Akingbola at CIBN: The new deal
Odidison Omankhanlen, Lagos
Erastus Akingbola, CIBN PresidentFew days ago, the mantle of leadership changed
hands at the Chartered Institute of Bankers of
Nigeria (CIBN). This saw the emergence of Dr. Erastus Bankole Oladipo Akingbola, the Group Chief Executive of Intercontinental Bank Plc, as the 15th President/ Chairman of the institute. The implication of this is that Akingbola in a way has become the number one banker in the country. He is expected to add panache to the office and use his wealth of experience and influence to reposition the institution.
There is no gainsaying the fact that the task before the new helmsman is onerous. However, going by what the bankers, financial analysts, and business moguls said at the event, coupled with the acceptance speech christened “The New Deal” of the new leader, it is safe to say the golden era of the institute has come. Simply put, Akingbola is equal to the task.
Akingbola, the consummate banker and accomplished administrator, is not new at CIBN. He became a Fellow of the Institute in 1988. In 1999, he got a Merit award and due to his hard work and tenacity of purpose, he became the 1st Vice President of the Institute in 2006. Thus, he is in a familiar terrain. He knows the challenges facing the institute and it is evidently clear from his speech that he has done his homework well and was ready to consolidate on the achievements of his predecessors.
The first official statement that came from the office of the president post investiture, which drew applause from the crowd that witnessed the event, was the instruction that Associate Chartered Institute of Bankers (ACIB) certificates holders who were disengaged from their jobs following the banking consolidation, should report to Intercontinental Bank’s head office with their resumes. This gives the direction of the man behind the new face of leadership.
In his acceptance speech, the new CIBN boss came forward with a well articulated 20-point agenda to put the institute among the global best in terms of membership, facilities, influence, visibility and support.
According to him, “We must build that world class Institute which we desire, one that we are proud to associate with, one that impacts positively on our career growth, one that sets the agenda for the banking industry, for business and the economy and one that bankers from across the world, Europe, America, Asia will scramble to associate with,” he said
To achieve this laudable goal, the CIBN boss said the institute would have to quickly emplace initiatives that will not only galvanize its members, but stimulate both professional and institutional growth.
Prominent among the strategic agend as is to strengthen the acceptance of ACIB qualification in both the public and private enterprises and within the AAIOB members’ countries and beyond. Most importantly, he said banks would be encouraged to engage ACIB holders who lost their jobs during and since the consolidation as a way of bringing experienced hands back to the industry.
Other measures lined up to position the institute as a world class organisation include the continuous skill development and education of members, review of the institute’s curriculum and courses and certification of microfinance practitioners.
Dr. Akingbola said the CIBN would now play a significant role in national economic development, by contributing not just to shaping monetary policies but also participating actively and positively in national socio-economic policy formulation and execution, adding that it would expand its relationship with regulatory bodies to leadership institutions such as the Presidency and National Assembly.
Other areas that would receive his urgent attention include library development; increased application of technology; having CIBN chapters in banks; self- regulation and self-check; world class image and brand visibility; refurbishing the Bankers House; sponsoring You and Your Banker programme on television; advert sponsorship of banking and ethical standards; acquiring land at Abuja; strengthening the CIBN Press, and relationship with regulatory and professional bodies, among others.
He commended Mrs. Madubueze, the 14th and first female president of the institute, describing her as a thorough bred professional who brought her wealth of experience to bear on the positive development of the institute and the banking sector, adding that she did not only expanded the revenue base of the Institute but obtained the new CIBN Enabling Act set to enhance the institute’s man power training and development.
A cursory look at the background of Akingbola, who has attained all of these, showed that he is man who has set out early in life to be great. It is true that some are born great, others achieve greatness, while others still have greatness thrust upon them. But rarely do we have these three attributes combined so well in an individual, as is the case in Dr. Erastus Akingbola.
Here is a man who thirty-seven years ago, on January 2, 1971, joined the banking profession at a very young age and at the clerical grade. He was encouraged to take up banking as a career by sitting for the professional examinations which he completed in 1975.
“Today, I have cause to thank God for bringing me to this height. This should be a signal and a reassurance to every young Nigerian that with the help of God, hard-work, patience and integrity, you can rise to the pinnacle of your profession.”
Born at Okeigbo on the 26th of October 1950, Erastus Akingbola had his early upbringing in Ondo State. He attended the famous Christ School, Ado Ekiti, where he finished with flying colours; and sought a job to assist his parents, preparatory to further studies. Fate smiled on him in 1971 when he secured appointment with Union Bank of Nigeria Ltd. As a bank clerk, he proceeded soon after to register for a professional course in banking. This he did on a part-time basis, while in service; and through diligent commitment he soon earned the Associate Diploma of the Institute of Bankers (AIB) London, by 1975.
He proceeded with determination to read for the Associateship Diploma of the Chartered Institute of Secretaries and Administrators (ACIS). This he secured by 1981, while progressing steadily in his banking career.
Not contented with his qualifications so far, Erastus Akingbola, now a professional banker, proceeded to enroll with the University of Lagos for a Post graduate course in Business Administration. By 1986, he had successfully completed the course, and bagged his Master of Business Administrations (MBA) in General Management. Other additional qualifications attained by Dr. Akingbola include OPM Certificate of the Harvard Business School (2000), and a rather rewarding Diploma in Theology (2002).
Meantime, as his professional and career profile rose in the banking and management sectors, Erastus Bankole Akingbola, by dint of hard work and dedication, rapidly gained more affiliations with various professional bodies. For instance, he became a Fellow of the Chartered Institute of Bankers of Nigeria in 1988; Fellow of the Nigerian Institute of Management (1996); Fellow, Institute of Chartered Secretaries and Adminis-trators in 1998; Fellow, Institute of Directors (2005), more recently, Fellow of the Institute of Operations Research (2007), and most recently, Fellow of The Chartered Institute of Arbitrators
Like his educational career, Erastus Akingbola’s work experience spans a wide but impressive range. From 1971 – 1977, he served with Union Bank of Nigeria Ltd, being involved mainly in Commercial Banking. Then he joined NAL Merchant Bank late in 1977 and got into an investment banking career. This lasted up to 1984 during which time he rose from the position of an Executive Assistant to the then Operations Manager (1977) to Senior Executive Assistant (1979); then Assistant Manager in the International Division (1982). By December 1984, Erastus Akingbola was promoted Senior Manager, International Operations and Correspondent Banking.
He served in this position up till February 1987 when he left NAL to join yet another investment banking giant, the First City Merchant Bank Limited, as Controller of Operations. The turning point came in February 1989 when he took the momentous decision and joined three other investors to float the Intercontinental Bank Plc and become the founding Managing Director/Chief Executive of the bank. Yes, of a truth, there comes a tide in the lives of men, which when seized, translates into glory. So it was with Erastus Bankole Oladipo Akingbola.
His movement to the Intercontinental Bank Plc paved the way for greater things to come, not only for him as a person, but also for the bank which has eventually grown into a highly reputable Conglomerate.
Through his philanthropies, is it any surprise therefore that, Akingbola has been repeatedly honoured, and rightly so, by many universities in this country?
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