•Re: Ethnic capture of Nigeria’s monetary and financial architecture among others

By Prof. Echefuna’ R G ONYEBEADI

Let me start by clarifying that there is a clear distinctive difference between PBAT-Yoruba (Yorubats) and the main stream Yoruba nation.

The main stream Yoruba nation is composed of Yoruba òmò-ólúàbì, while there is also what the Yorubas call òmò-àlé.

People can trace the roots of òmò-ólúàbì to their first generation, but the same thing cannot be said for òmò-àlé.

Òmò-ólúàbì Yoruba don’t condone nonsense and would not tolerate any injustice in whatever form, no matter whose ox is gored, including their own; but the Yorubats are not so!

The òmò-ólúàbì Yoruba stands for the truth, transparency, accountability, morality, fear of God Almighty, equity, fairness and justice among others; for which òmò-àlé is the exact opposite, apart from being impostors!

Òmò-ólúàbì Yoruba are the majority in Yoruba nation while òmò-àlé are a few vocal opportunistic minority.

Ègbè òmò Ódùdùwà and Áfènìfèré are offshoots of òmò-ólúàbì, but òmò-àlé has no root whatsoever!

Every tribe has their own òmò-ólúàbì and òmò-àlé.

Let me pause here.

The recent announcement of PBAT’s appointment of another PBAT-Yoruba (Yorubat) as the Chairman of the Financial Reporting Council of Nigeria, seems to have completed the circle of an ethnic capture of Nigeria’s entire monetary and financial architecture!

When a role call of all the monetary and financial authorities in Nigeria is taken now, they will all be found to be from one tribe – PBAT-Yoruba (Yorubatians), to the exclusion of all others!

Presently, all the revenue approving, revenue generating, revenue processing, revenue dispensing, revenue auditing, revenue reporting and revenue prosecuting authorities of all monetary and financial institutions of the entire country Nigeria, are all from one tribe! – PBAT Yoruba (Yorubatians)! – to the exclusion of all others, in a country of more than 350 tribes.

Check list:

President – Yorubat.

Chief of Staff to President – Yorubat

Governor of Central Bank of Nigeria – Yorubat.

Finance Minister – Yorubat.

NNPC – Yorubat.

Customs Service – Yorubat.

Immigration Service – Yorubat.

Accountant-General of the Federation – Yorubat.

Auditor- General of the Federation – Yorubat.

Nigeria Revenue Service (FIRS).- Yorubat.

Financial Reporting Council of Nigeria – Yorubat.

EFCC – Yorubat.

Majority of Directors of Finance & Administration (DFA) for all the “Federal” MDAs – Yorubats.

All other critical monetary and financial institutions/positions – Yorubats!

The Yorubats collects Nigeria’s revenues, Yorubats warehouse Nigeria’s revenues, Yorubats approves the disbursement of Nigeria’s revenues, Yorubats authorize release of Nigeria’s revenues, Yorubats effects payments of Nigeria’s revenues, Yorubats reports all financial transactions to Yorubats and Yorubats prosecute all financial “crimes”, particularly against all others!

So, PBAT seems to have grabbed, snatched and ran away with Nigerians Commonwealth for Yorubats by Yorubats and of Yorubatians!

It seems like we now have a government of Yorubats by Yorubats and for Yorubatians!

Is Nigeria now monoethnic?

Are the Yorubats untouchable?

What a shame!? What an affront!? What an absurdity!? What an audacity!? Really disgusting!!

No wonder PBAT’s government is currently running 3 years (2024, 2025, and 2026) budgets simultaneously without real development and shrouded in most repugnant opaqueness ever, for the very first time in Nigeria’s history!

Nigerians seem to be quietly asking: where is the money!? Where is the money going to and for what purpose!?

Yet, the Yorubats mouth One Nigeria!

Yet, they mouth national unity.

Yet, they mouth patriotism while doing the exact opposite.

Yet, they mouth a non-existent transparency and accountability.

Yet, they mouth taking hard decisions that benefit only themselves.

Yet, they dish out outrageous statistics that contradict reality.

Yet, they claim that the economy is now doing well without proof, while Nigerians remain worse off.

Yet, they claim that their removal of fuel subsidy has released more money with nothing to show for it, safe for heightened lowest monetary value, lowest purchasing power ever, breathtaking inflation, high cost of petrol/transportation, very unaffordable high costs of living, multidimensional poverty and unprecedented hunger.

Yet, they claim Nigeria now has more external reserves while Nigerians live internally in abject poverty, far below poverty level.

Yet, they claim that the economy has turned the corner only to corner unprecedented humongous debts for generations unborn to pay.

Yet, they want all other tribes, including the òmò-ólúàbì to stand on their anachronistic “mandate” contraption.

Yet, they want all other tribes, including the òmò-ólúàbì to vote for them to retain their offices/power for another 4 years!

What a bizarre!?

Meanwhile, capital budget implementation is cumulatively at snail speed if any.

Meanwhile, their minimum wage has effectively waged war that breeds maximum poverty.

Meanwhile local contractors are not paid for services rendered, safe for a few close and/or connected to Yorubats inner circle.

Meanwhile, the so-called take home pay cannot take people home.

Meanwhile, criminal enterprises and the economy of kidnappers, bandits and terrorists are booming with unprecedented heightened insecurity countrywide, at an alarming geometric rate, faster than the speed of light!

So, why are people keeping quiet?

Why are people not speaking up?

Hope, when other tribes take over power and replicate and/or “improve” on PBAT’s model of governance hijack, the grave yard silence will continue!?

If you speak the truth, you’ll eventually die. If you don’t speak the truth, you will also eventually die. So, why not speak the truth while you still live!?

The grave yard silence of stakeholders and citizens in the face of ethnic hijack of the entire country’s economic lifelines among others, is quite deafening!

There are times when silence is not golden. This time is one of such times!

May affliction never arise a second time, by the power of God Almighty!

•Professor Echefuna’ R. G. ONYEBEADI [DBA; PhDs; CEng. Etc], Professor of Engineering Economy, Strategic Management Expert and the Inegbese of Oligbo Kingdom, writes from FCT Abuja.

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