Still part of our weird system. A system you cannot change will change you instead.

emmanuelewumi:



The risk management of the company was weak. Wale and his goons had a capital of 5% of the company Unipetrol which they bought. The first thing they did when they took over was to sell their controlling shares in the headquarters building and became a tenant in their own property.

Sold a lot of juicy assets and Investments of Unipetrol, had faulty corporate governance issues and mismanagement.

I wrote a petition to SEC. I wrote an article concerning Oando to all the major newspaper but it was not published, until I posted it on Nairaland and Stockmarketnigeria .


Look for my old moniker to see the article


I have learnt to avoid any company whose CEO is lawyer eg Oando

Lazyyouth4u:


The CEOs of listed companies are issued stock options as part of their compensation. That’s how they are incentivized to create value for shareholders.

Growth and start-up companies are not cash rich, they are ploughing back most of their profits into the business and can't afford to declare profits can introduce stoch option as a form of incentive.

Niger Delta Exploration and Production did that. A situation whereby the industry average salary is N100, but a growth company can only offer to pay N50 they may decide to give stock options worth N70 every year as additional compensation thereby giving a total incentive of N120 which is higher than the industry average.


MTN did not pay dividends for 10 years, I learnt they also had stock option plans for some of their pioneer executives.

Seplat has stock options as part of the compensation for some of their top executives.

Stock options leads to an increase in the outstanding shares of the company and also lead to earning dilutions, except the earnings of the business is growing at a rate higher than the additional shares created through the stock options.

emmanuelewumi:



The risk management of the company was weak. Wale and his goons had a capital of 5% of the company Unipetrol which they bought. The first thing they did when they took over was to sell their controlling shares in the headquarters building and became a tenant in their own property.

Sold a lot of juicy assets and Investments of Unipetrol, had faulty corporate governance issues and mismanagement.

I wrote a petition to SEC. I wrote an article concerning Oando to all the major newspaper but it was not published, until I posted it on Nairaland and Stockmarketnigeria .


Look for my old moniker to see the article


I have learnt to avoid any company whose CEO is lawyer eg Oando

OandO was well disected in stockmarketnigeria.com. if that site did not go down, i would have been referring people to the OandO section for them to get all they need to know about OandO. The kind of financial engineering those Lawyers running OandO were doing was out of this world.

.

Lazyyouth4u:

This is interesting. But to be fair to him, if oil prices never fell, that Conoco acquisition would have taken Oando to another level. Nobody saw the drop in oil prices coming and it could have happened to anyone. I actually like the guy.

It only shows Wale is not knowledgeble of the oil industry or was just after his cut, even a fool knows that oil prices at those highs was not sustainable, the middle east at that period was at war and there were rumors of wars every where.......... u cant be at war forever

With all the money oando made at such period look at the shells and peanut they purchased

maishai:


It only shows Wale is not knowledgeble of the oil industry or was just after his cut, even a fool knows that oil prices at those highs was not sustainable, the middle east at that period was at war and there were rumors of wars every where.......... u cant be at war forever

With all the money oando made at such period look at the shells and peanut they purchased

He is knowledgeable, having trained as a business and commercial lawyer with specialization in maritime law, oil and gas law having been trained in the law firm of FRA Williams.

He he just a gamblers who gambles with shareholders funds, enjoys biting more than he could chew, greedy and reckless. The company also bought a company on Toronto Stock Exchange at a premium, I learnt they later sold it as t a loss

The current Oando is empty, Wale sold all the profitable subsidiaries using corporate restructuring, financial engineering and all sorts of tricks in the book.The shareholding structure of the company is so complex, using all sorts of shell companies.

NL1960:


OandO was well disected in stockmarketnigeria.com. if that site did not go down, i would have been referring people to the OandO section for them to get all they need to know about OandO. The kind of financial engineering those Lawyers running OandO were doing was out of this world.

when lawyers do finance and engineering combined, na one chance be that, financial engineering that makes you tie up #400billion out of #1trillion on intangible assets that could not give rise to a patent or lead to a form of monopoly...........

emmanuelewumi:



He is knowledgeable, having trained as a business and commercial lawyer with specialization in maritime law, oil and gas law having been trained in the law firm of FRA Williams.

He he just a gamblers who gambles with shareholders funds, enjoys biting more than he could chew, greedy and reckless. The company also bought a company on Toronto Stock Exchange at a premium, I learnt they later sold it as t a loss

The current Oando is empty, Wale sold all the profitable subsidiaries using corporate restructuring, financial engineering and all sorts of tricks in the book.The shareholding structure of the company is so complex, using all sorts of shell companies.

I can see why Dangote and Bua sucks Indian assholes

RealityShot:
no Sir, mmba, efian!

Leave that stock alone.

First tell us why you are considering buying it self.


First Bank has poor dividend payout %, that's why I said leave it.

You can make a cool 10% by March if you buy zenith at N24.50 now.
(not that I am saying you should O, because that stock will definitely fall before or by march)

Mr Emmanuelewunmi ......will be glad if you can help breakdown the dividend paying stock like Zenith and how one can invest into it

i know you have done it before ...but i didnt grab back then ...will appreciate if you can do it again for me and for some other folks that will benefit from it

thanks



So tell us why first bank?

Hello Sir

do you mean buying the stock will make one qualify for the dividend by March ....just want to understand better.

Looking forward to your explanation

thanks

CC:Emmanuelewunmi

emmanuelewumi:



Wale Tinubu never built Oando. He is one of the emergency billionaires created by Obasanjo. He took a leverage position to buy 60% shares in Unipetrol even though he was the least qualified for the acquisition.

Immediately he bought FG shares, he embarked on asset stripping of the company. Unipetrol that created wealth for investors in the past started destroying wealth when the wolves took over and renamed the company Oando.

Oando has not been able to pay dividends in the last 6 years or more.

He took a highly leveraged and speculative position, when he bought the asset of Conoco for over $1 billion about 7 years ago, he made the purchase when crude oil was selling around $100.

We should be cautiously optimistic and sober when things are going on fine, and should be optimistic and keep hope alive whenever the reverse is the case.

The last paragraph is my take home ....

thanks Boss

maishai:


I can see why Dangote and Bua sucks Indian assholes

They are the best cost managers and will always get the job done. I remember few years ago when Airtel sacked Nigerian engineers and replaced them with Indian engineers for 75% of what the company paid Nigerian engineers. The company took the decision when the Nigerian engineers asked for a pay increase, even though the company was struggling with profitablity and bank loans.

The sum of N400 million was also discovered in the account of a Nigerian engineer with MTN some years ago, a sum that was equivalent to his salary for 20 years or more. Although he had barely spent 10 years in the company

The fear of Nigerian workers is the beginning of wisdom, we are not different from our political leaders

Manwarrior55:


Very true. I also noticed that Gtbank has been cutting operating cost by taking turns on branches to open weekly. They used the looting/protest as an excuse but I think there’s more to it.

With technology and cashless policy, a bank no longer need so many branches. If you walk into some of these branches, they are always empty. I had issues with my Bank's Internet banking and mobile app one time that made me walk into my bank to do a transfer. The process took me close to one hour. I was so mad because of the man hours wasted. With Ibank or Mobile App, i woild have done this in seconds without standing up from where iam.

emmanuelewumi:



They are the best cost managers and will always get the job done. I remember few years ago when Airtel sacked Nigerian engineers and replaced them with Indian engineers for 75% of what the company paid Nigerian engineers. The company took the decision when the Nigerian engineers asked for a pay increase, even though the company was struggling with profitablity and bank loans.

The sum of N400 million was also discovered in the account of a Nigerian engineer with MTN some years ago, a sum that was equivalent to his salary for 20 years or more. Although he had barely spent 10 years in the company

The fear of Nigerian workers is the beginning of wisdom, we are not different from our political leaders

So true Sir

Everyone wants to hammer quick quick

The Lebanese are trooping into Nigeria and Africa in search of opportunity

https://www.nairaland.com/6285973/lebanese-flee-crisis-home-seek

While our people go in the reverse direction to become sex-slaves

Come to think of it, why are Nigerians yet to embrace export-driven economic growth? Why do we love this Maoist concept of self-sufficiency?

The "Nigeria of our dreams" for most Nigerians is one with absolutely zero imports. It should instead be one with trillions of dollars of imports (shows our people are rich and have very high consumption) and trillions of dollars more of exports (high productivity to follow up our massive consumption). Our imports are already very low compared to the size of our economy ($40B for 200M Nigerians while 50M South Africans import $70B, 30M Canadians import $450B). Our problems increasing exports not so so imports, imports.

I remember back then when there was talk about ecowas planning to strike a free trade agreement with the EU. Nigerian manufacturers were at the forefront against such. I recall one saying "there is absolutely nothing we can produce that Europe can't produce cheaper". Is that not a disgrace? With all their expensive labour, expensive land, tight regulation etc, we still can't beat then in price? Even in labour intensive goods.

Nigerians are always so satisfied with their market of 200M people, but we tend to forget there's a market of 1 billion more in Africa and 6.8B across the world. This mentality explains why Nigerian businesses except Dangote and the banks, are always very reluctant to expand beyond Nigeria into even our neighbors, whereas any small thing, lebanese/indian businessmen in Nigeria have opened new office in Ghana or Benin.

If I were president, one of the most important things I'll look at is improving trade. Signing free trade deals with Canada, Hong Kong, Taiwan, South Korea, Singapore, Japan, Switzerland, Scandinavia and other wealthy countries. If we can get a free trade deal with the US, EU, UK and Australia that protects our agricultural sector from theire agricultural subsidies, then we can sign that too (subsidizing industries to help them compete isn't free trade). All this coupled with aggressive ease of business reforms, power, new and more efficient ports, better inland waterway systems, interest subsidies for manufacturing equipment imports and a weak currency, all to make our goods cheaper and more competitive globally.

Take cars for example. All these automobile industry development won't work. Nigerians just like the rest of sub-saharan Africa (except South Africa) are too poor to afford new cars. Instead of putting tariffs on tokunbo cars, we should allow them come in freely. Nigerians will buy such cars cheaper, cost of transportation will reduce and more money can be spending on other areas of the economy, they'll be more business for filling stations, car wash, mechanics, electrician etc. Our local car industry will now be directed at exports. Use our cheap labour to produce cars to export to richer countries like US, Canada, Europe etc. This is where our free trade agreements will come in as our exports there will be Tariff free and thetefore more competitive than those paying tariffs. As we are producing more and more cars for export, our GDP per capita rises and incomes also rise till they get to a level at which Nigerians can easily afford new cars. Not to be forcing us to buy what we can't afford. This principle works for everyother industry.

Some will say America, Europe and the other countries we sign free trade agreements with will flood our country with their goods and kill our industries. And I ask, what goods exactly? Those countries focus on high value and highly technical goods that are way above our reach for now. Taiwan will flood your market with semiconductors, computer processors and complex manufacturing equipment etc. Switzerland will flood your market with luxury watches and high end chocolate. Italy and France will flood you with luxury fashion. US, UK and EU will flood your market with aeroplanes and jet engines. Singapore will flood your market with the most sophisticated biopharmaceutical products. All this are not bad because we can't produce those things ourselves at this level we currently are (even China still struggles to produce those things I listed. Yes, they are still in the learning phase of these advanced types of manufacturing). The are very complex stuff that we currently do not have the knowledge to make yet. Let's get their cheap semiconductors and chips and assemble then into cheaper electronics to sell back to them. Let's get they're cheap complex manufacturing equipment to help our manufacturing industry become more competitive. Let's get their aeroplanes and her engines for cheap and use it to develop our local aviation industry. Or can are there local jet engine manufacturers (even china hasn't started manufacturing that one). All these while we flood them with cheap garments and clothes, toys, electronics, furniture, shoes, vehicles, household items etc.

Let's export what we're good at doing and import what others are better at.

emmanuelewumi:



Good, I am more concerned about the business, earning growth of the business, sustainability of the business, strategies of the business and the business is appropriately priced or selling below its intrinsic value

So I am more interested when i see the stock price of a good business is falling or selling below its intrinsic value, I see it an opportunity to buy a good investment at a discount

Check out an investment of N9 million in United Capital about 7 years ago, the investor has earned a total dividend of N25 million in the last 7 years paid a dividend of N5 million this year and the investment is now currently valued at N47 million

Very insightful, but even this approach can have some problems. In hind sight it looks very good, almost as angelic as the curvaceous spinster (m.i.l.f) living next door.

Assuming United Capital was not the only stock shortlisted from ur screening methods, would you have invested 9 million in each stock that showed similar promise? What of the other ones that failed to deliver or didn't deliver as much?

DexterousOne:
I have a very unpopular suggestion

Maybe we should just damn the consequences and bite the bullet
Maybe that is the only way things will change for good in this country
If not for anything
The very high NGN to USD rates will seriously trim our acquirer taste for a lot of non essentials in this country

Though it has a drawback of impoverishment
I'm just thinking out loud

The CBN monopoly on the USD should be broken
Let the BDC and the banks and the street determine the price
I'd wager that remittances inflows into the country will explode
And foreign investments will pour in as well...
Though our neighbours will also be in trouble because of how cheap things will become in Nigeria
In comparison to their own country

There are so many trade offs in the air
And none will give us a favourable short term outcome
So why dont we just bite the bullet

If we refuse to be productive afterwards
Let us suffer for it
Afterall
As we say
He that does not work should not eat

No politician will willingly do this.
It might make sense economically, but not politically.
You that is talking now will be the first to insult buhari and emefiele if such is done, shouting about how things are expensive, inflation close to Zimbabwe, Nigerians are poorer, salary ten years ago bigger than today's salary, we are retrogressing, Buhari oo etc

I believe they're just trying to manage the situation until the Dangote refinery is ready. At least, that will take off a lot of pressure from the naira.

ositadiima1:


Very insightful, but even this approach can have some problems. In hind sight it looks very good, almost as angelic as the curvaceous spinster (m.i.l.f) living next door.

Assuming United Capital was not the only stock shortlisted from ur screening methods, would you have invested 9 million in each stock that showed similar promise? What of the other ones that failed to deliver or didn't deliver as much?

I invest for cash flow, United Capital at 90k showed the possible of paying a dividend of 15k which is a dividend yield of 16% assuming half of the profit will be paid as dividend although it eventually paid 20k.


I advised people to accumulate APR and United Capital on SMN, when the businesses were spun off from UBA.


Also good to have good risk management strategy, be diversified, invest for cash flow, capital appreciation is just the icing on the cake. Investing for cash flow gives the staying power, peace of mind and the resources to buy good businesses, Investments and assets at huge discounts during the long bear market


I believe I make money when I buy, the one to be made when I sell is speculative, secondary and not certain

ultron12345:
The "Nigeria of our dreams" for most Nigerians is one with absolutely zero imports. It should instead be one with trillions of dollars of imports (shows our people are rich and have very high consumption) and trillions of dollars more of exports (high productivity to follow up our massive consumption). Our imports are already very low compared to the size of our economy ($40B for 200M Nigerians while 50M South Africans import $70B, 30M Canadians import $450B). Our problems increasing exports not so so imports, imports.

To be honest I didn't read the rest of your post, tl;dr.

Regarding the bolded part, you failed to take into consideration that for a country to be exporting large quantities of finished goods it has to be importing large amounts of raw materials thus the more industrialized u are as country the higher your importation as well.

In ur statistics, you should have gone a little farther and researched how much of these imports are finished commodities and then make ur conclusions.

Na wa... With the different opinions and advises each trying to be more convincing than the other, if I was the cbn governor I will also be confused

emmanuelewumi:



I invest for cash flow, United Capital at 90k showed the possible of paying a dividend of 15k which is a dividend yield of 16% assuming half of the profit will be paid as dividend although it eventually paid 20k.


I advised people to accumulate APR and United Capital on SMN, when the businesses were spun off from UBA.


Also good to have good risk management strategy, be diversified, invest for cash flow, capital appreciation is just the icing on the cake


I believe I make money when I buy, the one made when I sell in secondary and not certain

I won't be surprised if UBA and Zenith Bank wake up one day to adopt the holdingco structure by buying back its erstwhile subsidiaries. These subsidiaries are making good money. Also, this will enable Tony and Jim elongate their stay in UBA and Zenith Bank respectively.

tnota:


I won't be surprised if UBA and Zenith Bank wake up one day to adopt the holdingco structure by buying back its erstwhile subsidiaries. These subsidiaries are making good money. Also, this will enable Tony and Jim elongate their stay in UBA and Zenith Bank respectively.

Tony and Oga Jim are the chairmen of the boards.

I don't see UBA and Zenith going holdco route, Access might do it by buying Coronation Merchant Bank, Coronation Securities, Coronation Registrars and Coronation Insurance.

emmanuelewumi:



Tony and Oga Jim are the chairmen of the boards.

I don't see UBA and Zenith going holdco route, Access might do it by buying Coronation Merchant Bank, Coronation Securities, Coronation Registrars and Coronation Insurance.

Yes, they are limited to serving for a maximum of three (3) terms of four (4) years each. I don't think they would want their influence in the banks to be waned the moment they leave as chairmen. Tony's stakes in UBA is less than 10%. Jim's stakes below 15%.

In the case of zenith bank, an alternative to the holdingco structure is to appoint either Peter Amangbo or Emefiele (I know some of you are pissed off by this guy lol) as chairman of zenith bank.

For Access Bank, AIG has completed his cooling off period which will pave a way for him to become the chairman of Access Bank when Wigwe is about to retire as CEO. Coronation Merchant Bank might want to stay privately owned and go for the holdingco structure alone. It is my opinion.

tnota:


I won't be surprised if UBA and Zenith Bank wake up one day to adopt the holdingco structure by buying back its erstwhile subsidiaries. These subsidiaries are making good money. Also, this will enable Tony and Jim elongate their stay in UBA and Zenith Bank respectively.

Tony and Jim don’t need to do anything to continue running UBA and Zenith. They have been running these banks and calling the shots from their homes since they left and will continue to do so until they die or decide to retire. All the CEOs that came after them are simply figure heads handpicked by these men to keep CBN happy.

tnota:


Yes, they are limited to serving for a maximum of three (3) terms
of four (4) years each. I don't think they would want their influence in the banks to be waned the moment they leave as chairmen. Tony's stakes in UBA is less than 10%. Jim's stakes below 15%.

In the case of zenith bank, an alternative to the holdingco structure is to appoint either Peter Amangbo or Emefiele (I know some of you are pissed off by this guy lol) as chairman of zenith bank.

For Access Bank, AIG has completed his cooling off period which will pave a way for him to become the chairman of Access Bank when Wigwe is about to retire as CEO. Coronation Merhant Bank might want to stay privately owned and go for holdingco structure alone. It is my opinion.

Aig is equally busy as the chairman of Coronation Merchant Bank, Coronation Insurance and the companies in the Coronation group. He is still getting a decent dividend from Access bank that is roughly N700 million per annum.


Oga Jim is already 65 years, his dividend from the bank is about N10 billion per annum, excluding income from other unlisted Investments and real estates. He can always run things from the background and also have a representative on the board, very possible that Emefiele may come to become the chairman of Zenith after he retires from CBN and Jim completes his tenure

ultron12345:
Come to think of it, why are Nigerians yet to embrace export-driven economic growth? Why do we love this Maoist concept of self-sufficiency?

The "Nigeria of our dreams" for most Nigerians is one with absolutely zero imports. It should instead be one with trillions of dollars of imports (shows our people are rich and have very high consumption) and trillions of dollars more of exports (high productivity to follow up our massive consumption). Our imports are already very low compared to the size of our economy ($40B for 200M Nigerians while 50M South Africans import $70B, 30M Canadians import $450B). Our problems increasing exports not so so imports, imports.

I remember back then when there was talk about ecowas planning to strike a free trade agreement with the EU. Nigerian manufacturers were at the forefront against such. I recall one saying "there is absolutely nothing we can produce that Europe can't produce cheaper". Is that not a disgrace? With all their expensive labour, expensive land, tight regulation etc, we still can't beat then in price? Even in labour intensive goods.

Nigerians are always so satisfied with their market of 200M people, but we tend to forget there's a market of 1 billion more in Africa and 6.8B across the world. This mentality explains why Nigerian businesses except Dangote and the banks, are always very reluctant to expand beyond Nigeria into even our neighbors, whereas any small thing, lebanese/indian businessmen in Nigeria have opened new office in Ghana or Benin.

If I were president, one of the most important things I'll look at is improving trade. Signing free trade deals with Canada, Hong Kong, Taiwan, South Korea, Singapore, Japan, Switzerland, Scandinavia and other wealthy countries. If we can get a free trade deal with the US, EU, UK and Australia that protects our agricultural sector from theire agricultural subsidies, then we can sign that too (subsidizing industries to help them compete isn't free trade). All this coupled with aggressive ease of business reforms, power, new and more efficient ports, better inland waterway systems, interest subsidies for manufacturing equipment imports and a weak currency, all to make our goods cheaper and more competitive globally.

Take cars for example. All these automobile industry development won't work. Nigerians just like the rest of sub-saharan Africa (except South Africa) are too poor to afford new cars. Instead of putting tariffs on tokunbo cars, we should allow them come in freely. Nigerians will buy such cars cheaper, cost of transportation will reduce and more money can be spending on other areas of the economy, they'll be more business for filling stations, car wash, mechanics, electrician etc. Our local car industry will now be directed at exports. Use our cheap labour to produce cars to export to richer countries like US, Canada, Europe etc. This is where our free trade agreements will come in as our exports there will be Tariff free and thetefore more competitive than those paying tariffs. As we are producing more and more cars for export, our GDP per capita rises and incomes also rise till they get to a level at which Nigerians can easily afford new cars. Not to be forcing us to buy what we can't afford. This principle works for everyother industry.

Some will say America, Europe and the other countries we sign free trade agreements with will flood our country with their goods and kill our industries. And I ask, what goods exactly? Those countries focus on high value and highly technical goods that are way above our reach for now. Taiwan will flood your market with semiconductors, computer processors and complex manufacturing equipment etc. Switzerland will flood your market with luxury watches and high end chocolate. Italy and France will flood you with luxury fashion. US, UK and EU will flood your market with aeroplanes and jet engines. Singapore will flood your market with the most sophisticated biopharmaceutical products. All this are not bad because we can't produce those things ourselves at this level we currently are (even China still struggles to produce those things I listed. Yes, they are still in the learning phase of these advanced types of manufacturing). The are very complex stuff that we currently do not have the knowledge to make yet. Let's get their cheap semiconductors and chips and assemble then into cheaper electronics to sell back to them. Let's get they're cheap complex manufacturing equipment to help our manufacturing industry become more competitive. Let's get their aeroplanes and her engines for cheap and use it to develop our local aviation industry. Or can are there local jet engine manufacturers (even china hasn't started manufacturing that one). All these while we flood them with cheap garments and clothes, toys, electronics, furniture, shoes, vehicles, household items etc.

Let's export what we're good at doing and import what others are better at.

You forgot to convert the currencies

Analysis is flawed

Lazyyouth4u:


Tony and Jim don’t need to do anything to continue running UBA and Zenith. They have been running these banks and calling the shots from their homes since they left and will continue to do so until they die or decide to retire. All the CEOs that came after them are simply figure heads handpicked by these men to keep CBN happy.

Exactly, Tony runs the show at APR, United Capital and Afriland Properties even though he is not the chairman of those companies but he has his representatives on the board.

APR and United Capital collectively gave a related parties loan of N10 billion to Transcorp a company that has Tony as the chairman.

Is it right for an ex CBN governor, one time regulator to come and head a bank that he at one time was regulating? Is there no conflict of interest somewhere in all of these idea?

emmanuelewumi:



Aig is equally busy as the chairman of Coronation Merchant Bank, Coronation Insurance and the companies in the Coronation group. He is still getting a decent dividend from Access bank that is roughly N700 million per annum.


Oga Jim is already 65 years, his dividend from the bank is about N10 billion per annum, excluding income from other unlisted Investments and real estates. He can always run things from the background and also have a representative on the board, very possible that Emefiele may come to become the chairman of Zenith after he retires from CBN and Jim completes his tenure

emmanuelewumi:



Aig is equally busy as the chairman of Coronation Merchant Bank, Coronation Insurance and the companies in the Coronation group. He is still getting a decent dividend from Access bank that is roughly N700 million per annum.


Oga Jim is already 65 years, his dividend from the bank is about N10 billion per annum, excluding income from other unlisted Investments and real estates. He can always run things from the background and also have a representative on the board, very possible that Emefiele may come to become the chairman of Zenith after he retires from CBN and Jim completes his tenure

Babatunde Folawiyo is the current chairman of Coronation Merchant Bank, not AIG. He is a good friend to both Wigwe and AIG.

I agree they can always run things in the background.

ojesymsym:
Is it right for an ex CBN governor, one time regulator to come and head a bank that he at one time was regulating? Is there no conflict of interest somewhere in all of these idea?

CBN has a cooling off period for ex governors and deputy governors during which they cannot work for the banks they once supervised. I don't know how long the cooling off period is.

A good case is Tunde Lemo. He was the deputy governor in charge of operations. He retired from CBN in 2014. Today, he is the chairman of Titan Trust Bank Limited, one of the five new banks recently licensed by the CBN.

tnota:


Babatunde Folawiyo is the current chairman of Coronation Merchant Bank, not AIG. He is a good friend to both Wigwe and AIG.

I agree they can always run things in the background.

Tunde Folawiyo is a major shareholder of both Access bank and MTN. His father's bank Marina International Bank merged with Access, since then he became a director of Access. The current head office of Coronation Merchant Bank was the head office of Marina International Bank

ojesymsym:
Is it right for an ex CBN governor, one time regulator to come and head a bank that he at one time was regulating? Is there no conflict of interest somewhere in all of these idea?

I am not sure, if he has retired. As a CBN governor he can't have shares in any of the banks, he sold his Zenith bank shares when he became CBN governor