Dare Babalola
The Presidency has criticised political economist, Pat Utomi, declaring that he lacks credibility in public discourse amid his recent comments on national issues and the administration of President Bola Tinubu.
In a Facebook post on Friday, a presidential aide, Temitope Ajayi, accused Utomi of projecting intellectual superiority while failing to demonstrate practical success in leadership roles he had previously occupied.
He wrote, “Since bursting into national consciousness, Professor Patrick Utomi has convinced himself that he is the Nigerian equivalent of Albert Einstein, Adam Smith and John Maynard Keynes rolled into one.”
Ajayi argued that although Utomi has built a reputation as a public intellectual over the years, there are limits to theoretical knowledge when confronted with real-world governance challenges.
According to him, “While there is no doubt about the quantum of economic theories Utomi has memorised, there is always a limit to book knowledge when the realities of the real world show up.”
The presidential aide further scrutinised Utomi’s record in both the corporate and financial sectors, citing his past roles at the defunct Volkswagen of Nigeria and BankPHB.
Ajayi claimed that these opportunities provided a platform to test Utomi’s ideas but ended without distinction.
“In the furnace of the real world, Utomi has been tried, tested and allowed to demonstrate the applicability and practicality of his ideas,” he stated, adding that “the verdict remains that he did not cover himself in glory.”
Referring specifically to the collapse of BankPHB, Ajayi alleged governance failures during Utomi’s time on the board, noting that “depositors’ funds were converted into private pockets in the most primitive way.”
He also pointed to the conviction of the bank’s former Chief Executive, Francis Atuche, arguing that the episode raised questions about Utomi’s sense of responsibility.
“Were Utomi really capable of any sense of propriety, he ought to be in self-seclusion over the unravelling of BankPHB,” Ajayi added.
Ajayi also referenced claims by former Ogun State governor, Ibikunle Amosun, alleging that an organisation linked to Utomi once attempted to influence a government decision through an award offer.
“The other side of Utomi was also exposed when Senator Ibikunle Amosun claimed an NGO controlled by the self-styled political economist had offered him an unsolicited award ostensibly to influence him,” Ajayi wrote, questioning Utomi’s moral authority in national debates.
The aide further accused Utomi of recurring political partisanship, particularly during election cycles, claiming he often positions himself as a moral authority while backing preferred candidates.
“Every four years, he comes out to mount a moral high horse on who should lead Nigeria,” Ajayi said, alleging that Utomi has repeatedly failed in his political calculations but refuses to acknowledge those setbacks.
He cited the 2023 general elections, alleging that Utomi prematurely declared victory for his preferred candidate before official results were announced, describing it as an attempt to “mislead the gullible at a critical time.”
He accused the professor of inconsistency, noting that Utomi had previously supported similar free-market policies.
“Here is a man who, out of political convenience, is attacking the same free-market economic offerings and prescriptions he built his public acclaim on,” Ajayi wrote.
He further alleged that Utomi’s current stance may be driven by political interests rather than objective analysis, claiming that “once any administration refuses to lean on them, personal frustration is then packaged and presented as national outrage.”
Ajayi also recalled Utomi’s past association with Tinubu, including visits to his residence and public displays of support, contrasting it with his current criticism.
Concluding his remarks, Ajayi urged Utomi to withdraw from what he described as selective outrage and allow space for others in national discourse.
“While for decades, Utomi has told us many things that are wrong with Nigeria, it is now time for him to take a back seat from his selective outrage,” he said.
