Politics of the banking room | The Guardian Nigeria News - Nigeria and World News

First, was the change of guards in the topmost echelon of the chairmanship position of First Bank Plc. Mr. Remi Babalola, former Minister of State for Finance, stood down as the board chairman, for Mr. Ahmad Abdullahi,The news reverberated hugely on the financial system sphere of the land and even beyond. This was attributed to the robustness of the statures of the dramatize personae concerned on one hand.

Second, the other event that suffused through and filled the entire spectrum of the banking landscape in the land, was the acquisition of UBN by Titan Trust bank . When the news first broke out, many observers thought the acquisition or merger was consummated by Access bank Plc that recently absorbed Diamond. But when it became known that 2TB was the new owner, it sent jitters down the spine of many a depositor including but not limited to our Arise TV News Sunday Live Show anchor man Dr.

For the acquisition to be effective and productive, the new UBN must begin to mimic some of the business models or stepping into the culture of Nubank especially in the areas of unlocking opportunities targeted at reducing cost of credits as well as adopting and adapting their problem solving approach into the Nigerian market. That being the case, are we expecting the new UBN to transform its culture to: ..

This air of relief cannot be controverted against the backdrop of his pedigree in the transformation agenda of the CBN where he earlier proved his mettle as a member of the team that reshaped and repositioned the Bank. I recall clearly while the working relationship lasted, he often stated to yours sincerely that: “We needed to drop the toga of too much bureaucracy without compromising standards and work as if this edifice was a private entity.

Retrospectively speaking, therefore, this type of take over or acquisition is NOT a novelty. We can recall quite vividly that Standard Trust Bank did same to United Bank for Africa on August 1, 2005. In view of the foregoing developments in our financial system, the above salient happenstances cannot be wished away. Typically, markets that are information-centric cannot but respond positively or otherwise to these two key occurrences in the days ahead. In some climes, such positive developments could jerk up the values of their stocks to witness unprecedented upswing and by extension, a non-deceleration, or some sort of soaring to the high heaven the returns on shareholders’ funds.

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