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But the deeper issue is the greed and poverty of the average Nigerian. Our people are so poor that they would do anything to make the extra buck. The menace of rape, kidnapping and ritual killings has been linked for example to the shamanist belief that you can become rich overnight by using harvested human body parts. Traditional spell-binders deceive those who want to get rich quick with that story and there have been killings in the land.
There should be a national programme on financial intelligence and investment, and even more so, we need to address the people’s lack of trust in Nigeria’s financial system. The banks are not serving us well! Nigeria is probably the only country in the world where people deposit their hard-earned income, and they end up daily being told that there is no money in the bank vaults whenever they go to the banks to withdraw money.
The caveat must be added however that while a stronger legal framework can enhance the effectiveness of regulatory agencies and public institutions generally, leadership also matters. The best practice legal backing for an institution would yield no positive results if the leader of the agency does not function and the institution itself is not primed for success.
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