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Monday 14 January 2019
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But why was he missing from the bench? Bashorun J.K Randle Randle is Chairman/Chief ExecutiveJK Randle Professional Services Chartered Accountants
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hen in the matter of Chief Frank Odunayo Akinrele, SAN and Mrs. Ibidun Akinrele, the learned silk pronounced judgement in open court: “I have fulfilled all my obligations” at his beloved wife’s 80th birthday on 5th April 2018, those of us who do not belong to the learned profession expected both Ademola Akinrele, SAN (alas an old boy of St. Gregory’s College) and Adedolapo Akinrele, SAN to immediately lodge an objection and proceed to file papers to appeal the matter directly to the Supreme Court on the grounds that Chief Frank Akinrele, SAN should have been restrained from pronouncing judgement in a matter in which there was clearly profound conflict of interest. For the benefit of lay men and women, it has been firmly established as a fundamental principle of law that you cannot approbate and reprobate. For this lapse, we must hold Ademola “The Gregorian” responsible! He did not even lodge a preliminary objection nor an ex parte motion demanding a retraction compelling Chief Akinrele, SAN to continue the excellent work he had been doing for several decades – as a loving husband, GrowthView with
Christina Wehbe Wehbe is passionate about helping others and fighting poverty & injustice. She is the founder of GrowthView. She writes from Zurich, Switzerland, via christina. wehbe@gmail.com E: christina.wehbe@urbanemerge. com Cell: +41 79 950 4760 https://www.urbanemerge.com/ people https://www.qeh.ox.ac.uk/alumni/ christina-wehbe
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he year 2019 is focused on political stability, sustainability and economic impact. We, as individuals, employees and corporate leaders each have a stake in the game. Our Growth View column is split in 2 parts - first (1) we will discuss how change, requires investors and corporates to focus on their comparative advantage and adapt their business models. Second (2) the benefit of transparency, to identify gains that can be achieved through pareto-efficiency. With the Nigerian Presidential elections in February, candidates and the electorate aspire for prosper-
devoted father, inspirational mentor, rock solid confidant and unblemished role model. Perhaps the court would be minded to pursue vigorous enquiry regarding what would appear to be an oversight on the part of Chief Akinrele who may have vicariously permitted Ademola to attend St. Gregory’s College, instead of his own Alma Mater, King’s College, Lagos. It is on record that all the three brothers of Uncle Frank – Christopher Olufemi Akinrele; Dayo Akinrele; and Marshall Olatunde Akinrele attended King’s College where they all excelled. They were simply brilliant. Both Dayo and Marshall graduated from Trinity College, Cambridge University. The phenomenal academic achievements of Uncle Frank at King’s College, starting with double promotion in his first year, have been preserved for posterity. Hence, it was no surprise that he earned spectacular laurels at University of Hull where he obtained an LL. B. degree in 1953 (at the age of twentythree). Eyimofe Atake, SAN has availed the court of his evidence in chief: “At Hull University he was awarded the Andrew Marvell Prize for the best graduating law student.” This was followed by an LL. M. from the same university in 1954. With consummate ease, Uncle Frank bagged bountiful commendations from his peers: i.) Late Hon. Justice Adewale Thompson (in his book “REMINISCES”): “F.O. Akinrele was the most brilliant junior of our time” ii.) Late Hon. Justice Franklin Atake “F.O. Akinrele is one of the best Criminal Law Lawyers in Nigeria” It is almost tempting (at the risk of being charged with contempt of court)
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His Lordship should have directed his energy and his court to serving a bench warrant on Chief Frank Odunayo Akinrele to join the bench. The judiciary would have been abundantly enriched and our nation would have been better served
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to challenge the late Chief Justice of the Supreme Court, Sir Darnley Alexander, SAN; GCON; KBE who persuaded Uncle Frank to apply for silk (the elevated rank of Senior Advocate of Nigeria). His Lordship should have directed his energy and his court to serving a bench warrant on Chief Frank Odunayo Akinrele to join the bench. The judiciary would have been abundantly enriched and our nation would have been better served. Another missed opportunity was when Uncle Frank retired at the age of 56 and proceeded to spend the next thirtytwo years on learning French, playing the piano, boating and annual cruises in the company of his wife and Ambassador and Mrs. Omotayo Ogunsulire. We can only speculate and savour the difference such a brilliant mind would have made to the bench either at the
Appeal Court or the Supreme Court. Rather than insist on a cogent answer to the question: “But Why Was He Missing From The Bench?”, time and space compel me to confine my tribute to recalling my first encounter with late Chief Frank Akinrele when in our final year (1963), I was one of several King’s College students who bumped into him as he emerged from his law office on Bamgbose Street, in central Lagos. We exchanged the traditional greeting of “FLOREAT!”. Waiting for him was his sleek, brand-new, long-wheel based American limousine. It was either a Chevrolet or Pontiac. He was wearing his King’s College tie and he greeted us warmly. We owe him our eternal gratitude for the impromptu message he delivered – you too can own a car like this provided you work hard with integrity, confidence and zeal as your guiding principles. At the Lagos Motor Boat Club, Uncle Frank would regale us with those landmark cases which appear to have been relegated into the realm of our collective amnesia – the Apalara murder case; Njemanze murder case; Abakaliki ritual murder; Alphonse and Abayomi murder case; and many others. He recalled everything with clinical precision even though almost fifty years had lapsed. He was also very much involved with the investigation of the U.S. $2.8 billion which was alleged to be missing from the Nigerian National Petroleum Corporation. I leave it to history to judge how and why we missed the red flags. About three years ago, Uncle Frank surprised me when he declared that for almost a decade, he had not travelled out of Nigeria – not even to go on his annual cruises or vacation in Chelsea, London where he had owned a swanky pair of
flats for several decades. According to him, he found all the hazards of going through the airport, customs, immigration, passport control etc. too tiresome and energy sapping. Without attempting to tamper with the court records, we must accept both circumstantial and substantive evidence from Uncle Frank: “My wife was only twenty-one years old when we got married and we have been happily married for fifty-eight years. She has been my soul mate and I remain eternally grateful for her love and devotion. We have been blessed with four children – Ademola, Adedolapo, Olufemi and Adebayo and numerous grandchildren – whose ages range from five to thirty years.” As you are all aware, Uncle Frank was the victim of a freak accident at the Lagos Motor Boat Club on 29th August 2018 while attempting to retrieve his mobile phone which had dropped from his hand when he was seated on a chair. The result was a fractured hip which required surgery. Sadly, he never fully recovered. The timing of the demise of Chief Frank Odunayo Akinrele, SAN on Christmas Day when King’s College Old Boys (KCOB’s) were hoping that the spate of deaths of KCOB’s in 2018 had been finally halted is a severe blow. The catalogue of attempted “genocide” is under investigation by the police Dr. Alex Ekwueme [aged 85]; Prince Adedapo Adeniran [aged 94]; Chief Tunji Gomez [aged 90]; Chief Allison Ayida [aged 88] and now Chief Frank Akinrele [also aged 88] – all of them very distinguished old boys of King’s College. We all know where the finger of suspicion is pointing!
long-term investment. What is the cost of lending? What is the return I expect? Do I truly know how the landscape will change in 2019? It is key to be pro-active. FinTech firms are developing algorithms to predict legal outcomes, and even to include political variables (despite how difficult they are to incorporate quantitatively); into their overall performance calculations. “Why don’t corporates start developing, various predictiveimpact models into their business strategy and product development, to ensure sustainability?” What about developing impact scenarios, on a company level? Make your business model at an SME and MSME level a pro-active strategy, with various scenarios based on potential outcomes.What is the value of having predictive scenarios? GrowthView offers the clear RAS model. These variables have various weights, based on our priorities and growth targets. This will be covered in Part 2 of this column. 1. Risk | minimise your risk, and you also broaden your perspective on the political or economic change. 2. Adaptability |It allows youto adapt effectively to the change. Be ready sub-consciously and pro-active when the time comes. 3. Sustainability | It also gives you the opportunity, to integrate sustainability early on into your business model, without having to pay the cost at a later stage.
Now, to help be forward-looking and have a cohesive vision, below are3 reflections on building a sustainable business model that will give you a comparative advantage in the long-term. I. Keeping steady and knowing your strengths is a strategy both as an individual and as a corporate, helps weed out the chaos around us. Knowing your strength is also knowing your comparative advantage in the market. Particularly across the 17 SDGs, where does your strength in capacity but also in agility lie? II. Agility is then the next stage in corporate or SME growth, being talented at adapting, either as an individual or as a company is what allows a growth shift to be catalysed. By setting different scenarios and predictive analytics, you will set yourself apart in the dialogue of sustainability efficiently. III. Absorbing information and sharing knowledge transparently, as we enter the new year. Companies and markets reflect innovative movements. Keeping eyes and ears open, as leaders share more information and conferences are increasingly taking place. Be aware of the trends. Our choices and decisions as individuals, combined with our values is what will drive impact and change in our economies - locally, as well as internationally.
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Change and sustainability ity and inclusive economic growth. Despite the talks on equity markets tumbling, mergers in Tech & TelCos and the uncertainty with debt and political reforms; the question is, what do we, as individuals and companies, have to look forward to in 2019? Change is a topic that most people are afraid of. We intrinsically fear it and it is engraved in our mindset at a young age. Social and behavioural economics reflect this. Where, uncertainty can drive frantic investments. In both markets and politics, the unknown will drive quick actions and irrational decision-making in large volumes - where people jump on the “bandwagon”. Why don’t we position the “bandwagon’ positively, towards sustainable investments and social impact? Impact investment is the next “digital era” where politicians, companies and individuals are adapting and setting a high value on education, health, poverty reduction and our environment. This is reflected in business models and products put on the market, in Nigeria as well as globally. ‘On a positive angle, change also opens our mindsets to new business strategies, innovation, and allows us to reflect on fresh ideas that leaders put forward.’ FinTech investments are increasing for example, to improve access to finance in rural and poor
communities in Sub-Saharan Africa (SSA). On the same token, investors also see the value of micro-lending and market-entry financing. It is a win/win both for undeserved communities and those providing working capital at a lower cost. This micro-lending is dedicated to sectors that will attract a high volume of customers. Investors and start-ups are making the most of this market change, they aim to decrease the number (#) of middle-men in the value chain and take control of trades patterns to lower corruption and costs. Volume is the market changer As discussed in the previous Growth View, values drive change. We see a convergence among societies and markets that aspire for prosperity and equity. And volumes are speaking. This year, the decision-making power is being handed to people. Banks and companies are introducing impact business models. So how can we make the most of this market trend and investment direction? Motivation is critical in times of economic risk. We tend to let go and not be pro-active in our quarterly or yearly strategy, we prefer to wait as we don’t believe we can predict outcomes. Our societies wait for the political results and the markets to drive themselves, taking a “laissez-faire” approach. In our current landscape, this may be with Brexit, Trump Chinatrade negotiations or the Nigerian presidential elections. We also tend to borrow moreand spend rather than save and keep our cash for the effective
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