I have been in a very terrible fight with a big bully. A retired Commodore in the Nigerian Navy leading to my eviction by an Exco, too lilly-livered to stand up to this ex-military man.
I knew wale would call. Wale is a commando. A commando is someone who attended the prestigious Command Secondary School in Lagos. Wale is not just an ordinary commando but a very influential part of the Alumni having served on the BOT for a while, guiding the association of over 11,000 members.
"Edgar, what happen again o. Why did you have to go public with the spat", he asked. I had written a spitting attack on my adversary and as usual, he had called in to speak on peace
I had heard some little info about his pending appointment but didn't want to mention it hoping that he would mention it. But he didn't, instead worrying himself about a man who refused to allow the Navy pass thru him after over 30years.
Then my brother the exceptionally brilliant ex-banker Femi Omotosho called. "Edgar, dem want make announcement about your man Wale but I no go tell you, wait until Tuesday then we go talk".
I already had the hint and was by this time wondering what the subterfuge was. Anyways, I decided to play their game and waited for their announcement.
I put a call to Wale and congratulated him and then called Femi for more gossip about wale before I went to sleep.
Wale is a consummate banker. An extra brilliant one who has had a career in the industry only a few can dream of. His career has taken him as a youth corper in GTB where he used to come visit my neighbour the lovely Cathy who also grew to become the DMD of GTB to the dizzying heights of an Executive Director in one of Nigeria's most enigmatic banking institutions.
Along the way, he was seconded to its UK subsidiary - GTB UK where he performed exceptionally well before he was brought back into the main fold from where he left under very funny circumstances.
I had always thought that Wale was being groomed to emerge MD of GTB at some point, but unfortunately, he was unceremoniously shown the door in a move that shocked market watchers .
The Bank had grown its retail business phenomenally well and it needed its very experienced hands on deck but instead it seemed to be going on an incestuous culling of these same hands leading to the exit of Wale.
Market watchers were dumbfounded as its leadership in a Putin-like putch, consolidated its hold on power while also entrenching a Holdco structure that saw real power devolve to the group and away from the bank itself which now was just a castrated subsidiary headed by a mild operative with no colour or character.
Well GTB's loss was Stanbic IBTC's gain as Wale was immediately appointed a non executive independent director. A position he handled with the same panache that has seen him build one of the most enigmatic careers in the market.
Meanwhile, little known Nova with its very powerful Chairman was going through changes. It has remained a bit player dropping results that were not very far from tepid.
Its esthwile MD, Nat Ude who was poached from FCMB was not a sales man in the colour of the legendary Fola Adeola or a super strategist like Aigboje or Herbert and as such the results reflected the sour disposition of its leadership.
To make matters worse, its Chairman, my brother, Philip, didn't really give the Management a free hand to breath. I hear he was really hands-on thereby stifling management and not allowing them to even - see road. A road that was already muddled by the limitation of a merchant banking licence in a market that had gone decidedly retail.
If you know Phillip you would understand his robust approach to running 'his bank'. After living most of his later career under the shadow of the more colourful and impact-driven Tony in UBA, this was his time in the sun and a boring perch on the Board as a non-executive Chairman was not his idea of running his bank in his retirement.
To survive, however, the need to go commercial was muted. By this time, it was hemoraging top performers who found it very difficult to operate under such stifling conditions, but commercial, it must go if it was to stand a chance in the new market place.
The job-hunt I hear was aggressive. Nova although a little bank was still an elegant one. Its branding and reputation was tight, it was well run despite board interference and maintained very sterling reputation in the market place.
Its top job became a very strong attraction for the ED level of bigger banks and this made the Nova people pull their hairs in settling for the very best especially with their new trajectory which would need a super focused based leadership.
Finally, they settled for Wale as early as October last year but because of one or two issues, he could not resume and by this appointment and CBN confirmation, then it looks like those issues where finally sorted.
Wale has his job cut out out for him. He has to find a way to push Phillip back, secure his confidence so he can be allowed to run the bank.
Then he would now be faced by macro economic headwinds that has seen his colleague banks announce record breaking results that are presumed bouyed by forex positioning as against real life banking.
The environment today is totally different from what it was while at GTB who had pioneered a unique service delivery in banking which led to a near revolution in the relationship between banks and the banked.
Today that is all muddied up as technology has forged a level playing ground, throwing up aggressive minions-Fintech, who seem to be taking the fight to the big banks.
Regulation at its weakest and only just being revamped post Emefiele remains another major challenge Wale would be facing.
But in all, Wale comes to this table with enough credentials and pedigree honed in a career that has seen him do nothing but banking since he graduated from the great University of Ibadan to see him stand tall and do us all proud.
I wish him well even as I stand very firmly behind him in stoic confidence that, if anybody can push Nova to the Premiership at this time, it would be my brother Wale Oyedeji.
Well done and congrats my brother.
Thank you
Duke of Shomolu
Editor: Demola Sanyaolu
#WaleOyedeji
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