Femi Pedro
Femi Pedro | |
|---|---|
| Born | January 29, 1955 Lagos Island, Nigeria |
| Occupation(s) | Economist, politician |
| Years active | 1982–present |
| Known for | Deputy governor of Lagos State (2003–2007), co-founder and CEO of First Atlantic Bank |
| Notable work | Chairman of SMEDAN (2018–2022), inaugural chairman of Lagos State Sports Trust Fund |
Otunba Olufemi "Femi" Olusegun Pedro (born 29 January 1955) is a Nigerian economist and politician who held the position of deputy governor of Lagos State from 2003 until 2007. Before his election alongside Bola Tinubu, he was a co-founder and chief executive officer of First Atlantic Bank, which is now known as FinBank.
From 2018 to 2022, Pedro served as chairman of the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) and was the inaugural chairman of the Lagos State Sports Trust Fund. Presently, he chairs the Business and Government Relations Committee at the Chartered Institute of Bankers of Nigeria (CIBN). He carries the traditional Nigerian title Otunba as a recognized member of the chieftaincy system.
Early years
Born on Lagos Island, Femi Pedro is the son of Pa Olajide Pedro, a retired officer from the former Western Nigeria Marketing Board in Ikeja, and Modupe Pedro (née Abayomi). His lineage traces back to Pa Sanusi Adeyinka Pedro, whose family initially settled in Shomolu before relocating to Bamgbose Street in Popo Aguda on Lagos Island.
Academic background
Pedro obtained a Bachelor of Science degree in economics from the University of Wisconsin–Superior between 1976 and 1978. He further advanced his education by earning a master's degree in economics at Wichita State University from 1979 to 1981.
Family
He is married to Jumoke Pedro, who serves as a High Court judge in Lagos.
Business career
Pedro commenced his banking profession in 1982 at the Central Bank of Nigeria (CBN), where he advanced to assistant manager and research economist by 1985. In 1986, he became an associate member of the Chartered Institute of Bankers, London. Two years later, he joined First City Merchant Bank (now First City Monument Bank) as executive assistant to CEO Chief Subomi Balogun and was subsequently promoted to deputy manager and head of corporate planning.
As one of the founding investors in Guaranty Trust Bank alongside Fola Adeola and others, Pedro assumed a senior management role at its inception in 1990. He led branch expansion efforts throughout southern and northern regions of Nigeria and held various positions until his voluntary retirement in 1997. Following this, he was honored as a fellow of the Chartered Institute of Bankers of Nigeria (CIBN).
In January 1998, Pedro transitioned into private enterprise as chairman of Agro-Corp Ventures Limited, specializing in commodity processing. Later that year, after a consortium including himself acquired Comet Merchant Bank (now FinBank), he was appointed managing director and CEO.
Political career
During his tenure as deputy governor, Pedro chaired the Lagos State Revenue Mobilization committee where he oversaw reforms at the Board of Inland Revenue. Utilizing his banking expertise, he significantly increased Lagos State’s internally generated revenue from 300 million naira monthly to 7 billion naira within a span of eighteen months. His dedication to economic policy earned him the nickname "Mr. Pedronomics." He also introduced the PSP waste management model that remains operational in Lagos today.
Pedro spearheaded study visits with cabinet members to Brazil to examine metropolitan bus transport systems, which ultimately led to the adoption and implementation of the Bus Rapid Transit (BRT) system.
Gubernatorial candidacy
On 13 December 2006, Pedro parted ways with the Action Congress to pursue the governorship election under the banner of the Labour Party, marking him as the first Nigerian to seek that office representing this party. On 30 January 2007, he announced Oluranti Adebule as his deputy candidate for the elections scheduled on 19 April.
2011 electoral bid
Pedro declared his intention to contest for the Lagos State governorship on 24 September 2010, running under the Peoples Democratic Party (PDP) for the 2011 polls. Though unsuccessful in securing the PDP nomination—losing to Ade Dosunmu—he was subsequently appointed as executive vice-chairman of the PDP South West Fund Mobilization Team, responsible for generating significant campaign financing across the southwest region.
Reconciliation with Tinubu and APC reinstatement
The year 2013 saw Pedro and Tinubu mending their rift that had begun prior to the 2007 elections. This reconciliation was facilitated by the Oba of Lagos, culminating in Tinubu’s attendance at Pedro’s son's wedding in 2012—their first joint public engagement since 2006. In December 2013, Pedro reportedly held confidential discussions with Tinubu, Rivers State Governor Rotimi Amaechi, and APC interim National Chairman Chief Bisi Akande to finalize his reintegration into APC. Shortly thereafter, Pedro confirmed his return to the party.
Political roles following 2015
Following his reentry into APC, Pedro was appointed in February 2014 as chairman of the APC Registration Exercise Committee for Ondo State.
On 12 February 2018, he was named the inaugural chairman of the Lagos State Sports Trust Fund. Soon after, on 1 March 2018, President Muhammadu Buhari appointed him as chairman of the board of directors for the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
On 2 October 2022, Pedro became a member of the Lagos State Governor’s Advisory Council (GAC), which serves as the highest decision-making organ of the All Progressives Congress in Lagos State.
Awarding of Honorary Doctorate
Pedro was conferred with an Honorary Doctorate Degree (PhD Honoris Causa) in Business, specializing in Banking, Entrepreneurship, and National Development by Lagos State University (LASU) during its 28th Convocation Ceremony held on 10 April 2025.