Odiri Oginni, driving business strategy, corporate performance in the finance sector

Odiri Oginni, is an experienced corporate executive with over 17 years driving business strategy and corporate performance in the financial service industry.

She started her career as an auditor at Deloitte where she gained valuable experience handling audit engagements for financial institutions before moving to the financial services industry, where she served as the CFO of a boutique investment bank and eventually as the Group CFO of a publicly listed financial service group – United Capital Plc.

In this capacity, she went beyond traditional financial reporting and cost management to identify opportunities for top-line growth, drive profit improvement, and utilised financial data to shape operational decision-making and strategy.

In January 2019, she took on the role of CEO at United Capital Asset Management Limited, the asset management business of United Capital Plc, where she has also demonstrated exceptional leadership and successfully positioned the firm as a market leader in the collective investment scheme segment and the largest fixed income fund manager in Nigeria.

Odiri oversees assets under management of over N500 billion ($1 billion) managed by a team of seasoned portfolio managers across diverse asset classes and investment strategies. She also sits on the investment committees of eight mutual funds and one closed-end infrastructure fund.

In addition to her professional accomplishments, she is actively involved in mentoring young female professionals seeking career advancement. She also volunteers for industry activities, and serves as the Chair of the Employer Relations Committee of the CFA Society Nigeria, and on the Product Advisory Committee for Equities for the Nigeria Exchange Group (NGX).

She graduated with a first-class in accounting from Babcock University, she is a CFA Charterholder, and a Fellow of the Institute of Chartered Accountants. Oginni holds an MBA from Strayer University and currently embarking on a DBA at the Lagos Business School. Her research focus is on leveraging behavioural tools to increase participation in financial markets.

Odiri is married with three kids – a boy and two girls.

What memories of your childhood would you want to share and how has it inspired who you are today?

Growing up in a family of five, with three girls and two boys, I had the privilege of being the first daughter and the second child. Academic excellence was highly valued in my family, and this had a profound impact on my mindset from a very young age. The desire to excel academically became ingrained in me, shaping my drive and ambition.

One aspect of my personality that I encountered while growing up was shyness. However, I was always aware of it and determined to overcome it. Actively seeking opportunities to challenge myself, I joined the debating society in secondary school, taught during Sunday school and sabbath school (I attended a Seventh-day Adventist University), and became a part of the choir. Each of these experiences presented chances for personal growth and allowed me to gradually overcome my shyness.

Another significant influence on my development was my love for reading. Even as a young girl, I found solace and joy in books. Although it can be challenging to devote as much time to reading nowadays due to work and other commitments, the habit of always having a book in my hand during my formative years has instilled in me a lifelong love for learning and continuous personal growth.

The combination of being raised in a family that valued academic excellence, actively working to overcome my shyness, and nurturing a passion for reading has greatly influenced my journey to where I am today. These experiences have shaped my work ethic, determination, and continuous pursuit of self-improvement.

Share the story of your professional journey, highlighting the most significant challenge you have faced as a female executive in the finance industry

My professional journey began in 2006 when I joined Deloitte as a qualified Audit Senior. It was an exciting time for me as I was given the chance to lead audit engagements early on in my role. Working with financial institutions, I gained valuable experience and honed my skills.

After my time at Deloitte, I ventured into the financial services industry, taking on the role of CFO at UBA Global Markets, a boutique investment bank and a subsidiary of UBA. This position allowed me to broaden my expertise and contribute to the financial success of the organisation. When UBA Global Markets became a part of the United Capital Group in 2013, I embraced new challenges and assumed senior-level roles within the finance unit.

In 2017, I was appointed as the Group CFO of United Capital Plc, marking a significant milestone in my career. As CFO, my responsibilities extended beyond traditional financial reporting and cost management. I became deeply involved in driving top-line growth, improving profitability, and utilising financial data to inform strategic decisions across the organisation.

Continuing my professional growth, I was honoured to be appointed as the CEO of the asset management business of United Capital Plc in 2019, a position I currently hold. Leading this business has allowed me to shape the future of the organisation and influence positive impact on the asset management industry.

However, my journey as a female executive has come with its own set of challenges. One of the biggest hurdles I have faced is developing self-belief and confidence, especially when taking on senior-level positions at a relatively young age compared to my predecessors. Overcoming self-doubt has been an ongoing process, but I have learned to embrace my unique perspective and leverage my skills to make meaningful contributions.

Overall, my professional journey has been a culmination of diverse experiences, continuous growth, and embracing challenges. Each step has shaped me into the business executive and female leader I am today, allowing me to bring a fresh perspective and contribute to the industry’s progress.

What are the highlights and milestones from your role as CEO of United Capital Asset Management for the past four and half years?

Taking on the role of CEO at United Capital Asset Management has been a defining moment in my career. Initially, I felt a sense of being underqualified, despite holding a CFA Charter and having worked within the group for 11 years. However, this challenge presented an opportunity for growth and to make a significant impact on the business.

When I assumed the position as CEO, the mutual funds managed by the company were lagging, with just N7 billion in assets under management, and ranked 10th in the industry. Recognising the potential for improvement, I saw a chance to create value, enhance market leadership, and elevate the firm’s visibility.

Under my leadership, we embarked on a transformative journey. Through strategic initiatives and dedicated efforts, we have successfully grown the assets under management of our mutual funds from N7 billion to over N250 billion. This remarkable growth has positioned us as the third-largest mutual fund manager in Nigeria, and notably, the largest fixed-income fund manager. Today, we manage a total asset under management of over N500bn across multiple asset classes and investment strategies.

In addition to the impressive growth in assets under management, we have also focused on key performance indicators such as client satisfaction, retention, profitability, and investment returns. By prioritising these areas, we have witnessed notable improvements, reinforcing our commitment to delivering value to our clients and stakeholders.

Furthermore, the success of United Capital Asset Management has had a significant impact on the overall performance of the group. The business’s contributions to the group’s revenue and profitability have been significant, further solidifying its importance within the organisation.

Reflecting on the past four and a half years as CEO, I take pride in the milestones achieved and the positive transformation of United Capital Asset Management. Through collaborative efforts and a focus on delivering exceptional results, we have positioned the firm as a market leader, gained the trust of our clients, and created value for our stakeholders.

You celebrated 15 years this year at United Capital, reflecting on your journey, how has it been working in the same organisation for this long, and how has it contributed to the growth of your career?

I look back on my journey these 15 years with a sense of gratitude and fulfillment. Throughout the last 15 years at United Capital, I have had the privilege of continuous learning and professional development. Starting as a chartered accountant in 2008, I embarked on my CFA journey and completed the program while being a part of this organisation. I also seized the opportunity to pursue and obtain my MBA, further enhancing my skill set and knowledge.

United Capital has provided me with a supportive environment to thrive both professionally and personally. It has been a place where I have been able to embrace new challenges and take on diverse roles that have stretched my capabilities. The organisation has a unique culture of allowing individuals to tackle assignments that may initially seem beyond their reach, which has been instrumental in my growth and development.

Moreover, I have had the privilege of working alongside exceptional senior colleagues who have served as mentors and sponsors throughout my journey at United Capital. Their guidance, support, and wisdom have been invaluable in shaping my career trajectory and enabling me to reach new heights.

Beyond professional growth, United Capital has also played a significant role in my personal life. I got married a few months after joining the company and I have three wonderful children. The organisation’s commitment to work-life balance has allowed me to successfully navigate the demands of both my career and family responsibilities.

Having spent most of your career in finance roles and later as a CFO, how smooth was the transition to becoming a CEO? In what ways did your background in finance contribute to your effectiveness and accomplishments in the role of CEO?

In my transition from a finance role to the position of CEO, I found that my background in finance provided a solid foundation for success. The knowledge and skills I gained over the years as a finance professional, including my tenure as CFO, have contributed significantly to my effectiveness and accomplishments in my current role.

As a CFO, I was intimately familiar with the company’s financial operations, performance metrics, and the factors that drive profitability. This deep understanding of the numbers and financial implications enabled me to make informed decisions and effectively manage resources as a CEO.

Also, my experience in finance exposed me to strategic thinking and risk management. I was involved in developing and executing financial strategies that aligned with the overall business objectives. This strategic mindset carried over into my role as CEO, where I could apply my expertise to drive the company’s vision, set strategic goals, and evaluate the financial viability of different initiatives.

Working in finance also provided me with a strong understanding of operational dynamics within the organisation. I gained insights into various business functions, processes, and systems, which allowed me to approach decision-making holistically and consider the broader implications of the company’s overall performance.

During my time as CFO, I actively engaged with various stakeholders, both internal and external, to communicate financial information effectively. This experience allowed me to develop strong interpersonal and stakeholder management skills, which I now leverage as a CEO.

Overall, my finance background provided me with a solid foundation to excel as a CEO. It equipped me with financial acumen, strategic thinking, operational insights, stakeholder management skills, and a risk-aware mind-set. These capabilities have enabled me to drive performance, make informed decisions, and create long-term value for the organisation.

United Capital Asset Management has a product dedicated to helping women build an investment culture, tell us more about that

The United Capital Wealth for Women Fund is a specialised fund specifically designed to foster an investment culture among women. This fund is dedicated to helping women achieve their financial goals, with a particular focus on long-term objectives such as retirement planning. The fund provides a customised investment approach that considers the unique needs and aspirations of women. The fund offers a well-diversified portfolio comprising carefully selected investment opportunities that aim to maximise returns while effectively managing risk.

One of the key features of the Wealth for Women Fund is its commitment to providing education, guidance, and ongoing support to women investors. Through educational resources, workshops, and personalised assistance, the fund empowers women to make informed investment decisions and navigate the complexities of the financial markets. The aim is to build confidence and knowledge among women, enabling them to actively participate in wealth creation and secure a financially secure future.

Additionally, the Wealth for Women Fund offers accessibility by allowing women to start their investment journey with a minimum initial investment amount of just N10,000. This ensures that women from various financial backgrounds can participate and benefit from the fund’s growth potential.

Based on your experience in managing investment portfolios and providing investment advice, with a particular focus on female investors, what would you consider to be one of the significant obstacles that women encounter when it comes to investing?

One significant obstacle that women encounter when it comes to investing is their tendency to be risk averse. Many women lean towards conservative investment options that offer lower returns but provide a sense of security. This risk aversion is because of a lack of confidence in their investment abilities and a limited understanding of investment options and strategies.

This cautious approach to investing can have long-term consequences. Women, on average, have longer life expectancies, face more career breaks, and earn lower incomes compared to their male counterparts. As a result, they are at a higher risk of inadequate savings and investments to support themselves in retirement.

Also, the preference for low-risk investments can lead to lower portfolio values over time. Historical data shows that in the long run, investments in risk-free assets such as treasury bills and fixed deposits generate significantly lower wealth accumulation compared to investments in riskier assets such as equities.

Addressing this obstacle requires empowering women with knowledge and confidence in investing. Providing education and guidance tailored to female investors can help overcome the fear of taking investment risks.

As a successful female leader in the investment industry, what strategies or actions do you believe can help bridge the gender investment gap, and what specific steps do you think women should take to empower themselves in the investment realm?

To bridge the gender investment gap, it is important to implement educational programs that specifically address the financial needs and challenges faced by women. This includes providing resources and guidance that are tailored to their unique circumstances. The development of investment products and services customised to meet women’s preferences and requirements is also essential in closing the gap.

Another important aspect is highlighting and showcasing successful female investors who have achieved financial prosperity through their investment ventures. By sharing their stories and experiences, it can inspire and empower women to believe in their own investment decision-making abilities.

To empower themselves in the investment realm, women should take the initiative to educate themselves about investment concepts, strategies, and market trends. Seeking advice from a reputable financial advisor who can provide personalised guidance based on their individual circumstances and goals is also beneficial. This professional support can assist in developing a suitable investment plan and navigating the complexities of the market.

Additionally, it is crucial for women to start investing early and consistently. By doing so, they can take advantage of the power of compounding and experience long-term financial growth.

Building confidence in investment decision-making is a gradual process. As women witness their investments grow and see positive results, their confidence will strengthen. It is important to stay patient, stay focused, and continue learning from both successes and challenges.

By promoting financial literacy, creating tailored investment options, and empowering women to take control of their financial future, we can bridge the gender investment gap and ensure that women have equal opportunities to build long-term wealth.

What can be done to increase the number of women on boards?

In recent years, there has been progress in improving diversity in boardrooms, but there are remaining gaps to address. While some platforms offer board-level training and mentorship for women to enhance their board-level skills, more efforts are needed at the policy level.

Advocacy for policy changes at the governmental and industry levels can play a significant role in increasing the number of women on boards. This may involve advocating for legislation or regulations that mandate gender diversity on boards or providing incentives for companies that prioritise diversity and inclusion.

Additionally, companies can take proactive steps by implementing board diversity policies that establish specific targets and timelines for increasing the representation of women on boards. These policies can include requirements for gender diversity in board nominations and appointments.

How do you balance family, work, and personal time for yourself?

Balancing work, family, and personal time is like juggling multiple balls, at every given point, there is always one ball up and the other down. The goal is to ensure that no ball falls to the ground and cracks. There are times when work comes first, and I give it all the attention it deserves while I leverage support for the other areas. Other times, it is family or even the need for self-care. I prioritise based on what is most important at any given time.

I also have a strong support system in place. As a woman building a thriving career, it is important to create a network of support systems that you can draw on from time to time, be it your spouse, family members, or even a paid assistant.

I set clear boundaries between work and my personal life. This helps me allocate specific time for each area and prevent them from overlapping excessively. However, I am flexible and adaptable as I understand that unexpected events may require me to shift priorities or adjust my schedule, but this doesn’t happen all the time.

You mentor young female professionals seeking career advancement, what advice would you say to young women out there aiming for a great career?

The first thing is to establish your credibility. This means consistently delivering outstanding performance and becoming exceptionally skilled in your field. When you excel at what you do, it becomes difficult for others to overlook your contributions.

However, it’s not enough to rely solely on your work to speak for itself. In today’s competitive world, you need to actively voice your achievements. Don’t be afraid to share your successes and accomplishments with others. You have earned the right to showcase your abilities, but always remember to do so with humility. Let your outstanding work and achievements be known but avoid coming across as arrogant or boastful.

Strike a balance between confidently expressing your worth and maintaining a humble attitude.

What inspired you to pursue a Doctorate in Business Administration (DBA) degree, and what are the expected outcomes you hope to achieve through this academic pursuit?

The motivation behind pursuing a Doctorate in Business Administration (DBA) degree is both personal and obligatory. As a lifelong learner, I have a strong desire to continuously educate myself and become a valuable resource in my field.

Additionally, the seed of pursuing a doctorate degree was planted by my father, and while there is a sense of obligation, there is also alignment with my personal interests and aspirations.

The DBA program has provided me with a new perspective, exposing me to a wealth of information and insights present in academic journals. I have realised that many business leaders are not fully harnessing this knowledge, creating a gap that needs to be addressed. By pursuing a DBA, I aim to bridge this gap and become a catalyst for incorporating academic research into practical business strategies and decision-making.

Through this academic pursuit, I hope to deepen my understanding of various business disciplines and contribute to advancing knowledge in my field. I aim to also develop advanced research and analytical skills that will enable me to conduct rigorous studies and generate valuable insights.

Lastly, I seek to leverage my DBA degree to make a meaningful impact in the business world by applying my research findings and contributing to the success of organisations and industry.

Concluding words
According to Jim Rohn, success is not something that you chase after, but rather something that is attracted to you by being an attractive person. This concept applies to both business and career pursuits, where the key is to make yourself appealing to the marketplace.

You become attractive by investing in personal development, nurturing desirable qualities, and consistently creating value. This way, you can naturally attract success and open doors to new opportunities. The emphasis is on becoming someone who is sought after and highly regarded, rather than tirelessly chasing after success.