By Citizen Bolaji O. Akinyemi
A Quick Picture We Can All See
The philosophy of pristine African homeland leadership is captured in a Yoruba adage: “Oba ba lori ohun gbogbo”—the king owns EVERYTHING and EVERYONE. It was this worldview that made colonial invasion deceptively easy: velvet thrones sold men, women, and children for money. Servitude created the disconnection between ruling thrones and the people, who only grew poorer.
Fast forward a century, and you see the same philosophy re-emerging in modern form. Mansions and motorcades of public servants—disciples of conservative colonial officers—dot our landscape. After more than 100 years of “apprenticeship,” our political leaders have circled back to Oba ba lori ohun gbogbo (The king owns everything and everyone).
Our corporate communities are no better. With gold upstairs and gloom downstairs, the cry is the same: when will leadership stop looting and start serving?
A London Mansion in the Middle of Hunger
In the very week when food prices bite and SMEs gasp for credit, Nigeria’s biggest bank boss reportedly bought a £15 million London mansion on “Billionaires’ Row.” The buyer? Roosevelt Ogbonna of Access Bank—per U.K. land-registry filings reported by Bloomberg and City A.M. (Oct 1, 2025).
Buying a house is legal. But in a fragile economy, that headline lands like a slap.
Now zoom out: politicians trapped in scandal cycles, pastors richer than their parishes, and bank chiefs with fortunes looking like holding companies. Nigeria’s public life is gilded at the top—and hollowed out below.
Politicians: Looting, State Capture, and the Long Shadow
Consider just a few examples:
Abacha loot recoveries have exceeded $3.65 billion in two decades, with another $23 million repatriated as recently as 2022.
Diezani Alison-Madueke, former oil minister, is facing U.K. bribery charges tied to alleged multi-million-pound inducements.
The infamous $2.1 billion arms deal scandal under the ONSA era (2012–2015) became shorthand for how security budgets vanish.
The fuel subsidy racket exposed multi-billion-dollar discrepancies between claimed volumes and what Nigerians actually consumed.
This is not “a few bad apples.” It is the architecture of state capture: budgets, contracts, subsidies, and FX windows converted into private pipelines.
Are today’s politicians better? History says no. The best of us are often those who have never been in power. The worst of us are not known until they leave power. In states like Lagos, dynasties preserve saints on one side and sinners on the other—depending on who holds the megaphone.
Bank Corner Offices: Are CEOs Richer Than Their Banks?
CEO wealth is opaque. But disclosed shareholdings offer a window. Regulators—the CBN via BOFIA 2020 and 2023 Corporate Governance Guidelines—have strong “fit-and-proper” powers, set board rules, and monitor tenure.
What they don’t do:
They don’t cap CEO pay.
They don’t require full disclosure of salaries, bonuses, stock awards, offshore assets, or perks.
So we get a credibility gap: banks post record profits, yet SMEs remain starved of credit. Then a headline lands—a £15 million CEO mansion abroad—cementing the view that finance extracts more than it enables.
Fix the rules; fix the optics:
Standardised disclosure of CEO pay and perks.
Clawbacks of bonuses tied to misconduct or misstatements.
Strict related-party lending prohibitions with public registers.
SME lending scorecards by bank, so citizens can see who is serving the economy.
All doable under existing law. What’s lacking is will.
Churches: The Law, The Loopholes, The Vacuum
A viral myth claims Forbes ranked five Nigerian pastors among the world’s richest. False. Yet media estimates consistently place Nigerian preachers among the wealthiest clergy—even though no Nigerian ministry ranks among the richest churches globally. Those lists are dominated by century-old endowments like the LDS Church and national churches.
Regulatory reality:
CAMA 2020 (Part F) modernised oversight of incorporated trustees—giving CAC the power to investigate and in extreme cases, suspend trustees.
The FRC Governance Code (2016), which sought audited accounts and tenure limits for faith-based organisations, was bungled and suspended after backlash.
What’s missing now:
Enforced transparency: audited financials, public summaries of income and assets.
Conflict of interest disclosure for church contracts.
Protected whistleblower channels.
The point is not to politicise the pulpit. It is to align moral authority with financial accountability, so the church’s wealth builds schools, clinics, and safety nets faster than it breeds celebrity lifestyles.
Why Outrage Feels Different When Communities Are Broke
When elites flaunt wealth during hardship, people don’t just see “success.” They see extraction.
Government tells citizens to tighten belts, then headlines scream subsidy rackets.
Banks promise financial inclusion, yet credit deserts persist.
Churches preach stewardship, yet publish no accounts.
That is how trust dies.
Five Reforms Ordinary People Can Understand
- Public asset registers for politicians, CEOs, and top civil servants.
- Live contract portals for all government contracts and subsidy claims.
- CBN sunlight rules: standardised pay disclosure, clawbacks, penalties.
- CAMA-plus: enforce audited reports and member rights in churches/NGOs.
- Community dividend metrics: every bank, ministry, and mega church publishes impact ledgers—loans, jobs, hospital beds, scholarships.
Stewardship or Showmanship?
Leadership is stewardship; not licence to loot. Stewardship means leaving people stronger than you found them. But if CEO fortunes, gubernatorial mansions, and pastoral convoys multiply while villages empty and hospitals starve; leadership has mutated into curated showmanship.
We know what to do. We have laws—BOFIA 2020, CAMA 2020, corporate governance codes. What we lack is courage and sunlight.
If this tide is not stemmed, Nigeria, and Africa; will drift toward a future where palaces shine brighter, but the nation grows darker.
