Albert Okumagba: Day I Lost N3.2bn
It is one year since we lost this icon. As expected, a lot of tributes, messages and prayers were sent out. The pain of this loss still rankles especially if you consider the circumstances of his later years.
Well, as I read all the messages, what came to mind was the role he played in the capital market and much more specifically in my life as an investment banker. So, I dropped a post on the role he played the day I lost a whopping N3.2 billion in one transaction.
The post went viral and a lot of people reached out in tears and support.
As a young stockbroker, I had just joined his firm, the mercurial BGL. I was enamoured by his confidence, his world-beating ambition and his never-say-die attitude towards transactions and the vision that was BGL.
So, I emulated it. I got a N3.2 billion transaction to purchase First Bank shares – this same First Bank o. That was how we started buying. The traders were in a frenzy and the market started responding. A transaction that size, if not carefully managed, could overheat the market and send prices skyward. This was what actually happened as the price for the shares kept moving.
We kept buying but one of my ogas — the great and wise Henry Laraiyetan — sounded a note of warning. “Edgar, are you sure they will pay?” He kept asking. Me wey don smell blood. I said to him “Oga ‘fogerraboutit’.” We have a mandate and the clients are credible.
By the time we finished, we had spent N3.2 billion and I was happy. A young stockbroker, fresh start in a new career, laughing at the ‘mumu’ banks who would be giving me aptitude tests before they employ me.
Now, in less than two years as a fresh and handsome stockbroker, I had delivered one of the biggest mandates in the market at the time.
Anyways, Henry called. “Edgar, oya go and collect the money.” I said “no problem, sir.” I went to the client’s office and he told me, “Edgar, we have sent the instructions, before you get to your office you guys will be credited.”
Brilliant. I hugged the mallam and entered my car on a glorious ride back to the office.
My people, we have not reached the CMS bus stop when I saw text from the oga. “Edgar, we are sorry we can no longer go ahead. Our own clients have pulled back.”
I piss. I literally died. I screamed and my oga beside me, Mr. Nwozor, almost fainted. He started sweating and calling on the Lord for rapture.
Let me explain further. BGL’s shareholders’ fund was about N3.5 billion at the time – some have argued that it was higher but for the sake of this gist, let’s just say it was the figure so you can imagine the loss.
Sack him!! Sack Him!! The Roman mob screamed but then Daniel came to judgment. Albert sent for me and said, “Oga we need lion-hearted people like you at this time, well-done go and bring bigger deals, I’ll sort this out.”
Should I say more? Albert was a giant and the market was the better for it. I know he is resting in peace and in the Lord’s bosom.
TINUBU VS OSINBAJO: MY HONEST STAND
Well, I have been forced to take sides and sides I must take. I was recently asked who I prefer between these two gentlemen. I have tried to dodge to no avail. These people have really boxed me into a corner. “Edgar”, they scream, “who do you prefer?”
Well before I make my choice, let me analyse them first.
Tinubu comes from the old school, he had his training during the military era, fighting in the trenches and wreaking havoc at their plans of transmuting into what we don’t know. He came back from that and emerged the best serving Governor of Lagos State drawing up the masterplan that Ambode could not read and which is being used till now to govern Lagos until maybe his son emerges.
He remains the talking point in Nigeria’s politics. He fought vehemently and some have said singlehandedly dropped our present messiah thereby immortalising himself. He deserves statues in every airport in the nation.
Osinbajo on the other hand is a professor, a very erudite one. He has ‘chest’; he once sacked a dreaded and very powerful Intelligence Chief and I have been told by no less a personality than the former Senate President Olubukola Saraki how he repelled an attack on the National Assembly. A great stunt man who has been known to jump out of crashing helicopters and a wonderful speaker with very beautiful anecdotes which makes his speeches a pleasant listen.
Recently, he has been looking at a second career in skit making in case all of these do not work. He has married well and that has pushed him this far, but this time the stakes are very high.
So, Mr. Duke of Shomolu, the question is very clear – between Asiwaju Bola Ahmed Tinubu, the Jagaban and Lord of all and erudite Prof. Yemi Osinbajo, who would you prefer to join you as you move to take your new wife? I don run o. See una head. Lol. Who go follow me beg when LASTMA catch me? Mbok, make una leave me o.
#ENDSARS REPORT: A MISSED OPPORTUNITY
We sha like to mess up where and when it matters the most. Why am I not surprised at the shenanigans surrounding the submission of this report.
That one is running around and shouting that they want to kill him when he supervised the submission of the shabbiest report since the amalgamation of Nigeria. Listing living people as dead? Among other inanities and inconsistencies that have made the report worth far less than the paper it was written on.
That event was a watershed moment. Youths for the first time stood up in unison, not forced, not bribed but in genuine love for the country seeking sustainable change, marched on the Toll gate and took a stand.
The movement was hijacked and we saw the worst kind of violence in peace time Lagos unleashed on our city. A panel was set up to look at the whole thing and see what they have done.
People have been saying, ‘Duke won’t you comment? Wetin concern me. If not that I need more stories to complete this column I won’t even say a word at such shame.
Good thing is that a motion is in place and the long-awaited redemption of our country is on the way and nothing can stop it. If they like, let them be submitting ‘Amala’ report and be jumping up and down. We will not be bothered. The renaissance is here and that is a fact.
JOE IGBOKWE: HE NEVER GETS IT
At times, I used to wonder if my brother used to think well before he spews. Some of his statements used to give me headaches, until I pushed him to the realm of skit making. So, I tell my subconscious mind, that this one is doing skit, that way I don’t connect too much to what he is saying.
But this latest one beat my imagination. On the back of – greatest one alive – Davido’s massive pull on the system with the magical N200 million donations he received within hours, our brother, fresh from his beer parlour was reported to have said that Buhari would have pooled much more if he tried it.
Let me attempt an education. Of course Buhari would pool in trillions if he ever tried. But the fundamental difference is legion. First, why won’t contractors, rent seekers and political jobbers fight to contribute? To these sets, this na investment, this na to ensure continued access to patronage and then will you even remove the subtle compulsion that will come with that push?
But on the Davido side, this was pure social influence at play. A major test of his popularity and socio-economic power. Pulling this kind of stunt portends so many different things to the careful watcher. It shows his hold on a critical demographic, his selling power and his ability to move people without traditional authority.
Davido cannot be compared to Buhari by any stretch of imagination in this area. Strip Buhari of the traditional authority and ask this question again, then the answer will be staring right in your face.
So, my brother, let’s remain circumspect and let’s keep praying for our country. Isn’t it time you retired?
SEUN KUTI: MORE THAN HIS FATHER
I recently watched Seun Kuti speak. Remove the Hare Krishna look, the darkened lips and the menacing montage, what you get there is a thoroughbred philosopher.
I listened for over ten minutes as he postulated and ended his missive by stating very equivocally that we had a collective responsibility to our misfortune as Nigerians. I smiled. He said: “If you give a very poor man power, he will use that power to frustrate people as revenge for his frustrations.” Very true.
When I listen to Seun, I see and hear very deep philosophical musings. A clarity that I think most critics do not have. He goes beyond the, ‘we dey suffer and dem don thief our money’ mantra. He goes much more deeper looking at class, society, power and its many manifestations in a deeply fragmented and demonised system.
I like him. Really do. Well-done.
FEMI OMOTOSHO: PEACE BE STILL
Femi is my friend and brother. A man of God and one of those very close friends that people keep asking what has brought you and Edgar together?
His passion for humanity and his selflessness is the glue. Anyways, recently he lost his older brother, Elder Omotosho.
The senior Omotosho lived and worked in Abuja. That fateful day, he had asked his driver to leave early so that he could finish up with some work. Having completed his work, he took the steering wheel and drove himself to heaven. A waiting truck on the road, in the middle of town in Abuja was the cause of the accident.
Sad, because he had so much promise. Sad because we will all really miss him. His smile, his warmth and his zest for life.
We remain consoled that he has gone to stay with our father and right now he is in the bosom of the Lord. In this, we take heart and remain consoled.
My brother Femi has just returned from the US to begin the slow and very painful yet engaging process of bidding our egbon farewell. God will be with you and the family at this time my brother
TONY NDAH: AN ‘IBIBIO’ GOLFER
My brother is the Chairman of the very influential Association of Quantity Surveyors in Nigeria. Recently, he took his people to the wonderful IBB Golf Course in Abuja for their maiden Golf Tournament.
The event was highly successful as they were able to pull out of retirement some very talented golfers. Such prominent golfers like Senator Daggash, past presidents of the association like Mr. Abba Tor, Mr. Agele Alufohai and Arc. Ola Garuba all showed skills that would have made the great Tiger Woods green with envy.
Even IBB Golf Course past Captain Mr Oseni Ahmed and the Nigerian Institute of Quantity Surveyors President, Mr. Yemi Shonubi, all joined the party.
Let me give you guys a little gist about Mr. Ndah. I met him during the search for funding for my last play in Uyo, ‘Ibiom’. Someone had said, “that man is a passionate Nigerian, go see him.”
I went and he looked into my eyes and said, “Edgar, people are doing far less in this country and are getting all the accolades, I will support you.” Ever since, he has drawn me closer. I have seen his passion for Nigeria and the way he carries this Nigerian matter on his head.
At times, when I go to see him, we will talk ooo. The egbon will totally forget to offer me the afang he promised, going to two years now. Not a problem, little sacrifice I can make for this our country. Well-done sir and God bless.
IFE KILLINGS: SAMSON ADEBAYO, LEAVE ME
Samson Adebayo, what do you want me to say? Are you too not shocked? Me, I am shocked to the marrow that I have been numbed to silence. How can a young man in pursuit for career excellence fly into Ife to start work on his exams for a Master’s degree now end up in the grave just like that?
What else is there to say, Samson? Asking me if I will not comment is not the point my brother.
When things like this happen what are all the commentaries in this world going to change? This system is carnage. It’s bestiality in its purest form, where lives are no longer worth a penny.
You check into a hotel; you feel safe and secure and the next thing you are explaining to your maker exactly what you are doing knocking the gates of heaven to be allowed in.
Samson, my brother, we have been beaten black and blue by the happenings in this country to a point where helplessness seems to be our only companion.
I will never have said anything about this matter, especially as it is still being unraveled by the police until I saw a post by my respected brother, Dr. Boniface Chizea.
Hoping that he was the one who really posted it, let me quote the post – the famous Prince of Ile-Ife, an ‘educationist’, had his first degree in 1983 and founded a polytechnic in 1984. Could a Youth Corper found a Polytechnic? He had his masters in a non-existent university in California, he then proceeded to get his PhD in 1996 also in a non-existent university in New York with no traceable thesis. From all these, he was licensed by our NUC to run a university in 2009.
Samson my brother abeg leave me make I dey eat my afang dey go. This was truly a country.
EFOLI EKOT: PRIDE OF CROSS RIVER
Efoli is unassuming and warm. Efoli works with the very powerful Herbert Wigwe which makes him influential by extension and proxy. He is the gatekeeper and the pathway to meeting and engaging one of the most influential bankers of the 20th century – kai, I can hail.
Anyways, I have decided to celebrate Efoli for his humility, professionalism and engaging personality. Some of you will be asking why I am doing this. Well, those of us who are sales people and who have to break through the cordon built around some of these our big men to get things done will understand why I am celebrating Efoli this today.
Aides and personal assistants to our Ogas can be devilish and wicked. Their shakara used to pass their Oga’s own. I have been pushed and kicked at my own show by one o. Because I looked ‘small’ the man mistook me for a miscreant and grabbed me and shoved me aside. His Oga screamed, “Why are you always so overzealous, that is our host.”
In Uyo, they even locked me out of the theatre as their madam was inside enjoying my hard work. Aides are just a breed totally different. Their snootiness and sense of importance is out of this world. They revel in their luxurious servitude that you will even begin to fear them more than their Oga.
Efoli is totally different. His professionalism shines through. His warmth and understanding are unmatched. It is easier to see three virgins at the Island Maternity than to see Herbert Wigwe understandably so.
But once you secure the appointment, you can be sure that Efoli will handhold you for those six years it will take you to get face time. He will call you, admonish you to be patient, give you coffee, encourage you, gently explain to you why Oga will not see you and in some cases explain Oga’s itinerary and suggest how you can be slotted in. The only thing that remain na to give you Afang.
Even after the meeting, he will still work with you in achieving whatever Oga has agreed to do and in the case where Oga says no, you can be sure that Efoli will be there to cry with you.
What some of our Ogas do not know is that these ‘monkeys’ are a reflection of their personalities. When your aide turns to ‘jerubal’, it is your reputation they are damaging not theirs and this is why I have taken time out to celebrate this young man because his activities are impacting very strongly on peoples’ perception of his boss, Herbert Wigwe unlike others who I won’t mention their names.
Well-done bro and keep up the good work. God bless.
CHIDI AJAERE: AN EMERGING LEADER
I am sure most of you do not know this name but you would have heard of GIG. They are a major logistics and transport company. They also have a plethora of businesses.
Chidi is still in his very early thirties and has built a family-owned business from the fringes to a major conglomerate, giving well known international multinational firms a run for their money. With over 2,000 workers under his direct employ, he remains one of the youngest Nigerians with that capacity.
Now let me tell you why I am talking about him this morning. I wrote an article recently published in Ripples and titled it ‘The fading Igbo Presidency.’
The kernel of my argument is that Nigerians should begin to look at an emerging posse of leaders who understand the economy and its dynamism to lead, being that what we face today is not a political struggle but an economic one which continues to throw up a vicious struggle for control of the centre where all power over resources are concentrated.
With a diversified control base, tension will drop politically hence the need to throw up leaders with strong economic credentials into the fore.
I had now zeroed it down to the quest for Igbo relevance at the centre and had written, Igboland should look inward at a younger emerging grouping of economic leaders as their contribution to the mix.
I had suggested people like Valentine Ozigbo, the PDP candidate in the just concluded Anambra elections, Charles Soludo and someone mentioned Chidi Ajaere.
I have met with Chidi several times, his clarity is unmatched. Nigerians will do well by throwing these kinds of people into the fray. Let’s look at these young titans from all over the nation and begin to prepare them for 2027.
Let us hunker down and suffer for this 2023 and after that, we say no more.
