Renowned economist and banker Mohammed Hayatu-Deen has outlined three foundational pillars for Nigeria's sustainable prosperity during the Silver Jubilee Awards Ceremony of the Independent Newspaper in Lagos on Saturday. Speaking as guest of honour, Hayatu-Deen, former Group Managing Director of the New Nigeria Development Company (NDDC) and ex-Chairman and CEO of FSB International Bank, emphasized the supremacy of strong institutions over strong men, a shift from consumption to production, and the centrality of trust in governance. He argued that national progress depends on institutional continuity rather than reliance on individual leaders, and that economic strength stems from value creation, industrial growth, and investment in skilled human capital. According to Hayatu-Deen, Nigeria's challenge is not a lack of potential but the need to align its human and institutional resources toward a shared national purpose. He stressed that trust must be earned through transparency, accountability, and fairness, warning that without it, governance weakens and social cohesion erodes. Hayatu-Deen described the media as the lifeblood of democracy, praising Independent Newspaper's 25-year legacy as a triumph of resilience and professionalism. He quoted, "A free and independent press is indispensable in a democracy, it serves as society's early warning system. It shines light when there is darkness, asks questions where silence would be easier and speaks truth where power may prefer convenience." He also commended the award recipients as "catalysts who have altered the trajectory of their respective fields through vision, courage and an unwavering commitment to excellence."
Hayatu-Deen insists institutions must outweigh individuals in governance, yet built his reputation turning around state firms as a singular leader. If success still depends on standout figures like him to rescue public enterprises, the system remains reliant on strong men, not strong institutions. His own career contradicts the institutional framework he advocates. Nigerians are left wondering how to build enduring systems when even the proponents operate within the old model.
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