By Chido Nwakanma
Two matters stand out in the FCMB saga. One is the issue of ethics and corporate governance. The other is the collateral damage to the bank’s corporate reputation and image.
Memes and videos are mocking the institution. Others have spoofs of their pay-off, turning it from “FCMB, My Bank and I”, to “FCMB, Your Wife and I.”
There is also the matter of the integrity of the trending narrative. What happened really? Persons claiming affinity to the parties involved say the blow out happened five years ago. At issue now is the power of the internet and social media in constructing narratives.
Someone or a group of persons used the unfortunate demise of Mr Thomas as the peg for spinning a salacious web that ropes in the bank through its primus inter pares. It is a deft and calculated sting filled from poisonous darts.
Mr Adam Nuru and his friends finally stepped out to debunk aspects of the story. They stated that Nuru is not the father of Moyo’s two children; Nuru was friend with the late Thomas; the story is a fabrication made for social age; the alleged petition is anonymous. Note that none of the statements denied the alleged dalliance.
Nevertheless, the following stand out.
- The narrative has provided room for sundry operatives to sully the image of the bank.
- FCMB has issued a holding statement, acknowledging the issue, and assuring stakeholders that the bank is on top of the situation.
- There are issues of corporate governance, ethics, HR management and corporate reputation.
- Discussions of the matter must go beyond the sensual to examining issues of professional and ethical conduct.
- The FCMB Relationship Scandal straddles corporate reputation and HR management. It is not “a personal matter” of the MD, as the bank wrongly stated. Both parties were in the employ of the bank, and the relationship played out therein.
- The MD is the Chief Reputation Officer of every institution. He cannot effectively carry the corporate banner if his banner has horrible stains.
- The reputation of the bank is critical. They should work to ensure no one besmirches it further.
Adam Nuru and his paramour contravened the Nigerian Code of Corporate Governance 2018. Section 4.6 of the Code demands the following of the MD: “4.3 The MD/CEO should establish a culture of integrity, conformance and performance, which should be assimilated by personnel at all levels of the Company”.
It further states:
4.6 The MD/CEO should declare any conflict of interest on appointment and annually thereafter. In the event that he becomes aware of any potential conflict of interest at any other point, he should disclose this to the Board at the first possible opportunity. Actions following disclosure should be subject to the Company’s Conflict of Interest Policy.
The relationship of the MD with a subordinate female staff presented a clear case of conflict of interest. Most organisations frown at superior-subordinate relationships across gender. The parties engaged in a relationship with a potentially harmful effect on the boss’s ability to supervise the subordinate. It would also make it difficult for harmonious relationships at various levels of management. Her mates or superiors would find it difficult to relate with or censure her where necessary.
In claiming the issue, the bank stated:
“We are aware of several stories circulating across several media platforms about our bank’s Managing Director Adam Nuru, a former employee Ms Moyo Thomas and her deceased ex-husband, Mr Tunde Thomas.
“While this is a personal matter, the tragedy of the death of Mr Tunde Thomas and the allegations of unethical conduct, require the Board to conduct a review of what transpired, any violations of our Code of ethics and the adequacy of these Code of conduct ethics. This will be done immediately.
“We enjoin all our stakeholders to bear with us as we conduct this review and to please respect the various families involved.”
FCMB confirms in the statement that there was an affair. FCMB wonders if such a relationship amounted to “violations of our Code of ethics” and if the Code is adequate to tackle emerging issues.
Many other issues arise from the FCMB saga. They are branding, reputation management, the strength of the personal versus corporate brand, ethics and corporate governance. There is also HR management.
The bank needs to look beyond its Code and reference the Nigerian Code of Corporate Governance 2018. The Securities and Exchange Commission also has a Code for quoted firms.
The MD should step aside. The claim of an investigation is not credible while the MD sits unless the investigators report directly to the Board or the Chairman.
Before this saga, the MD of FCMB was one of the silent ones in media exposure. He had a very insignificant Top of Mind Awareness (TOMA) among bank CEOs. His affair is the excuse for “enemies”, mischief-makers or fun-seekers to attack the corporate brand. What a way to trend!
The challenge, therefore, is ensuring minimal damage to the corporate brand.
• FCMB should issue a second statement no later than 8 January 2021 or the end of the first business week of the year.
• They should assure customers of the safety of their funds and other stakeholders of the bank’s health.
• They should commission a dipstick of stakeholders’ perception and a Perception Audit in the next three months to check any lingering negatives. It is an opportunity to do this audit that most firms fail to do in Nigeria. For instance, the dipstick will tell if this is a mere storm in a teacup or has a deeper reach and potentially more significance.
• Monitor. Monitor. Monitor. Media and non-media.
• FCMB should change the agenda as soon as possible. They could announce a major initiative that engages customers, primarily, or what their dipstick reveals.
• Create new and engaging content. Word of mouth is critical.
Members of NIPR Lagos had a mini-workshop on this matter on Sunday, 3 January through 4 January. Engaging and highly professional. Thanks to Toni Kan, Jide Benson, Nkechi Alli-Balogun, Emeka Maduegbuna, Olutayo Irantiola, Dotun Adekanmbi, Temitope Oguntokun, Eniola Mayowa, Taiwo Tunkarimu and Blessing Nwobodo-Itua.
The ball is in the court of FCMB. Massive fires spring from little triggers.
Chido Benedict Nwakanma is a communications strategist and marketer with extensive media and industry experience consulting in Nigeria and Africa. He has 30 years communication management experience covering roles in media, industry and consulting
Hi there! I know this is somewhat off topic but I was wondering if you
knew where I could locate a captcha plugin for my comment form?
I’m using the same blog platform as yours and I’m having difficulty finding one?
Thanks a lot! https://cesarrixn81481.prublogger.com/1856232/increase-saudi-snapchat-followers
Hi there, You’ve done an incredible job. I will definitely digg it and in my
opinion suggest to my friends. I am confident they’ll be benefited from this web site. https://benbachdang.com/cach-soi-keo-bong-da-hom-nay-duoc-ty-le-thang-cao-nhat
Hey, thanks for the blog post.Really thank you! Fantastic.
I do not even know how I stopped up right here, however I thought this post was great.
I don’t know who you’re but certainly you are going to a famous
blogger if you happen to aren’t already. Cheers!
Got 3000 followers after 4 hours??
Good luck and congratulationsrr ??????
I didn’t think it would work but I was really shocked when it came in ??
I didn’t believe it, but it came, I was shocked, it came like 2 3 thousand
thanks you ver good hello
thanks you baby good veryyy niceee
thanks you baby good veryyy niceee
thanks you baby good veryyy niceee
thanks you very good
thanks you very good
thanks you very good
thanks you very good
thanks you very good
thanks you very good
bebek gibi site thanks you very good baby
hey there and thank you for your information – I have certainly
picked up something new from right here.
I did however expertise some technical issues using this website, since I experienced to reload the site lots oof times previous
to I could get iit to load correctly. I had been wondering iff your web host is OK?
Not that I’m complaining, but sluggish loading instancess times will sometimes affect your placement
iin google and could damage your quality score if advertising and marketing
with Adwords. Well I am adding this RSS to my email and can look
out for much more of your respective fascinating content.
Ensure that you update this again soon.
Feel free to visit my web site – şişli escort bayan
bookmarked!!, I really like your webb site!
Have a look at my web-site one time email
God job
Monster is your source for jobs and career opportunities. Search for jobs, read career advice from Monster’s job experts, and find hiring and recruiting advice. Official site for recruitment at the Council of Europe. Find job vacancies at the Council of Europe, in Strasbourg and the field, temporary employment
Hello there, thanks a lot for this ideas! I’m about to make this for my best friend
Great article post.Really looking forward to read more. Keep writing.
It’s nearly impossible to find educated people for this topic, however, yousound like you know what you’re talking about!Thanks
WOW just what I was looking for. Came here by searching for somewheres
wow, awesome blog post.Really thank you! Keep writing.
Im thankful for the post. Keep writing.
Im obliged for the blog article.Really looking forward to read more. Really Great.
Really appreciate you sharing this article post. Great.
Thank you ever so for you article.Really looking forward to read more. Much obliged.
I truly appreciate this blog article. Much obliged.
I loved your post.Much thanks again. Will read on…
Thanks again for the article post.Really thank you! Much obliged.
Major thanks for the blog. Much obliged.
Hey there! Do you use Twitter? I’d like to follow you if that would be okay.I’m undoubtedly enjoying your blog and look forward to newposts.
Fantastic article.Really looking forward to read more. Fantastic.
I really like and appreciate your post. Much obliged.
Very good article post.Thanks Again. Awesome.
Enjoyed every bit of your post. Really Cool.
I really enjoy the blog article.Really looking forward to read more. Really Cool.
What’s up friends, its impressive article about educationand completely explained, keep it up all the time.
I appreciate you sharing this article post.Really thank you! Really Great.
I truly appreciate this article post. Really Great.
I cannot thank you enough for the blog post.Much thanks again. Much obliged.
Moving Suggestions for House to House Moving
I do not even understand how I ended up here, but I assumed this publish used to be great
I very delighted to find this internet site on bing, just what I was searching for as well saved to fav
Thank you for great information. Hello Administ . Seo Paketi Skype: By_uMuT@KRaLBenim.Com -_- live:by_umut