The First Bank Board Shake-Up and Its Reverberations, By ‘Tope Fasua

First Bank is the one we know, but this kind of scenario we are learning of is almost default practice in most of our banks. The Asset Management Corporation of Nigeria (AMCON) sits on many loans repackaged by them. Otudeko is not the only billionaire with the kind of tendencies for which he has been accused. As a fact, a good number of today’s whizkids are in the same bracket.

My earlier intervention on the First Bank matter, titled “Why Elephants Don’t Do Breakdance”, went viral for some reason, even though what I wrote was basically what was in the space. I also ensured that all my statements were prequalified with words like ‘alleged’, ‘seeming’ etc, to protect oneself in such a touchy situation where money is involved. What is most important is that the Central Bank of Nigeria (CBN) stepped forward to ensure the bank does not have permanent issues, which may cause problems for other sectors of the economy, and other banks as well. Some of the issues still remain though, and that is the focus of this article, from an industry-wide perspective too.

We have heard a bit more informally about what the bank has been going through since the CBN…

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