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OPINION

FIRST BANK SAGA: ADESOLA’S REINSTATEMENT A REAFFIRMATION OF AUTHORITY

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FirstBank

The reaffirmation of Adesola Adeduntan as the Managing Director First Bank by the Central Bank of Nigeria (CBN) is a strategic and bold decision aimed at stabilizing Nigeria’s financial sector.

 

 

Adesola Adeduntan, the Managing Director of First Bank is a miracle-working Banker. Unlike the middling marabou, his miracles aren’t deceptive in nature rather each one is an event that creates faith in his abilities as fiscal guru and bank chief. Adeduntan is not just administrative Managing Director (MD) but a seasoned leader.

 

 

Administrators are always cheap and easy to find, and even cheaper to keep but leaders are worth their weight in gold. Leaders are risk takers and they are often in very short supply; ones with enduring vision however, like Adeduntan, are pure gold.

 

 

When he assumed the mantle of leadership at First Bank, pundits believed he had come in to play the role of an undertaker due to the destructive plunder visited on the bank by its previous directors.

 

 

However, Adeduntan eventually rescued the bank from collapse. Besides entrenching a culture of professionalism and excellent results in the bank, he ensured that there are no more dirty deals going on within the bank’s halls.

 

 

There’s sanity in First bank even as you read. The Bank Chief understands that leadership is not just about operationalising some empty formulae but establishing deep connection at group and personal levels through service, determination, uprightness, and poise.

 

Within the period, he has transformed the bank via visionary initiatives and he has also done a great deal to reclaim debts owed the bank by defaulting clients. Since he assumed leadership, he has outlawed dirty loan deals and is currently on a very successful crusade to reclaim huge loan debts from the bank’s chronic debtors.

 

 

 

Little wonder some disgruntled elements within the bank want him out by all possible means.

 

 

According to the letter doing the rounds and also signed by Haruna B. Mustafa, this particular letter noted that CBN’s attention had been drawn to media reports that the Board of Directors had approved the removal of the current Managing Director of the bank, Dr. Sola Adeduntan and appointed a successor.

 

 

The apex bank stated that it was concerned that this action was taken without due consultation with the regulatory authorities especially given the systemic importance of First Bank Ltd.

 

The Bank noted that since Adeduntan’s tenure was yet to expire and there was no report from the Board of any infraction, there therefore appears to be no apparent justification for the removal.

 

 

The CBN said it was particularly concerned because the purported removal of Adeduntan was coming at a time the CBN has provided various liquidity support to reposition the bank.

 

 

Adding “It is also curious that to observe that the sudden removal of the MD/CEO was done about eight months to the expiry of his second tenure which is due on December 31, 2021.

 

“The removal of a sitting MD/CEO of a systematically important bank that has been under regulatory forbearance for 5 to 6 years without prior consultation and justifiable basis has dire implications for the bank and also portends significant risks to the stability of the financial system.

 

Dr. Adesola was appointed the Executive Director/Group Chief Financial Officer of First Bank, in July 2014. As the Executive Director/Group CFO, he handled the banks’ financial control, internal control and enhancement, business performance management, treasury and procurement functions.

 

After 2years with First Bank, Dr Adesola was appointed the Managing Director of the bank, succeeding Bisi Onasanya. He resumed the role on the 4th of January 2016.

 

Dr Adesola’s office covers the bank’s commercial banking subsidiaries which include: FBN UK, FBN Ghana, FBN DRC, FBN Guinea, FBN Gambia, FBN Mortgages, and First Pension Custodian Limited.

 

After Adesola concluded his compulsory NYSC service year, he got a job at the main branch of Afribank (Nig) Plc, Ibadan, as a graduate trainee. He worked at Afribank for 18 months, carrying out different banking operations, including cash management, clearing, credit risk management, and foreign operations.

 

Dr Adesola left Afribank in September 1995 and started working with Arthur Andersen Nigeria. He rose to a managerial role in the firms’ financial department, before leaving the firm in May 2002.

 

As a manager, Dr Adesola pioneered and supervised the statutory audit of some leading Nigerian banks. Before he became a manager, he was the lead instructor of the local office basic accounting training and induction course in 1999

 

. In 2000, he served as an instructor at the Andersen World-Wide induction training for new hires in Eindhoven, Netherlands.

Adekunle Abolaji,

Business Journalist.

Business

LCCI DG Says New E-commerce Group Will Ensure a More Conducive Policy And Regulatory Environment For The Sector

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E-commerce

From improving sales volume, to facilitating automated processes in business transactions and the application of new technology, there’s no disputing the fact that ecommerce is opening up the Nigerian economy at an impressive rate.

Thriving on a digital economy platform, ecommerce boasts an incredible level of cost-efficiency of connecting sellers with buyers, which makes it a potent tool for business growth, especially for SMEs.

Interestingly, the unfolding relevance and inherent benefit of the ecommerce ecosystem is beginning to attract the interest of relevant stakeholders.

Recently, CBN Governor, Godwin Emiefiele stated that the digital space and its accompanying economic activities will further open up the Nigerian economy, drive financial inclusion and create more jobs.

According to Emiefiele, the impact is obvious for all to see, as the regulatory framework put in place by the apex bank has opened up the digital space for innovation in the Payment Service System thus driving financial inclusion and employment creation.

Few weeks after Emiefile’s comments, the Lagos Chamber of Commerce and Industry, (LCCI) announced the inauguration of an ecommerce sectoral group under its banner in conjunction with Jumia and other ecommerce players.

Among other things, the group is expected to support the development of private enterprises in various sectors of the Nigerian economy by exposing their products to a larger market.

Lagos Chamber of Commerce and Industry was established for the promotion and protection of Trade and Industry, and to represent and express the opinion of the business community on matters affecting trade and industry in Lagos, and by extension Nigeria.

Speaking on the essence of the ecommerce group, Director General of Lagos Chamber of Commerce and Industry, Dr. Muda Yusuf explained that the pivotal role taken up by digital platforms in the Nigerian economy in recent times, necessitated the formation of the group.  “Digital platforms have been playing a major role in the issue of trade and commerce in the country, so this informed the formation of the ecommerce group in LCCI,” he stated.

The ultimate goal is to achieve a robust digital economy that will work to the benefit of all stakeholders. On this front, the DG stated that the group will work towards attainment of a more conducive policy and regulatory environment needed for the industry to thrive for the benefit of all stakeholders.

“The beneficiaries are all the investors in that space; the government and the entire players in the economy because the whole idea is to ensure that we create a better policy and regulatory environment for that segment of the economy to thrive, grow and contribute a lot more to the Nigerian economy.”

While working with key players in the ecommerce industry was a masterstroke by LCCI, the appointment of the group Chairman was a well thought out process.

At the inauguration of the group, Jumia Chairwoman and Head of Institutional Affairs, Juliet Anammah was appointed Chairman to lead the group activities. Commenting on the appointment, Yusuf said the group felt that Juliet with her wealth of experience and position in the industry, is best suited to drive the affairs of the group towards attainment of its objectives.

“The choice was informed by the fact that she’s the chair of a major player in the industry, Jumia is a major player in the ecommerce space. And we felt that such a person is best positioned to drive this initiative by LCCI,” he stated.

The ecommerce space is gaining more relevance in Nigeria. The recent attention by stakeholders to the sector is a welcome development, and if properly managed and given adequate policy cum legislative support, will go a long way in improving the country’s economic fortunes.

By Adedoyin Giwa

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OPINION

Igbo & Yoruba are the Biggest Fools in Africa, By Biodun Omole

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Fools

Nigeria is a strange item Of the 16 Republics in the world, only Nigeria uses empty landmass as federating units, instead of ethnic nationalities.

 

Nigeria is the only oil-producing country where oil blocks are allocated to individuals, instead of government.
Nigeria is the only country in the world whose Constitution maintains a conflicting dual ideology – Democracy and Sharia.

 

As both cannot co-habit, one must give way. That is the War going on now under Buhari’s watch. Recall the Sultan of Sokoto – who doubles as Head of Fulani Oligarchy and Nigerian Monarchy – recently declared in USA that he does not recognise the Nigerian Constitution, but Sharia only.

 

“It is to be ignorant and blind in the Science of Commanding Armies, to think that a general has anything more important to do than to apply himself to learning the inclinations and the character of his adversary”. John Laffin [Links of Leadership].

 

While the Igbo and  were busy roaming the world and ravaging all schools and libraries – studying the ancestral cultures of the Greeks, Romans, Turks, Cappadocia, Mongols, Spartans, etc, their common mole in-house (), concentrated at home perfecting psychological Jihad to lock their horns in perpetual duel of vain supremacy and foolish pride.

 

No doubt, the Fulani have succeeded in exploiting the mutual sense of insanity between the  and Yoruba.

 

Fulani is a culture of war and domination – ruthless military and political strategists. As parasites, they penetrate their host through guise and guile – deception. Recall these two encounters:

 

 

•Uthman dan Fodio vs. King Yunfa of Gobir Kingdom [then Hausa] now Sokoto by Fulani.
•Janta Alimi vs. Oba Afonja of Ilorin [then Yoruba] now Fulani.

 

 

When your brother is in trouble, you are in trouble, unless you are insane.

 

At the height of the Jos ownership crisis: “Look at Kano, Bida, and Ilorin – the Fulanis who are ruling there are non-indigenes and I can’t see why the same treatment will not be accorded to Jos … otherwise, there will be no peace in Nigeria” – Tanko Yakassai, former political sdviser to President Shehu Shagari [Vanguard Newspaper, 26 Jan 2009].

 

From Grazing Route – Grazing Reserve – Cattle Colony – Ranching – Grass from Brazil – inland Waterways – N100 billion to Miyeti Allah – Fulani ethnic Radio – RUGA – e-registration of illegal aliens – Military Ranching – back to inland Waterways again!

 

Taqiyya in action. The story keeps changing, but the subject matter remains the same – land takeover!

 

Remember Terwase Agwarza [aka GANA] – a Benue militia leader who repented, laid down his arms, and surrendered to Nigeria’s security for amnesty. And the military killed him in surrender.

 

But in Katsina, Governor Masari and some military officers held a peace meeting with terrorist bandits. The bandits attended carrying assault rifles in the presence of the governor and the military, yet nobody killed anybody. They know themselves!

 

Few weeks ago, UAE announced that it had convicted six Nigerians for funding Boko Haram terrorists. Nigerian government would not collaborate with UAE to track down BH sponsors. It’s still busy hunting #ENDSARS# sponsors!

 

Rather, FG had advised the convicts to appeal to the Supreme Court in UAE, promising to also use diplomatic avenues to help them out! They know themselves.

 

Recall it was “Igbo coup 1966” – to unite other Nigerians against Igbo. Then came “No Victor No Vanquished 1970” – to deny responsibility after the genocide.

 

Recently it became “IPOB is a terrorist organisation” – to divert attention from the real terrorists, and to justify further pogrom on the Igbo. And now, it’s “Igbo sponsored #ENDSARS to overthrow Buhari’s government”.

 

Also, “Igbo destroyed Yoruba economic assets in Lagos”.

 

Meanwhile, Buhari and his Fulani tribesmen [local and imported] have been executing “their mandate” happily and successfully.

 

The rest of Nigerians – the highly educated and civilised, the sleeping majority, the self-defeating saints, etc., are the only ones thinking that Buhari is worried, that FG is failing Nigerians, that Buhari is fighting BH, poverty, etc., and that Nigeria is practising democracy.

 

“The world will never respect Africa until Nigeria earns that respect” —Nelson Mandela.

 

Madiba, Father of Africa! I tearfully regret to inform you that the Igbo and Yoruba of Nigeria, locked in a most foolish contest of wild goose chase, while the stranger plunders their common inheritance, have insanely sworn to “fall your hand”.

 

If your brother is in trouble, you are in trouble, unless you are insane.

 

 

Credit: Sundiata Post

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OPINION

Michael Idowu Obanewo: In Search of Higher Service, Responsibility

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Responsibility

The name Micheal Idowu Obanewo has been synonymous with passion for service, compassion and responsible engagement with kinsmen of different age brackets over the years and this has been the hallmark of his life.

For Engr Mike, as he is widely called by both the young and the old in his community and among peers and colleagues, the passion for his people, especially youths, has become consummate and overriding. This has been variously attested to by many, whose path has crossed his, most times in life changing and destiny defining encounters.

A native of Ayetoro Gbede, Ijumu Local Government Area of Kogi State, Mike was born in Jos, Plateau State, North Central Nigeria, but had his primary school education in Ayetoro Gbede and Okoro Gbede High School for his secondary education before proceeding to the Federal University of Technology, Minna, Niger State where he studied Electrical and Computer Engineering. He is presently pursuing a Masters degree in Engineering Management at the University of Ibadan.

A member of several professional bodies with certifications in various areas that has direct impact on his field and beyond, Mike has had and is having a trailblazing career that has been highly impactful on the organisations he has been involved in.

Speaking about his love for service to his community and Environment, Mike said in a chat recent chat: “I have since had an interest to serve and bring about change and development to my community and it’s environs. My ties to the Community and its environs dates as far back as 2005.”.
With this statement, Micheal Idowu Obanewo, officially declared his intention to throw his hat into the political ring and contest election into the House of Representatives to represent the good people of Kabba/Bunu/Ijumu Federal Constituency, Kogi State in 2023.

This declaration, done on several platforms, including social media and during several trips to confer with leaders and elders of the communities that make up the Kabba/Bunu/Ijumu Federal Constituency, has brought up a major movement of people, both young and old, at home and outside the constituency, rooting for Engr Mike as the Peoples representative.

The groundswell of support for his ambition to represent his people comes as no surprise, especially considering his past and current selfless services to his community and those who have been opportune to come across him.

A past President of the Ayetoro Gbede Student Union, Mike is not entirely new to politics. As a mark of his sterling performance, he got reelected to the same office in 2006 after his first tenure in 2005 for the single year tenure union presidency.

While leading the union, an ambitious library project was embarked on to accommodate 120 people at at go.

Several people, including elites, who have queued behind him, in support of his ambition, are quick to point out the several interventionist projects he has undertaken on behalf of the community over the years, and the many youths whose lives he has touched positively.

The projects include the extensive renovation of the General Hospital, Ayetoro Gbede in 2019. During the renovation, Engr Mike supplied and donated medical equipments such as Oxygen Concentrator, delivery beds, delivery instruments set, mobile operating lamp, sunctioning machine, beds and mattresses to the male, female and maternity ward.

Also worth mentioning is the renovation, restoration and upgrade of the central water system at the heart of Ayetoro Gbede with four different outlets within some quarters in year 2018. He also carried out the total overhauling of the 200kva Mikano generator that serves as the source of power to the water system which residents of the community and its environ have benefited and are still benefiting from.

In the area of education, Engr Mike paid the WAEC fees of all the SS3 students in Okoro Gbede High School in the year 2019, while also undertaking the payment of the school fees of many undergraduates from the constituency.

As a way of spreading his kind heartedness to other parts of the constituency, Engr Mike, in 2020, singlehandedly renovated the ICT Center in Ogidi town, Ijumu Local Government, bought a generator for the centre and is at the moment putting up a mini library to compliment the facilities, while also overhauling the solar system within the centre.

Aside these, Engr Mike has been involved over the years in the personal and career development of many indigenes of the Kabba/Bunu/Ijumu Federal Constituency, while also running an internship programme for Engineering graduates from which they gather enough experience for possible jobs opportunity.

It is on record that through this internship programme, 80% percent of them succeed in getting jobs at the end of their training, while he has also at various times used his official connections to maximise opportunities for his constituents, leading to a hoard of professionals around him, some who are expatriates in foreign countries.

Speaking on the motivation for service to his community and commitment to youth development and career advancement, Engr Mike said he saw a need within the community and since he had the means to provide a solution, he had no option than to stand in the gap. This, he said has made his community, Ayetoro Gbede and environs, to give him several awards.

Speaking on his ambition, Engr Mike said if given the opportunity to serve, the entire Kabba/Bunu/Ijumu Federal Constituency will benefit immensely from his developmental programmes aside the constituency projects.

He however said the identification of constituency projects will solely be done according to the need of the people.

On his plans for the constituency, the House of Representatives aspirant, who is still consulting on the most appropriate party platform to contest on, outlines them as follows: “There are just four issues on which my campaign plans will focus: Health, Education and Social/Economic Developments and Empowerment, Good Representation

“Knowing fully well that, the main purpose of the House of Representatives is to make laws and scrutinise the work of the executive, I will make sure, if elected, that whatever bills I will be sponsoring or co-sponsoring will be to the best interest of the constituency and Nigeria at large.

On education, he said: “If elected, my energy will be focused on lifting the standard of our schools in order to ensure that basic and qualitative education is enjoyed by all and sundry irrespective of their socio-economic and tribal status.”

For Social/Economic Development and Empowerment, Engr Mike said the first thing on his agenda is to improve the quality of life of his people by providing basic amenities.

“Unemployment is the order of the day for a lot of our young people from our constituency. I will take advantage of my good office, if given the opportunity, to help those we can, which of course, will yield to a multiplying effect in the long run.

“I will also support job creation, to provide employment for people who live within our constituency by promoting vocational education and small and medium scale enterprises, which will take advantage of our agricultural prowess, using them as raw materials. This would increase the income of our peasant farmers.

“I will pursue, vigorously, in collaboration with my prospective colleagues from other constituencies, the rehabilitation of the failed Kabba-Egbe-Ilorin Road, which incidentally is the longest and most important federal road in Kabba-Bunu/Ijumu Federal Constituency, in addition to Kabba-Omuo Federal Road.

“This will no doubt stimulate the socio-economic activities of not only our constituency, but also that of the entire Kogi West senatorial district, considering how strategic it is.”

On Health, he said he would focus on the provision of immediate and urgent equipment for hospitals in the constituency and health centres by partnering with various NGOs, private bodies and other stakeholders for an improved community health.

According to him, the above is achievable since that is what he has been practising and do daily in his private life.

“I believe it is time to show and demonstrate that change begins with us. I also believe I am that candidate who can bring about a positive turn around to the whole of the Kabba/Bunu/Ijumu Federal Constituency judging from what I have been able to achieve in the last few years even as a student when I was the Student Union President of the Ayetoro Gbede Community.

“Of course, to achieve all of my campaign plans, I will require the undiluted and unified support of all and sundry in the constituency.”

Speaking further on why he believes he is qualified for the job and why the electorate in the constituency should entrust him with their representation, Engr Mike said he has been proven to be trustworthy, reliable, selfless, focused and goal oriented.

“I see where there is a need/inadequacy and I strive to make things better. Posterity will surely speak for us. All of these and much more makes me the perfect candidate to represent the Kabba/Bunu/Ijumu Constituency.

“My patriotic zeal and passion to improve our constituency has spurred my candidacy, such that, I intend to run for public office.

“My major aim in running for office is to achieve a stronger constituency and bring life back into our communities, which unfortunately have suffered some sort of decline in recent years.

“As someone who had a humble life, growing up in Ayetoro Gbede, I would say that I know the value and importance of communities in townships. I see the extraordinary ways in which dwellers of our towns had over the years made effort to strengthen our communities even in difficult times.

“Therefore, the Kabba/Bunu/Ijumu Federal Constituency has no place for the armchair critic”, he said.

On the type of representative the constituency needs, Engr Mike said: “What we need is a progressive and risk taking leadership. A representative who will work for the whole of our society. We need them to move from promising us that a good process is in the offing to actually delivering on the stimuli necessary for sustainable development of our community

“The constituency needs someone like me who have the ability, the commitment, the determination, the drive and a real passion for our communities.

“I have been adequately prepared for the task ahead and I have given my word to God and the good people our constituency that I will serve and represent them to the best of my ability and with whatever resources at my disposal.

“I am not the average politician but a new breed with fresh ideas. Someone who has come to do things the right way by giving our people the best representation they can have. The time has come for things to be done rightly, with the people at the centre of our politics; that’s my focus, a people oriented politics.”

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