General News
Peter Obi and the Arrows of 2023
By Justus Nwakanma
There is a salient rule in archery, in warfare or combat: Always choose the right arrows when shooting at your target, or he would walk away in swaggering triumphalism.
Peter Obi
Sadly, those who shot at Peter Obi recently with the arrow of Pandora Papers, using the spindling bows of Premium Times, an online news platform, failed to adhere to this obvious logic. They chose fragile, blunted arrows embellished with furbelows of lies, deceit and hoodwink. They simply aimed at the wrong target.
The International Consortium of Investigative Journalists (ICIJ), claims that its project, Pandora Papers is the largest investigation in journalism history, which exposes a shadow financial system that benefits the world’s most rich and powerful.
The latest report is said to involve
over 600 journalists in 117 countries who thaw through files from 14 sources for months, in what has translated to a leak of almost 12 million documents that reveal hidden wealth, tax evasions and money laundering.
Indeed, widespread corruption among public servants and leaders is an obstacle to social and economic development, particularly in developing countries such as Nigeria. It undermines democracy, destroys the credibility of government and erodes the essence of human living and existence.
Therefore, any intervention at increasing public service transparency, strengthening accountability or totally eliminating graft should be encouraged.
However, such interventions as the Pandora Papers, should not be a misrepresentation of facts. They should not be used as tools for witch hunting or damaging perceived political enemies.
Reading through the report by Premium Times, it is safe to conclude that it was a weaponized narrative shot from the political trenches of 2023; it was a debilitating whiff of conjecture and embellished anecdotes, without value or validity, devoid of substance or sustenance.
In a gale of presumptuous arrogance, it tried to draw legitimacy to its superficiality, even when the facts it presented were obviously hollow and contradictory.
The entire report reeks in suggestiveness and incitement; was judgemental, reproachfully deprecatory, and a well-greased projectile intended to perforate Obi’s personality, destroy his business empire and rubbish his growing political influence.
Its repeated use of the jaundiced phrase, ‘Obi could be charged,’ is a premium trial in which Obi had already been found guilty even before the article was written.
The report enviously quivered at Peter Obi as being widely regarded in Nigeria as an advocate of good governance, openness, and transparency. That’s right. Obi is not just an advocate, he is a template for good governance, openness, financial transparency and prudential management of public and private resources. And here, as the Yorubas say, is the koko. This is exactly what the premium trial by Premium Times set out to discredit.
One had expected to read an exclusive on how Peter Obi dipped his ‘sticky, sleazy’ fingers in the treasury of Anambra State and deprived the people of their Commonwealth and patrimony.
One had expected to read how Peter Obi did not leave 75 billion naira in the coffers of the Anambra State as he normally says, but converted the money to personal use. Readers would have loved to know how Obi illegally amassed so much wealth by duping Anambra and Nigerians; or the contracts he received from the government and converted the money to private use. We didn’t find that.
But the Pandora Papers with the mentality of an archeologist, dragged Obi to the crime field, hoping to excavate the relics and reasons of our failed nationhood strapped to his body.
Is it not ridiculous, that the report took a preposterous swipe at Obi’s speeches, feminine voice and self-effacing plebeian demeanour, then concluded that there is something he is hiding “beyond the facade of priggish speeches and appearances.”
On Obi’s investment in Monaco, the report said “the city does not charge wealth tax, property tax, investment income tax, and capital gains tax,” then it wondered whether it was this mouth-watering tax regime that attracted Obi to Monaco.
The answer is rhetorically affirmative. There is no investor that would not want to invest in countries where tax regimes are favourable and friendly. Did Obi break any law in this regard? No he didn’t.
Given the provisions of Section Six (6) of the Code of Conduct Bureau and Tribunal Act, Obi said he dutifully resigned as a Director of Next. Common reasoning infers that the date a change is effected in the list of trustees or directors of a company is not necessarily the day a member resigned. What would have been in contention is that Obi did not resign. Again, he broke no law in this regard.
Many of the offshore businesses the Pandora Papers call hidden offshore treasures of the rich and the powerful are indeed some legitimate investments some of these people made before they became public servants.
In Peter Obi’s case, Next which the report said birthed his Nexus of hidden businesses was formed in 1991, 16 years before he became governor. The sponsors of the report and their hatchet men did not do a thorough job, but displayed outright ignorance when the report admitted it did not know what businesses Next engaged in. It also did not find anything in the records of the company suggestive of money laundering or fraud. So why the fuss about Next?
Rather, it questioned why a company should be registered with the names of family members, jointly owned or not. It celebrated its loathing for Obi and his accomplishments by questioning why there should even be a change of name or that of the directors. Again, Obi did not break any local or known international law by registering a business using family identities.
On failing to pay his taxes, Obi has also discredited the report. Recently while appearing as a guest at Arise TV, he said he has paid over N1bn tax to Nigeria In 20 Years.
He said: “The money I own here I pay tax. don’t forget I was a subject of a tax probe about two years ago and I showed evidence that in the last 20 years, I have consistently paid my tax and I have never paid less than N50m annually, so I pay my tax.”
Already, the Pandora Papers are bleeding profusely, as world leaders drag them to the slab, faulting every aspect of the reports and denying any wrongdoing.
Czech Prime Minister Andrej Babis
said the allegations are an attempt to influence elections in his country.
Russian President Vladimir Putin through Kremlin spokesman Dmitry Peskov who questioned the reliability of the “unsubstantiated” information said they didn’t see any hidden wealth of Putin’s inner circle in there.
Kenyan President Uhuru Kenyatta, who with six members of his family was linked to 13 offshore companies has denied the report as completely false.
Chile’s President Sebastián Piñera denied the information linked to him.
Interestingly, the Pandora Pandora Papers’ investigations and conclusions are based on three strands: “hidden wealth, tax evasions and money laundering”.
Did the report show any evidence that Peter Obi stole or hid state assets in his offshore companies or evaded tax in Nigeria or engaged in any form of money laundering? The answer is a capital NO.
Earlier, I stated that the Pandora Papers’ report on Obi was just a 2023 arrow disguised as an investigative report.
Who are these hooded marksmen? A convergence of disgruntled politicians obsessed with Obi’s growing stature as one of Nigeria’s finest politicians and entrepreneurial icons.
They were rattled with the success the People’s Democratic Party(PDP) recorded in the 2019 Presidential election with Peter Obi as the Vice Presidential Candidate. They are afraid that with the recent permutations, Peter Obi may likely get the ticket of the PDP as the presidential candidate or return as the vice presidential candidate. They are not comfortable with a man who has been transparent in his acquisitions, frugal in lavishness, theological in thoroughness, dogmatic in merit and
devoted to the Nigerian project.
They simply do not want a competent leader in Aso Rock, so that they can continue, like Eli’s two sons, Phinehas and Hophni, dipping their hands in the national wealth and take to themselves all the prime cuts of meat, leaving us, the flotsam and jetsam with nothing.
An African proverb says when all the water has gone, only the rocks and stones will still remain in the riverbed. Peter Obi bears Okwute (rock) as a traditional title. When all the water has gone, he will still remain one of Nigeria’s brightest pebbles.
*Nwakanma, a journalist, wrote in from Lagos.
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, said that the Afreximbank would invest $19 billion to fund the African Energy Bank.
He said the $19 billion would go a long way toward tackling and overcoming energy poverty, driving economic growth, and improving the lives of millions of people.
The minister disclosed this while speaking at the opening ceremony of the Nigerian Pavilion, hosted by the Petroleum Technology Association of Nigeria (PETAN), at the ongoing Offshore Technology Conference (OTC) in Houston, Texas, U.S with the theme “Africa’s Energy Renaissance: Leveraging Innovation and Natural Gas for Sustainable Development.”
He said that by pooling resources, African countries can invest in large-scale energy projects.
Also, the minister stressed the need for Africa to develop cohesive policies tailored to its unique circumstances, warning that fragmented approaches would be ineffective in addressing the escalating energy deficit.
“This conference is not a jamboree. It is a platform for Nigeria, and by extension, Africa — to showcase its vast potential,” Lokpobiri said.
He underscored the importance of regional collaboration, highlighting the Africa Petroleum Producers Organisation (APPO) as a strategic entity established to devise shared solutions for the continent’s energy challenges.
According to him, the prevailing global discourse on energy transition is largely influenced by geopolitical considerations.
In response to this challenge, he announced that APPO is in the process of establishing the African Energy Bank to bridge funding gaps and ultimately free the continent from energy poverty.
During a meeting with his Ghanaian counterpart, Lokpobiri advised Ghana to draw lessons from Nigeria’s past experiences in the energy sector, particularly in avoiding early missteps.
In his address, Ghana’s Minister of Energy and Green Transition, Mr John Abdullahi, acknowledged Nigeria’s leading role in the region.
He stated that while Ghana is a relatively new player in the oil and gas sector, it is eager to learn from Nigeria’s experiences and reforms, especially in the areas of local content development and climate policy.
“We will continue to consult Nigeria as we build a successful oil and gas industry. The collaboration between both countries remains strong. For his part, PETAN Chairman Wole Ogunsanya emphasised the significance of Nigeria’s presence at OTC.
He said: “This year’s event, under the Nigerian Pavilion, is set to highlight Africa’s growing role in the global energy sector.
“OTC 2025 promises to bring together top-tier industry leaders, policymakers, and stakeholders at the world’s largest energy event.”
Nigerian Postal Service (NIPOST) has declared July 1, 2025, as the deadline for phasing out cash transactions across all its offices nationwide.
This was disclosed in a statement issued on Monday by Frank Alao, director of Corporate Communications,NIPOST.
The move is part of a broader reform initiative aimed at transforming NIPOST into a more innovative, efficient, and digitally driven organisation.
The management explained that the reforms are aligned with global best practices and tailored to meet the demands of Nigeria’s rapidly evolving digital economy, as well as the Renewed Hope Agenda of President Bola Ahmed Tinubu.
Alao stated, “We are assuring Nigerians of a revitalised NIPOST that delivers superior service and embraces the future.
“A major highlight of the reform package is the transition to a fully cashless system. Beginning July 1, 2025, all post office counters nationwide will no longer accept cash payments for their services. Customers will be required to use approved electronic channels for all transactions.
“This is a crucial step in our modernization journey, one that ensures safer, faster, and more transparent service delivery.”
The Presidency has faulted claim of Akinwumi Adesina, president, African Development Bank (AfDB), on the current Nigeria’s Gross Domestic Product (GDP) per capita figures versus the level it was in 1960 when Nigeria attained independence.
Akinwumi Adesina, president, African Development Bank
The outgoing AfDB President had in a recent viral statement claimed that Nigerians are worse off today than in 1960 when Nigeria’s GDP per capita was $1847..
The AfDB President claimed that in contrast to the level of the GDP per capita at Nigeria independence, the country’s current GDP stands at $824 today, a reflection of the current rampant poverty and low human development in the country.
But in a rebuttal of the claim, the presidency, in a statement by Bayo Onanuga, the spokesperson to President Bola Ahmed Tinubu accused the AfDB President of failure to carry out proper research and speaking like a politician in his assertions.
“Adesina spoke like a politician, in the mould of Peter Obi and did not do due diligence before making his unverifiable statement,” the presidency said while faulting the claim of the AfDB President.
While countering the claim of Adesina, the presidency noted in the statement that available data indicated that Nigeria’s GDP was $4.2 billion in 1960, and per capita income for a population of 44.9 million was $93, not even one hundred dollars.
“Our country’s GDP did not rise remarkably until the 1970s, when crude earnings ballooned. In 1970, our GDP rose to $12.55 billion. In 1975, it was $27.7 billion, $64.2 billion in 1980, and $164 billion in 1981. Up until 1980, per capita income did not exceed $880. It rose to $2187 in 1981 and dropped to $1844 in 1982. In 2014, after rebasing, it reached an all-time high of $3,200.
“These facts raise questions about the source of Dr Adesina’s figures,” Onanuga said.
However, the presidency also faulted the AfDB President, a former Nigerian Minister of Agriculture of making inferences on the state of poverty or human development in Nigeria solely based on the GPD per capita numbers. .
“Dr Adesina should know that GDP per capita is not the only criterion used to determine whether people live better lives now than in the past. Indeed, it is a poor tool for assessing living standards.
“Its primary usefulness is in giving us the metrics to compare economic output in a country or between countries.
“GDP masks many activities in a country’s economy. It neither discloses wealth distribution or income inequality nor accounts for the informal economy, which experts have said is enormous. It does not account for subsistence farming or income transfer from one family member to another,” the presidency said.
The Presidency also noted that GDP per capita is not reflective of the fact that Nigerians in 2025 have better access to healthcare, education, and transportation, such as rail and air transport, than in 1960.
“This premise alone suggests why Dr Adesina should not have arrived at his conclusion.
“Compared with 1960, Nigeria today has more primary, secondary, and tertiary schools.
“We have more road networks and more medical facilities, private and public. We have phenomenal access to telephones.
“At Independence, we had 18,724 operational phone lines for a population of about 45 million. Over 200 million Nigerians now enjoy near-universal access to mobile phones and digital services, indicating we are better off today than 65 years ago.”
Furthermore, the presidency noted that Nigerian policymakers know that whatever GDP figure NBS publishes may not capture our economy’s full depth and breadth as it usually excludes the greater part of the informal economy, which some pundits have said may even be more significant than the formal economy.
“This underscores why Dr. Adesina should have considered all aspects of our economy before concluding.”
“When Vodacom, a telecommunications company, considered entering the Nigerian market in 1999 or 2000, its consultants, using the available GDP metrics, advised against it.
“They believed that Nigerians were too poor to afford GSM services. However, MTN and other companies that entered the market later proved them wrong, demonstrating that GDP figures alone do not provide a complete picture of a country’s economic potential or the living standards of its people.
“MTN and other adventurers came later, and they laughed all the way to the bank. More than 20 years later, they are still laughing despite some setbacks in 2023 and 2024. In its first-quarter results this year, MTN declared revenue of N1 trillion and an increase of 8.2 percent in subscriptions, which took the number of its voice and data users to 84 million. Does this MTN experience correlate with a country worse off than in 1960, when we had analogue telephones and the number of lines was fewer than 20,000?
“No objective observer can claim that Nigeria has not made progress since 1960. Today, as we await the NBS’s recalibration of our GDP, we can comfortably say without contradiction that it is at least 50 times, if not 100 times, more than it was at Independence.”
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