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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

UNIMAID, Federal Polytechnic Matriculate 82 Degree Students

Published

17 hours ago

April 21, 2026

Editor

University of Maiduguri (UNIMAID) in affiliation with the Federal Polytechnic, Bauchi has matriculated 82 students into the degree programmes across five courses.

Speaking during the matriculation ceremony at the Federal Polytechnic Bauchi on Tuesday, Professor Muhammad Laminu Mele, the Vice chancellor, University of Maiduguri, charged the matriculated students to strictly adhere to the rules and regulations guiding the two institutions to enable them achieve the set objectives.

The VC, who was represented by Professor Muhammad Ahmad Waziri, Deputy Vice Chancellor Academic Services, warned that any student or group of students trying to breach the peace of the two institutions would face the full wrath of the law.

The Don further assured that the University and its affiliated institutions would continue to make easy access to higher quality education to the teeming population across the country.

In a remark, the Rector of the Polytechnic, Alhaji Sani Usman, said they were affiliated with the university to pursue academic excellence, describing the affiliation as a huge pillar in the education reforms.

The Rector, who was also represented by Dr. Dalhatu Saidu, the Deputy Rector of the Polymeric, commended the university of Maiduguri for not only improving the UNIMAID’s conducive learning environment but expanding the horizon to different higher institutions of learning across Nigeria.

He therefore advised the newly matriculated students to pursue knowledge, to interact freely with the Polytechnic staff, be vigilant and be a brother’s keeper, adding that this would help to achieve the desired objectives.

The affiliated courses included BSc Mass Communication, BSc Accountancy, BSc Public Administration, BSc Business Administration and BSc Banking and Finance respectively.

News

Trouble Looms As Egbesu Group Drags FG To Court Over Resource Control, Others

Published

17 hours ago

April 21, 2026

Editor

Group known as Supreme Egbesu Assembly (SEA) has dragged the Federal Government and the National Assembly to a Federal High Court, Yenagoa, over failure to create additional 24 Local government councils in Bayelsa State as the need for Ijaw to control natural resources in its territory.

The Originating Summons marked: FHC/YNA/CS/63/2026 was filed on Tuesday April 21, 2026 by the plaintiffs including; Felix Tuodolo, Weri Digifa, Ebi Waribigha, Kabowei Akamade, Rosebella Jackson, Thomas Jacklloyd, Primrose Kpokposei, David Imole and Welman Warri at the Federal High Court Yenagoa.

Joined as defendants in the suit are the National Assembly, the Clerk of the National Assembly and the Attorney General of the Federation.

In the court documents, the Egbesu Assembly premised their action on the alleged failure of the federal government particularly the National Assembly to deliberate, approve and amend the relevant provisions of the 1999 Constitution (as amended).

This, according to them, is to allow for resource control as well as the creation of additional LGAs in the state to fulfil the requirements in line with the Constitution.

The group is therefore seeking, among others, the amendment of the constitution by the National Assembly to allow for the right to resource control.

The Supreme Egbesu Assembly described the suit action as a promise kept.

Mranwh, In a press statement announcing the institution of the lawsuit on Tuesday, the Egbesu Assembly recalled that, on 12th February 2026, it wrote to both the Federal Government and the National Assembly wherein its gave a 21-Day ultimatum for the duo to respond to the age-long demands for resource control and creation of additional LGAs or face a lawsuit.

The statement partly reads: “Recall that on 12th February 2026, we did inform you that we have written to the National Assembly and the federal government on the need for the creation of an additional 24 Local Government Areas in Bayelsa State as well as the control of our God-given natural resources in Ijaw territory.

“We promised that if the National Assembly and or federal government did not respond to these age-long demands, we were going to seek legal actions to address our demands.

News

BREAKING: Tinubu Sacks Wale Edun, Dangiwa As Ministers

Published

18 hours ago

April 21, 2026

Editor

President Bola Tinubu has approved a minor reshuffle of the Federal Executive Council, removing the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the Minister of Housing and Urban Development, Ahmed Dangiwa, from their cabinet positions.

Special Adviser, Media and Publicity to the Secretary to the Government of the Federation, Yomi Odunuga, said the development was contained in a memo signed by the
Secretary to the Government of the Federation, George Akume.

According to the memo, Taiwo Oyedele has been appointed as the new Minister of Finance and Coordinating Minister of the Economy.

Also appointed is Dr. Muttaqha Darma as Minister-designate for Housing and Urban Development.

The memo directed the outgoing ministers to complete handover processes to their respective successors or supervising officials.

It stated that all handing over and taking over activities must be concluded on or before the close of business on Thursday, 23rd April, 2026.

Explaining the decision, Akume said the changes were aimed at improving coordination and strengthening delivery across key sectors of the economy under the Renewed Hope Agenda.

“These changes are aimed at strengthening cohesion, synergy in governance as well as achieving more impactful delivery on the economy to Nigerians, through the Renewed Hope Agenda,” Akume stated.

He added that President Tinubu acted in line with his constitutional powers as provided under Sections 147 and 148 of the 1999 Constitution (as amended).

The SGF also conveyed the President’s appreciation to the outgoing ministers for their service to the nation and wished them well in their future endeavours, noting that the process of cabinet reinvigoration would remain continuous.

The statement further noted that Taiwo Oyedele was appointed as Minister of State for Finance in March 2026, while Edun was among the ministers appointed on August 16, 2023.