Business
How My Son shocked everyone by becoming a Pilot at 21 – Femi Adesina reveals
Be careful what you dream about, it may well come to pass. Oluwatobi is my firstborn, “my might, and the beginning of my strength.” One day, when he was just four years old, we were all in the living room; myself, his mom, and his sister, when he exclaimed:”Daddy, I’ll be a pilot!”
I looked at him, looked at his mother, and said casually: “What does he know about piloting?” For by then, Oluwatobi had not gone near an airport, not to talk of entering an airplane.
But somehow, what he said refused to leave my mind. Just like the biblical Mary, after the angel told her of the virgin conception, I “kept all those things, and pondered them” in my heart.
‘Tobi (as we call him) began to live his dreams. He needed to see only the picture of an airplane in a newspaper or magazine, and he would cut it, file it away, or paste on the wall of his bedroom. When he was old enough to manipulate a computer, he always went to sites where he could read about aircraft.
I had thought he would outgrow the passion. But the older he grew, the firmer and clearer the dream became. “Daddy, I’ll be a pilot!”
As a growing journalist with growing means, I got to the point I could go on vacation with my family once a year. We started with Ghana. Then South Africa. And London… Tobi was in secondary school, and talked about nothing save flying a plane. Each time we travelled, it was like nirvana. While I kept looking at my wristwatch, expecting the time we would land, my son, and his sister, Tosin, felt completely at home in the sky.
I had expected two people to baulk, and talk Tobi out of his dreams. His mother, and my own mother (Tobi’s grandma, whom he was particularly close to). But the two women surprisingly did not dissuade the boy. They submitted to the perfect will of the Almighty. Underneath are the Everlasting Arms.
Never underestimate the power of dreams. At 18, my son packed his baggage, and was on the way to Aeronav Academy, in South Africa. The fees were staggering, but by then, I was Deputy Managing Director/ Deputy Editor-in-Chief of The Sun Newspapers. The pay was good enough, and with some belt tightening and lots of sacrifice, I could afford the fees.
Tobi got to Johannesburg at the peak of winter. “A cold coming we had of it, just the worst time of the year. For a journey, and such a long journey, the ways deep and the weather sharp, the very dead of winter.” (T.S Eliot, The Journey of the Magi). I remember the first email he sent to me:”Daddy, it’s so cold, I had to sleep with my shoes on.” Lol. My heart went out to him, but he that would eat honey from the rock must never consider the blade of his axe.
By the end of his first year, he got the private pilot license. Second year, he got the commercial license. I was breathing like a hog under the financial burden, but didn’t Jesus promise that his yoke was easy, “and my burden is light?” I kept trudging on, and one day, at age 21, my son was back, a fully licensed pilot.
But there was still one more river to cross. And when he told me about it, I almost bolted (just as our President almost did, when he saw the state of the treasury after inauguration into office). Tobi told me of the need to proceed to Sweden, for a type rating license, in which he would specialize on the Boeing 737. A boy of 21 years, planning to fly a whole house in the sky? The money, in dollars, sent my heart racing, and my head spinning. But by then, I was already Managing Director/Editor-in-Chief of The Sun. The publisher was a welfarist, and he took good care of his staff. If the family would take garri, instead of corn flakes, well, we could send Tobi to Sweden. And off he went, coming back months later with a type rating license. Arik Airline gracefully gave him a job.
For almost two years, the young pilot has been plying his trade, but he never flew me. The closest we got was one Saturday morning, about a year ago. I had just landed in Lagos, and who did I meet on the tarmac? Tobi and the crew that was taking over the airplane for the next flight. Safe skies, I told him, after we had taken some pictures, along with Captain Mohammed, an Arik veteran.
Then D-day came. And it was Monday this week. I had gone to Lagos to be part of Fathers Day celebration in my church, Foursquare Gospel Church, which held on Sunday. Return journey was 7 a.m Monday, aboard Arik.
On Sunday night, Tobi told me: “Daddy, you’ll be on my flight back to Abuja tomorrow.” Great expectations.
I approached the aircraft with Mr Peter Obi, former governor of Anambra State, and an old friend. An airline staff collected my hand luggage, and took it onboard. I then offered to relieve the former governor of the burden of his own luggage. Trust the ever self-effacing man. He hid the bag behind his back, as I made for it. We laughed.
I was on Seat 1D. The former governor was directly behind me. I told him my son was the co-pilot, and he was so very happy and excited at the news. And then, who came in, and took Seat 1F, right beside me? Another gentleman and friend, Mr Godwin Emefiele, governor of the Central Bank of Nigeria. We began to chat about the economy, and the risks falling oil prices in the international market could pose to the steadying exchange rate of the dollar to the naira. That was when Tobi struck. He came out from the cockpit, and said the Captain had consented that I should be their guest throughout the flight.
I first declined. Flying in the air was tough enough, who wants to go and frighten himself to death in a cockpit?
“Daddy, come and see what you paid for. Come and see where your money went,” my son said. I introduced him to the CBN governor, and excused myself from the cabin. The co-pilot to the co-pilot had come. Father and son were in the cockpit.
Captain Carretero Alberto hails from Spain. And what a genial man he turned out to be throughout the 55 minutes flight. I got to know about his family, his professional background, and many others. He had kind words to say about Tobi, and, indeed gave him the thumbs up sign many times, as the young pilot flew the plane, and made what he considered smart moves.
Preparing to lift into the air was a whole set of ceremony. Many things to check. Engines, lights, wings, doors, everything.As Tobi handled the joystick, the joy kiln was kindled in the heart of a proud father.
Communication with the control tower was continuous, and lasted almost throughout the flight. As the plane lifted, and soared into the deep, azure sky, I could not see a thing. Not the foggiest thing. How do pilots do it? But there was a forest of buttons and knobs. They kept touching and pressing them. Is this what they call instrumentation? At a point, the sun streamed in powerfully, in all its brightness. And they fixed their sun visors.
“This is why pilots wear sunglasses,” Tobi told me.
As the journey progressed, memories flooded in. The plane was moving forward, but I was going back in time. I remembered that June 25, when unto me a child was born, and unto the Adesinas a son was given. When I got to the hospital, and he was brought out for me to have a look, I remember the yell he gave. Now, the tot of that day is flying a Boeing 737. What will he fly next, a 747 or Dreamliner? The wonders of our God.
Then I chuckled. What did I remember? When Tosin, my daughter was born. Tobi was already three. He had not seen as much soft drinks as on the naming ceremony day. He drank Coke, Fanta, Pepsi, Sprite, everything. Then later, he came to meet me: “Daddy, my tomach (that was how he called it) is paining me. ” I laughed, and asked why his tomach would not pain him, as I had seen him, mixing the drinks? Now, the boy is flying a plane.
I chuckled again. What is it this time? The time he was going to secondary school. A day before resumption, I had taken him to Ikeja, where we bought a pair of boots, which would be part of the school uniform. We barely got home before Tobi slipped into the boots, and for the rest of the evening, he strutted round the house in the jackboot. It was yeoman’s effort to get him to remove it at bedtime. Even then, he put the boots daintily on his bed, throughout the night.
And then, the winter night he slept with his shoes on, in Johannesburg. Lol.
Soon, the plane swung right. And Tobi pointed the runway of the Abuja airport to me. We had begun to descend earlier, and would land in eight minutes. At the dot of that time, he brought the big bird gently onto the runway. What an experience for a father!
Since that Monday, when I posted the pictures of father and son on Facebook, the thanksgiving on our behalf has been overwhelming. I thank everyone who commented, and prayed for us. May your day of joy not be postponed. Amen.
My friend and brother, Onochie Anibeze, editor of Saturday Vanguard, asked for this write up exclusively for his newspaper. I was glad to oblige. Gloating is not one of the reasons I went public about my joy. Far from it. Rather, it is out of thankfulness to God. “And they overcame him by the blood of the Lamb, and the word of their testimony.” Glad to talk about the wonders of our God.
This is my story, this is my song. May every father have cause to rejoice in his son. And on the day of that joy, may the fathers not have toothache.
I can hear the amen. Oh, glory to God.
Recapitalisation Without Transformation is a Risk Nigeria Cannot Afford
BY BLAISE UDUNZE
In barely two weeks, Nigeria’s banking sector will once again be at a historic turning point. As the deadline for the latest recapitalisation exercise approaches on March 31, 2026, with no fewer than 31 banks having met the new capital rule, leaving out two that are reportedly awaiting verification. As exercise progresses and draws to an end, policymakers are optimistic that stronger banks will anchor financial stability and support the country’s ambition of building a $1 trillion economy.
The reform, driven by the Central Bank of Nigeria (CBN) under Governor Olayemi Cardoso, requires banks to significantly raise their capital thresholds, which are set at N500 billion for international banks, N200 billion for national banks, and N50 billion for regional lenders. According to the apex bank, 33 banks have already tapped the capital market through rights issues and public offerings; collectively, the total verified and approved capital raised by the banks amounts to N4.05 trillion.
No doubt, at first glance, the strategy definitely appears straightforward with the idea that bigger capital means stronger banks, and stronger banks should finance economic growth. But history offers a cautionary reminder that capital alone does not guarantee resilience, as it would be recalled that Nigeria has travelled this road before.
During the 2004-2005 consolidation led by former CBN Governor Charles Soludo, the number of banks in the country shrank dramatically from 89 to 25. The reform created larger institutions that were celebrated as national champions. The truth is that Nigeria has been here before because, despite all said and done, barely five years later, the banking system plunged into crisis, forcing regulatory intervention, bailouts, and the creation of the Asset Management Corporation of Nigeria (AMCON) to absorb toxic assets.
The lesson from that experience is simple in the sense that recapitalisation without structural reform only postpones deeper problems.
Today, as banks race to meet the new capital thresholds, the real question is not how much capital has been raised but whether the reform will transform the fundamentals of Nigerian banking. The underlying fact is that if the exercise merely inflates balance sheets without addressing deeper vulnerabilities, Nigeria risks repeating a familiar cycle of apparent stability followed by systemic stress, as the resultant effect will be distressed banks less capable of bringing the economy out of the woods.
The real measure of success is far simpler. That is to say, stronger banks must stimulate economic productivity, stabilise the financial system, and expand access to credit for businesses and households. Anything less will amount to a missed opportunity.
One of the most critical issues surrounding the recapitalisation drive is the quality of the capital being raised.
Nigeria’s banking sector has reportedly secured more than N4.5 trillion in new capital commitments across different categories of banks. No doubt, on paper, these numbers may appear impressive. Going by the trends of events in Nigeria’s economy, numbers alone can be deceptive.
Past recapitalisation cycles revealed troubling practices, whereby funds raised through related-party transactions, borrowed money disguised as equity, or complex financial arrangements that recycled risks back into the banking system. If such practices resurface, recapitalisation becomes little more than an accounting exercise.
To avert a repeat of failure, the CBN must therefore ensure that every naira raised represents genuine, loss-absorbing capital. Transparency around capital sources, ownership structures, and funding arrangements must be non-negotiable. Without credible capital, balance sheet strength becomes an illusion that will make every recapitalization exercise futile.
In financial systems, credibility is itself a form of capital. If there is one recurring factor behind banking crises in Nigeria, it is corporate governance failure.
Many past collapses were not triggered by global shocks but by insider lending, weak board oversight, excessive executive power, and poor risk culture. Recapitalisation provides regulators with a rare opportunity to reset governance standards across the industry.
Boards must be independent not only in structure but also in substance. Risk committees must be empowered to challenge executive decisions. Insider lending rules must be enforced without compromise because, over the years, they have proven to be an anathema against the stability of the financial sector. The stakes are high.
When governance fails, fresh capital can quickly become fresh fuel for old excesses. Without governance reform, recapitalisation risks reinforcing the very weaknesses it seeks to eliminate.
Another structural vulnerability lies in Nigeria’s increasing amount of non-performing loans (NPLs), which recently caused the CBN to raise concerns, as Nigeria experiences a rise in bad loans threatening banking stability.
Industry data suggests that the banking sector’s NPL ratio has climbed above the prudential benchmark of 5 percent, reaching roughly 7 percent in recent assessments. Many of these troubled loans are concentrated in sectors such as oil and gas, power, and government-linked infrastructure projects, alongside other factors such as FX instability, high interest rates, and the withdrawal of Covid-era forbearance, which threaten bank stability.
While regulatory forbearance has helped maintain short-term stability, it has also obscured deeper asset-quality concerns. A credible recapitalisation process must confront this reality directly.
Loan classification standards must reflect economic truth rather than regulatory convenience. Banks should not carry impaired assets indefinitely while presenting healthy balance sheets to investors and depositors.
Transparency about asset quality strengthens trust. Concealment destroys it. Few forces have disrupted Nigerian bank balance sheets in recent years as severely as exchange-rate volatility.
Many banks still operate with significant foreign exchange mismatches, borrowing short-term in foreign currencies while lending long-term to clients earning revenues in naira. When the naira depreciates sharply, these mismatches can erode capital faster than any credit loss.
Recapitalisation must therefore be accompanied by stricter supervision of foreign exchange exposure, as this part calls for the regulator to heighten its supervision. Banks should be required to disclose currency risks more transparently and undergo rigorous stress testing at intervals that assume adverse currency scenarios rather than best-case outcomes. In a structurally import-dependent economy, ignoring FX risk is no longer an option.
Nigeria’s banking system has long been characterised by excessive concentration in a few sectors and corporate clients, which calls for adequate monitoring and the need to be addressed quickly for the recapitalization drive to yield maximum results.
Growth in most advanced economies comes from the small and medium-sized enterprises that are well-funded. Anything short of this undermines it, since the concentration of huge loans to large oil and gas companies, government-related entities, and major conglomerates absorbs a disproportionate share of bank lending. This has continued to pose a major threat to the system, as the case is with small and medium-sized enterprises, the backbone of job creation, which remain chronically underfinanced. This imbalance weakens the economy.
Recapitalisation should therefore be tied to policies that encourage credit diversification and risk-sharing mechanisms that allow banks to lend more confidently to productive sectors such as agriculture, manufacturing, and technology rather than investing their funds into the government’s securities. Bigger banks that remain narrowly exposed do not strengthen the economy. They amplify its fragilities.
Nigeria’s macroeconomic conditions, which are its broad economic settings, are defined by frequent and sometimes sharp changes or instability rather than stability.
Inflation shocks, interest-rate swings, fiscal pressures, and currency adjustments are not rare disruptions; but they have now become a normal part of the economic environment. Despite all these adverse factors, many banks still operate risk models that assume relative stability. Perhaps unbeknownst to the stakeholders, this disconnect is dangerous.
Owing to possible shocks, and when banks increase their capital (recapitalization), it is required that banks adopt more sophisticated risk-management frameworks capable of withstanding severe economic scenarios, with the expectation that stronger banks should also have stronger systems to manage risks and survive economic crises. In Nigeria today, every financial institution’s stress testing must be performed in the face of the economy facing severe shocks like currency depreciation, sovereign debt pressures, and sudden interest-rate spikes.
Risk management should evolve from a compliance obligation into a strategic discipline embedded in every lending decision.
Public confidence in the banking system depends heavily on credible financial reporting.
Investors, analysts, and depositors need to be able to understand banks’ true financial positions without navigating non-transparent disclosures or creative accounting practices, which means the industry must be liberated to an extent that gives room for access to information.
Recapitalisation provides an opportunity to strengthen the enforcement of international financial reporting standards, enhance audit quality, and require clearer disclosure of capital adequacy, asset quality, and related-party transactions. Transparency should not be feared. It is the foundation of trust.
One thing that must be corrected is that while recapitalisation often focuses on financial metrics, the banking sector ultimately runs on human capital.
Another fearful aspect of this exercise for the economy is that consolidation and mergers triggered by the reform could lead to workforce disruptions if not carefully managed. Job losses, casualisation, and declining staff morale can weaken institutional culture and productivity. Strong banks are built by strong people.
If recapitalisation strengthens balance sheets while destabilising the workforce that powers the system, the reform risks undermining its own economic objectives. Human capital stability must therefore form part of the broader reform strategy.
Doubtless, another emerging shift in Nigeria’s financial landscape is the rise of digital financial platforms that are increasingly changing how people access and use money in Nigeria.
Millions of Nigerians are increasingly relying on fintech platforms for payments, microloans, and everyday financial transactions. One of the advantages it offers, is that these services often deliver faster and more user-friendly experiences than traditional banks. While innovation is welcome, it raises important questions about the future structure of financial intermediation.
The point here is that the moment traditional banks retreat from retail banking while fintech platforms dominate customer interactions, systemic liquidity and regulatory oversight could become fragmented.
The CBN must see to it that the recapitalised banks must therefore invest aggressively in digital infrastructure, cybersecurity, and customer experience, while cutting down costs on all less critical areas in the industry.
Nigerians should feel the benefits of recapitalisation not only in stronger balance sheets but also in faster apps, reliable payment systems, and responsive customer service.
As banks grow larger through recapitalisation and consolidation, a new challenge emerges via systemic concentration.
Nigeria’s largest banks already control a significant share of industry assets. Further consolidation could deepen the divide between dominant institutions and smaller players. This creates the risk of “too-big-to-fail” banks whose collapse could threaten the entire financial system.
To address this risk, regulators must strengthen resolution frameworks that allow distressed banks to fail without triggering systemic panic, their collapse does not damage the whole financial system, and do not require taxpayer-funded bailouts to forestall similar mistakes that occurred with the liquidation of Heritage Bank. Market discipline depends on credible failure mechanisms.
It must be understood that Nigeria’s banking recapitalisation is not merely a financial exercise or, better still, increasing banks’ capital. It is a rare opportunity to rebuild trust, strengthen governance, and reposition the financial system as a true engine of economic development.
One fact is that if the reform focuses only on capital numbers, the country risks repeating a familiar pattern of churning out impressive balance sheets followed by another cycle of crisis.
But the actors in this exercise must ensure that the recapitalisation addresses governance failures, asset quality concerns, risk management weaknesses, and transparency gaps; and the moment this is done, the banking sector could emerge stronger and more resilient.
Nigeria does not simply need bigger banks. It needs better banks, institutions capable of financing innovation, supporting entrepreneurs, and building economic opportunity for millions of citizens.
The true capital of any banking system is not just money. It is trust. And whether this recapitalisation ultimately succeeds will depend on whether Nigerians see that trust reflected not only in financial statements but in the everyday experience of saving, borrowing, and investing in the economy. Only then will bigger banks translate into a stronger nation.
Blaise, a journalist and PR professional, writes from Lagos and can be reached via: [email protected]
FirstBank Makes Home Ownership Possible for Nigerians with Single-Digit Interest Rate Loan
For millions of Nigerians, homeownership has long felt like an ambition deferred. Squeezed by rising property prices, persistent double-digit inflation and high commercial lending rates, the dream of owning a home has remained just that – a dream.
But that narrative is quietly changing. Thanks to FirstBank.
The N1 Trillion Intervention Reshaping Access
In partnership with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), FirstBank has unveiled a mortgage opportunity that could redefine access to housing finance in Nigeria.
Backed by the Federal Government’s N1trillion mortgage fund, the initiative is designed to empower Nigerians with affordable, long-term credit to own their homes.
9.75% Interest Rate in a 30% Lending Environment
MREIF is priced at 9.75% per annum, dramatically lower than prevailing commercial loan rates. Eligible Nigerians can access up to N100 million and repay within 20 years. This translates into significantly more manageable monthly repayments and greater long-term financial stability.
Built for Salary Earners, Entrepreneurs and the Diaspora
The MREIF mortgage facility has been structured to be inclusive. It is available to salary account holders, business owners and diaspora customers. Whether you are a young professional aiming to exit the rent cycle, an entrepreneur building generational stability, or you’re a Nigerian abroad looking to secure assets locally, the product opens a pathway that has historically been out of reach for many.
Taking the First Step
For those who have been waiting for the right time, this is definitely it. The question is no longer whether homeownership is possible. The real question is: will you act before the window narrows?
Visit https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ and in no time you could be the latest homeowner in town.
Alpha Morgan Bank Deepens Presence in Abuja with New Branch in Utako
Marking another milestone in its expansion drive, Alpha Morgan Bank has opened a new branch in Utako, Abuja, reinforcing its strategy of building closer institutional ties within key business communities and bringing its financial expertise closer to individuals, and enterprises driving the city’s growth.
The new branch, located at Plot 1121 Obafemi Awolowo Way, Utako, Abuja is strategically positioned to serve individuals, entrepreneurs, and corporate clients within Utako and surrounding districts.
The expansion follows the Bank’s recently concluded Economic Review Webinar held in February 2026, as the bank continues to position as a thought-leader in the financial services industry.
Speaking on the opening, Ade Buraimo, Managing Director of Alpha Morgan Bank, said the move underscores the Bank’s commitment to accessibility and service excellence.
“Proximity matters in banking. As communities grow and commercial activity expands, financial institutions also evolve to meet customers where they are. The Utako Branch allows us to deliver our services to people in that community efficiently while maintaining the high standards our customers expect,”
The Utako location will provide a full suite of retail and corporate banking services, including account opening, deposits, transfers, business banking solutions, and financial advisory support.
Customers and members of the public are invited to visit the new Utako Branch to experience the Bank’s approach to satisfying banking.
-
society6 months agoReligion: Africa’s Oldest Weapon of Enslavement and the Forgotten Truth
-
news3 months agoWHO REALLY OWNS MONIEPOINT? The $290 Million Deal That Sold Nigeria’s Top Fintech to Foreign Interests
-
society6 months ago“You Are Never Without Help” – Pastor Gebhardt Berndt Inspires Hope Through Empower Church (Video)
-
Business7 months agoGTCO increases GTBank’s Paid-Up Capital to ₦504 Billion
You must be logged in to post a comment Login