Odife: As Pioneer Investment Banker Bows Out
Abimbola Akosile examines the life and times of the founder and CEO of CentrePoint Merchant Bank Plc, late Chief (Sir) Dennis Odife, a de-tribalised Nigerian who poineered several strides in the economy; as the 68-year old investment banker and stockbroke
Call him a pioneer banker and investment expert and you would not be wrong. Adding the titles of economist and lecturer to it only helps to put a deserved shine on an illustrious banking career that spanned over 30 years. But a fact that cannot be ignored is that Chief (Sir) Dennis Onyemaechi Odife, BSc (Hons) (Lagos), MBA (Columbia), MON, KSJ, Ezenwegbu IV, who died on Friday October 2, 2015, in Abuja, lived a successful and fulfilled life.
Chief Odife was born in Jos, Plateau State on 29th August, 1947 to the family of Ogbuefi Dennis Edozie Odife of Nkwelle-Ezunaka in Oyi Local Government Area of Anambra State. His mother, the late Mrs. Elizabeth Adanne was the first daughter of the late Igwe Raymond Obiezekpeazu of Nsugbe, Anambra State.
Academic Laurels
Odife, who lived for 68 remarkable years, was educated at Edo Government College, Benin City (1959-63), Kings Collge, Lagos (1964-65), the University of Lagos (1966/7-70/72) and at the graduate School of Business of Columbia University in the City of New York (1973-74).
The leading finance and capital market operator won academic prizes at Edo College and King’s College, the faculty pize at the Univeristy of Lagos and was enrolled in the Dean’s list at Columbia University where he took an MBA in finance and management science. He was an economist by training, a banker and stockbroker by profession.
Banking Strides
Sir Odife began his career with Barclays Bank DCO (now Union Bank of Nigeria Plc). Upon graduation from the Univerity of Lagos in 1972 he was immediately appointed as a graduate assistant and over the years, rose rapidly through the ranks to become Lecturer and in 1976 resigned to work for Icon Limited (Merchant Bankers) and Icon Stockbrokers Limited where he rose by 1978 to positions of Senior Manager and Executive Director respectively.
He also interned at Barin Brothers & Co. (UK) and Morgan Stanley & Co. (United States). He joined the Council of the Nigerian Stock Exchange in 1976 representing Icon Stockbrokers Limited and was on the Council till 1979. He was appointed again in 1996 to serve a further term of The Council of the Nigerian Stock Exchange this time representing Centre-Point Investments Limited.
Odife founded Centre-Point Investment Limited in 1979 and co-promoted Centre-Point Securities Limited in 1984 and Centre-Point Merchant Bank Plc in 1988 of which he was variously the Vice-Chairman, Chairman and Chief Executive Officer until he merged the bank with eight other banks to form Unity Bank Plc in 2005.
Investment Pioneer
In the course of his professional investment banking career, Odife financed the landmark resuscitation of the Golden Guinea Breweries Umuahia soon after the civil war, by the use of innovative capital market instruments as Federal Government policy still forbade capital investment in the area.
He also played a key role in the financing of the West African Glass Company (Port Harcourt), Avon Vegetable Oil (Enugu), Grommac Industries (Sapele), Cutix Plc, Adswitch Plc (Nnewi, Anambra), Premier Breweries (Onitsha), Adamasingba (Oyo) and countless other industries in Lagos and other parts of the country.
Sir Odife played key roles in the nation’s banking and capital markets. He pioneered the development of the second-tier securities market of the Nigerian Stock Exchange (NSE), assisted several public companies to list their securities on the Exchange and did the first privatisation in Nigeria (sales and shares of Nigeria Flour Mills Plc) at the inception of the programme by the federal government.
He also pioneered mergers and acquisitions work in the Nigerian capital market leading the two major merchant banks in the country in different merger exercises.
Odife championed advocacy for capital market education and reform, for the quotation of indigenous companies on the stock market in Nigeria. He travelled extensively and rendered financial advice on investing in Nigeria to US and European multinationals, and has also lectured on financial matters in Nigeria.
He was also a consultant to the World Bank and International Finance Corporation for the study on the review of the Nigerian Financial System. He intervened decisively in the re-entry of the World Bank Group into Nigeria.
Committed to Progress
Odife was a member of the Vision 2010 Committee; Chairman of the nine-member committee which wrote the final report; Chairman, Presidential Study Group on public-private sector infrastructure financing in Nigeria; and Chairman of the Committee of Bank Chief Executives who wrote the report on the Public Private Partnership.
He was a member of the Presidential Evaluation Committee of the management of the National Hospital, FCT, Abuja (2003-4) and Chairman of the Presidential Panel on the review of the Nigerian Capital Market.
He was also the Vice-Chairman, Steering Committee on the establishment of the Abuja Stock Exchange Plc, Chairman of the Governing Council of the Exchange, member of the Federal Government delegation to Malaysia and Indonesia in 1991, flowing from a public lecture in Muarjohore, Malaysia on “Investment Opportunities in Nigeria” when he invited and subsequently hosted a Malaysian business delegation to Nigeria in 1992 in an effort to encourage re-orientation of Nigeria trade with Asia.
Following this initial visit, he played host to follow-up delegations of Malaysian and Chinese businessmen, one of these visits which led to the execution of the first Memorandum of Understanding (MoU) with the Nigerian National Petroleum Corporation (NNPC).
The late banker was a Fellow of the Nigerian Economic Society, British Institute of Management, Institute of Management Consultants of Nigeria, Nigerian Institute of Management, Chartered Institute of Stockbrokers of Nigeria and member Nigerian Stock Exchange (NSE).
Celebrated Author
Chief Odife authored and published over 200 academic and professional papers on various aspects on the Nigerian economy especially the money and capital markets. He was honoured with the National Honour of Member of the Order of Niger (MON) in 2008. In 2013, he joined the prestigious Catholic Order of the Knights of Saint John in Abuja.
He is survived by his wife of over 45 years, Dr. (Mrs.) Stella A. Odife, and three children, two boys and one girl.
Nigeria has lost another one of her illustrious sons and distinguished citizens. But there is consolation in the fact that his celebrated achievements would persist and his strides in the sands of time are now cast in the stone of history.
And as Odife is committed to mother earth on October 30, the late capital market and banking icon would be missed by many, including his family members, friends and professional colleagues, and Nigeria as a whole.