INEC Under Mahmood Yakubu “A National Disgrace” says Peterside

Nigerian entrepreneur and founder of Stanbic IBTC Bank, Atedo Peterside, has described the Independent National Electoral Commission under former chairman Mahmood Yakubu as “a national disgrace.” Speaking on a TV interview monitored by Radio Now’s Newsdesk, Mr. Peterside said the commission’s conduct during Yakubu’s tenure eroded public trust, citing mutilated result sheets uploaded to INEC’s results viewing portal.

He urged the National Assembly to reform the Electoral Act by transferring the burden of proof in election petitions from candidates to the electoral body. Peterside also criticised the judiciary for failing to uphold fairness in election disputes, warning that Nigerians could resort to self-help if confidence in the process is not restored.

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In the same interview, Peterside faulted the Federal Government for failing to ensure that rising revenues translate into better living standards. He said Nigeria’s economy increasingly benefits only a small elite, while most citizens struggle with poverty, weak purchasing power, and rising inequality.

The investment banker dismissed claims that government spending was fuelling inflation, arguing instead that waste and poor accountability at all levels of government were responsible. He urged the Tinubu administration to implement the Oronsaye Report, cut excessive spending, and redirect funds into productive and social sectors to drive inclusive growth.