Ola Vincent

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Ola Vincent
Governor of the Central Bank of Nigeria
In office
28 June 1977 28 June 1982
Preceded by Adamu Ciroma
Succeeded by Abdulkadir Ahmed
Personal details
Born(1925-05-16)16 May 1925
Lagos, Nigeria
Died 3 September 2012(2012-09-03) (aged 87)
Victoria Island, Lagos, Nigeria
Alma mater CMS Grammar School
University of Manchester

Olatunde Olabode Vincent (16 May 1925 – 3 September 2012) was a Nigerian economist and banker who was Governor of the Central Bank of Nigeria between 1977 and 1982. [1]

Central Bank of Nigeria Nigerias central bank

The Central Bank of Nigeria (CBN) is the Central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on July 1, 1959.

Contents

Birth and education

Vincent was born on 16 May 1925 in Lagos. He attended CMS Grammar School, Lagos (1936–1939). He served in the Nigerian Armed Forces between 1942 and 1946, and then worked in the Financial Secretary's Office, Lagos between 1946 and 1956. In 1951 he attended the Administrative Staff College in England, and from 1953 to 1956 he studied at the University of Manchester. From 1957 to 1960 he was a part-time lecturer in Economics at the University of Ibadan. [2]

Lagos Metropolis in Nigeria

Lagos is a city in the Nigerian state of Lagos. The city, with its adjoining conurbation, is the most populous in Nigeria and on the African continent. It is one of the fastest growing cities in the world and one of the most populous urban agglomerations. Lagos is a major financial centre in Africa; the megacity has the fourth-highest GDP in Africa and houses one of the largest and busiest seaports on the continent.

CMS Grammar School, Lagos

The CMS Grammar School in Bariga, a suburb of Lagos in Lagos State, is the oldest secondary school in Nigeria, founded on 6 June 1859 by the Church Missionary Society. For decades it was the main source of African clergymen and administrators in the Lagos Colony.

The Nigeria Regiment, Royal West African Frontier Force, was formed by the amalgamation of the Northern Nigeria Regiment and the Southern Nigeria Regiment on January 1, 1914. At that time, the regiment consisted of five battalions:

Banking career

Vincent was Senior Assistant Secretary in the Nigerian Ministry of Finance (1959–1961) and then moved to the Central Bank of Nigeria (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). [2] Vincent was appointed a Vice-President at the African Development Bank, Abidjan, Côte d'Ivoire (1966–1973). [3] 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. [2]

The African Development Bank Group (AfDB) or Banque Africaine de Développement (BAD) is a multilateral development finance institution. The AfDB was founded in 1964 and comprises three entities: The African Development Bank, the African Development Fund and the Nigeria Trust Fund. The AfDB's mission is to fight poverty and improve living conditions on the continent through promoting the investment of public and private capital in projects and programs that are likely to contribute to the economic and social development of the region. The AfDB is a financial provider to African governments and private companies investing in the regional member countries (RMC). While it was originally headquartered in Abidjan, Côte d'Ivoire, the bank's headquarters moved to Tunis, Tunisia, in 2003, due to the Ivorian civil war; before returning in September 2014.

Abidjan City and autonomous district in Côte dIvoire

Abidjan is the economic capital of Ivory Coast and one of the most populous French-speaking cities in Africa. According to the 2014 census, Abidjan's population was 4.7 million, which is 20 percent of the overall population of the country, and this also makes it the sixth most populous city proper in Africa, after Lagos, Cairo, Kinshasa, Dar es Salaam, and Johannesburg. A cultural crossroads of West Africa, Abidjan is characterised by a high level of industrialisation and urbanisation.

Later career

Following Vincent's retirement from the CBN, in 1983 he recommended 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. [4]

Nigeria Deposit Insurance Corporation

The Nigeria Deposit Insurance Corporation (NDIC) was established on 15 June 1988 to strengthen the safety net for the newly liberalized banking sector, following the recommendation of former Central Bank of Nigeria governor Ola Vincent. The NDIC provides a safety net for depositors in the newly liberalized banking sector.

Vincent chaired a seminar on Ethics and Professionalism in the Nigerian Banking Industry in August 1992. In his opening remarks, he observed that banks had a pivotal role in the cash and credit economy of Nigeria, making them vulnerable to suspicion. He acknowledged that greed was a factor in causing the high incidence of fraud and other abuses in the industry. [5] Speaking in April 2003, Vincent criticised the "severely flawed unitarist constitution" that the former military regime had introduced in 1999, and called for changes to "arrest the cancerous growth of corruption and corrupt practices." [6]

He was a director of the Industrial and General Insurance (IGI) in 2008, when he received a prestigious lifetime achievement award. [7] He is a life member of the Nigerian Economic Society and the Society for International Development. [3] In May 2009, he was living in retirement in his home on Victoria Island, Lagos with Adenike, his wife for 50 years. [8] In an interview in September 2009, Vincent was critical of the action of the recently appointed governor of the CBN, Sanusi Lamido Sanusi, who had dismissed the chief executives of five bailed-out banks. He said the executives should have been given a fair hearing, and felt that the hasty action which involved the Economic and Financial Crimes Commission may have undermined trust in the banking system. [9]

Sanusi Lamido Sanusi Nigerian banker

Muhammadu Sanusi II is the 14th Emir of Kano, who was crowned on 8 June 2014 after the death of his granduncle Ado Bayero. Emir Sanusi was a banker and former governor of the Central Bank of Nigeria. He was appointed on 3 June 2009 for a five-year term, but was suspended from office by the then President of Nigeria Goodluck Jonathan on 20 February 2014 after he accused the government of a $20 billion fraud in the Nigerian National Petroleum Corporation (NNPC).

Economic and Financial Crimes Commission government agency

The Economic and Financial Crimes Commission (EFCC) is a Nigerian law enforcement agency that investigates financial crimes such as advance fee fraud and money laundering. The EFCC was established in 2003, partially in response to pressure from the Financial Action Task Force on Money Laundering (FATF), which named Nigeria as one of 23 countries non-cooperative in the international community's efforts to fight money laundering. The agency has its head office in Abuja.

Death

Ola Vincent died on Monday, 3 September 2012 in a hospital. He was 87 years old. [10]

Bibliography

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References

  1. Powered by DMflex WebGen --- www.dmflex.com. "Ex-CBN Governor, Ola Vincent, Dies at 87, Articles". Thisday Live. Archived from the original on 9 December 2012. Retrieved 4 September 2012.
  2. 1 2 3 Omoh Gabriel (25 March 2008). "Vanguard Honours 12 Banking Icons April 18". Vanguard. Retrieved 2 March 2010.
  3. 1 2 "Mr. O. O. Vincent". Central Bank of Nigeria. Retrieved 2 March 2010.
  4. Williams Ekanem (3 May 2009). "Men that Shaped the Central Bank of Nigeria". Business World. Retrieved 2 March 2010.
  5. "Ethics and Professionalism in the Nigerian Banking Industry" (PDF). Africa Leadership Forum. 2 August 1992. Archived from the original (PDF) on 7 October 2006. Retrieved 2 March 2010.
  6. "Ola Vincent Wants Flaws in '99 Constitution Amended". Vanguard. 26 April 2003. Retrieved 2 March 2010.
  7. "Gowon, Vincent Worthy of Thisday Awards, Says IGI". ThisDay. 17 February 2008. Retrieved 2 March 2010.
  8. Dada Aladelokun (30 May 2009). "At 73, I still cook my husband's meals personally". The Nation. Retrieved 2 March 2010.
  9. "Q&A with Ola Vincent, Former CBN Governor" (PDF). The Guardian. September 2009. Retrieved 2 March 2010.
  10. MODESTUS, ANAESORONYE. "Ola Vincent, ex-CBN Governor, Dies at 87". Business Day. Archived from the original on 6 September 2012. Retrieved 3 September 2012.