Ademola Akinbola
You meet some managers in the course of your career trajectory, and your life is completely transformed in many positive ways. He is one of them.
In November 1999, I read of his appointment as the MD/CEO of Prudent Merchant Bank in The Guardian. Innocently, I wrote a letter to congratulate him and attached a two-page synopsis of a strategic communications proposal for the bank. I suggested some action plans.
I did this out of my desire to support someone I had met earlier in 1993 while compiling the first edition of Who’s Who in Ile-Oluji, and who had come across as a lover of progressive ideas. He was then the General Manager in charge of the Corporate Banking Group at Chartered Bank. He supported the book project with Five Thousand Naira – a lot of money then.
I dropped the letter cum proposal at the Ebani House, Marina Head Office of Prudent Merchant Bank, and continued to mind my business. I was then the Head of Corporate Affairs at Owena Bank (later renamed Omega Bank).
Four months later, in February 2000, I received a call from Prudent Merchant Bank, inviting me for a meeting with Mr Akinfemiwa. It was a surprise. When I got there, I noticed the sense of urgency and purpose with which everyone went about their tasks. It was a serious work environment and I still cannot forget the image of Mr Akinfemiwa that day with his shirt sleeves rolled up and his stoic look.
Eventually, I met with him; he confirmed receiving my letter. He thanked me for the best wishes and said the ideas I expressed in the proposal synopsis resonated with him.
Things moved very fast after the meeting. Ms. Dupe Adebisi, the HR Manager, called me for an interview. I was “grilled” by the trio of Mr Segun Oloketuyi, Mr Segun Akintemi, and Ms Adebisi. Fortunately, I was offered the job, and on April 2, 2000, I assumed duty as the pioneer Head of Corporate Affairs of the one-branch Prudent Merchant Bank.
It was a dream move. My remuneration doubled, but that was the least. It didn’t take me too long to realise that I had landed a job that would broaden my scope of knowledge and enhance my skills.
Courtesy of the visionary leadership of Mr Akinfemiwa and his knack for creative excellence, the level of planning and organisation that went into the bank at that early stage was quite commendable. Nothing was left to chance. He was quite detailed, meticulous and intentional. He proved that he knew where the bank was heading.
We had a top management consulting firm – Arthur Anderson- working with us, putting in place structures, processes, and procedures. We also had USP (with Muyiwa Kayode as the CEO) working with us on Branding and Bank Marketing. Mr Akinfemiwa was decidedly professional about every step he took; no half measures and no mediocrity.
It was a whole new experience for me, quite awe-inspiring.
Prior to the commencement of operations, we underwent rigorous training and reorientation sessions that focused on the vision, mission, and core values of the bank. There were also sessions on business strategy, strategic marketing, product development, customer service, etc.
Prudent Merchant Bank eventually obtained a universal banking license and became a full-fledged commercial bank. Branch development was rapid, same as new product development.
In fact, kudos to AA (as we call Mr Akinfemiwa), Prudent Bank made history as the first Nigerian bank to introduce a savings account operated by children themselves, not by their parents. The Prudent Rainbow Savings Account (PRSA) was our signature product that became the game changer in the industry. Mrs. Arinola Kola-Daisi (AKD) did a good job as the Product Manager, with yours truly providing the branding and communication support.
Prudent Bank was a huge success, by all standards, qualitatively and quantitatively.
Mr Akinfemiwa inherited a conservative, one-branch merchant bank with a balance sheet size of N650m in 1999, and grew this exponentially to about N8b within a year.
The good operational performance of the bank, coupled with its strong brand equity, earned it the lead partner status in the consortium of banks that formed Skye Bank after the bank consolidation exercise, with Mr Akinfemiwa retaining his pole position as the Group CEO.
The above reminiscences are extracts from my book on Financial Services Branding in Nigeria.
The success story of Prudent Bank, the “magic wand” of Mr Akinfemiwa, and the collaborative efforts of his team members are in the process of being documented for posterity.
What I learnt working as a direct report of Mr Akinfemiwa has been part of me, propelling me to attain greater heights. Since my exit from the bank, I have been able to maintain an excellent relationship with my oga, providing various consulting services for his businesses.
Sir, I remain eternally grateful for the opportunity to be part of your very successful enterprise change team. I am also grateful for your support for my business in various forms over the years.
I celebrate you today, as always, for being a decent gentleman, an effective leader, and a supportive mentor.
Happy Platinum Jubilee. May the years ahead be full of God’s goodness and mercies in Jesus’ name, amen.
*Ademola Akinbola, Brand Management Consultant, Author, Publisher, Trainer, and Founder – www.thepodiummedia.com