I’ve been in a really horrible battle with a giant bully. A retired Commodore within the Nigerian Navy resulting in my eviction by an Exco, too Lilly lived to face as much as this ex-military man.
I knew Wale would name. Wale is a commando. A commando is somebody who attended the distinguished Command Secondary College in Lagos.
Wale isn’t just an strange commando however a really influential a part of the Alumni having served on the BOT for some time, guiding the affiliation of over 11,000 members.
Edgar, what occur once more o? Why did you must go public with the spat, he requested. I had written a spitting assault on my adversary and as typical, he had known as in to talk on peace
I had heard some little information about his pending appointment however didn’t need to point out it hoping that he would point out it. However he didn’t, as an alternative worrying himself a few man who refused to permit the Navy move via him after over 30 years.
Then my brother the exceptionally good ex-banker Femi Omotosho known as. “Edgar, dem need to make announcement about your man Wale however I no go inform you, wait till Tuesday then we go discuss.”
I already had the trace and was by this time questioning what the subterfuge was. Anyway, I made a decision to play their sport and waited for his or her announcement.
Then it got here. Nairametrics introduced that Wale Oyedeji was now the substantive MD/CEO of Nova Service provider Financial institution. I already knew and this was simply an official affirmation.
I put a name to Wale and congratulated him after which known as again Femi for extra gossip about Wale earlier than I went to sleep.
Wale is a consummate banker. An additional good one who has had a profession within the business just a few can dream of. His profession has taken him as a youth corper in GTB the place he used to come back to go to my neighbour the stunning Cathy who additionally grew to turn into the DMD of GTB to the dizzying heights of an Govt Director in certainly one of Nigeria’s most enigmatic banking establishments.
Alongside the way in which, he was seconded to its UK subsidiary – GTB UK the place he carried out exceptionally nicely earlier than he was introduced again into the primary fold from the place he left beneath very humorous circumstances.
I had all the time thought that Wale was being groomed to emerge as MD of GTB in some unspecified time in the future, however sadly, he was unceremoniously proven the door in a transfer that shocked market watchers.
The Financial institution had grown its retail enterprise phenomenally nicely and it wanted its very skilled arms on deck however as an alternative, it appeared to be happening an incestuous culling of those similar arms resulting in the exit of Wale.
Market watchers had been dumbfounded as its management in a Putin like putsch consolidated its maintain on energy whereas additionally entrenching a Holdco construction that noticed actual energy devolve to the group and away from the financial institution itself which now was only a castrated subsidiary headed by a light operative with no color or character.
Effectively, GTB’s loss was Stanbic IBTC ‘s acquire as Wale was instantly appointed a non-executive impartial director. A place he dealt with with the identical panache that has seen him construct one of the enigmatic careers out there.
In the meantime, little-known Nova with its very highly effective Chairman was going via modifications. It has remained a bit participant dropping outcomes that weren’t very removed from tepid..
Its erstwhile MD, Nat Ude who was poached from FCMB was not a salesman within the color of the legendary Fola Adeola or an excellent strategist like Aigboje or Herbert and as such the outcomes mirrored the dour disposition of its management.
To make issues worse, its Chairman, my brother Philip didn’t give the Administration a free hand to breathe. I hear he was handed thereby stifling administration and never permitting them to even – see the highway. A highway that was already muddled by the limitation of a service provider banking licence in a market that had gone decidedly retail.
If you already know Phillip you’d perceive his strong method to operating ‘his financial institution’. After dwelling most of his later profession beneath the shadow of the extra vibrant and impact-driven Tony in UBA, this was his time within the solar and a boring perch on the Board as a non-executive Chairman was not his concept of operating his financial institution in his retirement.
To outlive, nevertheless, the necessity to go business was muted. By this time, it was haemorrhaging high performers who discovered it very tough to function beneath such stifling situations however business it should go if it was to face an opportunity within the new market.
The job hunt I hear was aggressive. Nova though just a little financial institution was nonetheless a sublime one. Its branding and repute had been tight, it was nicely run regardless of board interference and maintained a really sterling repute within the market.
Its high job grew to become a really sturdy attraction for the ED degree of larger banks and this made the Nova individuals pull their hairs in settling for the perfect, particularly with their new trajectory which would want a super-focused management.
Lastly, they settled for Wale as early as October final yr however due to one or two points, he couldn’t resume and by this appointment and CBN affirmation, then it seems to be like these points had been lastly sorted.
Wale has his job reduce out for him. He has to discover a strategy to push Phillip again and safe his confidence so he could be allowed to run the financial institution.
Then he would now be confronted with macroeconomic headwinds which have seen his colleague banks announce record-breaking outcomes which might be presumed buoyed by foreign exchange positioning as towards real-life banking.
The surroundings right now is totally different from what it was when GTB had pioneered a singular service supply in banking which led to a close to revolution within the relationship between banks and the financial institution.
Immediately that’s all muddied up as know-how has cast a degree taking part in floor, throwing up aggressive minions-Fintech, who appear to be taking the battle to the large banks.
Regulation at its weakest and solely simply being revamped post-Emefiele stays one other main problem Wale could be going through.
However in all, Wale involves this desk with sufficient credentials and pedigree honed in a profession that has seen him do nothing however banking since he graduated from the nice College of Ibadan to see him stand tall and do us all proud.
I want him nicely whilst I stand very firmly behind him in stoic confidence that if anyone can push Nova to the Premiership right now, it could be my brother Wale Oyedeji.
Effectively executed and congrats my brother.
Thanks
Duke of Shomolu
