Nigeria Today

06/08/2024

This union is expected to offer customers an expanded range of products and services, enhanced convenience, and improved access to banking solutions. The integration of digital platforms will provide greater security, faster transactions, and a more personalized banking experience.

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The merger aims to leverage Unity Bank's extensive branch network and customer relationships alongside Providus's technological expertise

06/05/2024

The Consequences of Cultural Poverty

My first encounter with black subjugation in America was through The Black Boy, a book by Richard Wright. It presented a raw and ugly account of America’s racial prejudices against African-Americans. Wright, the son of a sharecropper lived in poverty with his family by the bank of the Mississippi River. Through his account of their meagre existence, he takes his readers through his deprived life, the pangs of hunger he endured for years and the brutality of living through Jim Crow’s racial segregation system.

On one occasion, Wright ends up in a foster home, and for the first time in his life, he has abundant food - more than he could eat, anytime he wanted. But it was at this point that something interesting began to happen. Despite having more than enough to eat, Wright begins to pilfer and hoard food. In this new home, Wright could eat as much as he wanted during mealtime, to his belly’s satisfaction. He could even ask for more and eat some snacks in between meals. Yet, he would take some cans of food and hide them in his room.

This behaviour confounded his foster parents. However, what the foster parents did not realise was that after enduring deprivation for years, the lack of food has defined his existence and ingrained hunger in his subconscious. That is why despite assurances that there was enough food for him anytime he wanted it, his subconscious could not reconcile his present reality of abundance with the decades of lack. This leads him to steal and hoard food.

Psychologists have several theories and frameworks for explaining Wright’s behaviour. The scarcity mentality is one of such theories. The fundamental assumption of the scarcity mentality is that individuals typically develop a scarcity mentality if they suffer prolonged deprivation. Therefore, even if they are presented with abundance, the individuals will continue to exhibit behaviour associated with scarcity. The second relevant theory is trauma and conditioning. This theory explains that individuals with a history of deprivation of a particular thing are likely to be conditioned to view that thing as a scarce resource even when that thing becomes abundant. In Wright’s case, his subconscious continued to operate under the assumption that food could become scarce at any moment.

The story of the former Kogi State Governor, Yahaya Bello and how he allegedly paid $760,000 (over 1 billion Naira) to American International School, Abuja as tuition for his children in advance lends credence to the scarcity mentality and trauma and conditioning phenomena. According to the report, the school had requested Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission, whose men are on the heels of the former Governor over alleged N80 billion fraud, to provide “authentic banking details” for the refund of fees paid in advance for the children of Yahaya Bello.

Bello allegedly paid $720,000 in advance as fees for five of his children in Grade Levels 2 to 8 up until 2035 from the coffers of the Kogi State Government. He has denied that the fund came from Kogi State coffers, but the school explained that Bello paid the sum of $845,852 in tuition “since the 7th of September 2021 to date,” but could only refund $760,910 after deducting for educational services already rendered.

For a man who was in charge of one of North Central’s third-richest States, many would be surprised that his repressive memory of cultural poverty has made him act in this manner. How can one explain that after earning billions in emoluments and security votes over eight years, Yahaya Bello must steal, allegedly I must add, from the coffers of the Kogi people to pay for his children’s school in advance? Was it that Yahaya Bello did not save any money from all his entitlements to cater for his children’s education outside of the office? Your guess is as good as mine, but like the Black Boy, despite all his material acquisition, he has continued to exhibit behaviour associated with scarcity despite his newfound status as a political elite. Like Wright, his subconscious continues to assume that money could become scarce at any moment once he leaves office, even though what he has gotten as Governor could last generations.

I believe that for Nigeria, nay, Africa to make any meaningful progress, it must fight poverty at an industrial scale and sustainably for at least three generations. The generations not scarred by poverty stand the best chance of redeeming the content. Until then, we will contend with a political elite whose humanity has been damaged in their attempt to rise above the prevalent cultural poverty. An elite whose only interest is to lift their clans out of the pervasive crushing poverty, because their scarcity mentality makes it difficult for them to see that the resources are enough to go around.

This incident also reminds one of how the sanctimonious West in all their righteous posturing continue to collaborate with the political elite on the continent to defraud the people. Pray, how does an American International School accept payment for fees, 12 years in advance, from a politically exposed person without recourse to any ethical considerations? A time has come for a new operational framework for foreign entities that target our corrupt political elite.

07/01/2024

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06/10/2023

"Sir Tony Ejiogu is an exceptional leader, we are praying for him to succeed because he means well for our people, we need a progressive-minded leader."

12/09/2023

iPhone 15 comes in four variants: iPhone 15, iPhone 15 Plus, iPhone 15 Pro and iPhone 15 Pro Max, a Forbes report stated.

09/07/2023

“We regret to inform you that your application has been denied, as per immigration regulation, for now, we are not accepting any NIGERIAN passport holders for holiday purposes,” a screenshot of the email message from the travel promoter read.

The ban on Nigerian passports by Seychelles is likely to strain the bilateral relations between the two countries, potentially leading to diplomatic tensions.

09/07/2023

Successfully launching a new social media platform, such as the Threads app, is unarguably one of the most notoriously difficult things to attempt.

Compared to Truth Social, Mastodon, and Bluesky, the Threads app is arguably the only one that poses a real threat to Twitter's dominance

09/07/2023

This incident highlights the importance of integrity, the consequences of dishonesty, the need for transparent systems, and the impact of personal choices.

The JAMB-Mmesoma drama emphasizes the significance of integrity and honesty in the education system, that academic success should be earned through hard work

04/07/2023

Since gaining independence in 1776, the United States of America has witnessed remarkable achievements across various fields. From technological advancements to political milestones, cultural contributions to scientific breakthroughs, America has consistently played a significant role on the global stage.

Below is a highlight of some of the most notable achievements of America since its independence.

Americans all over the world celebrate the US Independence Day today as the United States of America marks 247 years of existence as an independent nation.

04/07/2023

The United States of America is 247 years old today as an independent nation, having gained independence from Great Britain on this day in 1776.

04/07/2023

While Ekpa had announced a one-week sit-at-home commencing Monday, July 3, 2023, Ohaneze has urged residents of the Southeast to ignore Ekpa’s directive.

While Simon Ekpa had announced a one-week sit-at-home commencing Monday, July 3, 2023, Ohaneze has urged residents of the Southeast to ignore Ekpa’s directive.

04/07/2023

According to the recent Finance Act which came into effect this year, the majority of the businesses under the auspices of MATAN are already exempt from paying the Value Added Taxes, which are being targeted by the FIRS.

According to the Finance Act which came into effect this year, the majority of the businesses under the auspices of MATAN are already exempt from paying VAT

04/07/2023

FIRS says it is determined to change that by collaborating with traders' associations to tax the informal sector.

The Federal Inland Revenue Service, FIRS says it is determined to change that by collaborating with traders associations to tax traders.

01/07/2023

On Saturday, July 1, 2023, Portugal Under-21 international Diego Moreira completed a move to Chelsea from Benfica. Below are four things you need to about the left-footed winger.

Diego Moreira, a left-footed winger, is a dual citizen of Belgium and Portugal, while also eligible to play for both Guinea-Bissau and Germany.

20/06/2023

The most surprising thing about all this is that Bolanle is still claiming he appeared in Extraction 2 alongside Chris Hemsworth. As I write this, he has neither removed the post on his SM handles nor has he denounced it.

The popular theory, in this case, is that to capture the African market, they pinned the role on Bolanle Ninalowo but later had to go for another candidate which is Idris Elba.

19/06/2023

Barely two years in, Bawa's tenure was characterised by several missteps, ultimately failing to effectively live up to the mandate of the agency, which is to combat corruption.

The tenure of Bawa was characterised by several missteps, ultimately failing to effectively live up to the mandate of the agency, which is to combat corruption.

18/06/2023

Extraction 2 is a John Wick kind of movie. It is an entertaining, action-packed thriller with non-stop violence.

Chris Hemsworth is absolutely brilliant in Extraction 2 and proves once again that his mettle is not limited to the Thor hammer.

18/06/2023

While this is a good development to correct the prevailing market distortions, the decision to float the Naira can have significant implications for spending habits .

The Naira devaluation occurred on Wednesday, June 14, 2023, when the Central Bank of Nigeria, CBN lifted the cap on foreign exchange trade

18/06/2023

Is Fidelity likely to make the cut and join the likes of First Bank, UBA, GTB, Access Bank, and Zenith Bank as tier-1 lenders?

Over the past two years, Fidelity has consistently exhibited strong financial performance and growth, reporting impressive financial results

14/06/2023

The Central Bank of Nigeria has officially devalued the Naira by removing the cap on foreign exchange in the Investors and Export window allowing the Banks and other traders to sell at prevailing market rates with a spread of one Naira.

The Central Bank of Nigeria has officially devalued the Naira by removing the cap on foreign exchange in the Investors and Export window allowing the Banks and other traders to sell at prevailing market rates with a spread of one Naira. This ends years of intervention in the Nigerian foreign exchang...

12/06/2023

The Presidential candidate of the Labour Party in the 2023 election, Mr. Peter Obi has said that Nigerian “democracy is deeply troubled” in his remarks to mark this year’s Democracy Day.

According to Peter Obi, "June 12 Democracy Day underpins our long collective journey to nationhood as a true democracy."

12/06/2023

The excited Nollywood Star disclosed this on his social media handle while sharing behind the scene footage of him and other casts on the scene of Extraction 2.

11/06/2023

This exposure helps break stereotypes and misconceptions about African music, presenting it as a vibrant and essential part of the global music scene.

Burna Boy's performance at the Champions League final represents a sense of cultural representation and pride for Africans around the world.

11/06/2023

The removal of Emefiele by Tinubu has been greeted with mixed reactions. However, many believe this to be the right decision given the several controversies that have trailed the tenure of the CBN Governor.

While opinions on Emefiele's tenure may vary, there are several reasons why some believe that Tinubu's decision to sack Emefiele was justified.

11/06/2023

Nigerian Afrobeats star, David Adeleke, popularly known as Davido, has said he would be pleased if he wins a Grammy. But what are his chances?

In a recent interview with Brut, the hitmaker said “If I win a Grammy, I will be happy, but I didn’t make this album because I wanted to win anything."

11/06/2023

Manchester City have been crowned UEFA Champions League winners after a 1-0 win over Inter Milan in Istanbul, Turkey.

Manchester City said, "The victory over Inter completes a historic Treble, with our European crown added to our Premier League and FA Cup successes".

10/06/2023

Top on the list of Emefiele’s sins is the catastrophic failure of the Naira redesign policy, which cost the Nigerian economy an estimated 10 – 15 trillion Naira within the first quarter of 2023, according to the National Bureau of Statistics, because of the difficulties created by the naira redesign policy.

Emefiele attempted to redesign some denominations of the Nigerian currency, but due to poor planning, the implementation was chaotic and failed outright.

10/06/2023

Binance has been ordered to halt its operations in Nigeria and to immediately stop soliciting Nigerian investors in any form whatsoever.

According to the commission, Binance is neither registered nor regulated by it, and its operations in the country are illegal.

10/06/2023

Although Nigeria’s secret police, the Department of State Security, DSS had initially denied that the embattled Central Bank of Nigeria Governor, Mr. Godwin Emefiele was in its custody, Nigeria Today has obtained a video of the agency flying the suspended CBN Governor to Abuja via the Murtala Mohammed International Airport, Lagos.

Nigeria Today has obtained a video of the agency flying the suspended CBN Governor to Abuja via the Murtala Mohammed International Airport, Lagos.

05/06/2023

The announcement of the removal of fuel subsidies is a decision that demands careful planning, consultation, and consideration of its short and long-term consequences, but the way the President announced the removal leaves a lot to be desired.

President Tinubu's abrupt announcement of fuel subsidy removal fails to account for the potential adverse effects on vulnerable populations