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THE IWOFA SYSTEM IN YORUBALAND AND THE LAWS THAT WAS REGULATING IT

THE IWOFA SYSTEM IN YORUBALAND

The term Iwofa has no equivalent in English. It denotes one who serves another periodically in lieu of the interest on money lent. In short, it is one in service for interest. It has also been compared to slavery by those ignorant of the legal conditions ruling the system; but an Iwofa is a free man, his social status remains the same, his civil and political rights are intact, and he is only subject to his master in the same universal sense that “a borrower is servant to the lender.”

MOSHOOD KASIMAWO OLAWALE (MKO) ABIOLA, GCFR

MKO-Abiola-2

Chief Moshood Kashimawo Olawale Abiola,GCFR (24 August 1937 – 7 July 1998) was a Nigerian Yoruba businessman, publisher, politician and aristocrat of the Yoruba Egba clan, he was the Aare Ona Kankafo of the Yoruba land. MKO Abiola ran for the presidency in 1993, for which the election results were annulled by the preceding military president Ibrahim Babangida because of allegations that they were corrupt and unfair.

Abiola was awarded the GCFR posthumously on 6 June 2018 by President Muhammadu Buhari and Nigeria’s democracy day was changed to June 12.

20 Richest People In Africa And Their Net Worth In 2020

African Richest - My Woven Words

Although Africa is regarded as the poorest continent in the world, yet we can’t but identify numerous business magnates and self-made richest billionaires who rose against all odds and imprint their footsteps on sands of time. The list of African richest people below and how they have amassed great wealth in a continent regarded as the poorest in the world arrests the misconception that all Africans are subjected to poverty.

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