I will premise this write up on two grounds- the role of the private sector in the emerging New Nigeria and the seeming role that private wealth esp the finance sector will play.
The second one is the growing contradictions between my relationships within that sector and my need to say it as it is when issues like this crop up.
Firstly, the new Nigeria will be private sector driven. We will push for lesser government and a true devolution of economic power to the individual leaving government to play its traditional role of creating an enabling environment and partnering instead of its current role of arrowheading.
To achieve this, the finance industry must be strengthened, it must have capacity and peopled and led with human capital capacity that can partner the wave.
Secondly, as a 26year veteran I have relationships within the industry from the highest levels to the lowest levels and in my second career where sponsorship is a lifeline, I have built a network within the industry that literally holds my business and future in a tight fist
But that said, does that now mean that I will not come out blazing when something goes wrong? Does that now mean that I will keep quiet so I don’t lose support when I see glaring inconsistencies and out right ineptitude like is this case?
I will stand by the side of truth and justice for the reason stated earlier. The system has to be reformed through public pressure and from within since the regulatory environment at best is lethargic.
Enough of the explanations. Let’s go to the crux. So the young lady gets a job at the helms of affairs at this highly regarded institution.
She meets an environment that needs quick reforms. Risk management is weak and compliance has to be strengthened and she jumps in with vigor and begins to receive accolades as her efforts begin to show results.
Then it happens. A market miscalculation. Her trader takes positions in the markets. I hear he took long term positions with short term funding or something like that and as such could not meet obligations as this opens up a funding gap.
Gaps are a part of the business. You either trade them out or you push in more aggressively to reduce your average cost and when it involves tenored funds you enter a renegotiation of terms seeking to either extend tenor with the hope that market would rebound within the extended tenor.
All these will be done within the framework of a robust risk management and compliance structure so that all stakeholders are protected.
So in this instance what does our Merchant Banking Group on the Marina do. They invite Police
My people – Police. Imagine the stupidity. The lady and her trader are arrested. She gets bail on personal recognition but the boy is kept for days in detention while police is looking for only God knows what.
I hear of this. I trained the lady and infact recommended her for the Job and as such can put my life on her integrity.
I call the Group MD for an exolanation and he rambles incoherently.
I call another well respected Investment banker who is a close friend and he says,’ Edgar, I cannot comment’.
Now you remember when I lost N3.2b how the risk people went for my head and Albert saved me?
This is what happens in our financial systems where u have a group of incompetent dragons leading very key positions in risk, compliance and the like.
They won’t do their jobs and when it happens they are the first to run to police. The idiots.
Now there job is like the person in the control tower who works with the pilot and guides him from take off to landing. When the control tower is manned by a drunk we know what’s up
This is the situation with most of our banks who Man their risk and compliance with suits who are too afraid and most times very incompetent and this begins to expose the risk taker who has a target to reach.
At best, they pull some innocuous regulation to block you and cannot even think outside of the box to partner and aid transactions
In this case, the auditor calls in police. Runs files around them and they are looking for criminal diversion or whatever it is he must have told the police.
If he knew what he was doing you do not need the police to tell you that there was a crime cos your risk management structure would have killed it or at best given you a very strong case to go to the police.
As we speak, after kicking these two out of a job, tarnishing their professional reputations and traumatizing their families especially with the young man that was detained with hardened criminals, the Merchant Bank of life have written to the police to discontinue the investigation.
I hear they have also written to the SEC to also discontinue and I ask who will compensate these children
You see the madness in our lives and institutions. Why the hurry to throw the staff under the bus. Why not be patient and carry out your own internal investigation dn when you are very sure you make your move
Today, the two are just watching from the sidelines and asking what just happened. With clean hands and pure heart they sit as victims of a skewed system.
You see why I have little doubts as to the readiness of our finance industry to partner the renaissance
With these kinds of human capital who remain cowardly, riddled with sycophants and bereft of refreshing ideas coupled with the regimented work life, how will they position for the massive rebound we are about to see in Nigeria.
One even asked me the other day,’ Edgar you eat from us, why write against us’
You see the mentality. I don’t eat from you, and I will write if I see what is wrong. If you like give me sponsorship, if you like don’t give me, I will write another Annonymous Nipples and sell as I speak my mind and my truth
For the Merchant Bank on the Marina. This is your issue..please look through your system again and identify the gaping holes especially in human capital capacity and block it otherwise the beautiful Marina you see from your regal offices could just turn into your watery Graves
God forbid.
