Feature/OPED
2019: Senator David Alechenu Bournaventure Mark in Focus
By Omaga Daniel
The year 2017 is fast coming to an end, and the question on everyone’s lips is, who would be Nigeria’s next president? Although open declarations have been made by the likes of Governor Fayose of Ekiti State, political alignments and manoeuvring are in top gear as epitomized by recent defections by party loyalists and supporters, even though majority of Nigerians can hardly pinpoint who the major gladiators will be in the forthcoming general elections.
Nigeria has developed to a stage where the electorate now has a voice and it is becoming clearer that the populace is the major factor to consider in deciding who eventually leads, because the true power lies with them.
This was proved in the last general election held in 2015 when in spite of the several allegations and evidences suggesting that the polls were manipulated, the voice of the masses rang through like echoes from the thunderstorm and like a tsunami, it swept the then sitting President Goodluck Jonathan, governors and legislators both at the national and states level.
In what appears to be a twist of fate however, many who have followed recent developments in our polity have opined that like never before, the primary responsibility of governance have been overtaken by blame game, victimization and the shear struggle for supremacy between the two major political parties.
This development has seen the anti-corruption stance of the government being perceived as politically motivated since those whom reports have indicted for corrupt practices are treated as sacred cows and remained elusive of the wrath of Mr President’s body language.
For the first time in Nigeria, monies were discovered in strange places including grave yards, and until now, Nigerians can hardly take stock of how many looters of the peoples’ common wealth have been sent behind bars devoid of political, ethnic and religious inclinations so as to serve as deterrent to subsequent offenders.
Many state governors have turned blind eyes to the plight of their workers by reneging on their responsibilities to pay wages and pensions despite having received tranches of the Paris Club Refunds among other unbridled borrowings. Access to basic amenities in some of these states has remained only a figment of the masses imagination. Some have even abandoned the onerous task of leadership to witch-hunt every voice of reasoning that exposes their ineptitude and complacency especially via the social media.
With recourse to the 2015 general elections, a major battle had been won. The electorate now reserve the exclusive right to choose who leads them and when. For us, it is our biggest victory as a democratic nation because that single event has set precedence. Again, in 2019, the electorate will march to the polls to exercise that right hence, it is imperative for us to open the encyclopaedia of those we feel have what it takes to lead our country for public perusal.
A lot of names have been dropped by lobbyists, political jobbers, politicians and electorates either by direct hint or subliminal messages on who should pilot the affairs of our country come 2019, considering the enormous socio-economic imbroglio the nation is enmeshed in.
Frankly, I have been appalled to hear names of people who have little or no integrity, people who in the past have been entangled with one scandal or the other and individuals without the leadership sagacity and political wherewithal to navigate the country in the face of very daunting challenges.
In the North, the terrorists are bombing. In the East, there are agitations for secession. In the South, kidnappings and vandalism have remained the order. Across the middle-belt region, herdsmen are on a killing spree while the South-West have become a haven for the popular Badoo gang and ritual killers.
Nigeria indeed is at a crossroad. It is now at the centre of development concerns that our leaders have been involved in since independence. Our leaders are striving to find a happy outlet through which Nigerians would stand tall among the comity of nations. Leaders who are capable of facing up to a number of challenges such as fragmentation of the nation, history and knowledge, relaying the foundations of the post-colonial State have to be considered.
Across the world, leadership is a serious business and so is Nigeria. I have maintained in previous articles on the need for Nigerians to try something different come 2019 and in this piece, I wish to bare my mind on the man with the Mark of the Biblical David, the Okpokpowulu ki’Idoma.
The Senator representing the Benue-South Senatorial District and former president of the Nigerian Senate no doubt is a crux between the old and the new generation and most importantly, the six geopolitical zones. Born in 1948, he attended St. Francis Catholic Practicing School, the Nigeria Military School, and the Nigeria Defence Academy.
As an archetypal soldier, he rose to the rank of a Brigadier General. Nigeria is in dire need of leaders with the moral rectitude, strength of character and mental maturity and in my humble opinion; David Mark fits right into this mould.
He was Governor of Niger State from January 1984-1986. Mark has also served as Minister of the federal republic. He became a Senator representing Benue-South at the eve of our democratic journey in May 1999. David Mark ran for re-election to the Senate in April 2011 and was elected for a fourth time by his people.
Like a Hercules, he presided over the senate as president for a record eight years between June 2007 and June 2015. This is an unprecedented feat, never before achieved by any African. He got re-elected for the fifth term in 2015 as a clear testimony of the trust reposed in him by the people of Benue-South.
Renowned for his invocation of the “Doctrine of Necessity” which salvaged the nation of impending political woes during the President Yar’adua era, David Mark cuts the very picture of consistency and stability. He was able to cast himself as an avuncular leader, while presiding over the very demanding legislative duties in the red chambers. The “ideal” Nigerian President should be someone who has proven himself consistently over time.
Like the proverbial goldfish, that has no hiding place, Mark’s contributions to the political advancement of Nigeria have dignified him as a trailblazer, mentor and an achiever within the extinct iconoclastic colony of genuine and patriotic African leaders.
His contributions and commitment to the educational, sports and economic advancement of our country is also typical. It is high time we began to allow objectivity influence our choice on who should lead us as a nation instead of the usual sentimental and sectional politics that is consistently been promoted in our democracy.
Men with histories of competency, unblemished track records and performance, are the people we should consider as presidential hopefuls come 2019 and at an objective level, the politically savvy Senator (Dr) David Alechenu Bournaventure Mark (GCON) is a round peg in the round hole and must be encouraged to exhibit his divine anointing in the overall interest of the country.
Comrade Omaga Elachi Daniel writes from Nasarawa State.
Feature/OPED
What Does Nigeria’s $51bn Reserves Milestone Mean if Most New Foreign Money Can Leave Quickly?
Nigeria’s foreign reserves have climbed to about $51 billion, a decade-plus high, according to the Central Bank of Nigeria (CBN). EBC Financial Group (EBC) notes that this reflects stronger investor confidence, but the second half may show whether it holds, as the build rests on three cyclical drivers: oil earnings, short-term foreign money and a narrowing official-to-street naira gap.
Reserves rose from about $32 billion in April 2024, during a dollar shortage, to about $51 billion now, near the CBN’s target. Much came from two cyclical sources, strong oil earnings and money chasing high-yielding naira assets, so EBC expects the pace to slow or reverse. Fitch Ratings, a major international credit rating agency, expects a marginal decline to about $47 billion by the end of 2026, citing higher spending and external pressures.
David Precious, Senior Market Analyst at EBC Financial Group, said, “Nigeria’s reserve build is real but may not be durable yet, because nearly all of the new money is the kind that can leave quickly. Of the $10.37 billion that came in over the first quarter, the overwhelming majority was short-term portfolio funds rather than long-term investment, so a shift in oil prices, global interest rates or confidence in the naira might pull a large part of it straight back out.”
Most New Money Can Still Leave Quickly
The composition of the foreign inflows explains the caution over how long the build can last. The country attracted $10.37 billion in foreign investment in the first quarter of 2026, up 83.83 per cent year-on-year, according to the National Bureau of Statistics (NBS). Of that, $9.86 billion or 95.09 per cent, was portfolio money, largely short-term naira debt such as Treasury bills that investors can sell at the next auction, while foreign direct investment, the long-term kind that builds factories and jobs, was $135.08 million, or 1.30 per cent. Put simply, of each dollar coming in, about 95 cents can leave quickly, and barely one cent stays.
That money supports reserves while it stays. Dollars brought in to buy naira assets add to market supply, letting the CBN hold more reserves and steady the naira. It leaves when conditions change. Nigeria earns most of its export dollars from oil and gas, so lower oil prices mean fewer dollars, and as a member of the Organisation of the Petroleum Exporting Countries (OPEC), it cannot simply produce more, output capped by quota and reduced by theft and ageing fields. Higher global interest rates draw money toward safer returns abroad, and a weakening naira prompts investors to sell early. When oil fell in 2016 and 2020, foreign investors withdrew and could not convert naira to dollars as supply dried up, leaving the CBN to clear more than $7 billion in trapped obligations into 2024.
The Oil Boost is No Longer Certain
Oil looked like a dependable source of the dollars behind the reserves only months ago. Earlier in 2026, concern over disruption around the Strait of Hormuz lifted crude prices, and stronger receipts flowed in, with crude oil export earnings of $8.11 billion in the first quarter in the CBN’s balance-of-payments data. That support is now easing. The tension has subsided, and Brent traded near $72 on June 29, down about 24 per cent over the month, back to pre-conflict levels. With the price boost gone and output constrained, reserves are more exposed, leaning on non-oil earnings and investor patience rather than oil.
The Naira Still Trades at Two Prices
The naira has traded at two prices, an official rate and a higher parallel-market rate, and closing that gap into one trusted price is what many investors might watch most. Before committing funds, they may want assurance they can convert naira to dollars at a fair rate when they exit, and a wide gap revives the fear of being trapped that lingers from earlier shortages. The gap has narrowed to roughly N20 to N30, with the CBN’s official rate near N1,380 per dollar on June 26 against parallel-market quotes around N1,400. The International Monetary Fund (IMF) 2026 Article IV review urged Nigeria to depend less on this fast-moving portfolio money and to keep phasing out its multiple exchange-rate practices. The CBN’s Foreign Exchange Manual, in force from 1 June, is intended to make the market clearer, though such rules build confidence only once investors can freely trade dollars at the posted rate.
What could Make the Build Durable
A few signs that may show the build turning durable include a smaller gap between the official and street naira rates, more long-term foreign investment, and steadier oil earnings. A gap that stays small, now roughly N20 to N30, may mean investors trust the official rate and no longer need the street market. A clear rise in foreign direct investment, only $135 million last quarter against $9.86 billion of short-term money, might mean lasting capital is replacing funds that can leave at the next auction. Oil earnings that hold up, rather than sliding from the low $70s, should help keep reserves steady, since oil and gas bring in most of Nigeria’s export dollars.
“Reserves built on money chasing high yields can fall as fast as they rose, as they did after the last two oil shocks, when investors left, and the CBN spent years clearing a foreign-exchange backlog,” Precious added. “What holds through a downturn is slower money, direct investment, steady oil and non-oil export earnings and one credible naira rate, and that is the shift Nigeria has yet to make.”
By Olajumoke Bello
Across Nigeria, small and medium enterprises remain the backbone of economic activity. They drive trade, create jobs, and sustain millions of livelihoods. Yet, despite their importance, many SMEs continue to operate below their full potential due to persistent structural challenges.
Access to finance remains one of the most cited constraints. However, the issue today goes beyond the availability of capital. Many businesses struggle with financial readiness, weak documentation, and limited understanding of what lenders require. This often leads to missed opportunities, even when funding options exist.
At the same time, SMEs face gaps in market access and visibility. Business owners operate in highly localised environments, with limited exposure to broader networks that can unlock partnerships, new markets, and growth opportunities. This isolation can constrain scalability and reduce long-term competitiveness.
Equally important is the capability gap. Many entrepreneurs grow through resilience and experience but lack structured knowledge on critical areas such as financial management, export readiness, and digital adoption. Without this, even well-capitalised businesses can struggle to sustain growth.
These challenges point to a clear need for a more practical and integrated approach to SME support. It is no longer sufficient to offer standalone solutions. SMEs require ecosystems that combine knowledge, access, and direct engagement in ways that reflect how they actually operate.
A key shift is the move from centralised interventions to localised engagement. SMEs are deeply influenced by their immediate environments, whether markets, industrial clusters, or trade corridors. Solutions must therefore be brought closer to where these businesses function, allowing for more relevant support and stronger relationships.
Another important shift is from awareness to action. Business owners do not only need information; they need insights that they can apply immediately. This includes understanding how to structure their finances, how to access trade opportunities, and how to connect with the right partners to scale their operations.
There is also a growing need for continuity. Many SME-focused initiatives deliver strong initial impact but lack follow-through. For support to be effective, it must extend beyond one-off engagements into sustained relationships, with clear pathways for onboarding, advisory, and growth.
For financial institutions, this presents both responsibility and an opportunity. Supporting SMEs now requires moving beyond transactional banking to deeper partnership models. It requires understanding businesses at a granular level and co-creating solutions that evolve with their needs.
At Stanbic IBTC, this perspective continues to shape our approach to SME development. Our focus is on delivering practical support that translates into real business outcomes, helping enterprises grow, compete, and contribute more meaningfully to the economy.
As part of this commitment, we are extending our SME engagement to the regions through the Nigeria Business Summit Regional Tour. The tour will take structured, on-ground activations into key commercial hubs, where SMEs can access funding guidance, trade insights, advisory support, and direct engagement with financial experts.
The regional tour will take place across five strategic locations, bringing these solutions closer to business owners in Aba, Onitsha, Ibadan and Kano.
This approach reflects an important principle. When support moves closer to businesses and when solutions are delivered in ways that are practical and continuous, SMEs are better positioned to grow sustainably. In turn, this strengthens not only individual enterprises but the broader economy.
Olajumoke Bello is the Head of Enterprise Banking at Stanbic IBTC Bank
By Winston Osuchukwu
The average Nigerian borrower is widely considered high-risk – a claim repeated in credit committees, priced into retail loans, and largely treated as settled fact. Every credit market accepts that an individual loan may not be repaid; this is ordinary, priced risk. The high-risk claim, however, is applied to whole segments – the informal trader, the gig economy earner whose income is steady but split across several accounts, the remote worker paid by an overseas client into a fintech FX wallet. What the assessment establishes is not whether they are likely to repay, but how they fit into an arbitrary segment. Having spent years building decisioning systems for this market, my thesis is a specific one: “high-risk” does not mean “no credit” – it simply requires that the lender embrace alternative datasets to price the risk appropriately.
This is not a criticism of the institutions that built their frameworks around collateral and documentation; those were rational responses to the tools available at the time. When data is scarce, prudence means defaulting to the status quo. The limitation is not that this approach is wrong, but that it leaves a blind spot – excluding fundamentally sound borrowers whose economic lives simply are not captured on the bank’s ledger. A market trader who has moved consistent, growing volumes of cash through mobile money for three years is not, in any meaningful sense, unknowable. Their financial behaviour is observable and patterned; it simply occurs outside the traditional banking system, rendering it invisible to conventional underwriting.
This is the gap technology is now positioned to close – not by replacing institutional judgment, but by augmenting it. When AI-driven analysis is applied rigorously to the financial behaviour these borrowers generate, a far more complete picture of their repayment ability emerges – and a meaningful share presents a risk profile that compares favourably with segments the traditional system has long considered safe. The “high-risk” label, applied broadly to an entire category of borrower, was never a risk pricing tool so much as the limit of what the available tools could see.
For banks, this is the opportunity to extend capital with confidence beyond the borrowers who fit their stringent criteria. Nigerian banks are highly liquid; the constraint on credit growth has rarely been capital, but the ability to assess and price the borrowers who sit outside the traditional file. Close that gap, and the whole ecosystem strengthens: banks grow their loan books into segments they have long wanted to serve, and the real economy gets the capital it needs to expand.
This is precisely what we focus on at Mathesis Analytics: building AI-powered credit decisioning that gives lenders a fuller, more defensible picture of the individuals long excluded as high-risk when they were simply misjudged. The Nigerian credit gap has never been a non-lendable population problem, but one of incomplete visibility. By unifying varied data sources and partnering with the institutions that hold the capital and scale to move the market, we translate out-of-ecosystem behaviour into reliable, bank-grade risk scores. Closing this gap is one of the clearest, highest-leverage opportunities in Nigerian financial services today.
Winston Osuchukwu is the founder & CEO of Mathesis Analytics
