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Navigating Away from the Abyss in the 2023 Nigerian Presidential Election

Published

3 years ago

April 11, 2023

Chike Onwuegbuchi

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By Austin Okere

Reading about the post-2023 Presidential election discourse in Nigeria is exasperating. The politicians have successfully steered the discourse away from logical discussions about our country’s development to emotional and divisive topics such as tribalism and religion. This tactic has been used to maintain the status quo by dividing the population.

People are willing to overlook the truth and blindly follow their tribal or religious affiliations. We have all been manipulated and will continue to be until we can break free from this narrow-minded way of viewing national issues.

History has taught us that following the paths of ethnic and religious bigotry leads us to no viable destination. The Rwandan Genocide serves as an example of the tragic outcome of such paths.

The genocide against the Tutsi in Rwanda, also known as the Rwandan genocide, occurred during the Rwandan Civil War between April 7 and July 15, 1994. Over the course of about 100 days, armed Hutu militias killed members of the Tutsi minority ethnic group, as well as some moderate Hutu and Twa. The most widely accepted scholarly estimates put the number of Tutsi deaths between 500,000 to 662,000.

The Rwandan Patriotic Front (RPF), a rebel group mainly composed of Tutsi refugees, invaded northern Rwanda from Uganda in 1990, sparking the Rwandan Civil War. The conflict continued for three years without either side gaining a decisive advantage. In an attempt to end the war peacefully, Hutu President Juvénal Habyarimana signed the Arusha Accords with the RPF on August 4, 1993. However, Habyarimana’s assassination on April 6, 1994, created a power vacuum and ended the peace accords. Genocidal killings began the following day, initiated by majority Hutu soldiers, police, and militia who murdered key Tutsi and moderate Hutu military and political leaders. Despite the worldwide shock caused by the scale and brutality of the genocide, no country intervened to forcefully stop the killings.

I cite this example because of my belief that if we continue down the path of ratcheting up the caustic rhetoric that have pervaded the polity in the recent weeks, a similar outcome may not be far-fetched.

On the occasion of the one-year anniversary in office of Prof. Charles Soludo, Anambra State Governor, on March 19, 2023, Former Nigerian President, Olusegun Obasanjo condemned the anti-Igbo sentiments in Nigeria, which he called “Igbophobia”. In this context, It is important to recognize that the following constructs should not be viewed as interchangeable: Peter Obi, the Labour Party, the Obidient Movement, and the Igbo.

It seems that some individuals are mistakenly perceiving them to be one and the same, but this cannot be further from the truth. Here are the reasons why:

Although Peter Obi is the presidential candidate of the Labour Party, the party is not defined by any single individual. It is a diverse party with members from different tribes such as Hausa, Fulani, Yoruba, Igbo, and others who all share the party’s goal of actualising a mandate which they believe has been denied them by a flawed electoral process through legal means. It is unfair to single out the Igbo people in this regard.
The Labour Party includes people who are not Igbo, just as there are Igbo individuals in other parties besides the Labour Party. Die-hard Igbo supporters can be found in the All Progressives Congress, Peoples Democratic Party, and other parties, just as die-hard supporters of other tribes can be found in the Labour Party. The leadership of the Labour Party cuts across the diverse tribes in Nigeria.
The Obidient Movement includes individuals who are not necessarily associated with the Labour Party, such as Benue State Governor Samuel Ortom, a PDP Stalwart, Aisha Yusufu, the renowned activist, and many others. This movement represents the desire for change in Nigeria and a departure from the status quo that has led the country to this point. The majority of the youth population identifies with this movement, and it includes people from all tribes. During the #EndSARS protests, they spoke out for better governance and were urged to become more engaged in the political process, which they have done.
The Igbo people are an integral part of Nigeria, just like the Yoruba, Hausa, Fulani and other tribes. They transcend Peter Obi, the Labour Party, and the Obidient Movement. Failing to recognize these distinctions could lead to a dangerous blanket hatred against the Igbo people.

There are good and bad people in every tribe. Removing all Igbo individuals from Nigeria would not solve the country’s problems, just as removing individuals from any other tribe would not either. The current atmosphere of suspicion and fear between tribes is concerning. According to Saint Thomas Aquinas “Fear is such a powerful emotion for humans that when we allow it to take over us, it drives compassion right out of our hearts.”

It is not uncommon for election results to be disputed if there is a perception that the process was unfair. In such cases, the electoral laws provide for aggrieved parties to seek redress through the electoral tribunals and the courts.

We can draw valuable lessons from the examples of Kenya and Ghana. In Kenya, the Supreme Court nullified the results of the presidential election, while in Ghana, the Supreme Court upheld the results. These two cases demonstrate how electoral disputes can be resolved through legal means, and how important it is to have independent and impartial courts that can provide oversight and ensure the integrity of the electoral process. It is important for all parties to respect the rule of law and abide by the decisions of the courts, regardless of whether they agree with the outcome.Top of Form

On September 1, 2017, the BBC news site reported that the Supreme Court of Kenya cancelled the country’s presidential election held on August 8, 2017, citing irregularities, and ordered a new election to be held within 60 days.

The incumbent president, Uhuru Kenyatta, was declared the winner by a margin of 1.4 million votes by the election commission. However, the opposition leader, Raila Odinga, accused the commission of corruption and demanded resignations and prosecutions. President Kenyatta respected the court’s decision but called the judges “crooks.”

The annulment of an African presidential election as a result of an opposition court challenge appeared to be unprecedented. The Chief Justice, David Maraga, said that the election was not conducted according to the constitution and declared it “invalid, null and void.” The vote had raised fears of major political violence, as happened after a disputed poll in 2007. President Kenyatta called for calm and respect for the rule of law.

In contrast to Kenya, Ghana’s Supreme Court on March 04, 2021 upheld the victory of President Nana Akufo-Addo in the December 7, 2020 presidential election. Despite allegations of irregularities made by his opponent, former President John Mahama, the court found no merit in his claims and ruled in favour of Akufo-Addo, who had received 51.59% of the vote to Mahama’s 47.37%. Although Mahama accepted the court’s decision, he expressed disagreement with the trial process and ruling. Notably, this was only the second time that a Ghanaian presidential election had been formally contested by the losing candidate, with the previous case in 2012 involving a challenge by Akufo-Addo against then-incumbent Mahama’s victory.

From the above examples, it is important for any democracy to have a transparent and fair electoral process that is free from irregularities and malpractices. In cases where disputes arise, it is important to have an independent judiciary that can adjudicate such disputes based on the law and the evidence presented, rather than on political considerations.

Ultimately, the success of any democracy depends on the ability of its citizens and leaders to work together in good faith towards a common goal. This requires a commitment to the rule of law, respect for human rights, and a willingness to engage in constructive dialogue.

We need to pull back from the abyss. Every Nigerian should have the freedom to aspire to their greatest aspirations and the pursuit of happiness in any part of the country where they choose to live, as enshrined in our constitution. It is crucial to focus on the values that unite us as Nigerians, such as our shared history, culture, and aspirations for a better future.

This can help to build a sense of national unity and strengthen our democracy. It is also important to address the root causes of the current tensions and conflicts in the country, such as social inequality, economic hardship, and political exclusion. By addressing these issues, we can build a more just and equitable society that works for the benefit of all Nigerians.

The opinions expressed here are solely my own and do not represent any institution to which I have direct or indirect ties.

Austin Okere is a thought leader, and business mentor. Currently an Entrepreneur-in-Residence at Columbia Business School, New York, Austin has also facilitated at the United States International University in Kenya and has been appointed to the Advisory Board of the Global Business School Network in Washington in recognition of his contribution to the development of business education and knowledge transfer in Africa.

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FirstCap Acts as Joint Issuing House on Veritasi Homes & Properties Plc’s ₦30 Billion Bond Programme

Published

15 hours ago

December 18, 2025

Chike Onwuegbuchi

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FirstCap Limited, a premier investment banking business and a wholly owned subsidiary of FirstHoldCo Plc, acted as Joint Issuing House and Placing Agent on the Veritasi Homes & Properties Plc’s Series 1 Bond of ₦10 billion under its ₦30 billion Bond Programme duly registered with the Securities and Exchange Commission (SEC).

The Bond Programme is designed to support the development of Project Oyster Towers, located within Eko Atlantic City. Proceeds from the Series 1 Bond issuance are expected to be applied towards the construction of 30 luxury residential units, forming part of an 82-unit residential development comprising one-bedroom, two-bedroom, and three-bedroom apartments.

Veritasi Homes & Properties Plc is an indigenous real estate development company with operations across Lagos State and the Federal Capital Territory, Abuja, and a growing track record in the delivery of residential real estate projects in Nigeria.

Commenting on the transaction, Ukandu E. Ukandu, Managing Director/Chief Executive Officer of FirstCap Limited, stated:

“We are proud to partner with Veritasi Homes & Properties Plc on this important transaction. The establishment of the ₦30 billion Bond Programme reflects our commitment to mobilising capital for the real estate sector, which remains a key driver of Nigeria’s economic growth. Project Oyster Towers exemplifies the future of luxury and sustainable living in Nigeria, and this transaction reinforces FirstCap’s role as a trusted advisor in major corporate finance initiatives.”

FirstCap’s involvement in the Bond Programme further reinforces our dedication to supporting the growth of the Nigeria’s real estate sector. The successful execution of this transaction highlights the depth of expertise within our capital markets team and our role in supporting issuers in accessing long-term funding solutions aligned with their strategic objectives.

By continuing to connect capital providers with high-impact infrastructure projects such as Project Oyster Towers, we remain committed to driving economic development and delivering long-term value for all stakeholders, Ukandu added.

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NITDA DG Calls for Innovation-Led Economic Rebirth @ Kano Startup Weekend

Published

3 days ago

December 16, 2025

Chike Onwuegbuchi

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Kashifu Inuwa, the Director General of the National Information Technology Development Agency (NITDA), has called for a fundamental shift in Kano State’s economic strategy, urging stakeholders to embrace innovation, technology and collaboration as the drivers of growth in the 21st century.

Speaking at the Kano Startup Weekend, Inuwa acknowledge Kano’s long-standing reputation as the commercial nerve centre of Northern Nigeria and the wider Sahelian region, noting that its history of trade, enterprise and human capital provides a solid foundation for future growth.

He emphasised that while these strengths powered Kano’s success for centuries, the modern economy now offers even greater opportunities through innovation and technology.

He described innovation as the process of transforming ideas into impactful solutions through commercialization, stressing that when ideas are effectively deployed, they create value, solve societal challenges and generate sustainable economic growth. He noted that Kano’s large market, strategic location and vibrant entrepreneurial culture place it in a strong position to take advantage of innovation-driven opportunities.

According to him, “Innovation is the process of taking an idea from inception to impact. Invention on its own is a cost centre, but when you commercialise an idea, when you turn it into a product or service that solves a real problem and creates value, that is when you begin to drive economic growth and inclusion.”

He noted that the state hosts numerous degree-awarding institutions across federal, state and private ownership, providing a strong base for human capital development. However, he expressed concern that these institutions often operate in isolation from industry, with research outputs rarely translating into commercial or industrial applications.

He explained that innovation does not happen in silos and stressed the need for a strong, interconnected ecosystem that brings together academia, industry, startups, entrepreneurs and government.

According to him, universities should conduct research informed by industry needs, industries should leverage research to improve productivity and competitiveness, and startups should serve as the bridge that converts ideas into market-ready solutions.

He further encouraged entrepreneurs to leverage technology to build businesses that can grow beyond local markets, explaining that innovation-driven enterprises have the power to scale rapidly, create jobs and position Kano competitively at both national and global levels. According to him, digital platforms and emerging technologies now make it easier for startups to reach wider markets and develop solutions that were previously unimaginable.

“You can start your business here in Kano, but your thinking must be global from day one. Technology has removed barriers. With the right skills and platforms, a startup in Kano can build solutions that serve not just Nigeria, but the world,” he noted.

Highlighting NITDA’s ongoing interventions, the Director General outlined the Agency’s commitment to building national innovation capacity through targeted human capital development programmes. He cited the Digital Literacy for All (DL4ALL) initiative, which aims to equip Nigerians across all segments of society with essential digital skills, and the 3 Million Technical Talents (3MTT) programme, designed to produce a pipeline of globally competitive technical professionals in areas such as software development, data analysis and emerging technologies.

He said, “Through DL4ALL, we are ensuring that Nigerians at all levels have the basic digital skills needed to participate in the digital economy, while 3MTT is deliberately building a pipeline of globally competitive technical talents who can drive innovation, create jobs and attract investment.”

He explained that these programmes are key pillars of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises skills development, innovation, job creation and inclusive economic growth as pathways to national prosperity. According to him, empowering Nigerians with digital and technical skills is essential for building a resilient economy capable of competing in the global digital landscape.

“President Tinubu’s Renewed Hope Agenda is about investing in people, empowering them with relevant skills and creating opportunities for inclusive growth. At NITDA, we are using digital skills and innovation as tools to translate that vision into real economic impact for Nigerians,” he said.

Inuwa urged all stakeholders in Kano to work together to build a functional innovation ecosystem that can unlock the state’s vast potential. He expressed confidence that with the right mindset, strong collaboration and sustained investment in digital skills and innovation, Kano can reclaim its historic leadership role and emerge as a major innovation and entrepreneurship hub in Nigeria and beyond.

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Sterling Bank Renewable Energy Colloquium Urges Stakeholders to Unlock Nigeria’s Clean Energy Potential

Published

3 days ago

December 16, 2025

Ugo Onwuaso

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Sterling Bank Limited on Monday convened stakeholders in the renewable energy industry to explore strategies for accelerating Nigeria’s transition to clean energy and boosting economic growth.

Sterling Bank Renewable Energy Colloquium Urges Stakeholders to Unlock Nigeria’s Clean Energy Potential

L-R: Mr. Ayo Ademilua, President, Renewable Energy Association of Nigeria; Dr. Jekwu Ozoemene, Group Executive, The Alternative Bank; Mr. Biodun Ogunleye, The Honourable Commissioner, Lagos State Ministry of Energy and Mineral Resources; Mr. Dele Faseemo, Group Executive, Coprporate and Investment Banking, Sterling Bank; Engr. Bem Samuel Anyangeuor, Representative, Honorable Minister of Power and Mr. Oluwaseyi Okunnuga, Group Head, Renewable Energy & Sustainability Finance, Sterling Bank at the just concluded Renewable Energy Colloquium held in Lagos recently.

The colloquium, themed “Beyond the Grid: Unlocking New Frontiers in Renewable Energy”, was held in Lagos and brought together policymakers, financiers, and industry leaders to deliberate on priority areas for action.

In his opening address, Managing Director and Chief Executive Officer of Sterling Bank, Mr. Abubakar Suleiman, represented by Mr. Dele Faseemo, Group Executive, Corporate and Investment Banking, said the bank would focus on regulation and financing to expand access to energy.

He noted that energy access remained critical to supporting economic growth and achieving Nigeria’s ambition of building a one trillion-dollar economy.

Delivering a keynote address titled “Scaling Electrification in Nigeria: The REA Impact”, Managing Director of the Rural Electrification Agency (REA), Dr. Abba Aliyu, represented by Mr. Abba Hayatudden, said Nigeria required about 26 billion dollars to bridge its energy deficit.

Aliyu explained that the energy transition strategy integrates grid, mini-grid and off-grid technologies to achieve universal, reliable and sustainable energy access while aligning with national development and climate goals.

Minister of Power, Mr. Adebayo Adelabu, represented by Engineer Samuel Ayangeaor, commended Sterling Bank for convening the dialogue.

He said renewable energy and rural electrification were central to the Federal Government’s Renewed Hope Agenda.

“The Ministry of Power has continued to expand electricity access to underserved communities to drive economic growth, foster industrial activity and create jobs across the nation,” Adelabu said.

Lagos State Commissioner for Energy and Mineral Resources, Mr. Biodun Ogunleye, highlighted the state’s efforts in renewable energy, including the ongoing two-gigawatt grid-scale solar project.

He described it as the most ambitious energy transformation ever undertaken by the state.

Chief Executive Officer of Sterling One Foundation, Mrs. Olapeju Ibekwe, urged participants to move beyond communiqués and act with intention to deliver meaningful impact.

The colloquium featured panel sessions on financing and scaling green energy solutions in Africa, among other discussions.

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