Redesign of naira notes long overdue —Akinadewo, OAIC President

Prelate, Motailatu Church Cherubim & Seraphim Worldwide (MCCSW), a forensic accountant, senior lecturer at the Afe Babalola University and former secretary, Lagos chapter of the Christian Association of Nigeria (CAN) and the president, Organisation of African Instituted Churches (OAIC), His Eminence Israel Akinadewo, in this interview with SEYI SOKOYA, speaks on redesigned naira notes, insecurity and position of CAN on the general election.

 

The redesign of the naira notes has attracted some criticisms. President Muhammadu Buhari insisted that the development will guard against counterfeiting and hoarding.  What is your take?

Those criticisms are economically irrelevant. As a financial expert, the physical beauty of naira has no visible economic values but will only increase its cost of production. From my perception, it can never be a misplaced priority, but a long overdue step to mop up ill-gotten wealth, improve the exchange rate through local production and at the same time, have effective regulatory control over black market speculators that seem to have unofficially aided the drop in the value of our currency.

 

Insecurity has taken a frightening turn as many Nigerians are afraid to embark on road trips with religious leaders being described as prime targets. How do you see this?

While the religious leaders have suffered tremendously in the hands of these kidnappers, I would like to state that it is devoid of religious affiliation and social backgrounds. These satanic agents are just after anyone. How does one explain the kidnap of a youth corps member along the Abuja-Kaduna Road, as reported by major newspapers? One of the key indicators of economic growth is the security of lives, properties, the territorial boundaries and easy movement of people to markets of different kinds. When people are hindered in any way, as it is seen with these bandits and terrorists, then, it will stall the growth of the nation. As read in the dailies, there has been improvement recently, but the fear is still very obvious.

 

Depression has become common and disturbing due to the prevalent economic situation. What is the solution?

As an academic, I have learnt not to make statements based on public sentiments, but on empirical evidences. It is generally believed that the economy has contributed to this, but you will be surprised if a study is carried out and what the result could be. People are depressed for several reasons, which might be known only by the depressed. This is what research does. Recently, I was teaching 400 level students in Forensic Accounting and I told them about the psychological skill of forensic accountants.

You could have a young person that is well taken care of and attends the best school but feeling sad as a result of not having the opportunity to move around town like the children of the poor. So, having the time to study people around us and help them in time, helps to assuage problems brought by depression. What I am saying is that parents and leaders, especially religious leaders, should be conscious of the strange behaviours of people around them.

 

At the Tertiary Education Reform 2022, organised by the office of the Speaker of the House of Representatives with the theme “Reimagining Tertiary Education in Nigeria: Issues, Challenges and solutions,” stakeholders reportedly pressed the need for government to look into more investment in the education sector and welfare of lecturers, while the minister of works and housing asked that funding of education be decentralised other than government’s funding. To this end, what is your advice or assessment of the nation’s education sector?

One thing that we, as citizens of this country, have failed to critically examine is to statistically understand the revenue of the government vis-à-vis the numerous respective expenditures. Having said this, I am also one of the proponents of the school of thought that believe that education should really be decentralised within arriving at what I will refer to in economics terms as break-even point. A break-even point is that by which income equals expenditure. We also need to thank the church in this way for establishing schools at different levels in those years when private ones have not been this pronounced.

Some of the past and current leaders attended missionary schools where they were properly tutored not only academically, but morally too with a high level of godliness. Secondly, I have also told some of my colleagues in the academia of the need to encourage the government to give education loans to students. To be honest, the total package of the university dons, in all ramifications, is very poor. The people are going through very tough times and it is unfortunate that such is happening in a country as big as Nigeria. It is when you are in the system that you can appreciate the quality of the Nigerian university lecturers.

Despite the low level of infrastructure and other needed support that ought to enhance the level of education in tertiary institutions, we still have some of the best in the world. Let there be a bit of decentralisation, with the government giving loans to the students, which should be recovered in instalments when they are employed or when they start their own businesses. When this is done, then, the salary will be much increased without having to rely fully on the government, so as to address the constant strikes in the public institutions.

 

From the look of things and comments of some prominent Christian leaders, there are fears that the general election may not hold. Do you think so too?

I am a prophet and servant of God. Having said that, I have also learnt to always look unto Jesus, the author and finisher of our faith. With this, I know that the election will be held by the special grace of God and Nigeria will be a better and a more fruitful country.

 

What do you think Nigerians can do in restoring the country’s glorious past?

They should elect leaders with passion for success, increase support for education, encourage innovative ideas, pray for our dear nation, pray for our leaders and be objective in our criticisms. When these are done, we will be one of the sought-after nations. We have the capacity, the population, the intellect and the materials.

 

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