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Working Institutions; The Fictions & Facts

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Working Institutions

By Oremade Oyedeji

The Nigerian ecosystem is still often referred to as poor and is characterised by weak government institutions and weak civil societies.

Poor people tend to have weaker or sometimes no access to public institutions and the services they provide. Have you had a reason to deal with the Nigeria Police for example, where the complainants are asked to pay for petitioning, or asked to fund the police officer to do their jobs or even asked to pay for fuelling or provide your own vehicle (complainant) for an operation or make an arrest? It is that bad.

There are about 506 parastatals of government in Nigeria with more terrible example perhaps.

I saw an interview The Chat with Mani Onumonu on Channels TV with Dr Ajoritsedere Awosika. Mani quoted her on her remark that seems to be generating debate. She said the public sector is better than the private sector in Nigeria. Hmm, that may be hard to comprehend. She is perhaps the highest authority permitted to say so, being the current Chairperson of Access Bank and has risen through public sector as former Permanent Secretary of Ministry of Internal Affairs and Ministry of Power and Science & Technology.

Mani asked her, is public sector better than private sector? Many would have thought it’s the other way round.

Dr Dere (as she is also called) said both sectors should be symbiotic to the other. She further said in public sector, rules and regulations are the order of the day, but to those who want to obey them.

In a public sector, you serve a larger entity, while in a private sector, everyone is narrowed down to their objective, Dr Dere continued.

Mani: Which is the most challenging among the ministry you worked?

Power, she said. Why? In her words, the then President Goodluck Jonathan asked her why there’s no power and she responded that ‘I don’t understand it.’ When all the parameters to have power are there, she said we can have power if Nigerians want to and Mani asked why? And she said because it is people driven.

Paradoxically, Dr Dere admitted her happiest assignment was the private sector (what a twist!). She described the private sector as more focused, saying anyone can be fired for non-performance and the best hands can be hired.

Me: Smiling.

Fictions on Public Sector Vs Private Sector Institutions

Once was an imaginative assembly of over 506 parastatals of government in Nigeria and top working private institutions, together with civil societies, including all the weakly constituted political parties all seated in the dissipated auditorium of the National Art Theatre.

First to speak was the office of Head of Civil Service (HOS). In his eloquent voice, he said public sector is better than the private sector. We have a work life balance compare to work life imbalance private sector (cutting in was ICSL, which is notorious for providing contract and outsourcing staff to banks and other sectors of the economy), saying with due respect, the civil service is made of weak talents, I mean we run a very smart organisation and most of our dissatisfied supply of contract staff and disgruntle employees who can’t fight their way up the corporate ladder end up as social employees in civil services.

Like it seems HOS has been provoked. Please don’t interrupt me smallie (referring to ICSL as a small institution) and mind you, the public sector is not made up of weak or disgruntle talents from private sector. We have also been hiring top quality staff from the private sector too. We have once had one of private sector brightest brains, Steven Orasanye for example, who was hired from the big four to civil service (he said with pride and smile on his face) and in fact, he rose to become the Head of Civil Service and was the advocate for rationalisation and restructuring of civil service. (This he said with smile all over like an award-winning public servant).

It was one Access Bank Barrister, Aig, that wanted to clarify the point and he innocently said … oh you mean that accountant allegedly prosecuted for N2 billion fraud in 2019?

Now, the HOS got even angrier with a red eye and he rudely responded will you keep quiet! Merger, merger bank. Is that not a  bank with strong organic growth seated quietly beside you (referring to GTBank)? Abi is that not UBA behind you there, all making impact through Tony Elumelu Entrepreneurship Program? Value, you are not adding, be there swallowing all your mate like shark. Trust me, we will address your matter when we set up a working institution to address monopoly and unfair takeovers. (HOS said angrily).

The situation even got more tensed when NNPC stood up to speak and someone whispered from the crowd king of corruption. NNPC’s thoughts and countenance changed as if he’s drunk, saying, you see our problem in NNPC is the private sector and some people echoed how? He asked is the troubled report indicting everyone and himself not from your prestigious private sector Deloitte? Immediately, it was one “Oyinbo” (Caucasian) that immediately interrupted. Gentlemen, please let me clear the air. That report you are insinuating about was done by Akintola Williams & Co., our trading name is now Deloitte & Touche in Nigeria… me smiling, whatever that means, that statement didn’t go down well with one ZO Osoyanya & Co (one of the oldest indigenous firms from Ibadan), who jumped up with anger speaking with deep Ibadan dialect. How dare you mention the name of Doyen of Accountancy like that? pointing at “Oyinbo”. That is how you people cause problem everywhere

Then another white man stood up, it was NNPC’s forensic auditor later to that event, he said, you can’t blame private sector auditors, especially for NNPC troubles and other parastatals as well. I mean, what is the role of the office of the Auditor General? then everyone sighed … and on one corner, was the Office of the Auditor General, so sober covering himself in shame. Then Akintola William spoke, asking the office of the auditor general to say something and then said sir, my office is not independent (he said, Sober). .

THE FACT

According to one of the institutions, National Bureau of Statistics (NBS) in its latest report for March, 2020, foreign trade in Goods Statistics Report, the value of total trade rose by 10.15% to N10.12 trillion in Q4 2019 over the value recorded in Q3.

NBS said the value of private institutions’ export dropped by 9.79% to N4.77 trillion in Q4 compare to Q3 while the import component increased by 37.20% to N5.35 trillion. It said the value of imports stood at N16.96 trillion, while exports were valued at N19.19 trillion, resulting in a trade balance of N2.23 trillion.

In the midst of Nigeria’s weak public institutions, double digit inflation, and poor per capital income, Nigeria is now the biggest economy in Africa on which exchange rate you use for it (N306 official rates or N360 market rates). Both rates now put Nigeria on $402 billion and $476 billion respectively.

Projection shows that Nigeria’s economy will continue to grow faster, while IMF cuts its forecast for 2020 growth to 2% from 2.5% previously predicted last month, due to lower oil price.

In conclusions, I think the extent of the working institutions does not end with government and private economy alone, according to one schools of thought. Completing the Five Social working institutions circle will include the efficiency of these three others which are; Family, Religion and Education.

Like the most basic institution- serves as training ground for live in society

Religion teaches moral standards of right and wrong education for people who will work in government, there is no doubt our religious institutions are strong at least compared with their foreign counterpart in my opinion.

The real question is considering why our strong religious institutions has not helped solved the problems of our corruption-wrecked public institutions? How come the religion has little or no participation in political parties and its structure, yes, I mean parties like APC and PDP? If they are saying APC is Islamising Nigeria, then let PDP too Christianise Nigeria and let’s have morally functioning political parties.

The Fact about Strong religious Institution in Nigeria:

    Nigeria has far more Muslims (75 million) than Saudi Arabia (22 million).

    There are more Muslims in Nigeria than there are in other African countries

    The world’s largest Christian gathering is Holy Ghost Festival of the Redeem Christian Church of God.

    The world’s largest church auditorium is The Dunamis Abuja.

    The largest church in the diaspora; UK, Ukraine, Kenya, Tanzania are owned by Nigerians

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Nigeria’s Olodo Uprising: An Assault on Critical Thinking

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olodo uprising

By Prince Charles Dickson, PhD

A sheep was passing and saw a lion crying inside a cage, trapped and helpless. The lion begged the sheep to rescue him, promising not to kill or eat it. The sheep refused at first, knowing fully well that a lion does not become a vegetarian because of captivity. But after much persuasion, emotional blackmail, and the sheep’s own gullibility, it opened the cage.

Now the lion was very hungry, having stayed in the cage for days without food. It quickly pounced on the sheep and was about to kill and eat it, but the sheep reminded him of his promise.

They were still arguing when other animals came passing. They sought to know what had happened. Both the lion and the sheep narrated their sides of the story, but because of fear, convenience, and a desperate need to gain favour in the lion’s eyes, all the animals took sides with the lion, except the tortoise, who claimed not to understand the whole scenario.

The tortoise asked the lion to show them where exactly he was before the sheep rescued him. The lion pointed at the cage.

The tortoise asked again, “Were you inside or outside when the sheep arrived?”

The lion replied, “I was inside.”

The tortoise then said, “Okay, enter and let us see how difficult it could be inside, because I am not getting the whole scenario.”

The lion entered, and immediately, the tortoise locked the cage. The lion was trapped again.

That story is not just folklore. It is a national diagnosis.

Nigeria today is full of trapped lions, gullible sheep, frightened animals, and very few tortoises. We have many people with opinions, but few with discernment. Many with certificates, but few with comprehension. Many with titles, but few with thought. Many who can quote policy, scripture, law, and ideology, but cannot ask the simple question that prevents disaster: “Wait first, how did we get here?”

That question is the beginning of critical thinking. Sadly, it is becoming an endangered species.

The easiest and most attractive national pastime remains buck-passing, especially with the bunch of leaders we have, some of whom can hardly peel a banana or wash an already white handkerchief. Not many of us want to take responsibility for anything, from personal life to family life, from community life to national life. The blame is always on the system, as if the system descended from the sky and imposed itself on innocent citizens.

We do not need to create demons out of our leaders because, in too many instances, they have behaved like ready-made specimens of public demons. So, we hang our sins on them, sometimes appropriately, sometimes lazily. Unfortunately, their behaviour has made it easy for the critics to descend on them. They shout loudly, lie casually, perform empathy only when cameras are present, and govern as though the people are background noise in their private banquet.

But there is a deeper tragedy. The lion is not our only problem. The sheep, too, must be examined. The other animals must be questioned. Even the silence of the forest must stand trial.

This is where the Olodo Syndrome enters.

In Nigerian street language, “Olodo” is often used to describe a dull person, someone slow to understand, someone who fails where basic reasoning should have saved them. But in this essay, Olodo is not merely the person who did not go to school. No. Nigeria has produced a more sophisticated creature: the educated olodo. The certificated illiterate. The graduate who cannot reason beyond slogans. The public officer who mistakes grammar for intelligence. The citizen who forwards nonsense with confidence. The analyst who mistakes noise for insight. The leader who confuses movement with progress. The voter who sells tomorrow for rice today, then spends four years complaining that the pot is empty.

Olodo, therefore, is not the absence of schooling. It is the failure of judgment.

It is what happens when a nation rewards mediocrity and punishes thought. It is what happens when people who ask serious questions are labelled troublesome, while those who clap for madness are called loyal. It is what happens when dumb, crazy things move the needle, while wisdom is treated like an old man coughing in the corner. It is what happens when unintelligent people do not merely exist, but are celebrated, promoted, defended, and installed as gatekeepers over those who still dare to think.

This is Nigeria’s Olodo Uprising.

It is an uprising not of the poor against the rich, nor of the uneducated against the educated. It is an uprising of shallow thinking against depth. An assault on memory, logic, accountability, and consequence. It is the national habit of refusing to connect action to outcome. We open the cage, release the lion, and then begin a prayer meeting when the lion remembers its appetite.

We talk, write, and discuss the Nigerian myth with a sense of fatalism. “This is Nigeria,” we say, as if that phrase is both an explanation and an excuse. If everyone thought as much about justice and fairness, life would be better. I am a critic, yes, but I am also a critic’s critic. I remain an unrepentant believer that one of the ways to keep the government on its toes is to keep harping on its flaws so that it can improve. But criticism without self-examination becomes entertainment. It becomes pepper soup politics, the kind we enjoy at drinking joints, suya spots, WhatsApp groups, and television studios where every table has a parliament and every loud voice is mistaken for a constitution.

Often, I say I believe the things I write are important for our nation, as they are for other nations. But when it appears to me that Nigerians, especially those in authority, do not react to these issues as people in other lands do, I repeat them in new essays to remind old readers and recruit new ones to participate in the continuing dialogue.

Because repetition, sometimes, is not a lack of creativity. It is the burden of memory in a country addicted to forgetting.

Sadly, this is Nigeria, where nothing works, and no one cares. When it works, it is often because someone’s interest is about to be served or is already being served, not because the people’s interest has suddenly become sacred. We talk about our institutions despairingly. Our leaders do not watch network news except when their faces will appear at their sons’ or daughters’ weddings, birthdays, burials, thanksgiving services, or self-sponsored ceremonies of public praise. They do not need newspapers anymore because too many pages are already full of their lies, paid adverts, and noisy banters dressed as governance.

A country that destroys thinking will eventually be governed by instinct.

That is why the Olodo Syndrome is dangerous. It not only makes people ignorant. It makes them confidently ignorant. It gives stupidity a microphone and asks wisdom to apply for permission to speak. It converts public debate into shouting contests. It turns leadership recruitment into ethnic arithmetic, religious panic, stomach infrastructure, and emotional blackmail. It makes citizens defend their oppressors because the oppressor speaks their language, attends their church, worships in their mosque, comes from their zone, or once gave them transport money.

This is how the other animals sided with the lion.

Not because the lion was right. They knew he was wrong. But fear is a powerful editor of truth. Hunger is a wicked lawyer. Proximity to power is a dangerous intoxicant. In Nigeria, many people do not support injustice because they are confused. They support it because they are calculating. They are asking themselves, “What if the lion remembers me tomorrow? What if I need a favour? What if I condemn him now and he becomes minister, governor, chairman, commissioner, vice chancellor, senator, president?”

So, they betray the sheep.

Government bashing remains a national pastime, and every drinking joint and suya spot has a sitting parliament with an expert on every issue. But we forget that no matter the input, if the politicians and actors on our national scene have questionable lives both at personal and domestic levels, nothing will change. The best government policy cannot change the individual when the policies themselves are formulated on a bad foundation by people with warped thinking.

A corrupt mind cannot midwife a clean system.

When a witch proclaims her presence, and an invalid does not make away, he must have money for sacrifices at home. Nigeria has been warned too many times. We have seen the witch. We have heard the announcement. Yet we remain seated, arguing about who invited her, who offended her, which village she came from, and whether her witchcraft is constitutionally recognised.

This is not merely a leadership failure. It is civic laziness. It is moral cowardice. It is intellectual surrender.

The tortoise in the story represents the rare citizen who does not join the chorus. The one who pauses the noise. The one who asks for sequence, evidence, context, motive, and consequence. The tortoise is not the loudest animal. It is not the strongest. It does not roar. It does not bleat. It thinks.

That is what Nigeria needs now: more tortoises.

Not slow people, but thoughtful people. Not cowards hiding under shells, but citizens who understand that speed without thought is national self-harm. We need people who can ask leaders: Where were you before power? What did you promise? What have you done? Who benefits? Who pays? What happens tomorrow? We need teachers who teach children to question, not merely to cram. We need voters who examine character before currency. We need religious leaders who produce conscience, not crowds. We need journalists who investigate, not decorate. We need institutions that reward competence over loyalty, substance over noise, and courage over convenience.

Because the lion will always be hungry again.

That is the part Nigeria refuses to learn. Appeasing bad leadership does not end its appetite. Excusing mediocrity does not transform it into excellence. Rewarding foolishness does not make it wise. If we allow the lion to eat the sheep today because we are afraid, hungry, tribal, religiously sentimental, or politically invested, we have not solved the hunger problem. We have only postponed our own turn.

In amazement, the other animals asked the tortoise, “why” and the tortoise replied. “If we allow him to eat the sheep today, he will still go hungry tomorrow, and we don’t know what will be eaten tomorrow—May Nigeria win.

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Stocks vs Forex: Which is Better for Beginners in 2026?

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Stocks vs Forex

By Onah Ishioma Adaeze

As a beginner, choosing between stocks and forex for your investment goals in 2026 can feel overwhelming. Before investing your hard-earned money, it is important to understand how both markets work.

While both markets present investors with opportunities to grow their wealth, they also differ in terms of volatility, liquidity, market hours, and leverage. Stocks involve owning portions of a company, while forex has to do with trading a base currency against a quote currency.

In this article, we will be going through the basics of stocks and forex, pointing out their differences, and helping you decide which asset better suits your investment journey in 2026.

What is Stock Trading?

When it comes to stock trading, you are buying shares of a company, which makes you a shareholder of that company. As a shareholder, you may be entitled to receive dividends whenever the company decides to pay dividends.

As for those companies that do not pay dividends, there are other benefits a shareholder may enjoy, like being called upon to attend shareholder meetings and having voting rights on certain company matters.

On a global scale, over $100 trillion worth of shares are traded annually. Also, the rising popularity of AI companies and technological innovations continues to drive investor participation and market growth.

If you’re an investor looking to buy and hold capital assets, then stock trading is definitely for you, as it allows for short-term, medium-term and long-term investment goals.

When you buy shares of a company and the company performs well, your shares increase in value. Another benefit of stock trading is access to index funds and ETFs.

These funds consist of companies that are grouped under an index. They are carefully selected and monitored under the fund, sparing the investor the stress of actively tracking the fund.

They can be a way of building a long-term, diversified portfolio, and some of these funds may pay dividends.

What is Forex Trading?

Forex trading has to do with buying one currency and selling another. With a pair like USD/JPY, USD is the base currency being bought against JPY, which is the quote currency.

In order to execute a trade in the forex market, you have to analyse and make predictions based on price movement, as well as pay attention to what’s going on in the global news scene.

The forex market runs twenty-four hours every weekday, with over $9 trillion traded in the market every day. Being the largest financial market in the world, there is very high liquidity.

Forex trading involves buying one currency against another, making predictions based on price movements on the forex charts. Price moves based on the activities of large institutions like hedge funds, big banks, the government, etc.

The forex market runs 24 hours a day, every weekday, with global forex turnover reaching $9 trillion per day in the BIS 2025 survey. Being the largest financial market in the world, there is very high volatility and price fluctuations.

At the same time, there is high liquidity in the market, which means that currency pairs can easily be bought and sold without hassle. Highly liquid instruments that are traded regularly include: EUR/USD, USD/JPY, GBP/USD, and gold (XAU/USD).

As a retail trader, knowing when to enter and exit the market is important. As easy as it is to make profits from price fluctuations, it is also very easy to lose money if the market moves against you. This is why it is important to set stop losses and take profits. This helps manage your trading capital.

Major Differences Between Stocks and Forex

While investing in stocks and forex can yield great capital gains, there are lots of ways in which they differ.

As a beginner, stock trading provides opportunities for long-term investments, ensuring slow but consistent returns for wealth building. But if you are looking for an active, short-term style of investment, then forex trading is for you, as it allows you to enter and exit the market within a shorter time frame.

Which is Better in 2026?

Choosing an asset to invest in all boils down to personal preference. At the same time, if you are not averse to risk, nor opposed to asset diversification, then it’s okay to invest in both.

For beginner investors in 2026, stock trading is easier to understand and get into, especially because of mutual funds, index funds and ETFs. With those funds, you don’t have to be an expert to start investing. You can just buy a fund that suits your needs and hold it over a long period of time.

If you are an investor who enjoys technical analysis, highly volatile and liquid markets, as well as trading under short time frames, then forex trading is the right pick for you.

Conclusion 

You do not need to put all your eggs in one basket. There are investors who invest in both stocks and forex simultaneously. When starting out, you can start investing in stocks while learning forex. Take calculated risks and do not invest above your means. Diversify your investments and remember, when starting out, you should prioritise acquiring knowledge over profits.

Onah Ishioma Adaeze is a finance writer who is passionate about simplifying complex concepts into easily digestible pieces. Her hobbies are reading and watching anime

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Building 234 Solutions: A Response to Everyday Workforce Challenges

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Owoloye Emmanuel 234 Solutions

By Owoloye Emmanuel

Every business starts with a problem. For us, that problem was hiding in plain sight.

Across organisations, we kept seeing HR professionals, payroll teams, and business leaders spend significant time navigating processes that should be simpler. Employee records sat across multiple systems, payroll processes required manual intervention, and routine workforce tasks often became more complicated than they needed to be.

As businesses grow, workforce operations naturally become more complex. Yet many organisations still rely on disconnected tools and workflows that create unnecessary friction for both employers and employees.

The consequence is more than operational inefficiency. HR teams spend valuable time managing systems instead of supporting people. Business leaders struggle to access timely workforce insights, while employees experience delays in processes that should be seamless.

These weren’t isolated challenges. They were recurring realities across workplaces, regardless of industry or size.

That observation led us to a simple question: what if workforce management could be easier?

What if HR, payroll, and workforce operations could work together within a single, connected experience?

That question became the foundation for 234 Solutions.

We are building 234 Solutions with a clear belief that workplace technology should reduce complexity, not add to it. Our goal is to help organisations spend less time navigating processes and more time focusing on productivity, growth, and people.

As we prepare for launch, our focus remains simple: building practical solutions for real workplace challenges and helping organisations create better experiences for the people who power them every day.

Owoloye Emmanuel is the founder of 234 Solutions

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