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

Published

1 year 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

UK Court Closes Diezani Trial As Jury Prepares Verdict

Published

12 hours ago

May 13, 2026

Editor

The defence and prosecution have closed their cases in the ongoing trial of former Nigerian Minister of Petroleum Resources, Diezani Alison-Madueke, at the Southwark Crown Court in the United Kingdom, with a jury now set to deliver its verdict later this week.

Alison-Madueke is standing trial alongside oil executive Olatimbo Ayinde and her brother, Doye Agama, on a five-count charge bordering on alleged bribery. All three defendants have pleaded not guilty.

British prosecutors allege that the former minister received bribes in the form of luxury items and high-value properties from oil industry actors seeking favourable treatment in the award of oil contracts during her tenure between 2010 and 2015.

The prosecution maintains that such benefits were improperly received and argues that there is no documentary evidence supporting claims of reimbursement or legitimate financial transactions backing the alleged transfers.

In his closing submissions, defence counsel Jonathan Laidlaw accused the prosecution of failing to charge alleged bribe givers and relying on what he described as incomplete and unreliable evidence.

He questioned the handling of evidence from a 2015 raid on Alison-Madueke’s Abuja residence, alleging procedural irregularities, including the absence of key officials during the operation and lack of photographic records of items in their original locations.

Laidlaw further argued that critical documents that could support the defence case—such as records relating to reimbursements and official ministerial duties—were missing. He also faulted the prosecution’s reliance on evidence linked to Nigeria’s Economic and Financial Crimes Commission (EFCC), while challenging its rejection of parts of the same material in relation to co-defendant Ayinde.

He also disputed claims that official travel and financial records relating to the former minister were unavailable, describing the prosecution’s position as inconsistent.

Responding, lead prosecutor Alexandra Healy maintained that oil executives provided improper benefits to the former minister while their companies benefited from lucrative state contracts. She argued that such arrangements were incompatible with public office and unsupported by any documentary evidence of reimbursement.

Healy further referenced a £1 million payment linked to businessman Benedict Peters, describing the use of intermediary structures as a deliberate attempt to conceal the nature of the transaction.

She also noted that Alison-Madueke had been aware of the investigation for nearly a decade.

With both sides having completed their submissions, the jury is expected to return its verdict later this week.

News

Sleep Timing Irregularity Could Double Risk Of Heart Attack, Experts Warn

Published

12 hours ago

May 13, 2026

Editor

Experts have warned that going to bed at different times each night, particularly during midlife, could be an early warning sign of future heart problems.

New research from the University of Oulu found a strong link between irregular bedtimes and an increased risk of major cardiovascular events, especially among people who spend less than eight hours in bed each night.

According to the study, individuals whose sleep schedules varied widely and whose time in bed was under eight hours faced roughly twice the risk of serious heart-related events compared with those who maintained more regular routines.

In contrast, irregular wake-up times did not show a clear association with cardiovascular problems.

Major cardiovascular events examined in the study included conditions requiring specialised medical care, such as heart attack and ischaemic stroke.

The research, published in BMC Cardiovascular Disorders, followed 3,231 individuals born in northern Finland in 1966. Their sleep habits were monitored over a one-week period at age 46, while their health outcomes were tracked for more than a decade using healthcare register data.

Researchers measured sleep duration and timing using activity monitors that recorded how long participants remained in bed. The findings pointed to bedtime consistency as a particularly important factor for heart health.

Laura Nauha, a postdoctoral researcher at the University of Oulu, explained that earlier studies had already linked irregular sleep patterns to cardiovascular risks.

However, she noted that this study is the first to show that variability in bedtime, wake-up time, and the midpoint of the sleep period are independently associated with major cardiovascular events.

According to Nauha, everyday routines play a major role in shaping long-term heart health.

“Maintaining a regular sleep schedule is one factor that most of us can influence,” she said.

“Our findings suggest that the regularity of bedtime, in particular, may be important for heart health. It reflects the rhythms of everyday life and how much they fluctuate,” Nauha added.
(Nigerian Tribune)

News

NMA Threatens N1bn Suit Against EFCC Over Alleged Assault On UUTH Professor

Published

12 hours ago

May 13, 2026

Editor

The Nigerian Medical Association, NMA, Akwa Ibom State Council, has concluded plans to initiate a one billion naira suit against the Economic and Financial Crimes Commission, EFCC, over the alleged assault of its member, Professor Eyo Ekpe, a Professor of Cardiothoracic Surgery at the University of Uyo Teaching Hospital, UUTH.

This was among the 10 resolutions reached by the body at the end of its emergency virtual meeting on Tuesday in respect of the arrest and alleged assault of Professor Ekpe by the commission.

Recall that EFCC operatives, on the grounds of authenticating a medical report presented by a suspect, were said to have invaded the hospital and subsequently arrested Prof. Ekpe under demeaning circumstances.

It was gathered that when the professor was accosted by the official, he told him that the office was already processing the request. However, the official allegedly went outside, mobilised other colleagues, and returned to hound the professor away after allegedly beating him and making him cry in public.

At a press conference held at Doctors’ Mess, Udoudoma, Uyo, on Wednesday, the NMA Chairman, Prof. Aniekan Peter, who also suffered during the crisis, said it was a slap on the integrity of the NMA as a body to allow anyone assault their member, not to talk of a professor who was only carrying out his lawful duties of saving lives and imparting knowledge.

Reading a communiqué endorsed by the chairman and the secretary, Dr Ighorodje Edesiri, respectively, the assistant secretary of the union expressed dismay that there has been a recurring pattern of harassment and assault of medical professionals and members of the association by security agencies within the state, adding that the union would no longer condone such acts.

The union, while observing that there was no formal invitation extended to Prof. Ekpe or the leadership of the NMA before the incident, described the act as barbaric, degrading, inhuman, and a gross violation of the sanctity of the hospital environment, thereby putting staff and patients at risk and undermining the dignity of the medical profession.

The union, which has since embarked on an indefinite strike, said members would not return to work unless the EFCC tenders an apology to the assaulted professor, chairman, and members of the NMA, and identifies and prosecutes the officials who carried out the operation.

The union further stated that it has resolved not to offer any medical services to EFCC officials or their relatives, as they have chosen the path of cruelty against their member.

The communiqué read in part: “We observed that Prof. Eyo Ekpe was apprehended within the premises of UUTH by masked EFCC operatives who physically assaulted him, beat him to the point of bleeding, and handcuffed him alongside other doctors and hospital staff who attempted to intervene.

“Prof. Peter, Akwa Ibom NMA chairman, was shoved and exposed to teargas when he approached the scene seeking clarification from the operatives. Hospitals are sacred environments meant for the preservation of life and should not be subjected to violent invasions by security agencies.

“We shall institute legal action against the EFCC with a demand for damages in the sum of one billion naira (N1,000,000,000) for the physical, emotional, professional, and institutional damages caused. Congress further emphasised that this action shall serve as a deterrent against future harassment, intimidation, or assault of medical practitioners by any security agency. The association reaffirmed its commitment to protecting the welfare, dignity, and safety of all its members.”