Embattled Nigerian Central Bank Governor on ‘Overcoming the Fear of Vested Interests’, in TEDx Talk


Embattled Nigerian Central Bank Governor talks about Overcoming and Confronting the Fear of Vested Interests in TEDx Talk in August 2013 Abuja, Nigeria.

Some excerpts:

“…I have learnt in the past 4 your years in Abuja that if we understand that (vested interests), we may begin to unlock the key to how to change our world, the world of a country in which we live”

“Everyday we talk about potentials, everyday, and yet China, Indonesia, Malaysia, Korea, Vietnam, Brazil…all of those countries have turned the potential they had into reality. What is the one thing we need to do to turn this potential into reality? In my four years in Abuja, I have come to the conclusion that we need to overcome the fear of vested interests”

“I came to the Central Bank (in 2009) knowing that banks had problems believing that these problems were caused by a global crisis… And that they would be fixed by addressing the normal risk management issues in banks. Shortly after… I discovered that the Nigerian banking system is infested with the same corruption of the rentier system of this country, that a number of banks chief execs had fleeced their banks, using depositors funds to buy property all over the world just like people do in ministries or government agencies”

“The fundamental character of the Nigerian state is that for decades, since we found oil, it has existed not to serve the people, but as a site for rent extraction by a very small minority that controls political power and it doesn’t matter whether this group comes from North or South, or Muslim or Christian, or Military or Civilian, the state has always been a site for rent extraction”

“The system that was supposed to protect depositors and handle criminals was used and manipulated to promoted a Judge so that he would not convict a thief (bank CEO). Now this is an example…of the kinds of things that stop a country from reaching its true potential”

“After we discovered the things that happened in the banks, the critical thing was we had to make a decision that would pitch us against powerful economic and political forces. We were dealing with chief execs that in 2009 had become invincible. They were in the seat of power. They had economic power and they had bought political protection. They were into political parties, they financed elections and they believed that nobody could touch them”

“Banks do not fail. When people say banks have failed, it is like saying a man whose throat was slit has died. He did not die. He was killed. And those that murdered the banks, those who destroyed these deposits have always walked away. They become Senators, they become governors, they become captains of industry, they set up new banks and they continue… And [for] the millions of poor people! that’s it”

“But the banking industry is just one part of Nigeria. What is happening to other parts?”

“We don’t have development because vested interests continue to rape the country and take the money out. And the only way to move from potential to reality is to stop preaching and to start asking ourselves : how can we overcome the fear of vested interests and how can we confront them?”

The one thing I learnt from banking is that they (Vested interests) are not to be feared, they stand on quick sand, they’re not very intelligent people and they’ve got only two tools: 1. Their ability to bribe/induce 2. Their threats to destroy reformers

“We have to ask ourselves as a country: how have we been reduced to a level far below our potential?”

“We have 65 million young people in Nigeria. What does it take for one of you to get your votes and be president of the country? What does it take to address these issues sector by sector, identify the interests and confront them? Why does it take the fuel subsidy removal for us to come out and challenge the rot that is in our country? What are we afraid of? We are afraid of losing the security that we have today”

“We must recognise that at the heart of 90% of our problems from Boko Haram to ethnic crises to unemployment to the lack of education to the lack of healthcare is that there are people who profit from the poverty and underdevelopment of this country, and these people are called ‘vested interests’… So long as they remain entrenched, so long as we don’t overcome the fear of them and dislodge them, we are not going to find a solution to this problem and we are not going to reach our true potential”

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8 thoughts on “Embattled Nigerian Central Bank Governor on ‘Overcoming the Fear of Vested Interests’, in TEDx Talk

  1. This is an undenyable fact, I have always tell people around me that Nigeria’s problem is sabotage, but the problem is when will the young Nigerians focus on the country and stop thinking towards religion, region or tribe as these Saboteurs had made them to think? And how many Nigerians will read a beautiful article like this?

  2. ALL YOUR SUBMISSION ARE ALL TRUE ABOUT VESTED INTERED, INDEED THE YOUNGER GENERATION HAS TO DISMISED THESE SYNDROMED THAT HAS EATING DEEP INTO OUR MIND, THEN OUR COUNTRY WILL WITNESS DEVELOPMENT BEAUTIFUL SUBMISSION, THANK U ZAINOB

  3. Unfortunately, the Nigerian on whose behalf this submission aims to ginger, will always have the religious, regional or tribal viewing lenses. Never in my entire life have i seen such unexplainable irony.

  4. True potentials indeed. Can we overcome this stigma when the so-called young ones are already into corruption deals, trained as those entrenched and even with unidentified immunity. Religious or whatever are gimmicks to dissuade Nigerians’ mind from their nefarious attitude

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