Feature/OPED
Oba of Lagos Rebuffs Ooni of Ife: Appraising the Aftereffects
By Omoshola Deji
Civilization and modern forms of governance have drastically diminished the power and authority of monarchs. Fading, not faded, our hidden admiration for primordial values sustains the influence of monarchs on government and the governed.
Monarchs currently have no constitutional role, but their grassroots prominence generates patronage from virtually all holders of public office, industrialists and dignitaries. This patronage vindicates the presence of monarchs in social and state functions.
The Oba of Lagos, Rilwan Akiolu and the Ooni of Ife, Adeyeye Ogunwusi’s presence at a function recently produced a much-needed distraction. Just when Nigerians were ardently debating President Buhari’s healthiness and his ability to rule, the video of a royal discord between two Yoruba monarchs diverted public attention like an orchestrated political gimmick. Summarily, the public was enraged that the Oba of Lagos dare rebuff the Ooni of Ife.
Although different scholarly and historical account of the Yoruba race exists, the Ooni of Ife is widely acknowledged as the supreme Yoruba monarch. The Oba of Lagos is not rated among the leading monarchs. As ranked by the Alake of Egba, the top five royals in Yoruba land are the Ooni of Ife, the Alaafin of Oyo, the Oba of Benin, the Alake of Egba and the Awujale of Ijebu respectively. To bring you up to speed, a narration of what transpired in the viral video is necessary.
In accordance with the Yoruba regal heritage, some royal guards’ were eulogizing the Ooni while others hastily cleaned his reserved seat. Admiringly, people loosen their neck strings to catch a glimpse of the Ooni’s majestic entry to the occasion.
Humbly and commendably, Ooni Adeyeye exchanged pleasantries with a seated monarch and was he warmly welcomed. Upon approaching the Oba of Lagos, the Ooni, an earthly king of kings, was snubbed in the most absurd manner. He was publicly rebuffed like a mere slave or palace guard.
In shock, Nigerians, especially the Yoruba’s, couldn’t rationalize the courage behind Oba Akiolu’s action. Could it be because Oba Akiolu (74) is older than Ooni Adeyeye (42)? No, that’s not cogent! Similar to the police and army, the rank of a king’s ancestral dominion determines superiority, not age.
Frightened by the overwhelming public outrage and condemnation, Oba Akiolu issued a statement denying that he snubbed Ooni Adeyeye. One of the Lagos white cap chief, Lateef Ajose, proclaims that the snub is “the culturally acclaimed way of greeting by a Lagos monarch” and Oba Akiolu is “basically trying to revive the culture and tradition of ancient Lagos”.
This fabricated response dampens the spirit of Nigerians that, like politicians, monarchs are fast going political in reasoning, actions and reactions. The general feeling on social media was that Oba Akiolu’s damage control strategy of rationalizing insult as Lagos tradition was an afterthought. It is ignoble that rather than apologize, the Lagos monarch chose to diabolically wrap his wrongs around culture and tradition revival.
Appalling, his rhetoric magnetizes all the trappings of a political rejoinder. More to the point, the sharp snub and glaring hostility captured in the video negates Oba Akiolu’s defense.
Even if culture is to be revived, welcoming the Ooni at a public function should not be the take-off point. Indeed, there is more to it than meets the eye. On how many occasions has Oba Akiolu greeted dignitaries with a snub, especially in public, before the cameras? In this modern age, would he have welcomed President Trump or Queen Elizabeth to Lagos with such a hostile attitude and snub? Please recall that despite the fact that President Buhari is a Muslim and would not shake hands with his female aides, he cheerfully shook hands with the Queen of England and the Chancellor of Germany. Manifestly, the genuine reason of actions resides only in the mind of the actor.
Since Oba Akiolu’s guilefully redefines his unruly behaviour as cultural revival, examining his past deeds would be a credible means of determining whether he could have intentionally snubbed the Ooni or not. Based on facts in the public domain, unlike most Nigerian monarchs, Oba Akiolu is vocal, temperamental and politically sentimental.
In the heat of the 2015 gubernatorial election in Lagos State, the Eze Ndigbos (Igbo traditional rulers) in Lagos state paid a courtesy visit to Oba Akiolu. At the meeting, the monarch ordered all Igbos in Lagos state to vote for Akinwunmi Ambode, his anointed candidate. Vibrating with anger, Akiolu threatened that anyone who flouts his order would perish in the lagoon. The monarch boasted that he owns Lagos; he handpicked Ambode and; he (Ambode) must govern Lagos for eight years (two terms).
The national tabloids quoted Akiolu as saying “If anyone of you goes against Ambode who I picked, that is your end. If it doesn’t happen within seven days, just know that I am a bastard”.
The monarch further threatened that “I am not ready to beg you, if anyone of you, I swear in the name of God, goes against my wish that Ambode will be the next governor of Lagos State, the person is going to die inside this water”.
In a country of laws, it would be interesting to watch Oba Akiolu dump the Igbos into the lagoon if Ambode had not triumphed. You may term Akiolu’s statement a mere threat, but recall that a similar inciting statement made by the Zulu king, Goodwill Zwelithini, fuelled xenophobic attacks in South Africa.
Won’t Nigeria shatter if Ambode had lost the election and his supporters angrily began to murder the Igbos?
Before you resolve that Oba Akiolu’s action in 2015 was a mistake, please recall that he recently vowed at the inauguration of the Nigerian Women against Corruption Initiative that he would work against former vice president Atiku Abubakar’s presidential ambition. All things considered, Akiolu’s vow would have held water if Nigeria is limited to his kingdom.
Moreover, if Akiolu’s relentless attacks on Atiku were often credible and pro-masses, most Nigerians would have probably subscribed to his views, but, unfortunately, his rants were purely vengeance-seeking.
At a stakeholders meeting in Victoria Island, Lagos, Akiolu accused Atiku, Daura and other Peoples Democratic Party (PDP) stalwarts of facilitating his dismissal from the Nigeria Police Force in 2002. He argued that his dismissal from service was a plot to ensure the PDP wins the 2003 elections in Lagos State.
Evidently, Oba Akiolu is more of an electoral warrior and political godfather than monarch. Being human, most monarchs have their political preference, but are often careful not to appear politically biased. They strategically play safe, so that if their preferred candidate is not elected and power change hands, they (monarchs) can easily switch allegiance and dance to the new political rhythm.
In all likelihood, most of the individuals that Oba Akiolu had ridiculed with his ego and temper have tolerated him based on their respect for royalty.
For Akiolu, a less significant monarch and beneficiary of ‘royal immunity’, to now ridicule Ooni Ogunwusi, the overall leader of the Yoruba race, is unacceptable and condemnable. The catastrophic aftereffect of Akiolu’s snub is best presented in literal fiction (read slowly to grasp).
Once upon a time, there were three brothers that hardly agree on anything; they terribly hate themselves. By order of birth, James is the first born, Jack is second and Jude is the third/last born.
According to their culture and tradition, once a man dies, the immediate junior brother owns the corpse and determines how it would be buried. While working on his farm, James was bitten by a poisonous snake, he fell sick and died. By right, James’ corpse belongs to Jack and he has the liberty to bury it as he wish. Based on the never-ending hatred, Jack announced that James’ corpse be sliced and fed to the vultures. People persuaded Jack to have a rethink but he refused.
For the first time in that village, human flesh was sliced and fed to the vultures. Obviously, Jack thought he has perfectly humiliated his brother because of the hatred between them. Unfortunately for Jack, he has forgotten that such hatred also exists between him and Jude and he had indirectly taught Jude the best way to handle the corpse of hated brother.
The crucial message in this fiction is that we all must always use our discretion and power intelligently. Wise is the man who first orated that ‘what goes round comes round’. If Oba Akiolu fails to act cautiously and the powers-that-be fails to caution him, the law of Karma never fails.
Oba Akiolu must be reminded that today’s action is tomorrow’s history. He has set a bad example and indirectly taught other low-class monarchs that the best way to treat a revered monarch in public is to be rude. Therefore, no one should be surprised if a third class king from Ekiti State (best to use a PDP state) snubs or hiss at Oba Akiolu at a public event and later claim it is culture and tradition revival. To be honest, if the Sultan of Sokoto or the Obi of Onitsha snubs the Ooni of Ife in public, Oba Akiolu would most likely be the first to condemn such act and label it an insult to the Yoruba nation.
It is evident and non-negotiable that for Oba Akiolu to reclaim the admiration of Nigerians, especially that of the Yoruba extraction, he must melt his ego and apologize to the Ooni of Ife.
Arise, O compatriot Akiolu, humbleness call obey.
Omoshola Deji is a political and public affairs analyst. He wrote in via mo******@***oo.com
By Blaise Udunze
Daily, the world watches Nigeria through a familiar lens in what appears to be a gory situation. Especially in cases when the news headlines tell stories of farmer-herder clashes, bandit attacks, kidnappings, villages reduced to ashes or deserted by the dwellers, as thousands of Nigerians have been displaced across states such as Zamfara, Plateau, Benue, Niger, Kaduna and Nasarawa. Subliminally, this is about to become a similarly ugly occurrence in southwestern Nigeria, which is fast becoming obvious if not nipped in the bud quickly.
Recorded data have shown that bandits, Boko Haram, and others killed over 190,000 Nigerians in 17 years and displaced 3.7 million people.
A human rights organisation, the International Society for Civil Liberties and Rule of Law (Intersociety), in its fearful revelation, has said that no fewer than 190,150 Nigerians have been killed by bandits, Boko Haram insurgents, and suspected armed herdsmen between July 2009 and March 19, 2026, as this calls for concern.
The dominant explanations often point to ethnic tensions, religious divisions, climate change, shrinking grazing routes or weak security institutions. No doubt, those factors are certainly part of Nigeria’s complex security crisis. Yet another question deserves serious examination.
What if, in some locations, the violence is also serving another purpose? What if some of the territories experiencing repeated displacement are the same places sitting atop some of Nigeria’s most valuable mineral deposits? More importantly, if such a pattern exists, who benefits when communities disappear?
Of a truth, these questions are uncomfortable, but undeniably they deserve careful investigation rather than dismissal.
For ages, Nigeria has been naturally endowed, and it is estimated to be rich in enormous significant reserves of gold, lithium, uranium, tin, columbite and other strategic minerals increasingly sought after in the global transition to clean energy technologies. As international demand for battery minerals continues to rise, these resources have become far more valuable than they were only a decade ago.
If one overlays publicly available geological information with maps showing persistent violence, some observers argue that striking geographical overlaps appear in several regions. Such overlaps alone cannot establish causation. Correlation is not proof of conspiracy. However, they raise questions worthy of independent scrutiny.
One issue attracting increasing attention and adequately yearns for answer is whether prolonged insecurity may inadvertently or deliberately create conditions that make mineral extraction easier.
Under Nigeria’s Nigerian Minerals and Mining Act 2007, mineral resources belong to the Federal Government, while mining rights are granted through licences and leases. Community engagement and land access are expected to form part of the licensing process, although implementation varies depending on circumstances. This raises an important policy question.
What happens when the communities expected to participate in those processes have already fled because of violence?
Displacement changes the dynamics of land ownership, consent and access. While no evidence automatically proves that attacks are orchestrated to facilitate mining, the sequence of violence followed by renewed commercial activity in some locations deserves closer examination by regulators, lawmakers and investigative journalists.
In conflict studies, researchers have long observed that wars often generate economic winners alongside humanitarian losers. Could elements of Nigeria’s insecurity also be producing economic beneficiaries?
Reports over the years have documented concerns about illegal mining operations across parts of northern Nigeria. Government agencies themselves have repeatedly acknowledged that criminal networks profit from the country’s vast mineral wealth. The unresolved question is whether isolated criminality has, in some instances, evolved into more sophisticated alliances involving political influence, financial interests and international supply chains. If so, the implications extend far beyond Nigeria.
Invariably, it is clearly known that lithium has become one of the world’s most strategic commodities, powering electric vehicle batteries and renewable energy storage systems. Gold has always remained one of the safest global investment assets during periods of uncertainty. Meanwhile, it is well confirmed that the global appetite for these minerals creates enormous financial incentives.
Suppose violent displacement reduces resistance to extraction. Suppose shell companies subsequently acquire mining interests. Suppose minerals then leave Nigeria through legitimate-looking export documentation while their true value remains understated.
These scenarios remain allegations unless supported by verifiable evidence. Yet they outline a framework that investigators may wish to test rather than ignore. Financial crime experts frequently identify trade mis-invoicing as one of the most common methods of illicit financial flows worldwide.
Could Nigeria’s solid minerals sector be vulnerable to similar practices? If valuable lithium ore is deliberately but inaccurately described as lower-value material on export documents, substantial wealth could potentially leave the country without reflecting its true market value. Likewise, if unrefined gold exits through privileged channels with limited scrutiny, questions naturally arise about oversight, transparency and accountability over criminal activities which have continued to stunt and disrupt the country’s socio-economic growth and at the same time cause carnage.
Such possibilities are not accusations against any particular institution or company. Rather, they illustrate why stronger monitoring systems are increasingly essential. Another question concerns logistics.
With the high level of criminal activities, industrial mining requires heavy machinery, diesel supplies, transportation networks and specialised personnel. These are not operations that can remain invisible indefinitely.
If certain territories are genuinely too dangerous for security agencies, how do industrial-scale extraction activities reportedly continue in some remote locations? If they do, who protects those operations? Who authorises their movement? Who verifies what is extracted? Who ensures royalties and export revenues reach public coffers? These are governance questions that demand institutional answers.
Equally important is the international dimension. Minerals extracted in Nigeria ultimately enter global supply chains. Gold may pass through international refining hubs before entering financial markets. Lithium may become part of battery manufacturing destined for electric vehicles, which are being sold across Europe, North America and Asia.
One known fact is that consumers purchasing products containing these minerals rarely know the full story of where they originated.
Increasingly, however, investors and governments are demanding ethical sourcing standards that trace minerals from extraction to final manufacture.
A critical factor that must be taken into cognisance is that if insecurity is creating opportunities for illegal or unethical extraction anywhere in the world, multinational companies have responsibilities alongside national governments, of which the onus falls on the Nigerian government.
Transparency cannot stop at the mine gate. Nor should accountability end at national borders. Another issue requiring attention concerns beneficial ownership.
Across many jurisdictions, shell companies can obscure the identities of individuals ultimately controlling commercial assets. If politically exposed persons or powerful business interests are hidden behind complex corporate structures registered offshore, identifying beneficiaries becomes significantly more difficult. This challenge is hardly unique to Nigeria.
Findings showed that from Latin America to Central Africa and Southeast Asia, resistant corporate networks have frequently complicated efforts to combat corruption and illicit resource extraction. That is precisely why open corporate registries, beneficial ownership databases and transparent mining licence disclosures are becoming global governance priorities. For Nigeria, the stakes could hardly be higher.
The country stands at the centre of the world’s emerging critical minerals economy. The Nigerian government can’t feign ignorance of the fact that, when handled transparently, these resources could finance infrastructure, education, healthcare, and industrial development for generations.
In no way would the government claim not knowing that when handled poorly, they risk becoming another chapter in the well-documented “resource curse,” where extraordinary natural wealth coincides with persistent poverty, insecurity and institutional weakness.
The ultimate challenge, therefore, is not simply about mining. It is about governance. It is about whether public institutions possess both the independence and capacity to ensure that natural resources benefit citizens rather than narrow interests. It is about whether conflict zones receive genuine peacebuilding efforts instead of becoming forgotten frontiers. And it is about whether international markets demand accountability with the same enthusiasm they demand raw materials.
None of these questions should be answered through speculation. They require rigorous investigations, forensic financial analysis, satellite imagery, mining license audits, customs records, beneficial ownership disclosures and courageous journalism.
They require governments willing to open their books. They require international cooperation capable of tracing money across borders. Most importantly, they require asking questions that have too often remained unasked.
Perhaps Nigeria’s security crisis is exactly what it appears to be: a tragic convergence of historical grievances, weak institutions, criminality and environmental pressures. Or perhaps, in some places, another layer of economic incentive deserves closer scrutiny.
Until those questions are thoroughly investigated, one possibility will continue to linger. Maybe the world’s attention has been fixed on the blood spilt above ground, while too little attention has been paid to the extraordinary wealth lying beneath it.
Blaise, a journalist and PR professional, writes from Lagos and can be reached via: bl***********@***il.com
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
