News
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.
News
‘He Died a Natural Death’ – Katsina Govt Announces Death of Gen Rabe Abubakar in Kidnappers’ Captivity
A Retired Major-General and former Director of Defence Information, Rabe Abubakar, is dead.
According to the Katsina state government, Abubakar died in bandits’ captivity.
The retired major-general and his wife were abducted in May while travelling through Katsina.
On June 6, a video showing Abubakar and his wife appealing to the Katsina government for the release of detained bandits and livestock surfaced online.
A statement on Saturday by Nasiru Mu’azu, commissioner for internal security and home affairs, said Abubakar died from complications of diabetes and hypertension.
“It is with profound sadness that we confirm the General’s death while in bandits’ captivity,” the statement reads.
“Despite the relentless and concerted efforts of the State Government and various Security Agencies to secure his safe release, the situation ended in this tragedy.
“The deceased Retired General died a natural death from complications of diabetes and hypertension.
“His abduction and subsequent death are not only a loss to his family and Katsina State but a monumental loss to the entire country.
“His Excellency, the Executive Governor of Katsina State Malam Dikko Umaru Radda, PhD, CON, extends his deepest condolences to the family of the late General and the country at-large.
“The Governor has described this incident as a “dark moment” and a reminder of the urgent need for a collective and intensified front against the criminal elements threatening the peace of our communities.”
The Katsina government added that it remains committed to working with the federal government and security forces to ensure that those responsible for the heinous act are brought to justice.
“We assure the citizens of Katsina State that our resolve to eliminate banditry and ensure the safety of all residents remains unshaken,” the statement added.
“Our thoughts and prayers are with the bereaved family during this difficult time. May the soul of the departed Retired Major General Rabe Abdulakdir rest in eternal peace.”
By Henry Ukazu
Dear Destiny Friends,
The power in a name, or inspiration and influence they come with, when properly triggered and applied, cannot be overestimated. Influence and name are powerful, and run pari passu. This is because in the journey of life, there are certain heights one can’t attain even with their resources. And that’s where ‘names’ and influence come in.
One might have all the grades, skills, and knowledge, but getting an opportunity might be difficult. Imagine having a good grade in school, but can’t find a commensurate job. As a matter of fact, someone with less qualification and experience might get the job simply because a man of influence endorsed their candidacy. That’s why the saying; ‘a good name is better than riches’ is tantamount to a man with access to power is more influential than a man with knowledge but no access.
For one to succeed in our contemporary society, they need a helper who could either be a mentor, benefactor, an inspiration, or someone with influence, or all in one. All these refer to one thing – name. Names are powerful and open doors. A name can serve as an inspiration which can open doors of opportunity for anyone. I remember the day one of my mentors said to me that for his name to be on my resumè, I must earn it. That’s how powerful names can be.
To further buttress how powerful a name can be, let’s consider the following – In 2018, as a budding author, I reached out to one of my mentors, Chief Dele Momodu to give me a column to write in his online newspaper which is considered one of the biggest, if not the biggest online newspaper in Nigeria. He graciously agreed, advising me to be consistent.
Guess what, since that date, I haven’t missed a week. One may be wondering how I have been consistent,; well the answer is not far fetched, I couldn’t imagine failing Chief Dele Momodu. I couldn’t imagine producing articles that are below standard. In all sincerity, assuming someone else without a big name gave me the opportunity, maybe, I wouldn’t have taken it very seriously like I did for Chief Dele Momodu. This goes to tell you names are powerful.
Can you imagine working for the President of the United States of America or Elon Musk? One will almost be perfect. The same energy and detailed attention one pays to President Trump or Elon Musk will be different if given an opportunity to work for an elected council man or a businessman. This is because one would not like to risk a lifetime opportunity to serve with a man of influence.
The importance of inspiration in the life of a progressive man cannot be overemphasized. Everyone needs inspiration. Inspiration can come from various angles. It can be from a benefactor, mentor, teacher, parent, friend, a Minister of the gospel, or even one’s child.
Let me share a personal experience I had with another of my mentors – Dr. Joe Abah. In 2025, he organized #fitseptember physical exercise where he advised his followers to do a 30 push for the month of September. Again, in January, he organized #fitjanuary and I actively participated in it, and since then I haven’t missed one single day without exercising for at least ten minutes. Why is this analysis important? The name Dr. Joe Abah is a household name in Nigeria social-political space. Assuming it was a regular person who made the announcement on X, the comment wouldn’t have attracted the kind of attention that made it go viral.
Furthermore, it is worthy of note that there are five kinds of authority when it comes to principle of power in a name. They are; Revealed knowledge, empirical knowledge, rational knowledge, intuitive knowledge and authoritative knowledge. The focus here is on authoritative knowledge.
One may be wondering what authoritative knowledge is. This is a kind of knowledge reserved for those who have expertise on a particular issue or subject matter expert. When such a person speaks, their words are like law.
Let’s talk about men of influence. Men of influence are priceless. According to Apostle Joshua Selman, there are four kinds of destiny helpers: Divine Connectors, Men of Influence, Gifted People, and Burden Bearers. For the sake of this article, I will focus on men of influence. These are gatekeepers, mentors, or established experts with high credibility. Their endorsement or advocacy can override limitations, grant you access to closed doors, and elevate your trajectory.
In summary, honor men, but fear God because men are vessels God uses to bless people and humanity.
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
The Senate, on Thursday, directed the Department of State Services (DSS), the Nigeria Police Force and other security agencies to intensify efforts to track, identify and arrest bandits and terrorists, who openly flaunt their activities and wealth on social media platforms.
The upper chamber said the growing trend of criminal groups operating openly online and displaying proceeds of crime without fear of arrest poses a serious threat to national security and undermines public confidence in the authority of the State.
The resolution followed a debate on a motion sponsored by Senator Sunday Karimi (Kogi West) on the worsening security situation in Kogi West Senatorial District and other parts of the country.
Contributing to the debate, Senator Natasha Akpoti-Uduaghan (Kogi Central) expressed concern over what she described as the increasing boldness of bandits and terrorists, alleging that some criminal groups now use social media platforms to showcase their operations and distribute large sums of money.
According to her, suspected bandits recently conducted a giveaway on TikTok, allegedly distributing more than N100 million within 30 minutes through their social media accounts.
She argued that such activities provide security agencies with sufficient digital footprints and intelligence leads to identify and apprehend the perpetrators.
“Bandits and terrorists who carry out these activities live on their social media handles,” Akpoti-Uduaghan said.
“Two days ago on TikTok, bandits conducted a giveaway, distributing over N100 million within the space of 30 minutes through their social media handles.
“I wonder why the Cybercrime Unit and the Police Force generally cannot track these activities and apprehend them since they are on social media.”
Her proposal that the Nigerian Police Force National Cybercrime Centre and other relevant agencies should intensify surveillance of social media platforms and prosecute criminals who openly advertise their activities online received overwhelming support from lawmakers and was seconded by Senator Osita Ngwu (Enugu West).
Responding, Senate President Godswill Akpabio condemned the public display of criminal exploits and huge sums of money on social media, describing it as a direct challenge to the authority of government and security institutions.
“The DSS should be able to track their movements and arrest them because this is a show of impunity, as if there is no law at all,” Akpabio said.
He noted that the online display of cash and criminal activities was designed to ridicule government efforts and create the impression that security agencies were powerless.
“I do not see why we should not have control over the social media space. That idea of showing themselves, showing the cash collected and displaying it is a way of challenging government,” he added.
Akpabio urged heads of security agencies to treat the issue as a major national security concern and take immediate action against those involved.
He further warned that the Senate would demand explanations from relevant authorities whenever individuals who openly reveal their identities and activities online are not apprehended.
The debate arose from Senator Karimi’s motion drawing attention to the escalating wave of terrorist attacks, kidnappings and killings across communities in Kogi West Senatorial District.
Karimi lamented that armed groups had turned several communities into theatres of violence, forcing residents to flee their homes while disrupting economic, social and educational activities.
He cited the recent attack on Iluke-Bunu in Kabba/Bunu Local Government Area, where gunmen reportedly invaded a secondary school and attempted to abduct students writing the Senior Secondary School Certificate Examination.
According to him, the attack claimed the lives of the school’s vice principal, a teacher and another resident.
The senator also recounted a series of kidnappings and killings across Kabba/Bunu, Ijumu, Yagba West, Lokoja and Kogi local government areas, warning that insecurity in the district was worsening and required urgent intervention.
Following deliberations, the Senate adopted a series of resolutions aimed at tackling the deteriorating security situation across the country.
The lawmakers called on President Bola Tinubu, the Inspector-General of Police and the National Assembly to urgently work towards establishing an appropriate legal framework for the creation of state police.
The Senate also urged the Federal government and the Central Bank of Nigeria (CBN) to strengthen the implementation of cashless transaction policies as part of efforts to curb ransom payments and other criminal financial activities.
It further called on the Federal Ministry of Interior and the Nigerian Immigration Service to tighten border security and surveillance to stem the influx of arms and the movement of terrorists and other criminal elements into the country.
The upper chamber equally advised State governments against negotiating or entering peace agreements with terrorists and armed bandits, maintaining that such arrangements have often failed to produce lasting solutions and, in some cases, emboldened criminal groups.
