Kayode Akinyemi
Seventy years ago today, the universe gifted us with a remarkable treasure, one that would guide countless souls as a navigator, assist in shaping destinies, as well as nurture and enhance the talents of many. Mr. Akinsola Akinfemiwa, the former Managing Director/Chief Executive Officer of the former Skye Bank Plc, now Polaris Bank Limited, was the new pilgrim the universe gifted us 70 years ago to fulfill the mission and purpose of building men and leaders in the financial services industry for national development.
An exceptionally adroit professional banker, a gifted orator and an efficient manager of resources, Mr. Akinfemiwa invested his youthful energies in pursuing both academic and career excellence, and honing his leadership and managerial prowess in order to positively impact the young generation of bankers who providence had brought his way for mentoring, guidance, training, and leadership.
It is a truism to say that his vast accomplishments and problem- solving abilities are a function of his social relations and nature as an avid reader. Relating with him as my direct boss at both Prudent Bank and Skye Bank Plc as Head of Corporate Communications, I kept wondering how he managed to read the quantum of books he read and his extensive insights on any subject. As an all-round subject matter expert, those of us who worked under him had no choice but to broaden our intellectual horizons to understand his work ethics and expectations.
Armed with a degree in Agricultural Economics from the University of Nigeria, Nsukka and a Master of Business Administration degree from the University of Ife (now Obafemi Awolowo University), Ile Ife, Mr. Akinfemiwa began an illustrious and sparkling career in banking at the then International Merchant Bank and rose rapidly to the top. His meteoric rise in the industry which came on merit was the just reward for his innovation, exceptional value addition, management acumen, and leadership.
His hunger for increased executive responsibilities and application of his strategic management skills led him to leave his job as the Deputy Managing Director of Chartered Bank to assume the position of the Managing Director/CEO of the Prudent Merchant Bank, a one-branch bank in 1999. His Midas touch instantly manifested on the fortunes of the bank, growing from one branch to hundreds of branches shortly after its conversion to a commercial bank. Along with a team of young, vibrant, focused, smart, and hardworking professionals, Mr. Akinfemiwa rapidly transformed Prudent Bank into one of the leading commercial banks in the country, winning awards and accolades in the process.
Due to his managerial acumen and the phenomenal success of his bank, Prudent Bank would later emerge as the lead legacy bank of the consortium of five banks that formed Skye Bank Plc (now Polaris Bank) and he was duly and meritoriously appointed as the pioneer Managing Director/CEO post-merger and consolidation.
Mr. Akinfemiwa’s unique management style, as I observed from a close range, could not but produce mega and sterling results: the daily memos on operational principles and the strategic direction of the bank, rule book on professionalism, circulars and guidelines on bank’s business philosophy, were practical hands-on lectures on how to run a successful business. Then the numerous meetings with business units and back-office departments for harmony and synergy. I remember the “direct report” or “the first eleven” Monday meetings where weekly targets, business ideation process and distillation of innovative are discussed and agreed.
His accomplishments as the helmsman at Skye Bank were legion and breath-taking. Within a short space of time, Skye Bank became one of the few “Systemically important Banks” in the country, lending to other banks and had significant market share. This was a huge feat considering the fact that the legacy consolidated banks that formed Skye were all Tier two banks!
Mr. Akinfemiwa had no limiting boundaries as far as banking is concerned. Even the activities you may call non-core banking activities, he showed interest in them. Most outstanding products of the bank that became customers’ number one preference were his idea. As an exponent of youth financial literacy, he was one of the first to create a product specifically targeted at the youth. The product called ‘Rainbow Savings account,” was his own way of guiding the youth on taking charge of their finances at an early stage. Long before the ATM came, he invented the ‘Campus Card’ designed for students of higher institutions to enable them load their upkeep allowances in the card to safeguard against theft. The product was subsequently launched in higher institutions across Nigeria
Indeed, our most successful advertising campaign at Skye Bank, The YES campaign, was his idea. Upon his arrival from a foreign trip, he called a meeting of the Corporate Communications Department with the external advertising agency and unveiled a new strategic direction for the bank. He told us he wanted to run a bank that says “Yes’ to the customers. That was how the YES campaign creative processes started. The YES campaign was so successful and popular, won several awards and became ring tone on the phone of many Nigerians.
As a lover of education, he led the bank to support the financing of the establishment of schools from elementary to higher institutions. Some of such schools are Carol School, Rainbow College, Stella Marris, Grange School, Premiere Academy and others
Under his watch at Prudent and Skye Banks, he played a major role in the development of the real estate sector, financing housing projects to alleviate the housing challenges of Nigerians. These housing projects were done across the geopolitical zones of the country and some of which are; Goshen Beach Estate, Lagos, APICO in Uyo, Terrace Hosing Estate Abuja, Zion Golden City Akure and many more.
He upholds “accessibility”, one of major core values of Skye Bank. His office door was always open to staff at all levels and customers too. Mr. Akinfemiwa was friendly with the media, always willing to give account of his activities in the Bank.
Mr. Akinfemiwa, a versatile professional banker, commenced his working career in 1978 as a Management Trainee with the British Petroleum (now AP) and later in 1980 as an Audit Officer at Peat Marwick, Casselton Elliot & Co. Nigeria. He went into banking from the audit firm by joining the International Merchant Bank to start over three decades in banking.
Mr. Akinfemiwa attended several professional courses in Europe and the United States, namely: Centunn Consultancy, Florida, USA (1998); a senior executive internship progranme under the auspices of American Express Bank of New York. USA;
International banking course at the Manchester Business School, University of Manchester, United Kingdom; internship programme with the First Chicago Leasing Corporation; Strategic management in banking organized by the European Institute of Business Administration (NSEAD) in Fontainebleau, Cavex, France. (1996 & 2005) and Euromoney Training Centre, Red Hill, Surrey, England (1991). He was also at the Lagos Business School (1999).
Since his retirement from banking in 2010, Mr. Akinfemiwa has been involved in community development in his Ile Oluji hometown, and has also founded Araba Foundation for his philanthropic activities.
Happily married with kids, Mr. Akinfemiwa is a builder of leaders, banker of bankers, a teacher, mentor, trainer, motivator, and an altruist. On this auspicious occasion of his 70th birthday, I wish him many more happy and healthy years in his service to humanity.
•Kayode Akinyemi was the former Head of Corporate Communications of defunct Prudent and Skye Banks, and now a Lagos based public relations practitioner.
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