MUHARRAM 11, 1430 A.H.
WEDNESDAY JANUARY 7 2009
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Sanusi Lamido: Nigeria’s shining star in the banking industry
By Bashir Ibrahim Hassan
No modern structured economy has ever survived and triumphed without enough contribution from the banking sector. This is absolutely true, because the entire life of the modern economy depends largely on the banking sector. What some economic analysts said, without doubt, brings hope and confidence in Nigeria that the Nigeria’s banking industry has enough strength to play its expected key role in the economic growth and development of Nigeria is “the banking consolidation exercise” - well planned and accordingly executed by the Nigeria’s apex bank, the Central Bank of Nigeria under the leadership of Charles C. Soludo.
It is worth noting that, in the consolidation process some banks had to forcefully close shops for failure to meet up with the requirements. Some were merged, some were acquired by the stronger ones. In the final analysis, only 25 out of the then 89 existing banks were able to weather the storm in what some critics described as the wildest storm in the history of the banking industry in Nigeria. Despite all the criticisms for and against the consolidation exercise, the hope and confidence Nigeria and Nigerians have in the banking sector now is the crop born out of the consolidation exercise.
Now in Nigeria, customers, shareholders and stock holders of banks can sleep with their two eyes closed having no fear that their banks may collapse as a result of unstable capital base or fundamentals. But, even with this seemingly positive development, some critics still argue and stand their ground saying that the consolidation exercise was not what was actually required to turn around the banking sector and negative consequences are awaiting the sector no matter how long it takes. Only time stands to judge who is wrong or right between the critics against the banking consolidation exercise and the Central Bank of Nigeria under the leadership of Soludo.
As we cherish our hope and confidence in the banking sector, it is also enough a time to start to cling our glasses in search of exceptional individuals who have exceptionally, through maximum utilization of their knowledge and skills, contributed towards the steady growth and development of this banking sector.
Sanusi Lamido Sunusi, the newly appointed Managing Director/Chief Executive Officer of the First Bank of Nigeria Plc, who has already assumed duties on the 1st January, 2008, taking over from Mr. Jacobs Moyo Ajekigbe, is indeed one among such members of the corporate Nigeria who have distinguished themselves in terms longstanding and exceptional contributions towards the growth and development of the banking industry.
Sanusi, the son of late Aminu Sanusi, the Chiroma of Kano, and a grand son of the 11th Emir of Kano, Sir Muhammadu Sunusi, has really dated a date with history by becoming the first Northerner to rise to the position of the Managing Director of the First Bank of Nigeria Plc, the leading financial institution in Nigeria in terms of organizational structure, customer care services and investor confidence, from the beginning of its operations in this country dating back to more than 100 years.
The history of the First Bank could be traced to the introduction of the banking system into the United Kingdom West African colonies, including Nigeria, in the year 1891 by Alfred Lewis Johns and George Williams Neville both from the United Kingdom. At present, First Bank has over 1.3million shareholders. In February last year, the banks market capitalization crossed a little over 1 trillion Naira, the first Nigerian company to achieve this huge success.
Now, let us see how Sanusi Lamido Sunusi ventured into the banking industry and what led to his unique success story of being the first person from the vast land of the northern Nigeria to become the Chief Executive Officer of this leading financial institution in Nigeria.
What set the beginning of Mr. Lamido’s name coming into touch with as well as popularity in the Nigeria’s corporate business circle, banking industry in particular, was when he first took an appointment with the defunct Icon Limited (Merchant Bankers) in the mid eighties. Lamido’s hard work, resilience and exceptional dedication to his duties paved his way to rising to the position of the Area Manager, Kano. His desire and unflinching commitment to knowledge and its continued pursuit, informed his voluntary resignation from the then Icon Limited in order to pursue higher education in the far away Khartoum, Sudan. Among the many experiences he gained while in the Icon Limited include; financial advisory services, debt conversion, credit and marketing knowledge and its applications.
After Lamido’s successful further studies in Sudan, United Bank for Africa (UBA) searched for him and appointed him its Principal Manager II in the Risk Management Division of the bank in the month of May, 1997. As usual with Lamido, his managerial expertise and being time bound in discharging his duties in this division made him rose up to the position of the Principal Manager I in January, 1998, and its Assistant General Manager (AGM), that same year. According to a source in the UBA, Lamido proposed and spearheaded the establishment of the Group Risk Department of the bank. He was appointed to head it and tasked with the responsibility of transforming the previous Credit Risk Division into an Enterprise Risk Management Sector of the bank.
Lamido’s impressive performance and rich profile in credit risk management left the First Bank Nigeria Plc with no better choice, than to invite him and appoint him its Executive Director Risk Management. “Dan halas” meaning “genuine son in Hausa” did not disappoint the management of this Elephant Bank (as it is widely known and called across the country). He opened the treasure of his wealth of experience acquired over the years and appropriately applied them in discharging his duties in this post. He, within a short time, reformed the bank’s risk management structure by breaking it into four departments; Operations Risk Department, Market Risk Department, Credit Analysis and Processing Department and Credit Monitoring and Control Department.
Sanusi Lamido’s golden cap of success in the First Bank before his new appointment to lead it, was taking the credit risk management profile of the bank to an unprecedented level, through effective and maximum utilization of the natural disposition of all the staff under his control.
On the educational side of his life, Lamido is a 1981 graduate of Economics from the famous West African University, Ahmadu Bello University (ABU), Zaria. Before then, he satisfactorily attended St. Annes Primary School, Kakuri, Kaduna, and the prestigious Kings College Lagos between the years 1973 – 1977. Not too long after his graduation, Lamido went back to ABU for his Post Graduate Studies. Between the years 1991 – 1997, he was at the International University of Africa, Khartoum, Sudan, where he first studied Arabic before obtaining a second Bachelor’s Degree, this time in Islamic Law.
From the beginning of his banking career to date, Lamido has attended numerous in service training courses both in Nigeria and in the over seas. His mastery of Credit Risk Management knowledge made him to be the first choice of organizers of public forum that has to do with business risk management both locally and abroad.
As we celebrate with this “shining star banker” for this great achievement in his banking career, we should also acknowledge the great task before him of taking the First Bank to the next level from where his predecessor, Ajekigbe stopped, which is the sole reason behind his appointment to lead the bank in the first instance.
Ajekigbe’s five year plan brought about rapid expansion and modernization of the bank’s branch networks, investment in new businesses and recapitalization of its subsidiaries: mile stone the First Bank leveraged to seize a commanding control of the retail end market, as recently quoted by the Business Day Newspaper on its back page column. Now it is Lamido’s turn to play the cards.
Luckily enough for Lamido, he has been an insider at senior level of the bank, long enough to know from where to start and why. What he really needs now is a well articulated plan that is implementable, achievable and result oriented. Lamido is also expected to refine and broaden his managerial expertise of exploring and harnessing the potential of all the staff of the bank in his expected efforts to carry everybody along in the design and implementation of his corporate plan for the bank throughout his tenure. The staff should be well motivated to carry out their duties diligently.
Bashir Ibrahim Hassan writes from No. 15 Kano Foundation Building, BUK Road, Kano 08027588990
