Former President Olusegun Obasanjo says that democracy on the African continent is being reduced to ‘monetocracy’, a system where money determines leadership .

Obasanjo spoke on the state of the continent during the 32nd annual general meeting of Afreximbank in Abuja, yesterday.

Obasanjo criticised the winner-takes-all mentality that leaves opposition parties disenfranchised and democratic processes hollow.

Obasanjo: Time to roar is now, Africa’s sleeping giants must drive own growth By : Helen Oji Date: 27 Jun 2025Share :ObasanjoObasanjoFormer President Olusegun Obasanjo has blamed Africa’s over reliance on foreign aid, poor leadership, corruption, and a flawed democratic system for the continent’s lack of progress.Speaking on the state of the continent at the 32nd Annual Meeting of Afreximbank in Abuja yesterday,

Obasanjo said that Africa’s so-called ‘lions’, its most populous and resource-rich countries have failed to achieve meaningful growth weighed down by systemic inefficiencies and misguided governance.

” Nations like Nigeria, Egypt, Ethiopia, the Democratic Republic of Congo, and South Africa ought to be leading the continent’s development charge given their demographic, resource, or economic strengths. Instead, these countries have continued to record retarded growth.”

While Egypt has made notable progress, he lamented that the others have either regressed or stagnated over the past three decades, often taking two steps forward and one step back.

He described these nations as ‘lions’ that are not moving economically or politically enough to uplift smaller or less endowed African states.

He argued that Nigeria, in particular has immense potential but remains shackled by corruption, ignorance, and a persistent dependence on foreign assistance.

Presidency source said last night that President Bola Ahmed Tinubu has reunited the Federal Capital Territory, (FCT) Minister, Nyesom Wike, the suspended Rivers State Governor, Siminalayi Fubara, and members of the State House of Assembly.

The resolution of the crisis followed a meeting between President Tinubu and the aggrieved parties at the Presidential Villa, Abuja late last night.

Wike and Fubara have been embroiled in crisis for some time over the control of Rivers, with the situation spilling over to the State House of Assembly.

The source said:

“From the body language after the meeting with the President I can tell you that they (Wike, Fubara and the Lawmakers) have resolved their differences.

” You know before now, there have been this charge from the President that they should resolve their differences.

I believe they have been able to resolve that. I think the visit might just be to thank the President for his efforts in resolving the crisis.”

Justice Emeka Nwite of the Federal High Court, Abuja, on Thursday, rejected a move by the Economic and Financial Crimes Commission (EFCC) to ‘cross-examine’ its third witness in the ongoing alleged money laundering case against the immediate past Governor of Kogi State, Yahaya Bello.

While delivering his ruling, Justice Nwite noted that there was no provision in the law that permits the court to allow the prosecution to re-examine its witness in the manner proposed.

This was just as the EFCC lawyer, Kemi Pinheiro, during the proceedings, described the case instituted against the former governor as a political case.

He emphasised that he was not prosecuting a bank official, but a political figure, “one who had even aspired to contest for presidency”.

He said this while arguments were being raised on whether the defence counsel would cross-examine the 4th witness when the prosecution concluded its examination at 2.30pm or wait till the next day.

The judge responded, “Political? If that is the case, then those handling political cases should prepare to take over the matter.”

On the ruling against the cross-examination of PW3 by the EFCC, the judge said, “I must agree with the learned counsel to the defendant that the prosecution can only cross-examine after it has declared the witness a hostile witness.

“The argument of the learned counsel to the prosecution is misconceived…This honourable court is not shutting the prosecution from re-examining the witness, but must restrict itself to pages 1, 14 and 15 of Exhibit 19.

“The prosecution is not allowed to re-examine the witness outside the pages prescribed.”

Nicholas Ojehomon, an internal auditor at the American International School, Abuja, had, at the last hearing, said there was no wired transfer of fees from the Kogi State Government or any of the local Governments in the state to the account of the American school.

On cross-examination, he also read out a part of a previous Federal Capital Territory High Court judgment that said there was no court order for AISA to return fees to EFCC or any judgment declaring the money as proceeds of money laundering.

After a brief re-examination, and the withdrawal of an earlier question posed to the witness, the EFCC lawyer, Kemi Pinheiro, SAN, told the court that the Commission had three other witnesses for the day.

During examination, Mshelia Arhyel Bata, a compliance officer with Zenith Bank, confirmed that the certificates of identification were attached to the statements of account provided by the bank in the seven sets of documents presented, as requested.

The court, thereafter, admitted the statements of account of Kogi State Government House Administration, and six others, as exhibits.

The witness, on subpoena, educated the court on the withdrawal limits allowed for individuals, corporate organisations and government, saying that before the cashless policy, it was pegged at N10 million for government.

The prosecution then took him to the 23rd of May, 2016 on the printed documents, and pointed at a transaction under the name, Abdulsalami Hudu.

When the witness was asked to explain the transaction, he said, “It is a cash withdrawal of N10 million in accordance with the then maximum threshold allowed for cheque withdrawal per transaction.”

He, however, said that he had nine cash transactions on the same date.

The witness was then told to go to the credit transactions of 30th January, 2018, and he confirmed that there were 10 separate credits of various sums, totalling about N1.092 billion.

When asked to mention the total amount of withdrawals, the Defendant’s counsel cut in: “He (Pinheiro, SAN), knows that they are for security votes.

“The witness aggregated the total amount of withdrawals to N1.968 billion, saying they were on different dates.”

He also read out the inflow and outflow between 2nd of May 2018 and 19th May, 2018.

After the examination by the prosecution, the judge adjourned to tomorrow, June 27, for cross-examination by the Defendant’s Counsel.