By Lasisi Olagunju
(Published in the Nigerian Tribune on Monday, 20 January, 2025).
The United Arab Emirates has just held its Abu Dhabi Sustainability Week. Our president was there. A part of that event was the World Future Energy Summit which ended on Thursday last week. Saudi Arabia is holding a Smart City and Infrastructure Expo in September this year. It held one last year. When Muslim countries do things as these, they advertise Islam in the very best form. They make Islam attractive and beautiful.
Like Saudi Arabia, we have Islam here in abundance but we lack the sanity and prosperity of Saudi Arabia. Like the Western World, we have Christianity but the technological fruit of that faith eludes us. Saudi Arabia is busy building smart cities. It is working on NEOM, a $1.5 trillion digital city that is designed to make Dubai an ancient experience. The name NEOM is a blend of the Greek ‘neo’ (new) and the ‘M’ in the Arabic ‘Mustaqbal’ (future). The anglicized NEOM means ‘New Future’. The name tells the fecundity of the minds that conceived the idea. Saudi is building another wonder called Riyadh Smart City; and a third one christened Jedda Economic City. All these are being programmed to run on the most modern of science and tech ideas. To them, book is not haram; it is tonic that gives life. While they talk of Internet of Things (IoT) and Artificial Intelligence; we loot and burn libraries here; we break bones over who becomes an oba or an emir and who should not – in a democratic republic.
Saudi Arabia and the UAE are monarchies, yet they are modern in ways that challenge and shame our democracy. The Arabs use religion to make for themselves everything that makes the future a better experience than what today offers. Here in Nigeria, we pray for miracles. Life expectancy “refers to the number of years a person can expect to live.” The Vatican City has been the Centre of Christianity since the 4th century. Life expectancy in that city in 2024 was 84.16 years; in Saudi Arabia, it was 75.83 years; in UAE, it was 78.60. There is another Arab country called Qatar; life expectancy there in 2024 was 80.88 years. Like the Vatican City, Nigeria has Christianity in great abundance, just as it has a surplus of Islam like the Arab countries; yet, the number of years a person could expect to live in Nigeria in 2024 did not exceed 62.2 years.
Our president was at the UAE event. He must have seen the Muslim Arab country using 21st century brains to power its leap into the future. The rich who rode Rolls Royce there last year still ride their wonder on wheels. There are no fears of a government policy that will reduce them to jalopy drivers this year. The state won’t also fleece the poor to feed the rich. That country and others in its league leverage the best in technology to create hubs of innovative solutions to existential issues. Saudi streets are clean; its people are happy and resourceful. Yet, it is not a democracy and has no plan to be one. The UAE has the iconic Dubai as its poster of excellence. The country does not waste its time voting the worst to rule the best. Both countries are Islamic countries, but they do not breed Almajirai, Boko Haram and other variants of extremism that make lepers of their region and religion.
We cannot become those countries until we have blind laws that recognize no class, no ethnicity. We need schools, not temples of miracles. Saudi is a praying nation like us. Unlike us, Saudi Arabia does not insult God with laid-back demands. Saudi Arabia’s top universities are world class. Check their ranking; check ours. Everything that makes a nation fail itself is here. What we have here can only breed enlightened ignorance and unremitting want.
Saudi Arabia is attracting the best brains from all over the world to its universities. And the universities are not there as mere salary-paying loss centres. They are at the forefront of the country’s agenda for its emerging quantum revolution. What do we have in Nigeria
At the last convocation of the Obafemi Awolowo University, Ile Ife, the institution’s pro-chancellor, Professor Siyan Oyeweso, delivered a withering verdict on the state of the Nigerian ivory tower. He said “the Nigerian university system has been replaced with ‘indigenized’ and ‘villagized’ universities. The hitherto national and international character of the system has been replaced with inbreeding. The staff profiles of federal and state universities – academic and non-teaching – reveal a shocking practice of father, mother, brothers, sisters and children working in the same system. Family dynasty has replaced the merit system.” Damn!
I connect very well with what Professor Oyeweso said. As an undergraduate, we had teachers from all over the world. There were foreign students just as children of the rich and the poor shared seats in lecture rooms. My university classroom experience was a lesson in classlessness. I shared the same class with an Akinrinade in an era when General Alani Akinrinade was one of the biggest names in the country. There was a Soyinka in my class. Governor Oladayo Popoola’s law-student daughter offered some courses that I also wrote in the same class. Yet, our Tigris and Euphrates flowed their courses in amity. The class that existed was the class of learning.
Today, when we tell our 1980s stories and the ones our fathers told us of the 1950s and 1960s, they mean very little – or naked nothing, to our children who have had zero positive contact with the Nigerian state. The mix of experience and status we enjoyed is missing today. Decay in public schools has driven the privileged abroad, or to private schools. The height of parents now determine how high the children can fly. Those stuck in public schools are daily plotting their escape. We cannot be well without casting down our castles of decay.
Despite their advancement in everything, the Arab world is still combing the world for more knowledge. Even our unusual country has been a destination for them. A delegation of the Association of Arab Universities was at the Arabic and Islamic Centre, Markaz, Agege, Lagos last week. Reports said they inspected the impressive digital technology and language laboratory, ICT Centre of the school. Why were they here? If you asked them, they would tell you that seeking knowledge anywhere is an obligation in their religion.
The black man wasted all the centuries of the past. We’ve wasted a quarter of the current century. The Renaissance of the 14th century influenced the Reformation of the 16th century. Both were the shock treatment that jolted the West out of its illiteracy and general backwardness. We need local versions of those two experiences to force a change here. We do not have the time.
A tiny country called UAE built adorable Dubai from a desert fishing village. Our president was there. We wait for the fruits of that visit. Saudi Arabia is using the fruits of Islam to build smart cities. We flock there for worship, business and leisure. Countries that emerged from the rubble of imperial Rome used Christianity to build the Western economies that continue to water our world. Here, we are using religion to cheat, to kill and plunder and cause confusion. The science that made Saudi and Dubai possible is sin to some mis-taught people. Our aspiration is not to gain the success of Saudi; we cannot build Dubai; we are far from where the West is, but we love the beauty of those places. And we strip our place here bare so that we can go there. Who really are we?
Bank shares and bank Tzars
By Lasisi Olagunju
(Published in the Nigerian Tribune on Monday, 20 January, 2025).
Some 15 years ago, millions of poor Nigerians were conned into borrowing to buy bank shares. I was one of them. I had no one to pull my ears and tell me that I needed to be educated first before seeking to hoe that farm of thorns. Records still say I am a shareholder of some banks, including First Bank. But that is where it ends. It has been sweat without sweet – which is why I amuse myself showing stupid interest in intrigues among big men who run big banks. One current case is about First Bank board where a civil war is ongoing. Some members are demanding an Extraordinary General Meeting of shareholders – and I am supposed to be part of that ‘general meeting’. A friend who understands boardroom politics told me that the demand for that extraordinary meeting waved an extraordinary red flag at whoever it is targeted at.
Imperial Rome experienced Julius Caesar and turned his surname, Caesar, to the title for their emperors. The world copied them. The Germans say Caesar is Kaiser; the Greek say it is Kaisar; to Russians and other Slavic people, Caesar is Tsar. All the variants mean ‘Emperor’ and that is what bank boards and their chairmen are in Nigeria. No bank in 2025 should be anyone’s piggy bank with a Tzar or Tzars pointing and taking. That is what boards exist to prevent, to protect the interest of shareholders. This has, however, repeatedly turned out a textbook joke – a lie. If it were not a joke, I would have written here that a divided board is a threat to shareholders’ interest – and to the company. I will say that the division in the board of First Bank should get stakeholders curious. Why are they fighting? Some board members are crying wolf because there is actually a wolf – a lone wolf rumbling the jungle. But, if I were one of those crying directors, I would first reassess my own palms and wipe off whatever dirt is there so that my cries would enjoy respect. Equity loves cleanliness. You cannot come to equity with unclean hands.
First Bank has a yet-to-be-concluded Rights Issue. All of us, poor shareholders, were invited to participate in that gamble of investment. Hundreds of thousands took the offer and paid. They have not heard the final answer from those who hold the yam and the knife. Now, suddenly, there are talks about a Private Placement, and it is very contentious. My books and my dictionary are my business administration teachers. They tell me that Private Placement means “sale of stocks directly to a private investor rather than as part of a public offering.” So, I join those who are asking: Who is the private investor for the private placement and why that person? I ask because I hold some shares of First Bank and they were bought with money from the brow. Besides, in the context of what we are discussing, how does this Private Placement collocate with the recent Rights Issue by the same company? I am obviously too illiterate to understand the ways of big men.
Metaphors and proverbs give soft landings to bad falls. I love telling the story of this special creature called chameleon. We all know how ‘very big’ the chameleon is. The Yoruba asked the chameleon why it walks so carefully, gingerly; it answers that it walks carefully because it is afraid that the ground may cave in under its weight. If I were the chairman of First Bank, Mr. Femi Otedola, I would walk the boardroom floors of that bank like that creature. As I did that, I would not do what the chairman before me did that fired him. I would strictly use the rules to get all debtors to pay their debts; I would get depositors’ funds kept safe from those who are addicted to paddy paddy schemes and loans – without stepping on rules. I would do all those and would tinker with whatever is in my style that is rippling the waters. I would seek to get everyone back to my back so that at the end of my tenure, I would leave a safer, more firmly replanted, retooled, and recapitalized bank. I would take every step in strict adherence to the rules of corporate governance. I would tell myself that a coach that pulls out every smoky wood in his fire won’t cook a victory.
Every day, everywhere, I meet several people with sentimental attachments to First Bank. Unlike me, they have no shares there but they insist “it is ours.” They say it is a legacy bank; they say it is too much ours, and too strategic to succumb to self-inflicted injuries. I agree with them. This thing is like a Premier League football team. When the club is governed well, the players will play well, the team wins and no one counts the cost of unnecessary injuries. There is wisdom in seeking peace with, and engaging, those opposed to your ways. The chairman is not the board; the rules say he is not. And he must not seek to be what he should not be. If I sat on that chair, I wouldn’t be seen fighting too many wars at the same time.
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