BARR. Charles Osita Ojakovo is the Chairman of Chartered Institute of Bankers of Nigeria (CIBN), Delta State branch and CEO of Kingsclass Consulting Services, a pioneering consultancy firm in Asaba, Delta State capital. He spoke to AWELE OGBOGU on the healthy working relationship between President Bola Tinubu and Governor Sheriff Oborevwori, the economy, his experiences consulting for Delta State Contributory Health Commission and sundry issues. Excerpts…
How long have you been in the private sector?
I’ve been in the private sector all my life, precisely in the banking industry for over 25 years and left just two years ago. I went straight into private practice as a consultant. Our clientele at Kingsclass Consulting include MDAs in Delta State, banks, companies and other private organizations. We offer financial advisory and management services, capacity building and legal services. Our wide range of offerings also comprises real estate and a number of agric outfits, including a poultry business. Our operations demonstrate that entrepreneurship is the way to go for Nigerians.
Why did you decide on a consulting firm in Asaba despite being seen as a civil service town?
Asaba can no longer be said to be a civil service town, with a lot of business operations, comprising companies, hospitality businesses and emerging entrepreneurs. The state capital and the entire state is a melting pot of business and investment activities because the state is good for business. It is relatively peaceful and the people are hospitable. The economy is opening up and growing rapidly because the government is doing a lot to open up Delta State for business, putting the necessary infrastructure and investment climate in place, including peace and security.
What services do you provide and who are your clientele?
We partner with Delta MDAs to train their staff on leadership and effective service delivery in the public sector, as well as management retreats,while in the private sector, our services include training bank staff, consulting and mediation services for the oil and gas industry, capacity building and retreats. As a lawyer, we render legal services to clients. All these demonstrate that Delta is a thriving base for consultancy services.
Do you think Delta is yet an investment destination?
Yes and I will like to appreciate His Excellency, Rt. Hon. Sheriff Oborevwori for his infrastructural and general development strides, with roads and bridges standing tall. With the deregulation of power, there is room to do more because with power, the sky is the limit. I believe this is the time to seek core investors in power. So far, we appreciate the governor for doing so much across the three Senatorial districts.
Do you agree with the President when he said that the economy has turned the bend?
The President has done excellently well and he was right to say that the economy has turned the bend. He has stabilized the economy and it is improving on a daily basis. This shows that his policies are paying off. Recall that when the president took office, the economy was in comatose. So the first thing he did and he did it without apology, was the subsidy removal. It was a masterstroke because there was no way this country could have survived economically when we were borrowing to subsidize petroleum products, which I found highly disturbing. There is an upsurge in FAAC allocation and states’ monthly allocation has gone up 2-3 times. It tells you that there is enough revenue due to the policies put in place by Mr. President. As I speak, many persons await to resign from the states’ Houses of Assembly to contest local government elections because enough money is going to the councils for development. That is the beauty of the President’s policies and approach to governance.Then floating the exchange rate was another good one. At some point in this country, the CBN was so reckless and unprofessional in their conduct. But with the present crop of management, the CBN is making efforts to tame the inflationary trend. Just before the last MPC meeting, I predicted that the MPR will drop because inflation is beginning to drop. The era of ‘Ways and Means’ is gone, so you can see a CBN that is pragmatic, independent and working as professionals. When Cardoso was appointed as the CBN Governor, I told my colleagues to watch out for the man, as well as Wale Edun, the Minister of Finance. They are people with credibility and character and have proved themselves in office. So I expect more reduction in subsequent MPCs. When this happens, more manufacturers can access loans from banks, just as I expect the CRR to drop. All things being equal, inflation will continue to drop. Today, a bag of rice is about N65, 000, but nobody is talking about it, just as other prices are coming down. It is a gradual process and like the president said, we have turned the bend and the country is back on a trajectory of growth. In Delta State, there was need to collapse the structure to support the President. It was beyond politics, but mostly due to the President’s economic performance.
How do you rate CBN’s performance?
As Chairman of the Chartered Institute of Bankers of Nigeria (CIBN) in Delta State, I want to commend the Cardoso-led CBN for bringing sanity and integrity in the system.
Is N1 trillion budget in Delta State in 2026 achievable?
N1 trillion budget for Delta State in 2026 is achievable. Delta is the fourth largest economy in the country with about 15 million dollars economy because the governor has largely diversified the economy. In MSMEs, they have about 257, 000 but can take it to 500, 000 and also look at agriculture. This is an area being worked on for great improvements, given that the governor and some of his key handlers were in Brazil for a very successful outing in terms of investment attraction. In consideration of the 2026 Budget, infrastructure is a going concern, the agric sector will continue to grow and more persons can be empowered, as well as job creation. As at 2025, we have well over 250, 000 and still counting. More people are going to be paying taxes, while you will notice that in 2025, revenue has surged, not only in FAAC, but also IGR. So it is an achievable budget. Also, we have many capable appointees of the governor, notably the SSG, Dr. Kingsley Emu, a very highly experienced banker, with several years in public service, just as the Commissioner of Finance, Okenmor Fidelis Tilije, also a banker, infact a former bank MD, the Chief Economic Adviser to the governor, Dr. Barry Gbe, who is very strong on economic matters, Commissioner for Economic Planning, Mr. Sonny Ekedayen, also a former banker, who is very strong in policy formulation. Incidentally, they are all members of the CIBN, so we are adding value to the state. At this juncture, I will encourage government to look beyond N1 trillion, we should be looking at N1.5 trillion and pushing for the third largest economy in the country. This is achievable with more investments coming into the state.
Do you agree that inflation is on a downward swing?
There is no gainsaying the fact that the inflationary pressure is being tamed. If you go to the market, you will easily notice changes in prices of goods and services. Like I mentioned earlier, a bag of rice is about N65, 000, coming down from about N105, 000 as at December 2024. Petroleum products have dropped from N1, 000, N1, 200 to N1, 300 to between N800-N900, AGO from N1, 800 to about N1, 100. But we need to rely more on the things we grow ourselves. That was why in previous discussions, I spoke passionately about farm settlements. It is one area that will help the state to conquer hunger. Yes Nigerians will tell you that they are hungry, but if they really search their minds, they will appreciate that hunger is reduced. Also recall that the exchange rate has dropped, some of the tariffs are being reduced, all of which are being done to fast track the importation of consumable goods, so that Nigerians can have more access to food and medicals. I can tell you that the prices of goods and services will drop further. I will advise the state government to see how to set up farm settlements across the state in the 2026 Budget. I want to see every LGA producing what is viable in their areas, so that our economy will be built around agriculture.
What is your relationship with the Delta State Contributory Health Scheme?
I consult for the Delta State Contributory Health Commission. So I can tell you that Delta State has one of the best health insurance schemes in the country. They have won several awards, especially under the leadership of Dr. Obidi as Chairman and Dr. Isaac Akpoveta as DG/CEO. They are doing quite a lot and services are being improved upon. The DG has brought in a lot of technology to enhance service delivery, reasons why the state is rated highest in the country. It has become a model for other states to follow. Dr. Akpovetathrough technology is able to monitor and track service delivery right from his office. I agree with you that there are some complaints but these are getting to reduce drastically. We have Service Delivery monitors (SDMs) across the state to ensure our enrollees are well taken care of. The state government is committed to its responsibility to enrollees, added to having someone who has adequate knowledge to handle the job in the person of Dr. Akpoveta. In the last ranking, we were ranked the best and the closest to us was like a thousand miles away. That tells you how far we have gone. What we basically do as consultants is to bring more people into the programme and ensure they get value for their money. At N7, 500 per annum by informal sector enrollees, they are getting real value for their monies. It is heavily subsidized by the state government and is working better. Numbers are growing.
Are there any activities by the CIBN we should be looking forward to?
We will be hosting the South South CIBN Conference in the first Quarter of 2026 in Asaba and key stakeholders, such as bank MDs, captains of industry, state and federal government representatives will be in attendance to set agenda onstrategic actions to move the South South states forward.
