INDEPENDENT
Abdullahi Oluwakemi Akinsanya, a retired banker with interest in Development Economics, believes that Nigeria should look inwards for true development as nothing good can come from the World Bank, International Monetary Fund (IMF) or the World Trade Organisation (WTO), in this interview with EJIKEME OMENAZU, Mr Akinsanya opines that the nation’s development should not be tied to the dictates of the World Bank/ International Monetary Fund or the western politics. Excerpt:
Could our readers meet you sir? What is your antecedent?
I am a banker by profession. I worked with the Central Bank of Nigeria (CBN), the National Bank, and the Nigerian-American Merchant Bank. I am a core banker who started from scratch. I am interested in development economics.
In our earlier discussion, you mentioned a book, ‘Bad Samaritans’. Could you tell us about the book and what Nigerian can borrow from it?
The ‘Bad Samaritans’, according to the writer, Ha-Joon Chang, a South Korean, are the rich countries and organisations like the World Bank, the International Monetary Fund (IMF), the Word Trade Organisation (WTO), the European Union (EU). The rich countries include Britain, USA and France. According to the writer, they are part of the Bad Samaritans. They come up with policies that they think are helping the poor countries, but which they do not apply in their countries. These policies do not get the direct developing countries anywhere. To me, I agree with him. However reasonable, do not throw away the baby with hath water. We have to use our intelligence to find out whether these policies are good for us or not.
You also spoke about a political pressure group, Movement for Fundamental Change (MFC). What interests you about the group?
From what I read about this group, I am fascinated about their stand on the World Bank, the IMF on oil subsidies. From their writings which are in the public domain, I agree with them on the stand in policies that do not help Nigeria. The way out of the Nigerian problems is in our hands. Look, during the Nigerian Civil War, the people we call Biafrans improvised the armaments they used to withstand the Nigerian Army for 30 months. I appreciate the views of the Movement for Fundamental Change (MFC) and will be happy to be part of them.
How do you think Nigeria can survive the current economic downturn and move forward as a nation?
First, we need sincere leadership. As long as we put square pegs in round holes, there is no way. We need sincere leadership. Once a sincere leadership is there, all the politics we generate will definitely be good and we will follow them. It is a doable thing. Most investors left Nigeria because of poor electricity. If we have stable electricity, in two thirds of a year, every other thing will follow. Electricity is an engine for growth. It is an important infrastructure. Coming to leadership here, have we even had a sincere leadership at the federal level? In Lagos, we had a taste of sincere leadership during the time of Alhaji Lateef Jakande. If we have a sincere leadership like Alhaji Jakande at the federal level, they will affect all levels. 1983 till now is 40 years. Jakande laid the foundation for Metroline that should run from Ketu to Marina. Whatever they are now talking about Blue Line and Red Line would have taken place 40 years ago. He took over three shifts of classes. Within a few months he collapsed them to one stream. People may say that those schools he constructed were like poultry farms, but they were very useful. Look at Jakande’s housing programme. Till now, both the federal and state governments have never had such a number of housing units. So, Nigeria needs such leadership that has less interest in material things. The ones we have now have interests in grabbing this and that.
As a retired banker, how do you see the new CBN Governor, Yemi Cardoso? What is your advice to him and his team?
The things we got to know about happenings in the CBN is very disturbing. We have an adage that says, ‘Show me your friend and I will tell you who you are’. Cardoso and the Minister of Finance may be good. But they are neo-liberalists. They believe in the dictates of the IMF, World Bank and the WTO. They believe in the dictates of the western world. They will only serve their master. Somebody put them there. We have all been hearing of his credentials now. He is not just a neo-liberalist, we will not get anywhere with the policies Cardoso and his team will operate. Iron and steel are crucial. The author of ‘Bad Samaritan’ stated that when Korea was developing, they wanted to develop their steel industry. They went to the World Bank seeking funds. The World Bank mocked them. They returned home and mobilised funds from within their economy and ignored the World Bank and set up their iron and steel. Today, their power and steel are the best all over the world. The World Bank and IMF’s policies keep us down. We should be careful about the western world.
What advice would you proffer to Cardoso and his team on their Monetary and Fiscal Policies?
Cardoso said something. He and the Financial Minister are singing songs different from what Tinubu said at inauguration. The Exchange Rate is a function of trade. If I keep spending my money without making more money, how can I progress? How can the Dollar be equal to the Naira? Look at the Aba shoe industry. If the government supports the Aba shoe industry, it will be the best and we can export it and make foreign exchange. How can we improve the economy in this way? In the 70s, we had refineries. We had locally assembled vehicles including buses, locally made tractors, vehicle seats, batteries, wind shields, tyres produced from rubber from local rubber plantations. Fridges, radios were assembled here. Factories were running. Bata and Lennards were producing shoes in Nigeria. After the knowledgeable leadership, the military took over and things turned upside down. We have been talking about iron and steel for over 30 years. All the basic tools of industrialisation were destroyed. We need to revive all these. With leadership, within three years, things will turn around.
What is your view on the distribution of palliatives by the government over fuel subsidy removal?
The subsidy is rubbish. In my Community Development Association (SDA), we only saw some grains of gari, some beans and rice. How does this translate N500 billion? Like the fuel subsidy, the palliative is a scam. How can such grains of gari, rice and beans reduce the suffering of Nigerians? In my view, the government should have found out what could have been done that would help Nigerians. We have an adage, ‘Teach someone how to fish and he will feed himself for ever. But, if you give the person fish, he can only feed himself for one day’. You can imagine the level of fraud in the palliatives, both at the deferral, state and local government level. The government should have used such a huge amount to do something more sensible. Government could have looked at electricity or refineries if they are serious about it. Now, the government said they borrowed huge figures for the palliatives. There is no other word to use to describe it, but a scam.
How do you see the controversy over President Tinubu’s academic record?
What can I make out of it? I saw that Chicago State University is a corrupt institution. The Governor of the State of Illinois should do something about that university if he is truly interested in the Presidency as I learnt. Those who like to feed the nation with lies, wish them good luck. The incident has dampened the image of Nigeria, both locally and internationally. It gives Nigeria out as perpetual forgers. It is very disturbing and annoying. A sincere person, I was in England in my 20s as a student. While I was there, I saw how honorable one can be as a student. His secretary did something and the man resigned. He resigned because his secretary, not him, committed the offence. I cannot be in Tinubu’s shoes. I cannot soil my hands. Anyone in such a position should resign. We all saw the battle he put to stop the release of those documents. It is so bad. I am not a lawyer. I can’t say what the Supreme Court should do. But, as a Nigerian, if they let him be, I will not be surprised. But, if the National Assembly is serious, they should have started making impeachment moves. The whole thing is disturbing. But, if they let him go, God will decide. The whole system is corrupt, even the Judiciary.
What is your advice to Nigerians?
The fact of the case is simple. We should not talk only of the leadership. We should also talk of the followership. But, with sound leadership, there will not be bad followership. In the case on ground, the followers have a lot to do. Let this nation move forward. Let us do something. If we have people who share my view, people of like-minds like the Movement for Fundamental Change (MFC), we will begin to shout and redirect the minds of the people. The like-minds can assemble and talk. There are some activities that can be embarked upon, not for what they can gain. Gani Fawehinmi was an activist and he did it till he died. Buba Marwa as a Military Governor in Lagos, gave him a ram during Sallah. But Gani turned it down. We should not just accept anything, we should do something. What Emefiele did at the Central Bank of Nigeria, I have not seen such a thing in my lifetime. At first I was in love with Buhari. But, I am so disappointed over the magnitude of corruption under him. Look at what Emefiele did. How could Buhari have allowed such a thing to go on under his watch without a check? I learnt that most people in his administration are corrupt. Now, the current administration can be seen as an offshoot of Buhari. I am disappointed with the APC. When they were merging the All Congress of Nigeria (ACN), Congress of Progressive Change (CPC) and the others to form the All Progressives Congress (APC), I had my support. But now, see what APC has turned into. A former Aviation Minister was enmeshed in corruption. Today, he is a saint. We thought the Peoples Democratic Party (PDP) was the most corrupt. But what is happening under the APC is baffling.
