Retired Executive Director, Small and Medium Enterprises, Bank of Industry (BOI), Dr. Waheed Olagunju, has been commended for his contributions towards the growth of the Development Finance Institution (DFI) over a period of almost 3 decades.The commendations were made during the send-forth dinner organised by the Bank for Dr. Olagunju upon his retirement ahead of his 60th birthday after serving the bank for 28 years.
BOI Chairman, Alhaji Aliyu AbdulRahman Dikko, said Dr. Olagunju was part of the team that transformed the Nigerian Industrial Development Bank (NIDB) to the Bank of Industry (BOI) having joined the bank from the media in 1990 as Head of the Corporate Communications Department and rose to become the bank’s Company Secretary, a position he occupied for sixteen years after which he was appointed Executive Director in 2012.
During the six years that he served as ED, Dr Olagunju at different times also acted as the bank’s Managing Director.In his words: “The bank will definitely never forget you as your name will be written in gold in the history of the bank”.He said during the period Olagunju was in charge of the bank, he and his management team were responsible for improving the bank’s international rating, a move that aided the DFI’s access to different international lines of credit.He said Olagunju also brought out the brand of BOI to the public domain, pointing out that the bank’s television impact programme series that he initiated resulted in milestone achievements for the bank.
“We do not see Dr Olagunju leaving BOI as such, because we believe we can come to you anytime, you will be an extension of BOI and you will continue to be our ambassador in taking the bank to greater heights, “he said.
Also, the Managing Director of the Bank, Mr Olukayode Pitan, said working with Dr. Olagunju in the last one year and half has been great and rewarding without any problem whatsoever, stressing that he is a very humble and knowledgeable person who is endowed with considerable institutional memory.
“If you want to know anything about BOI just ask him. He has mental records that he also supports with relevant documents.He said courtesy of the Impactful Communication Programmes that he handled, the bank has received local and global recognitions as the foremost leading DFI.
“To let you know how we feel about him, the bank has not had a send-forth party for its staff for a very long time, so for us to do this, it means that we value his immense contributions to the bank. We wish you well and we know that even when you are outside, you will represent us well.” He has had a very good career and I am glad we were able to work together amicably. I am happy for him that he is retiring in sound health.” he concluded.
Some of his colleagues also acknowledged his tenacity for details and perfection, with others extolling his unusual humility and kindness as a boss and go-to leader whenever challenges arose.
Responding, Dr. Olagunju said the DFI was crucial to Nigeria’s development particularly at this stage of the country’s development.
“I have worked with six Managing Directors in my 28 years career and it has been rewarding. I keep telling people that money is not our problem in Nigeria for any potentially viable enterprise as the international financial system is awash with suitable resources that, based on its double AA international rating, could be mobilized by BOI and its foreign partners in support of such ventures. BOI needs the support of the government and everybody to continue to serve this great country. He called for prayers and divine guidance for those who occupy leadership positions in BOI and the country in general. “I have spent almost half of my life in this bank and I know a lot about this bank and what it can do for Nigeria,” he said.
Olagunju added: “This is a bank that shows appreciation to any staff that does well. Hard work does not kill. BOI is a bank worth dying for; Nigeria is a country worth dying for. We should do everything possible to ensure that this country realises its economic potentials and the bank has very important roles to play in this regard.”
He noted that Nigeria has lost many years of development and has a lot of catching up to do, saying: “Nobody will develop the country for us; we have to develop it by ourselves. I want to thank the Chairman, the Managing Director, my colleagues in Management and on the Board and their predecessors, other bank staff as well as current and previous supervising Ministers and all our domestic and foreign development partners for their support because all what they said I accomplished would not have been possible without their backing”.
WAHEED OLAGUNJI’S MILESTONE
Dr Waheed A Olagunju joined the Bank of Industry’s precursor institution the Nigerian Industrial Development Bank (NIDB) in 1990 as a Senior Manager and rose to the position of Executive Director (Business Development) in 2012 during which he had responsibilities for Strategic Planning, New Business Development, External & Intergovernmental Relations, Legal Services, Corporate Secretariat and Corporate Communications. He acted as Managing Director & Chief Executive Officer between April and May 2014. He was subsequently reassigned as Executive Director, Small and Medium Enterprises (SMEs) in August 2014. Under his leadership of the SME Directorate, the bank’s annual lending to SMEs rose phenomenally to N5.6 billion in 2015 which represented 205% increase over the average annual lending of N1.8 billion to SMEs in previous years.
Between 15th February, 2016 and 27th May 2017 Dr Olagunju again acted as Managing Director & CEO in addition to his responsibilities as Executive Director SMEs. Under his watch the bank recorded remarkable improvements especially regarding support for Micro Small and Medium Enterprises (MSMEs). As at December 2016, the bank wide loans approved rose by 9% to N150 billion compared with N138.5 billion that was recorded in 2015. Disbursements to MSMEs also went up by 42% within the same period to N8billion from N5.6billion in 2015. The bank wide ratio of non-performing loans (NPL) reduced to 3.72% in 2016 from 5.75% in 2015. Also the Operating Profit Before Tax (PBT) rose to N17.4bn in 2016 from N11.95bn in 2015 which represented 46% increase. All these culminated in BOI’s ratings by international and domestic rating agencies being upgraded and affirmed by 2016. While Moody’s assigned BOI Aa1 in 2016 up from Ba3 of 2015, Agusto’s rating of AA- in 2016 was higher than A+ of 2015. AA+ assigned by Fitch in 2015 was affirmed in 2016.
In the last twenty eight (28) years Dr Olagunju headed five different departments/directorates in the bank. After leading the Corporate Communications Department for four years he was appointed Assistant Company Secretary and Secretary of the Executive Management Committee in 1994 and was subsequently appointed Company Secretary and Secretary to the Board in 1997. He held the position for fifteen (15) years until he was elevated to the Board in 2012 as Executive Director. It is instructive to note that he handled other responsibilities as General Manager Strategic Planning, Business Development and Corporate Communications concurrently with his duties as Company Secretary. Due to his versatility, Dr Olagunju consistently demonstrated extra-ordinary efficiency, competence, capacity and capability in successfully taking on higher responsibilities assigned to him in the course of his twenty seven (27) year banking career by the institution’s successive Managements and Boards of Directors. He accordingly stands out as one of the architects and strong drivers of BOI’s outstanding turnaround and transformation into one of Africa’s best Development Finance Institutions (DFI) that has earned the confidence of its domestic and foreign development partners, financiers, customers, international and Nigerian rating agencies and stakeholders in general.
Role in the transformation of NIDB into BOI:
Dr Olagunju who was actively involved with the reconstruction of NIDB into BOI (2000-2001) and the consolidation of the mandates of NIDB, the Nigerian Bank for Commerce and Industry (NBCI) and the National Economic Reconstruction Fund (NERFUND) into that of the Bank of Industry, worked very closely with then leadership of the Federal Ministry of Industry and Messrs KPMG, the consultancy firm that was engaged to handle the exercise. In the early years of BOI, Dr Olagunju also coordinated the diagnostic study of the bank that was undertaken between 2004 and 2005 by the Swedish Consultants (Messrs Swedish Development Advisers) who were appointed by the African Development Bank. He similarly played a leading role in the implementation of their recommendations that formed a vital input into BOI’s paradigm shift that triggered the bank’s rapid transformation in 2006. He has all along been a strong member of BOI’s Senior Management team, and later it’s Board of Directors, that has been driving the bank’s highly impressive performance.
Pre Banking Career:
Prior to his being head haunted to join the Nigerian Industrial Development Bank in August 1990, Dr Olagunju had a distinguished broadcast career with the Nigerian Television Authority between July 1981 and July 1990 in the course of which he rose meteorically to become Controller of News and Head of the Economy Desk. In that capacity he, amongst other achievements, developed a communication package that was designed to mobilise public support for Nigeria’s Structural Adjustment Programme (SAP) that met with formidable resistance when it was launched in the mid eighties by the Federal Government.
Educational profile: Dr Olagunju bagged his Bachelors and Masters degrees from the University of Lagos in 1981 and 1984 respectively as well a professional certificate in Investment Appraisal and Risk Analysis from the Queens University, Canada in 2013 and a Doctorate Degree in Business Administration from the Paris School of Business in 2017.
Credit: Text by The Guardian & Bank of Industry
Amnesty Programme boss, Dokubo laments at burial of sister, says ‘A pain that’ll never go has come’
Coordinator of the Presidential Amnesty Programme, Prof. Charles Dokubo said at the weekend that the recent death of his elder sister, Madam Amaro Roseline Dokubo, has caused him an eternal pain.
Describing his late sister as a mother and friend, Dokubo lamented on Saturday at a funeral ceremony in Abonnema, Akuku-Toru Local Government Area of Rivers State, that until her death, she stood by him through thick and thin.
“Sister Ama, I know you are at peace where you are and there is no need for tears. I know how much tears I shed on the day of your death when I received the phone call that you had passed on. As I stood motionless in my office, consumed with grief, the tears kept rolling, giving me a feeling of emptiness of heart. I realized that a pain has come that will never go away and I must own that you have gone forever”, Dokubo said in a tribute before her body was interred.
Prof Charles Dokubo, Coordinator Presidential Amnesty Programme, greeting the Clergy’s , at the sister’s burial ceremony Late Madam Amaro Roseline Dokubo, held in Port Harcourt, on Saturday 15th June.
While calling her care and love for her siblings and family members, he said “for me, your younger brother, you always shared in my joys, sorrows, laughter, tears and successes; an inspiration from my tender age to my adulthood, up to the time you departed. You are gone, but there is a place deep down in my heart where God has placed a love for you. My beloved sister, you will remain there forever”.
Dokubo said he considered himself lucky to have had a loving, caring and supportive sister like Madam Amaro. “I will miss our little talks, our uncommon jokes, your comforting and reassuring voice; your inspirational words of wisdom, guidance and advice”.
Section seating of families at the Church service burial ceremony of Late Madam Amaro Roseline Dokubo, sister of Prof Charles Dokubo, Coordinator Presidential Amnesty Programme held in Port Harcourt, on Saturday 15th June.
Until her death on April 11, in Abuja at the age of 73, Madam Amaro presided over a flourishing business empire with diverse interests and was also a contractor to local and multinational firms as well as MDAs in Rivers State. She was also a respected community and religious leader.
Dignitaries across the country from the private and public sector, among them politicians, traditional, religious and community leaders, attended her funeral ceremony held on June 15, which included commendation services at St. Cyprian’s Anglican Church, Port Harcourt, and St. Augustine’s Anglican Church, Abonnema, Rivers State.
Families standing by the casket at the Church service burial ceremony of Late Madam Amaro Roseline Dokubo, sister of Prof Charles Dokubo, Coordinator Presidential Amnesty Programme held in Port Harcourt, on Saturday 15th June.
In Port Harcourt, the officiating minister for the interment service for Madam Amaro, Rev. Canon Isaac Erekosima noted that it is a joyful moment when a child is born, but an end must come and all humans should prepare for it.
He urged the congregation to do the will of God and always think of eternity to qualify for God’s reward after death. The deceased’s daughter, Rosebella Briggs, described her as a woman of substance.
Primate Ayodele’s amazing prophecies for 2020 prophecy book due for release in July
YES INTERNATIONAL! Magazine’s Special All-Colour Edition to mark 8th Anniversary hits the stands
In keeping with tradition, YES INTERNATIONAL! Magazine, one of Nigeria’s most respected celebrity journals and owners of the premium website, www.theyesng.com, has wrapped up work on yet another all-colour, all-gloss special edition which will go on sale nationwide from Monday, June 17, 2019. The special edition is in commemoration of their 8th Anniversary.
Loaded with exclusive interviews and enchanting stories, among them are why most young people find it difficult to manage success, by the billionaire mogul behind Doyin Group, Samuel Adedoyin and Prima Garnet’s front man, Lolu Akinwunmi, who reminisced on life at 60 as well as how and why he fell in love with advertising. On the line up is also one of Nigeria’s most beautiful and best dressed women, Shade Okoya, who shared the story of her life as billionaire Rasaq Okoya’s wife and respected journalist and publisher of TheCable, Simon Kolawole, who laid bare the secrets and strategies needed to stand out in journalism, especially online. We also have showbiz sensations, Kate Henshaw and Bovi Ugboma, who opened up like never before on stardom and its allures while herbal slimming expert, Quincy Ayodele and Funke, wife of NB Plc top shot, Tayo Adelaja, permitted us front-row seats at their fantastic and talk-of-the-town birthday parties. The former took place in Dubai, United Arab Emirates and the latter in Nigeria.
“There are equally other exciting and enthralling stories and interviews that will not only keep you glued to this 8th Anniversary special edition, but inspire and impact your life greatly. Again, to appreciate our darling readers for standing by us all through the years, a copy of the magazine will be sold at a give-away price of just N300”, said Azuh Arinze, Publisher/Editor-in-Chief of the magazine.
On why they won’t be holding their annual lecture this year, Azuh, former Editor of Encomium Weekly and author of The CEO’s Bible, cited a logistics challenge.
“Our speaker had a major set back and that unfortunately changed our game plan. However, I would like to assure all our fans and lovers of YES INTERNATIONAL! Magazine that we are going to make up for that during our 9th anniversary, which is in 2020”.
The YES INTERNATIONAL! Magazine Annual Lecture Series, it would be recalled, has so far attracted heavyweights like Mr. Udeme Ufot (of SO & U Advertising), Mr. Biodun Shobanjo (of Troyka Holdings), Prof. Pat Utomi (of Centre for Values and Leadership), Sir Steve Omojafor (of STB McCann), Dr. Gabriel Ogbechie (of Rainoil), Dr. Leo Stan Ekeh (of Zinox Computers), Mr. Lolu Akinwunmi (of Prima Garnet), Mrs. Nike Akande (former Minister of Industry), Barrister Taiwo Adeoluwa (immediate past Secretary to the Ogun State Government), Apostle Anselm Madubuko (of Revival Assembly), among many others. The event holds every June 19.
BUSINESS2 days ago
Titan Trust Bank set for grand entry into Nigeria
INVESTIGATION1 day ago
Publication threats: Billionaire bank debtors lobby CBN Gov to save faces
THE NEWS6 hours ago
Presidency must shift to Southwest in 2023 – Senate President
THE NATION5 hours ago
S’Court to hear Adeleke, PDP appeal on Osun governorship poll today
BUSINESS5 hours ago
Herbert Wigwe: The amazing story of Nigeria’s most quintessential banker
ENTERTAINMENT3 days ago
Primate Ayodele’s amazing prophecies for 2020 prophecy book due for release in July
THE NEWS2 days ago
Bauchi govt to launch agricultural policy document
THE NEWS3 days ago
James Hope College student wins Cambridge scholarship