...the COURSE of PROGRESS!

At the independence of the Nigerian state,vision was brithed, goals were communicated and hope was raised when Alhaji Tafawa Balewa in a most graphic , lucid and inspiring note declared these words in his Independence speech exactly 51 years ago that " We the elected representatives of the people of Nigeria concentrated on proving that we are fully capable of managing our own affairs both internally and and as a nation. All too soon ,it has become evident that for us, independence implies more than self-government...it seemed we were destined to move with quiet dignity to take our place on the world's stage" 51 years after, have we really PROGRESSED on this VISION? I quickly remembered the instructive words of H.A Fisher when he said that "The fact of PROGRESS is written plain and large on the page of history, but the PROGRESS is not a law of nature. The ground gained by one generation may be lost by the next. The thoughts of men may flow into channels which lead into disaster and barbarism" 

FOR ALL OF ITS UNCERTAINTY, WE CANNOT FLEE THE FUTURE !

You might have heard that “Uncertainty is the only certainty there is, and knowing how to live with insecurity is the only security” Believe me, I quite subscribe to the above quote and I strongly hold that the quest for certainty hinders the search for meaning and creativity. Uncertainty on the other hand is the very condition that propels man to unfold his powers and ingenuity. However, to what extent will UNCERTAINTY be pleasurable when it threatens the actual existence and happiness of man?

Over 1,000 global experts from the public and private sectors were surveyed; one-half of the respondents are pessimistic about the global economic outlook and one-quarter anticipates there will be an economic disruption during the next year. One in four say there is a lack of global leadership to deal with problems during this time and a majority fear a geopolitical as well as societal upheaval (Global Confidence Index)

Whichever side the swing goes, the fact remains that for all of its uncertainty, we cannot flee the future. I humbly stated in my paper-Basel Accords and International Financial Regulation :The Journey So Far that even the Basel Accords developed to regulate international finance and banking cannot in themselves prevent a crisis. Am I suggesting a folding of arms? Hell No! When the going gets tough, the TOUGH gets going. But the BIG question is this "To what extent will this uncertainty of global economy birth creativity in us? Hmm! Only TIME will tell !

For the full release and supporting information, please visit:
http://www.weforum.org/NR_ConfidenceIndex

FINANCIAL STABILITY

Following the global financial crisis and the Sub-prime crisis in the United States, real estate sector has become of increasing significance to financial regulators, governments, banks and indeed all stakeholders, as far as financial stability is concerned. The rapid growth in property markets, often supported by a strong expansion in bank lending especially in a number of emerging economies, has raised legitimate concerns on the issue of stability. The paper “The Property Markets and Financial Stability: Seeing Through The Lens” by Solomon Okedara, in a very admirable approach, analyzes the vital issues involved in property markets and financial stability, thereby proposing the most practicable and solution-oriented model in a real estate bubble-burst cycle.

Perhaps, the most irresistible part of this intellectually stimulating and empirically instructive work is the part which advises on effective supervision by regulators. This paper did not however, draw down its curtains without an expose on Asia and the Pacific and Nigeria under the sub-themes “Bringing The Lens Closer: The Asia and The Pacific Experience & The Nigerian Experience which fascinatingly reflects the differences owing to peculiar property situations,which definitely buttreesses the cliche that says "There are different strokes for different folks. WATCH OUT!

Banking and Financial Regulation on the GO!

The face and scope of banking and financial regulation has not remained the same since the advent of  Basel Accords, from Basel I of 1988 till Basel III of 2010. However, the nature,legitimacy, efficiency and effects of  Basel Accords especially the latest accord-Basel III are still shrouded in obscurity not only to countless lay men but Bankers,Economists,Lawyers and Risk experts alike.In a very admirable style, Solomon Okedara in a paper he delivered at the International Workshop on LEGITIMACY  AND EFFICIENCY IN GLOBAL ECONOMIC  GOVERNANCE in Lecce,Italy, titled Basel Accords and International Financial regulation:The Journey So Far gave a most succinct and comprehensive exposition on Basel Accords.

To read this paper click on National Mirror or Business Day to download click here

To view the Program of Event at the Workshop click here