By Agatha Emeadi
Sir Jude Ejiogu was a consummate banker who later held six positions in the Imo State government.
Therefore, his is one of the political gladiators in the state today.
As one who is grounded in Imo politics and governance, he now has his eyes on the big seat of Imo Government House in 2027.
Ejiogu in this exclusive interview with Sunday Sun, among other issues, hailed Governor Hope Uzodimma, for agreeing to abide by the Imo Charter of Equity to hand over to Owerri zone in 2027.
As a banker/finance person, you will have an insight into Nigeria’s economy, how do you see the major economic decisions and reforms the present government has taken?
I am a consummate banker who started my banking career from Texas Investment Bank in the United States of America before I came back to join Progress and Hallmark banks at different times. Now, for the President Tinubu economic reforms, so far have been well intended. What all those policies require are very strong-willed dogged determination to ensure transparency on their implementation. The people implementing should ensure there is transparency because they are all well intended. One of the notable and landmark economic policies of this administration is the floating of the naira against the dollar, which makes a whole lot of sense. There are a lot of advantages to that. Floating the naira against the dollar increases flexibility. Now, the floating exchange rate allows the naira to adjust to changes in the market condition, making it easier to respond to economic shocks. Secondly, it brings about improved competitiveness. A floating exchange rate can help Nigerian business become more competitive in the global market because exchange rate can adjust to reflect changes in the productivity and cost. Again, in foreign reserve, the floating exchange rate helps the Central Bank not hold too much money in her foreign reserve to defend a fixed exchange rate. Then, the floating rate can provide more accurate price signals to investors and businesses which help them make better decisions. But then there are also disadvantages associated with the floating of the exchange rate, which depends on the handlers like the Central Bank governor, ministry of finance etc, who are helping the president to implement the policies. It is for them to check the exchange rate volatility because it can lead to significant fluctuations in the value of the naira, which will make it difficult for business and individuals to predict future exchange rates. It is left for them to check inflation. A depreciating naira can lead to higher import prices which can fuel inflation and reduce the purchasing power of Nigerians. In addition, it can create uncertainty for investors which can discourage investment and hinder economic growth. Therefore, considering Nigerians economic diversification, which is heavily reliability on oil export. Then the floating rate may have to promote economic diversification, making non-oil export more competitive. So, this is what people at the Central Bank should do for Nigerians. One thing is about articulating and coming out with policies, next is managing the work. In order words, the CBN will need to carefully manage the inflation risk associated with the floating exchange rate. The government and central bank will need to work to maintain investor’s confidence and stability in the foreign exchange market. The home work is on the people handling the monetary and fiscal policy of the country. The president’s job is to articulate the policies that will help because if we must all look back, the country was not bouncing economically before President Tinubu took over; so, a lot of his economic policies are to drive for a better economy, with a lot of policies in place, though it will not bear fruits immediately. Rather, one will see a situation where people will suffer, but with time, things will take place. It will also lead me to the macro-economic reforms, which the handlers must focus on to drive on the aggregate economy. Macro-economic reforms usually target the overall performance of the economy, including issues like inflation, unemployment and economic growth. In a nutshell, President Tinubu means well, but we must follow the micro economic reforms into the reality with long term impact on the lives of Nigeria, if not, we will fail.
You said Nigerians are in a haste for the reforms to pick, but don’t you think they are affected one way or the other, taking cognisance of its effect on the health care delivery system, feeding, petroleum price etc?
Yes, it is affecting all of us. But the truth is that for Nigerians to get it right, there must be some measure that will make people suffer a little bit. I must also say that with the little suffering, productivity is on the rise. Reliance on foreign exchange and consumables are also falling. Our refineries are producing. Palliative measures which include a new minimum wage has been implemented. So, the government is doing all they can, but it will not work immediately. It is a gradual process. This is the time Nigerians have to sacrifice. We are buying from the same market. In the six months or one year, things will start to turn around. In our growing days then, there was austerity measure which was also the process of economic growth. Politicians will not call it austerity measure because a lot of things in terms of spending has to be constrained. Now, taking cognisance on the removal of oil subsidy is something that has to be done before the president took over. It was dilly-dallied and played games with it. Agreed Nigerians felt President Tinubu did not articulate it well before removing the oil subsidy. If he did not remove it the way he did, it would not have been removed till today. If he had given it to the policy implementation team to articulate and remove subsidy, it would not have been done because of the element of fraud. With the removal of subsidy, some governors have testified that their allocations have tripled presently. So, the money is being used at the local government and states levels.
If a president has removed oil subsidy, and went on spending spree acquiring a new private jet, yatch and other expenditures with high rate of inflation, economists saw it as economic waste, what is the reality of the removal?
A private jet is a government-owned aircraft that takes the president all over the world. If the one that is being used was still in good shape, he may not need changing it. Apparently, they have been managing it and one does not manage life and prestidge. He shouldn’t get to a city and his plane disappoints him.
Now, after your glorious years in the banking sector, you delved into politics, how has it been?
Well, banking is a holistic profession where we explore into financial issues, corporate bodies, international transactions etc. It is a much-organised system where goals, rules and modus operandi are clearly defined. But in politics, one deals with the entire society, people, institutions of diverse character. The good, the bad and the ugly. But the important thing is that one is consciously serving his people. Thinking for their betterment has been a sacrificial experience for me. Many would appreciate you while some would remain unappreciative. Let us understand that politics has its ups and down, high and low moments. In my case, I have had high moments because I am focused with clearly defined guiding principle. I have used all the positions I occupied in the past to help people and the system. My testimonies are there as a frontline team player.
As the former SSG to former governor, Owelle Rochas Okorocha, what was the issue on the present site of Owerri Mall where Shoprite situates, that saw you exit from the Imo government?
There was no fallout, mix-up or any issue. The day before Shoprite was inaugurated, my team and I visited the facility as the SSG. Seeing the excellent work being done, I eulogized and acknowledged the doggedness of the Chairman of Owerri North then, Nze Herbert Chikwe, because it was his brainchild. He worked for many years to bring that project into fruition. The next day, the governor came and inaugurated the place, and we all left. A day after the inauguration, I was asked to leave my position as SSG. So, a lot of people attributed it to the fact that I praised Chikwe. I do not agree with them. I held six positions in that administration. First, I was Special Adviser on internal generated revenue; I was the Executive Chairman, Board of Internal Revenue, Chairman, Local Government Service Commission, Chief of Staff/Commissioner for Special Duty before I became the SSG. There was no mix-up at all.
So, why were you asked to leave?
I would not know. It was at the same time that my people received me impressively. At that reception, notable Imo indigenes like the late Engr Emmanuel Iwuanyanwu, the late Dr. I.D Nwoga, PJK Onyewuchi, Tony Chukwu were all there. Friends from both Okigwe and Orlu zones were all in attendance. We also had about 170 traditional rulers, including the Eze from Owelle Rochas’ community. Basically, I cannot say what the problem was. Many things hovered around that, but I know I can give a good account of myself in the administration. An adage says, when one works well, more work will follow it. I regret nothing because I did my best.
Political terrain in Imo State is lopsided, knowing that in the last 26 years, Orlu zone has dominated the space. Ohakim from Okigwe zone has tasted it as well. What is your position on the Imo Charter of Equity?
Everything that has a starting point must have an end. The time to redress that domination and imbalance is now. Thank God that the Daniel in the person of His Excellency, Governor Hope Uzodimma, who God has sent to proclaim the equity. Maybe, if it wasn’t for him, nobody would have been talking of equity because he has proclaimed and said he would hand over to an Owerri zone in 2027. On the issue of Okigwe agitation, I believe that the gladiators from that zone will soon realise the futility of their claim and bury their ambition for now. It is unquestionable that for 26 years or even more, Owerri zone has not held the governorship position in Imo State. Okigwe through Ikedi Ohakim had it for four years, but we are also forgetting that Dee Sam Mbakwe is from Okigwe zone. The governor has made it easier, if not Orlu people would be jostling on the same position. It is a good development.
Being a seasoned government personnel, what can you say the present government has achieved in Imo State so far because Uzodimma is rounding off his eight years?
I think the governor is press shy because he has accomplished a lot, which is not in the public domain. The achievements are so glaring and visible in Imo State. Look at the Owerri/Orlu, Owerri/Okigwe, Owerri/Umuahia, Orlu/Uga roads are all completed with light. He has commenced urban city renewal in Owerri, Orlu and Okigwe. Quietly, he has upgraded Alvan Ikoku College of Education to a federal university. A feat his predecessors struggled with and could not achieve. He has established University of Agriculture and Environmental Sciences in Umuagwo and also established Imo State Polytechnic at Omuma. In the same vein, the Federal Medical Centre (FMC) Owerri is now a Teaching Hospital for the Federal University of Technology Owerri (FUTO). There is an ongoing power plant that is being completed at Izombe. If the power plant is finally completed, the whole of Imo State will not have any problem with power. Then it will be extended to other neighbouring states. His Excellency is doing well, including the Government House where befitting remodeled projects have taken place.
Insecurity that took over the Orlu/Orsu axis has gradually gained access to Ngor-Okpala, what do you think about this because that is the way in and out of the airport?
I must tell you that every security and insecurity is local. We are busy blaming the government, police, army etc, we should blame the traditional rulers and president generals of the various communities. Do they not belong to the communities? If in these communities, the traditional rulers inaugurate strong vigilante groups and ask government to approve arms for their security, they will get it to protect their communities. Then police and army will complement it. Insecurity is local. Every community knows their bushes, know new faces, know where it is biting them; therefore, the vigilante can attack new entrants in their communities and drive them away. People must put their eyes down to see, hear and say something. The herdsmen and bandits are not ghosts, but human beings. Communities should inaugurate strong vigilante groups to monitor their environments. Where there are suspicion, they would raise alarm and call for help.
Now that you have your eyes on the governorship election come 2027, if the mantle of leadership falls on your shoulder, what are those things that you will do to make Imo great again?
With what is on ground, one needs to consolidate unlike in the previous governments where nobody has been able to consolidate what others do. First of all, if I become the governor through APC, I will concentrate on consolidation before I look into areas like commerce and industry. It is also important we rebuild our economic system in Imo. We need the elementary/secondary schools to be given proper attention. It is also important that we start creating wealth by giving enabling environment for investors which is what Governor Uzodimma is doing right now. He has embarked on massive infrastructural development to enable investors come in. We have to bear in mind that our people have need for succour because there is poverty. We can achieve that by encouraging trade and industry. Security is a must. We will ensure and institute well equipped vigilante and that will bring Imo back to its glory. Among other several issues, the moment there is security, economy will definitely pick up because that is the key. Also making sure that the inter-land has good roads. Electricity that is important is being tackled. If I have to take over from him, I will take it from where he stopped and make sure it is actualised. Looking at our micro economic reforms, we will reform Imo, making sure that we are focusing on individual markets, specific markets aiming at improving efficiency, competition and resource allocation. All these are very key. We will create enabling environment and things will move forward.
As Governor Uzodimma has assured Owerri zone to warm up come 2027, we hope political gladiators will not rise from every family to be in the contest, otherwise is there any forum that is checkmating this?
We have various organisations like Imo Harmony Project. My worry is, in all these fora, do they not have people in mind? This is where the difficulty and problem will come from. What is important is to find out who is the most qualified person? Look at people’s profile and what they have done. Look at a state like Abia, Anambra, Enugu, Ebonyi. Their governors are people with good profile. It is not about money, but where are you coming from? Abia governor was my colleague in the banking industry, Anambra governor is a professor of banking, Enugu has a stake with finance, so it has to do with what you know, what can you do, not about vote buying; but who are you. It would be good for people who are grounded in governance, finance, people who know what it takes to complement and consolidate Imo. If I am the governor of Imo State, let God punish me if I touch any allocation because allocations are appropriated and I have no business with it. We, as a state can get it right if we are sincere. By God’s grace, we will get right.