- Dr. Gbenga Adeoye likened the plight of the Nigerian naira to a stroke, warning that without addressing corruption, it remains dire
- Adeoye emphasized the urgent need to eradicate kakistocracy and proposed a 13-point plan to foster development in Nigeria and Africa
In a recent statement titled “Kakistocracy: The Cause of Underdevelopment in Nigeria & Africa,” Dr Gbenga Adeoye, a lawyer and accountant, raised the alarm over the precarious state of the naira in the face of the dollar’s dominance.
Expressing dismay, Adeoye highlighted the misallocation of funds in several states, where designated funds for infrastructure projects are diverted to dollar investments, exacerbating the naira’s vulnerability.
Adeoye emphasized the severity of the situation, likening the naira’s condition to a stroke, attributing it to systemic corruption plaguing the country’s leadership.
“Without curbing corruption, the naira’s decline will persist,” Adeoye cautioned, urging for expert intervention to reverse the currency’s downward spiral.
The esteemed accountant condemned the rampant corruption prevalent in African nations, denouncing it as a manifestation of greed reaching unprecedented levels.
“We must eradicate Kakistocracy from our governance to propel the development of Nigeria and Africa,” Adeoye asserted, defining Kakistocracy as governance by the least qualified individuals.
Offering a roadmap for change, Adeoye proposed a comprehensive 13-point strategy, advocating for the recruitment of morally upright leaders dedicated to the rule of law and ethical governance.
“It’s imperative to replace incompetent leaders across all levels of governance to pave the way for Nigeria and Africa’s resurgence,” Adeoye concluded, urging for decisive action to dismantle the scourge of Kakistocracy.
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