OPINION BY THE DUKE OF SHOMOLU: Why CBN must divest from FMDQ now | TheCable
I sincerely hope that we are all seeing the rumblings at FBN Holdings. The big boys are playing Russian roulette, and we are watching.that is happening at FBN Holdings but also refer you to Ijeoma Nwaguogwo’s brilliant essay on the matter
The markets, as a result, are reeling in incestuous weakness with the indexes dancing at rock bottom with no real hope of a substantive resurgence. It is within this context that we are confronted with the monster, that is, FMDQ.This firm has a leveraged institutional advantage to grow exponentially and now has begun to have expansionist ambitions.
At its inception, I do not know what type of coffee they were drinking when CBN took a stake in the firm. Today, that stake stands at 16% or thereabouts, and this allows for the CBN deputy governor to sit on its boardbut elementary common sense will tell you that you can not play both sides effectively
As it is today, it’s looking like the NGX is the poor cousin; systematically disadvantaged and forced by obtuse regulations to take positions inimical to its growthDiscussions at FMDQ show that they claim to have passed through one competition board or something. I wonder how a board would approve a transaction that is clearly driving the institution towards a monopolistic control of the markets.
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