Obi Adiele
15 March 2008
opinion
Lagos — It has all the trappings of a Nolly wood soap opera: wheelingdealings, intrigues, base knuckle power tactics vengeance, justice and more. The settings are varied, but the location is the boardroom of an embattled bank.Firstly, roll the tape and let's introduce the star dramatis personae; Jeremiah Adebisi Omoyeni, SO, until recently, the chief executive of Wema Bank. A master strategist with good networking tentacles in political fields, a tactical boardroom player with his eyes focused on his goals, Omoyeni is quick to say "I am not a professional politician but a professional banker" That may be debatable; you don't get to be a deputy governor of a volatile state like Ekiti by merely being a political by-stander.
Critics in the bank argue that he is an insurance professional who strayed into main stream banking to claim the prime position. That argument is rather weak and untenable. True, he came into banking in March 1987 with an Insurance First degree from the University of Lagos, he went back to take two masters degrees in international law and Diplomacy and Banking and finance in 1991 and 1993 respectively
The portfolio he held in the bank covers administration and retail banking. Infact, he was the executive director (retail banking) in October 4,2005 when ex-governor Fayose picked him as his deputy (on leave of absence)and was recalled to be the new CEO of the bank-a prize he schemed for many years back. The second actor is Chief Samuel Adegbite. His influence on the boardroom of Wema Bank is legendary for 16 solid years,(1983-1999) he served as the bank's managing Director running the bank with the gusto of an entrepreneur. A trained lawyer, a seasoned banker, he has over 30 years of banking experience that spanned from Standard Chartered Bank (now First Bank) National Bank and NAL Merchant bank before he found his way into the boardroom o f Wema Bank. Enter Mr. (Pastor) Tunde Lemo-shall we pray? first class graduate from the university of Nigeria Nsukka, also held executive director ships.
There is also Wema Bank ,EX-CEO,before taking up the job as one of the deputy governors of the Central Bank of Nigeria. Also, Alhaji Dosumu (late) Mr Adeleke ex-CEOs' of the bank playing various starring roles in the boardroom saga
The whole drama started with the winds of change that blew across the expanded banking sector in the 90's where the generational change of corporate guards became fashionable.
After 14 years on the saddle as chief executive of Wema bank, the amiable chief knew time was running out for him. He needed to reflect deeply on his handover plans.
He sort board approval for new appellation; vice chairman/chief executive from 1998-1999 before stepping down from the exalted position.
But, then, the lobby, scheming positioning have started. The young turks on the board-Alhaji Dosumu, Adeleke, Lemo, Omoyeni-all wanted the top post. The board hoped for a thorough assessment of all the candidates.
The board members were not exactly in the picture of installing Alhaji Dosumu as the new CEO, and they complained about the imposition. But, in order not to rock the boat, they almost allowed Adegbite to have his way.
Alhaji Dosumu (an Ibadan indigene like Adegbite)was a good thorough banker but could not foist into the large "shoes" of Adegbite. He lost focus, could not the lift the bank to the next level. Unfortunately, and sadly too, he died(rather strangely)without impacting positively on the bank.
In the next corporate succession battle among the triumvirate young turks -Adeleke, Lemo and Omoyeni, Lemo got the CEO ticket having out classed thoroughly his rivals at a competitive appraisal conducted by a reputed international consulting firm
Tunde Lemo, with a first class intellect is a deeply religious man (with foursquare Church) set about redirecting focus on the bank Although he re tained the services of his rivals, he quickly moved to raise the profile of the bank along the status of its con temporaries.
But, he didn't stay long enough(two and half years) before clinching one of the Deputy Governor slot at the Central Bank (that's another story for another day)
With the exit of Lemo to CBN, it became a two way fierce battle between Adeleke and Omoyeni as characteristic of the later his manner stepped us his lobbying game leveraging on politicians as well as board members.
Infact with respect to Otunba Jobi Fele as a campaign leader,the board members were lobbied seriously to endorse Omoyeni over Adeleke. Particularly, Chief Adegbite was lobbied seriously by Omoyeni who believed the chief can swing the post for him.
For the record, Chief Adegbite was responsible for making Omoyeni an executive director and exposed him to the intricacy of wider banking perspective
How and why was Bisi Omoyeni elevated to Wema Bank's board? From a General Manager(administration)Bisi was promoted to the board.
Earlier there was a preponderence of Ibadan/Oyo indigenes in the board and management. Mere tribal coincidence? maybe, maybe not
However, in one of the board's visit to Ekiti State to encourage the state to be more equity in the bank, the governor complained about the neglect of its people on the bord and management.
In order to correct this anomaly, Omoyeni was elevated to the board to appease E kiti State government, which is not a bad idea given the geo-political complexities of the bank ownership.
But Bisi took it too far .He appeared desperate to clinch the CEO position, even when he was barely two years old on the board and as against the more experienced professional banker, Adeleke.
Anyway, Chief Adegbite told Omoyeni campaigners (with Omoyeni too) that he no longer exercise influence on board activities. By the way, Chief Adegbite was chairman of WEMASEC, (a successful subsidiary of Wema Bank). Other board members lobbied refused to give a "lending hand" to the rather hasty ambition.
In a competitive evaluation conducted by a reputed consulting firm, Adeleke dusted Omoyeni, and clinched the enviable CEO post. Omoyeni was unhappy, he sulked and became dissatisfied with the tide of events. Ambition is good but in ordinate ambition? Your guess is as good as mine.
But, fate has an uncanny hand in the way it determines the affairs of men. Immediately it became public knowledge that Governor Ayo Fayose was having problems with his deputy, Bisi started networking and tapped heavily into his political contacts. For sure Governor Fayose liked what he saw in Bisi, quiet determined mien, excellent back-room scheme to complement his gregarious and populist outlook. With extensive contacts made, Bisi the banker left Wema Bank for Government house, Ekiti to be No two.
Even as No two to Fayose (spare tyre) Bisi Omoyeni kept his sight on Wema Bank; he longed for the job, craved for the CEO seat probably prefers to be "spare tyre" for Fayose than play a second fiddle to Adeleke, chief executive of Wema Bank Probably not.
To be sure, Adeleke is a good banker any day but a poor administrator, Unfortunately he allowed the politicians (on the board/togoad him into the wrong direction .He played much of the religious card to his own detriment. In a complex society such as ours, playing up the religious card unduly can be counter productive. Predict his future.
Evenso, Adeleke did not last long as the managing director of Wema Bank. He burnt his fingers in the consolidation exercise of the bank.He didn't handle certain things right, shot himself on the foot to the extent that the CBN asked him to go -couldn't even finish the consolidation of the bank (we will give the whole details subsequently)
And so Adeleke lost his job and the coast became clear for Bisi-the master tactician-to return to the top post he clamoured for -managing director and chief executive of Wema Bank limited! As usual,it was reported in the media that the board of Wema Bank headed by the respected Alhaji Olopade Mohammed "pleaded with Governor Fayose to kindly release" Bisi Omoyeni from his deputy governorship back to Wema Bank.
But, other inside sources indicated otherwise :that it was Bisi Omoyeni that pressed all the necessary buttons-political-to get the job.Good.
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