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OPINION: Bank shares and bank Tzars [Monday Lines 2]

By Lasisi Olagunju
Some 15 years ago, millions of poor Nigerians were conned into borrowing to buy bank shares. I was one of them. I had no one to pull my ears and tell me that I needed to be educated first before seeking to hoe that farm of thorns. Records still say I am a shareholder of some banks, including First Bank. But that is where it ends. It has been sweat without sweet – which is why I amuse myself showing stupid interest in intrigues among big men who run big banks. One current case is about First Bank board where a civil war is ongoing. Some members are demanding an Extraordinary General Meeting of shareholders – and I am supposed to be part of that ‘general meeting’. A friend who understands boardroom politics told me that the demand for that extraordinary meeting waved an extraordinary red flag at whoever it is targeted at.
Imperial Rome experienced Julius Caesar and turned his surname, Caesar, to the title for their emperors. The world copied them. The Germans say Caesar is Kaiser; the Greek say it is Kaisar; to Russians and other Slavic people, Caesar is Tsar. All the variants mean ‘Emperor’ and that is what bank boards and their chairmen are in Nigeria. No bank in 2025 should be anyone’s piggy bank with a Tzar or Tzars pointing and taking. That is what boards exist to prevent, to protect the interest of shareholders. This has, however, repeatedly turned out a textbook joke – a lie. If it were not a joke, I would have written here that a divided board is a threat to shareholders’ interest – and to the company. I will say that the division in the board of First Bank should get stakeholders curious. Why are they fighting? Some board members are crying wolf because there is actually a wolf – a lone wolf rumbling the jungle. But, if I were one of those crying directors, I would first reassess my own palms and wipe off whatever dirt is there so that my cries would enjoy respect. Equity loves cleanliness. You cannot come to equity with unclean hands.
MORE FROM THE AUTHOR: OPINION: Fulani, Hausa And Yoruba Truths [Monday Lines]
First Bank has a yet-to-be-concluded Rights Issue. All of us, poor shareholders, were invited to participate in that gamble of investment. Hundreds of thousands took the offer and paid. They have not heard the final answer from those who hold the yam and the knife. Now, suddenly, there are talks about a Private Placement, and it is very contentious. My books and my dictionary are my business administration teachers. They tell me that Private Placement means “sale of stocks directly to a private investor rather than as part of a public offering.” So, I join those who are asking: Who is the private investor for the private placement and why that person? I ask because I hold some shares of First Bank and they were bought with money from the brow. Besides, in the context of what we are discussing, how does this Private Placement collocate with the recent Rights Issue by the same company? I am obviously too illiterate to understand the ways of big men.
Metaphors and proverbs give soft landings to bad falls. I love telling the story of this special creature called chameleon. We all know how ‘very big’ the chameleon is. The Yoruba asked the chameleon why it walks so carefully, gingerly; it answers that it walks carefully because it is afraid that the ground may cave in under its weight. If I were the chairman of First Bank, Mr. Femi Otedola, I would walk the boardroom floors of that bank like that creature. As I did that, I would not do what the chairman before me did that fired him. I would strictly use the rules to get all debtors to pay their debts; I would get depositors’ funds kept safe from those who are addicted to paddy paddy schemes and loans – without stepping on rules. I would do all those and would tinker with whatever is in my style that is rippling the waters. I would seek to get everyone back to my back so that at the end of my tenure, I would leave a safer, more firmly replanted, retooled, and recapitalized bank. I would take every step in strict adherence to the rules of corporate governance. I would tell myself that a coach that pulls out every smoky wood in his fire won’t cook a victory.
MORE FROM THE AUTHOR: OPINION: ‘An Enemy Of The People’ [Monday Lines]
Every day, everywhere, I meet several people with sentimental attachments to First Bank. Unlike me, they have no shares there but they insist “it is ours.” They say it is a legacy bank; they say it is too much ours, and too strategic to succumb to self-inflicted injuries. I agree with them. This thing is like a Premier League football team. When the club is governed well, the players will play well, the team wins and no one counts the cost of unnecessary injuries. There is wisdom in seeking peace with, and engaging, those opposed to your ways. The chairman is not the board; the rules say he is not. And he must not seek to be what he should not be. If I sat on that chair, I wouldn’t be seen fighting too many wars at the same time.
News
Tinubu Unveils Plan To Restart Oil Production In Ogoniland

President Bola Tinubu has moved to restart oil production in Ogoniland in Rivers State.
The president disclosed this on Wednesday when he conferred posthumous national honours of Commander of the Order of the Niger, CON, on the late Ogoni four; Albert Badey, Edward Kobani, Theophilus Orage, and Samuel Orage.
Conferring the honours at the Presidential Villa in Abuja, Tinubu urged the Ogoni people to embrace reconciliation and unity after decades of division.
READ ALSO:Teacher In Police Net For Tying, Beating Pupil In Bauchi
He assured them of his administration’s support for peace, environmental remediation, and economic revival in the land.
“I am encouraged by the overwhelming consensus of the Ogoni communities to welcome the resumption of oil production.
“The government will deploy every resource to support your people in this march towards shared prosperity,” he said.
READ ALSO:Nigeria Ready, Willing To Host Commonwealth Games — Tinubu
The president directed the National Security Adviser, NSA, Mallam Nuhu Ribadu, to begin engagements between Ogoni communities, NNPCL, and other stakeholders to finalise modalities for restarting operations.
Earlier in his report, the NSA stated that the consultations engaged all four Ogoni zones and the diaspora, capturing demands for structured participation in oil production, accelerated cleanup, and sustainable development.
News
Former Oyo Police Commissioner Is Dead

A Former Commissioner of Police in Oyo State, Abiodun Odude is dead.
The shocking news of his death was shared by the Chairman, Ibadan branch of Government College, GCI Old Boys Association, Akin Orowale on the Association’s platform.
Abiodun Odude, an old boy of GCI, served as Oyo CP between 2017 and 2019.
In the meantime, reactions have continued to trail the death of Odude.
READ ALSO:Saudi Arabia’s Grand Mufti Is Dead
A former Director General, Oyo State Signage and Advertisement Agency (OYSAA), and GCI OBA stalwart, Dr Yinka Adepoju posted this on platform.
“Hmmm, another deep cut in the GCI Old Boys Association and Boys of 71 Set in particular!
“May the Soul of Biodun rest in peace as l pray that the Lord comforts all members of this Great 71Set and his entire family members, ‘Yinka Adepoju @71, 2356# Grierson”
“So sad to lose such a personality NOW. But what can we do? Nothing absolutely than to wish him eternal rest and divine consolation to the loved ones left behind, particularly his immediate family and GCIOBA,” another old boy, who is an Ibadan based politician, Mr Adeniyi Adeoti said.
The late Odude served in the Intelligence Department, Zone 2, Lagos State as Deputy Commissioner of Police, CID, Panti, Yaba; he was Commissioner of Police, Administration; Department of Finance and Admin., Force Headquarters, Abuja.
News
Lagos Govt Gives Computer Village Traders Ultimatum To Relocate To Katangowa

The Lagos State Government has given traders at the popular Computer Village in Ikeja an 18-month deadline to move to a new permanent site at Katangowa, in the Agbado/Oke-Odo Local Council Development Area.
The Permanent Secretary of the Ministry of Physical Planning and Urban Development, Gbolahan Oki, disclosed this during a stakeholders’ engagement with market leaders and traders on Tuesday.
According to him, the state government has provided the necessary infrastructure and facilities at the Katangowa site to ensure a conducive business environment once the relocation takes effect.
READ ALSO:Lagos Begins Monitoring As Schools Resume
“The government wants your cooperation to ensure the relocation comes to pass. The time is now. We have to make the project a reality. The relocation period is 18 months,” Oki said.
He explained that Computer Village currently sits on land originally designated as a residential area, which over time was converted into a bustling commercial hub without formal approval from the government.
Oki also revealed that plans to move traders from Ikeja to Katangowa have been in the works since 2006 but were stalled due to delays in completing the new site.
READ ALSO:Police Reveal Cause Of Death Of Bodies Found On Lagos Riverbank
Emphasizing Governor Babajide Sanwo-Olu’s commitment to inclusive governance, he noted that the stakeholders’ meeting was convened to carry traders along in the government’s plans.
“The governor is passionate about infrastructure development and the welfare of Lagosians. Katangowa has been designated as the permanent site for this market. It sits on 15 hectares of land, well-planned and strategically located near essential resources for your businesses.
“The present location in Ikeja was never meant to serve as a trading hub. What we are offering at Katangowa is a structured market environment that supports growth while addressing environmental and urban planning concerns. We want to work with you and jointly plan this relocation,” Oki said.
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