Opinion
Nigeria’s inflation has turned to “greedflation” – Farooq Kperogi
Nigeria’s inflation has turned to “greedflation” – Farooq Kperogi
The naira is progressively rebounding against the dollar and petrol prices have remained largely stable, but inflation keeps rising almost unstoppably. Something isn’t adding up. If the initial drivers of inflation have been relatively tamed, why isn’t this reflected in the prices of consumer goods?
The answer appears to be embedded in a new term I’ve learned: “greedflation.” It’s a neologism made by combining “greed” and “inflation” to describe a situation where inflation is driven not just by the usual economic factors like supply and demand imbalances, cost-push factors, or monetary policy, but by corporate greed and the naked exploitation of consumers by conscienceless marketers.
Of course, it needs to be acknowledged from the outset that the ongoing, totally avoidable, unprecedented inflationary pressures on the Nigerian economy were activated by the thoughtless, insensitive, neoliberal, IMF-inspired economic policies of President Bola Ahmed Tinubu. There’s no way to sugarcoat it.
When you unleash a double whammy of petrol subsidy removal and a boneheaded depreciation of the naira (deceptively called “floating,” which is actually “sinking”) in a rudimentary, import-dependent economy like Nigeria’s, you inevitably open the floodgates to soul-crushing hyperinflation—such as Nigeria is going through now.
Fortunately, Tinubu seems to be seeing the light now. He has so far bucked pressures from the IMF to allow petrol prices to climb to over 1,000 naira per liter.
The government had denied Daily Trust’s September 2023 report that it had resumed paying subsidies through the backdoor to keep the current pump price of petrol. Five months later, the IMF confirmed the report.
The IMF regretted that Tinubu had “capped retail fuel and electricity prices” in order to “ease the impact of rapidly rising inflation on living conditions, thus partially reversing the fuel subsidy removal.”
The IMF doesn’t want the government to “ease the impact of rapidly rising inflation,” so it “advised the administration of President Tinubu to completely stop the payment of subsidies on petrol to free funds to run the government,” according to Daily Trust of February 14.
“Running the government” is more important to the IMF than the wellbeing of the people. People can drop dead on the streets as a consequence of starvation that subsidy removal instigates. The IMF doesn’t care. In fact, that is what it wants.
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Well, Tinubu’s Special Adviser on Energy, Mrs. Olu Veŕheijen, has called the bluff of the IMF— at least for now. On March 8, in defense of partial subsidies to stop petrol prices from increasing further, she said “the government has the prerogative to maintain price stability to address social unrest. They reserve the right to intervene.
“If the government feels that it cannot continue to allow prices to fluctuate due to high inflation and exchange rates, the government reserves the right to intervene intermittently…”
The naira is also being rescued with subsidies after it drowned in the shark-infested waters of the global currency market in the aftermath of its “floating”— at the prompting of the IMF, of course. Is Tinubu finally growing some testicular fortitude against the racist, callous, anti-people bullies at the IMF? It’s too early to tell.
Well, why are the effects of the thawing of the neoliberal nonsense that Tinubu started with not showing in the prices of goods? It’s partly down to the unrestrained avarice of sellers. This phenomenon is happening even here in the United States, although it seems to be less vicious than what I am sensing in Nigeria.
The traditional term to describe the act of taking advantage of consumers by arbitrarily jacking up prices is “price gouging.”
The idea behind this concept is that companies, retailers, and street sellers (in the case of developing economies like Nigeria) take advantage of certain conditions (such as supply chain disruptions, increased demand, economic recovery phases, natural disasters, etc.) to raise prices beyond what would be justified by cost increases alone, thereby increasing their profit margins at the expense of consumers.
Nigerians experienced this phenomenon in its rawest, crudest, most rapacious form in May 2023 when petrol marketers jacked up the pump price of petrol from less than 200 naira per liter to more than 500 naira per liter—on old stock that was subsidized by taxpayers’ money—shortly after President Tinubu announced that petrol subsidies were gone for good.
Greedflation is most observable, according to experts, in industries with a few dominant players or where there is a lack of competition, such as in the building sector in Nigeria. Interestingly, the government has been able to successfully persuade cement manufacturers to bring down the prices of cement, so this fact isn’t applicable across the board.
In the informal economy, prices of goods and services remain unusually high even when the factors that propelled them in the first place are easing. So, while the government is still to blame for the current inflation, the primitive acquisitive impulses of marketeers and profiteers help to make this worse.
As I pointed out before, this isn’t exclusive to Nigeria. Here in the United States, we’re also contending with greedflation and even what has been called “shrinkflation.” Shrinkflation occurs when companies, instead of increasing the prices of goods, shrink the quantities they put in the packages of the goods, which forces consumers to buy more.
So, there is a shrinkage in quantity, but not in price, and companies that do this hope you won’t notice. In a February 11 video, President Joe Biden called shrinkflation a “rip-off” and urged companies to put a stop to it.
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For example, the price of a bag of okra (as Oyinbo people call okro) at Walmart, which I regularly buy for my “swallow,” hasn’t changed, but the quantity has. Two bags used to be enough for a week’s worth of soup. Now I need four.
American consumers are fighting greedflation and shrinkflation by cutting back on spending, finding cheaper alternatives to products they habitually used, and ditching name brands for generic and cheaper brands.
This has translated to drastic declines in sales for many companies, which is forcing them to reduce the prices of their products to attract more sales.
I don’t know if Nigerian consumers have the alternatives that Americans have to cause sales declines in the products of greedy marketers, which might then force them to bring down their prices. Maybe not.
And that’s why governments in Nigeria have to be extra careful to not implement policies that can trigger inflation because prices of goods in Nigeria are like our ages: when they go up, they never come down.
Of course, there are exceptions. But, for the most part, petrol and commodity price hikes in Nigeria are often permanent. That’s how you know that “deregulation,” “liberalization,” “market forces,” etc. that Nigerian political elites influenced by right-wing economics like to spout are all scams. Any economy where prices go up and never come down for any reason is a giant swindle.
The Tinubu government that instigated this preventable downturn in the economy by playing the IMF playbook has a responsibility to help tame the monster of greedflation that’s devouring our people.
Strengthening the capacity of regulatory bodies to monitor and penalize price manipulation and collusion among businesses can help control unjustified price increases. Educating consumers about their rights and how to report unfair pricing practices can empower them to fight against greedflation—in addition to ditching exploitative marketers where they can.
The government can also borrow a leaf from governments in the West, which use tax policies to incentivize businesses to maintain reasonable price levels, especially for essential goods and services.
Fighting greedflation requires the commitment of both the government and conscientious elements in the private sector, along with the active participation of civil society, to create a more stable, fair, and competitive economic environment.
Nigeria’s inflation has turned to “greedflation” – Farooq Kperogi
Farooq Kperogi is a renowned Nigerian newspaper columnist and United States based Professor of Media Studies.
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Opinion
The Shettima danger for Tinubu, By Farooq Kperogi
The Shettima danger for Tinubu, By Farooq Kperogi
The Shettima danger for Tinubu, By Farooq Kperogi
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Opinion
Don’t Label Oyo Kidnappers as ‘Islamic Jihadists’ – Saudi-Based Nigerian Scholar Warns
Don’t Label Oyo Kidnappers as ‘Islamic Jihadists’ – Saudi-Based Nigerian Scholar Warns
- Says criminality remains criminality, warns against dangerous religious profiling
A Saudi-based Nigerian Islamic scholar, Mallam Ibrahim Agunbiade, has cautioned against the growing tendency to brand criminal gangs operating in Oyo State and other parts of the South-West as “Islamic jihadists,” warning that such narratives are misleading and capable of igniting dangerous religious tension.
In a statement issued on Sunday, Agunbiade, a Taalib (student) at Jami’ei, Islamic Propagation Rabwa in Saudi Arabia, expressed deep concern over the direction of public discourse surrounding insecurity in Oyo State, particularly following the recent abduction of pupils and teachers from three schools in the Oriire Local Government Area.
The scholar specifically referenced a programme on Splash FM 105.5 FM, “State of the Nation,” anchored by Edmund Obilo, where, according to him, repeated references were made to kidnappers and criminal gangs as “Islamic jihadists” allegedly bent on conquering the South-West and establishing dominance.
“Such sweeping and emotionally charged narratives may attract public attention, but they are not only misleading; they are also capable of creating dangerous religious tension in an already fragile society,” Agunbiade wrote.
He described the recent attacks in Oriire as “indeed tragic and condemnable,” adding that every responsible citizen must rise against such barbaric acts. However, he questioned the logic of automatically labelling criminal activities as religious missions.
“Since when did kidnapping schoolchildren become an Islamic mission? Since when did abducting innocent teachers and pupils become a religious obligation?” he asked.
“It is both irresponsible and intellectually dishonest to automatically label every violent criminal activity involving suspected Fulani bandits or kidnappers as ‘Islamic jihad.’ Criminality should remain criminality. Evil should be called evil without dragging religion into matters where religion itself clearly stands opposed to such actions.”
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Agunbiade pointed out what he described as a critical irony: many of the victims of these attacks are themselves Muslims. He noted that among the kidnapped pupils and affected families are Muslims whose lives have been shattered by the same criminals.
“So, how does one logically arrive at the conclusion that these kidnappers are fighting an ‘Islamic cause’ while terrorizing Muslim communities and targeting Muslim children?” he queried.
The scholar emphasised that Islam has never permitted the kidnapping of innocent people, attacks on schools, or the creation of fear and instability in society. He stressed that those who commit such crimes are enemies of humanity and enemies of peace, regardless of the language they speak or the religion they claim.
He further noted that respected Islamic bodies and leaders in Oyo State have openly condemned these criminal acts. He cited the Oyo State chapter of the Muslim Rights Concern (MURIC), which has issued statements condemning insecurity and calling for urgent government intervention. He also mentioned the Grand Imam of Oyo, Sheikh (Barrister) Bilal Husayn Akinola Akeugberu, as well as prominent Islamic organizations including MUSWEN, who have publicly expressed concern and called on authorities to intensify efforts toward rescuing victims and restoring peace.
“These are the voices that deserve amplification in our public discourse — voices of reason, peace, unity, and responsibility,” Agunbiade said.
He warned that when media narratives lean toward religious profiling instead of objective analysis, they risk inflaming ethnic and religious suspicion among citizens who have coexisted peacefully for decades.
“The role of the media in times of insecurity is not merely to sensationalize fear or promote divisive assumptions. Journalism carries a moral burden. Broadcasters and public commentators must exercise caution in their choice of words, especially in a multi-religious and multi-ethnic society like Nigeria. Words are powerful. A careless narrative repeated consistently can gradually poison public perception and sow seeds of hatred among innocent people,” he cautioned.
Agunbiade acknowledged the seriousness of insecurity in the South-West, noting that communities are under pressure, farmers are afraid, travellers are anxious, and parents are worried. However, he insisted that solving insecurity requires facts, intelligence gathering, effective policing, and sincere governance — not religious stereotyping.
“We must avoid turning a security crisis into a religious war narrative. Once criminality is wrongly framed as a battle between religions, the real perpetrators hide behind the confusion while innocent citizens suffer discrimination and hostility,” he said.
The scholar called on government at all levels to strengthen local security architecture, equip law enforcement agencies adequately, improve intelligence operations, and ensure that criminal elements are arrested and prosecuted. He also urged traditional rulers, community leaders, religious institutions, and civil society groups to work together in promoting vigilance and unity instead of suspicion and division.
“At this critical moment, Nigerians must refuse to allow fear to destroy the peaceful coexistence that binds communities together. Kidnappers are criminals, not representatives of any faith. Terrorists are enemies of humanity, not ambassadors of religion,” Agunbiade stated.
He concluded: “The fight before us is not Islam versus Christianity, nor North versus South. The real battle is between law-abiding citizens and criminal elements threatening the peace of society. Anything short of this understanding only deepens the crisis.”
Mallam Ibrahim Agunbiade is a Taalib (student) at Jami’ei, Islamic Propagation Rabwa, Saudi Arabia, and can be reached via agunbiadeib@gmail.com.
Don’t Label Oyo Kidnappers as ‘Islamic Jihadists’ – Saudi-Based Nigerian Scholar Warns
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Opinion
IGP Disu: Inside the rotting walls of Zone II
IGP Disu: Inside the rotting walls of Zone II
Tunde Odesola
(Published in The PUNCH, on Friday, May 22, 2026)
Except for its motto and morality, there is hardly anything wrong with the Nigeria Police Force. If burnished in the furnace of grammar, the statement, “Police is your friend,” which is the motto of the Nigeria Police, is wrong because ‘police’ is a plural noun, and so, cannot legally coexist with ‘is’, a singular tense. Therefore, to put the motto in the right grammatical drive, the statement should read, “The police are your friend(s).” Aside from the test of grammar, the motto also fails the test of authenticity because, as everyone knows, the Nigeria Police Force is friendless and loveless.
But this wasn’t the fate of the force some 40 years ago when I walked into the Okigwe police station, stranded and needing a place to lay my head for the night. Early in the day, before the second crow of cock, I had boarded ‘The Young Shall Grow’ bus from Lagos en route to Okigwe, the home of Imo State University, where I had just been admitted.
It was a mobileless era when a letter sent by post to a distant state travelled like a tortoise with arthritis, crawling for weeks or months before reaching its destination. As soon as I got my admission letter from JAMB, I headed eastwards, afraid of missing the registration window and ultimately forfeiting my admission. The Lagos Liaison Office of the school had no information because it was on recess. Quickly, I borrowed the wisdom in a Yoruba proverb that says: “Kí ojú má rí’bi, gbogbo ara ni ògun ẹ̀’. Translated: “For the eyes not to see evil, the whole of the body must be agile.” So, I hit Oshodi, boarded a bus, and moved agilely to Okigwe.
However, Nigeria happened on the road.

Head of Zone II, Assistant Inspector-General Moshood Jimoh
Due to mechanical delays and a poor road network, the bus didn’t reach Okigwe until late in the night when the whole town was in bed, except the dingy police station. Though I was a lad who had never travelled outside the south-west and spoke not a syllable of Igbo, I knew police stations across the country were a place of refuge and fortress. I knew the Nigerian police, in a good measure, embodied the spirit of service and protection.
Similarly, “To protect and to serve” is the spirit behind the motto of police departments across the United States. But somewhere along Nigeria’s broken national journey, the Nigeria Police Force lost its spirit, service, and protection.
The reasons for this monumental loss are clear to the blind eye. With a numerical strength of 371,800 officers and men, the police-to-citizen ratio in Nigeria is about one police officer to every 637 citizens, which falls short of the United Nations’ recommendation of one cop to 430 persons. To attain the UN benchmark, experts say the country’s police force must hit between 650,000 and 684,000. A force starved of funding, adequate welfare, modern technology, equity and fairness cannot produce saints in uniform.
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The officer on duty that night in Okigwe was courteous but pitiable. I introduced myself and showed him my admission letter. He wondered why someone would leave Lagos for Okigwe. “Uhmm! My brother, you can see di way we dey here o. NEPA don take light. If you fit manage for dat place till morning; day go soon break,” he pointed to a concrete slab that was about to be my king-size bed. But providence had a deal lined up for me. As I sat on the slab, contemplating how I was going to sleep, a man in mufti walked in, spoke with the policeman on duty, and went to rummage through a chest of drawers at the back of the counter. He was a policeman. On his way out, he stopped and shot a glance at the man on duty, asking with his eyes who I was. “The boy na student of IMSU. He no know say di school never resume, and na from Lagos im come. He wan sleep here till morning.”
The man in mufti spoke Igbo to me. I smiled and told him I didn’t understand Igbo.
“So, you bi Yoruba from Lagos?”
“Yes, sir.”
Ha!” Why you come suffer come dis far? Why you no stay for Lagos or Ibadan?”
“I have spent all my life in Lagos and wanted a change.”
“Hia! Mosquitoes go chop you finish for dis station o. If you no mind, you fit come and manage with me till morning. Day go soon break.”
Though I felt safe in the station, I couldn’t bring myself to reject the Good Samaritan’s offer. So, we both left the station in a pall of darkness and headed to his abode, which was a stone’s throw away. As we made our way through bush paths to his house, I asked if there was a watering hole where we could have some beer. “All of dem don close. Okigwe dy sleepy once university no dey session,” he said, and added, “You dey hungry? I no get food for house o,” smiling. I told him I was hungry. So, we went to a house where he knocked on the door, and a sleepy woman opened the door and sold us bread, moin-moin and soda, which I paid for. On the way to his house, I fished a packet of Consulate cigarettes out of my pocket, the policeman whistled in admiration and said, “You bi original Lagos boy!”
Darkness escorted us to his house, which looked like an abandoned poultry shed. “This is where I dey manage o,” he said in a welcome. The house was built with corrugated iron, with holes that let in the rays of the moon through cracks. He showed me his mattressless king-size bed. “I go sleep on the floor,” he said, “You fit sleep on the bed.” It was a large-hearted moment of benevolence, and I was deeply moved. I spread my clothes over the naked springs, lay down and pretended to sleep, peeping at the sky through the cracks in the roof, silently asking God if He could see what I was going through. I prayed silently that I may succeed in my academic journey in the land of the rising sun.
At dawn, he showed me his bathroom – if courtesy permits me to call it a bathroom. Four sticks rammed into the earth, wrapped with palm fronds, roofless and doorless. In that jacuzzi, the heavens watched your nakedness while passersby viewed your legs as your towel or wrapper served as a door. I took my bath with the brown water my benefactor provided and headed to the school to see things for myself, offering profuse thanks for the memorable accommodation.
That was the situation of the police force 40 years ago: poor, neglected, unpaid – yet still recognisably human. Today, the situation has not changed, the motto has not changed, but the morality and purpose of the force have changed drastically. Today, poverty remains, but humanity has fled. The bloodstream of the police has been infected. Police stations are no longer safe for the police and the citizens.
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I have encountered one thousand and one ugly police experiences bordering on corruption, impunity, wickedness and opportunism. I can’t mention all, but the sheer devilry behind police actions was shocking. One was when my uncle, Abel Odesola, was killed on the Ife-Ilesa Expressway by a drunk driver in an accident in 2005, and the police at Atakumosa police station demanded a bribe from my family before they could release his corpse. I refused to pay the bribe and got my uncle’s corpse out. Another was when a team of policemen arrested me in the Ajegunle area of Osogbo, took me to the station for standing up to their impunity. On the way to the station, they told the eldest among them to lie that I slapped him. Little did they know that I was recording all our exchanges on the way to the station. The Osun Commissioner of Police threatened to sack them, and I had to beg on their behalf.
Now, age has tempered my intolerance of police impunity. Today, I often resist the temptation to escalate police misconduct on the pages of newspapers because I understand the internal mechanics of the force. The recklessness of a corporal can stain the career of a commissioner. One scandal can trigger a chain reaction. So, I often let things slide.
This was exactly what happened two years ago when officers made unprofessional demands of me at the Zone II Command Headquarters of the NPF, Onikan. I declined to comply but let it slide. This was after I went upstairs and complained to one of their bosses. I knew if I went to the press with the unprofessional actions of the junior officers, the embarrassment would travel upwards.
Thunder struck the same spot early again this year when I took a case of fraud to the notorious Zone II Zonal Command Headquarters, Onikan. It took PUNCH authorities to call the IG’s office to complain about the actions of the officers of the zone before the case could even be listed for investigation. The immediate past leadership of the zone appeared disturbingly indifferent, maybe deliberately so, for some reasons best known to it.
In a petition I wrote to the command on December 11, 2025, I complained about a suspected fraudster named Wole, who fraudulently obtained $8,800 from me during the process of helping him to buy a 2014 Toyota 4Runner from the US. The criminal suspect had lied to me that he was working with Dangote Refineries and repeatedly assured me repayment was guaranteed. This was in 2022. When I realised the suspect had no job, I personally helped him secure job opportunities, including two banking jobs and an accounting position with a major newspaper in the country.
The suspect turned all the jobs down, citing flimsy excuses.
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That was when it finally dawned on me that the suspect was playing games. So, I gave him an eight-month deadline, warning that I would initiate legal actions if he failed to pay me by November 2025. When he failed to pay, I wrote a petition to Zone II, titled “Re: Fraudulent Obtainment of $8,88,” which was received and signed by the zone on December 11, 2025. Wole wrote an undertaking at the zone that he would pay me the equivalent of N500,000 in dollars every month. He only paid for January, February and March. Efforts to get the zone to reach Wole had been futile as excuses tumbled down from Onikan, with the investigating police officer, Mrs Priscilla Erroim, telling me that the suspect was not picking up her calls, while he cruised the streets in the silver-coloured Toyota 4Runner with number plate LSD 388 HS.
I had thought that when an officer goes on transfer, the cases they were handling would be transferred to another officer. More so, the suspect included his residential address in the undertaking. This was not the case with Zone II. The case was just left in limbo. At the commencement of the case, I had a very rough time with Erroim, who is a Chief Superintendent of Police, and her subordinate named Francis. But we later resolved the conflict between us.
When I could not make a headway with Erroim and Francis, I called the Zonal PRO, Mr Gbenga Afolayan, a deputy superintendent of police, who said the officers handling the case before they were transferred should tell me who they had handled the case to. Thus, the case ran into a cul-de-sac. But an Assistant Commissioner of Police, Mr Ojugbele, distinguished himself by making genuine efforts to intervene.
I had thought that the recent shake-up within the force by the Inspector General was yielding results when I texted the new Head of Zone II, Assistant Inspector-General Moshood Jimoh, who acknowledged my text and promised that the zone would look into the case. I was pleasantly shocked! “Here’s an AIG responding to a random citizen personally, while the former AIG in charge of the zone wouldn’t respond,” I thought to myself. The Nigeria Police Force is working!
I acknowledged Jimoh’s prompt response in my article published in THE PUNCH on Friday, May 15, 2026, titled, “IG’s deployments and the rebirth of Zone II.” The article was published under another article, “Adeleke: Crime cannot dethrone Apetu and enthrone Oluwo.”
How wrong was I! Little did I know that what appeared to attract Jimoh to respond to my texts was not duty, but the allure of my foreign telephone number. Or, how do I explain that calls and texts to him after I introduced myself and made the publication were ignored? It left me wondering what manner of service and protection the common man gets from the police force if a columnist with the most widely read newspaper in the country could be tossed up and down by officers?
As it happened to me two years ago at Zone II, Onikan, so it has happened to me again this year: officers deliberately erect obstacles before citizens, preparing the ground for exploitation. I’m sure the shake-up initiated within the force by the IG is part of ongoing reforms aimed at re-energising the force. But for men and officers of Zone II, Onikan, this reform is like water bouncing off a rock. The IG must break that rock; otherwise, his efforts would go down the drain.
There is no nobler honour than for men and women to put their lives on the line for the safety of their country. This is why I spare no effort in commending the nation’s security agencies whenever they do right. But when corruption takes the place of conscience, then the walls of police institutions begin to rot from within.
Email: tundeodes2003@yahoo.com
Facebook: @Tunde Odesola
X: @Tunde_Odesola
…
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