Pat Utomi: Time to take a back seat

By Temitope Ajayi

Since bursting into national consciousness, Professor Patrick Utomi has convinced himself that he is the Nigerian equivalent of Albert Einstein, Adam Smith and John Maynard Keynes rolled into one.

For decades, as a public intellectual/commentator on national affairs and economic matters, Utomi has consistently shared his views on the world and on how Nigeria’s political economy should be constructed. Like Peter Obi, his newfound comrade-in-arms, Utomi copiously cites examples from South Korea, Malaysia, Singapore, Indonesia and Chile, among others. While there is no doubt about the quantum of economic theories Utomi has memorised, there is always a limit to book knowledge when the realities of the real world show up.

In the furnace of the real world, Utomi has been tried, tested and allowed to demonstrate the applicability and practicality of his ideas. While he has had the opportunity at many fora to defend his own record, the verdict remains that he did not cover himself in glory as Managing Director/Chief Executive of the defunct Volkswagen of Nigeria and as the Vice Chairman of BankPHB of equally blessed memory.

From the sordid details revealed in court after forensic investigators visited, Utomi essentially presided over a bank where depositors’ funds were converted into private pockets in the most primitive way. Alas, the enterprises that would have been a showpiece or foretaste of what Utomi is capable of doing at a higher level of public leadership went down under his “brilliant” watch.

At BankPHB, there was also a massive shareholder value erosion and insider abuse. Francis Atuche, the bank’s Chief Executive, is serving a jail term for the mismanagement of a bank in which Utomi served on its Board of Directors. Were Utomi really capable of any sense of propriety, he ought to be in self-seclusion over the unravelling of BankPHB and not continue his often annoying career of sophistry and peddling of untested economic doctrines.

The other side of Utomi was also exposed when Senator Ibikunle Amosun claimed an NGO controlled by the self-styled political economist had offered him an unsolicited award, ostensibly to influence him to approve an unfair consideration in a disputed property case before him while he was Ogun State Governor. So much for a moral crusader!