OLA VINCENT: Exit of quintessential Banker

Ola Vincent

It has been a ceaseless outpouring of tributes for the former CBN governor, Mr Ola Vincent, since he passed on to eternity precisely on Monday, September 3. In this report, Odidison Omankhanlen, chronicles the life and times of the quintessential banker and what people from all walks of life have been saying about him.

IT was the inimitable playwright and poet, Shakespeare, that wrote in one of his books, Julius Caesar, that when beggars die there are no comets seen, the heavens themselves blaze forth the death of princes. This captures the outpouring of eulogies from people from all walks of life including the number one citizen, Dr Goodluck Jonathan; Senate President, David Mark; state governors and of course, his primary constituency, the financial community, since he breathed his last.

What could be gleaned from comments by people in the condolence register and grave side funeral orations is that Vincent was a man of integrity who lived a fulfilled life. President Jonathan said Vincent’s death was a loss to the country. In a statement by his Special Adviser on Media and Publicity, Dr Reuben Abati, the president recalled his outstanding contributions to the economic development of the country during his long public service career.

“As they mourn him, however, we should give thanks to God Almighty for Mr Vincent’s very successful and fulfilled life of service to his family, community and the nation,” the statement said.

The president assured the family that his memory would remain indelible among Nigerians because of his selfless service to the nation.

On his part, the Senate President described the death of Vincent as a monumental loss to the nation. In a condolence message by his Chief Press Secretary (CPS), Mr. Paul Mumeh, Mark noted that Vincent was a quintessential economist, banker and industrialist with very high moral standing and integrity.

According to him, “Vincent, was a patriotic Nigerian, a philanthropist, a very diligent and meticulous banker who stood to be counted when it mattered. We shall miss his humility; we shall miss his sense of humour. We shall miss his knowledge, intelligence and wise counsel. We shall miss his kind gesture.”

Lagos State governor, Babatunde Fashola, said the late Vincent’s selfless service to the country would remain indelible, stating that he would be greatly missed by the financial community and Nigerians at large. “I have fond memories of Papa Vincent, his selfless service to the country and the leadership that his generation provided at very critical times. He truly served and we remain inspired by such virtuous patriotism”, he said. A former bank chief executive, Opeyemi Agbaje, stated that the apex bank under Ola Vincent was a revered institution, noting that he promoted the ideals of professionalism.

A former CBN governor, Dr Joseph Sanusi, described Ola Vincent as “A unique professional, a central banker to the core.” He noted that the former CBN governor “was a mentor, a role model and a true icon.”

Also the Chairman of First City Monument Bank (FCMB), Otunba Subomi Balogun, described the late Ola Vincent as the most outstanding CBN governor of the country.

“The nation has lost one of the finest professional bankers. He was the most outstanding CBN governor we have ever had, a thoroughbred professional, a professional with uncommon touch. An inspiration, who God used to make some of the country’s successful bankers. A man of God, humble to a fault and a fearless defender of the cause of justice. The symbol of all that is best in banking,” Balogun wrote in the condolence register.

Former Commonwealth Secretary-General, Chief Emeka Anyaoku, on his own part bade “goodbye to a truly outstanding governor of our CBN and a great human being. Ever so generous and humane in relating with people irrespective of their social standing.”

The President of the Chartered Institute of Bankers of Nigeria (CIBN), Mr Segun Aina, said the former CBN governor lived a “good life worthy of emulation, a great mentor, distinguished banker and a strong believer of his faith.”

Signing the condolence register, the Chairman of MTN Communications Nigeria, Mr Pascal Dozie, wrote: “one of the most understated and unassuming Nigerian professional. His type is rare in any country.”

To the former Director-General of the Nigerian Stock Exchange, Apostle Hayford Alile, the late Vincent was not only a success on the professional scene, but an all-round achiever in the social, private and career routes.

According to Alile, having done well as a husband, father, community and church leader, the numerous descriptions of Vincent’s life as one worthy of celebration on many fronts simply reaffirm the former CBN governor’s indelible prints in all facets of his life.

The Vice-Chairman, IGI Insurance Plc, Mr Remi Olowude, who recalled all the good times they had together, serving on the board of IGI until his death, described Vincent as an epitome of integrity, hard work, intellectualism and patriotism.

He said, “Baba is an epitome of the old national anthem that we abandoned, which said, ‘Though tongue and tribe may differ, in brotherhood we stand.’ That was Baba. He had no time for tribal issues; all he had time for in his life were real issues. He was a man of high integrity. Besides, he was a highly cerebral person, probably one of the best economists of our time.

“He was a moving encyclopaedia, especially on corporate governance. He was a founding shareholder and director of IGI insurance. He helped the board of the company to run what became the best company with the highest ethical standards in Nigeria. At over 80, he was still a member of the Board of Directors of IGI till his death. May his soul rest in peace.”

Ola Vincent as CBN governor
The late Ola Vincent was the Governor of the CBN from June 1977 to June 27, 1982, a time when the nation faced very dire economic challenges. His expertise in handling his role as the governor helped in providing stability and economic growth. Prior to his appointment as Governor, he was Deputy Governor from April 1, 1975 to June 28, 1977. Some key achievements of the late Vincent include the following: introduction of the N20 banknote with the portrait of former Head of State, Late General Murtala Ramat Mohammad, in 1977; introduction of the portraits of eminent Nigerians on the N10, N5 and N1 banknotes in 1979; opening of 10 CBN branches between 1978 and 1981 namely: Sokoto, Ilorin, Calabar, Bauchi, Abeokuta, Akure, Owerri, Makurdi, Yola and Minna. This brought the number of CBN branches to 18 in 1981.

He also embarked on the conceptualisation, launching and setting aside of funds for the Agricultural Credit Guarantee Scheme (ACGS) as well as the midwife of the computerisation of the bank's operations tagged "Central Bank of Nigeria Computerisation Project" in 1978. That was the computerisation of the pay roll process, customer and general ledger, foreign exchange control, public debt, economic modelling and forecasting, statistical computation and analysis. He also laid the foundation stone of the Staff Training School at the Satellite Town, Lagos.

According to the apex bank, “as we mourn the passing away of a great icon, we are comforted by his exemplary life. The CBN family will continue to remember him as a great, visionary and worthy leader.”

Born in Lagos on May 16, 1925, Vincent attended CMS Grammar School, Lagos, between 1936 and 1939. He also attended the Administrative Staff College of England in 1951. He was at the University of Manchester from 1953 to 1956 for his degree programme. He was Senior Assistant Secretary in the Nigerian Ministry of Finance (1959–1961) and then moved to the CBN as an Assistant General Manager, becoming a General Manager at the CBN from 1963 to 1966. He was a Director at the Nigerian Industrial Development Bank (1964–1966). He was appointed a Vice President at the African Development Bank, Abidjan, Côte d'Ivoire (1966–1973). He returned to the CBN in 1973 as an Adviser, becoming Deputy Governor in 1975 and Governor from 1977 to 1982. Vincent was named a Commander of the Federal Republic (CFR) in 1982.

Following his retirement from the CBN, in 1983 he recommended the establishment of the Nigeria Deposit Insurance Corporation (NDIC), which occurred in June 1988. The NDIC provides a safety net for depositors in the newly liberalised banking sector.

He was a life member of notable professional bodies, including the Nigerian Economic Society and the Society for International Development. He was, until his death, patron of numerous charity organisations, including the Red Cross Society and the Nigerian Society for the Blind.

The former CBN governor was a philanthropist and God-fearing man who took his religious activities seriously, especially at the African Church Cathedral Bethel, Lagos, where he was patron of many societies.