Something has gone wrong. Our elders no longer think of legacy but instead wallow in the mud of struggle where virtues like transparency, intergrity, fairness, and justice remain very allien.
One very prominent one in his charge towards the hot seat screamed – Emilokan in one of the roughest ever run to power eschweing all that we were ever taught as clean virtues and ending up with tomatoes all over his gown but with the trophy.
Some time this week, Nigerians woke up to the news of a lawsuit.
Baba is once again attempting a comeback to an institution that, under his watch, is said to have lost over N2 trillion. Like the biblical fox who rushes through farmlands with a touch to its tail, burning down the harvest, this journey through the financial system has allegedly seen institutions touched by the molten fingers of a bravado push.
Ecobank is in tears-over N16b in the hole as a result of a direct engagement with the fox and his touch.
First Banks’ story remains to be studied by the very best business schools in the world. How FBN remains standing despite mountainous attacks from a ravaging fox that remained determined and pertinent to rape and pilfer is a miracle in its essence.
Under the fox’s control, trillions were siphoned out under various guises, corporate governance was a mirage, the registrars where the record of shareholding was kept, remained an appendage of his kitchen and the bank was run like a personal fiefdom despite its many shareholders and its position in the economy. Rightfully so, he was kicked out in one of the most shameful pitches in the industry, only to bid his time for a shameful attempt at an inglorious comeback.
This latest matter is that of the recognition of a contested portion of his shareholding.The struggle for the largest shareholdings in Nigeria’s biggest and oldest financial institution has always come with the drama that would make the best of Nollywood script writers cringe with envy. The struggle, dont miss it, is not a beauty pageant but a fierce struggle for the control of the bank which in turn will aide the continous assault on it or lead the healing process depending on who emerges in the struggle.
Let’s put a context to it. The CBN, a few years ago, dissolved the FBN Board and put in an interim leadership structure. This, according to CBN, was as a result of the malfeseance that had gone into the bank, leading it to have lost over N2 trillion in raw Nigerian cash. Corporate governance was a mirage, as the bank came under the control of Philistines, who went at it with no emotions.
Not too long after, the bank under the new leadership, struggled and attracted new investments, which led to the emergence of a new shareholder who now under his watch, the bank just announced an half year profit in excess of N400b.
Just as the healing process of the bank is gearing to go, it is hit by a lawsuit in a bid for a return of the old fox. This issue is not new as this struggle has been on for some time.
The lawsuit, according to reports, is praying for the regulator to recognise about 40% of his shareholding, which, as we speak, has not been able to pass through even the slightest verification process.
Reports have also shown that these same shares have not come with evidence of payments, contract notes, or any form of evidence that they were paid for. Blurry and unconfirmed stories have emerged showing that ‘games’ were played at the Registrars with dead people’s shares leading to this purpoted shareholding which is being contested for.
Taking the regulator to court is a last chance stand of a demagogue that has refused to accept the fact that he has passed his sell by date.
In response, the regulator and FBN have reported that the shares in question remain in dispute since, as i write, there remains no evidence of justifiable purchase.
For me, and in all of this is the death of true legacy by a titan who should, by all means, be celebrated for his astuteness and posture in the system.
But what do we see – a twilight years of the browning of a legacy which by hindsight was built in mud. What else could an over 80 something year old be wishing for beyond a peaceful reconciliation of his activities and an atonement with his God and with life as he sees through his last years?
Instead, we see a mad struggle to retain lucre seemingly wrongly acquired units of shares and for what purposes, if I may ask?Is it to ensure a continuous life of comfort for his children, or is it as a result of a lifelong thirst for avarice, or is it just because he can put up a fight?
No matter the reason, this whole thing sounds and looks quite shameful, especially if you see the bank’s position during his reign and the bank’s new lease of life outside his leprosed hold.
I am still watching very closely as events unfold, with a view to penning down for historical purposes one of the most naked and vile run through a bealeagured financial institution that has remained sturdy. Even despite decades of serial rape from a man who really can’t get it up again.
So sad.
*Duke of Shomolu*
