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From The Patriots, a Befitting Farewell for Pa Ayo Adebanjo

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A politician thinks of the next election; a stateman of the next generation. A politician looks for the success of his party; a statesman for that of his country. The statesman wishes to steer, while the politician is satisfied to drift.”

By Taiwo Adisa

In a week when the remains of Pa Samuel Ayodele Adebanjo, the indefatigable Afenifere leader, who stood firmly with his commitments to nationhood till he breathed his last was being laid to rest, it is not just befitting, but heartwarming that his compatriots in the push for a new Nigeria, decided to launch yet another effort at recovering the tottering nation. For years, Chief Ayo Adebanjo had remained one of the most standard voices for restructuring, federalism and good governance in Nigeria. He got anointed as the leader of Afenifere at a time when it was quite tricky to lead such a socio-political organisation. In time of politics, opinions are usually divided along interests. It is a different ball game compared to what you had during military rule, when the citizens largely see the military as irritants that the polity must get rid of.

But Pa Adebanjo retained the focus of the Afenifere and its allies including the Southern Middle Belt Forum (SMBF) and the Pan-Niger Delta Forum (PANDEF) all through his time. He maintained a ubiquitous presence in the media with a message that rempained as constant as the Northern Star-Nigeria must be restructured, and it must go the way of true federalism! He was in search of the good life for his people till God called him home and the soundbites that have echoed from the different programmes held in his memory have all attested to the fact that his well-lived life had bequeathed a legacy worth celebrating by his biological children, as well as the myriads of his political offsprings scattered across the land.

Thus, seeing the leader of The Patriots, former Secretary General of Commonwealth, Chief Emeka Anyaoku, launch yet another effort aimed at taking Nigeria to a democratic promised land last week was not just commendable, but a firm attestation of one of the evergreen sayings of American theologian, writer, and editor, James Freeman Clarke, who stated: “A politician thinks of the next election; a stateman of the next generation. A politician looks for the success of his party; a statesman for that of his country. The statesman wishes to steer, while the politician is satisfied to drift.”

Chief Anyaoku, as reported by the Nigerian Tribune a week ago is leading The Patriots to convene a national political summit, refusing to allow the nation to drift in their presence. The aim of the summit according to them is to fashion a workable constitution for the Federal Republic of Nigeria. The summit, which is coming under the umbrella of The Patriots in conjunction with the Wale Okunniy-led National Political Summit Group (NPSG)the made good its promise when the convening committee was inaugurated by Chief Anyaoku last Thursday. The broad-based committee showcases the unrelenting determination of the revered diplomat, Chieftaincy Anyaoku, 92, and his compatriots, many of whom are older than Nigeria as a nation, to help the country away from the path of damnation called feeding-bottle federalism it has toed all these years.

On Thursday, when Chief Anyaoku inaugurated former governors, Chief Gbenga Daniel (Ogun State), Aminu Tambuwal (Sokoto State), former Minister of Information, Labaran Maku; publisher, African Newspapers of Nigeria (ANN) Plc, publishers of the Tribune titles, Ambassador (Dr) Tokunbo Awolowo Dosumu, among other eminent Nigerians as convening committee members for the national summit, the stage was set for another experiment at fashioning a new Nigeria, one which, not a few patriotic citizens would pray to see the light of the day. Chief Anyaoku left no one in doubt that the summit planned to hold between May 28 and 29 would get Nigeria a solid proposal that can address the plurality of the Nigerian system better. “The 1999 Constitution, however, amended, cannot serve Nigeria well,” he said, as he called for the country’s return to a truly federal constitution, which he said would be reminiscent of Nigeria’s early independence years (1960-1966), when federalism flourished. According to him, that period gave the country effective governance, regional progress and national cohesion.

“The widespread insecurity, economic underperformance, mass youth unemployment and declining international standing can only be remedied by a constitution that reflects the country’s diversity. Such a document must imbue citizens with a strong sense of belonging and patriotism,” he added.

It is also noteworthy, realizing that all members of the convening committee of the summit are speaking with the same measure of enthusiasm exhibited by Chief Anyaoku. Former governor of Sokoto State, who also served as Speaker of the 7th House of Representatives, Senator Tambuwal, pledged his commitment to the committee’s mission, while emphasising the urgency of the assignment at hand, which he said would enhance the country’s future stability. The former governor of Ogun State, Senator Daniel, also spoke in the same vein, when he added that the summit needed to thoroughly re-examine the 1999 Constitution. He said that the nation needed to commit to reforms that would deepen democracy, ensure judicial independence and promote accountability. Publisher of the African

Newspapers of Nigeria (ANN) Plc, Dr Awolowo Dosunmu, equally told the gathering that constitutional structures are key to national growth because they enable the success of visionary regional leaders in the past. She believed that a new framework that could similarly empower future generations of Nigerians has become imperative. She gave insights into what inspired her admiration for federalism, thus: “I probably inherited my passion for a federal constitution from a man who advocated for it all his life, my father [Chief Obafemi Awolowo]. I will do everything within my power to see this through. I come to this assignment from the angle that, fundamental to the issues and challenges of Nigeria, is the constitution. I also come to this assignment from the angle of advocacy for federal constitution. It is also instructive that this meeting is taking place around the famous place where Chief Rotimi Williams held sway all his life. He was a member of that crack team that did wonders in the West.”

While words coming from the statesmen seem heartwarming, it is, however, disheartening that neither the political system nor the 18 registered political parties could think of taking such fundamental steps before now. Out of the 48 months assigned by the constitution as a term of office of the democratically elected office holders, President Bola Tinubu is about completing the first half at the end of this month. It should come as a surprise that none of the political parties, not even the main opposition party, has paid attention to the need for critical changes in the constitutional procedures.

When I had an interview with the national chairman of the Social Democratic Party (SDP), Alhaji Shehu Gabam, on this issue weeks ago, simply said that his party had submitted its proposals to the National Assembly. We don’t need to repeat that the lawmakers have kept the said proposal in the cooler. Not many of the other existing parties have taken any noticeable steps in such direction. What this goes to show is that many of the current political players are just politicians. Statesmen are rare to come by. In the words of James Clarke as quoted above, politicians think only about the next election. When a child stumbles, he looks ahead, but when an elder stumbles, he looks back, is a popular saying among the Yoruba. Why are our politicians not looking back to see where rain started beating the vulture?

There was so much noise about alleged rigging and electoral malpractices during the 2023 general elections. Some critics even said that the Independent National Electoral Commission (INEC) had to announce the presidential elections in the dead of the night. There were talks about system glitz which affected electronic collation of the presidential election results. There was also the hype around the votes of the Federal Capital Territory (FCT), whether a candidate must win the FCT to be validly elected and there were issues of the massive BVAS failure in many locations but once the Supreme Court dropped its ruling on the election, everywhere became quiet. Instead of the National Assembly leading serious efforts aimed at perfecting the Electoral Act in such a way that would guarantee less human input, not much is being heard about that. Incidentally, INEC will, in a matter of weeks, announce its electoral calendar for 2027, setting the nation on the march.

Though the politicians are really idling away. They are busy oiling the machines ahead of 2027. The ruling APC is busy gathering its arsenal, while many leaders of the main opposition PDP appear to be helping the APC perfect its expected victory. Only a few in the opposition parties are trying to pick the pieces. Whatever they are doing, nothing is focused on addressing the key issue of leadership recruitment process and how we can minimize the sort of situation that led to a professor being jailed for vote manipulation. No stakeholder is talking about how to adopt an electronic system that would ensure the votes count and reduce the ugly trend of vote buying and the like.

As much as the younger elements in the political field are not giving a thought to the nation’s democratic goodness, we must give huge credits to the initiative by Chief Anyaoku and the statesmen, who have chosen to concern themselves with the task of addressing what has been described as democratic paradox, a situation where democracy promises so much but delivers so little. By restarting that effort in the week Pa Ayo Adebanjo is being laid to rest is just a befitting farewell for the man who fought for life more abundant for all till he joined his ancestors on February 14, 2025.

   

About author
Time Nigeria is a modern and general interest Magazine with its Headquarters in Abuja. The Magazine has a remarkable difference in editorial philosophy and goals, it adheres strictly to the ethics of Journalism by using the finest ethos of the profession to promote peace among citizens; identifying and harnessing the nation’s vast resources; celebrating achievements of government agencies, individuals, groups and corporate organizations and above all, repositioning Nigeria for the needed growth and development. Time Nigeria gives emphasis to places and issues that have not been given adequate attention by others. The Magazine is national in outlook and is currently being read and patronized both in print and on our vibrant and active online platform (www.timenigeria.com).
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The Missing Middle of Infrastructure Finance: Why Capital Still Fails to Become Infrastructure

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  By Chidi Nwafor  In October 2023, a Gulf sovereign wealth fund quietly closed a $2 billion allocation to global infrastructure, earmarked in part for emerging-market energy and transport assets. The announcement drew the usual applause: another sign, commentators said, that institutional capital was finally waking up to the infrastructure opportunity in the Global South. Eighteen months later, less than a tenth of that allocation had actually left the fund’s balance sheet. Not because the mandate had changed. Not because the fund had lost appetite. According to two people familiar with the portfolio, the constraint was simpler and more uncomfortable: there were not enough investable projects to put the money into. This is not a story about a reluctant investor. It is a story about capital that wants to move, cannot find enough places willing and able to receive it in a form it can underwrite, and quietly waits instead. Multiply that fund by the hundreds of pension schemes, sovereign wealth vehicles, commercial banks and infrastructure funds now carrying dedicated allocations for emerging-market infrastructure, and a pattern emerges that rarely makes it into a headline: the world is not short of capital for infrastructure. It has capital in historic abundance, sitting adjacent to a historic infrastructure gap, unable to cross the distance between the two. The Comfortable Explanation  The explanation on offer at every major infrastructure summit is a familiar one. Global infrastructure investment needs run into the tens of trillions of dollars over the coming decade; committed capital falls well short; therefore, the problem is one of insufficient funding, and the solution is more of it: more pledges, more blended-finance facilities, more climate funds, more multilateral capital increases. It is a comfortable explanation because it assigns responsibility clearly to governments who under-fund, institutions who under-commit, and it offers a clean remedy: raise more. It is also, on close inspection, not what the evidence shows. Pension funds globally hold trillions in assets under management with explicit infrastructure allocations that remain structurally underweight, not because trustees have rejected the asset class but because deal flow meeting their risk and governance thresholds has not materialised at the pace their mandates assume. Sovereign wealth funds report the same pattern. Commercial banks with dedicated project finance desks describe pipelines that look full at the term-sheet stage and thin dramatically by financial close. Development finance institutions, whose entire purpose is to absorb risk that commercial capital will not, routinely report that their binding constraint is not capital adequacy but the volume of bankable transactions their teams can originate and structure in a given year. None of this fits the scarcity narrative. All of it fits a different one. Availability Is Not Deployability  Capital availability and capital deployability are not the same condition, and the conflation of the two is doing real damage to how the world thinks about the infrastructure gap. Availability asks whether money exists somewhere with a mandate that could, in principle, be pointed at infrastructure. Deployability asks something much narrower and much harder: whether a specific project, at a specific moment, has been engineered, structured, documented and de-risked to the point where an investment committee can approve it without exception. The first condition is met, overwhelmingly, across nearly every category of capital that matters to infrastructure. The second is met by only a small fraction of the projects competing for it. The result is a market that looks, from the outside, like a financing gap, and functions, from the inside, like a conversion problem: an abundance of capital on one side, an abundance of infrastructure need on the other, and an underbuilt set of mechanisms in between capable of turning one into the other at any meaningful scale. Where the Conversion Breaks  The break does not happen at the ends of the process. It happens in the middle, in the unglamorous sequence of work that turns a plausible concept into an instrument a fiduciary can sign. A promising transmission project needs a feasibility study rigorous enough to survive institutional scrutiny rather than optimistic enough to attract early interest. It needs offtake arrangements that hold up under real counterparty and currency risk, not the counterparty risk assumed in a base case. It needs environmental and social documentation calibrated to the standards of the institutions being asked to fund it, not the standards of the jurisdiction hosting it. It needs a legal and commercial structure that allocates risk in ways a commercial lender, not only a development financier, will accept. It needs a sponsor capable of executing what has been proposed, not merely capable of proposing it. Each of these is ordinary project finance discipline. None of it is exotic, and in mature infrastructure markets it happens as a matter of course, absorbed into systems built over decades: specialist advisers, standard-form contracts, established procurement norms, deep pools of transaction expertise. What is missing in the markets where the infrastructure gap is largest is not the standard itself but the machinery that meets it. Projects arrive at investment committees with ambition intact and preparation incomplete, and that gap is treated, again and again, as an individual project’s failure rather than what it actually is: a structural absence in the systems responsible for producing investable transactions at scale. The Missing Middle  This is the Missing Middle of Infrastructure Finance: the institutional architecture that sits between capital that wants to move and infrastructure that needs building, and whose incompleteness explains far more of the global infrastructure gap than any shortfall in committed funds. It consists of project preparation facilities able to fund feasibility and structuring work before commercial viability has been proven. Transaction advisers capable of building deals that satisfy development mandates and commercial return thresholds at once, rather than treating the two as separate constituencies to be managed sequentially. Risk-sharing and guarantee instruments that convert political, regulatory and currency risk into something a commercial balance sheet can underwrite. Aggregation platforms that bundle smaller, individually sub-scale projects into portfolios large enough to justify institutional transaction costs. Standardised documentation that reduces the bespoke legal cost of every new deal. And coordination across ministries, regulators and financiers robust enough that a technically sound project does not die in bureaucratic sequencing after the money has already been found. None of these are new ideas in isolation. What is missing is their assembly into a coherent system, deliberately funded and institutionally accountable, rather than scattered across donor-funded pilots that end when the grant does. The African Dimension  Africa makes this dynamic unusually visible, and consequently offers an unusually clear opportunity to correct it. The continent’s infrastructure financing need, by any measure, is vast. Less understood is that the shortfall is disproportionately one of preparation rather than capital. Nigerian gas-to-power, off-grid solar and mini-grid developers have each demonstrated that individual projects can clear the bankability bar; what has not emerged is systemic pipeline scale, a steady stream of comparably prepared projects large enough to absorb the capital already circling the sector. The pattern repeats, with local variation, from grid infrastructure in East Africa to transport corridors in West Africa. Interested capital is rarely the scarce input. Investment-ready projects are. The Global Comparison  Mature markets solved this problem gradually and mostly invisibly, through decades of institution-building that predates the current infrastructure conversation: specialist project finance units inside banks, standardised PPP frameworks, established regulatory playbooks, deep benches of transaction lawyers and engineers who move between deals rather than between one-off assignments. Emerging and frontier markets are not being asked to meet a lower standard. They are being asked to meet the same standard without having built the same machinery, and then being told, when deals fail to close, that the problem is insufficient funding….
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