Alabi, the ‘Ideas Man’ in Troubled Spot

For the second time in less than one year, Wema Bank Plc is having its second managing director to run affairs of the crisis-ridden bank. In this piece, WILLIAMS EKANEM digs deep into the antecedents of the incumbent group managing director and chief executive officer, Mr Mahamoud Lai Alabi and scoops that he is indeed the best man for the job at least for now.

Although the last has definitely not been heard of the Wema Bank crisis, but suffice it to say that even in the midst of the festering crisis, an opportunity to reward hard work has been created with the appointment of Mr Lai Alabi as acting group managing director and chief executive officer of the bank.
This is because from all and sundry, comments on Alabi has been that of a dogged hard worker, a good human resource motivator with eyes on excellence
For one whose short but meritorious service at Union Bank Nigeria Plc would have given him headship of that bank but for power play, appointment to manage a crisis- ridden institution may be an opportunity to put on his best thinking cap and vindicate those who have always seen him as a stickler for excellence.
From far away London where he had travelled to for personal affairs, Mahmoud Lai Alabi was fished out by the Central Bank of Nigeria (CBN) and recalled a forth night ago to assume a position faith denied him barely two years ago at Union Bank; an appointment market followers say is the best by the CBN in recent times.
Just when the apex bank released what it called the roadmap for the resolution of Wema Bank crisis with the lifting of the suspension on Mr Adebisi Omoyeni, an outcome of a long and exhaustive meting with major stakeholders including the NDIC, Sec, O’DUA Group and Omoyeni, the crisis worsened with the sack of Omoyeni, barely two days of resumption from an eight months old indefinite suspension.
According to the CBN, Omoyeni abused the terms of resumption and took an arbitrary action that back fired seriously, leaving him worse off.
The strong worded CBN statement signed by Prof Chukwuma Soludo, CBN governor had it that “whereas the Central Bank of Nigeria is further satisfied that the forceful take over of the affairs of WEMA Bank Plc by Mr. Jeremiah Adebisi Omoyeni despite the Central Bank’s express instruction to the contrary portends grave danger for the bank and the financial system and is in violation of the Memorandum of Understanding jointly signed by Mr. Omoyeni and the other relevant stakeholders of Wema Bank Plc.
Whereas under the Acting Managing Director since January 2008, WEMA Bank has relatively stabilized, the forceful and illegal take over of the bank by Omoyeni has created tension amongst the rank and file of the staff of the bank, trepidation amongst customers and shareholders thus necessitating that the Central Bank as the Regulatory Authority takes urgent steps to secure and strengthen the bank and safeguard the financial system.”
With the above statements from the CBN, Omoyeni lost out and because the acting tenure of Mr John Aboh had almost expired, Alabi was considered fit to wear the shoes, of the managing director of Wema Bank although the shoes may be too tight for comfort at this very point in time.

Banking Résumé
Alibi is not in any way a strange name in the nation’s banking,industry he is said to be widely known as an “ideas man.”
In his traverse of the banking industry, he is said to be known more as a catalyst for change, positive change for that matter.
From erstwhile NAL Merchant Bank to centenary First Bank of Nigerian Plc, where he spent decades, he was known as that man that took initiatives and created many new ideas especially in planning and strategy, products development and staff mobilisation.
It is on record that while at Kakawa Discount House, Alabi exhibited his managerial skills by taking the company from cradle in 1995 to become one of the nation’s best ran and profitable discount house.

At Union Bank
From Kakawa Discount House, Alabi joined Union Bank in 1999 as an executive director, commercial banking and played a critical role in the re-engineering of the bank in the area of service delivery.
As a stickler for success, having impacted the customer service aspect of the bank positively, Alabi was redeployed as executive director, corporate and international service, a position he held until he was forced out of Union Bank two years ago.
Current and ex-staffers at Union Bank who commented on his sojourn at the bank say had he not been played out by corporate politics by the man at the helms of affairs, he was the natural successor to Godwin Oboh.
However, findings by BusinessWorld gathered that because Alabi is more of his own person-not easily manipulated, he lost out in the then search for succession.
“At the time he left Union Bank he still had at least four years to go before retirement. Alabi has his way with staffers, he knows how to get them to perform and do the right thing, if he was allowed to take over at Union Bank, the bank would have been more competitive today,” a source confided in BusinessWorld.
“They forced him, out of Union Bank, if he had been appointed managing director, Union Bank would not have been tied down by the old order that is currently dragging down the bank,” BusinessWorld gathered.
It was reliably gathered that the ideas of Alabi that were rejected in the last dispensation are currently been implemented and that stakeholders of Wema Bank should be considered lucky to have him at the helms of affairs at a trying time like now.
As co workers at First Bank, one person that knows Alabi too well is John Aboh, immediate past acting GMD/CEO.
At the handing over ceremony last week performed in the bank’s boardroom in the glaring eyes of media men, Aboh said that “the three appointments ably led by Mr. Alabi, a seasoned banker have been carefully chosen by the CBN and properly briefed not to only bring their rich experiences to bear on the running of the bank but also take Wema Bank to greater heights”.
“The CBN is uncompromisingly committed to the stability of the banking sector and the economy by extension. The strategic importance of Wema Bank cannot be overemphasized hence the key appointments of the new acting managing director, Alabi and two executive directors are aimed at putting Wema Bank in its right place as a first class financial institution.”
In his response, Alabi, expressed joy for the appointment by the CBN.
According to him, “I have come here by CBN’s appointment to manage the team of Wema Bank to grow in the financial sector of the economy. I solicit the support of the staff and I will focus on human resources which is the most critical factor. I will build on the initiative of the outgoing acting managing director”.
He went further to state that he “would pay attention to deposit mobilization encouraging mobilization and encouraging growth of asset, and build a very strong Information Technology (IT) infrastructure. Wema Bank, he said, had started re-branding and he would build on that.
He further stated that he would build more capital base. “Wema Bank is as strong as ever, the deposits are growing, the staff loyalty is very strong, and therefore I already have the base to build upon.”

The Man Alabi
Until his appointment a forth night ago, Alabi ws managing director of Research and Data Services Limited, Redasel, a consultancy services provider to many banks in the country especially in areas of business strategy and restructuring and also in designing appropriate and competitive compensation packages.
Alabi was born on 10th October, 1950 at Akwatia in the Eastern Region of Ghana, had his secondary school education at Aggrey Memorial Secodary School and Mfantsipim School both in Cape Coast, Ghana between 1964 and 1971.
He graduated from the University of Lagos in 1975 with a BSc degree in Economics in the first class division, coming out as the best graduating student of the University in that year and winning 5 academic prizes.
He had his Masters degree in Economics from Yale University, USA in 1979 and lectured in Economics at the University of Lagos between 1979 and 1982. He joined NAL Merchant Bank Plc as a Deputy Manager in 1982 and left in 1985 as a senior Manager in charge of Strategy and Planning. Between 1988 and 1995, he was at First Bank of Nigeria Plc where he became Deputy General Manager and Head of Finance & Planning. He became the pioneer Managing Director of Kakawa Discount House Limited in 1995, a position he occupied before joining Union Bank of Nigeria Plc in 1999 as an Executive Director in charge of Commercial Banking and later of Corporate & International Banking. He retired from the services of Union Bank in March 2006.
Alabi became the Managing Director & Chief Executive of Research & Data Services Limited in July 2006.
He has served on the boards of various companies including Kwara Industrial Trust Fund Limited, First Trustees Nigeria Limited, Union Merchant Bank Limited, Union Trustees Limited, Union Homes Savings & Loans Plc and Union Bank UK Plc.
He was Secretary, UNILAG Economics Students? Society and the founding Editor of ULECONS, the annual publication of UNILAG Economics Students? Association. He served as Assistant Secretary of UNILAG Alumni Association and also an Assistant Secretary of Academic Staff Union of Universities (ASUU), UNILAG Chapter.
He was an Executive Member of West African Bankers, Member, Committee on Utilisation of Kwara State Industrial Development Fund, Oyun Local Government Area.
Alabi served as General Secretary of Nigerian-Belgian Chamber of Commerce and Treasurer, Nigerian-European Association and was the pioneer Chairman of Nigerian Discount Market Association (NDMA).
He is a Member of Ikoyi Club 1932 and President of Igbotele Development Association. He is also the Asiwaju of his Community at Igbotele in the Oyun Local Government of Kwara State. He is married and has three children.