•as he celebrates Wealth Festival (Odun Aje) with Lagosians
Aare Onakakanfo of Yoruba land, Iba Gani Adams, on Monday, expressed concern over the continued depreciation of the Nigerian naira, saying that there was an urgent need for the Federal Government to look into the best way to help the currency to regain its value.
Iba Adams made the call in Agege, Lagos State during the celebration of the 2023 edition of Wealth Festival (Odun Aje), with the host being the Oba of Orile Agege, Oba Hakeem Agedeyi Ambali.
Besides, he also said there was the need for zero tolerance against corruption, alleging that 80 per cent of Nigeria’s revenues were being embezzled by those in positions of power.
The Yoruba generalissimo, while calling for urgent rescue of the naira from further depreciation, noted that the development had affected the country in the global market, asserting that the Nigerian naira was of little value to Ghanaian Cedi, South African Rand, Namibian Dollar, among others.
This was just as he noted that the sage, Chief Obafemi Awolowo, projected a strong naira as the currency that would stand the test of time, recalling that there were “good memories of some years when our naira was equal to United Kingdom Pounds sterling and even higher than the American dollars.
“There is an urgent need for the Federal Government to look into the best way to help the naira regain its value.
“It is a matter of concern to see how the Nigerian naira depreciates daily.
This continuous depreciation of the Nigerian currency has affected the country in the global market.
“I feel bad whenever I see how the Nigerian naira has lost value among the currencies of the world.
“Nigerian naira is of little value to Ghanaian Cedi, South African Rand and even the Namibian Dollar.
“For instance, one Ghanaian Cedis is N39.09 Nigerian naira. One Nigerian naira is less valuable than the South African Rand. One South African Rand equals N24.98 Nigerian naira. Also, the Namibian Dollar is more valuable than the Nigerian naira.
“The American dollar is put at over N700 to our naira while the United Kingdom Pounds is much more valuable than the naira trading at over N800 to Nigerian naira,” Iba Adams stated.
According to the Yoruba generalissimo, the depreciation of the country’s currency being experienced today was not only resulting from bad leadership, but saying it was also a result of the citizens’ failure to appreciate the deity in charge of wealth -Aje.
“The depreciation we experience today was not only resulting from bad leadership, but it was also as a result of our failure to appreciate the deity in charge of wealth -Aje.
“I am of a strong conviction that our naira loses value immediately after we changed the Nigerian currency from naira and Kobo which were the popular coins.
“In the beginning, the Nigerian naira has a spiritual value that ranked it higher than other currencies of the world.
“The late Chief Obafemi Awolowo projected a strong Nigerian naira as the currency that would stand the test of time.
“But the idea and the projection became a pipe dream when our currency was changed my and the Kobo was removed from our currency to what it is to date.
“There were good memories of some years when our naira was equal to United Kingdom Pounds sterling and even higher than the American dollars.
“We lost the spirituality of our wealth and our naira continued to depreciate in value and standard.
“As far as I am concerned, my take on this is clear.
“There is an urgent need for the Federal Government to look into the best way to help the naira regain its value,” he said.
Speaking on the need for zero tolerance against corruption, Iba Adams urged for a just society, noting that a just society is one that is transparent and corrupt-free.
Besides, he said it was also a means to get the mercy of the highest God as a nation as, according to him, “prayers and appeasing the deities are not enough.”
On the significance of celebrating the Wealth Festival (Odun Aje), the Yoruba generalissimo said it was to seek wealth in abundance and also “in our own interest to change the ugly narratives about the way we despise the deity that is in charge of wealth.”
“We celebrate Wealth Festival in order to educate and enlighten those that are ignorant of the reason for this festival,” he added.
Royal fathers present at the event include the Onimapara of Mapara Kingdom, Oba Lateef Amodemaja, the Alayandelu of Odo Ayandelu, Oba Asunmo Balogun, the Oniladaba of Ladaba Kingdom, Oba Nureni Eebudola Alugbin, the Onirokun of Irokun Kingdom, Oba Buhari Balogun, the Alagbegise of Agbegise Kingdom, Oba Joseph Ikudaisi, Oba of Ogunfayo land, in Iwereku, Ibeju Lekki, Oba Muftau Olanrewaju, among others.
Other guests are: Prof. Kolawole Raheem, the Parakoyi Aare Onakakanfo of Yoruba land, Chief (Mrs.) Esther Oyebola, the Yeye Opeluwa of Aare Onakakanfo of Yoruba land and other chieftains of Orile Agege, among others.
The event also witnessed traditional music and cultural display.
