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

Published

7 months ago

January 20, 2025

Editor

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

NCAA Seeks K1 De Ultimate’s Arrest, Petitions AGF, IG

Published

9 hours ago

August 7, 2025

Editor

The Nigeria Civil Aviation Authority has formally petitioned the Attorney-General of the Federation and the Inspector-General of Police, asking them to investigate and prosecute veteran Fuji musician, King Wasiu Ayinde Marshal, popularly known as K1 De Ultimate, over an incident that occurred aboard a domestic ValueJet flight.

The incident, which happened on Tuesday, reportedly disrupted standard operational procedures and has raised serious concerns about passenger behaviour and compliance with aviation safety protocols.

According to preliminary reports, K1 De Ultimate was allegedly involved in conduct during ValueJet flight VK201 that contravenes the Nigerian Civil Aviation Regulations.

According to a statement signed by the agency on Thursday, it noted that in the petition, the NCAA urged the Attorney-General and the IGP to “launch a thorough investigation into the incident” and commence “appropriate prosecution in accordance with the provisions of the Nigeria Civil Aviation regulations 2023 supra and all other applicable laws.”

In a further move to reinforce compliance and accountability, the Director General of Civil Aviation, Capt. Chris Najomo has issued an advisory to the Airline Operators of Nigeria recommending that K1 De Ultimate be placed on a No-Fly List for all commercial flights pending the conclusion of the investigation.

The advisory, according to the NCAA, is in line with international aviation best practices designed to ensure the safety of passengers, crew, and aircraft operations.

The statement read, “In a letter addressed to both the Attorney-General and the Inspector-General of Police, the NCAA called for a comprehensive criminal investigation and the initiation of appropriate prosecution in accordance with the provisions of the Nigeria Civil Aviation regulations 2023 supra and all other applicable laws.

“Furthermore, and in light of the growing concern, the Director General of Civil Aviation, Capt. Chris Najomo, has also issued an advisory to the Airline Operators of Nigeria, urging the immediate consideration and institution of a No-Fly List for K1 De Ultimate (on any commercial flight), pending the outcome of official investigations.

“This advisory is in line with global aviation standards that prioritise the safety of passengers, crew, and airline operations.

“The NCAA reiterates its commitment to ensuring that no individual, regardless of their status or public image, undermines the integrity of our aviation industry as passengers are held to the same standards of behavior and compliance within Nigeria’s airspace.”

The Authority emphasised that aviation safety and discipline remain non-negotiable and that the industry cannot afford to tolerate acts that could endanger lives or compromise the integrity of flight operations.

News

FG Unveils Four Water Projects In Ogoni, Commits To Implementing UNEP Report

Published

9 hours ago

August 7, 2025

Editor

The Federal Government has commissioned four new water projects in Ogoniland, with renewed commitment to addressing public health concerns and full implementation of the report of the United Nations Environment Programme.

The water projects located in Bodo community (Gokana LGA), Eteo (in Eleme LGA), Uegwere-Boue, and Taabaa communities (both in Khana LGA) now brings the number of Ogoni communities with reticulated potable water to 40, the Hydrocarbon Pollution Remediation Project, has said.

Also unveiled was a new HYPREP Area Office in Kpor, headquarters of Gokana LGA, which aims to improve engagement with host communities.

Speaking at the ceremony in Bodo community on Thursday, Minister of Environment, Balarabe Abbas, described the development as a major step in the federal government’s resolve to restore the dignity of the Ogoni people after decades of environmental degradation from oil pollution.

Abbas stated, “The biggest victim of pollution is water. Water is what gets polluted first, and so the whole essence of HYPREP is to restore water, land, and a better environment. Access to clean and safe water is not just a basic necessity, it is a fundamental human right.”

While noting that the projects are not just infrastructure, but “symbols of hope, equity, and justice” for communities that had long suffered the impacts of oil-related pollution.

He urged residents to take ownership of the facilities and protect them from vandalism.

“Today, as we commission these projects, we are not only laying a physical foundation but also upholding human rights. These commitments underscore our shared dedication to the health, dignity, and well-being of our people,” he stated.

The minister reaffirmed the commitment of the President Bola Tinubu-led administration to full delivery of UNEP’s report and sustainable development of the Niger Delta region.

“On behalf of the federal government, I affirm our unwavering commitment to the full implementation of the UNEP report. The Ogonis have suffered for too long. It is our duty to address their worries,” Abbas said.

In his address, Project Coordinator of HYPREP, Prof. Nenibarini Zabbey, said progress is also being recorded across other UNEP-aligned thematic areas, including soil remediation, mangrove restoration, health infrastructure, and youth empowerment.

Zabbey stated, “We have completed remediation of 50 simple-risk sites, while work on medium-risk, complex sites is 38% done. Our mangrove restoration project is already 93% complete.”

He stated that over 5,000 Ogoni youths and women have been trained in 20 skill sets, while 7,000 direct jobs have been created through the programme, which he described as a major boost to local livelihoods and stability.

He said, “Work on the Centre of Excellence for Environmental Restoration and Ogoni Power Project is 90% and 40% complete respectively, while the Buan Cottage Hospital and Ogoni Specialist Hospital are nearing completion at 98% and 86%.

“With the Ogoni Health Study now underway, HYPREP has reached the point of simultaneous implementation of key UNEP actions, remediation, water, health and livelihood, working together to transform Ogoni holistically.”

Managing Director of Renaissance Africa Energy Company, Engr. Tony Attah, represented by the General Manager of Relations and Sustainable Development, Igo Weli, praised the federal government and HYPREP for achieving a key milestone.

“This marks a significant moment in our journey to improve public health and the quality of life of Ogoni people. We also commend the resilience and commitment of the communities. Your support reflects a shared desire for progress,” Attah said.

News

FG Warns Of Flooding In Lagos, Rivers, Delta, Bayelsa, 26 Others

Published

9 hours ago

August 7, 2025

Editor

The Nigeria Hydrological Services Agency on Thursday warned of potential flooding in 198 local government areas across 30 states and the Federal Capital Territory.

The alert, obtained by our correspondent, covers August 7 to August 21, 2025, a span of 15 days during which vulnerable communities are advised to take precautionary measures.

The alert categorised flood risk levels as very high, high and moderate, depending on local topography and rainfall intensity projections.

The affected states are Adamawa, Akwa-Ibom, Anambra, Bauchi, Bayelsa, Benue, Borno, Cross River, Delta, Ebonyi, Edo, the Federal Capital Territory, Gombe, Imo, Jigawa, Kaduna, Kebbi, Kogi, Kwara, Lagos, Nasarawa, Niger, Ogun, Ondo, Plateau, Rivers, Sokoto, Taraba, Yobe, and Zamfara.

According to NiHSA, very high-risk states are Adamawa, Bauchi, Bayelsa, Benue, Borno, Delta, Gombe, Kebbi, Kogi, Lagos, Niger, Ogun, Rivers, Yobe, and Zamfara.

While states categorised as facing high to moderate risk include Akwa Ibom, Anambra, Cross-River, Ebonyi, Edo, FCT, Imo, Jigawa, Kaduna, Kwara, Nasarawa, Ondo, Plateau, Sokoto, and Taraba.

The agency also noted that 832 communities are at risk of varying degrees of flooding.

The alert also warned of the potential disruption of over 100 major transportation routes, particularly in flood-prone areas.

“High likelihood of displacement, especially in low-lying and flood-prone areas. NiHSA urges residents in affected regions to remain vigilant, adhere to early warning directives, and cooperate with emergency response agencies,” it stated.

To mitigate the potential impacts of flooding, NiHSA recommended that all emergency management stakeholders should get prepared for response protocols to ensure timely intervention.

It added, “Communities at risk should put evacuation plans in place.

“Follow up on NIHSA’s state-level weekly forecast for community-specific forecast, and monitor updates from NIHSA.”

The Director General of NiHSA, Umar Mohammed, said, “This alert is issued in line with our commitment to safeguarding lives and property. We call on state governments, local authorities, and the public to take proactive measures to mitigate risk and ensure community safety.”

He emphasised that they will continue to monitor the hydrological situation and provide timely updates as necessary.

On Tuesday, the National Emergency Management Agency revealed that in 2025, no fewer than 191 lives have been lost to the floods that have ravaged parts of the country, while 94 people remain missing.

The report by NEMA showed that Niger State recorded the highest number of fatalities, with 163 deaths, followed by Adamawa State, where 26 people lost their lives. One death each was reported in Borno and Gombe states.

The data further indicated that, so far this year, the floods have affected 134,435 people across 20 states and 47 local government areas.

Additionally, 48,056 people have been displaced, while 239 injuries have been reported. The floods have also damaged 9,499 houses and affected 9,450 farmlands.

NEMA’s dashboard also revealed that among those affected are 27,121 men, 41,539 women, 60,071 children, 5,704 elderly persons, and 1,874 persons with disabilities.

In 2024, the floods affected 5,264,097 individuals, displacing 1,243,638 people across 35 states and 401 local government areas. The disaster resulted in 1,237 deaths and left 16,469 individuals injured.

Also, 116,172 houses were destroyed, and 1,439,296 hectares of farmland were affected, further worsening the economic and humanitarian impact of the flooding across the country.