FBN Holdings: The Old Fox And His Torch, By Joseph Edgar

FBN Holdings: The Old Fox and His Torch, by Joseph Edgar

by Aremu Adebayo

Something has gone wrong. Our elders no longer think of legacy; instead, they wallow in the mud of struggle where virtues like transparency, integrity, fairness, and justice remain alien.

Like the biblical fox who rushes through farmlands with a torch to its tail, burning down the harvest, this journey through the financial system has allegedly seen institutions scorched by the molten fingers of a reckless push.

Ecobank is in tears over N16 billion in the hole due to a direct engagement with the fox and his torch.

The story of First Bank remains a case study for the best business schools in the world.

How it remains standing despite mountainous attacks from a ravaging fox determined to plunder and pilfer is a miracle in itself.

Under the fox’s control, trillions were siphoned off under various guises. Corporate governance was a mirage, the registrars where the records of shareholding were kept remained an appendage of his kitchen, and the bank was run like a personal fiefdom despite its many shareholders and its significant position in the economy.

Rightfully so, he was ousted in one of the most shameful coups in the industry, only to bide his time for a disgraceful attempt at an inglorious comeback.

The latest issue concerns the recognition of a contested portion of his shareholding. The struggle for the largest shareholding in Nigeria’s biggest and oldest financial institution has always been filled with drama that would make the best Nollywood scriptwriters envious.

Make no mistake, this struggle is not a beauty contest but a fierce battle for control of the bank, which will either continue to be assaulted or begin the healing process, depending on who emerges victorious.

Let’s put this into context: A few years ago, the CBN dissolved the bank’s board and put in an interim leadership structure. This, according to them, was due to the malfeasance that had cost the bank over N2 trillion in raw Nigerian cash.

Corporate governance was a mirage, as the bank fell under the control of philistines who attacked it without emotion.

The bank struggled but eventually attracted new investments, leading to the emergence of a new shareholder. Under his watch, the bank recently announced a half-year profit in excess of N400 billion.

Just as the healing process was gaining momentum, it was hit by a lawsuit in a bid for the return of the old fox.

This issue is not new; this struggle has been ongoing for some time.

The lawsuit, according to reports, is asking the regulator to recognize about 40% of his shareholding, which has not passed even the slightest verification process.

Reports have shown that these shares come with no evidence of payment, contract notes, or any form of proof that they were ever paid for.

Blurry and unconfirmed stories have emerged, indicating that ‘games’ were played at the registrar’s with deceased people’s shares, leading to this purported shareholding now being contested.

Taking the regulator to court is the last stand of a demagogue who refuses to accept that he has passed his sell-by date.

In response, the regulator and FBN have reported that the shares in question remain in dispute, as there is still no evidence of a legitimate purchase.

For me, the saddest part of all this is the death of a true legacy—a legacy that should have been celebrated for its astuteness and influence in the system.

But what do we see? The twilight years of a legacy, now revealed to have been built in mud.

What else could an 80-something-year-old wish for beyond a peaceful reconciliation of his actions and atonement with his God, as he sees through his final years?

Instead, we witness a mad struggle to retain wealth seemingly wrongly acquired, and for what purpose, I ask?

Is it to ensure a continuous life of comfort for his children? Is it the result of a lifelong thirst for avarice? Or is it simply because he can put up a fight?

No matter the reason, this entire situation is shameful, especially when you consider the bank’s position during his reign compared to its new lease on life outside his leprous grip.

We are still watching closely as events unfold, with a view to documenting, for historical purposes, one of the most naked and vile assaults on a beleaguered financial institution that has remained sturdy despite decades of serial rape by a man who really can’t get it up again.