FRANK UKONGA LECTURE SERIES 9-: NIGERIAN/ AFRICAN ECONOMIC & FOREIGN POLICY THRUST: THE IMPERATIVES OF A PARADIGM SHIFT TO DIPLOMATIC & ECONOMIC RECIPROCITIES, TRUE EQUALITY AND DÉTENTE- FOCUS ON SWF, PRIVATIZATION, and SOLUDONOMICS , LAMIDONOMICS, & REPARATIONS ETAL.


FRANK UKONGA LECTURE SERIES 9-: NIGERIAN/ AFRICAN ECONOMIC & FOREIGN POLICY THRUST: THE IMPERATIVES OF A PARADIGM SHIFT TO DIPLOMATIC & ECONOMIC RECIPROCITIES, TRUE EQUALITY AND DÉTENTE- FOCUS ON SWF, PRIVATIZATION, and SOLUDONOMICS , LAMIDONOMICS, & REPARATIONS ETAL
BY PRINCE FRANK UKONGA.
In political philosophy the two broad categories that assert sovereignty of Nation states are:
DE FACTO PREMISES: De Facto premises as in being able to win legitimate mandate of an electoral college to rule over sovereignty or through coup de Etat or by what ever means addressed to secure the mandate of a larger part of the populace. The second premise is the De Jure recognition which comes after the ruling Government have been able to prove adequately that they have secured the De facto. DE JURE PREMISES: The De Jure premise borders on the recognition of the Sovereignty and its government by other international organizations and countries like the United Nations, world powers, African Union, Ecowas, and other Nations of the world. In contemporary times other world bodies like the Transparency International, the European Economic Community, the Commonwealth of Nations, the G8, the BRICS, The commonwealth of Independent States. The Benelux, The Euro Asian Economic community, etc have become increasing relevant in gaining De Jure recognitions by emerging sovereignties.
THE AFRICAN CASE: PARTTION OF AFRICA: THE PECULIAR ANTI BELLUM TRADE: SLAVERY, COLONIZATION AND IMPERIALISM: The cases of Nigeria and Africa has always been described by philosophers/historians as a peculiar anti bellum phenomenology as in the truculence of our historical and dialectical materialism for the past 500 years where All African Nations were raped by the impudence of the white colonialists in the schemes of things of African superlative civilizations. The entire countries of Africa as well as kingdoms were bastardized, denigrated, looted by the colonial powers and in place they Partitioned Africa and formed colonial governments after the abolition of the rootless slavery of looting treasuries and able men and women; peace loving men and women who never offended them as acknowledged by H.E. Abraham  Lincoln, to slave in plantations in America, Europe and Asia, used and denigrated as the beast of burden to build great cities and civilizations of London, New York, Paris, Brussels, Bogota, Rio De Jeneiro , Bones Aries…
THE STOLEN LEGACIES: All the wealth of the African continent were stolen away by the white Race both natural and human resources. More than 500 million Black men and women were removed from Africa by the R& D conducted by Prince Frank Ukonga in 1982-1990 which took me traveling to Europe, America and Asian continents visiting special classified libraries all over the world. In some cases like the EEC most important Library in Brussels where many of these secrets are kept I had to secure an approval from highly placed Lawyers and Attorneys of Western Europe before I was allowed a few hours under heavy security, to read some of these frightening documents of bills of Laden of slaves, wealth, and gold shipments from African ports to Europeans and American imperialists and many other frightening carnality, bestiality inflicted on the Black Race. The case is really despicable and lowly. And because of this I wrote the book “The Seething world- Reparations for the Black Race- A Functional Approach” published in 1992 and the book has been classified by American library of congress, the Wikipedia, the National library of Singapore, the National University of Asia and Pacific research in Australia and many Universities of the world as one of the most valuable book category of the world. That means you need a letter from a recognized attorney at law before you can be allowed to read my books. The books have made the deans list of many Universities in the world including the Northwestern University of the United States of America which is the university with the largest library in the entire universe and an Ivy League university. And recently it appears that by the copy right laws of the United States, a book of over 20 years may not continue to retain an author monopoly so more than 10 universities are claiming rights to the book of ten chapters, making the book the most shared book in the entire history of the Human Race in today’s Guinness Book of Records. In the book I wrote all the things and all the stratagems for African countries to pursue in economic development, in foreign policy thrust, in Agricultural, industrial etc , and tabled it one after the order on how to become a great super power in Africa and much more.
THE THEORIES OF ECONOMIC RECIPROCITIES: SOLUDONOMICS & PRINCE FRANK UKONGA THEORIES: SOLUDONOMICS is the economic theories of Prof. Sochukwuma Soludo who was the CBN Governor in the OBJ years of 2003-2007 based on quasi market driven supply side economy; had most of its premises similar to the features and recommendation of PRINCE FRANK UKONGA THEORIES -contained in my book- “The Seething World- Reparations for the Black Race – A functional Approach” published in the year 1992 a decade before Prof. Soludo became the CBN governor and the book was already well known by then and had made the deans list as far back as in 1993 of the Most prestigious university of North Western in Illinois USA. Among the concepts and ideas in the book includes the followings:
1.       BANKING CONSOLIDATION: The book dueled much on the frail nature of our institutions including the Banks and recommended merger and acquisition for All African financial institutions including Banks, insurance, Finance houses etc which Prof. Soludo implemented in 2004/2005.by consolidating Nigerian banks to 24 in number and strengthening them which he earned the award of Best Banker of the year from many prestigious financial institutions including the Financial Times of London. The idea and concepts has been published since 1992 by Prince Frank Onaivi Ukonga in his book “The Seething World”. And internet- eBook versions of the book of Prince Frank Ukonga were made by Google, Amazon books, Get sited Geo city, Open University library of USA,ABE eBooks, University of Indiana etc has e versions of my book used to teach their students and many marketing them since  1992 on the internet.
2.       AFRICAN MONATARY FUND: My book explained extensively the need for an African Monetary Fund and spelt out in Black and white clearly how to go about it, that even the mundane will comprehend it: addressed to liberate the African continent from financial imperialism for ever But when Prof. Charles Soludo implemented the African Monetary Fund issue they merely attached Africa as an appendage to the world Bank and , WTO, and IMF which was not exactly what I recommended and that is why we will continue to be dependent on International Monetary Fund, World Bank  as slaves to eternity. My theory was to pull us into independence so that the western Financial metropolis of IMF and World Bank will related with us in mutual economic and diplomatic equality and reciprocities by pulling out our special Drawing Rights collectively as African Nations and starting a new Global Financial Block/ House entirely.. It is still possible.
3.       REGIONAL BANKING: AFRICAN FINANCE CORP: In the case of regional banking implemented by Prof, Soludo, I spelt out clearly in my book how to go about establishing a Regional Bank that will cater for the African Nation states and the source of funding for the proposed Regional Bank was well spelt out in the book. But then Prof. Soludo implemented the idea in his own way and that is why the autonomy of Regional banking is not in sight but still glued to the manipulations of Western capital metropolis. I warned against this in the book.
4.       BANKING & FINANCIAL HOB FOR AFRICA: The book spelt out clearly the need for a banking and financial hob for Africa like the financial and Banking Hobs of Europe as in London Hobs and Geneva and I did suggested Lagos to be the African Financial and Banking hob of Africa and perhaps the Atlantic realm. Prof Soludo implemented this and made Lagos the Banking and Financial Hob for Africa. This was well implemented.
5.       CONSOLIDATIONS OF OTHER INSTITUTIONS: INSURANCE, AVIATION, BUILDING / MORTGAGE INSTITUTIONS; This was also implemented as contained in the book but its only in the case of insurance that something is still missing as in insurance companies are very rich institutions in foreign countries and are a great source of developmental finance for these countries and we need to rijig that department to create more jobs, and mobilized developmental finance for Nigeria/African countries.
6.       MICRO FINANCE BANKS: I wrote extensively on the issue of Micro Finance Banks as a means to mobilize rural and semi urban markets in the aspect of mobilization of developmental finance for African counties that need rapid social and economic development. The book was published before Prof. Mahmud Yunus of Bangladesh who is now been called the father of Micro Finance Bank began his own thesis. So he must have borrowed my ideas, but intellectual courtesy and ethics demands that he credits the source of his own thesis. I went in to so much detail about the Micro Finance Bank concept that even a non Banker can implement it successfully. Prof. Soludo implemented the Micro Finance Bank concept in Nigeria and it was partially successful but later I wrote a thesis on the reason why it could not mobilize the Nigerian rural and urban areas because of the enabling regulations that brought it to being in Nigeria. Most Micro Finance Banks began to compete with Universal Banks in cities and they had feet of clay so they had to crumble.
7.       BLACK ON BLACK IMPERIALISM: PRIVATIZATION OF NIGERIAN COMPANIES AND ASSETS: THE PROBLEMS PRESIDENT JONATHAN AND THE 7TH REPUBLIC MET ON THE GROUND: The privatization exercise of Soludonomics was an outright ripe off of the peoples of Nigeria and it should be revisited by the 7th Republic. In my book what I wrote about the need for privatization is either to turn most of the Federal and state owned concerns to joint stock companies and holdings, and no Nigerian is legally allowed to own more than 10% of the stocks so that it can empower many Nigerian families or on the contrary to use the concept of participatory capitalism as in the case of Russia, Poland, etc And other countries that privatized same time with us. Shares were allotted to all citizens of the country as their share as the companies being privatized belongs to all citizens. And if a family wants to raise working capital they can sell their shares to any other share holder and raise seed money to begin something else. So it enriched the entire Nation of Russia which helped most Russian Families and Polish and Ukrainian families to begin to participate in the economy and today of the 100 richest peoples in the world in the forbe magazine, Russians are more than 30 and it produced a rich society. In our own case the rich and some serving government persons bought the companies with moneys looted from the Nigerian treasuries using some big boys as fronts. So the entire country got short changed two times. It is sad and pathetic and this widened the gap between the have and the have not, poverty, joblessness, and a general decay of every thing in the Nigeria polity set in till today. Many of this problems were not created by the 7th Republic nor by President Jonathan, but they inherited these problems including the colossal 16 billion dollars wasted by the OBJ era on illusive power sectors and sale of all government properties, utilities, refineries, seaports, insurance, reinsurance cooperation, big Oil concerns, gas companies ,telecommunication companies, oil blocks, oil wells, rigs, manufacturing companies, steel companies, sugar companies, salt companies, pulp and paper companies , rolling mills, etc  it is uncountable. The duty of the 7th Republic is to collect all these companies back from the peoples that bought them and plot out a new equitable privatization formula that will carry majority of Nigerians as beneficiaries to create more wealth spread, justice and equity.
8.       GNP/HEAD: HOW OUR GNP/HEAD ROSE FROM $200/HEAD TO $1200/HEAD IN 2004, :I wrote in the book how to upgrade our GNP/HEAD economic indicator from then 200 dollars which placed Nigeria, a rich oil producing country in the category of poor Nations which was not good at all for our Image and I invented a mathematical formula also in the book called UFO/FRANK UKONGA CONSTANT in the context of complex Integral Mathematics that can immediately remove us from 200 dollar GNP/ Head to above 1000 dollars GNP/HEAD category.. Prof. Soludo expertly implemented this Idea, but passing through another method which I know but will not expose to anybody in this lecture series nor will I ever expose the concept he used in any other lecture series, he is a genius as well, as he achieved pushing our GNP/HEAD to 1200 dollars. I leave it to him to expose his own method in his own book which we are expecting, but it was ingenious and had same underlying reality as my theories.
9.       NATIONAL SAVING CERTIFICATES: HOW TO IMPROVE OUR SAVINGS/GDP RATIO: My book wrote extensively on the Savings / GDP ratio of Nigeria and African countries which was very low as Nigeria has a Saving/GDP ratio of less than 3% and most African countries less than 12 % and my book proffer solutions as to how to improve this by National enlightenment, mobilization and through cashless society. Also Prof. Soludo brought in National Saving Certificates financial instrument which was a brilliant concept which I also wrote about in the book but as saving coupon/ vouchers whatever we call it either certificate or papers the idea remains the same but it was poorly patronized and poorly implemented. By now the National Saving Certificate of Prof. Soludo would have become a second National trading and saving instrument like the treasury Bills of the Federal Government if well packaged which would have been fantastic for the economy. But he got the credit of implementing it.

10.    MALAM SANUSI LAMIDO:  Malam Sanusi Lamido started this year the Cashless economy concept which I explained in details in my book as in cashless Lagos. This will improve the saving culture of Nigerians and jack up the Savings/ GDP Ratio.

11.   SOVERIGN WEALTH FUND: To adequately plan for the future of young Nation states including emerging countries of Africa and Nigeria I recommended in the book the need for a SOVERIGN WEALTH FUND. SWF. Which H.E President Goodluck Jonathan implemented for Nigeria a few months ago which was a giant stride in consolidating Nigeria in international arena as a player in the novae economic reciprocities. Other Nations have also been adapting my concepts of SWF like Norway etc, But then I did recommended that the Sovereign wealth fund is not just doling out some funds to international fund Managers to be turning it over for us but should be a more comprehensive holistic issue of the INTERNATIONALIZATION OF OUR ASSETS AND LIABILITIES and now I will move everybody into the proposed future of Nigeria as I theorized in the book .So welcome on board.

12.   INTERNATIONALIZATION OF OUR ASSETS AND LIABILITIES: NIGERIA PLC: As at the time my book was published in 1992 Nigeria and most African countries were indebted to the tune of 300 billion dollars and in my book I proffer several ways by which young Nation states can pay up the debt and swim into the world of economic and industrial prosperity. But then for some peculiar Oil rich Nations like the Nigeria case study whose debt burden was not a consequence of insolvency but illiquidity i.e.-a manifestation of lack of developmental finance to grow out of the debt crisis as Nigeria was owning then only $ 30 billion dollars, I proffer some ingenious ways to go about liquidating the debt and coasting to a new world of economic and industrial prosperity. The suggested stratagems then were:

13.   REPARATIONS:BASORUN MKO ABIOLA: As one of the pillars of diplomatic and economic reciprocities:  I recommended in my book Debt Repudiation by positing the trilogy of slavery, Colonization and imperialism as the remote causality of our indebtedness which was championed by MKO Abiola as we were then reasoning alike. And we were to demand for REPARATIONS on the floor of U.N General Assembly and a Marshal plan for the development of the African continent and a debt forgiveness plea based on the aforementioned premises which Basorun MKO Abiola had almost succeeded in achieving, save for the June 12 election debacle Nigeria would have arrived as a world supper Power by now if the leadership of Basorun MKO Abiola was acceptable to all and he would have implemented our REPARATION IDEAS which includes all the aforementioned to the letter in the proper ways recommended and not patronizing   subserviently to western imperialist metropolis as implemented by Soludonomics that quickly rushed to pay up the debt which was not even necessary as at that time he paid 20 billion dollars. What some Nations like the Russian and Paris clubs we owed substantial money of up to 12 billion dollars wanted was to convert the debt to equity swap,

14.   DEBT EQUITY SWAP:AS A STRONG PILLAR OF DIPLOMATIC AND ECONOMIC RECIPROCITIES: The Russian Federation had opted since the Abacha era for a debt equity swap which they wanted to use as an investment into the Nigeria Economy and it was not a secret. But why Soludonomics decided to pay back all these monies that even the World Bank and many stakeholders’ felts we were ripe for debt forgiveness/ Debt equity swap, as in Pakistan and many other Nations got Debt forgiveness after the Middle East crisis is still a big surprise. It generated lots of international controversies but later the case was rested.

15.   DEBT PAYMENT OF 20BILLION DOLLARS BY SOLUDONOMICS: my book never supported debt payments in the whole or partial nor do we support debt re schedulment and interest paid therein. But Soludonomics paid 20 billion dollars out, when the issue was not even necessary and if he had implemented the real aspect of my theories about the internationalization of our assets and liabilities the debt would have vanished into the scheme. The debt will simply collapse into the grand design as a non issue. Later Prof Soludo began to implement the internationalization of our assets and liabilities concepts in my book in fragments, which became of no important use. Like the raising of 500 billion Naira bond, the placement of Nigerian companies in foreign exchange markets, the opening up of Nigerian Bank Branches all over the world, the establishments of TRASCORP ETC as an international carrier company to begin the emergence of Nigerian TRANS- INTERNATIONAL/ MULTINATIONAL GLOBAL COMPANIES as in, the emergence of New player in the field of international capitalism which was messed up again. The issues of internationalization of our assets and liabilities in my book were bonded as a holistic abellian phenomenology and cannot be implemented with positive results when fragmented. But the theories are very sound, as they were based on empirical, well calculated calculus, of integral differential equations of complex phenomenology. But a little success has been achieved in this regards as in the internationalization of GLOBACOM, OANDO, and in the Banking sector. The Petroleum sector which would have prime led the internationalization as I recommended in the book is still in quagmires in Nigeria and that is why we are having problems now. The book recommends that Nigeria plc should have refineries all over the world. We should establish our Mega Petrol stations all over the world to generate jobs and conquer the entire world. What’s holding us back? But ourselves, our thinking and mind set which is myopic, dark, selfish, and self centered and cocoon. The world is ours, let’s take it and go big. The cocoa industry and other primary raw material were also mentioned in my book; what’s wrong if we have cocoa beverages companies like Cadbury all over the world, or cashew and palm oil plants all over the world or coffee plants all over the world, or cement plants all over the world. My R and D on our ferrous Iron ore deposits in Nigeria can feed the world mills for above 2000 years, what’s wrong if we had iron and steel mills all over the world..etc;. And these and much more are the concepts in my book encouraging young Nation states including Nigerian to brake down imperialist barriers, and  fear and march into a world of economic and diplomatic prosperity. These are only synopsis or little fragments from my book of ten chapters. The book is loaded with billions of ideas and that is why it has become one of the most valuable books of the Human Race that you will need a special permission from a recognized attorney at law, to read the whole book by those institutions that have copies of my book in the international communities of Europe, Asia and America. The book was written by me, Prince Frank Onaivi Ukonga. My book is being used by special research institutes to groom leaders of the advance world in Europe, Asia and America. And in Nigeria if you watch closely all the activities from OBJ era to this very moment that are spectacular and important including the VISSION 2020, I had written about them in 1992 and it is only been implemented by various administrations some selfishly, some correctly etc.

16.   INTERNATIONAL FINANCIAL SYNDICATIONS: Another way out of the debt trap was through international financial syndications addressed to bail us out of the debt burden and provide sizable working developmental finance to be judiciously managed in profitable ventures addressed to grow out of the debt trap.

17.   DEBT CARTELIZATION: The issue of debt cartelization is fairly complex, but it became the inner core of the internationalization of our assets and liabilities theory as i blasted and criticized most economic schools of thoughts and analyzed all the various macro economics schools before arriving at this ingenious theory of Debt cartelization through the issuance of discountable coupon vouchers redeemable at a portable date in human history as Nigeria PLC to the tune of 10 trillion dollars , securitized by all our assets and liabilities on a global basis to be marketed aggressively by the same management of the SOVEREGN WEALTH FUND not separately but as Nigerian PLC in all stock exchange markets of the world , giving all citizens of the world  the opportunity to buy  into our assets and liabilities( like the American visa lottery) and would herald the emergence of Nigeria as a New African world super power in all calculation automatically….. in this content I slammed most economists who are suckled by the milk of diminishing returns and when it comes to scarcity and debt management they are found wanting… all they know how to do is to manage and mismanage  assets, not comprehending that even your so called liabilities as in debts is a great asset as well that can be productarized and marketed. This on a secondary stage will give birth to the GOLDEN NAIRA which will be a convertible international currency of the Nigerian federation and spend round the world as a holding currency like the American dollar. And now we have arrive at why CBN Governor Malam Sanusi Lamido wanted to produce N5000 NAIRA NOTES AS I RECOMMENDED IN THE BOOK./But it should be golden international Naira note, maybe equivalent to N5000, but, not to be  mixed with the general circulating local Naira. And before this could be done I recommended that some certain things must be in place.



18.   SANUSI LAMIDO SANUSI, N5000 NOTE VS THE GOLDEN NAIRA CURENCY OF PRINCE FRANK UKONGA THEORIES: In my book I recommended the production of the GOLDEN NAIRA which will be a higher denomination Naira Note that will have all the features of convertibility and will become the new diplomatic and economic policy thrust of the Nigerian Federation as a holding currency just like the American dollar,  as becoming a financial hob will be very impossible without having a convertible currency otherwise we shall end up as mere centre of financial speculation. But then I recommended that certain feature of the economy must be in place otherwise we shall end up with bankruptcy as we shall become a net exporter of capital if not well formulated. And those things needed to be in place before the emergence of N5000 idea of Sanusi Lamido as a super currency are not in place yet. And that was why I kick against the N5000 NOTE PROJECT of CBN. It is premature, ill timed and we have not gotten to that stage as recommended in my book and thesis. We need to guarantee a stable electricity supply 24/7, an enabling environment for business to thrive, our Sovereign Wealth Fund is too frail, our external reserves fragile, our economy monoculture, the real sector is dead, industries and manufacturing is comatosed, redundancies of skilled and unskilled labor, 8000 companies manufacturing companies closed shops and relocated to neighboring Ghana in recent times, we have big problems in virtually all sectors of the economy. So it will be economic suicide to print and circulate N5000 NOTE. It will lead Nigeria to ruins, death and grief.
19.   THE GREAT DESTINY OF PRESIDENT JONATHAN AND THE 7TH REPUBLIC OF THE FEDERAL REPUBLIC OF NIGERIA: History beckons at this administration of President Goodluck Jonathan, as there is a cause waiting for somebody to make a hero out of it. And that is bringing Nigeria back to its long for glories of industrial and economic prosperity, creating an enabling environment for business and life to thrive, generating and distributing electricity 24/7, Marshal nationwide infrastructural development, job creation, generating liquid steel and moving us into a manufacturing category and the most ever favored government that has a strong goodwill in the history of Nigeria is the government of President Jonathan Goodluck and the goodwill is still there for him. He is loved by the majority of Nigerians, the next thing he needs and lacks are good ,honest, intelligent ,lieutenants in the flanks and around him to be committed and dedicated, to do what exactly destiny has in stock for him. His destiny in subsequent creation is to be the Ata Turk (of the Ottoman Turks) of the Nigerian Nation. And if he can move in the right direction he would leave a great indelible mark in Nigerian History and in the affairs of men the world over that would be cherished and remembered from generation to generation till the end of time. I wish the 7th Republic and President Jonathan, Good luck.
20.   LONG LIVE FEDERAL REPUBLIC OF NIGERIA
21.   BY PRINCE FRANK ONAIVI UKONGA- GOVERNORSHIP CANDIDATE EDO 2012 -AUTHOR OF THE BOOK- “THE SEETHING WORLD- REPARATIONS FOR THE BLACK RACE – A FUNCTIONAL APPROACH”-PUBLISHED IN 1992 AND ON THE GOOGLE e-BOOKS-internet.

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