Celebrating Prof. Wole Adewunmi at 80

As I sat in the bowels of Ijewere Hall, Bankers’ House, Chartered Institute of Bankers of Nigeria (CIBN), on Thursday, January 23, 2025, and witnessed the celebration of the 80th birthday of a past president of our esteemed institute (1996-1998) and the launch of his book, “Bank Lending & Credit Administration (Text, Cases & Manual),” I could not help but admire the multi-faceted accomplishments of the octogenarian honouree.

In the audience were CEOs of banks, captains of industry, current and past Presidents/Chairmen of Councils, members of Councils, and Registrars of foremost professional institutes, including CIBN, Institute of Chartered Accountants of Nigeria (ICAN), Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), Association of Professional Bankers in Education (APBE), Association of Professional Bodies of Nigeria (APBN), Association of Professional Women Bankers (APWB), etc.; the top echelon of the academia, leaders in government, renowned past students of the honouree, nuclear and extended family members, etc. The list was a long one!

Prof. Wole Adewunmi was born on September 9, 1944, in Okeagbe, Ondo State, by parents who had little possessions. In fact, he told us, during the celebratory event, that one of his classmates in secondary school, whose name he mentioned, used to scrape whatever food remained from the dining hall at the boarding house to give him, a day student, to eat!

In spite of his humble background, he battled and conquered odds, which saw him go through higher education, first at the University of Lagos, where he was awarded a B.Sc. degree in Economics (as Best Graduate) in 1973, an MA degree in Accounting and Financial Management from the University of Sheffield, United Kingdom, via the Western State Postgraduate Scholarship in 1977, and a Ph.D. in Economics (Banking) from the University of Wales, United Kingdom, in 1981. He started his banking career in 1965 at Barclays Bank D.C.O. (now known as Union Bank of Nigeria) as a clerical and administrative staff member.

This grand old man is one of the few Nigerians whose careers spanned many sectors and disciplines, and this was reflected in the array of goodwill messages that were delivered at the event. These affiliations include ICAN, CIBN, APBE, APBN, Nigeria Deposit Insurance Corporation (NDIC), ICSAN, the university system (University of Lagos, Babcock University), and the Ondo State Government.

“On a personal note, although I had ‘met’ Prof. Wole Adewunmi through his stellar reputation in academia and in the banking industry, I had my first close interaction with him in 2003.”

On a personal note, although I had ‘met’ Prof. Wole Adewunmi through his stellar reputation in academia and in the banking industry, I had my first close interaction with him in 2003. That year, I had left Arthur Andersen/KPMG and joined the Financial Control & Strategic Planning Department of Zenith Bank. A few months later, I was selected to represent the bank on the Committee for the Review of Bankers’ Tariff, which also had representatives from First Bank, UBA, Union Bank, and a few other banks. This committee was under the auspices of the Financial Institutions Training Centre (FITC) and the Central Bank of Nigeria (CBN). In fact, our meetings, for the six months the project lasted, were held at FITC’s office, located in Apapa, Lagos, at the time. The Director-General/Chief Executive of FITC, who was our host, was another revered intellectual who had tentacles in diverse endeavours, Dr. Oladimeji Alo, while Prof. Wole Adewunmi was the external adviser of the committee.

It was the work of that committee that led to the change of name of “Bankers’ Tariff,” a booklet that contained every type of interest, fee, commission, etc. banks were permitted to charge, to ‘Guide to Bank Charges’, the name it still bears today. It was also the Committee that fetched me a lifelong friend, Tokunbo Osunkoya, who represented First Bank of Nigeria, FBN, on the Committee.

Prof. Adewunmi, as the external adviser of our committee, was a workaholic. In 2003, at age 59, five whole years after his tenure as CIBN President in 1998, he matched us, who were relatively young bankers at the time, action for action! I saw a man who was driven, confident, and professional. He was very strict with timing and loathed any form of lethargy. It was to his credit that the work of the committee was detailed, thorough, and acceptable to the entire banking sector, which culminated in the immediate adoption of the ‘Guide to Bank Charges.’. That was vintage Prof. Adewunmi!

In an era where impactful achievers were usually given posthumous recognition, it is a fitting testimony to the fidelity of the banking industry and the astute leadership of the President/Chairman of the Council of CIBN, Prof. Pius Deji Olanrewaju, FCIB, that Professor Wole Adewunmi, FCIB, was publicly celebrated in such a special manner!

Personally, in the midst of the effusive outpouring of accolades on the juggernaut of many hues at Bankers’ House, I took fundamental lessons.

One, whatever one had passion for, with commitment and focus, the sky was the limit.

Two, the reward of teachers no longer belonged in heaven—they could receive their recompense on earth! As a son of parents who were teachers/lecturers, I could relate so well.

Three, the axiom: ‘Heaven helps those who help themselves’ was reinforced—no one sits idly and expects success to fall on their laps; you must work as smart/hard as you must pray!

Four, time waits for no one—whatever you must do, do it now. Prof. Adewunmi had remarkable footprints in accounting, commercial banking, banking regulation, academics, public finance/government, religion, etc. One did not disturb the other.

Five, the support of family is critical to success in career and other endeavours. The representative of the MD of NDIC mentioned that “if the home was not peaceful, Prof. could not have written one page, let alone twenty-four books!”! I agreed.

Six, integrity is a ‘best-selling divine gift.’. He was Commissioner of Finance & Economic Development in Ondo State (1987-1989), and no scandal, malfeasance, or looting was attributed to him. He left this exalted position to assume duty as the pioneer Executive Director of Finance & Administration at NDIC (1989-1995), without blemish.

Seven, humility costs nothing! It was mentioned that the honouree remains humble, treats people well (without recourse to class, social status, wealth, and other self-absorbing dichotomies), and is never ‘consumed’ by his many achievements.

To our darling Papa, Professor Wole Adewunmi, in these times of ‘almost everything going virtual/online,’ I raise a ‘virtual’ toast to your remarkable 80 years as I pray for God’s favour upon you, your family, and persons who love you genuinely. Amen.

Tajudeen Ahmed, FCA, HCIB, M.CIoD; is GM/Group Head Business Development, BUA Group.