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Dealing With Corporate Governance Challenges in Business

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By Nonso Obikili

It is in the interest of the regulators whose job it is to ensure that businesses, especially publicly listed ones, maintain good corporate governance codes, as businesses tend to learn from each other. If one business gets away with sharp practices, then others try their hand at it as well.

Governance is a fundamental part of any functioning entity. The rules and systems which govern how entities function are perhaps the most fundamental thing for survival. Rules and systems that incentivise good decision making generally lead to better performing entities, while rules that incentivise bad behaviour tend to lead to breakdown. Most understand the importance of these rules and systems when we talk about governance with respect to countries, or states. In that instance, fair and enforced rules with proper checks and balances typically lead to countries that make better decisions and end up better off, whereas the opposite of that leads to countries that end up as basket cases.

However, governance rules don’t only apply to countries or states, but to businesses as well. The difference being that for businesses, instead of having presidents, national assemblies, and citizens, you have chief executive officers (CEOs), boards, and shareholders. Regardless, the principles of good governance still apply. Businesses which follow a good set of rules and systems of good behaviour tend to perform better than those that don’t.

Good corporate governance rules help ensure that businesses work in the interest of their shareholders, and don’t take actions that are not in the interest of the business. Good corporate governance rules also try to ensure that transitions within the company, such as in cases of a change of ownership structure, do not impede the normal functioning of the business. And, of course, any good system of rules has to come hand-in-hand with a system of enforcement. For businesses, such enforcement is typically done by regulators who try to make sure that rules are obeyed and penalties imposed on those who break them.

Unfortunately, as most Nigerians can attest to, sometimes the decision makers don’t always act in the interest of those who they should leading. Presidents and national assemblies don’t always act in the interest of their citizens and CEOs and board members don’t always act in the interest of their shareholders. And as you can probably guess, one common reason for this is to remain in power. Presidents want to remain in power. CEOs want to remain in power. Board members want to remain in power and sometimes act against the interest of their shareholders to do so.

One common way CEOs and board members try to stay in power is by a process called stock dilution. You see, if a board wants to act against the interests of shareholders, then one way of doing this is to change the structure of the business so that shareholders you don’t like, end up owning less of the company and having fewer voting rights consequently.

For example, if a board effectively owns 25 percent of a business and therefore has 25 percent voting rights and wants to take the business in one direction, but there are other shareholders who own maybe 40 percent who don’t particularly like that course of action, then the 40 percent can effectively block the 25 percent. A board which wants to force through its course against the will of other shareholders can create and sell more outstanding shares through private placements to people who they know will support them, thereby increasing their effective stake and simultaneously reducing the ownership shares of those shareholders who don’t support that course.

I know what you are thinking. Surely this can’t be right, and you are right. According to the rules, it shouldn’t be that easy. First, according to most corporate governance rules, boards are not allowed to organise private placements without the approval of shareholders. There are valid reasons why a company would want to sell new shares privately, of course, but those are typically only when they are desperate for new capital. But if boards need shareholder approval for this kind of dilution, then why don’t the shareholders who are at risk of their shares being diluted prevent this from happening? Well the unhappy shareholders can only prevent this kind of thing from happening if they know where the meetings are taking place. If they are systematically excluded from the general meetings, then they cannot act or vote against such actions.

This phenomenon repeats itself across many countries with weak corporate governance rules and enforcement and appears to be repeating itself here in Nigeria in the case of NEM Insurance. NEM apparently organised an annual general meeting, which some shareholders were not told about, at least not with the mandatory 21 days’ notice. At the AGM, the shareholders present approved a plan for a new private placement in which shares were to be sold at below the market value of the shares that are publicly traded on the stock exchange. NEM has been one of the better performing insurance companies in recent times, hence it was not clear if there was any emergency cash need. And of course, some shareholders appeared to have been systematically excluded from the AGM by not being notified on time, and therefore were not able to vote against such a plan. As expected, those shareholders are now up in arms fighting against what looks like a brazen attempt to dilute their stock.

This kind of shareholder infighting is obviously not good for the company. It has the potential to derail the focus that companies, especially publicly listed ones, need to run efficient operations and it casts a cloud over the long-term viability of the business. If board members can implement such an operation, then who is to say they won’t do similar things to future investors? It is in the interest of all shareholders to resolve these issues by following the properly laid out rules and guidelines and to resolve them quickly without putting the overall health of the business at risk.

It is also in the interest of the regulators whose job it is to ensure that businesses, especially publicly listed ones, maintain good corporate governance codes, as businesses tend to learn from each other. If one business gets away with sharp practices, then other try their hand at it as well. If everybody starts engaging in sharp practices, then the overall health of the system suffers. Perhaps the regulators, who are the enforcers of good corporate governance, need to take a closer look at this and set a good example.

Nonso Obikili is an economist currently roaming somewhere between Nigeria and South Africa.

The opinion expressed in this article is the author’s and do not reflect the views of his employers.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Nigeria’s Olodo Uprising: An Assault on Critical Thinking

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olodo uprising

By Prince Charles Dickson, PhD

A sheep was passing and saw a lion crying inside a cage, trapped and helpless. The lion begged the sheep to rescue him, promising not to kill or eat it. The sheep refused at first, knowing fully well that a lion does not become a vegetarian because of captivity. But after much persuasion, emotional blackmail, and the sheep’s own gullibility, it opened the cage.

Now the lion was very hungry, having stayed in the cage for days without food. It quickly pounced on the sheep and was about to kill and eat it, but the sheep reminded him of his promise.

They were still arguing when other animals came passing. They sought to know what had happened. Both the lion and the sheep narrated their sides of the story, but because of fear, convenience, and a desperate need to gain favour in the lion’s eyes, all the animals took sides with the lion, except the tortoise, who claimed not to understand the whole scenario.

The tortoise asked the lion to show them where exactly he was before the sheep rescued him. The lion pointed at the cage.

The tortoise asked again, “Were you inside or outside when the sheep arrived?”

The lion replied, “I was inside.”

The tortoise then said, “Okay, enter and let us see how difficult it could be inside, because I am not getting the whole scenario.”

The lion entered, and immediately, the tortoise locked the cage. The lion was trapped again.

That story is not just folklore. It is a national diagnosis.

Nigeria today is full of trapped lions, gullible sheep, frightened animals, and very few tortoises. We have many people with opinions, but few with discernment. Many with certificates, but few with comprehension. Many with titles, but few with thought. Many who can quote policy, scripture, law, and ideology, but cannot ask the simple question that prevents disaster: “Wait first, how did we get here?”

That question is the beginning of critical thinking. Sadly, it is becoming an endangered species.

The easiest and most attractive national pastime remains buck-passing, especially with the bunch of leaders we have, some of whom can hardly peel a banana or wash an already white handkerchief. Not many of us want to take responsibility for anything, from personal life to family life, from community life to national life. The blame is always on the system, as if the system descended from the sky and imposed itself on innocent citizens.

We do not need to create demons out of our leaders because, in too many instances, they have behaved like ready-made specimens of public demons. So, we hang our sins on them, sometimes appropriately, sometimes lazily. Unfortunately, their behaviour has made it easy for the critics to descend on them. They shout loudly, lie casually, perform empathy only when cameras are present, and govern as though the people are background noise in their private banquet.

But there is a deeper tragedy. The lion is not our only problem. The sheep, too, must be examined. The other animals must be questioned. Even the silence of the forest must stand trial.

This is where the Olodo Syndrome enters.

In Nigerian street language, “Olodo” is often used to describe a dull person, someone slow to understand, someone who fails where basic reasoning should have saved them. But in this essay, Olodo is not merely the person who did not go to school. No. Nigeria has produced a more sophisticated creature: the educated olodo. The certificated illiterate. The graduate who cannot reason beyond slogans. The public officer who mistakes grammar for intelligence. The citizen who forwards nonsense with confidence. The analyst who mistakes noise for insight. The leader who confuses movement with progress. The voter who sells tomorrow for rice today, then spends four years complaining that the pot is empty.

Olodo, therefore, is not the absence of schooling. It is the failure of judgment.

It is what happens when a nation rewards mediocrity and punishes thought. It is what happens when people who ask serious questions are labelled troublesome, while those who clap for madness are called loyal. It is what happens when dumb, crazy things move the needle, while wisdom is treated like an old man coughing in the corner. It is what happens when unintelligent people do not merely exist, but are celebrated, promoted, defended, and installed as gatekeepers over those who still dare to think.

This is Nigeria’s Olodo Uprising.

It is an uprising not of the poor against the rich, nor of the uneducated against the educated. It is an uprising of shallow thinking against depth. An assault on memory, logic, accountability, and consequence. It is the national habit of refusing to connect action to outcome. We open the cage, release the lion, and then begin a prayer meeting when the lion remembers its appetite.

We talk, write, and discuss the Nigerian myth with a sense of fatalism. “This is Nigeria,” we say, as if that phrase is both an explanation and an excuse. If everyone thought as much about justice and fairness, life would be better. I am a critic, yes, but I am also a critic’s critic. I remain an unrepentant believer that one of the ways to keep the government on its toes is to keep harping on its flaws so that it can improve. But criticism without self-examination becomes entertainment. It becomes pepper soup politics, the kind we enjoy at drinking joints, suya spots, WhatsApp groups, and television studios where every table has a parliament and every loud voice is mistaken for a constitution.

Often, I say I believe the things I write are important for our nation, as they are for other nations. But when it appears to me that Nigerians, especially those in authority, do not react to these issues as people in other lands do, I repeat them in new essays to remind old readers and recruit new ones to participate in the continuing dialogue.

Because repetition, sometimes, is not a lack of creativity. It is the burden of memory in a country addicted to forgetting.

Sadly, this is Nigeria, where nothing works, and no one cares. When it works, it is often because someone’s interest is about to be served or is already being served, not because the people’s interest has suddenly become sacred. We talk about our institutions despairingly. Our leaders do not watch network news except when their faces will appear at their sons’ or daughters’ weddings, birthdays, burials, thanksgiving services, or self-sponsored ceremonies of public praise. They do not need newspapers anymore because too many pages are already full of their lies, paid adverts, and noisy banters dressed as governance.

A country that destroys thinking will eventually be governed by instinct.

That is why the Olodo Syndrome is dangerous. It not only makes people ignorant. It makes them confidently ignorant. It gives stupidity a microphone and asks wisdom to apply for permission to speak. It converts public debate into shouting contests. It turns leadership recruitment into ethnic arithmetic, religious panic, stomach infrastructure, and emotional blackmail. It makes citizens defend their oppressors because the oppressor speaks their language, attends their church, worships in their mosque, comes from their zone, or once gave them transport money.

This is how the other animals sided with the lion.

Not because the lion was right. They knew he was wrong. But fear is a powerful editor of truth. Hunger is a wicked lawyer. Proximity to power is a dangerous intoxicant. In Nigeria, many people do not support injustice because they are confused. They support it because they are calculating. They are asking themselves, “What if the lion remembers me tomorrow? What if I need a favour? What if I condemn him now and he becomes minister, governor, chairman, commissioner, vice chancellor, senator, president?”

So, they betray the sheep.

Government bashing remains a national pastime, and every drinking joint and suya spot has a sitting parliament with an expert on every issue. But we forget that no matter the input, if the politicians and actors on our national scene have questionable lives both at personal and domestic levels, nothing will change. The best government policy cannot change the individual when the policies themselves are formulated on a bad foundation by people with warped thinking.

A corrupt mind cannot midwife a clean system.

When a witch proclaims her presence, and an invalid does not make away, he must have money for sacrifices at home. Nigeria has been warned too many times. We have seen the witch. We have heard the announcement. Yet we remain seated, arguing about who invited her, who offended her, which village she came from, and whether her witchcraft is constitutionally recognised.

This is not merely a leadership failure. It is civic laziness. It is moral cowardice. It is intellectual surrender.

The tortoise in the story represents the rare citizen who does not join the chorus. The one who pauses the noise. The one who asks for sequence, evidence, context, motive, and consequence. The tortoise is not the loudest animal. It is not the strongest. It does not roar. It does not bleat. It thinks.

That is what Nigeria needs now: more tortoises.

Not slow people, but thoughtful people. Not cowards hiding under shells, but citizens who understand that speed without thought is national self-harm. We need people who can ask leaders: Where were you before power? What did you promise? What have you done? Who benefits? Who pays? What happens tomorrow? We need teachers who teach children to question, not merely to cram. We need voters who examine character before currency. We need religious leaders who produce conscience, not crowds. We need journalists who investigate, not decorate. We need institutions that reward competence over loyalty, substance over noise, and courage over convenience.

Because the lion will always be hungry again.

That is the part Nigeria refuses to learn. Appeasing bad leadership does not end its appetite. Excusing mediocrity does not transform it into excellence. Rewarding foolishness does not make it wise. If we allow the lion to eat the sheep today because we are afraid, hungry, tribal, religiously sentimental, or politically invested, we have not solved the hunger problem. We have only postponed our own turn.

In amazement, the other animals asked the tortoise, “why” and the tortoise replied. “If we allow him to eat the sheep today, he will still go hungry tomorrow, and we don’t know what will be eaten tomorrow—May Nigeria win.

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Stocks vs Forex: Which is Better for Beginners in 2026?

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Stocks vs Forex

By Onah Ishioma Adaeze

As a beginner, choosing between stocks and forex for your investment goals in 2026 can feel overwhelming. Before investing your hard-earned money, it is important to understand how both markets work.

While both markets present investors with opportunities to grow their wealth, they also differ in terms of volatility, liquidity, market hours, and leverage. Stocks involve owning portions of a company, while forex has to do with trading a base currency against a quote currency.

In this article, we will be going through the basics of stocks and forex, pointing out their differences, and helping you decide which asset better suits your investment journey in 2026.

What is Stock Trading?

When it comes to stock trading, you are buying shares of a company, which makes you a shareholder of that company. As a shareholder, you may be entitled to receive dividends whenever the company decides to pay dividends.

As for those companies that do not pay dividends, there are other benefits a shareholder may enjoy, like being called upon to attend shareholder meetings and having voting rights on certain company matters.

On a global scale, over $100 trillion worth of shares are traded annually. Also, the rising popularity of AI companies and technological innovations continues to drive investor participation and market growth.

If you’re an investor looking to buy and hold capital assets, then stock trading is definitely for you, as it allows for short-term, medium-term and long-term investment goals.

When you buy shares of a company and the company performs well, your shares increase in value. Another benefit of stock trading is access to index funds and ETFs.

These funds consist of companies that are grouped under an index. They are carefully selected and monitored under the fund, sparing the investor the stress of actively tracking the fund.

They can be a way of building a long-term, diversified portfolio, and some of these funds may pay dividends.

What is Forex Trading?

Forex trading has to do with buying one currency and selling another. With a pair like USD/JPY, USD is the base currency being bought against JPY, which is the quote currency.

In order to execute a trade in the forex market, you have to analyse and make predictions based on price movement, as well as pay attention to what’s going on in the global news scene.

The forex market runs twenty-four hours every weekday, with over $9 trillion traded in the market every day. Being the largest financial market in the world, there is very high liquidity.

Forex trading involves buying one currency against another, making predictions based on price movements on the forex charts. Price moves based on the activities of large institutions like hedge funds, big banks, the government, etc.

The forex market runs 24 hours a day, every weekday, with global forex turnover reaching $9 trillion per day in the BIS 2025 survey. Being the largest financial market in the world, there is very high volatility and price fluctuations.

At the same time, there is high liquidity in the market, which means that currency pairs can easily be bought and sold without hassle. Highly liquid instruments that are traded regularly include: EUR/USD, USD/JPY, GBP/USD, and gold (XAU/USD).

As a retail trader, knowing when to enter and exit the market is important. As easy as it is to make profits from price fluctuations, it is also very easy to lose money if the market moves against you. This is why it is important to set stop losses and take profits. This helps manage your trading capital.

Major Differences Between Stocks and Forex

While investing in stocks and forex can yield great capital gains, there are lots of ways in which they differ.

As a beginner, stock trading provides opportunities for long-term investments, ensuring slow but consistent returns for wealth building. But if you are looking for an active, short-term style of investment, then forex trading is for you, as it allows you to enter and exit the market within a shorter time frame.

Which is Better in 2026?

Choosing an asset to invest in all boils down to personal preference. At the same time, if you are not averse to risk, nor opposed to asset diversification, then it’s okay to invest in both.

For beginner investors in 2026, stock trading is easier to understand and get into, especially because of mutual funds, index funds and ETFs. With those funds, you don’t have to be an expert to start investing. You can just buy a fund that suits your needs and hold it over a long period of time.

If you are an investor who enjoys technical analysis, highly volatile and liquid markets, as well as trading under short time frames, then forex trading is the right pick for you.

Conclusion 

You do not need to put all your eggs in one basket. There are investors who invest in both stocks and forex simultaneously. When starting out, you can start investing in stocks while learning forex. Take calculated risks and do not invest above your means. Diversify your investments and remember, when starting out, you should prioritise acquiring knowledge over profits.

Onah Ishioma Adaeze is a finance writer who is passionate about simplifying complex concepts into easily digestible pieces. Her hobbies are reading and watching anime

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Building 234 Solutions: A Response to Everyday Workforce Challenges

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Owoloye Emmanuel 234 Solutions

By Owoloye Emmanuel

Every business starts with a problem. For us, that problem was hiding in plain sight.

Across organisations, we kept seeing HR professionals, payroll teams, and business leaders spend significant time navigating processes that should be simpler. Employee records sat across multiple systems, payroll processes required manual intervention, and routine workforce tasks often became more complicated than they needed to be.

As businesses grow, workforce operations naturally become more complex. Yet many organisations still rely on disconnected tools and workflows that create unnecessary friction for both employers and employees.

The consequence is more than operational inefficiency. HR teams spend valuable time managing systems instead of supporting people. Business leaders struggle to access timely workforce insights, while employees experience delays in processes that should be seamless.

These weren’t isolated challenges. They were recurring realities across workplaces, regardless of industry or size.

That observation led us to a simple question: what if workforce management could be easier?

What if HR, payroll, and workforce operations could work together within a single, connected experience?

That question became the foundation for 234 Solutions.

We are building 234 Solutions with a clear belief that workplace technology should reduce complexity, not add to it. Our goal is to help organisations spend less time navigating processes and more time focusing on productivity, growth, and people.

As we prepare for launch, our focus remains simple: building practical solutions for real workplace challenges and helping organisations create better experiences for the people who power them every day.

Owoloye Emmanuel is the founder of 234 Solutions

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