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Dealing With Corporate Governance Challenges In Business, By Nonso Obikili
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.
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 penalities 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 per cent of a business and therefore has 25 per cent voting rights and wants to take the business in one direction, but there are other shareholders who own maybe 40 per cent who don’t particularly like that course of action, then the 40 per cent can effectively block the 25 per cent. 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 enforces 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.
Olowu Celebrates Former Military President, Ibrahim Babangida, At 84
Olowu of Kuta, HRM Oba Dr Hammed Oyelude Makama, CON, Tegbosun III, has congratulated former military president, Gen Ibrahim Badamasi Babangida, rtd, who is 84 today.
Olowu, in a statement he signed, eulogised the former military ruler for his modest achievements while he was in power.
According to Olowu, ” IBB is an enigma. He has carved a niche for himself as a former military president. His tenure witnessed the completion of many monumental legacy projects that are still visible today. His Hill Top Mansion in Minna has become a Mecca of sorts for those who aspired to lead Nigeria.”
Olowu, who described Gen Babangida as being grossly misunderstood, said history would be kind to him.
He said, “The launch of Gen Babangida’s Autobiography: ‘A Journey In Service’, and the testimonies from the likes of President Bola Ahmed Tinubu and Africa’s richest man, Aliko Dangote, Tony Elumelu, Jim Ovia, Abdusalam Rabiu, Oil Magnate, Arthur Eze, and many others, testified to his goodwill despite leaving public office three decades ago.
” On behalf of myself, my Oloris and Olowu-In-Council.
All members of the defunct IBB Vision 2003 and Vision 2007, I wish President Ibrahim Babangida, rtd, a happy birthday. I also wish him all the best as he aged gracefully,” Olowu added.
Born on August 17, 1941, Gen Ibrahim Babangida, rtd, ruled Nigeria from 1985 to 1993.
His presidency was marked by significant political and economic reforms.
A new dawn breaks over Agunjin — a moment etched in gold in the annals of history — as the crown of the Ariwajoye Adekeye Royal Dynasty returns to its rightful home. With this homecoming, the living legacy of Agunjin’s royal heritage is renewed, strengthened, and destined to shine for generations to come.
The proud sons and daughters of Agunjin welcome His Royal Highness, Oba Isiaka Babatunde Malik Adekeye, Ariwajoye III of Agunjin Land, with joy, reverence, and boundless hope for the future.
A distinguished Nigerian based in New York, Oba Adekeye is a dynamic and accomplished professional whose illustrious career spans cinematography, international trade, and hospitality. Born into the revered Ariwajoye Adekeye Royal Family of Agunjin, in Ifelodun Local Government Area of Kwara State, His Royal Highness now carries forward an ancestral legacy steeped in honor, dignity, and purpose.
The new Oba Adekeye is the proud nephew of the late Oba Jimoh Ajide Adekeye and the grandson of Oba Alade Adekeye — custodians of Agunjin’s noble traditions whose names remain deeply woven into the history of the land.
As the Yoruba say,
“Adé kì í wọ́ lórí aláìní orí.” — The crown does not rest on a head without destiny.”
His Royal Highness wears the crown not as a mere ornament, but as a solemn trust from his ancestors to his people.
The Adekeye Royal Family extends profound gratitude to: His Excellency, H.E.AbdulRahman AbdulRazaq, CON, Chaiman GFON, Sadauna Ngeri of Ilorin, Executive Governor of Kwara State; The Chairman, Kwara State Council of Chiefs, Alhaji (Dr.) Ibrahim Sulu-Gambari, Emir of Ilorin; The Chairman, Igbomina Traditional Rulers Forum, Oba (Barr.) Alh. Ismail Bolaji Yahaya Atoloye Alebiosu, Olupo of Ajase Ipo; The Chairman, Ifelodun Traditional Council, HRM Oba (Dr.) Alhaji Ahmed Awuni Babalola Arepo III, Elese of Igbaja; The Ifelodun Traditional Council Members and the Kwara State Traditional Council.
Our heartfelt appreciation also goes to the Hon. Commissioner for Local Government, Chieftaincy Affairs and Community Development, Hon. Abdullahi Bata, and to the Executive Chairman, Ifelodun LGA, Hon. Femi Yusuf, for their steadfast commitment to upholding historical truths and safeguarding the cherished traditions of Agunjin.
As the newly crowned Ariwajoye III, Oba Adekeye brings decades of professionalism, global exposure, and deep cultural pride to his reign. His vision is noble and unwavering — to champion sustainable development across the Agunjin district, preserve the rich traditions of the land, and unite his people both at home and in the diaspora under one banner of progress, peace, and pride.
In the words of an old royal proverb, “When the king builds bridges, the people will cross to a better tomorrow.” Ariwajoye III now stands as that bridge — connecting the heritage of the past with the promise of the future.
Long live Ariwajoye III. Long live the Ariwajoye Adekeye Royal Family. Long live Agunjin Land.
Prince Oluwatoyin Adekeye For the Family
Primate ELIJAH AYODELE: The Seer, And the Country That Listens
By Femi Oyewale
Ejigbo, Lagos — When Primate Babatunde Elijah Ayodele steps onto the pulpit of INRI Evangelical Spiritual Church each week, he does more than preach: he convenes a national conversation. For decades, the clergy has issued blunt, often headline-grabbing prophecies about presidents, markets, and disasters — pronouncements that are dutifully copied, debated, and digested across Nigerian newsrooms, social media, and political corridors.
Primate Ayodele is best known for two things: the regular release of New Year’s and seasonal “warnings to the nation,” and a large, loyal following that amplifies those warnings into national discourse. He publishes annual prophecy booklets, holds prayer mountain conventions where journalists are invited, and maintains active social media channels that spread his messages quickly beyond his church gates. In July 2025, he launched a compendium of his prophecies titled “Warnings to the Nations,” an event covered by national outlets, which Ayodele used to restate concerns about security, governance, and international affairs.
Ayodele’s prophecies have touched on lightning-rod topics: election outcomes, the health or fate of public figures, infrastructure failures, and international crises. Nigerian and regional press have repeatedly published lists of his “fulfilled” predictions — from political upsets to tragic accidents — and his followers point to these as proof of his accuracy. Media roundups in recent years credited him with dozens of prophecies he argued had been realised in 2023 and 2024, and his annual prophetic rollouts continue to attract wide attention.
Impact beyond prediction: politics, policy, and public mood
The practical effect of Ayodele’s ministry is not limited to whether a prophecy comes to pass. In Nigeria’s politicised and religiously engaged public sphere, a prominent seer can:
• Move conversations in electoral seasons; politicians, commentators, and voters listen when he names likely winners or warns about risks to candidates, and his claims sometimes become part of campaign narratives.
• Shape popular expectations — warnings about economic hardship, insecurity, ty or public health influence how congregations and communities prepare and react.
• Exert soft pressure on leaders — high-profile admonitions directed at governors or ministers often prompt responses from the accused or their allies, creating a feedback loop between pulpit pronouncements and political actors.
Philanthropy and institution building
Ayodele’s public profile extends into philanthropy and church development. He runs INRI Evangelical Spiritual Church from Oke-Afa, Lagos, and his ministry periodically organises humanitarian outreach, scholarships, and hospital visits — activities he frames as evidence that prophetic ministry must be accompanied by concrete acts of charity. Church events such as extended “17-day appreciation” outreaches and scholarship programmes have been widely reported and help cement his appeal among congregants who value spiritual counsel paired with material support.
What makes him unique
Several features set Ayodele apart from other public religious figures in Nigeria:
1. Productivity and documentation. He releases extensive, numbered lists of prophecies and compiles them into booklets — a tactic that makes his predictions easy to track (and for supporters to tally as “fulfilled”).
2. A blend of national and international focus. His pronouncements frequently move beyond parochial concerns to name international actors and events, which broadens his media footprint.
3. Media-savvy presentation. From staged press events to active social accounts, Ayodele understands how to turn a prophecy into a viral story that will be picked up by blogs, newspapers, and TV.
The public verdict: faith, influence, and skepticism
To millions of Nigerians — and to his core following — Primate Ayodele remains a pastor-prophet whose warnings must be taken seriously. To others, he is a media personality whose relevance depends as much on spectacle and circulatory power as on supernatural insight. What is indisputable is his role in magnifying the religious dimension of national life: when he speaks, politicians, congregants, and newsrooms listen. That attention, in turn, helps determine which social and political questions become urgent in public debate.
Looking ahead
As Nigeria heads into another cycle of elections and economic challenges, Ayodele’s annual pronouncements will almost certainly return to the front pages. Whether they are read as sober warnings, political interventions, or performative theology, they will continue to shape conversations about destiny, leadership, and the kinds of risks a deeply religious nation believes it must prepare for.
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