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

Published

5 months ago

January 20, 2025

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.

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.

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

Idahosa Optimistic Shaibu Will Perform As National Sports Institute DG

Published

9 hours ago

June 22, 2025

Editor

The Edo State deputy governor, Hon. Dennis Idahosa, has expressed optimism that his predecessor in office, Hon. Philip Shaibu will excel in his new role as Director General of the National Institute for Sports (NIS).

The deputy governor expressed his optimism during the Thanksgiving Mass to celebrate the appointment at St. Paul Catholic Church in Benin on Sunday.

Idahosa, who appreciated President Bola Tinubu for the appointment, said Shaibu will bring to bear on the new job his experience as an astute sports administrator.

“We are indeed grateful for what God has done. We will continue to thank God on his behalf, because, he has served our state.

“Now, God has given him the opportunity to serve the nation. We will continue to pray for him for a successful tenure,” he stated.

The former deputy governor appreciated Idahosa for according him the honour with his physical attendance at the Thanksgiving Mass.

He assured the state of his readiness to effectively be a good ambassador effectively by working to reposition of the NIS in line with the renwew hope agenda of the President.

“I will try my best to bring the institute back to life. I will ensure that the reason for setting up the NIS is achieved,” he stated.

News

Falana Slams Government Over Failure To Prosecute Suspected Killers In Benue

Published

10 hours ago

June 22, 2025

Editor

Human rights lawyer and senior advocate of Nigeria, Femi Falana (SAN), has criticized the Federal and Benue State Governments for consistently failing to prosecute suspects arrested in connection with ongoing violent attacks across Benue State.

In a statement issued under the platform of the Alliance on Surviving COVID-19 and Beyond (ASCAB), which he chairs, Falana lamented that although hundreds of suspects have been arrested over the years for crimes ranging from illegal possession of firearms to mass killings and kidnapping, most of them are never charged or brought to trial.

The legal luminary’s reaction follows President Bola Ahmed Tinubu’s recent visit to Benue, during which he directed the Nigeria Police Force to arrest and prosecute all those involved in the latest wave of violence in the state. However, Falana described the president’s order as potentially symbolic, pointing out that previous arrests had not led to convictions or justice for victims.

Falana also berated the Chief of Defence Staff, General Christopher Musa, for alleging that residents of Yelwata community provided shelter for the killers. He described the statement as an attempt to shift blame onto victims instead of addressing the systemic failures of security and governance.

Providing a timeline of law enforcement actions, Falana stated:

On December 30, 2024, the Benue State Commissioner of Police, Mr. Hassan Yabanet, announced the arrest of 273 suspects involved in capital crimes, along with the recovery of 20 firearms and 51 rounds of ammunition.

On January 17, 2024, Police spokesperson Olumuyiwa Adejobi revealed that an illegal firearms factory had been uncovered in Benue. Two suspects—Friday Aduduakambe and Iorwashima Iornyume—were arrested, and a cache of weapons, including nine locally made pistols and one unfinished AK-47, was seized.

On April 17, 2025, Governor Hyacinth Alia disclosed that three herdsmen were arrested over the killing of 11 people in the Otobi community, Otukpo Local Government Area.

On June 19, 2025, Community Volunteer Guards apprehended three suspected kidnappers at the Otukpo motor park with ransom money collected from their victims.

According to Falana, between January and June 2025 alone, dozens of violent crime suspects have been arrested, including 43 suspected killers in the last 10 days. Despite these arrests, no significant prosecutions have been reported.

“It is undoubtedly clear that the authorities have continued to treat suspected killers in Benue State like sacred cows,” he said. “The Attorney-General and Commissioner for Justice of Benue State, Mr. Fidelis Mnyim, must take immediate steps to ensure that justice is served.”

Falana stressed that the right to life, guaranteed under Section 33 of the 1999 Constitution, is meaningless unless the state acts decisively to punish those who violate it.

He warned that unless concrete action is taken, the ongoing culture of impunity will only worsen the bloodshed and erode public trust in the rule of law.

News

Troops Nab 8 Kidnap Suspects, Rescue 2 Victims In Kwara

Published

10 hours ago

June 22, 2025

Editor

Troops of the 22 Armoured Brigade, deployed at the Forward Operation Base (FOB) Patigi, in Kwara have nabbed eight suspected kidnappers and rescued two victims.

This is contained in a statement signed by Lt. Stephen Nwankwo, Acting Assistant Director, Army Public Relations of the Brigade in Ilorin on Sunday.

“Acting on credible intelligence, troops launched a tactical operation on Saturday, targeting a hideout on the outskirts of Latandaji Village in Patigi Local Government Area.

“During the engagement, troops encountered mild resistance, but swiftly subdued the criminals with superior firepower,” he said.

Nwankwo said that the operation led to the rescue of two kidnap victims, identified as Amos Moses and Philip Michael, while eight suspected kidnappers were arrested.

He, however, said that one Mohammed Mohammed sustained gunshot wounds during the exchange of fire and had been taken to hospital for medical attention.

The brigade spokesman said that further operational exploits in the area led to the recovery of two motorcycles and two expended cartridge shells, believed to be used by the suspects.

“All arrested individuals are currently in military custody for preliminary investigation and will be handed over to relevant authorities for prosecution,” Nwankwo said.

He said that the operation underscores the Nigerian Army’s unwavering commitment to ensure safety of lives and property across the country.

“We urge members of the public to continue providing actionable intelligence to security forces in order to dismantle criminal networks.

“The Nigerian Army remains resolute in its mission to safeguard communities and restore lasting peace in all regions of deployment,” he said.