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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.
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Hike in WAEC, NECO Fees Cruel, Dangerous to Education, Atiku Tells Tinubu
Former Vice President Atiku Abubakar has condemned the Federal Government’s continued escalation of the cost of public education, describing the recent increase in fees for Federal Unity Colleges and the reported approval of a uniform ₦50,000 examination fee for West African Examinations Council WAEC and National Examinations Council NECO candidates from 2027 as cruel.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, on Sunday, Atiku noted that education remains the greatest instrument of social mobility and the surest pathway out of poverty for millions of children from humble backgrounds, adding that every additional financial burden imposed on parents translates into another child being denied the opportunity to learn, dream and contribute meaningfully to society.
“Nigeria already bears the painful distinction of having one of the largest populations of out-of-school children in the world. Depending on the methodology and age group measured, between 10.5 million and about 15 million Nigerian children and young people are already outside the classroom. Any government confronted with such a national emergency should be investing aggressively to bring these children back into school. Instead, this administration is choosing policies that will inevitably swell those numbers,” he said.
He warned that increasing fees in Federal Unity Colleges while imposing significantly higher costs on WAEC and NECO examinations would disproportionately affect children from poor and middle-income families, whose parents are already making impossible choices between food, healthcare, transportation, and education.
“The same administration whose policies are progressively narrowing access to public tertiary education continues to project the Nigerian Education Loan Fund (NELFUND) as one of its flagship achievements. Yet a university loan offers little comfort to a child who has already been priced out of secondary education or cannot afford the qualifying examination required for admission. A government cannot credibly claim to be expanding access to higher education while simultaneously erecting financial barriers that prevent millions of young Nigerians from ever reaching the university gates.
“Genuine educational reform begins by making education affordable from the primary and secondary levels, expanding the carrying capacity of our tertiary institutions, and ensuring that poverty never becomes the reason a child is denied the opportunity to learn. A government that truly believes in education invests in classrooms before it invests in loans.
“No nation has ever taxed its way into educational excellence. Countries that aspire to economic greatness invest more—not less—in education during difficult times because they understand that human capital is the engine of sustainable development. Nigeria cannot build a globally competitive economy while systematically pricing millions of its children out of classrooms”, he added.
Atiku therefore called on President Tinubu to immediately reverse the increase in Unity School fees and the proposed ₦50,000 WAEC and NECO examination fee, and convene an urgent stakeholders’ dialogue on sustainable financing for public education.
“By the grace of Almighty God, I remain confident that Nigerians will reject policies that punish their children and make education the exclusive preserve of those who can afford it. The African Democratic Congress is committed to restoring education as a public good, not a privilege.
“An ADC-led government will not permit this unjust and punitive increase in examination fees. Instead, we shall reverse policies that place education beyond the reach of ordinary families, expand access to quality education at every level, increase the carrying capacity of our tertiary institutions, and ensure that every Nigerian child, regardless of background, has a fair opportunity to learn, excel and fulfil his or her God-given potential,” he added.
The Vanguard
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Food for Living: Make Efficiency, Effectiveness Your Watchword
By Henry Ukazu
Dear Destiny Friends,
To be successful, everyone needs to be effective and efficient in all they do. Success does not come from nicety, speech articulation or fine diction, spotless dressing, connections, good proposal or even from having a good product. Though all these factors might play a role, a business man must not only be efficient in their business, they must also be effective.
These words, effective and efficient no doubt, are so closely related, however there’s a thin line of difference between the two. If you stay with me for awhile, you’ll understand.
One might be wondering what the difference between being effective and being efficient is. According to Dr. Yomi Garnett, a prolific and exceptional ghost writer, efficiency is the ability to do something well without wasting energy or effort, whilst to be effective is simply to do something well. Let’s talk a minute to explain how this works. One can be efficient and not effective, and one can be effective and not efficient. But a truly great mind is both effective and efficient. When one is efficient, it means that he can do the work within the shortest possible time. This may be because he has done it over and over again, and have mastered its nitty-gritty.
There’s a saying, if someone can’t explain something to a six-year-old child, that person doesn’t understand the subject very well. I agree with this saying because when someone understands something, he/she won’t go through stress explaining it, and will spend minimum time doing it. Whilst for someone who is effective, he knows the issue or has a subject matter expert on the business very well. He can literally do it when he wakes up from sleep without rehearsing. So, in summary, an effective person saves time, while an efficient person explains better.
As progressive beings, we must be proactive with not only our life, but also our business, career, and whatever we find our hand worthy of doing. By doing so, people will appreciate us and support us. In business, one of the best forms of advertising is referral. When one’s work is exceptionally good, he doesn’t need too much advertising; his work will speak for itself. For instance, anyone who may have used the product might say ‘I have used this product or service, and I can guarantee its effectiveness’. Another person might say ‘the staff are very efficient, professional, and great at customer service’.
All these are great reviews. Trust me, one doesn’t need too many reviews to believe in the authenticity of what people are saying. They can sense a genuine review devoid of sentiments and vested interest. So, imagine a case where there’s no review, one might have a challenge in believing the durability and effectiveness of the product/service.
As a business owner, one must be intentional with respect to how he treats his employers and customers. What most uninformed business owners don’t know is that when you take care of your staff, they will in turn take care of your business. When the staff are happy, they’ll treat the customers well, and when the customers are happy, they’ll in turn tell the world. Do you see how effectiveness and efficiency work in a company?
In a similar way, if one is consistent in publishing articles every week like I do, opportunities are bound to arise soon when there’s alignment. As a business owner, I can authoritatively tell you being good at what you say you do is a currency. Nobody likes shady or dirty work. I can also tell you people are ready to pay for premium services provided you can deliver.
Let me share a personal experience with you; two months ago, I visited my home country – Nigeria, for a business opportunity. During my meeting with some established institutions, I had to submit proposals to them. But because I wasn’t proficient in writing proposals, I had to hire a consultant to do the job for me. Not only did I hire a consultant, I also flew him for business meetings because I trusted his judgment, and guess work, it paid off.
Imagine, if I had to do it myself, I doubt if the work would have been given the kind of positive attention it attracted. Why am I sharing this information? When one is good at what they do, it won’t take long for them to be seen when the right opportunity comes.
Being efficient and effective does not only apply to our professional lives, it’s also applicable in our personal lives. In the world we currently live in, things are governed by perception. When people see how effective and efficient you are, they will be inclined to associate with you, but when you appear like an unserious person, they will find it hard to recommend or refer you for business opportunities.
So, today, take stock and ask yourself if are you an effective and efficient person; if your company is effective and efficient. If your answer is no; ask yourself what you can do to make you and your company effective. The answer will set you on the right path to success.
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 and Unleash Your Destiny . He can be reached via info@gloemi.com
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Security Outfit Captures Wanted Notorious Bandit Usman in Delta Forest
The Delta State security outfit – SafeCity Security Service – in collaboration with operatives of the State police command, have arrested a wanted notorious bandit, Abubakar Usman.
His arrest followed the kidnapping of one Mrs. Blessing Chiedu, a native of Umunede Kingdom, who was abducted on July 2, 2026, along the Ani-Ifekide Farm Road, Ubulu-Uku. The kidnappers had demanded a ransom of N100 million from her family.
Spokesperson for the SafeCity Security Service, Harrison Gwamnishu, disclosed this in a post on X on Wednesday
According to Gwamnishu, upon receiving the information, he escalated the matter, and the Delta State Police Command’s Anti-Kidnapping Squad, Asaba, led by CSP Osakpolor, swung into action.
He said using their Hydra Tech Surveillance System, a coordinated rescue operation was launched, Mrs. Blessing Chiedu, a native of Umunede, was successfully rescued alive and unharmed along the Ubulu-Unor/Ashama Road.
After her rescue, he said the team immediately launched a manhunt for the fleeing kidnappers until the early hours of Wednesday when their surveillance system located the gang to their hideout in the Ogwashi-Uku/Adonta Forest of the state.
“A gun battle ensued, during which our combined team overpowered the criminals. One of the most wanted suspects, Abubakar Usman, was successfully captured, while other members of the gang escaped into the forest with their firearms.
“Investigations reveal that Abubakar Usman and his gang have been responsible for several kidnapping operations across Igbodo, Umunede, and surrounding communities, where they have extorted millions of naira in ransom from innocent families,” he said.






