“Stakeholders are unfortunately always shortchanged by getting stipends while the owners and managers of the business live a jet set lifestyle, which is detrimental to the stakeholders. Thank you for the opportunity to engage in this exciting chapter of Transcorp’s history.”
My people, it is the last part of this Femi’s statement that killed me. I have been long shouting that the markets and indeed the economy have been seized by oligarchs worse than their Russian counterparts. They run public companies with a strong personality cult without adherence to the rules and with gross disregard of shareholders.
They bend the rules, make billions for themselves and their cronies, while leaving critical stakeholders like employees and other shareholders with the short end of the stick. It is for this sole reason that I am supporting what Mr. Otedola is doing in the markets. From his foray into First Bank, Nigeria’s oldest bank, where one man had held it down for many years – using it as a conduit to feather his wicked nest, to what he has done by listing his power asset Geregu from where he has paid a massive dividend running into billions and now his push into the ailing Transcorp which saw the share price move by over 400% in weeks, you will begin to understand why I am routing and screaming Otedola’s name in my bedroom.
It appears that Otedola sensing the lethargy that has come over the regulatory environment, has taken it upon himself to cleanse the whole place up. With the kind of liquidity, he is boasting of, he sure can do it. I have heard that he offered to buy Transcorp for N250 billion and move itsº≠≠≠valuation from N40 billion to N2 trillion. Instead, they bought him out at about quadruple of his entry price as reported, so that they can continue to wear Tom Ford Suits and be shouting “Africa is in your hands.”
For me, Otedola should immediately be appointed Chairman of SEC. Yes, in serious climes, notable businessmen with strong ethical considerations run SEC not like this one that we will be carrying primary six people who do not even know the difference between equity and debt or even know the meaning of par value to be overbearing one of the most important markets in Africa.
Mr. Otedola, Africa is now in your hands …… Abeg make laugh no kill me this morning.
