When Folasade Folivi was appointed by the Lagos State governor, Akinwunmi Ambode, as the Managing Director of Lagos State Building Investment Company, (LBIC), in December 2015, not a few had kicked.
Her critics faulted her appointment on the grounds that she lacks the requisite knowledge to lead the company. But many still gave her the benefit of the doubt that she would spring a surprise.
However, it appears Folivi has now confirmed the fears of her critics, as she has been having a running battle with the company’s shareholders over her style of administration. Her style, they argued, constitutes an imminent threat to their investments, as she has allegedly not been operating in compliance with corporate governance as well as the Central Bank of Nigeria (CBN) regulations.
Spy Glass gathered that many shareholders who subscribed to the company’s private placement in 2008 are unhappy because they are yet to receive their dividends. The displeased shareholders claimed that all efforts to call the attention of the previous management to the issues were rebuffed.
Speaking about Folivi’s alleged high-handedness and arrogance, a source told Spy Glass that ‘‘she has no iota of experience in the highly regulated banking industry and neither has she cut her teeth in financial intermediation at any reasonable level. Besides, she has incurred heavy losses from the operations of the company.’’