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2023: Where are the Masquerades?

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By Dakuku Peterside

There are masquerades in every culture and the life of every individual. The masquerades wear masks for different reasons – from prevarication, illusion, fantasy, fright, horror to protection. No matter the reason, masquerades thrive by covering up who they are and taking up a persona unique to the image they want to portray.

This image becomes the identity of the masquerade.
And the persona behind the masquerade dies for the masquerade’s persona to live. In most cultures, it is a taboo to unmask a masquerade. Even at the threat of losing its life, a masquerade will fight to hide the identity of the person behind the mask.

In the past, masquerades were a rarity and often appeared on special occasions and festivities.

Nowadays, both literally and metaphorically, we are all masquerades. We wear masks these days as a necessity. Facial masks existed before COVID-19, but the coronavirus, at best, only heightened its usage. The face mask, during this pandemic era, has become a symbol of self-preservation against a deadly viral infection. Asides literal masks, we also wear ‘symbolic masks’ to protect ourselves from emotional and psychological elements that we confront daily – financial secrets, relationship secrets, and the privacy of life and family.

Since the drumbeats of the 2023 election started, we have seen big “political masquerades“ coming out to declare their interests in the struggle for power and relevance. Across party lines, powerful politicians, likened to big masquerades, and their cohorts, are showcasing introductory and essential aspects of their election dances and using both old and novel gimmicks to make their interest in the presidency of Nigeria known. Some have visited the incumbent president to formally inform him of their ambitions; some are still consulting with stakeholders; some are waiting for the call of God and their people to declare their intentions publicly; while others have gone ahead to make their presidential ambitions public via the mass media.

So far, there are no surprises yet. Those who have declared or those rumoured to be on the verge of announcing their intentions to rule Nigeria are the same old political warhorses who, to a great extent, are known by Nigerians. We expect more of them to make their declarations in the coming days and weeks. This is part of the political process, and any Nigerian is free to aspire to become president and compete for the post through any political platform of his or her choice. In Nigeria, at least for now, only masquerades wearing the masks of the All Progressives Congress (APC) or the Peoples Democratic Party (PDP) are considered to have realistic chances of winning the presidential election. But these are early days, and a third force political platform may challenge this status quo.

It is about 12 months to the general elections for Nigerians to choose the leader of the most populous black nation on earth, at a time of significant political, social, and economic turbulence. Nigeria faces, on all sides, existential threats that will require a highly skilled, competent and charismatic leader to galvanise all the human and natural resources at our disposal to tackle the vast socio-economic challenges confronting us. Among these “masquerades“ declaring their interest, one will emerge as the leader. This underscores the importance of galvanising Nigerians with outstanding leadership and empathic qualities to step up to the arena to be counted. One must be in the race to win.

Nigerians often complain about the same old leaders taking political offices and doing nothing innovative to develop the country, but forget that it all starts with the calibre and quality of politicians coming out for the presidency. It is from that group that the president will emerge. Therefore, I implore all Nigerians to use this opportunity to encourage proven leaders with the proper knowledge and skills to come on board to compete for the presidency. Nigeria, now more than ever before, needs quality leadership at the highest level.

It is a positive for democracy that so many citizens are stepping forward to lead the nation, indicating increasing political participation. However, nothing yet distinguishes one aspirant from another in terms of either ideology or public policy postulation. For now, we are stuck at the level of personality cults, geopolitical interests, and the ethnic entitlement syndrome. Even where aspirants are from different party platforms, their utterances do not yet reflect the broad agenda of those parties. More disturbingly, there is nothing that indicates depth on national issues from any aspirant.

So far, not less than six “political masquerades“ have declared their interest from the two main political parties – APC (Asiwaju Bola Ahmed Tinubu, David Umahi, and Orji Uzor Kalu) and PDP (Abubakar Bukola Saraki, Anyim Pius Anyim, and Dele Momodu). There are other candidates with near unassailable profiles in the fringe parties. It is time Nigerians started examining all of them through the prism of our complexities. Let us look at ‘the stuff they are made of’, those who gave them the masquerade and are in their company. We want to know what they are offering and what vision they are selling to Nigerians? How will they solve the multiplicity of Nigerian problems? We should not focus on inanities like what their religion is, what geopolitical zone they represent and what financial muscle they have.

Let the presidential “masquerades” come forth and canvas ideas and proffer solutions. Twelve months is enough time to know which of these political masquerades we want to take seriously or ignore. For the political masquerades that have declared their intentions, let us now hear their ideas. However, I acknowledge by trend analysis, that it is not the candidate with the most brilliant take on issues who will win, as the factors that determine who wins elections in Nigeria do not have much to do with sound policy ideas.

Unlike the previous election period, Nigeria is in a precarious situation; inexperience, vacuity, incompetence, the lack of proven service record, and absence of ideas to drive positive change among candidates will not be overlooked nor tolerated by Nigerians. Between June and August this year, the parties will present masquerades dressed in party attires. Our options will be limited to the masquerades presented to the electorate by the parties. To a certain degree, the party will shield the person behind the masquerade from Nigerians. We may be denied the opportunity of knowing what the one behind the masquerade said, as distinct from what the masquerade said.

The party-political machineries will take over immediately after the primaries, and all forms of spin doctors and election pundits will be engaged to convince the electorate of the rightfulness of the candidates. These powerful party campaign machineries will set out to use unfounded marketing tools, lies, half-truths, innuendoes, and propaganda to convince or confuse the electorate to vote for their candidate, even though they may have apparent shortcomings that make them unfit for the presidency. That is why when a president is elected, there are lots of things the electorate assumes s/he said or stood for or championed that turns out completely different from what the president does. Maybe it is still too early in the day, but I strongly feel that now is the time to engage with the masquerades and try to figure out the men behind the masks.

Our current crisis correlates with the electoral decisions and leadership choices we collectively made in the past. All elections have serious consequences. These underscore the importance of the careful consideration of the masquerades to eliminate the wrong candidates from the presidential race and have people with clarity of vision, proven leadership skills and good knowledge of the Nigerian context vis-a-vis the complexity of our religious, social, and ethnic makeup.

The only actual path forward is in using the 2023 election to usher in good leadership with demonstrable capacity to implement a pan-Nigeria agenda. Nigeria is in dire need of positive change. But who will drive this change? More of the same masquerades — Nigeria’s political elite. Unpleasant and scary as today’s Nigeria has become, our present reality should force us to question our prior assumptions about leadership selection. We should not allow primordial sentiments to becloud our judgement in seeking out and choosing a competent and visionary leader as president.

We have a choice now facing all Nigerians: We can make use of the next 12 months to put our acts together and engage in positive politicking to seek out good leaders for the 2023 general elections, or we can decide to play politics as usual without seriously considering post-election governance. Elections are a means to an end and not an end in themselves. If we do not elect good leaders, we will bear the brunt of the consequences – debilitating poverty, insecurity, unemployment, and constant internal crises and calls for secession. We are at the beginning of electing the president of Nigeria. We must get it right at this stage to have a realistic chance of electing a president who will make a difference. There is no doubt that the flawed election process in Nigeria is probably the cause of failed governance and leadership in Nigeria. I argue that we must reassess that process and start on time to get it right, if we must make meaningful progress in getting the right president.

The president derives his power from the people who elect him to lead them in a democracy. So, the president rises and falls with the people. A government by the people, as represented by a voted president, contextually assumes responsibility for the success or failure of the people. Democracy affords the people an opportunity to hold the president accountable through periodic elections. 2023 is another opportunity for the people to get it right.

Nigerians must carefully choose a leader with incredible qualities to take our country to a new frontier. What are these qualities we require of the next president? The aspirant must have a clear vision of where he wants to take Nigeria to in terms of development and how he will achieve this given our current resource realities. The aspirant must have proven skills and competencies in management and leadership. He must have empathy for the plight of many Nigerians and must have a burning desire to work to ameliorate their sufferings. On the basis of association or ideology, the aspirant must be above board – not an ethnic or religious chauvinist, supporter of secessionist activities, or terrorism.

Furthermore, the aspirant must love Nigeria and have a proven record of links built across the country. He must understand the economy, especially productivity. He must have the strength, ability, knowledge, and intellectual capacity to carry the burden of Nigeria, manage our diversity and deliver the dividends of good governance to all Nigeria, not just a section of Nigeria or the elites. Ultimately, the aspirant must demonstrate a clear understanding of how to tackle insecurity, poverty, unemployment, and a shambolic education system.

After all is said, 2022 offers all Nigerians the opportunity to chose the kind of country we want by the quality of the president we vote for in the 2023 general elections. As political masquerades have started declaring their intentions to contest for the presidency of Nigeria, now is the time to engage them to find out the person behind the masquerade.

Dakuku Peterside is a policy and leadership expert.

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Tinubu Economic Reforms Painful, Yet Necessary, Presidency again Insists

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By David Torough, Abuja

The Presidency has issued a strong rebuttal to recent criticism by a faction of the pan-Yoruba socio-political group, Afenifere, accusing it of peddling falsehoods and failing to acknowledge the measurable gains made under President Bola Tinubu’s Renewed Hope Agenda.

In a statement titled “Response to Afenifere Faction’s Deceitful Statement on President Bola Tinubu’s Midterm,” the Special Adviser to the President on Media and Public Communications, Sunday Dare, described the group’s remarks as biased, misleading and aligned with partisan opposition rhetoric.
The presidency, while defending the administration’s economic reforms and governance record, called on opposition leaders and their supporters to go beyond criticism and present realistic policy alternatives.
“It is now pertinent to inquire from opposition leaders about alternative strategies they would propose in contrast to this administration’s extensive list of significant achievements currently benefiting Nigerians in real-time,” Dare said.In response to Afenifere’s claim that Nigeria had suffered “economic deforms” under Tinubu, the statement pointed to bold reforms — notably the removal of petrol subsidies and the unification of the naira’s exchange rate — as crucial steps in halting fiscal decline and restoring investor confidence.According to Dare, the removal of fuel subsidies saved over $10 billion in 2023 alone, while the floating of the naira has contributed to a growing foreign reserve base, now at $38.1 billion, and a trade surplus of N18.86 trillion.Inflation, while still elevated, is reportedly on a downward trend, with April 2025 data showing a reduction to 23.71%, and food inflation moderating to 21.26%. These improvements, Dare argued, signal macroeconomic stabilisation after years of policy distortions.Complementing the reforms are social interventions, such as cash transfers to over 5.7 million poor households, the Students’ Loan Scheme (NELFUND), increased stipends for youth corps members, free CNG kits for transporters, and a N70,000 minimum wage proposal.Dare also listed notable achievements: 900,000+ beneficiaries of the Presidential Loan and Grant Scheme, $10 billion in cleared FX debt, N50 billion released to resolve ASUU strikes, 1,000+ revitalised primary healthcare centres, N75 billion in palliatives to states, 3.84% GDP growth in Q4 2024, $50 billion in new FDI commitments as well as $800 million raised from solid minerals processing in 2024.“Dismissing these reforms as ‘unforced errors’ shows a lack of policy understanding and underestimates the scale of fiscal dysfunction this administration inherited,” Dare noted.On allegations of increased governance costs and failure to implement the Oronsaye Report, the presidency clarified that while full implementation of the report is ongoing, important steps have been taken to restore fiscal discipline.Nigeria’s fiscal deficit reportedly declined from 5.4% of GDP in 2023 to 3.0% in 2024, with debt service-to-revenue ratio reduced to under 40%. Revenue generation rose to N6 trillion in Q1 2025 — a reflection, according to the presidency, of reforms that include the elimination of Ways and Means financing.Reacting to accusations of favouritism and corruption in palliative distribution and mega-project execution, the presidency cited the suspension of Humanitarian Affairs Minister Betta Edu over a corruption probe as proof of the administration’s commitment to accountability.In 2024, the EFCC secured 4,111 convictions and recovered over N364 billion, alongside millions in foreign currencies. In what Dare called a “landmark recovery,” a 725-unit estate in Abuja was forfeited to the federal government in May 2025 — the agency’s biggest asset recovery to date.On charges that Tinubu’s government is veering toward authoritarianism, Dare maintained that democratic institutions remain intact.He cited the Supreme Court’s upholding of opposition victories in Kano, Plateau, and Abia as evidence of judicial independence.Criticism of INEC’s appointments, he said, lacks concrete evidence that any of the appointees are card-carrying members of the ruling APC.He also dismissed concerns over centralisation of power, especially regarding security architecture, noting that discussions on state policing are ongoing and subject to national security assessments.On the security front, the presidency reported the neutralisation of over 13,500 terrorists and the arrest of 7,000 suspects in the past year. The administration, it said, is investing in food security through agricultural mechanisation, and expanding access to tech skills under the 3MTT programme targeting 150,000 youths.Dare further highlighted the establishment of regional development commissions across Nigeria’s six geopolitical zones as a step toward more inclusive growth.While Afenifere accused the federal government of fomenting discord within opposition parties, the presidency described the claim as “baseless” and challenged opposition actors to focus on policy instead of conspiracy.“Economic reforms are undoubtedly laying the foundation for long-term stability,” the statement read.“The Moody’s upgrade from Caa1 to B3, with a Stable Outlook, is proof that Nigeria is turning a corner.”Sunday Dare concluded with a call for constructive engagement, urging critics and political actors to abandon partisanship and join hands with the administration in building a better Nigeria.“Under President Tinubu’s leadership, Nigeria is turning the corner. From stabilising the naira and curbing inflation to reducing debt burdens and expanding access to education and health, the administration delivers bold reforms with actual results.”He acknowledged the hardship being experienced by Nigerians but expressed confidence that continued reforms would bring microeconomic relief in the short term and sustained growth in the long run.

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NDIC Moves to Enhance Deposit Insurance Core Principles

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By Tony Obiechina Abuja

The Nigeria Deposit Insurance Corporation (NDIC) has called for feedback from financial services industry stakeholders in the country, policy makers and the general public towards the ongoing revision of the International Association of Deposit Insurers (IADI) Core Principles for Effective Deposit Insurance System.

The proposed revision launched by IADI in May 2025, is a significant step towards enhancing the resilience and relevance of deposit insurance frameworks in the face of an evolving global financial landscape.
Specifically, the revision is aimed at comprehensively addressing structural changes, including digital innovation, the growing role of deposit insurers in resolution, and lessons learned from the banking turmoil in March 2023, which is the most significant systemic stress event since the 2007-09 global financial crisis.
The IADI Core Principles are used by jurisdictions, including Nigeria, as a benchmark for assessing the quality of their deposit insurance systems and for identifying gaps in their deposit insurance practices and measures to address them. The Core Principles are also used by the International Monetary Fund (IMF) and the World Bank in the context of the Financial Sector Assessment Programme (FSAP), to assess the effectiveness of jurisdictions’ deposit insurance systems and practices.According to a statement by Hawwau Gambo Head, Communication & Public Affairs of the NDIC, the first set of the Core Principles was issued jointly by the IADI and the Basel Committee on Banking Supervision (BCBS) in June 2009 while the document is subjected to periodic revision order to keep it up-to-date with evolving trends on the global financial system landscape.”As a founding and committed member of IADI, NDIC recognizes the importance of the ongoing revision and hereby invites stakeholders and the general public to actively participate in the process by reviewing the document on the link https://ndic.gov.ng/wp-content/uploads/2025/06/Draft-Revised-IADI-Core-Principles.pdf”, the statement added.

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COAS Relocates to Benue, Leads Fresh Operation over Herdsmen Killings

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By Attah Edeh, Makurdi

The Chief of Army Staff (COAS), Lieutenant General Olufemi Oluyede, has relocated to Makurdi, the Benue State capital, over the incessant killings of innocent villagers by herders and militia groups.The killing, which is becoming almost a daily occurrence, has left many dead, several others injured and maimed, and several houses burnt, leaving many homeless.

It was gathered that Lt Gen Oluyede departed Abuja yesterday morning, accompanied by his Principal Stafftaff Officers (PSOs) and other top officers at the Army Headquarters, to the state to have an on-the-spot assessment of the situation on the ground.
The COAS did not address the media, traditional rulers and heads of other security agencies in the state.
However, Governor Alia told the Benue Traditional Council and state Security Council members the purpose of the visit of the army chief.Alia said the COAS had brought a message of hope to the people of Benue in the face of the renewed unprovoked attacks and killings perpetrated by armed herders.Sources further said the army chief has ordered the deployment of more troops to the state to give the militia and other armed groups terrorising the people of the state the battle of their lives.In Benue State, the source said, the COAS will hold strategic meetings with all operational and unit commanders to brainstorm on the way forward as well as review the ongoing operations with a view to end the killings.The COAS will also visit troops’ locations and operational bases in the state to interact with troops and boost their morale and fighting spirit.The COAS is also expected to visit villages that have been attacked and reassure residents of their safety and the resolve of the Nigerian army to protect the lives and property of law-abiding citizens.The COAS is said to be unhappy with reports of daily killings in Benue that have ravaged the state in the past few weeks and may order some strategic changes, including the redeployment of some commanders to head some of the operational units on ground.Oluyede, while in the state, will personally lead troops in the operation on the battlefront. He is expected to spend some days in the state before relocating back to Abuja.Recall that the attacks in Benue have been described as ethnic cleansing by many, as gunmen suspected to be herdsmen have embarked on a killing spree, attacking villagers in their villages using sophisticated guns and machetes.Last weekend gunmen killed 43 persons in renewed attacks carried out on several communities of Gwer West and Apa Local Government Areas (LGAs) of Benue State.The attacks occurred barely one week after herdsmen militia shot a priest, Rev. Fr Solomon Atongo, along the Makurdi-Naka road and attacked four communities in Gwer West LGA, including the village of Bishop Wilfred Anagbe, killing 42 persons, including a mobile police officer.

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