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Russia’s Economic Sanctions: Perhaps Nigeria’s Elite Should Take Note
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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.
News
Peter Obi Decries Worsening Hunger, Insecurity Under Tinubu
The Nigeria Democratic Congress (NDC) presidential candidate for 2027 general elections, Peter Obi, says that Nigerians across all walks of life are suffering under President Bola Tinubu’s administration due to worsening hunger, widespread insecurity, and systemic harassment.
Speaking with journalists at St Fintan’s Catholic Church in Onicha Local Government Area, Ebonyi State, on Friday, Obi urged citizens to stand firm and resist further hardship imposed by the country’s current leadership.
Obi was in Ebonyi State to attend the burial ceremony of Okaji Okorie, father of the NDC senatorial candidate for the Ebonyi South Zone, Linus Okorie. Responding to questions regarding the alleged harassment of NDC supporters by the ruling All Progressives Congress (APC), Obi said that the current hardship transcends political affiliations.
“For me, every Nigerian is already being harassed, not just my supporters,” Obi said. “Hunger is harassing everybody. The worsening economic situation is affecting everyone. Go to any village, and you will see that people are suffering. It is time for Nigerians to tell those governing us that enough is enough.”
Addressing concerns over the Independent National Electoral Commission’s (INEC) ability to conduct free and fair elections in 2027, Obi urged citizens to focus on collective action rather than institutional trust.
“It is not really about confidence in INEC; it is about having confidence in the people. The people will determine what INEC does. If Nigerians insist that their votes must count, then their votes will count,” he asserted.
“The people should look at what is happening in Nigeria and ask themselves: What is the future of our children in this enterprise called Nigeria? Are we going to continue in this direction?”
Obi noted that advocating for real change in the current political climate requires tremendous courage.
“Anyone talking about change in Nigeria today is making the ultimate sacrifice because we cannot continue like this. Every single day, poverty is increasing; every single day, hunger is increasing,” he noted.
“The World Bank recently reported that poverty has risen to almost 79 per cent from about 51 per cent when this government came into office. But you do not even need a World Bank report to know what is happening. Go to the villages and see for yourself.”
“Millions more Nigerians are facing hunger. So, what are we going to do about it? Are we going to continue like this? No.”
Turning to his host, Obi described Okorie as a steadfast ally and dependable partner, highlighting their shared political journey across party lines.
“This is not the first time Hon. Linus Okorie and I are working together. We worked together in the Labour Party, and now we are together in the NDC. That underscores the strength of our relationship,” Obi said.
“However, we are here today to pay our last respects to his late father. We pray that God Almighty, who blessed Papa with a long and fruitful life, will grant him eternal rest in His kingdom and give the family the fortitude to bear this irreparable loss.”
News
Food for Living: Just Start
By Henry Ukazu
Dear Destiny Friends,
The beginning of any journey is usually the hardest part. It is usually hard to take the bold step. Whether you are applying for a job, writing a book, starting a new business, getting married or even applying for school, there’s always the tendency to ask yourself mind-boggling questions such as; Will I succeed? Will I be accepted? This is among many others.
When progressive minds encounter this challenge, they are not afraid of taking the first step, they are merely concerned about the big picture, and not what they are currently experiencing. One of the big differences between great people and lesser minds is the ability for great people to take strategic risks, while lesser minds stay in their comfort zone.
On a personal note, I can relate to the journey of greatness when I began writing my first book. In all sincerity, I didn’t know what I was writing. All I knew was that I was putting down whatever comes to my mind provided I found it reasonable and relatable. At the end of the day, I found a proficient and efficient editor who was kind enough to work on the book and it became a trailblazer.
The moral is that I doubted myself many times if I had the capacity to write a book. I was literally afraid of beginning, but immediately I began writing, the universe began to conspire with me to make the work fruitful. Today, when I look back, I’m glad I took the bold step. I say this because just because of one book, I received national and global attention in addition to appearing on television and meeting gatekeepers and resource people.
The same principle is applicable when I began my first business. I didn’t know what to focus on and how to develop bossiness. All I knew was that I’m a motivator and counselor who likes to help youths and career professionals on proactive ways to succeed in their personal and professional lives. After attending a series of training courses, workshops, webinars, and several conferences, I began to have clarity about my business. I remember when I first started, I told the world that I can build a website just because my uncle assisted in using a free tool to build my website.
Why am I sharing this information? The same business I didn’t know how to structure is now registered with the highest certification from the Office of the Governor of New York to do business with any New York City agency. It now has a Chief Operating Officer, Social media manager, IT personnel and an exceptional Director of Partnership who works as a consultant. The company has also partnered with the United Nations Development Programme and has received awards.
All this is because I took the bold step to start a business. Sometimes in life, you don’t know what lies ahead when one takes the bold step.
According to Dr. Yomi Garnet, a proficient Ghost Writer, “If a book is tiled A synopsis of successful living were to be written, it would in all probability contain the following chapters:
1. Identify your talents, (use then to glory God and to benefit of humanity)
2. Have faith in the favor of God,
3. Engage in proper planning
4. 10% belongs to God
5. Give, give and keep in giving
Let’s take a minute to elaborate on this chapter:
1. Identify your talent: Before you begin any project, one must know who they are, what they have and what problems they want to solve. They also must take into consideration whether they have the capacity, competence and capability of doing the business. One thing is certain, they are using their skills, talent, and knowledge to solve a problem
2. Have faith in God:
Taking the first step entails having faith in yourself, in your business and most importantly in God. Without faith in oneself, in the business and in God, it will be difficult for one to succeed. Taking the first set entails believing in the possibility of the future.
3. Engaging in Proper planning:
It’s instructive to note that failing to prepare is preparing to fail. Before anyone begins any task, it’s important for one to sit back and ask oneself if they have all they need to set up the business. This entails setting up a structure for the business, getting the right people, offering services and setting up the mission and vision statement of the company
4. 10% belongs to God
This is Biblical instruction which is part of the spiritual blessings of doing business. No one succeeds on their own. They either have an altar working for them or they have human beings as networks, benefactors, and resource persons recommending them for opportunities. Alternatively, these acts of tithe giving can also refer to Corporate Social Responsibility which is tantamount to giving back to society.
5. Give, give and keep giving.
This is another spiritual blessing. We are quite familiar with the saying, the giver never lacks, however, it’s important to note that when one gives without wisdom and accountability, one might run dry. So, it’s imperatively important for one to give with discretion, otherwise, one will be exhausted. It’s instructive to note that nobody receives with a clenched fist and the giver’s hand is always on top. If you want to receive it, please give. This giving aspect is made possible because someone took the first step to start a business which made it possible for the art of giving to take place.
In conclusion, if you desire to start a business, or have inspiration, just start, the universe has a way of conspiring with the world to support you to birth your passion, idea or vision. I say this because the worst you’ll want to do towards the end of life is to live in regret. So, I say, just begin. Whether you fail, it’s irrelevant because you are gaining and showing perseverance for the cause you believe in. At the end of theer day, we shall all tell our stories.
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, Unleash Your Destiny and The Six Pillars of Succes . He can be reached via info@gloemi.com
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Supreme Court Bars Lawyers from Using ‘Barrister’ Title in Official Correspondence
The Supreme Court has prohibited lawyers, court registrars, litigation staff and all legal practitioners dealing with the apex court from using the title “Barrister” as a prefix to their names in official correspondence and court-related engagements.
The directive was conveyed in an internal circular dated July 13, 2026, issued by the Chief Registrar of the Supreme Court, Kabir E. Akanbi, on the instruction of the Chief Justice of Nigeria.
The circular, titled “Prohibition of the Use of the Title ‘Barrister’ as a Prefix to Names,” was addressed to legal practitioners, litigation staff, court registrars and other lawyers interacting with the apex court.
According to the memo, the continued use of the title “Barrister” before names is inconsistent with the professional standards expected in official dealings with the Supreme Court.
It stated that the Chief Justice had directed that the practice be discontinued with immediate effect.
Part of the circular reads: “The use of the title ‘Barrister’ as a prefix to names is inappropriate and inconsistent with the standards of professionalism expected within the Supreme Court of Nigeria.”
The court further directed that the title should no longer appear in official correspondence, court processes, legal documents, identity materials or any other official communication with the Supreme Court.
Heads of departments and unit heads were also instructed to ensure strict compliance by officers under their supervision.
However, the directive is limited to official interactions with the Supreme Court and does not prevent legal practitioners from identifying themselves as barristers in academic, professional or other non-court-related settings.






