The gradual and deliberate financialization of Nigeria on behalf of global capital is absolutely real, and it is unfolding right before our eyes.
The biggest, most terrifying red flag of JPMorgan Chase making serious moves toward opening a merchant banking branch in Nigeria is the highly calculated timing.
Ask yourself: why did JPMorgan not move into Nigeria during the height of the oil booms of the early 2000s and 2010s, when Nigeria boasted an annual GDP growth rate of 7%? Why are they choosing to swoop in right now, when unprecedented hardship is spreading across the country like wildfire, to the catastrophic extent that over 65 percent of our population is actively suffocating in multidimensional poverty? Why are they choosing to come exactly when local manufacturing companies are folding up, factories are shutting down, and the daily cost of living has become mathematically unsustainable for the working class?
Could it be that what we, the general public, experience as agonizing "hardship" was actually systematically set up, engineered from scratch, and ruthlessly executed to make the country safe, cheap, and exceptionally profitable for foreign institutional capital?
1. ON BEING CHEAP
To verify this, we simply need to recognize that the mandatory ₦50 billion capital requirement that JPMorgan had to commit to secure a Merchant Banking license in Nigeria would have cost them a massive $250 million under the Goodluck Jonathan administration, when the exchange rate was roughly ₦200 per dollar. Today, thanks to the catastrophic currency floatation, they paid a paltry $33 million, as the exchange rate currently sits at a miserable ₦1,400 per dollar.
JPMorgan may not officially own the IMF and the World Bank, but they operate in absolute structural alignment with them to ruthlessly enforce currency devaluations, market deregulation, and free-market conditionalities on heavily indebted nations. These deliberate devaluations of the Nigerian currency, which were aggressively amplified under the NEEDS programme during the Obasanjo regime, have systematically destroyed the purchasing power of the Naira over the decades.
Now, understand that Nigeria is not the first country in the Global South that JPMorgan has swooped into. JPMorgan aggressively moved into Mexico in 1994, Argentina in 2016 under Mauricio Macri, and Greece in 2012. In every single one of these historical scenarios, the host countries were at their absolute lowest, bleeding from record hyperinflation, extreme poverty, and drowning in sovereign debt, all thanks to the brutal Structural Adjustment Programmes championed by the IMF, an institution whose policies are heavily dictated by the exact same Wall Street banking cartels that JPMorgan leads. They wait for the currency to collapse so they can buy up the country for pennies on the dollar which is a consistent pattern and part of their operational doctrines.
2. ON BEING SAFE
We must aggressively ask ourselves why JPMorgan is all of a sudden so deeply interested in Nigeria. If we look at recent history, JPMorgan has been among the most ruthless, unforgiving critics of Nigerian monetary policies.
In 2015, under the Buhari Administration, global oil prices crashed. In response, CBN Governor Godwin Emefiele introduced strict currency controls and pegged the official exchange rate at roughly ₦197/$. While this protectionist move temporarily held the domestic economy stable for everyday citizens, it also meant that foreign investors could not easily convert their local bonds back into US dollars without facing friction and capital controls. JPMorgan considered this to be "reckless" and highly unsafe for the greedy interests of institutional capital. On September 8, 2015, they violently retaliated by removing Nigeria from their flagship local-currency Government Bond Index (GBI-EM), instantly triggering a massive, catastrophic sell-off of up to $3 billion worth of Naira-denominated sovereign bonds. This proves beyond a doubt that economic "safety" for ordinary citizens does not translate to "safety" for predatory institutional capital.
Secondly, in May 2022, JPMorgan removed Nigeria from its prestigious list of "overweight" (recommended buy) emerging market sovereign bond issuers, downgrading the country to "neutral/underweight." Their explicit reason for doing this was that Nigeria was suffering from massive industrial oil theft and, more importantly, that the government was spending "too much" on life-saving fuel subsidies for its citizens. Because global bond managers heavily benchmark their multi-billion-dollar international portfolios against JPMorgan’s Emerging Market Bond Index (EMBI), this downgrade triggered an immediate, devastating chain reaction, and Nigeria was instantly shut out of international capital markets. Because the Nigerian state could no longer afford to issue new Eurobonds to finance its budget deficits, the Buhari regime adopted the "Ways and Means" doctrine, recklessly printing trillions of Naira to fund government deficits, which directly fueled the severe hyperinflation we suffered in 2023 and 2024.
Thirdly, in August 2023, JPMorgan publicly humiliated and exposed the Nigerian financial authorities by publishing a damning estimate that the CBN’s true net foreign exchange reserves were down to a terrifying $3.7 billion (compared to the publicly stated gross figure of $33 billion).
JPMorgan has always been a ruthless adversary of Nigerian economic sovereignty. Their historical policies, alongside their seamless collaboration with the IMF and World Bank, confirm that their sudden interest in Nigeria is strictly for the extraction of wealth for Global Capital, and not for the poor, working-class masses who are currently being commanded by the media to celebrate this arrival as "good news."
This is exactly why we must ask ourselves: why do they all of a sudden feel "safe" to invest in Nigeria, after spending the previous decades engineering debt traps, forcing currency devaluations, and going to extreme lengths to eradicate our subsidies?
Well, they feel perfectly safe now because the Tinubu Administration has obediently cleared the $7 billion FX backlog. Even though that massive clearance was paid for with the raw blood, sweat, and tears of Nigerians condemned to unbearable hardship, it served as a brilliant, submissive green light to institutional financial warlords like JPMorgan. They feel safe now because the Monetary Policy Rate is currently sitting at a suffocating 27 percent. Even though this extortionate interest rate is an absolute death sentence for local businesses, forcing thousands of small industries to permanently close down, it is an absolute dream come true and tantamount to a financial orgasm for predatory banking cartels like JPMorgan.
To everyday Nigerians, these policies have engineered multidimensional poverty and crowned us the poverty capital of the world. But to JPMorgan, these draconian policies are the ultimate, undeniable proof of creditworthiness. These policies have successfully demonstrated to Wall Street that the Nigerian state is perfectly willing to impose agonizing, starvation-level austerity on its own citizens rather than ever allow foreign institutional money to breathe. And for this exact reason, they finally feel "safe" to operate in Nigeria.
3. ON BEING EXCEPTIONALLY PROFITABLE
Lastly, JPMorgan would absolutely not be moving into Nigeria if they did not consider our bleeding market to be exceptionally, astronomically profitable for them. This is an irony, because this exact period marks the era of the absolute least profitability for actual Nigerians, where skyrocketing energy costs, suffocating taxes, and hyperinflation are forcing local business owners to struggle just to keep the lights on. So why is this period of maximum domestic misery the ripest, most perfect time for JPMorgan to move in? Who exactly is their target audience?
They clearly will not be making their billions from everyday Nigerians opening basic savings accounts and running petty deposits and withdrawals. Even aggressive retail fintechs like OPay are currently operating at massive losses despite their endless marketing gymnastics. JPMorgan is securing a Merchant Banking license, which means they are completely, structurally insulated from the collapsing informal economic sector of Nigeria.
They are not here to lend money to the struggling cassava farmer in Benue or the tech startup in Yaba. They are here to underwrite massive sovereign debt issuances, facilitate lucrative mergers and acquisitions as desperate local companies are bought out by foreign monopolies, manage the offshore wealth and capital flight of the corrupt Nigerian political elite, and position themselves perfectly to asset-strip state-owned enterprises the very second the government is forced to privatize its remaining infrastructure to service its IMF loans.
They are here to feast on the carcass of a financially conquered nation.
Here are some rhetorical questions.
1. Which entity is Africa's largest trading partner and only source of meaningful technology transfer, infrastructure investment and material upliftment via cheap consumer goods?
2. For which entity did the US govt recently dedicate a $1.6bn propaganda budget to fight its growing influence in the world?
3. Materially speaking as an African, which of these 2 entities has had a measurable positive impact on your quality of life? The one building your railways and giving you cheap technology, or the one spending billions to invade your mind and place poisoned information there?
4. Why are you suddenly seeing videos and narratives like "Chinese woman holds her nose when African woman boards bus" being promoted aggressively across US government-controlled platforms like this one? Whose interest do these things serve? Yours? Or theirs?
Learn to be skeptical. Gullible people who take everything presented to them at face value will likely not survive this decade.
Challenge Level Impossible: Get a Nigerian boomer to admit that they messed up and were wrong about anything.
Something is genuinely wrong with boomers and X-ers. Somewhere between all that lead paint and asbestos they ingested, fundamental abilities were lost.
The guy you're replying to went to Atlantic Hall. I unfollowed someone I knew from Oxbridge College yesterday for amplifying the same retarded rhetoric.
Whatever tag or label they award to themselves, the most USELESS people in Nigeria continue to be those who had expensive Bantu Education. Because in addition to being just as dumb and uninformed as those who had the ordinary Nigerian Bantu Education, they are also convinced that they are "better" and "more exposed" than everyone else, which makes them get high on their own supply and become completely unteachable.
I would know because I grew up surrounded by them. I even have them in my family.
First of all, your social media outrage, boos, or cheers are completely useless to me. Nobody here feeds me, and if your knee-jerk emotional reactions made any difference, you wouldn't have that thing sitting in Aso Rock calling itself "president". Whenever you are done crying, you'll drink garri and shut up like you always do.
Second, for the benefit of the 10-15% of Nigerians who are still teachable and whose brains aren't completely rotted out by Nigerian Bantu Education and region-specific social media algorithmic programming, I want to ask a rhetorical question.
If like most Nigerians, you have no idea that General Sani Abacha established Nigeria's first and only nuclear reactor and nuclear research facility in 1996, the same year the US launched an urban bombing campaign in Nigeria and started giving arms training to Nigerian exiles in a nearby West African country ahead of a planned armed insurgency that was supposed to kick off in 1998 (I've personally spoken to at least one of these people), then what else don't you know about who or what Sani Abacha was?
What do you actually know about what his government represented to Nigeria beyond the same things you have heard for nearly 30 years? If it wasn't until as recently as 2018 that Nigeria was forced to give up its 1kg of 90% weapons-grade Highly Enriched Uranium which it obtained from China under the program Abacha's government created, and you had no idea when all this was happening, then what else don't you know about Nigeria?
Remember, the target audience of these questions is the 10 - 15% of Nigerians whose brains aren't already calcified and resistant to information. If you're part of the "I have 5 degrees so I am smarter than everyone else" or "I watch Gehgeh live streams" communities, kindly scroll past. This message is not for you.
I just said I should quietly inform you people that Nigeria under Tinubu has entered this chat.
They've has just announced 2 new deep sea ports in Ogun state and in Badagry in partnership with DP World, whose former CEO Sultan Ahmed bin Sulayem resigned earlier this year after he came out in the Epstein files cheesing over a video of a woman getting tortured.
Anyway the Epstein stuff is by the way. The point is that Tinubu's Nigeria is now part of at least 4 different imperial projects - US, France, UK and now UAE. A whole Nigeria is about to start moving like Djibouti on the west coast of Africa.
Unless someone can do something about Baba Ologun Olooro.
As you were 👋🏿
Syrian terrorist with $10m US govt bounty on his head = "transitional president"
Burkinabé president = "junta leader"
Oyibo empire "journalism" = extremely bad for your health.
As an African who wants to live long, stop consuming this crap. It's literally bad for you.
Pan-Africanists are and have always been right about everything. It's really just as simple as that.
Whether you have the moral fortitude and intellectual humility to haul yourself over the 60-metre high obstacle that is your own petty ego is another matter entirely.
This is the kind of "opposition" Nigerians love. Sue the presidency in a court that is under the authority of the Chief Justice who is appointed by the presidency.
1,000 motion, 0 movement.
If you tell them that they'd get a much bigger result if they came out in numbers and blockaded the US embassy in Abuja like the Nigeriens did the French embassy in Niamey 3 years ago, they'll tell you "Why don't you come to Nigeria and do it yourself? CIA man!"
Make una continue to dey whine una selves. Continue to "hold your leaders accountable" by suing them in Kekere-Ekun's court, and "voting them out" with an INEC that receives funding from the US government under a commissioner that is an APC member.
And when it doesn't work, do it again. If it didn't work the first 569,000 times you already did it, try it another 697,000,000 times. When you're reaching the end of the 55 years you are statically likely to survive as a Nigerian and you're finally realising nothing has changed, instead of telling your kids to do the opposite of what you did, tell them "nIgEriA iS cUrSed, dO aNythInG yOu cAn tO mOvE tO cAnaDa".
Very wise people, Nigerians. 🥲
You people keep deliberately misreporting and mis-framing this situation as a "Tinubu" issue instead of a "who put Tinubu in office for what reason" issue, and you know exactly what you are doing.
As if anybody "elected" Tinubu. Which election did he win?! Did you vote for him?? Because you are desperately avoiding the elephant in the room - that the US government PUT HIM THERE SPECIFICALLY TO SIGN EXTRACTIVE "DEALS" LIKE THIS - the next trick is to frame it deceptively like this.
You're busy beating the actual oyibo thief with a feather and making this about Tinubu, as if that incontinent old baga is the one making any decisions in Nigeria. K'eyin kuro fucking l'ona jor! Disingenuous asshats
After that MOU they signed today, Nigeria will be the next subject of a smug conversation like this between 2 colonisers from Epsteinstan. By the time they're done with us, we'll be like Mongolia - a nation that once mattered.
I'm very happy for all of us. Since we decided to be collectively foolish, all of us are going to die together as fools. Including me. No exceptions.
Inasmuch as some of you have sworn a lifetime blood covenant with being ignorant and hostile towards knowledge, we will not stop trying to crowbar your heads open and force in that knowledge you hate.
It might be a doomed endeavour, but we will keep trying nonetheless.
If the Nigerian Ministry of Foreign Affairs sends representatives to go to the US and sign partnership and sponsorship agreements with American musicians, publicists, entertainment lawyers and journalists, whoever signs such a deal will spend 5 years in federal prison for violating the Foreign Agents Registration Act (FARA).
In Nigeria, the US equivalent of the MFA (US State Department) has been doing exactly the same thing for the past 2 decades, embedding itself all over Nigeria's cultural and media spaces, and the natives involved are rather basking in the glow of being the "special selected few" chosen by Father Christmas Hamirikkka.
Nigeria has no FARA, so it is an open highway for anyone to come in and do as they please. The energetic, actively-consenting, long-suffering ashawo who always gets robbed by her clients and never gets paid, but who thinks enduring abuse from white men is a badge of honour, so her legs never close.
When that revolution comes and you see people like Osi Suave facing summary execution alongside your Aisha Yesufus and Yemi Adamolekuns, and all your celebrity artists immediately disappear into exile, don't even waste your breath shouting about "dictatorship" and "human rights" because you sef go collect.
This ashawo industry will end one day.
In the course of my engagements with Nigerians at home and in the diaspora, many of them have sought my opinion on investing in the ongoing Dangote Petroleum Refinery Initial Public Offering.
While encouraging them to buy, I must say that I remain very proud of the commitment and breakthrough of Alhaji Aliko Dangote's investment in the real sector of our country’s economy, across different sectors. This validates my position that we should move Nigeria from consumption to production.
I, therefore, encourage other Nigerian businesses to invest in the productive sectors of the Nigerian economy and also give fellow Nigerian citizens the opportunity to be part of the re-industrialization of the country by offering their shares to the public through public offerings. -PO
Abacus was killed, ya’radua was also unalived! They never really anticipated Jonathan or they reacted late, hence the who movement to take him out office which unfortunately fellow Nigerians like you and me sold the country just cos they wanted power.
Where did APC get all the monies they were throwing around then??
Where is BBC (not the one blackbonez used in pipping odumodu’s babe o) and CNN today?? Where are they??
I’ll help you! They’re are busy amplifying the whole Christian genocide bullshit so they can actually use that as a means to have foot presence in Nigeria which tinubu has approved for them so he can win his election in 2027.
At least we were all here early this year when Maduro was kidnapped??? What was their reason?? He’s a “dictator” and a “drug dealer”
The same people that claim to fight drugs, the same people that have tinubu’s drug files with them actually attended his inauguration.
Escobar has to die but tinubu should be president. Why??
Two different tales from the same mouth!
How is it that Paul biya of Cameroon was never referred to as a dictator but gaddaffi was killed cos he’s a dictator. Look at Libya today since gaddaffi died.
What has Paul biya done for Cameroonians?? Someone that lives abroad while he’s the president??
Why did the CIA murder lumumba brutally??? What were his crimes???
Why does every Nigerian president go to London first before contesting for presidency??
On a good day we’ll all down and look at the parameters they used in giving Nigeria its “independence”, that’s a story for another day
If you’re doing their bidding, CNN and BBC will be working overtime to sanitize your government’s image, even if you commit all manner of atrocities and “human rights violations”, they might even give you a global sports event to host so you can use that to launder your government’s image
Failure to do that, you attract their wrath!!
For anybody that cares to want to know, boko haram, iswap, lukarawa, etc, these are just foot soldiers planted by the coalition of strong nations calling the shots in the world to check whatever nationalist activities in sub Saharan Africa.
If Peter Obi somehow gets declared as the president of Nigeria, what boko haram did during Johnathan’s period will be child’s play. They’ll start going from house to house killing and murdering people in the cities, no longer in the village, just to create an uprising to topple the government.
Let’s do a little throw back. Prior to 2014, BH had over 10LGA in borno, All efforts to wipe them proved abortive until Johnathan went to employ a mercenary group from South Africa, that’s when we actually started fighting.
In months, this group was able to take back most of those LGA from BH remaining about 3/4. Unfortunately, Johnathan left and buhari came into power. You know the first thing buhari did?? Mf cancelled the contract of the mercenaries and BH resumed their normal operations which has lasted till date.
Pathetically, Nigeria and Ivory Coast have been the base for all manner of the foot soldiers of the west, aka terrorists, to plot their attacks and retreats from the countries that broke away from the western influenced ecowas, which includes Niger, Burkina Faso and Mali.
Ever since they broke away from exowas and formed their own union, it’s been from one terrorist attack to another. Why?? We are talking huge scale attacks
As a matter of fact, there was a proper coordinated militia attack on Mali some months ago. I’m talking proper attacks from different corners from over 12,000 militants, which ended up costing the life of their defense minister.
Do you know how incredible that number is?? Do you know how difficult it is to even raise, camp and train 1,000 men???
Who funds them??
Who houses them??
Who trains them?
Who arms them?
Who gives them vehicles and fuel??
your own reality, japa wont and can’t save us all. Which country will accept over 200m refugees or immigrants??
If I tell you that the CIA is funding PORN in Tanzania, your eyes might fall out of your head, but that is exactly what is happening, and if you understand the logic behind it, it makes perfect sense
This lady called Rachel Dangwa is a literal Tanzanian porn actress. An OnlyFans girl who receives Ford Foundation money via the #1 Ford Foundation baby in East Africa, Maria Sarungi (the one who is always at the scene of every crime in the region).
You might not think a porn actress holds political influence but she was literally involved in the October 29 regime change attempt last year, as Maria Sarungi herself testifies. As long as you have an audience that pays attention to you for whatever reason - whether you sing, or you dance, or you act, or you hit or throw a ball, or you show your vagina on the internet - you are potentially useful, and if you agree, you can be used as a tool of US foreign policy in your country.
As I've spent years trying to explain on this website, it is never "just entertainment" or "not that deep." It is PROGRAMMING. And if you accept that the US government has its hands all over the US entertainment and culture industry and you get why, what makes you think it would leave yours alone?
Whenever everyone wakes up sha...
No Objection to Legitimate Scrutiny of My Certificates
My attention has been drawn to reports circulating on social media concerning a legal action by an individual or group seeking Certified True Copies (CTCs) of my Bachelor of Arts degree in Philosophy, awarded to me in 1984 by the University of Nigeria, Nsukka (UNN), as well as other academic records and credentials relating to my admission into the University.
I wish to state clearly that I have absolutely no objection to the release of these records.
I respectfully request that the University of Nigeria, Nsukka, within the limits permitted by law, make available, upon legitimate request, my academic certificates, records, and other official documents relating to my admission and studies at the University. I equally have no objection to other educational institutions, within and outside Nigeria, which I attended, making my academic records available in accordance with applicable laws and procedures.
I believe strongly in transparency and accountability, particularly for those who seek the privilege of public office. Public scrutiny must, however, be fair, lawful, and applied consistently to everyone who seeks to lead our nation.
As a presidential candidate seeking the trust of Nigerians to lead our country, I welcome legitimate public interest in my background, qualifications, and record. I am prepared to subject myself to the level of scrutiny that should reasonably be expected of anyone seeking the highest office in our country. Those who seek to lead must be willing to demonstrate, through both their words and actions, that they have nothing to conceal from the people they aspire to serve.
In that same spirit, I encourage every presidential candidate to make their educational qualifications and relevant records available for legitimate public scrutiny. Doing so should not be regarded as an inconvenience or an attack. Rather, it is an opportunity to strengthen public confidence, promote accountability, and rebuild the trust of Nigerians in those who seek to govern them.
Leadership must reflect the values we expect from the society we hope to build. If we desire a Nigeria founded on transparency, integrity, accountability, and respect for institutions, those values must begin with those who seek to lead it.
I therefore welcome the scrutiny of my academic background and remain committed to the principle that those who ask Nigerians for their trust must also be willing to earn that trust through openness and accountability.
A New Nigeria is POssible. -PO