For the first time this year, Nigeria’s money supply has experienced a significant drop, a development closely linked to the Central Bank of Nigeria’s (CBN) recent hike in interest rates.

Data from the apex bank reveal Money Supply (M2) dropped marginally to N92.3 trillion in March 2024 from a record N93.9 trillion in February. April data is also anticipated as the apex bank meets to deliberate ton the MPC.

This drop, albeit marginal will be received with relief by officials of the monetary policy committee who meet next week to deliberate on the next course of action for its hawkish interest rate policy.  The drop also reflects the intricate dynamics of monetary policy and its impact on the broader economy.

In the past two years, Nigeria has seen a substantial rise in money supply, driven by expansive monetary policies under the Buhari administration. For example, Money Supply (M2) has risen from N51.7 trillion to a peak of N93.9 trillion in February.

The Central Bank of Nigeria, led by Governor Godwin Emefiele, lent the government over N20 trillion through the controversial Ways and Means provision. Additionally, trillions were injected into the economy as intervention funds to stimulate growth and support various sectors.

Money supply, a critical economic indicator, refers to the total amount of monetary assets available in an economy at a specific time. It includes various forms of money, such as cash, demand deposits, and other types of bank deposits that are easily convertible to cash. Economists categorize money supply into different aggregates, primarily M1, M2, and M3, each representing different degrees of liquidity.

According to the latest data, the overall money supply decreased, driven by notable changes in its components. Specifically, quasi money, which includes savings deposits, time deposits, and other near-money assets, saw a significant drop.

Conversely, narrow money (or M1), which encompasses physical currency and demand deposits, showed an increase.

Key highlights from the data

• Money Supply (M2): Experienced a decrease from From N93.9 trillion to N92.3 trillion , reflecting the drop in quasi money despite the rise in narrow money.
• Quasi Money: Decreased from N63.69 trillion to N59.8 trillion, indicating a shift in the types of assets held by the public, likely influenced by higher interest rates.
• Demand Deposits: Increased from N26.8 trillion to N28.8 trillion, suggesting a preference for more liquid forms of money among depositors.
• Currency outside banks: Increased from N3.4 trillion to N3.6 trillion as more Nigerians moved towards cash following the end of the controversial new naira note policy of the apex bank.

Impact of Higher Interest Rates

The CBN’s decision to raise interest rates is a strategic move aimed at controlling inflation by making borrowing more expensive and encouraging saving.

• Higher interest rates typically lead to reduced consumer spending and lower investment by businesses due to the higher cost of credit.
• By tightening monetary policy, the CBN aims to tame inflation and stabilize the economy. However, this shift also highlights the delicate balance required in managing economic growth and controlling inflation.
• As the economy adjusts to these changes, careful monitoring of money supply aggregates will be essential in assessing the long-term impacts of the CBN’s policies.

This monetary tightening can lead to a contraction in the money supply as people and businesses shift their funds into higher-yielding savings accounts and fixed deposits, thus decreasing the more liquid forms of money in the economy.

 [Nairametrics]

A tank farm in Apapa, Lagos State, reportedly owned by the Nigerian National Petroleum Company (NNPC) Limited, has caught fire, according to the Lagos Fire Service.

Margaret Adeseye, Director/CEO of Lagos State Fire Service, explained that the fire stemmed from a spillage of petroleum products within the tank farm’s perimeter.

She emphasised collaborative efforts with multiple emergency responders in the oil and gas industry to mitigate the situation.

Despite the challenges, she reassured that emergency operations are effectively managed to prevent further escalation.

In addition, Amodu Shakiru, spokesperson of the fire service, said the emergency call came in at 11:27 a.m.

He stated that the Iganmu and Ajegunle fire stations promptly responded to the call to prevent the fire from spreading further.

Read also: Incessant tanker fire accidents highlight Nigeria’s poor safety measures

However, Olufemi Soneye, the Corporate Communications Officer at NNPCL, clarified that the fire outbreak did not occur at the NNPC depot.

According to Soneye, the fire outbreak happened at a pipeline belonging to HOGL Energy Limited (formerly known as Honeywell Oil and Gas Limited).

[Businessday]

The Minister of the Federal Capital Territory, FCT, Nyesom Wike, has said he is not distracted by the ongoing political crisis in Rivers State.

Naija News reports that Wike made this disclosure on Friday while inspecting some key projects ready for commissioning by President Bola Tinubu, starting from May 27 to mark his one-year in office.

There are several insinuations that Wike is distracted by the current political crisis in Rivers state and he is not focusing on his job as the FCT minister.

However, Wike said if he was distracted by the crisis, many projects ready for commissioning in FCT would not be possible.

He said: “I am not distracted as FCT minister. If I’m distracted, you will not see all these projects in FCT.”

Fubara Taunts Wike

Meanwhile, Governor Siminalayi Fubara of Rivers State has said his government has defeated its political detractors and enemies.

Fubara stated this on Thursday during a gathering with the national and state leadership of the Ijaw Youth Council (IYC) as they embarked on a solidarity walk to the Government House in Port Harcourt.

The governor said his enemies could not sleep well again after they failed to achieve their plans while celebrating his one year in office.

While thanking the IYC members, Fubara encouraged the Ijaw nation to participate in celebrating the liberation of the state, adding that there would not be any need to disrupt the peace.

He stressed that every true Rivers indigene is a liberator, expressing his joy at welcoming them on such a significant day to reaffirm their collective commitment to liberation.

[NaijaNews]

Two senior staff of the National Assembly were in the early hours of Friday brutalized by operatives of the Department of State Services, DSS, for allegedly not properly identifying themselves at the second gate of the Complex.

The staff, Chris Odoh, a Deputy Director, and John Nnadi, of the Senate Committee on Petroleum (Downstream), ran into trouble with the DSS operatives who have been drafted to man the entire National Assembly Complex, at about 11:45 am, when they were asked to identify themselves at the gate.

The DSS officers claimed that the staff could not properly identify themselves but “just flashed their identity card at the gate”.

The operatives, thereafter, forcefully blocked the staff when they attempted to proceed to their offices at the White House, a section of the National Assembly Complex.

In the ensuing altercation, the National Assembly staff were assaulted by the security operatives, while other workers watched helplessly.

Efforts made by passersby to resolve the situation angered the DSS operatives, who after being joined by four of their colleagues, started rough handling the staff and any other person that tried to broker peace.

The operatives dragged the two staff from the linking point, which is about 125 metres in distance.

The incident attracted the sympathy of staff of the Unity Bank, United Bank for Africa, UBA, Senate Committee on Public Accounts and journalists in the Senate Press Centre, whose offices were in the area.

Miffed by the embarrassing scene, staff of the National Assembly from various offices at the White House, including the Mace Bearer in the Senate, spontaneously gathered at the front of the DSS office to demand the immediate release of the two staff.

It took the intervention of the Divisional Police Officer of the National Assembly, Alex Annagu, and the Deputy Clerk of the Senate, Legislative, Mrs Ilobah Isabella, who calmed frayed nerves as they appealed to the irate workers to go back to their offices.

Amidst the crisis, John Nnadi stormed out of the DSS office located underground and started shouting solidarity songs and was immediately joined by other workers who were still hanging around to see the outcome of the confusion.

Chanting ‘We no go gree o, we no go gree’, the irate staff marched to the office of the Clerk of the National Assembly to register their grievance, but he was yet to arrive before they were dispersed by the DPO, who appealed to them for calm.

In the past two weeks, the National Assembly management has replaced its official security arm, Sergeant-at-Arms, who are familiar with staff and the legislative aides and other personnel, with DSS operatives who are daily having altercations with those accessing the Complex.

[DailyPost]

The National Judicial Council (NJC) has recommended the appointment of 86 Justices and judges for the Court of Appeal, High Court of the Federal Capital Territory, Sharia Courts of Appeal, and Customary Courts of Appeal of states across the country.

Here is the full list of the recommendations:

JUSTICES, COURT OF APPEAL – 22

1. Hon. Justice Kwahar Polycarp Terna

2. Hon. Justice Ruqayat Oremei Ayoola

3. Hon. Justice Eleojo Eneche

4. Hon. Justice Asma’u Akanbi-Yusuf

5. Hon. Justice Abdullahi Muhammad Liman

6. Hon. Justice Abdu Dogo

7. Hon. Justice Fadawu Umaru

8. Hon. Justice Ishaq Mohammed Sani

9. Hon. Justice Zainab Bage Abubakar

10. Hon. Justice Abdulazeez M. Anka

11. Hon. Justice Nnamdi Okwy Dimgba

12. Hon. Justice Nwoye Victoria Tochukwu

13. Hon. Justice Nwabunkeonye Onwosi

14. Hon. Justice Okorowo Donatus Uwaezuoke

15. Hon. Justice Ngozika Uwazurunonye Okaisabor

16. Hon. Justice Ntong Festus Ntong

17. Hon. Justice Nehizena Idemudia Afolabi

18. Hon. Justice Nyesom-Wike Eberechi Suzzette

19. Hon. Justice Lateef Babajide Lawal-Akapo

20. Hon. Justice Akinyemi Abiodun Azeem

21. Hon. Justice Oyewumi Oyejoju Oyebiola

22. Hon. Justice Olukayode Adegbola Adeniyi

 JUDGES, HIGH COURT, FCT ABUJA – 12

1. Ademuyiwa Olakunle Oyeyipo

2. Bamodu Odunayo Olutomi

3. Anumaenwe Godwin Iheabunike

4. Odo Celestine Obinna

5. Hauwa Lawal Gummi

6. Abdurahman Usman

7. Buetnaan Mandy Bassi

8. Sarah Benjamin Inesu Avoh

9. Maryan Iye Yusuf

10. Ariwoola Oluwakemi Victoria

11. Lesley Nkesi Belema Wike

12. Munirat Ibrahim Tanko

JUDGES, IMO STATE HIGH COURT – 7

Akowundu Cletus Ndubuisi

Uchenna Mary Njoku

Chibuogwu Ojiugo Chukwumaeze

Ononogbo Chidi Linus

Adaego Peace Nosiri

Emeka Ozoma Orafu

Mathew Chinedu Ijezie

JUDGES, BAUCH STATE HIGH COURT – 6

1. Amin Umar Ilelah

2. Aliyu Bin Idris

3. Ahmed Shuaibu Ningi

4. Shafa’u Ladan Yusuf

5. Abdussalam Idris Waziri

6. Kawu A. Yerima

JUDGES, TARABA STATE HIGH COURT – 3

1. Hamidu Audu

2. Bibonga Jeniffer Nauma

3. Joel Daniel Ubandoma

JUDGES, LAGOS STATE HIGH COURT – 13

1. Sunmonu Tunde Bashiru

2. Azeez Fimisola Augusta

3. Alebiosu Olawale Lawal

4. Adewale Russel Musiliu

5. Popoola Oluwatosin Ajose

6. Anjorin-Ajose Tanimola Abdulwaheed

7. Muyideen Abdul-Raheem Tejumade

8. George Alfred Akingbola

9. Balogun Adegboyega Ganiu

10. Shonubi Adenike Kudirat

11. Badejo-Okusanya Yewande Jokotola

12. Layinka Oyeladun Amope

13. Ojuromi Nalirat Olayinka Oluwatosin

JUDGES, KOGI STATE HIGH COURT – 4

1. Ajesola Joseph Sunday

2. Ojoma Rachael Haruna

3. Kadiri Badama

4. Ezema Beatrice Ada

JUDGES, JIGAWA STATE HIGH COURT – 2

1. Mohammad El-Usman

2. Nilfa Abdullahi Gambo

KADIS, SHARIA COURT OF APPEAL, BAUCHI STATE – 5

1. Ishaku Magaji

2. Abdurrahman Hassan Sabo

3. Bello Mohammed Sambowal

4. Muhyiddeen Mohammed

5. Mahmoud Idris Shehu Tiyin

KADIS, SHARIA COURT OF APPEAL, KOGI STATE – 5

1. Muhammad Muhammad Bello

2. Okino Isah Saidu

3. Yakubu Adavenge Abbas

4. Shaibu Ridwan Aliyu

5. Idris Alhaji Abdullahi

KADI, SHARIA COURT OF APPEAL, JIGAWA STATE – 1

1. Mukhtar Shuaibu Adam

JUDGES, IMO STATE CUSTOMARY COURT OF APPEAL – 3

1. Everyman Ezenna Eleanya

2. Ofoha Sylvesta Uchenna

3. Ibeh Rosemond Oluchi

JUDGES, CUSTOMARY COURT OF APPEAL, TARABA STATE – 2

1. Esther Tata

2. Benjamin Samuila Bawage

JUDGE, CUSTOMARY COURT OF APPEAL, KOGI STATE – 1

1. Maryann Oziohu Otaru.b

The Federal High Court sitting in Lagos State has convicted a medical doctor and founder of MedContour Services Ltd., Dr. Anuoluwapo Adepoju, who conducted a failed plastic surgery that resulted in the death of one Nneka Onwuzuligbo in 2020, FIJ reports.

This was disclosed by a former Director-General of the Federal Competition and Consumer Protection Commission, Babatunde Irukera on Friday.

In his tweet, Irukera, tweeting as #TundeIrukera, wrote, “Today is a day of pride for me that I personally prosecuted Anu Adepoju and her medical practice. Though I’ve left, the case has ended in a conviction strengthening the accountability framework for all in society, professionals or otherwise. This is how society should work and grow.

“Dr. Anu Adepoju and her medical practice convicted in all 5 counts charged by FCCPC. The wheel of justice may grind slowly, but we must see it through. What we need are enforced with audacity and the will to prosecute competently and diligently. Good day for consumers of professional services.”

In 2020, PUNCH Online reported that the FCCPC arraigned Adepoju on five counts pressed against her before Justice Mohammed Liman,.

The FCCPC accused the cosmetic surgeon of shunning summons by the agency to appear and produce a certain document

Details later…

[Punch]

The founder of Stanbic IBTC and ANAP Foundation, Atedo Peterside has described the Federal Government’s N90 billion subsidy for the 2024 Hajj as a setback for the nation’s economy.

Peterside stated this in an interview on Channels TV’s Politics Today on Thursday.

Recall that the Vice President, Senator Kashim Shettima, said the Federal Government subsidised this year’s hajj pilgrimage with N90 billion.

He stated this while flagging off the 2024 inaugural flight of Pilgrims to Saudi Arabia at Sir Ahmadu Bello International Airport, Birnin Kebbi.

According to him, the move has a political undertone ahead of the next 2027 general elections.

He said, “This is not about religion but about politics. We are mixing religion and politics.

“So, what do we now expect Christians to do? To say they want their own share of this subsidy?

“How are you going to refuse them? This is all about politics. Perhaps someone feels that ‘it is time for me to score some cheap political points’.

“You now come and send the wrong signal about our economy at a time when our economy is in deep trouble. We need to bring ourselves out of the hole. 

“Each time you turn around and do something insignificant like this (hajj subsidy) and throw away N90 billion, you set back the process by which investors and others can take you seriously.

“For me, it is not just about religion and pilgrimage. It is the setback of the economy by sending the wrong signals. The government should stop sending the wrong signals.”

Forex saga

Speaking on the depreciation of the naira against the dollar, the economist asked President Bola Tinubu’s administration to take steps for the local currency to rebound.

He warned President Tinubu’s administration that hurrying to make the currency gain strength wouldn’t work out.

According to him, the best approach would be for the central bank to stabilise the naira to a level where they can sustain it for some time and gradually build the reserve.

He said, “I will be fair to this government. They inherited the exchange rate problem and what they have been doing is trying to manage it.

“Recently, I would have thought ‘let’s get some stability around N1,300 or N1,400’. Don’t be in a hurry to appreciate the exchange rate.

“Going to sell dollars to bureau de change at N1,000, N1,050; those guys will turn around two weeks later and sell it at N1,400, N1,500. And they will go away laughing. What’s the point of that?

“It’s better to have some stability they can sustain. Keep between N1,300 and N1,400 which looks to be the natural equilibrium band today. Keep it there for a while, and build up your reserve to let confidence come back.

“So stop trying to appreciate the naira in a hurry. It’s not going to work,” he said.

Vanguard News

The Federal Inland Revenue Service, FIRS, has filed an amended four-count charge against Binance Holdings Limited and its executive, Tigran Gambaryan, on alleged tax evasion.

FIRS lawyer, Moses Ideho, made this known on Friday before Justice Emeka Nwite of a Federal High Court, Abuja.

Ideho informed the court that following the escape of Nadeem Anjarwalla from lawful custody, the agency deemed it necessary to amend the charge to properly reflect Anjarwalla’s position in the instant charge, as being at large.

“We apply to substitute our charge dated 22nd of March, 2024 with an amended charge dated 17th of May, 2024.

“We apply that the charge be read to the 1st and 2nd defendants (Binance and Gambaryan) in order to take their plea,” he prayed.

But counsel for Binance, Chukwuka Ikwuazo, SAN, who also appeared for Gambaryan, opposed to Ideho’s application that the fresh charge be read to his clients.

Ikwuazo argued that the charge was just being filed this morning and he was yet to see it in order to consult with his clients so as to prepare for their defence.

Justice Nwite subsequently adjourned the matter until May 22 for arraignment.

Earlier, the judge, in a ruling, ordered that the FIRS to serve the company (1st defendant) through Gambaryan (2nd defendant) the charge in the matter.

Justice Nwite held that Gambaryan, being the Binance Chief Financial Compliant Officer, ought to be served with the charge as the company’s representative in Nigeria in accordance with the law.

He discountenanced the argument of Ikwuazo that Gambaryan was neither a director, secretary or chief agent of the crypto-currency firm.

The court had fixed their arraignment for April 4.

However, the arraignment could not proceed due to inability of FIRS to effect service of the charge on the defendants..

The defendants are being charged on a four counts bordering on alleged tax evasion in the charge marked: FHC/ABJ/CR/115/2024.

In the charge dated and filed March 22 by the FIRS, the defendants were alleged to have committed the offence on or about Feb. 1.

Count one alleged that while involved in carrying and offering services to subscribers on their platform, known as Binance, failed to register with the FIRS, for the purpose of paying all relevant taxes administered by the service.

The offences are said to be punishable under Sections 8 and 29 of the VAT Act of 1993 (as Amended), Section 40 of the FIRS Establishment Act, 2007 (as amended) and under provisions of Section 94 of the Companies Income Tax Act (as amended) respectively.

[TheCable]

Agora, a policy think-tank, has advised the federal government to increase funding for public tertiary institutions while implementing the student loan policy.

President Bola Tinubu enacted an initial version of the student loan policy in June 2023 to grant interest-free loans to students.

The scheme was to commence in October 2023 but implementation was repeatedly deferred until a re-enactment in April 2024.

The National Education Loan Fund (NELFund) recently scheduled the opening of the loan application and issuance portal for May 24.

But Bolaji Abdullahi, a former minister for youth development and sports, has advised the federal government to rethink the priorities.

Nigeria’s public tertiary institutions currently grapple with perennial strikes occasioned by protests over below-par remuneration, poor infrastructure, and quality assurance issues.

Contributing to the subject matter in Agora’s latest policy paper, Abdullahi said it is not wise to expand access to tertiary institutions through the student loan policy without adequately increasing funding to address subsisting inadequacies.

“Expanding access without expanding funding for the higher institutions undercuts their capacity to deliver quality education,” the policy analyst said.

“Loan or tuition does not substitute for government allocation. But the funding system should be based on per-student costing which should also reflect changes in operating costs on an annual basis.

“Using the per-student costing approach will ensure that our higher institutions have adequate funding to deliver quality education and greater value to the students and the country.”

PAST FAILURE OF STUDENT LOAN SCHEMES

Ghana is reported to be one of the first African countries to introduce a student loan scheme in 1971 and later Kenya in 1974.

Nigeria, in 1972, promulgated Decree No. 25, establishing the Nigerian Students Loans Board (NSLB).

By 1991, the NSLB had awarded loans amounting to about N46 million, of which only N6 million (13 percent) was recovered.

Joseph Chuta, former executive secretary of the board, had said the defaulters exploited “loopholes” in the decree to evade responsibility.

He said the NSLB could not meet administrative obligations as the perception of the loan as “national cake” became a disincentive for repayment.

To address these inadequacies, Decree No. 12 of 1988 was promulgated to decentralise the process of award and loan recovery by establishing zonal offices in Bauchi (north), Akure (west) and Port Harcourt (east) to support the NSLB’s headquarters in Abuja.

Academic institutions were further required to confirm an applicant as a “bona fide student” before loans could be granted, suggesting that non-students had at some point successfully accessed the loan.

The administrative changes yielded little results as no evidence showed the loan scheme functioned any better in recovery, Abdullahi wrote in the Agora paper.

The idea of an education bank was proposed to rid the scheme of undue political influence and give the NSLB a corporate outlook.

However, it is documented that the bank never took off. Administrative, legal, and political hurdles thwarted the student loan scheme.

Abdullahi, a one-time commissioner for education in Kwara state, said there are indications that the proponents of the new student loan scheme may be overlooking past mistakes.

RELIVING THE MISTAKES

He said the avalanche of applications that will ensue for the student loan policy could become challenging to deal with.

“In 1972, there were only six universities in the country, which increased to 27 (federal and state) by 1988, with a total enrolment of 159, 677 students. Yet, it was difficult to manage the number of applications to the student loans board,” Abdullahi said.

“Today, with a total of 91 federal and state universities and enrolment estimated at close to two million.”

The analyst said legal loopholes for defaulting that existed in the 1972 student loan policy still exist in the 2024 version of the policy.

“Section 3(b) allows the board to waive repayment for anyone deemed to be incapacitated. If the borrowers of student loans under the military could view it as a national cake, those borrowing under a democratic regime would also see it as dividends of democracy,” he said.

“When and if the government seeks re-election, the temptation becomes higher for people to treat the loans as political largesse.

“Also, making repayment contingent on employment is the right thing to do. But whether it is the sensible thing to do in a country where graduates are likely to be unemployed even after acquiring additional degrees, is a different question altogether .

“It is difficult to imagine that a university graduate would not find a job in the 1970s. Yet, an overwhelming majority of those who took the loans did not pay them back. This suggests that employment or lack of it is not the main factor in repayment.”

‘WEAKNESSES IN PRESENT STUDENT LOAN SCHEME’

Abdullahi said the student loan policy is still replete with loopholes that open it to abuse at both award and recovery levels.

“These weaknesses should be addressed at the policy implementation level. Making the loan available to everyone potentially disadvantages those who actually need it,” he said.

“Some kind of means-testing instruments need to be developed to ensure that loans are targeted at those who need it most and recovery is also tailored to their realities.

“Student loan is a cost-offsetting instrument. It should therefore be tied to the need to increase funding to higher institutions rather than for merely expanding access.”

Federal universities, polytechnics, and colleges of education have long maintained a tuition-free approach to tertiary education.

Abdullahi said Nigeria must formalise tuition or other fees for public institutions to minimise discretionary charges.

“Loans should be combined with merit and need-based grants to make it more effective and equitable. A deliberate policy of positive discrimination needs to be adopted to reflect the needs of gender, disability and the priorities of the country,” he added.

“The scheme needs to be driven by a robust communication strategy to ensure that those who are culturally averse to loans are not excluded and to drive messages that could aid recovery.”

[TheCable]

Each time some Christians pray against 666 or the mark of the beast, I laugh! If God has said it will happen, it will happen; prayer or no prayer! Otherwise, we make God a liar! The best anyone can do is, read the prophecy with understanding and chart a course for yourself! What can we do to escape it? And in the event that we fail to escape 666, what remedy is there for us to still make good our salvation? Praying that the prophecy shall not come to pass appears to me like if anyone had prayed that the prophecy concerning the birth of the Messiah should not come to pass. Trying to abort the occurrence of the mark of the beast will, in my view, be as futile as the efforts of Herod to abort the coming of the Messiah and the fulfillment of his Messianic assignment.

Tell me, in today’s Nigeria, if the Beast suddenly emerges with a pyramid of bags of rice behind him and piles of Naira notes on his left and right hand side, will Nigerians not throng him to receive the mark so as to get a piece of the action? The rapid advancement of technology also makes it imperative that the coming of the Beast may just be around the corner. Who would have thought it possible, in 1960 when Nigeria got its Independence, that one can send or withdraw money without entering the banking hall? Or that banks without buildings were possible? Today, we can withdraw cash from ATM machines with our fingerprints! How far away are we from 666?

The awesome advancement in technology should convince anyone that anything is possible. We now drive cars that carry no engine and that do not run on petrol or diesel. We have robots that look like humans – unless you were told, you may hardly notice the difference. These robots have an IQ that competes with humans and can perform human activities more efficiently. Ask ChatGPT and such other platforms any question and you will be amazed at the response you get.

I began to ruminate on these a few days ago when I got the information about the formation of a National Association of Artificial Intelligence Practitioners of Nigeria (NAAIP). Formed on April 29, 2024, NAAIP has Professor Eyitope Ogunbodede, the immediate past vice-chancellor of the Obafemi Awolowo University, Ile-Ife, as its foundation president. NAAIP’s press statement speaks for itself:

“The National Association of Artificial Intelligence Practitioners (NAAIP) was founded… as a high point of the graduation ceremony of 931 participants drawn from the universities, polytechnics and colleges of education across Nigeria, that participated in a 13-week rigorous training on the use of Artificial Intelligence to support teaching, research and community engagement. The NAAIP drew its membership from the graduates of the course as the recognized chartered members of the Association.

“On the 6th of May, 2024, the pioneer executive officers were democratically-elected in a keenly-contested election (and they) will steer the (affairs of the) association toward its mission of advancing AI education and practice across Nigeria… Most of the foundation officers are former or serving Vice-Chancellors, Deputy Vice-Chancellors, Rectors and other highly-placed officers in the Higher Education sector…”

Ogunbodede, during the ceremony, expressed deep appreciation to the Visioner and founder of NAAIP, Emeritus Professor Peter Akinsola Okebukola (OFR), who is also the Facilitator-General of the Virtual Institute for Capacity Building in Higher Education (VICBHE) that conducted the AI course that produced the Charter Members of the Association. He added that the establishment of NAAIP is another testimony to the giant strides taken by Okebukola as he continues to contribute meaningfully, on many fronts, to the development of education globally. Okebukola was a one-time Executive Secretary of the National Universities Commission (NUC).

Speaking further, Ogunbodede said the use and dominance of AI has become unstoppable. “As it continues to evolve, its effect will shape the future of the global economy and Nigeria has been put at an advantage with the inauguration of NAAIP”. He pledged the support of the Association to the Federal Government in its bid to establish a national strategy and develop a road map to harness the potentials of AI for the overall benefit of the Nigerian society and the economy. He called on the Federal Government to aim at positioning the country as a leading AI hub on the continent of Africa.

“NAAIP will support the Federal Government in its noble objectives and will also support researchers, educators, developers and AI enthusiasts to collectively provide quality service that will increase production and productivity of governance in all sectors of the economy”, he said, adding, however, that “as promising as AI technologies are, with its myriad strengths and opportunities, it has weaknesses and threats (and) to ameliorate these negative attributes, NAAIP will promote the ethical practice of AI and ensure its responsible use in our society”

NAAIP, he said, would promote advocacy and policy development to shape regulations and guidelines that promote the responsible and equitable use of AI, support research on AI matters, and strengthen education at all levels in the country. It will also enhance the provision of educational resources to accelerate understanding of AI technologies and their impact on the society; develop ethical frameworks and best practices to guide the development and deployment of AI systems in a manner that prioritizes safety, fairness, transparency, and accountability, collaboration and networking among AI professionals, researchers, policymakers, and other stakeholders to foster innovation and knowledge exchange.

My interest was further aroused when the NAAIP press statement by its publicity secretary, Professor Nkechinyere Nwokoye, hinted that membership was open to individuals, organizations, and institutions “committed to advancing the ethical development and deployment of AI technologies”. He listed the benefits to members to include continuous capacity development, networking opportunities and access to educational resources. The Association will work hand-in-hand with the Virtual Institute for Capacity Building in Higher Education (VICBHE) for its training programmes; it will also engage in National and International collaborations with organizations having similar aims and objectives.

I feel a compelling need for a wider section of the Nigerian literate community to be aware of the formation of NAAIP and the limitless opportunities of AI now brought to our doorsteps. Reading a portion of the press statement where Okebukola was quoted as describing the establishment of NAAIP “as another veritable evidence that Nigeria is the leading country in Africa in terms of educational development”, I paused and took a deep breath! Describing NAAIP as “a veritable vehicle that WOULD help make Nigeria the leading country in Africa (and beyond) in terms of educational development” is a more believable proposition!