did the removal all because I was out of the country. Lagos is a special place, we cannot denigrate the state.
The former Speaker cited the case of the former speaker, Rt. Hon Jokotola Pelumi.
He said when Pelumi was removed, he was in the assembly and “we did not invite policemen.
“When my sister, former deputy speaker of the House, Hon. Adefunmilayo Tejuosho was removed, we did not invite the police.”
Obasa said an innocent person should not be discredited, and there must be proof of allegations showing exactly what he has done.
“The Lagos State House of Assembly is above common standard of excellence.
“I appreciate the members of the governance advisory council and Governor Babajide Olusola Aanwo-Olu of the state. He is my brother and he always calls me his younger brother.”
Obasa was impeached on January 13 by more than two-thirds of the 40-member legislative house over alleged misconduct and sundry offences.
His Deputy, Mojisola Meranda, was immediately elected the new speaker, becoming the first female to take charge of the legislative body in the State.
The Federal Airports Authority of Nigeria (FAAN) has confirmed that 38 persons, including seven crew members, were injured when a United Airlines plane made an emergency landing in Lagos on Friday morning.
The Boeing 787-8 flight with 245 passengers was en route to Washington Dulles International Airport (IAD), in the United States, from the Murtala Mohammed International Airport, Lagos, when it developed problems midair and was forced to return to the airport.
There were also 11 crew members – eight attendants and three pilots – on the plane.
The FAAN Director of Public Affairs and Consumer Protection, Obiageli Orah, who confirmed the incident through a statement, said all passengers and crew disembarked safely.
She, however, said four passengers and two crew members sustained serious injuries.
According to her, 27 passengers and five crew members had minor injuries.
The statement read: “The United Airlines Boeing 787-800 departed Murtala Muhammed International Airport (MMIA), Ikeja, at 11:59pm on Thursday, but made air return and landed safely at 3.22am on Friday.
“On board were 245 adults and 11 crew members.
“The team of Aerodrome Rescue and Fire Fighting Services, Aviation Medical, and Aviation Security were already at the gate when the aeroplane parked for deboarding at D31 without incident, and the door was opened at 3:37am.
“While all passengers and crew disembarked safely, four passengers and two crew members sustained serious injuries, and an additional 27 passengers and five crew members had minor injuries.
“The rescue team responded swiftly and effectively, having been on alert and standby.
“Aviation medical ambulances transported the injured passengers, some to the MMA Clinic and others to the headquarters clinic.”
By Henry Ukazu
Dear Destiny Friends,
There’s no doubt that human beings by nature are insatiable. When we get one opportunity, we always look for another. When we attain one height, we always look for another accomplishment. Isn’t it true that the end of one mountain is the beginning of another.
However, I don’t think it’s selfish for anyone to dare to succeed.
Being ambitious doesn’t make one an opportunist or disloyal. It all depends on one’s perception or outlook to life. It’s just natural for one to dream big. It’s only ugly when the process one chooses to achieve his desires becomes dirty and nasty.
According to a former Nigerian presidential candidate and seasoned Economist, Mr. Peter Obi, “if you must be referred to as “Your Excellency”, then the process through which you arrived in office must be excellent”.
If you desire to be reckoned with on the journey of existence, you must be legitimately hungry for success. One’s hunger for success will facilitate the drive to accomplish great tasks despite daunting obstacles posing as challenges.
When one has this mindset, one will not be bothered by the noise which serves as obstacles and challenges along the way. Negative and weak minds are always concerned on why something won’t work. They tend to focus their energy and reasons on the obstacles facing them. But great and productive minds always focus their energy on the reasons why it will work. This is the spirit of an insatiable mind who is a goal- getter.
It’s instructive to note that we can’t please everyone. According to Bill Cosby, a famous actor, “I don’t know the key to success, but the key to failure is trying to please everyone.” Isn’t it true that when you talk, people will still talk about you, when you don’t talk, people will talk about you, so whether you talk or not, people will still judge you, so, do what’s best for you. There’s nothing you can do to please human beings. Your best option is to live your best life.
To understand how the insatiable nature of man works, one must be oneself. You don’t have to “please” anyone. Be yourself, and don’t try to be like anyone just to curry favour. It’s important to note that when you are yourself, the people that matter will come through for you, and the people that don’t matter will gradually find the bearing in another space because those that truly care don’t bother and those that bother don’t really matter in the grand scheme of things.
Life has truly taught me to focus on the important things of life as opposed to the mundane things. It’s truly sad to see people spending more time on the little things of life, and spending little time on the important things of life. That’s just a misplaced priority.
When you are yourself, the best people can do is to copy or imitate your style. They can never imitate your creativity nor can take your originality from you.
We live in a world or society where people don’t generally care or show empathy. Most people tend to live around themselves, their family, and close associates. They generally find it hard to lift a finger to assist others for reasons best known to them. Rev. Fr. Ejike Mbaka once said, “we live in a wicked generation”, re-echoing the voices of a lot of people of the world. Some people in authority just have criminal expertise in amassing wealth of opportunities meant for the citizens without thinking of the citizens they are meant to serve.
It’s worthy of note that not everyone will like you nor support your work, but when you find people who truly care about you; please hold them tight. This is because despite having family members you have shown love and compassion, they might not still appreciate you even if you lay your life for them, they will still find something to say. Again, this is the insatiable nature of man.
It’s okay for everyone not to like you, normalize living your life for God, yourself, family and those that care about you. If everyone likes you, you have a problem.
Did you know that you can get a new family from friends, strangers, and acquaintances? These sets of people might appreciate you more than your own family members. They might not demand or under appreciate you like your family members and close friends or associates. Any little support you give them will be highly appreciated. Their focus is to see you do better.
In conclusion, as you desire to succeed in life, never give in to failure until you have made your last attempt, and never make your last attempt until you succeed. This literally means whatever you desire, dream it, think it, say it, and believe you can achieve it. This principle is generally applicable to relationships, businesses, family, personal and professional development.
Henry Ukazu writes from New York. He works with the New York City Department of Correction as the Legal Coordinator. He’s the founder of Gloemi. He’s a Transformative Human Capacity and Mindset coach. He is also a public speaker, youth advocate, creative writer and author of Design Your Destiny Design Your and Unleash Your Destiny . He can be reached via info@gloemi.com
