‘I Came into Banking Accidentally’
mean your first love. But to be practical in our own society today and this may be very blunt, I would say study the system, look at what the system needs and grow to like it. If you say I love Classics or I want to study History but if you are in an environment where nobody wants you, you will starve to death. The reality of today, for me, is that you look at gaps in the society and train yourself to fill the gaps and try to love that profession just like I grew up to love banking. I did not go to banking but banking absorbed me. But if you go into that profession and find out that you are going to spend all days unhappy, then I will say quit. It is good to go for something you know will make you happy. When you are choosing a profession, it is good to be careful and choose a profession where you think the world still needs you especially in our environment. If I have a father who is going to bankroll me, I may say I want to work in the desert; I just want to discover the world as long as it will give me joy. However, I love to be realistic. So my advice to anybody who comes to me is to train to survive. If l know doctors are well-paid and are needed in this (Nigeria) economy, then, I am going to try and be a medical doctor. If I think I am good at Journalism and the aspect of journalism that is attractive is sports, I will not be writing personal finance. I will try and move to where I can sustain myself.” He had been involved in so many aspects of banking like turnaround, marketing, strategy, and so on. What will he single out as a principle that has assisted him this far? “I think character is very important. You need to be diligent, skillful and be known for something. Since it is banking, people should be able to trust you, relate with you. The type of banking that I did is more of traditional - commercial banking. So it was about building businesses. If you put your mind to it and work with clients and go in their direction, they will love you. They will even bring other businesses to you. When you move from one place to other you will find out that you need to begin to build what we call following. Another thing is to stay out of trouble. You need to configure yourself to stay out of trouble. There are so many of these troubles in our time especially first-generation banking. Sometimes you run into trouble not because you have done anything wrong but because you just happen to be there when those things happen. In banking, you sign your signature here and there and sometimes you run into trouble because you are asked to do something and you refuse to do it. If you are going to know the business, you must be diligent and must have integrity. If you lose money you can work harder and get it back, even your health, doctor can help you out but when you lose your integrity, you have lost everything.” Was he caught unawares when the Central Bank of Nigeria (CBN) asked him to vacate his position as Chief Executive Officer (CEO) of Skye Bank? “No, because I could see what he (Lamido Sanusi) was trying to do. There were too many people who have developed the superstar status in banking and they were not supposed to be there. If the status quo had remained, they might think without them, nothing would work. But government said, ‘look these organisations are public institutions, let them run. Then, you will know that this thing can run with or without you.’ I think it was a good decision in a way. May be the only fault was the way it came; the rule was not there before then. The rule came and it was implemented after six months’ notice. It was not as if the rule was always there, I think the problem then was the fire brigade approach. Frankly, it is something that had to be done to solve all the problems of that time.”
Are you saying the policy is a blessing in disguise? “Yes. Getting out of banking gave me the room to do so many other things. Things that you couldn’t have time to think of because banking is just horrendous. You are merging, you are acquiring, come to Abuja, come to Lagos and all that. Banking makes a lot of things possible for me, but I think having done that for almost 30 years, it is good to try some other things as well. I joke with people that I am already in the second half of my career and you don’t play the second half the way you played the first half because the rules are there. It can be tough if you are a superstar working with a super company, and suddenly, they take away that super company from you. And life after Skye Bank? “Majorly, I have been building businesses, especially Small and Medium Enterprises (SMEs). Using the skills that you have acquired over time to grow businesses. Many of these businesses are owned by families and friends. I also serve on the boards of some of these companies as well as bigger ones such as the bank and Transmission Company of Nigeria (TCN). We also push a foundation which is basically what we believe can cause a revolution very soon. We all tend to condemn the government but we are pushing a philosophy that, what can you do in your community, environment? Clean your own environment; also push your neighbour to clean his environment. Push government and our fast food companies and filling stations to build nice toilets for general use. We talk about things you can do by yourself. That is what I do apart from spending more time with my family.” SPIRITUALITY Does he really believe God exists? “Waoh! It is only a fool that will say there is no God. I don’t know the culture that doesn’t believe in the existence of God. Even in China today we are told that Christianity is growing like wildfire. Looking at history, the Yorubas believe there is God, the Igbo say there is God, and the Hausa say there is God. So, there is God.” How has the knowledge of God influenced his career? “It influences me massively. I say to people that I operate best in an atmosphere of peace. I don’t fight, I don’t seek vengeance. My father told me long ago when I was young that the Yoruba people are very interesting. He noticed that the entire terrible and wicked gods which the people serve, they worship them by offering them very sweet things such as honey, sugar, palm oil, sugar cane, and so on. I learnt from my father that when these bad guys come, give them what will appease them. My pastor once told me if you are not strong as a man of God; don’t confront the Devil because Satan is very strong. So, that has really helped me a lot to live peacefully with all men. I don’t believe things will work by backbiting. I like to compete but not destructive competition. God did not say we should fold our hands and do nothing. At the same time you have got to know there must be a purpose why you are living. Take, for example, if we didn’t do the 10-year thing in banking, I would still be trying to be a better CEO, but now I am a Chairman of a bank. God has a way of preparing us ahead for something. So for me, God is awesome. I may not be a pastor or religious, but the point I am making is that God is awesome. Look at the Ten Commandments, which one don’t you like? The entire Ten Commandments are powerful. For instance, love your neighbour as thyself or respect your father and mother. They are all useful for us irrespective of your belief.” PERSONAL FINANCE Is it right to say you are comfortable? Yes, I am very comfortable. Akinfemiwa gives insight into how he was able to build his wealth. They are practical and common tips he says anyone who cares can implement with results. “The most important thing in life is to be a professional. When you are a professional, a lot of things will come your way. You will have knowledge in terms of how to do things and invest in terms of how to make money. Many people are into buying things and doing things because it is convenient to do so. You have to start very early in life to build up. Put your money in things that can sustain you as you are growing in life. I will not say put your money in stocks and other business but the most important thing is to understand how these things work. You need to study the