Folashodun Shonubi: CBN, FMDQ and Market Integrity

My lord, let me go very straight to the point. The Central Bank cannot be both regulator and player in the same market. This has been going on for years with people whispering in silent groupings about the unfairness of the situation. Rather than come out boldly and state their position, they will be coming behind your back to push me to shout.

Well, I am shouting now. Sir, you cannot have your deputy as the chairman of a market player in a field where there are other players who are mostly looking towards you for guidelines, support and market reach. How this has worked in the last few years has continued to beat me.

CBN is said to have about 16% of the FMDQ which is doing very tremendously well in the markets but this, you will agree with me, impacts very unfairly on the other players who are now struggling to have their heads above water.

What the bank is doing at FMDQ is unfair, unethical and in Shomolu parlance “agbaya” things. You will have to divest very urgently or at the very least, take up the same 16% at the NGX and NASD and any other player in the space.

My brother, you have been appointed to run the apex banking institution; I am sure because of your integrity and professionalism. Even though I do not know you, I am sure that you have embedded in your DNA the qualities that have thrown you up as the number one banker. It is in this regard that I write to you very directly to look at this FMDQ matter once again in a bid to do the right thing.

My brother, it cannot be that hard na. Pull out of FMDQ now or invest in the others too. Very simple. Thank you.