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Oba Otudeko Sets First Bank On Fire
By Michael Effiong
These are not the best of times for one of Nigeria’s financial powerhouses, First Bank Nigeria Plc. The bank is on fire and has ran into troubled waters with the Central Bank of Nigeria (CBN).
The CBN is unhappy with First Bank over the financial machination of its one-time Chairman, Dr. Oba Otudeko who incidentally is the current Group Chairman of First Bank Holding Company. That is not all, the nation’s apex bank has also frowned at the sudden announcement Mr Gbenga Shobo as the new GMD/CEO of the bank without due process.
In a letter dated April 26, 2021 with serial No: BSD/GBB/CON/FBN/01/028 titled RE: AUDITED IFRS ACCOUNTS FOR THE FINANCIAL YEAR ENDED DECEMBER 31, 2020, the CBN expressed its concern that First Bank has not complied with regulatory directives to divest its interest in Honey Well Flour Mills despite several reminders.
The strongly-worded letter signed by Haruna B. Mustapha, Director of Banking Operations and copied to all Board members and Major Shareholders continued “We further noted that after 4 years the bank is yet to perfect its lien on the shares of Mr. Oba Otudeko in FBN Holdco which collaterized the restructured credit facilities for Honey Well Flour Mills contrary to the conditions precedent for the restructuring of the company’s credit facility.
“Given the bank’s failure to perfect the pledge and satisfy condition for regulatory approval, the restructuring has thus been invalidated and the credit facilities now payable immediately.
“Consequently, the company is required to fully repay its obligations to the bank within 48 hours failing which the CBN will take appropriate regulatory measures against the insider borrower and the bank.
“Furthermore, the Bank notes the untenable delay in resolving the long standing divestment from Barti Airtel Nigeria Limited in line with extant regulations of CBN”
The CBN also instructed that it must divest from all non permissible entities such as Honey Well and Barti Airtel within 90 days.
In addition, First Bank was instructed to provide evidence of compliance in accordance with the timelines stated above to the Director of Banking Supervision.
When it rains it pours and the heat is seriously on First Bank as the CBN has also written another letter titled “Purported Management Change At First Bank Nigeria Limited”.
Also signed by Haruna B. Mustafa, this particular letter noted that CBN’s attention has been drawn to media reports that the Board of Directors has 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 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.
It has instructed First Bank to explain why disciplinary measures should not be taken against the Board for hastily removing the MD/CEO and failing to give prior notice to the CBN before announcing the management change to the media.
The bank is expected to respond on or before 5pm on Thursday, April 29, 2021.
There is no doubt that these are trying times for Nigeria’s oldest bank, we would keep you posted on how this drama unfolds in the next couple of days.
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2027: Nigerians Will Choose Their President, Atiku Berates SGF Akume
Former Vice President Atiku Abubakar has stated that the power to decide who will occupy the office of President of Nigeria in 2027 ultimately resides in the Nigerian people.
Atiku’s statement was in response to a comment made by the Secretary to the Government of the Federation (SGF), Senator George Akume, who claimed that President Bola Tinubu’s second term in office for 2027 is a done deal.
Akume had argued that for equity and fairness, it is only right for Tinubu – a southerner – to complete a second term, as the North had already had its fair share of leadership.
Atiku’s Special Adviser (Media), Paul Ibe, responded to Akume’s remarks through a post on X (formerly Twitter) on Monday, asking, “Where, then, does true equity and fairness reside?”
Ibe highlighted that by 2027, the South would have enjoyed 17 years of leadership—eight years under Olusegun Obasanjo, five years under Goodluck Jonathan, and four years under Tinubu—while the North would have experienced only 11 years, with Umaru Yar’Adua serving three years and Muhammadu Buhari serving eight years. This, Ibe argued, creates a six-year disparity between the North and South, affecting the balance of power.
He concluded by emphasizing that the power to elect or remove a government lies firmly with the Nigerian people, who will decide whether the current administration deserves another term. “But has the Tinubu government demonstrated that it deserves to be re-elected? The answer, alas, is as clear as the heavens themselves—God forbid!”
Headline
John Dramani Mahama: The New Landlord at Jubilee House
By Eric Elezuo
The phone call from the opposition, New Patriotic Party (NPP) candidate, and incumbent Vice President, Muhammadu Bawumia, was not just the dose Ghanaians needed to erupt into a frenzy in celebration of the election victory of the National Democratic Congress (NDC) candidate, and former President, John Dramani Mahama, it was also the antidote to neutralize any unforeseen electoral brouhaha that might erupt in the near future.
The admission of defeat by Bawumia sent the people of Ghana into loud shouts of victory; singing and dancing to celebrate the return of a man known for his penchant to deliver good governance. To a great number of Ghanaians, even those who did not vote for him as a result of party affiliation, and other technical reasons, another ‘black jesus’, who will restore the economic efficacy of the country has returned to Jubilee House, formerly known as Flagstaff House, the official home of the President of the Republic of Ghana.
Today, Mahama is no longer former President, he is President-elect, waiting to take up the mantle of leadership for another four years. He is the new landlord of Ghana’s Jubilee House!
The President-Elect, Mr. John Dramani Mahama, is not a stranger when it comes to churning out people oriented programmes and initiatives. During his days as minister, vice president and subsequently, the president, Mahama’s landmark achievements have remained a reference to administrators and would-be administrators. His feats have not escaped the discerning minds and eyes, who have showered him with accolades from home and abroad. In Nigeria, he has been recognized on more then many occasions including his state of of ancestral connection, Kwara, where he bagged the title of Aare Atolase of Offa Kingdom, conferred on him by the Olofa of Offa Kingdom.
Also among the avalanche of recognitions the President-Elect has garnered in Nigeria, is the award of honours on his person by the premier private university in Nigeria, the Igbinedion University, Okada, Edo State.
On November 24, 2018, he was conferred with an honourary doctorate degree for his foresightedness, infrastructural development and general achievements which have affected humanity positively.
Mahama, a politician of great repute, was born on November 29 1958, and has been privileged to serve in various civil and political capacities, culminating in holding the highest office in the land from July 24, 2012 to January 7, 2017.
Mahama started his primary education at the Accra Newtown Experimental School (ANT1) and completed his O’levels education at Achimota School and his A’levels education at Ghana Secondary School (Tamale, Northern region). He proceeded to the University of Ghana, Legon, receiving a Bachelor’s degree in History in 1981 and a Postgraduate Diploma in Communication Studies in 1986. As a student, he was a member of Commonwealth Hall (Legon). He also studied at the Institute of Social Sciences in Moscow in the Soviet Union, specializing in Social Psychology; he obtained a postgraduate degree in 1988.
His catalogue of enviable services include serving as Vice President of Ghana from 2009 to 2012, and took office as President on July 24, 2012 following the death of his predecessor, John Atta Mills. He was also a Member of Parliament from 1997 to 2009 and Minister of Communications from 1998 to 2001. A communication expert, historian, and writer, Mahama is a member of the National Democratic Congress.
Though he was born in Damongo in the Damango-Daboya constituency of Northern region, he is a member of the Gonja ethnic group, and hails from Bole in the Northern region. His father, Emmanuel Adama Mahama, a wealthy rice farmer and teacher, was the first Member of Parliament for the West Gonja constituency and the first Regional Commissioner of the Northern Region during the First Republic under Ghana’s first president, Kwame Nkrumah.
After completing his undergraduate education, Mahama taught History at the secondary school level for a few years. Upon his return to Ghana after studying in Moscow, he worked as the Information, Culture and Research Officer at the Embassy of Japan in Accra between 1991 and 1995.
From there he moved to the anti-poverty non-governmental organisation (NGO) Plan International’s Ghana Country Office, where he worked as International Relations, Sponsorship Communications and Grants Manager between 1995 and 1996.
In 1993, he participated in a professional training course for Overseas Public Relations Staff, organized by the Japanese Ministry of Foreign Affairs in Tokyo. He also participated in a management development course organized by Plan International (RESA) in Nairobi, Kenya.
Mahama’s first triumph in politics came in 1996 when he was elected to the Parliament of Ghana to represent the Bole/Bamboi Constituency for a four-year term. In April 1997, he was appointed Deputy Minister of Communications, and barely a year later, was promoted to the post of Minister of Communications, and served until January 2001. During the period under review, he also served as the Chairman of the National Communications Authority, in which capacity he played a key role in stabilising Ghana’s telecommunications sector after it was deregulated in 1997.
As a minister, he was a founding member of the Ghana AIDS Commission, a member of the implementation committee of the 2000 National Population Census and a deputy chairman of the Publicity Committee for the re-introduction of the Value Added Tax (VAT).
In 2000, Mahama was re-elected for another four-year term as the Member of Parliament for the Bole/Bamboi Constituency. He was again re-elected in 2004 for a third term. From 2001 to 2004, Mahama served as the Minority Parliamentary Spokesman for Communications.
In 2002, he was appointed the Director of Communications for the NDC. That same year, he served as a member of the team of International Observers selected to monitor Zimbabwe’s Parliamentary Elections.
As an MP, he was a member of Standing Orders Committee as well as the Transport, Industry, Energy, Communications, Science and Technology Committee of Parliament.
In his continued efforts to expand his interest and involvement in international affairs, in 2003 Mahama became a member of the Pan-African Parliament, serving as the Chairperson of the West African Caucus until 2011. He was also a member of European and Pan African Parliaments’ Ad-hoc Committee on Cooperation.
In 2005, he was, additionally, appointed the Minority Spokesman for Foreign Affairs. He is also a member of the UNDP Advisory Committee on Conflict Resolution in Ghana.
As Vice-President, he served as the Chairman of the National Economic Management Team, the Armed Forces Council of Ghana, the Decentralisation and Implementation Committee and the Police Council of Ghana in this capacity.
Mahama is full of experience, having served at all levels of poltical office, and he brought them all to bear as President, giving out a sterling performance that could only compare with the very best. He was the first, and remains the only Ghana president to have been born after independence.
On March 30, 2014, he was elected to preside over ECOWAS. On June 26, 2014, he was elected Chairperson of the African Union’s (AU’s) High-Level African Trade Committee (HATC).
On January 21, 2016 on the occasion of the World Economic Forum in Davos, Mahama became co-chair of the Sustainable Development Goals Advocates group which consists of 17 eminent persons assisting the UN Secretary-General in the campaign to achieve the Sustainable Development Goals (SDGs) that world leaders unanimously adopted in September 2015.
In December 2016, he was part of the ECOWAS mediation team to resolve the post-election political impasse in The Gambia between the defeated incumbent, Yahya Jammeh and declared winner, Adam Barrow.
Mahama, now a member of the Assemblies of God, is married to Lordina Mahama, and they are blessed with five children named Shafik, Shahid, Sharaf, Jesse and Farida.
Over the course of his career, Mahama has written for several newspapers and other publications both locally and internationally. Additionally, he is also a devotee of Afrobeat music, especially that of Fela Kuti.
Mahama is not new to awards and honours as his good works have paved a broad way for recognitions. He received an honorary doctorate in the field of Public Administration, from the Ekiti State University of Nigeria, formerly affiliated to the Obafemi Awolowo University in “recognition of his politico-socio economic development of Ghana and Africa at various stages of his political career. Later the same university passed a resolution to name its Faculty of Management Science after him.
He was also honoured by the Cuban government with the Friendship Medal for his relentless advocacy for the Cuban cause.
Also, The General Council of Assemblies of God, Ghana has honoured him with its Daniel Award.
The Graduate School of Governance and Leadership also awarded him the African Servant Leadership Award while the Institute of Public Relations recognized Mahama with a prize for his leadership acumen and technocratic flair.
In 2013, the Forum for Agricultural Research in Africa (FARA) conferred on Mahama the Africa Award for Excellence in Food Security and Poverty Reduction.
In March 2016, University of Aberdeen held a special convocation to confer him an honorary degree of Doctors of Laws (LLD).
In December 2016, he was honoured with a Life time award by Ovation Media Group during its yearly Ovation Carol.
A Bill Gates Fellow, Mahama was awarded the Great Cross of the National Order of Benin, the highest award in Benin, by President Yayi Boni.
In February 2017, Mahama received the 2016 African Political Leader of the Year Award from the African Leadership Magazine in South Africa.
He honourably left office on January 7, 2018 after losing to main opposition candidate, Nana Akufo-Addo, in the general election held a month earlier.
“I will allow history to be the judge of my time,” Mahama said as he address his crowd of supporters as he concede defeat.
He repeated the same lines as he variously defended his administration in a bid to make a comeback during his campaigns.
Mahama has touted the achievements of his government in the areas of power, roads, the economy, water and sanitation. While delivering his final State of the Nation Address to Parliament, he said the government had extended electricity coverage, increased water supply and improved roads.
As president, he deployed emergency plants and sped up the completion of ongoing plants resulting in the addition of more than 800 megawatts (MW) of power over an 18-month period. That, and many more had helped to stabilise the power situation in Ghana.
Working on the standard mantra of achieving “water for all by the year 2025”, Mahama put in extra effort to achieve the target well in advance of the set date by increasing investment in the provision of clean drinking water, citing of boreholes, small town water systems and major urban water treatment. Consequently, by the end of 2015, excess of 76 per cent of both rural and urban residents have access to potable water.
Mahama contended that his tenure of office had seen some of the most massive investments in the road sector in the history of the country.
While he completed road projects he inherited, such as the Achimota-Ofankor, Awoshie-Pokuase, Sofoline and Tetteh Quarshie-Adenta, he also commenced and completed the Kwame Nkrumah Interchange, fast-tracked the construction and opening of the Kasoa overhead bridge, completed the Airport Hills/Burma Camp network of roads, as well as the 37-El Wak-Trade Fair road and a host of others.
His trail of achievements are endless. Mahama is just another name for administrative excellence, and Ghanaians are blessed to have him return to complete his secure tenure as the landlord of Jubilee House.
Mahama will be sworn in to run another four-year course of administration on January 7, 2025, having defeated the incumbent Vice President, Bawumia, in a keenly contested election on December 7, 2024.
Congratulations sir!
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Ghana: Mahama Wins Reelection, Oppositon Candidate Concedes Defeat
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