The founder of Stanbic IBTC Bank Plc, Atedo Peterside has sharply criticised the federal government’s approach to poverty alleviation.
Speaking at the 23rd Mike Okonkwo Annual Lecture in Lagos, Peterside highlighted the lack of transparency and verifiable data in the government’s cash transfer policy.
He expressed particular concern for the poorest Nigerians, stating that there’s no proper system to identify and assist them.
Peterside accused authorities of collecting money on behalf of the poor and distributing it arbitrarily, calling for a complete overhaul of the social safety net program.
The banking mogul emphasized the importance of public buy-in for economic reforms, which he believes is impossible without a robust safety net for the most vulnerable.
“So, it is important to get people to buy into the reform of the economy where you have no proper arrangements to provide some minimal safety net for the poorest of the poor. He lamented bad behaviours by leaders as a bane for development, adding that people must eschew bad conduct.
“You cannot use bad behaviour to correct bad behaviour. Then you are as bad as the person you are correcting. If in an election you are my opponent and you are changing figures, hiring thugs and beating up voters, if I do the same to beat you, then what have I achieved? We are back to square one,” he said.
Peterside also addressed the broader issue of leadership, warning against using unethical methods to combat misconduct.
