In April 2015, Odubola participated in an investor conference call during which analysts raised concerns about the bank’s exposure to vulnerable sectors of the economy, particularly oil and gas. Questioned about the possibility of rising non-performing loans, he expressed confidence that the institution’s credit quality would remain broadly manageable, projecting a non-performing loan ratio of between three and five per cent for the year.

It was an assurance that would be overtaken by events with devastating speed.

By December 2015, FBN Holdings’ non-performing loan ratio had surged to 18.1 per cent, compared with just 2.9 per cent a year earlier. In monetary terms, non-performing loans climbed from approximately ₦64.8 billion in 2014 to a staggering ₦353.5 billion in 2015. Impairment charges rose from ₦25.9 billion to ₦119.3 billion, while the group’s profit before tax collapsed from ₦94.1 billion to ₦21.5 billion.

The figures were startling, not merely because of their magnitude, but because they revealed just how far the institution’s actual credit experience had departed from the expectations publicly articulated by its chief risk executive.

Certainly, Nigeria’s economic circumstances were becoming increasingly hostile. Declining crude oil prices, the depreciation of the naira and weakening corporate cash flows inflicted considerable damage on borrowers across the banking industry. Yet economic turbulence alone could not explain away every question about FirstBank’s exposure concentration, underwriting discipline and the effectiveness of its internal safeguards.

In June 2016, Standard & Poor’s offered a particularly sobering assessment, identifying weaknesses in the bank’s underwriting standards and lapses in risk management. The international ratings agency disclosed that FirstBank’s 20 largest loans accounted for 43.5 per cent of its total loan portfolio at the end of 2015, while its two largest exposures were already non-performing.

For an institution of FirstBank’s pedigree, such concentration represented an uncomfortable vulnerability. For the executive entrusted with supervising its risk-management structure, it raised questions that cannot reasonably be dismissed as mere historical inconveniences.

And then came the departure.

In 2016, FBN Holdings publicly announced that Odubola would retire as Executive Director and Chief Risk Officer, effective June 30, ostensibly to pursue personal interests. The announcement carried the customary courtesies of corporate separation.

But an account provided to this publication, from someone claiming direct knowledge of the circumstances, disputes the suggestion that his departure was entirely voluntary. According to that account, Odubola was effectively dismissed amid concerns surrounding the bank’s deteriorating credit portfolio. Although this account has not been independently corroborated by dismissal records, and the bank’s official position remains that he retired, the circumstances of the transition warrant closer examination.

Particularly revealing is the language of FirstBank’s own financial disclosures. In its 2015 annual report, FBN Holdings acknowledged serious shortcomings in its risk-management performance and disclosed that a critical review of the culture and practices of the risk-management function had been undertaken. The group also announced structural changes intended to improve underwriting practices and rebuild a more resilient loan portfolio under new leadership.

Those were not casual observations. They were admissions by an institution confronting deep-seated weaknesses in one of the most sensitive areas of its operations.

The task of strengthening that architecture subsequently fell to a new generation of risk-management leadership, including Olusegun Alebiosu, who joined FirstBank as Chief Risk Officer in September 2016. By the end of that year, non-performing loans had risen further, with the ratio reaching 24.4 per cent, underscoring the scale of the legacy challenges confronting the bank.

Years later, FirstBank would publicly acknowledge significant improvements in credit underwriting, loan recoveries and the reduction of non-performing exposures under the restructured risk-management directorate. Such progress did not occur in a vacuum. It reflected the institution’s sustained effort to repair weaknesses exposed during an exceptionally difficult chapter of its corporate history.

All of which makes the prospect of Odubola writing about FirstBank an intriguing development.

There is nothing inherently objectionable about a former executive seeking to document his professional experiences or offering personal reflections on the institution he once served. Indeed, a properly researched account could provide valuable insight into the decisions, personalities and economic circumstances that shaped FirstBank’s fortunes. But the credibility of such an undertaking would depend considerably on its willingness to confront the difficult questions surrounding the author’s own years in office.

For when a bank’s loan portfolio deteriorates so spectacularly, the responsibility for explaining what went wrong cannot be confined to those who inherited the consequences. It must also engage those who helped oversee the machinery through which the risks were assessed and managed.

Procurement Contract Specialist

Warehouse Team Lead – PPU

Warehouse Manager – PPU

Head, Supply and Material Planning

Head, Logistics & Road Safety Operations

Sales & Operations Planning Manager (S&OP)

Procurement Supplier Specialist

Compliance and Governance Lead

Contract Management Lead

Risk Management Lead (Supply Chain)

Governance and Compliance Specialist

Procurement Supplier Lead

Transport/Dispatch Manager – PPU

Transport/Dispatch Lead – PPU

System Administrative Officer

ESG & Sustainability Manager

ESG / Sustainability Analyst

Lead, System Administration

ISO Management System Coordinator

Data Analytics/System Analyst

Decarbonization Manager

Requirements for Dangote Refinery jobs

The requirements differ depending on the position, and applicants are expected to check the full job description for their preferred vacancy.

Several of the positions require relevant bachelor’s degrees, HNDs or specialised diplomas in fields such as engineering, supply chain management, logistics, business administration, environmental science, public health, information technology and related disciplines.

Some roles also require or favour professional certifications. Depending on the position, these may include certifications in supply chain management, logistics, quality management, information technology and other relevant professional fields.

Work experience is another major requirement, particularly for senior positions.

The experience requested varies from role to role, with some managerial and leadership positions requiring several years of relevant industry experience.

For example, the Warehouse Team Lead – PPU position requires relevant experience in warehouse, logistics or supply chain operations, while the Warehouse Manager – PPU role requires significantly more experience, including managerial exposure.

Applicants for technology-related positions may also need experience with SAP, ERP systems, databases, system administration, Microsoft Excel, Power BI, data analytics and system integration, depending on the vacancy.

For the ISO Management System Coordinator position, candidates are expected to have relevant academic qualifications and experience with international management standards.

The Sanitary Inspector role has more specialised requirements, including qualifications in sanitary inspection, environmental health or public health technology, with related experience preferred.

How to apply for Dangote Refinery jobs Interested candidates should visit the official Dangote careers platform and select the position that matches their qualifications and experience.

Applicants should carefully read the individual job description because the educational qualifications, professional certifications, technical skills and years of experience differ across the 24 positions.

In the south-east, Anambra, Enugu and Imo are each priced at N1,372, with Ebonyi slightly higher at N1,375. Abia is priced at N1,370, the same as Abuja.

Further north, Kaduna is at N1,400, Zamfara at N1,414, while Adamawa, Jigawa, Kebbi, Plateau and Taraba are all priced at N1,420. Bauchi and Kano share a rate of N1,385, while Benue is at N1,410.

In the South-South, Delta is priced at N1,379, Bayelsa and Edo at N1,380, and Cross River at N1,390. Kwara is at N1,375, while Kogi is priced at N1,390. The full breakdown of the new NNPC petrol prices per litre is as follows:

Lagos: N1,355 Rivers: N1,355 Akwa Ibom: N1,360 Osun: N1,358 Ogun: N1,367 Oyo: N1,367 Abia: N1,370 Abuja: N1,370 Anambra: N1,372 Enugu: N1,372 Imo: N1,372 Ebonyi: N1,375 Kwara: N1,375 Ekiti: N1,377 Ondo: N1,377 Delta: N1,379 Bayelsa: N1,380 Edo: N1,380 Bauchi: N1,385 Kano: N1,385 Cross River: N1,390; Kogi: N1,390 Kaduna: N1,400 Benue: N1,410 Zamfara: N1,414 Adamawa: N1,420 Jigawa: N1,420 Kebbi: N1,420 Plateau: N1,420 Taraba: N1,420 Borno: N1,430 Gombe: N1,430 Nasarawa: N1,430 Sokoto: N1,430 Niger: N1,433 Yobe: N1,435