ERNEST EBI
BANKER EXEMPLAIRE!
In today’s world where many want to run even before they can actually walk, Ernest Ebi does not shy away from emphasizing the importance of maintaining a long-term focus in every venture. This outlook on life is perhaps the bedrock of Ebi’s accomplishments in life.
Since retirement, after a distinguished career in banking, Ebi has become one of the most sought after business leaders in the country, applying his vast wealth of experience in steering the Boards of various companies and organizations, from financial services to manufacturing.
At 70, Ebi is Chairman, Board of Directors at various institutions including Fidelity Bank Plc, Agrited Limited, AIICO Pension Managers Limited and Beloxxi Industries Limited while also sitting on the Board of Dangote Cement Plc. He is also an external adviser to Coronation Capital Private Equity Investment Committee and the African Initiative for Governance (AIG).
Ebi has excellent leadership skills and has successfully led high-profile turnaround initiatives for many challenged organizations. He remains one Nigeria’s most accomplished bankers with vast experience as a retail and corporate banking specialist and as a regulator. Recognizing his sound professional background and unblemished track record of meritorious service, the Federal Government of Nigeria in 2007 awarded him the National Honor of Member of the Order of the Federal Republic (MFR). In the same year, the Chartered Institute of Bankers of Nigeria also awarded him a Fellow of the Institute (FCIB).
This erudite and consummate professional, holds a bachelor degree in Marketing from the prestigious Howard University, Washington D.C U.S.A. and an MBA from the same school. He gained further exposure at several leadership and professional courses in high-profile institutions including IMD Switzerland, INSEAD Business School, Harvard, Oxford Said Business School and Brandeis University.
Married to his lovely wife Elizabeth and blessed with children, Ebi is a member of various professional bodies including the Bank Directors Association of Nigeria and the Institute of Directors (IoD) and otter high profile organizations. He is active socially, with membership in some of Nigeria’s prestigious clubs such as the Metropolitan Club, Ikoyi Club 1938 and IBB International Golf Club. He is a devout Christian. He gives time to actively serve God and supports various charities and charitable causes.
Everyone usually has a bucket list they will like to fill and as the years go by, they tick the boxes. Now that you are 70, do you still have boxes in your bucket list you will like to tick?
I must give all the glory to God for seeing me this far to celebrate three scores and ten. I must say at 70, I feel fulfilled, happy, safe, healthy and loved. My sole wish is to continue the path from success to significance, where I can keep adding value to others and also contribute to nation building and the world at large.
If you were not a banker and you were given a chance to retrace your steps, what other sector might you have embraced as a second choice and why?
If I were not a banker, interestingly I would have liked to be a lecturer in higher education. I like to impact lives positively especially among young people. I believe quality education is so fundamental in the formation of our future leaders.
With the recent pandemic on our hands, we have been forced to reflect on so many things and issues, what has this lockdown enabled you to do more of that you previously did not have enough time to do?
The lockdown actually offered me an opportunity to pause and reflect on my life journey. It was a period of deep introspection and recalibration. Most importantly, an opportunity to appreciate the family even more and spend quality time with my wife, children and grandchildren. We’ve really bonded. We also established a family altar to share God’s word and prayers with the family and even all our wards.
You have been one of Nigeria’s most accomplished bankers with splendid experience as a retail and corporate banking specialist and as a regulator, what are the significant changes you have witnessed on both sides of the divide over the years?
It is a unique opportunity and privilege to have served the banking industry both as an operator and a regulator. I thank God for that. The banking industry has undergone several reforms in the last four decades. To mention a few, first we had the era of segmentation of banks into Merchant and Commercial banks. Then we had about 89 banks in Nigeria. We transitioned to universal banking and subsequently we had the banking sector consolidation in 2006. I was a member of the team under the then Governor of Central Bank of Nigeria, Professor Chukwuma Soludo, that implemented the reform. The consolidation brought about a major transformation of the Nigerian Banking Industry.
Under the recapitalization and consolidation exercise, minimum capital of banks was increased from N2 billion to N25 billion. This reform changed the entire landscape of banking in Nigeria as it drastically reduced the number of deposit money banks from 89 to 25.
Current and emerging events in the banking sector include; increased regulations, market disruptions, digitization, customer empowerment and expectations. Banks are leveraging enhanced technology and digitization to improve customer experience.
Which have you found more fulfilling and challenging? Working as a regulator or as a player? And why?
The two experiences were quite complementary. I found them both fulfilling and challenging. However, being a regulator was more challenging in view of the huge expectations from stakeholders and the implications of the policy choices on the broad economy.
In this era of short termism and seeming erosion of values, what hard choices and sacrifices have you made in the course of your career that has contributed to your
My mantra in life has always been to, “Begin with the end in mind.” Basically this means to approach every leadership assignment with a clear vision of my desired direction and destination.