New managing director and chief executive officer of Bank of Industry assumes duties
| By Chinwe Okafor | Jun. 2, 2014 @ 01:00 GMT
RASHEED Adejare Olaoluwa, the newly-appointed managing director and chief executive officer of the Bank of Industry, BOI, has assumed duties. He was received by Waheed Olagunju, who acted as MD and CEO of the Bank, alongside other members of the Bank’s executive management committee.
Olaoluwa said at the brief ceremony that all hands must be on deck towards ensuring that the BOI “strengthens its operations for global competitiveness and also be at par with some of the world’s leading development finance institutions.” He stated that the task of increasing the contribution of the manufacturing sector to Nigeria’s Gross Domestic Product, GDP, cannot be undertaken by the BOI alone.
According to him, for the bank to effectively deliver on its mandate, the institution would have to work closely with other relevant stakeholders towards addressing the non-financial issues facing the manufacturing sector and the Micro Small and Medium Enterprises, MSMEs. He added that urgent steps would have to be taken to improve on BOI’s service delivery to enable it meet the unemployment challenges facing the country especially in the areas of wealth and job creation.
Before his appointment as the MD/CEO of BOI, Olaoluwa was the group chief executive officer of UBA Capital Plc, a pan-African asset management and investment banking group, from January 2013 to May 2014. Prior to that, he was an executive director at the United Bank for Africa, UBA, between March 2008 and December 2012.
This was in addition to his role as chief executive officer of UBA Africa, where he played a key role in the expansion of UBA’s operations into 18 countries in sub-Saharan Africa within three years, recording exponential growth in the bank’s deposit base and profitability during his tenure.
Before joining the UBA in 2006, Olaoluwa’s career sojourn had taken him to Arthur Andersen, where he started his career in the financial services industry. There, held various senior positions in marketing and relationship management, treasury management, currency trading and investment banking. He rose to become the managing director/chief executive officer of the erstwhile Universal Trust Bank Plc.
An associate of the Institute of Chartered Accountants of Nigeria, ICAN, Olaoluwa holds a first class honours degree in Civil Engineering from the University of Ife, and an executive MBA degree from International Graduate School of Management, IESE, Spain.