I have never had the good fortune of meeting you personally.
The closest was during the run-up to my powerful stage play, Aremu, which depicted Chief Olusegun Obasanjo, and your name was very prominent on the list sent from the Presidential Library as a potential supporter.
As expected, your people blocked me from all angles, and I could not access you despite having very strong referrals from no less a personality than the highly revered Chief Olusegun Obasanjo.
My disappointment stems more from the missed opportunity to personally meet you. I have been a distant admirer, watching you build one of the most enduring and highly critical financial institutions that continues to be a signpost of modern-day Nigeria.
Zenith Bank, under your leadership and later guidance, plays a very prominent role in the economy, creating opportunities and midwifing massive economic initiatives, thereby contributing significantly to our economic growth.
That said, this latest issue with the equally highly respected and very passionate economic player, Mr. Femi Otedola, has given not only me but a large swath of economic observers, including regulators, the international stakeholder community, and the general public, much to worry about.
In widely circulating reports, it has been said that Mr. Otedola has expressed grave discomfort with the way his accounts have been handled in your institution.
He has also been quoted as alleging that unauthorized transactions running into billions of Naira have occurred in his accounts without his knowledge.
It has also been reported that he has gone as far as making reports to the authorities, with some of your people pulled in to answer some very embarrassing questions.
This saddens me because this issue goes straight to the core of banking, which is trust, while also raising concerns about corporate governance, transparency, and risk management—issues that should not even be mentioned in connection with such an iconic institution as Zenith.
Mr. Otedola, in the last few years, has turned himself into a pseudo-cleansing agent in not only our financial system but also in public life.
His outing of the shamed politician, Lawan, which led to his incarceration, is still very clear in our minds.
His continuous crusade at First Bank, which has most likely led to the resignation of the erstwhile Managing Director on the back of a series of infractions leading to the recent announcement of the N50 billion fraud case by a mid-level officer, is another point in case.
From what I know of Mr. Otedola, he can be very meticulous and detailed in his ‘crusades,’ and he seems to have brought this trait into this issue with Zenith.
In documents that are in the public space and some that I have been privileged to see confidentially and in trust, it doesn’t look too good for Zenith Bank in my layman’s eyes.
What this portends is that, if a ‘friendly’ solution is not immediately found, then we may be singing the Nunc dimittis for Zenith Bank.
It is instructive to note that Mr. Otedola, at some point, was the second-largest shareholder in Zenith Bank and also the second-largest shareholder in the defunct Visafone, an associate company. As such, a little more care should have been taken in handling his business.
Be that as it may, I still believe that an amicable solution that will be mutually beneficial to both parties can and must be found so that the integrity of the system can be maintained.
Both sides remain critical to market stability, and both sides are well-positioned to work very closely with the government as they strive to rebuild our economy.
In this regard, my candid advice on this matter, my dear big uncle, is to personally reach out to Mr. Otedola to iron this out maturely and professionally, sir.
This is not a job for a still-wet-behind-the-ears Managing Director or Executive team who are still learning the ropes of leadership, sir.
This is the job of the main man himself—Mr. Jim Ovia—and I am very sure that if you approach this very humbly and strategically, we will overcome this. I assure you, as President Buhari will say.
This will pass.
This article has been provided by one of our content contributors and may not reflect the views or opinions of Nairametrics or its analysts.
