
Editorial
Full Text Of Buhari’s National Broadcast On Naira Scarcity
NATIONAL BROADCAST BY HIS EXCELLENCY MUHAMMADU BUHARI, PRESIDENT, FEDERAL REPUBLIC OF NIGERIA ON THE CHALLENGES OF THE CURRENCY SWAP AND STATE OF THE NATION, ON 16th FEBRUARY, 2023
My Dear Compatriots,
I have found it necessary to address you today, on the state of the nation and to render account on the efforts of our administration to sustain and strengthen our economy, enhance the fight against corruption and sustain our gains in the fight against terrorism and insecurity which has, undoubtedly, been impacted by several internal and external factors.
2. Particularly, I am addressing you, as your democratically elected President, to identify with you and express my sympathy, over the difficulties being experienced as we continue the implementation of new monetary policies, aimed at boosting our economy and tightening of the loopholes associated with money laundering.
3. Let me re-assure Nigerians, that strengthening our economy, enhancing security and blockage of leakages associated with illicit financial flows remain top priority of our administration. And I shall remain committed to my oath of protecting and advancing the interest of Nigerians and the nation, at all times.

4. In the last quarter of 2022, I authorised the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1000 Nigerian banknotes.
5. For a smooth transition, I similarly approved that the redesigned banknotes should circulate concurrently with the old bank notes, till 31 January 2023, before the old notes, cease to be legal tender.
6. In appreciation of the systemic and human difficulties encountered during implementation and in response to the appeal of all citizens, an extension of ten days was authorized till 10th February, 2023 for the completion of the process. All these activities are being carried out within the ambit of the Constitution, the relevant law under the CBN Act 2007 and in line with global best practices.
7. Fellow citizens, while I seek your understanding and patience during this transient phase of implementation, I feel obliged to avail you a few critical points underpinning the policy decision. These include:
a. The need to restore the statutory ability of the CBN to keep a firm control over money in circulation. In 2015 when this administration commenced its first term, Currency-in-Circulation was only N1.4trillion.
b. The proportion of currency outside banks grew from 78%in 2015 to 85% in 2022. As of October 2022, therefore, currency in circulation had risen to N3.23 trillion; out of which only N500 billion was within the Banking System while N2.7 trillion remained permanently outside the system; thereby distorting the financial policy and efficient management of inflation;
c. The huge volume of Bank Notes outside the banking system has proven to be practically unavailable for economic activities and by implication, retard the attainment of potential economic growth;
d. Economic growth projections make it imperative for government to aim at expanding financial inclusion in the country by reducing the number of the unbanked population; and
e. Given the prevailing security situation across the country, which keeps improving, it also becomes compelling for government to deepen its continuing support for security agencies to successfully combat banditry and ransom-taking in Nigeria
8. Notwithstanding the initial setbacks experienced, the evaluation and feedback mechanism set up has revealed that gains have emerged from the policy initiative.
9. I have been reliably informed that since the commencement of this program, about N2.1 trillion out of the banknotes previously held outside the banking system, had been successfully retrieved.
10. This represents about 80% of such funds. In the short to medium and long terms, therefore, it is expected that there would be:
a. A strengthening of our macro economic parameters;
b. Reduction of broad money supply leading to a deceleration of the velocity of money in the economy which should result in less pressures on domestic prices;
c. Lowering of Inflation as a result of the accompanying decline in money supply that will slow the pace of inflation;
d. Collapse of Illegal Economic Activities which would help to stem corruption and acquisition of money through illegal ways;
e. Exchange Rate stability;
f. Availability of Easy Loans and lowering of interest rates; and
g. Greater visibility and transparency of our financial actions translating to efficient enforcement of our anti- money laundering legislations.
11. I am not unaware of the obstacles placed on the path of innocent Nigerians by unscrupulous officials in the banking industry, entrusted with the process of implementation of the new monetary policy. I am deeply pained and sincerely sympathise with you all, over these unintended outcomes.
12. To stem this tide, I have directed the CBN to deploy all legitimate resources and legal means to ensure that our citizens are adequately educated on the policy; enjoy easy access to cash withdrawal through availability of appropriate amount of currency; and ability to make deposits.
13. I have similarly directed that the CBN should intensify collaboration with anti-corruption agencies, so as to ensure that any institution or person(s) found to have impeded or sabotaged the implementation should be made to bear the full weight of the law.
14. During the extended phase of the deadline for currency swap, I listened to invaluable pieces of advice from well meaning citizens and institutions across the nation.
15. I similarly consulted widely with representatives of the State Governors as well as the Council of State. Above all, as an administration that respects the rule of law, I have also noted that the subject matter is before the courts of our land and some pronouncements have been made.
16. To further ease the supply pressures particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023 to April 10 2023 when the old N200 notes ceases to be legal tender.
17. In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.
18. Considering the health of our economy and the legacy we must bequeath to the next administration and future generations of Nigerians, I admonish every citizen to strive harder to make their deposits by taking advantage of the platforms and windows being provided by the CBN.
19. Let me assure Nigerians that our administration will continue to assess the implementation with a view to ensuring that Nigerians are not unnecessarily burdened. In this regard, the CBN shall ensure that new notes become more available and accessible to our citizens through the banks.
20. I wish to once more appeal for your understanding till we overcome this difficult transient phase within the shortest possible time.
21. Fellow citizens, on the 25th of February, 2023 the nation would be electing a new President and National Assembly members. I am aware that this new monetary policy has also contributed immensely to the minimization of the influence of money in politics.
22. This is a positive departure from the past and represents a bold legacy step by this administration, towards laying a strong foundation for free and fair elections.
23. I urge every citizen therefore, to go out to vote for their candidates of choice without fear, because security shall be provided and your vote shall count.
24. I however admonish you to eschew violence and avoid actions capable of disrupting the electoral processes. I wish us all a successful General Elections.
Thank you for listening. God bless the Federal Republic of Nigeria.
Editorial
Why Nigerian Graduates and Youths Are Jobless — and Increasingly Vulnerable to Crime and Other Vices
By Tony Edike
Nigeria is facing a youth employment crisis that goes far beyond the number of people officially classified as unemployed.
Every year, thousands of young Nigerians graduate from universities, polytechnics and other tertiary institutions with hopes of securing jobs, becoming financially independent and contributing to the economy. Instead, many spend months or even years searching for employment, while others accept poorly paid informal jobs that have little connection with their qualifications.
For some young people, the prolonged search for work has become a source of frustration, economic hardship and social vulnerability. Others have turned to entrepreneurship, freelancing, technology, migration and other legitimate alternatives. But there are also concerns that prolonged idleness, poverty and lack of opportunities can make some young people vulnerable to drug abuse, internet fraud, gambling, cultism, trafficking and other forms of criminality.
It is important, however, not to suggest that unemployment automatically causes crime. Crime and substance abuse have multiple causes, including family circumstances, peer influence, poverty, insecurity, weak social protection, drug availability and the broader economic environment. What the evidence shows is that Nigeria has a serious shortage of decent economic opportunities for its rapidly growing youth population.

The numbers tell the story
The latest National Bureau of Statistics labour-force figures illustrate the complexity of Nigeria’s employment crisis.
According to the NBS Nigeria Labour Force Survey for the second quarter of 2024, Nigeria’s overall unemployment rate stood at 4.3 per cent, while unemployment among young people was 6.5 per cent. The youth unemployment rate had been 8.4 per cent in the first quarter of 2024. Among people with post-secondary education, the unemployment rate was 4.8 per cent. (National Bureau of Statistics)
At first glance, these figures may appear surprisingly low for a country where graduates frequently complain about the difficulty of finding jobs.

Screenshot
But the explanation lies partly in the way unemployment is measured.
The NBS defines unemployment as the proportion of people in the labour force who are not employed but are actively searching and available for work. A person who manages to find a small informal job, works for himself or herself, or engages in another form of economic activity may therefore be classified as employed even if the income is inadequate to support a household.
This is why the question facing Nigeria is not simply “How many people have no job?” It is also “How many Nigerians have decent, productive and sufficiently paid jobs?”
Millions are working — but in poor-quality jobs
The World Bank has warned that Nigeria’s labour-market challenge is much broader than unemployment.
A World Bank analysis of Nigeria’s labour-force data found that only about 15 per cent of employed Nigerians were primarily engaged in paid wage employment or apprenticeships. It also found that more than three-quarters of employed Nigerians worked in establishments with fewer than five people.
The implication is significant: many Nigerians are technically employed, but the economy does not generate enough formal wage-paying jobs capable of absorbing graduates and workers with higher-level skills.
The World Bank also reported that about 13 per cent of employed Nigerians were working fewer than 40 hours a week while willing and able to work more, a sign of underemployment.
The International Labour Organisation similarly reported that 92.3 per cent of total employment in Nigeria was informal, while the proportion was about 98 per cent among young people in the data cited in its Nigeria labour-market analysis.
This means that the employment problem confronting Nigerian youths is not merely the absence of jobs. It is also the absence of quality jobs.
A rapidly growing youth population
Nigeria’s demographic structure makes the challenge even more urgent.
A World Bank analysis estimated that Nigeria has about 63 million young people aged 15 to 29, while approximately 5.5 million people become of working age every year. That number is projected to rise to about 6.1 million by 2030.
The same analysis found that more than one in four Nigerian youths were not in employment, education or training, while more than 92 per cent of employed young people were in the informal sector. (The World Bank)
This creates a fundamental economic problem: the number of young Nigerians entering the labour market is growing faster than the supply of productive opportunities capable of absorbing them.

The World Bank’s current country assessment also identifies Nigeria’s difficulty in absorbing millions of people entering the labour force each year as a persistent challenge, alongside weak job creation and limited entrepreneurial opportunities.
The graduate paradox
For Nigerian graduates, the situation can be particularly frustrating.
Young people are repeatedly encouraged to obtain university degrees as a route to economic advancement. Yet obtaining a degree does not guarantee employment.
The NBS Q2 2024 figures put unemployment among people with post-secondary education at 4.8 per cent. But the figure does not capture all graduates who are underemployed, working outside their fields, earning inadequate incomes or operating small informal businesses simply because they cannot find suitable wage employment.
The World Bank has previously identified a mismatch between the skills supplied by the education system and those demanded by employers. Its analysis noted that education helps people obtain wage employment but does not guarantee it, while many educated Nigerians remain outside productive, high-quality employment.
This creates what can be described as the graduate paradox: young Nigerians spend years acquiring qualifications, only to discover that the economy has not created enough positions requiring those qualifications.
1. The economy is not creating enough formal jobs
One of the fundamental causes is the structure of the Nigerian economy.
Nigeria has millions of micro and small businesses, but relatively few large companies capable of employing thousands of graduates in formal positions.
The World Bank has noted that more than three-quarters of employed Nigerians work in establishments with fewer than five people. It has also linked the limited growth of firms to problems such as inadequate finance and infrastructure.
Electricity costs, transportation problems, limited access to affordable credit, taxation pressures, exchange-rate volatility and other operating challenges can make it difficult for businesses to expand and employ more people.
The result is a vicious cycle:
small businesses → limited expansion → few formal jobs → more jobseekers → greater competition for available positions.
2. Skills mismatch
Another problem is the disconnect between what many young Nigerians learn in school and what employers need.
A degree may demonstrate academic achievement, but many employers also demand practical experience, digital skills, communication skills, technical abilities and industry-specific knowledge.
This puts young graduates in a difficult position.
Employers frequently demand experience, but graduates cannot acquire the required experience without getting their first meaningful opportunity.
At the same time, some employers report difficulty finding workers with the specific technical and practical skills they need.
Nigeria therefore faces a paradox in which young people are looking for jobs while some businesses are looking for suitably skilled workers.
The solution is not simply to produce more university graduates. It also requires stronger technical and vocational education, apprenticeships, internships and closer links between educational institutions and industries.
3. The dominance of informal employment
Nigeria’s informal sector provides an enormous economic safety valve.
Young Nigerians sell goods, repair phones, operate restaurants, drive commercial vehicles, work in agriculture, provide digital services, trade online and operate thousands of small businesses.
These activities are important and should not be dismissed.
But informal employment often lacks written contracts, pensions, health insurance, paid leave and predictable income.
The ILO reported that informal employment accounted for 92.3 per cent of total employment in Nigeria, while its analysis placed youth informal employment at about 98 per cent.
Thus, a graduate selling goods or providing services may be classified as employed even though the person remains economically insecure.
4. Lack of access to capital
For young Nigerians who want to create businesses instead of looking for employment, access to finance remains a major obstacle.
The World Bank has identified access to finance as a longstanding challenge for Nigerian micro, small and medium-sized enterprises.
The problem is important because a young entrepreneur with a viable business idea may still be unable to obtain affordable capital to purchase equipment, rent premises, hire workers or expand production.
Without capital, many young entrepreneurs remain at subsistence level rather than becoming employers.
5. Economic hardship is making survival more difficult
The employment crisis is occurring alongside a severe cost-of-living problem.
The World Bank’s October 2025 Nigeria Development Update said economic reforms had produced improvements in growth and macroeconomic indicators but warned that many households were still experiencing hardship, with poverty and food insecurity remaining high.
The World Bank’s May 2025 Nigeria Development Update similarly stressed that employment alone would not be enough to lift Nigerians out of poverty because the country needs more productive jobs, particularly wage-paying jobs.
For an unemployed graduate, this means that unemployment is not merely about lacking a monthly salary.
It can mean dependence on parents long after graduation, inability to marry or establish a household, inability to pay rent, inability to acquire professional qualifications and an increasing feeling of economic exclusion.
6. Frustration and vulnerability to social vices
This is where the employment crisis begins to have broader social consequences.
Young people need more than income. Employment can provide structure, purpose, social identity, independence and an opportunity to develop skills.
When large numbers of young people remain economically excluded for prolonged periods, some may become vulnerable to risky coping mechanisms.
These can include:
- internet fraud and other forms of cybercrime;
- gambling and betting;
- drug and substance abuse;
- cultism;
- trafficking;
- violent crime;
- political thuggery;
- irregular migration;
- prostitution and other exploitative activities.
However, unemployment should not be presented as the sole cause of these behaviours. The relationship is more complicated.
Family circumstances, peer pressure, drug availability, insecurity, poverty, social inequality, weak institutions and the expectation of quick wealth can all contribute.
Drug abuse is another warning sign
Nigeria’s substance-abuse problem provides evidence of the broader social pressures facing the population.
The National Bureau of Statistics and United Nations Office on Drugs and Crime’s national drug-use survey estimated that 14.4 per cent of Nigerians aged 15 to 64 — approximately 14.3 million people — had used drugs in the previous year, excluding alcohol and tobacco, based on the 2017 reference period. (UNODC)
Cannabis was the most commonly used substance, followed by pharmaceutical opioids, including drugs such as tramadol, and codeine-containing cough syrups.
The survey found particularly significant drug use among younger age groups for several substances.
Importantly, these figures are from the 2018 national drug-use survey and should not be presented as a current 2026 prevalence estimate. They nevertheless demonstrate the scale of the country’s substance-use challenge.
In July 2026, the Federal Government again described drug misuse as a complex public-health and development issue and cited the 2018 survey’s 14.4 per cent figure.
Cybercrime and the attraction of quick money
The growth of internet fraud has also become a major concern.
Nigeria’s cybersecurity policy recognises that cyberspace is being used for criminal activities that can damage individuals, businesses and the country’s economy. (:)
For some young people, the attraction is obvious: when conventional employment appears to offer low wages after years of education, while stories of sudden wealth circulate on social media, the temptation to pursue illegal shortcuts can become stronger.
But again, unemployment does not automatically produce cybercrime. Most unemployed young Nigerians do not become criminals. Many continue searching for work, start businesses, learn trades, migrate legally, pursue further education or survive through informal employment.
The appropriate conclusion is therefore that economic exclusion can increase vulnerability, but it is not a sufficient explanation for criminal behaviour.
The controversial “80 million unemployed youths” figure
One figure that has generated considerable attention is the claim that nearly 80 million Nigerian youths are unemployed.
The figure was reported in connection with the State of the Nigerian Youth Report 2025, produced by Plan International Nigeria in collaboration with ActionAid Nigeria. The report also said that approximately 1.7 million graduates leave Nigerian tertiary institutions each year, while the economy struggles to absorb them.

However, this figure should be handled carefully in news reporting.
It should not simply be presented as equivalent to the NBS’s official unemployment rate.
The NBS’s Q2 2024 unemployment rate was 4.3 per cent nationally and 6.5 per cent for youths under its labour-force methodology.
The much larger “80 million” figure comes from a different youth-population assessment and should therefore be attributed to the report rather than presented as the official NBS count of unemployed people.
That distinction is crucial because “unemployed”, “not in employment, education or training”, “underemployed” and “working in low-quality informal employment” are not interchangeable statistical categories.
A generation at risk of wasted potential
The greatest danger may not be unemployment itself but the prolonged loss of productive years.
A young graduate who spends five years searching unsuccessfully for meaningful employment loses valuable time that could have been used to acquire professional experience, build a business, develop technical skills or accumulate savings.
The same applies to young people who leave school without acquiring skills that the economy can use.
The problem therefore affects both the individual and the national economy.
Nigeria invests resources in educating its young people. If those young people cannot find productive opportunities afterwards, a significant part of that human-capital investment is not converted into economic output.
What needs to change?
Addressing youth unemployment requires more than announcing another empowerment programme.
First, Nigeria needs more productive businesses.
Government policy should make it easier for businesses to survive, expand and employ workers through better electricity, transportation, infrastructure, access to finance and predictable regulation.
Second, education must become more closely connected to the labour market.
Universities and polytechnics should strengthen practical training, internships, apprenticeships, digital skills and industry partnerships.
Third, technical and vocational education needs greater attention.
Not every young Nigerian needs to pursue a conventional university degree.
Electricians, plumbers, mechanics, welders, construction technicians, agricultural specialists, machine operators, software developers, healthcare technicians and other skilled workers are essential to a modern economy.
Fourth, young entrepreneurs need access to affordable finance.
A youth-enterprise policy that provides training without access to capital, markets and infrastructure will have limited impact.
Fifth, Nigeria needs better job-matching systems.
The Federal Government’s National Job Centre initiative is intended to improve job matching, career advisory services and connections between trained Nigerians and employment opportunities. The government has also introduced the Labour Employment and Empowerment Programme as part of its employment strategy.
Sixth, employment policy must address the informal sector.
The informal economy cannot simply be wished away. It employs millions of Nigerians.
The objective should be to help viable informal businesses grow into more productive enterprises while gradually expanding access to formal contracts, social protection, finance and worker protections.
Seventh, prevention of crime must go beyond policing.
Law enforcement remains important, but prevention also requires addressing the economic and social conditions that make young people vulnerable to exploitation.
Drug prevention, mental-health and social services, youth recreation, skills development, employment programmes and rehabilitation should complement law enforcement.
A problem Nigeria cannot postpone
Nigeria’s youth population can become one of the country’s greatest economic assets if young people are educated, skilled, employed and given opportunities to create businesses.
But a large youthful population without sufficient productive opportunities can also become a source of deep social pressure.
The evidence does not support the simplistic argument that unemployment automatically turns youths into criminals. What it does show is that Nigeria has a serious shortage of quality employment, a highly informal labour market, widespread underemployment, skills mismatches and a rapidly expanding population entering working age.
The real question, therefore, is not simply how many Nigerians are “unemployed.”
It is whether Nigeria can create enough productive, decent and sustainable opportunities for the millions of young people entering adulthood every year.
If the answer remains inadequate, the country risks wasting a generation of human capital — not because Nigerian youths lack ambition, but because the economy has not created enough avenues for that ambition to become productive work.
Editorial
60 Years After: The Enduring Legacy Of Sir Odumegwu Ojukwu
How a pioneering businessman, philanthropist and education advocate continues to live on through family, enterprise and institutions
By Tony Edike
Sixty years after his death, the name Sir Louis Philip Odumegwu Ojukwu still evokes memories of enterprise, discipline, philanthropy and an uncommon commitment to education.
He died at Nkalagu in the then Eastern Region on September 13, 1966, leaving behind a legacy that has continued to endure across generations.
Born in 1909 at Umudim, Nnewi, Sir Odumegwu was the sixth of the 10 sons of Ojukwu Eze Okigbo and the only son of his mother, Ukonwa, among her four children.

Sir Odumegwu Ojukwu with Dr Nnamdi Azikiwe

From humble beginnings, he rose to become one of Nigeria’s foremost businessmen and industrialists of his generation, while also making significant contributions to public institutions and the development of the then Eastern Region.
Six decades after his passing, his family, friends, associates and Ojukwu Transport Limited — the company he founded — are preparing to commemorate his life and legacy.
The anniversary will not, however, be marked with elaborate festivities.

Sir Odumegwu Ojukwu
According to his grandson, Dr P. Ike Ojukwu, an Obstetrician and Gynaecologist and a Director of Ojukwu Transport Limited, the family intends to keep the activities low-key, with events spread across the year.
“Sixty years is a long time,” Dr Ojukwu said, explaining that the commemoration would take place in different forms throughout the year.
A special Mass has been arranged in his memory, while other activities are being planned to honour the late business mogul and philanthropist.
A LEGACY THAT TRANSCENDS BUSINESS
Perhaps nowhere is Sir Odumegwu’s enduring influence more evident than in the continued activities of Ojukwu Transport Limited.
The company, which he founded, remains part of the family’s effort to preserve his ideals and memory.
One of the initiatives being sustained is the annual Sir LP Odumegwu Ojukwu Prize, awarded to the best graduating students in the Faculty of Business Administration and the Department of Estate Management/Surveying at the University of Nigeria.

Sir Ojukwu with nephew, Emmanuel and sons Joseph and Emeka
For the current winners, there is additional reason to celebrate.
The prizes have been revised upwards, and the beneficiaries have been urged to contact Ojukwu Transport Limited to receive their awards. The University authorities have already been notified.
The Sir Odumegwu Ojukwu Hall at the Enugu Campus of the University of Nigeria will also feature in the anniversary remembrance.
Beyond these existing commitments, the family is addressing plans for a proposed memorial hospital, scholarships and other charitable initiatives.
THE BUSINESSMAN WHO SERVED HIS REGION
Sir Odumegwu Ojukwu’s business achievements were matched by his involvement in public affairs.
He served as Chairman or Director of several government agencies and was also Chairman of the African Continental Bank, one of the prominent financial institutions of the period.

Sir Odumegwu with hos wife, Virginia
His influence extended into the establishment and development of the University of Nigeria.
The university was the brainchild of the late Right Honourable Dr Nnamdi Azikiwe, the Owelle of Onitsha, who was a close friend of Sir Odumegwu.
The Eastern Regional Government provided the principal funding for the establishment of the institution, but men such as Sir Odumegwu played important roles in mobilising support and resources for the ambitious project.
His contributions did not go unnoticed.
In the early 1960s, the University of Nigeria conferred an honorary Doctor of Laws (LLD) degree on him in recognition of his accomplishments.
It was an appropriate honour for a man whose own life had demonstrated the transformative power of education.
FROM “LP” TO “SIR ODUMEGWU”
To many Nigerians of his generation, he was initially known simply as LP Ojukwu — the initials standing for Louis Philip.
But following his knighthood by the Queen in the early 1960s, he chose to be known by his Igbo name, Odumegwu.

Sir Odumegwu Ojukwu with friend,
Sir Mobolaji Bank-Anthony.
The decision was also influenced by his friendship with the then Chief Justice, Sir Louis Mbanefo. Rather than have two prominent men carrying the same first name and title, he elected to use Odumegwu.
Thus, LP Ojukwu became Sir Odumegwu Ojukwu.
The name would subsequently become synonymous with business, philanthropy and public service.
“DIOKPALA NNEM”
Behind the public figure was a deeply committed family man.
Those who knew him remember his affection for his sisters — Mrs Nwosu, Mrs Okoli and Mrs Obi — and for their children.
To them, he was affectionately known as “Diokpala Nnem”, meaning “my mother’s first son.”
The relationship was reciprocal. He loved and supported his siblings, while remaining deeply attached to their families.
His philosophy was not simply to provide assistance, but to create a chain of responsibility.
He sponsored and trained at least one of his brothers’ children. But when the beneficiary completed the training, Sir Odumegwu insisted that the person should support their mother and, in turn, train another relative.
For him, assistance was meant to produce independence — and independence was expected to create another opportunity for someone else.
EDUCATION AS A FAMILY RESPONSIBILITY
His commitment to education developed early.
Still in his late twenties when his parents died, the young LP suddenly found himself shouldering responsibility for the education of his younger sisters.
When one of his younger sisters performed exceptionally well in her annual examinations, he reportedly wrote to her principal requesting double promotion.
The request was not merely a recognition of her brilliance. It was also intended to shorten the period of schooling and reduce the financial burden on him.
That episode captured something fundamental about his character: he valued excellence, but he also understood the sacrifice required to create it.
Even though he was known to be strict and careful with his hard-earned money, he was generous towards people placed under his care.
He instructed that his wards should be supported until “Ubulu fa emechie” — a traditional expression meaning, in essence, until the brain closes or intellectual development is complete.
Education, in his view, was therefore not a luxury. It was an obligation.
STRICT WITH HIS CHILDREN, PROUD OF THEIR SUCCESS
His philosophy of education was particularly evident in the upbringing of his own children.
A poor report card could provoke his anger, but academic success brought overwhelming joy and pride.
Although his sons lived and attended primary and secondary schools in Lagos Island, he insisted that they spend their holidays with members of the extended family in Nnewi, Onitsha or Port Harcourt.
At other times, they stayed with his cousin, Felix Okonkwo, popularly known as Okonkwo Kano, in Kano.
The arrangement ensured that despite growing up in Lagos, the children remained connected to their extended family and their roots.
SIX DECADES, BUT THE MEMORY REMAINS
For a man who died in 1966, Sir Odumegwu Ojukwu’s name has proved remarkably resilient.
His family continues to preserve his memory. His company continues to honour academic excellence in his name. Institutions continue to bear his name. Plans for scholarships and other charitable projects seek to extend the values he espoused to another generation.
And those who knew him continue to remember the man behind the achievements.
They describe him as a man of honesty, integrity, boundless energy, kindness, discipline, generosity and an unwavering belief in education.
His story is therefore not simply that of a wealthy businessman who lived and died six decades ago.
It is the story of a man who understood that wealth could be used to build people, institutions and opportunities.
It is the story of a businessman who became a philanthropist, a family patriarch who became a mentor, and a public-spirited citizen whose influence extended beyond his immediate commercial interests.
As the 60th anniversary of his death is commemorated, the central question is not merely how Sir Odumegwu Ojukwu should be remembered.
Rather, it is what should be done with the values he left behind.
For his family and associates, the answer appears clear: keep the legacy alive — through education, enterprise, service and giving.
A solid and unapologetic Igbo man, he was, nevertheless, completely detribalised in his outlook. Sir Odumegwu placed competence, loyalty and integrity above ethnicity, and Nelson Oyesiku’s appointment to the National Shipping Line in 1964 was just one example of this philosophy. He was an extremely family-oriented and down-to-earth man, yet he had a refined taste for Savile Row suits, shoes from Harrods, and choice traditional attire, some of which came courtesy of Alhaji Razaq Okoya’s father and others. At the time of his death, his principal residence was ‘Eastern House’ on Hawksworth Road, Ikoyi, Lagos.
His taste extended to his vehicles, although his impressive fleet never altered his simple and adventurous habits. LA 1 was a Rolls-Royce Silver Wraith, while LC 1 was a Cadillac. The fleet also included an Armstrong Siddeley, Oldsmobile, Pontiac, Rover and Land Rover, ably handled by Mensah and Clement. Despite having such a fleet, he was known to travel from Lagos to the East, often at night, sometimes alone with a trusted driver, a firearm cradled close at hand. The household services were handled by Oriuwa in the kitchen and Bernard, while his beloved pets included two Great Danes, Hector and Flash.
Sixty years after Nkalagu, Sir Odumegwu Ojukwu may be gone, but the ideals associated with his name continue to find expression in the lives of those he touched and in the institutions that still bear his imprint.
PHOTOS OF SIR OJUKWU FROM THE ARCHIVES


Editorial
ADDRESS BY THE PRESIDENT OF THE CATHOLIC BISHOPS’ CONFERENCE OF NIGERIA DURING A COURTESY VISIT TO HIS EXCELLENCY, PRESIDENT BOLA AHMED TINUBU, GCFR ON 28 JULY 2026 (FULL TEXT)
PARTNERS IN BUILDING A JUST, PEACEFUL AND PROSPEROUS NIGERIA
Mr. President,
1. Greetings: I bring you warm greetings and prayers from all the members of the Catholic Bishops’ Conference of Nigeria. I am Archbishop Matthew Man-Oso Ndagoso, the Archbishop of Kaduna and the newly elected President of our Conference. I thank you immensely for granting us this audience, which offers us the opportunity to share with you some of our observations and genuine concerns about our country. This ensures the continuity of our collaborative engagement in the task of building a healthy nation that all of us would be proud to belong to: “a nation of justice, love and peace.”
2. The Visit of Archbishop Gallagher: Your Excellency, may we use this opportunity to express our gratitude to you and the Ministry of External Affairs for the warm reception that you gave to the Holy See’s Secretary for Relations with States and International Organisations, Archbishop Paul Gallagher, during his recent visit on the occasion of the fiftieth anniversary of Diplomatic Relations between the Holy See and the Federal Republic of Nigeria. We, as Nigerians and Catholics, are happy to share the two identities and proud of the healthy and unbroken relations between the two states. We believe that the relations will bear perceptible fruits for Christianity and Christians in our country. This, Mr. President, is a time when many Christians have legitimate concerns about their place in Nigeria, especially regarding the departure from the Christian/Muslim presidency, and we hope that, through deliberate government policies, those concerns will be addressed and Christians will be reassured of their rights as citizens. We expect that you will take steps to soothe frayed nerves and address the concerns.
3. Quality tertiary education and the challenge of limited spaces: Mr. President, Sir, you have shown a commitment to giving hope and succour to our youth through NELFund, the Student Loan Initiative. This deserves commendation. Unfortunately, by global standards, Nigeria does not as yet have enough universities to cater for a bulging youth population. Only a tiny fraction of the persons seeking admission into the university actually get it, owing to limited number of places available. We therefore hope that the recent moratorium placed by the National Universities Commission (NUC) on the establishment of new private universities does not cancel out the gains of NELFund.

4. Sustaining the gains of the democratic experience: Mr. President, on matters of the state, we are genuinely concerned by fears expressed across the country on the fate of opposition politics. You have a track record of having been in active opposition. Many voices are screaming over what they consider to be the constriction of the political space, with some fearing that a one-party state is being anticipated. Whether these fears are genuine or not, can only be tested by the signals citizens receive from Your Excellency as the leader of the party in power. To this end, we urge you to encourage elected political office holders who are members of your party – Governors, members of the National Assembly, Local Government Chairmen – to ensure that a genuine level playing field is maintained and that focus is placed on making everyone see that the rules and processes are fair to all and respected by all. As a man who risked so much in the struggle for the return of democratic rule in the dark days of military dictatorship, your greatest legacy would be the strengthening of our democratic institutions.
5. Credible elections for the avoidance of disaster: Furthermore, there have been growing concerns about the electoral processes. We note the efforts being made to ensure that the elections are free, fair and credible. Sadly, there is an increasing feeling of disenchantment with the clear manipulation of the electoral processes, and the collective feeling that people’s votes do not count. Lower voter turnouts are a mark of distrust in the electoral processes. It is our hope that you be on the forefront in demanding that the Independent National Electoral Commission, INEC, delivers credible elections, to ensure that Nigeria is set on the path of national development and integrity. This ought to start with making voters’ cards easily available to all eligible voters and end with election results that reflect the true choice of Nigerians. Adequate and timely funding of INEC is required to ensure that the Agency inspires the confidence of citizens. Anything short of transparent, free, fair and credible elections in 2027 would be an invitation to avoidable disaster against which all well-meaning Nigerians have been praying. We urge that the conduct of the political class should be in tune with the voices we lift to God in prayer.
6. But we need to be alive and secure first: Mr. President, we congratulate you for the recent successful release of the kidnapped school children and their teachers in Oyo State. The arrest of some of the kidnappers and their speedy prosecution is one of the few positive indicators of what a willing government and its agencies could do to protect the life and property of the citizens. We commend you for this and for other such cases in recent times. Unfortunately, these remain few and isolated exceptions. Our nation still remains a favourable destination for terrorism, banditry and high levels of insecurity that threaten our collective existence. Schools, places of worship, homes, farms, rural roads and highways. Nowhere is safe anymore, as bandits and criminals freely carry away scores of worshippers and schoolchildren, even in broad daylight undisturbed, kidnap and butcher simple as well as high profile citizens mercilessly and unapologetically. Our sovereignty is at stake and, even by African standards, our insecurity continues to diminish our standing and our ability to serve as the leader of Africa.
7. Worsening quality of life, suffering and pain: When the security situation in the country is taken together with the deterioration and near collapse of the power sector, the sorry state of our roads, the economic hardship, one wonders how much of the renewed hope agenda flaunted by your administration is being realised. Mr President, our nation is bleeding. The citizens are suffering and crying. Not only on account of the constant threat to their life by criminal elements, but also because of some policies of government whose promised positive effects have been delayed too long before being felt. You have said a couple of times that you hear their cries and feel their pain. But words are not enough. They expect concrete action that engenders some change in their condition.
8. Pope Leo XIV among us will strengthen our collective prayers and efforts: Finally, we believe that the problems and burden of our nation require a sincere commitment to good governance for the common good to the glory of God. We continue to pray for our dear country and appeal to you to take seriously our pleas for greater collaboration between the Church and the State for the overall wellbeing of our people. We believe that Mr President is aware that the Holy Father, Pope Leo holds our country very close to his heart and constantly prays for us. During our visit to him in March this year, he was quite enthusiastic about a visit to Nigeria on a date in the future. As you know, Sir, that will only happen if you invite him. We request that this be done soon. Our land and its people will benefit immensely from his presence and blessing.
9. Two particular requests: Mr. President, we respectfully place two specific requests before Your Excellency. First, we ask that Your Excellency give favourable consideration to the request on the return of mission schools to their original proprietors. We recall that this matter was raised during our meeting with you last year, and we remain hopeful that your Government will take the necessary steps towards its implementation.
Second, in the light of the Supreme Court judgment of 10 February 2026 affirming the constitutional right of Muslim students at Rivers State University to freedom of religion and worship, we respectfully request that Your Excellency direct the appropriate Ministries, Departments and Agencies of Government to ensure that this same constitutional principle is faithfully implemented throughout the Federation. In particular, we appeal that Christians, especially in the northern part of the country, who continue to face difficulties in acquiring land for the construction of churches or in freely exercising their right to worship, should enjoy the same constitutional rights and protection accorded to all Nigerians. Equal citizenship must be reflected not only in law but also in practice.
Once again, we thank you very sincerely for granting us this audience. We pray that the Almighty and merciful God may grant you the wisdom and strength to lead our nation and all its citizens towards that greatness that God has destined for us.
Matthew Man-Oso NDAGOSO
Archbishop of Kaduna
President, CBCN
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