Nigeria’s leading banker and founder of Stanbic IBTC Bank, Mr Atedo Peterside, has said that most Nigerians no longer trust the Independent National Electoral Commission (INEC), warning that the growing disillusionment could push citizens towards self-help in future elections.
Speaking on Channels Television’s Politics Today, the President of the ANAP Foundation criticised the electoral body’s performance under its former chairman, Professor Mahmood Yakubu, describing it as “a national disgrace.”
“I will never say never, but the INEC that was led by Mahmood Yakubu was a national disgrace,” Peterside said. “You just have to go on their IReV. If you have time, I will take you there myself and show you result sheets they uploaded — mutilated, sometimes with figures changed, and in some cases, they even forget to change the words.”
Reacting to the appointment of Professor Joash Amupitan as Yakubu’s successor, Peterside said the new leadership must work to rebuild public trust and credibility in the electoral process.
He also criticised the Nigerian judiciary for failing to meet public expectations, backing calls for reforms that would shift the burden of proof in election petitions from aggrieved candidates to INEC itself.
“You can’t allow a situation where INEC can do anything, bring out rubbish results, mutilated and everything, and then argue that it’s for the victim to prove that what they’ve done is wrong, when even a blind man can see that what they’ve done is wrong,” he said.
‘Security Cannot Be Fixed by Changing Service Chiefs’
Peterside said Nigeria’s worsening insecurity cannot be solved by merely changing service chiefs or military commanders.
He called for the adoption of a multi-layered policing system that includes state and community police, arguing that effective policing requires local knowledge and presence.
“Without state and community policing, it’s very difficult to deploy somebody from Adamawa or Zamfara to Akwa Ibom and expect him to resolve local crime. All over the world, policing is local because the policeman knows his environment and the people in it,” he said.
The economist added that insecurity in Nigeria has deepened despite repeated changes in leadership, insisting that the problems are structural rather than personal.
“I’m always sceptical about fundamental changes simply by changing personnel at the top. There’s more to solving an endemic problem than changing one man. Some problems are systemic,” he said.
‘Economic Reforms Deepened Poverty’
On the economy, Peterside acknowledged that the Tinubu administration’s early reforms — including fuel subsidy removal and exchange rate unification — were necessary, but criticised the lack of targeted relief for the poor.
“Yes, we deregulated fuel prices and unified the exchange rate, but what followed was mass poverty. When I go to my village, people tell me they didn’t receive a kobo from the government. So I keep wondering — who are they making these payments to?” he asked.
He urged the government to use the National Identity Number (NIN) database to implement direct cash transfers to the poorest Nigerians.
“With the national ID card, we can make scientific and traceable payments to the poorest Nigerians. Even if it’s ₦10,000 or ₦15,000 monthly, it’s better than zero. For someone unemployed, that can be a starting point to escape poverty,” he said.
‘Lawmakers’ Luxury Car Purchases Insensitive’
Peterside also condemned the National Assembly’s decision to purchase luxury sport utility vehicles (SUVs) for lawmakers amid severe economic hardship.
“Even in 2012, when Nigeria was in an economic crisis, the National Assembly members got Toyota Camry cars. Now, in a worse economic situation, they are buying luxury SUVs,” he lamented.
He called for sincerity, empathy, and accountability in governance, stressing that Nigeria’s recovery depends on structural reforms that balance economic policy with social protection and genuine security restructuring.
