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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