Achieving economic recovery after Covid19 pandemic

By Bayo Ogunmupe The Great Reset of the World Economy will stamp out organized financial crime. The World Economic Forum teaches how to achieve a clean economic recovery that combats organized crime. Sadly, criminals have adapted to thrive in the economic environment created by the pandemic, exploiting the crisis to weave themselves into the legitimate economy. In the event of prosecution, only 2 percent of criminal assets are recovered. Obstacles to recovering criminal assets need to be removed so that ill-gotten gains can be repurposed for the good of society. A starting point would be to improve public-private sharing of financial information to fight financial crime across borders. This quick criminal adaptation undermines the economic recovery and will weaken public institutions. Given that money laundering is the engine of organized crime, if access to money laundering services was removed, criminals would not be able to make use of their profits. This offers a good lever to stamp out organized crime. The following recommendations from the World Economic Forum- supported coalition offer national economies how to tackle organized financial crime. The European Union (EU) has launched an Action Plan for a comprehensive policy on preventing money laundering and terrorism financing, to address the issue. The plan can support an economic recovery that works for citizens across the globe, rather than lining the pockets of international criminals. The timing of this Action Plan is the recognition that financial crime is pervasive and weaving its way into a larger number of economic sectors. At the start of the pandemic, European Police demonstrated in the ‘Catching the virus: cybercrime, disinformation and the Covid19 pandemic’ that cybercriminals were using the pandemic to target communities. Recent reports from the Interpol show this trend is global. Analogue criminals are ruthlessly exploiting new industry needs created by the pandemic with devastating effects on the wellbeing of societies and individual citizens. Thus, the fallout from the pandemic is the weakening of economies, and the creation of new vulnerabilities from which crime can emerge. Economic and financial crime, such as various types of fraud, money laundering, intellectual property crime and currency counterfeiting, is particularly threatening during this time of economic crisis. Unfortunately, this is also when they become most prevalent. These economic downturns create opportunities for crime. While a recession entails hardship for the legitimate economy, criminals are well placed to exploit the desperation of others. Lack of accessible loans and capital puts companies under financial pressure and can leave them vulnerable to infiltration or takeovers by criminals. In times of crisis, personal and public finances must be protected. The proceeds of bribery, corruption, fraud, narcotics trafficking and other organized crimes have all been implicated in the financing of terrorism, human rights abuses such as slavery and child labour, and environmental crimes such as wildlife trafficking, that have potential to trigger another pandemic. This has serious economic and social costs in terms of lost revenues to national exchequers that could be invested in social development, and in terms of the impact on individual lives. While many governments are responding to these threats, we are not aware of any actions or policies being put forward by the Federal Government of Nigeria in spite of the invasion of the country by Boko Haram guerrillas and bandits. For the EU, the Police has created the Financial and Economic Crime Centre to enhance Europol’s operational support to EU member states, forging alliances with public and private entities for tracing, seizing and confiscating criminal assets in the EU and beyond. The economic crime centre also relies on initiatives from Europol Financial Intelligence Public Private Partnerships. The latest Future of Financial Intelligence Sharing research paper charts the global growth of public private partnerships to fight financial crime. In recent times, there has been phenomenal growth of such partnerships throughout the world. Public- Private partnerships between law enforcement, regulated financial institutions, data providers and civil society organizations help identify criminal assets. They accelerate speed of asset seizure, preventing criminal funds from infiltrating the legal economy and damaging society. Since criminals can operate internationally with ease, Nigeria has to sign law enforcement protocols with police forces of her neighboring states to stop illicit flows of money being used to destabilize her. We know that cross-border partnerships of police forces, financial intelligence units and government agencies can thwart criminals. Europol’s Financial Intelligence partnership is a leading example of this. Cross border partnerships need to be sourced , Nigeria should take steps to improve the effectiveness of cross border information sharing including the use of privacy preserving analysis if she will ever overcome banditry and Boko Haram insurgency ravaging the country. It is the proceeds of oil theft and illegal mineral resources mining that are being used to finance insurgency in Nigeria. Information sharing holds the key to combating terrorism. Its value is beyond data. It fosters better discussions and understanding of risks by all involved and result in a real proactive and joint work on cases that protect citizens. Information sharing also enables you to recognize the complexity of combating financial crime. The pandemic has opened the door to new crimes. The digitization of retail banking, for example has created new vectors for fraud. Also, the implication is that money laundering can trigger the winding-up of a bank under the Bank Recovery and Resolution Directive, allowing criminals to buy out a bank. Finally, financial crime knows no borders, therefore, Nigeria should protect herself by signing information sharing protocols with her neighbors.

That Zamfara sells gold to the CBN

By Bayo Ogunmupe Nigerian states went aglow recently over the sale of a bar of gold to the Central Bank of Nigeria (CBN) at N5 billion by the Zamfara State Government. deputy Senate President, Mr Ovie Omo Agege and Ijaw youths kicked against the perfidy that allowed a state to sell a mineral resource to the Federal Government. when the buyer is the constitutional owner of the commodity. Senator Omo Agege described the sale as a breach of the laws guiding the exploration of mineral resources in the Nigerian federation. Moreover, the youths under the aegis of the Ijaw Youth Council (IYC), accused the Federal Government of double standards and injustice for allowing CBN to buy the gold. The deputy senate president faulted the transaction while contributing to a debate on the 2021 Appropriation Bill. He told senators that his district in Delta State and the Niger Delta people are worried about the development since all proceeds from oil mined from their territory solely go to the Federation Account. The senator insisted that the proceeds from the sale of Zamfara gold ought to be remitted to the federation account and not credited to the account of Zamfara State. Omo Agege added that the solid mineral sector is another avenue for funding the budget apart from oil and foreign and internal borrowings. He frowned at the sale of gold to the CBN by Zamfara when the states of Niger Delta are forbidden from selling oil since all minerals belong to Abuja. In the same vein, from Port Harcourt, the IYC accused Buhari of injustice by allowing artisanal mining of gold in Zamfara while forbidding a similar practice for gold in Osun State and crude oil in the Niger Delta. It was further observed that in Northern states where there are gold and other precious stones, indigenes were allowed to mine them unmolested to enrich themselves. However, the Federal Government, sometime ago, told state governments that they could not control the mineral deposits in their domains. The Minister of Mines and Steel Development said it at the sensitization meeting with state commissioners of justice, minerals and environment from the North Central geopolitical zone. The issue of resource control came up with the unveiling of the Zamfara state plan to establish a gold reserve through buying of gold from artisanal miner indigenes. Reacting to calls for resource control by the states, the minister said doing so would amount to selfishness which would be detrimental to Nigeria's economy. he told the commissioners that attention was now being focused on the development of the mineral sector for revenue generation, it must be used for the common good like oil. This age-long demand for resource control erupted again during the senate debate of the 2021 budget. It was fuelled by the injustice of government allowing Zamfara to sell gold to the CBN. The crux of the matter is that injustice being perpetrated by our leaders through their refusal to enforce the law, has been the cause of Nigerian disunity, instability and underdevelopment. Among the issues not being paid attention to are resource control, the reform of the security architecture, rising unemployment, increasing wave of banditry, kidnapping, pension scam, the N2.67 billion school feeding money found in a private bank account and lots of other atrocities. Among the solutions offered by various authorities are those proposals given by the head of the department of Urban and Regional Planning, Osun State University, Professor Samson Akinola, who foresaw the impending crisis due to increasing youth unemployment. He has many research based books,monographs, given in lectures, conferences, economic summits but all to no avail, Nigerian leaders never listen. From interviewing him we got: "You never change things by fighting existing reality. To change society, build a new model that makes the existing model obsolete," Richard Buckminster Fuller of Oxford University. "You can't solve a problem by using the same kind of thinking that created the problem. There is in effect, a bankruptcy of ideas," Albert Einstein. The last quotation avers that the Nigerian crisis cannot be solved by the current politicians who created it. What then are the solutions to the current impasse in Nigerian politics and economy? First, to assuage youth unemployment and such other problem of dwindling revenue, herewith is an existing framework in Europe and North America. It is the bedrock of the emergence of Germany from the destruction of World War 11. Let federal government inaugurate a collateral free, interest free loans of between N10,000 and N1 million guaranteed by the government for every category of the unemployed. Such a loans scheme launched by the German chancellor Ludwig Erhard (1897-1977) while he was the Minister of Economic Affairs of Germany. It culminated in the German economic miracle which lifted Germany to the pinnacle prosperity in Europe till today. The success of the scheme was supplemented by the American aid under the Marshall Plan. It is significant that this debate about injustice started while the senate was debating on the 2021 budget. What then did economic theory tells us about economic growth and development? Arising from Fuller's reasoning that to change society, you have to build a new model that makes the existing model obsolete, is the theorem of Inclusive Growth (IG). The failure of the social market economics brought in its wake, a new set of theories, with distribution to every strata of society as its mainstay. This macroeconomic tradition emerged from the 1980s through distribution to the poor; like the banker to the poor, the People's Bank of Mohammed Yunus of Bangladeshi; who won Nobel Prize therefrom. It created the rallying cry of inclusive growth of today. Unlike the past, this new paradigm emphasises the importance of growth in every facet of society. The winner takes all mentality of the market economy is rejected. To be sustainable, growth must carry a large number of people along as participants as its beneficiaries in the outcome. In this regard, a growth rate of 7 percent, which benefits about 90 percent of the population is preferable to a 10 percent growth rate that benefits only 10 percent of the population. Beyond enriching our understanding of the growth dynamic, inclusive growth addressed the problems of abject poverty. It showed that in a given economy distortions exist at any time. Thus, an option for policymakers, is to target all distortions for removal every time. Sadly, the Nigerian economy is saddled with many distortions. Corruption is one of them; nepotism is another. Worse still, the welfare subsidy to the parliamentarians, foreign exchange subsidy to very important personalities are part of the distortions of the Nigerian economy. Another aspect of the inclusive growth perspective is the virtue of appropriate sequencing of reforms. President Buhari ought to have removed fuel subsidy immediately after gaining his second term victory, unfortunately his recent fuel removal came as an afterthought. Thus, costing him the Edo State governorship election. The national impasse comes down to the Einstein aphorism that you cannot solve a problem by using the same kind of thinking that created the problem. Current Nigerian leadership in politics and public service are out of date too ignorant and obsolete. They cannot therefore, bring forth the prosperity we desire.

Subsidy removal as panacea for economic prosperity

By Bayo Ogunmupe The most important lesson Covid19 pandemic has brought to the fore is the evil effects of subsidies on the Nigerian economy. After decades of corruptive spending, called petroleum subsidy by the Federal Government of Nigeria, it finally bade good bye to the ignoble policy, albeit unwillingly. The decision to jettison the policy, was due to the crisis precipitated by the slump in Nigeria's crude oil earnings. Though a most sagacious decision, petroleum and electricity subsidies were removed at a most inopportune time. The timing was wrong because it is in a period of corona virus pandemic when half of the adult population is unemployed. More so, the ruling party, the All Progressive Congress is contesting the governorships of Edo and Ondo states. The federal government has just given the opposition party the ammunition with which to win the election. But Nigeria, being a pre-literate society may not vote for the opposition which this unwise political decision portends. Subsidy removal ought to have been decided and executed last January, given the oil glut nigeria is experiencing then. In the circumstance, the subsidy removal ought to have been postponed till January 2021 in deference to the election. This government has left the economy primeval for too long, leaving the economy comatose since 2018. Though subsidy removal was inevitable, we commend President Mohammed Buhari for taking the courageous decision which every President had been loath to take for decades.Sadly subsidies have bred corruption and held us back from industrialization and economic prosperity. Such policies as petroleum and electricity subsidy, the creation of the National Youth Service Corps and a proliferation of ministries, departments and agencies have retarded Nigeria's growth. Such evil policies have rendered Nigeria unstable and insecure. For example, we know that political stability is a precondition to economic prosperity, according to their book 'Why Nations Fail', Daron Acemoglu and James Robinson, argue that politics and economics interact in causing poverty or creating prosperity. However, the authors put politics first because while economics creates prosperity, it is politics that determines which economic policy to adopt. Thus, we must avoid making mistakes through formulating bad policies. Nigeria's preference for loans as against private capital investments is holding us back in generating economic growth and prosperity. Using loans to generate development builds expensive infrastructure, excluding mechanisms to recover costs. lacking understanding of how to generate growth in a market economy, it strangulates thriving industries to death. Using loans to fund growth, militates against inclusive trade. It forces government to shut borders, imposing import substitution in an economy where it is cheaper to move a container from Indonesia to Lagos than it is to move goods from Apapa to Abeokuta. Earlier this year the federal government secured a facility from the World Bank. The $750 million loan was for the ailing power sector. The condition for the loan is that government must stop subsidizing power and ensure tariffs guarantee commercial returns. But government has spent over N380 billion on electricity subsidies in 2020 so far; after bailing out operators with the princely sum of N1.7 trillion since May 2015. Since 2015, government has been burning over N1 trillion yearly to subsidize petrol while defunding healthcare and education. It maintains a dizzying number of workers to manage the business of the importation of refined petrol. Yet it spends a fortune paying the bureaucracy managing the three petroleum refineries that are even unable to produce enough petrol to power their own generators. From February 2020, Covid19 forced the closure of factories and airlines, causing the demand for oil and gas to crash. Prices fell providing the opportunity to remove oil subsidy completely. Instead of walking away, government dithered to fix oil pump price, announcing the end of subsidies. Though subsidy is untenable today as it was in 2011; then, $9.3 billion was spent in subsidizing imported petrol. This represented about 30 percent of our expenditure; 40 percent of GDP and 118 percent of the capital budget. In comparison, education got $2.2 billion; health-$1.32 billion and works : infrastructure $680 million. Sadly the Buhari that was swept to power on the wave of popular discontent over corruption still kept corruption laden subsidies. So the decision, though poorly timed to abolish subsidies augurs well for economic justice and prosperity for Nigeria. However, in order that our shameless leaders may not slip back through the back door, the removal of subsidies must be backed by law. Also the policies of keeping the refineries should be abandoned. The refineries should be sold out. However, government should retain 30 percent ownership in the refineries in order to ensure they're not used against the nation. Buhari has just borrowed a leaf from President John Atta Mills of Ghana who bowed to the inevitable by removing subsidy, arguing with all humility tat "subsidizing fuel is not sustainable and removing it is the right thing to do, so we can sustain our fiscal consolidation." Hopefully, organized labour wont go on strike the way they seduced President Umaru Yar Adua to revoke the sale of 51 percent equity stakes in the Port Harcourt and Kaduna refineries to the Bluestar Consortium for the sum of $721 million. Thanks to the dastardly broken Nigerian economy that cannot continue the subsidy regime, the government has done the only rational thing left: doing away with the subsidy. However, there is one more subsidy that needs to go. This is the foreign exchange subsidy. It has now supplanted fuel subsidy. It is worse than fuel subsidy in that it only subsidizes the rich passport holders who enjoy the pleasures of medical tourism abroad. Now, it is the largest source of corruption and the pilfering of Nigeria's commonwealth.

Lending crucial to post Covid19 prosperity

By Bayo Ogunmupe Contrary to the fears of many, Nigeria has only been mildly hit by the corona virus epidemic. However, normal, preventive measures to curb the virus shut the people out of the sources of their livelihood. Palliative measures to soften the devastating effects of the pandemic have not been far-reaching enough in many states of the federation. And to that many are complaining that they are yet to receive anything from the federal or state governments. Sadly, those who got something suffered the toil of long queues and the humiliation of being seen as poor. Palliative procurement and distribution have also been associated with corruption and nepotism. When the Minister of Humanitarian Affairs vows to have spent millions of naira in the procurement of these welfare packages we in the South see it as bare faced sloganeering. Even this septuagenarian journalist who has spent three decades serving in Lagos has seen no one been so honorable as to receive a palliative from any government be it federal or state. What we overhear in the newsroom are complaints that "when I asked I called a long time colleague now a press secretary to a governor, all he did was to send me half a bag of rice as if the rice will cook itself." But truly, people have become very poor with half wages and retrenchment from time to time. And without pension if even you have reached a pensionable age or not; no respite or relief packages from any federal or state agency. You can only beg or rely on primordial relatives. For job losses after weeks in isolation, companies cannot be blamed, for they could not do business because lockdowns have kept customers off the streets. many are not even able to cash their money from banks because bank officials only allow their cronies to withdraw money from their bank accounts; when the Automated Teller Machines are empty. The months of March, April, May and June 2020 were a period of immolation without respite in Nigeria. The people in government houses were unaware of the pains which was why they didn't spread palliatives for succor. For the post-Covid19 economic recovery and prosperity in Nigeria, our banks have crucial roles to play. Collateral and interest free lending will be crucial to a post pandemic recovery in this country. The Central Bank of Nigeria, the Presidential Economic Advisory Council and the banks are well advised to prepare for this if Muhammadu Buhari hopes to lift Nigeria out of the woods. Cash backed welfare initiatives are necessarily being channeled through banks around the world. Though some recipients are choosing to put these loans in their savings accounts instead of investing, still there is a consensus that banks would not be able to make as many loans as they did in unregulated times of the past. Like elsewhere around the world, the Central Bank of Kenya had already restructured $1 billion of loans by the middle of May 2020. Some other banks are even being surprisingly emphatic on loan restructuring. The Central Bank of South Africa even allows some of its customers to give leeways on loan repayments. In Germany, the government pays banks and private commercial enterprises to hold off on layoff plans, opting to cut salaries and work hours. Around the globe, banks have also ramped up loan guarantee schemes, adding incentives like cap on losses for banks to induce participation in these cushioning measures. Despite the challenges non interest loans pose on profits, government must impose as a matter of policy, new regulations aiding the post-Covid19 economic recovery and prosperity plan. Businesses depend on it to prosper and retain its workforce. Government should target labour intensive sectors such as agriculture, agro-allied industries and manufacturing as the Zenith Bank of Nigeria announced it would. Amidst all these challenges, banks are still the channel through any recovery from Covid19 would come about in the Nigerian economy. For the recovery plan to succeed, they have to give more loans. Thus, lending by banks is very crucial to post-Covid19 prosperity. Which is why they have to lend at zero interest rate like Islamic banks. Loan defaults, thinner margins and bigger lending would certainly be the lot of Nigerian banks in the next one year. They should not only participate in the loan guarantee schemes to be set up by the federal and state governments, but actively promote them to their customers. Difficult as it is, with meagre returns for their troubles, Nigerian banks must make deliberate efforts to help small and medium size businesses from now on. Consisting of at least 250 ethnic groups and about 500 dialects, Nigeria is a potpourri of tribal identities that has the outlook of a marriage of strange bedfellows. However, despite our diverse and contradictory legal systems, we've coexisted as a nation state for 60 years. Nigeria runs three legal systems: the Criminal Code, the Penal Code and the Sharia. These contradictions are pulling Nigeria in different directions. The lack of common identity has served to dampen efforts to forge a nationhood. Nigeria beginning with amalgamation of a weakened Fulani caliphate in the north; with Oyo empire and different forest kingdoms in the South west and Niger Delta and an acephalous Igbo ethnic group in the South east may have its perks, but the colonialist who created the marriage, did it for its own economic reasons. But Lord Lugard who created the contraption didn't think the union would survive this long. But observers avow that if Nigeria survived a civil war 50 years ago, it could survive anything. However, with each passing turmoil, this contrived union is being tested and stretched thin. With the latest uproar a fortnight ago, following the sentencing to death of a 22 year old singer in Kano by an Islamic Sharia court. The alleged blasphemy is yet another flashpoint in the life of the untoward marriage. The sentence has not been executed because the prisoner has the right of appeal to the Court of Appeal which is under Common Law which does not recognise blasphemy as a crime. While many Northerners applaud the sentence, majority of Southerners roundly condemned it, showing mistrust between the North and the South. When foreign businessmen ask for security in Nigeria, the ask questions about gangs of people going to burn down a man's house because of his opinion. For such arson was committed to the house of the father of the singer convicted of blasphemy. Which is why Nigeria sits at the top of countries worst to do business. Nigeria is among worst place in terms of security, because of these circumstances. So, we need to understand how these circumstances determine security and economic outcomes. Bandits operate with impunity in North Central states while Islamic insurgency ravages the North East; yet government punishes people who protest but grants amnesty to people who take arms against the state. Videos have gone viral showing ethnic cleansing against Christians in Southern Kaduna. These examples have portrayed Nigeria as a dangerous place to do business. Government should hasten the implementation of community policing to make Nigeria an investment destination. Thus, bringing Nigeria to the path of prosperity hinges on bank lending coupled with restoring security to the roads, the cities and every nook and cranny of the federation. Without being tough on security, government will continue to seen as hypocritical, insincere and incompetent.

My Sojourn in Journalism

By Bayo Ogunmupe The Editor: My Sojourn in Journalism is the personal memoir of Solomon Omon Ibharuneafe. It was published this year by Magic2impression Digital Print, Lagos, Nigeria. This autobiography has 14 chapters, 98 pages, one page of bibliography and a foreword. The paperback book can be read and finished in one day. I am inclined to start this review from the foreword, written by a colleague, Maureen Chigbo, publisher and Editor of Realnews Magazine Online. I, the reviewer met her as the Business Editor at Newswatch Magazine. Chigbo's foreword is a panegyric on Ibharuneafe's checkered career in journalism. Working under the eagle eyes of Maureen Chigbo at the business desk, Solomon learned fast. He excelled on the Aviation beat, making the beat a money spinner for both Newswatch and the defunct IRS Airlines. His effectiveness caught the eyes of IRS Airline's management, culminating in their employing him as the head of its Corporate Affairs department. However, he took away from Newswatch the role he was destined to play in the larger society in the future of Nigerian politics as a public servant. Thus, he followed in the footsteps of some notable journalists like former President of Nigeria, Dr Nnamdi Azikiwe, former Premier of Western Nigeria, Chief Obafemi Awolowo, former Central Bank governor and minister of Finance, Alhaji Adamu Ciroma, former minister of Information, Prince Tony Momoh and former Ogun State governor, Chief Segun Osoba. Moreover, Solomon honed his skills in publicity and negotiation from Newswatch where he was the chapel's chair of the Nigeria Union of Journalists. His leadership qualities came to the fore at that critical point when the Newswatch staff were owed many months of arrears of salary. He took decisive actions and caused the liquidation of the arrears of salary. "As a good and tactical politician, I devised a style ....I refused to visit any of the directors alone, each time I had any official matter to discuss, I would carry my executive members to ensure no miscarriage of information. This helped. "The day I shocked the management was when they got some money, instead of paying the workers, they went to buy Avensis Toyota cars (tear rubber) for all the directors and top management staff while workers were groaning under hardship......Any sane man would know that the timing of the purchase of the cars was wrong. How on earth you would be owing 15 months salary to your staff and you are buying new cars? I later discovered that the directors lacked nothing as their diesel, petrol, gas etc, were constantly refilled at the detriment of the staff. This was man's inhumanity to man." In summary, this book chronicles Solomon's journey from classroom to the newsroom. he also showcases his unique experiences during his travels outside Nigeria and his explorative journey into politics. My sojourn in Journalism also captured some of his thought provoking articles on politics published in other newspapers which elicited opprobrium in the book. All these attest to his scholarly approach to politics and governance. It is noteworthy that in spite of his tight schedule he could create time write this book. That perhaps is due to his having a learned lawyer as wife. And what with the incessant power failure, the ravaging Covid19 pandemic which has plunged the world into panic and despair. Solomon Omon Ibharuneafe becomes a pacesetter, leading his generation by writing this autobiography. With the Nigerian Certificate in Education, Bachelor of Education in Economics and a post graduate degree in Journalism Solomon is set to turn around the political economy of Nigeria in general and Edo State of Nigeria in particular. He is the recipient of the Esan Journalist of the Decade award and happily married to BarristerCaroline Aituaje Ibharuneafe, the principal partner at Carol Ibharuneafe & Company. I commend the book for your perusal this weekend.

HEREWITH IS OGUNMUPE CONSTITUTION REVIEW MEMORANDUM

Consequent upon your invitation for memoranda for the review of Nigerian Constitution, herewith is my memorandum for the review of Nigeria Constitution 1999, as amended. 1, I urge you to restructure Nigeria to six regions along the geopolitical zones. Each region will have its own police force, regional assembly with the same number of members they currently have in the present House of Representatives. On restructuring of the federation; all the legislative houses: the senate, house of Representatives, regional assembly, state assembly, local government council and Area council, all shall be on part time basis with only the principal officers being on full time salary. There should not be constituency projects. All projects belong to the executive. 2, There shall not be autonomy for local governments. 3, Revenue allocation should be on the basis of derivation. The regions shall control all in their land. They only pay tax to the federal government. Revenue allocation should be in accordance with the Nigerian Constitution 1963. 4, There shall be Regional Police which could be cheaply maintained by the regional government. Current insolvent states cannot maintain viable police forces, which is why regional police will be more viable. 5, There shall be a 15 member Supreme Court of Nigeria composed of nothing less than two members from each region at any given time. 6, The Independent National Electoral Commission shall conduct only federal elections for President, Senate and House of Representatives. The Regional Election Commissions shall conduct regional, governorship, state, local and Area council elections, like in the USA. 10, The immunity clause should be expunged from the Constitution. 12, The bicameral National Assembly should be maintained. But only principal officers shall be paid full time. Other members shall be paid on part time. 13, I have recommended the creation of Regions, six in all along the lines of the current geopolitical zones. The current states are unviable, regions should supervise them. I am opposed to the creation of more states except that we should annex Amazonia, the English speaking province of Cameroon. 14, The current Presidential term of eight years should be replaced by one term of six years. Faithfully yours, Chief Bayo Ogunmupe, Economics columnist, The Guardian Newspapers, Rutam House, Isolo, Lagos, Nigeria.

The true meaning of Karma

By Bayo Ogunmupe In defining karma, most people are wrong about its meaning. People are wont to say,Karma is a bitch, we hear that all the time. But somebody does something good, he gets good karma in return. Something bad happens to someone, that is because he had bad karma. But that isn't how karma works. We all think we know what karma means, sadly, we don't. The true definition of karma we have wrong. This misunderstanding of the true definition of Karma doesn't help any of us. When you truly understand what karma means, you can use it as a powerful tool for personal development. Indeed, karma is a Sanskrit word meaning 'action.' It refers to a cycle of cause and effect which is an important concept in the religions of Asia, particularly Hinduism and Buddhism. In its essence, karma refers to both the actions and the consequences of those actions. It is important to note that karma isn't set in stone, it isn't out of our control, and is not indirect. By this, I mean you don't do good things with hopes of getting good in return. Karma isn't doing your chores this week in hopes of winning the lottery. Instead, it means: the steps of your life, your spiritual development and your personality are directly molded by your thoughts and actions. The present you affects the future you. According to a Buddhist, "Karma is an action, not a result. The future is not set in stone. You can change the course of your life right now by changing your intentions by acts and self destructive patterns." First of all, karma has nothing to do with 'fate.' If you do something bad, it doesn't mean something bad will happen to you. Karma is based on your actions and your thoughts at every single moment. This explanation of karma by Barbara O'Brien of Buddhism.com blog explains it best: "Karma means action not fate. In Buddhism, karma is an energy created by willful action through thoughts, words and deeds. We're all creating karma every minute, and the karma we create affects us every minute. It is common to think of 'my karma' as something you did in your last life that seals your fate in this life. But this is not the Buddhist understanding of karma." Thus, karma means: action, work or deed. When we talk of karma, what we are referring to is: the spiritual principle of cause and effect where intent and actions of an individual (cause) influence the future of that individual (effect). But it isn't just you reap what you sow; that's not all, it is more than that. While karma has a strong core of cause affecting effect, it is also more that your actions and thoughts will affect how you live your life.It is less of I picked up recycling outside so I'll get a good thing later but more of the good actions I choose now will mold me into a virtuous person the rest of my life. Allow me to add a quote from an Upanishad, "A man of good deeds will become good." Our flawed interpretation of karma originated from the pop culture of you get what you deserve, wealthy musicians, and manufacturers praising themselves saying their creativity and hard work made them wealthy. That their hard work paid off; that they got what they deserved. It is easier to justify: bad makes bad, than there's a dynamic energy system that responds to our every action. Also, our misguided perspective that we aren't in control of our destinies cause us to attribute success in life to fate. Certainly, karma is not fate. Karma is an internal power that we create, for good or bad. When we shift this to say, 'that's karma' when something bad happens to us, we are giving up our internal will power. We're giving up on our ability to change things. It's because of this false view of karma, that we desire to transform karma into a form of cash cow, based on our ethical and spiritual behaviour. However, if we can let go of this misunderstanding of happiness, we can see that all we need is to live deeply in the present moment with mindfulness and discover our true nature. Karma is simply energy; our intentional thoughts and actions. This energy we generate now and in the future affect us. It merely shapes our future path and destiny. It has nothing to do with reward or punishment. Karma is unbiased and it is ours to control. Let us see how karma actually works. Examples of bad karma are oppressing people, abuse of power, stealing and cheating. When through these actions you create bad karma, you will bear bad results either immediately, within your lifetime or in your other life. Some of the results of your bad karma could be being born into abject poverty, involvement in a destructive connubial relationships and being punished by society. And to gain good karma: you volunteer for good causes in your community, loving others as yourself, choosing what is moral over what is easy. The results of your creating good karma are: you become a pillar of good for your society, you gain increase in wisdom, you own a healed soul and carry healing powers. Thus, when you perform certain actions, you will bear certain consequences. That is how karma works. There are three types of karma: accumulated karma, this is karma of actions you have taken in the past. Ripened karma: this is karma ready to be experienced in your present life and lastly, current karma: this is karma that you are making now, which you will experience in the future. Which is why karma plays an integral part in the cycle of the soul's rebirth. The actions you have taken in the past will affect your reincarnated self in the future. There are two salient laws of karma. One, What you sow, so shall you reap. Two, whatever spiritual law or truth you refuse to accept will continue to haunt and limit you until you accept it. I urge you to water your mind through using karma as your guiding force. Life will give you whatever experience is most helpful for the evolution of your consciousness. How you know this is the experience you are going through at the moment.