BEVERLY HILLS, May 10, (THEWILL) – Businessman and founder of popular radio stations, Beat FM, Classic FM, Naija FM and Lagos Talks, Chris Ubosi, also known as Radio King, speaks with IVORY UKONU about his thoughts on the state of the nation and his passion for radio and everything to do with the media. Excerpts:
Are you still a director in Diamond Bank?
Not anymore because the board of Diamond Bank got dissolved. And because there was a pre-existing board in Access Bank, I didn’t get to make the cut.
As a stake holder in the banking industry, what is your take on the drama that has engulfed First Bank?
First of all, you know, the Central Bank of Nigeria as a regulator is charged with protecting not just the shareholders, but also all the public monies that are being held in trust by the bank, which is part of why we had to merge with Access Bank. The regulator is charged with that responsibility and I think they did what was in the best interest of the bank because if public confidence in the bank is eroded, it will affect any bank, regardless of the size. And that, I think, was what informed their decision to do what they did and the Governor of Central Bank took his time to explain eloquently. I kind of side with him because we’ve seen banks go down and people lose the shirts on their back; they lost the funds that were deposited there. You know, when you look at the ratio of the shareholder’s funds to the deposit of the bank, you realise that the bank owes more to the depositors who keep their funds with them than to the shareholders.
Was this the same scenario that prompted Diamond Bank to merge with Access Bank?
We were in a place where the best option was to merge and so we had a parade of banks looking to merge with us. I think we had about four banks that were trying to merge with us and we took the best option at the time that had the same values with us. We had our profits and we had our minuses. We were the quickest growing retail bank, which is why we had so many people that were trying to merge with us but we had corporate loans, legacy loans, 10, 15-year-old loans that was just not being serviced. And so, the Central Bank thought that the best thing would be for us to merge. With the deal we got, the stock values went up, the shareholder’s funds were secured. As for the staff, we ensured there was no rapid firing, depositor’s funds were safe and everyone was happy.
The present situation in the country has prompted people like Robert Clarke, a prominent lawyer and social commentator, to suggest that the political leadership hand over power to the military. Do you agree this could be the best solution?
As much as we complain about the inaction of the government, I don’t think we want to go that far as to say the Army should take over. I mean, the Army is no more qualified to do the right thing than the civilians. So, I would say I’m quite surprised, although I haven’t read it that somebody of the calibre of Clark, a Senior Advocate of Nigeria, would say that. Yes, we can see from a lot of things that has been happening in the country in the recent past and that is still happening … you could see from the #EndSars protest and from the growing agitation across the country that people are beginning to take their destinies into their own hands, saying if the leadership doesn’t chart a clear path, the vacuum will be filled with all sort of people and negative forces. You can see now that people are beginning to agitate more forcefully. Like I said, if you look at the #EndSars thing which united people, strange bed fellows who ordinarily wouldn’t have come together. And you can see from the emergence of the Eastern Security Network, the Amotekun, etc, that everybody is retreating to their tent. So, they feel now that something is about to happen. My theory has always been that the only people who can change the country are the legislators and they are not willing or able to do so. But now that things are getting closer and closer home, you are now seeing them being a bit more forceful, governors saying things that they ordinarily wouldn’t say because they are closer to the people, they are seeing this agitation and seeing it on a day-to-day basis. Some members of the House of Representatives and Senators, can’t even go back to their communities anymore. And I know for a fact that there are like-minded people in the National Assembly, who are coming together to say we cannot sit down here and watch this country slid down the way it’s sliding under our watch. So, I think that if we give them more time, I’ll suggest that’s a better option than the military taking over.
If you say the military isn’t a better option, have the civilians faired any better?
Well, the military that is existing now is not the military we used to have.
The military recently released a statement warning its personnel against entertaining any thoughts of staging a coup. Don’t you think there might be some agitations within the rank and file of the military to warrant them issuing that warning?
I’m not privy to it, but I hope there is none. If they are agitating, I dare say that it must be for better conditions of service. I mean, let’s not forget that the Nigerian Army stopped the war in Sierra Leone and Liberia. Those were brutal wars where they didn’t know the terrain. I have always been of the opinion that if they are properly funded and motivated, they will take out Sambisa. What is Sambisa Forest? They would turn the forest into a golf course. It doesn’t make sense to have so many soldiers go to be slaughtered for nothing. It lowers the morale of the soldiers when you know you are going to fight someone with a water pistol and then you meet an AK47 rifle. It just lowers their morale. So, I would say if there’s any agitation, it’s because of that rather than the state of the economy. I think that you have to first worry about the immediate community before you start looking at the bigger picture. So, I wouldn’t buy that. I’m not a confusion theorist.
You spoke earlier about governors being closer to the grassroots people so they are voicing out. Do you think they are voicing out properly and collectively?
Well, they started Amotekun against the better advice of the centre. The South East guys have set up Ebube Agu. In the past, they wouldn’t have done that. They would have said, it’s our party, let’s follow the party line. Go to the East, you don’t see policemen in uniforms, they are in mufti nowadays. People are no longer safe; they are burning houses, police stations, opening jails, etc. So, I don’t think it’s the Army we need. Let’s be real. Everybody knows what’s going on with this thing now. Some people are allowed to carry AK47 rifles while others are not allowed to even carry cutlasses. I mean, how does that work? So, the agitation has to come unless it is officially said that it’s a different law for different people. But the agitation is here and it’s only going to grow until next year before 2023. So, let us not invite the Army. Let us wait. We know how to solve the problem. That is my opinion.
Do you support restructuring?
I support the devolution of power from the centre. That way, development will spread quickly. I cannot explain to myself why the centre gets so much from the budget when the people making the money are not getting enough. A rewriting of the constitution, which is tantamount to restructuring, will be equitable so that there’s more development and there’s more incentive and reward for hard work. We see what’s going on now. It’s soft power exchange. Technology is the new oil. Flutterwave is a billion dollars. Interswitch is worth a billion dollars, too. You don’t have to sit on one thing. There are so many other ways to create an enabling environment for people. The key among them is ensuring that lives and properties are safe. I look back to the days when I could drive down to my village in Anambra State. Now, I can’t think about it. It shows you the state of the nation. I also think there should be a lot more focus on the family unit. When we were younger, we were raised by the community and not just our parents. We promote the wrong things now. Somebody goes into politics and buys off the entire town and we worship him. Pastors pray for people going to carry drugs. We have lost our value and that’s where we need to go back to. We need to begin to bring back the morals that we have lost and that’s the only way. I mean, in those days, how would I drive a car into my father’s house. He would say, “My friend, how did you get that car?” And even if you borrowed it, he would ask, “Are you not satisfied with the car you have?”But now you would see a kid in the university with a phone costing half a million naira and you’d be wondering how they got it. From a political point of view, I think we need to devolve a bit of power from the centre. It can only do a lot of good to the country.
Have you ever thought of dabbling into politics?
Sadly, I don’t have the temperament for politics. I think they would do something to me because I cannot stand injustice. Even my politician friends don’t discuss illegal things with me because I will flare up. I think it’s a shame that a country as gifted and as blessed as we are should have so many poor people. That’s such a massive crime. I was in America and a friend of mine had a heart attack. They came to pick him in a helicopter and took him to the hospital. I don’t know how much they spent on him, but he came out bouncing. Here in Nigeria, you can die of malaria, even with the amount of money that we have in this country. The same way you heard that someone has just died of malaria because of N500, you’d hear that someone has just stolen N80 billion, in the same country. I think it is unfair. A lot of things are unfair in this country. For instance, how do you take oil that is meant for the whole country and give it to an individual? How have you been drilling oil for years and you don’t know how much oil you drill? Some things can’t even be told to a five-year-old.
Why do you have four radio stations?
They serve different markets. Beat FM is for the young generation, Classic FM is for people like me, who like older music. Naija Fm is the local languages station that speaks Pidgin English, Hausa, Yoruba and Igbo languages. Lagos Talk is just a conversation radio. You know everybody in Nigeria is a politician and everybody is an analyst. There are good or bad analysts, but they have an opinion and want to air it. It’s been largely successful and we are grateful for that.
It must cost a lot running the four stations. How do you cope?
That’s why I’m always broke. That’s why I have no money. That’s why I’m not as wealthy as my colleagues. It is also because we do things right. We pay our vendors, we pay salaries, we’ve never owed, not for a day. I used to actually borrow money in the beginning to pay salaries and that’s how we are able to retain decent staff and keep trying to improve.
So, what prompted the switch from quantity surveying to the media?
The thrill of the media. I still have my construction company. I’m the Chairman of a digital bank, and on the board of other companies. I do all my work out of here because I like the energy that the media has. You know, I get to meet people like you who ask me questions about things that happen on a day to day. There’s a new topic everyday in the media.
Your media company, Megaletrics, the umbrella body for the four stations is going to be 12 later this year.
Yes. But we won’t do anything until we are 15. By the time we are 15, we would have developed our head office. We are building a new head office.
Oh… wow! Where?
Here.
You are pulling this one down?
Yes.
But what’s wrong with this office?
We want to make it a bit more modern. We want to build it like a creative hub. So, we have agencies, production studios, video editing, possibly, a television station.
Congratulations in advance.
Thank you. Then, I’d take you around.
How has it been running the four stations these past 12 years?
Running the stations in Lagos has been easy. Like I always say, the three key things for any successful business are leadership, people and technology. We are very fortunate to have a perfect mix of the three of them here. So, it’s easy. But the challenges have been the out stations. We have stations in Abuja, Port-Harcourt and Ibadan. The cultures are different. Not to sound like an expatriate, but it’s not as easy as it was 10 years ago to go to Port-Harcourt to stay for one week because you never can say what will happen. Last time, we did a retreat in Ibadan, it took me seven hours to drive to the city.
But now, you can go by train in 1hour 45mins
That’s what I hear, but I was mentally scarred by that because I schooled in Ile-Ife and I used to get to Ife in 1hour, 45mins. So, it hasn’t been as easy managing the out stations. At first, they were a bit shaky, but now we are starting to get things better and everybody is doing pretty well.
Technology has improved from when you started. Are you saying you can’t transmit from here to Ibadan? Is it not possible?
Yes, it is, but the beauty of radio – which is why I say radio will never die – is that it is local. If you look at the big stations, such as iHeart radio and the rest of them in America, they are falling apart because they pick a show and syndicate it. If I’m in Port-Harcourt and you are telling me there’s an accident on Third Mainland Bridge, I’d leave you and go to someone who would give me local news. Also, I think it’s illegal from the National Broadcasting Corporation standpoint to do that.
What have you gained from setting up these radio stations? How has it changed you as a person?
First of all, radio is a very good change agent. I mean, you champion a cause, you can articulate, inform and educate people on different viewpoints and then, more specifically, I just like it. What has it done for me personally? I like to see people grow in whatever profession they’re in and I see a lot of people start here and become megastars. I’ve watched how we formed opinions out of what people have said. We have saved a few lives here by what we’ve said and done. Like I always say, it’s not just about the money. I think you do things to solve a problem which, in this case, is to entertain, to educate, to enlighten, to inform and as a by-product of solving those problems, the money will come. Those are the kind of small wins that you get but the bigger wins are when you go somewhere and the keynote speaker is saying…. “and I want to thank this guy from this radio station because they championed this course in a balanced and fair way…” Those are the kinds of wins I get. I can’t say it has not been rewarding. Of course, it’s been rewarding. We’ve gone on to over 400 members of staff and we pay them every month. So we are making money, but it’s not the cash cow that everybody thinks. People see me and expect that I have a lot of money.
There seems to be a proliferation of radio stations in Lagos. What do you think?
I’m not the regulator and I have nothing with there being many radio stations, but, like I tell people, where it begins to hurt is when you realise that some people, because of the sheer number and because the advertising industry is not as sophisticated as it should be, are not making enough money to keep the lights on. They are not making enough money to pay their salaries. I know stations that are owing salaries for eight months, nine months. To me, I always say to my people, if the Central Bank opened up banking today and say there should be an application for banking licenses, there would be 5,000 applications, but the economy cannot sustain 5,000 applications. So, the Central Bank, in trying to keep the banking industry sane and viable and vibrant, limits the number. That’s why I think the regulators in broadcasting should limit the number to what the market can take. Okay, let’s leave Lagos. Look at Ibadan with 26 radio stations. Really, how much advertising budget is in Ibadan that they are licensing 26 radio stations? But I don’t speak out on these things because they would say it’s because I have and I don’t want others to have. Almost every three months, I have someone calling me to ask if I would I like to take over their radio station, operate it for them and then we share the revenue that accrues from it. And I say no because when you come into it, you just realise it’s not lucrative. I don’t even know how many radio stations that are operating in Lagos. Every day, I hear there is a new one, but we just keep striving to be the best we can be. I think that to keep the market viable, you have to regulate the number of entrants. You can’t just open it free for everybody to come in because all the politicians now just want a radio station for politics. I have political friends who put up their radio stations and they say when there is light, they operate and when there is no light, they turn it off. It’s where we have found ourselves. But there is a massive proliferation. I agree that there are too many radio stations. It is also affecting professionalism. There is nobody training professionals. Here, we have to train you for one month when you join us before you’d be allowed to start. There is no school to train. There is the Federal Radio Corporation of Nigeria, but how many can they train? The radio stations themselves are not making effort to train their staff and I think that’s just the problem. If you are not trained, how are you going to train people?
In about 12 years of operating, have you ever received NBC’s sledgehammer?
Of course, I have, but I try to obey the rules and regulations. We signed up to obey the laws of NBC. I’ve been slammed for playing music with sexually explicit or rude content, but I’ve never been really slammed for anything too serious. I try to get my people to balance their views on the news and moderate the discussion so that you air two sides of the story rather than one sided conversation. So, I’ve never really been slammed because everyone that comes to work with us has to read the book of broadcasting, understand the laws and realise that you are keeping the air space in trust for the public, you cannot offend public sensibilities and I try not to. You cannot inflame the country. What’s the easiest way to inflame the country, if not by saying something inflammatory when everyone is listening to you? It can just start a fire. And because I am apolitical, I don’t tell you what to do. I just ask you to be fair and balanced in what you do. If I do not find you fair and balanced, you go.
Besides playing tennis, how else do you unwind?
I like walking my dogs. I watch a lot of TV programmes. I don’t sleep much, I like a nice glass of really good whiskey and I watch Arsenal Football Club. That is how I punish myself. I’ve been an Arsenal fan for 34 years. In those days, when things were good, I used to have a seat at the stadium. Now that they are playing rubbish, I decided not to give myself more high blood pressure than I should.
Which one of your three kids is interested in the media?
None of them. My son just graduated, my daughter is in the university and the little one is in senior secondary school.
But you must have a plan for retirement
I’m not going to retire; I’m just going to move on. But then I have very competent staff here. Everything I do is on merit and if we need to fill a vacancy, a competent hand will fill it, not my son. If he decides to come into the media and he proves he is capable, fine. He is into entertainment but more into artist management and he is going to intern at 300 Entertainment in New York. So I don’t think he’s got any plan to join me here. Even my station in London, he doesn’t even go there. I don’t think anyone should pressure people to do anything. A company is a company, but if we need to fill any vacancy, we advertise to get the best hands so that all our stakeholders will get the best they can.
So, you are not like the typical Nigerian?
I don’t generalise in anything. Everybody is different and they do what they want to do, I do exactly what I want to do. Whatever works for you, do it.
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