Ola Vincent
Olatunde Olabode Vincent | |
|---|---|
| Born | Template:Birth date Lagos, Nigeria |
| Died | September 3, 2012 (aged 87) |
| Occupation(s) | Economist, banker |
| Years active | 1946–2008 |
| Known for | Governor of the Central Bank of Nigeria (1977–1982) |
Olatunde Olabode Vincent (16 May 1925 – 3 September 2012) was a distinguished Nigerian economist and banker who held the position of Governor at the Central Bank of Nigeria between 1977 and 1982.
Birth and education
Vincent was born in Lagos on 16 May 1925. His early education took place at CMS Grammar School, Lagos from 1936 until 1939. Following his service in the Nigerian Armed Forces during the years 1942 to 1946, he joined the Financial Secretary's Office in Lagos, where he worked from 1946 to 1956. His academic pursuits included studies at the Administrative Staff College in England in 1951 and later at the University of Manchester between 1953 and 1956. Additionally, he contributed as a part-time Economics lecturer at the University of Ibadan from 1957 through 1960.
Banking career
Throughout his career, Vincent occupied prominent positions within Nigeria's financial institutions. Between 1959 and 1961, he served as Senior Assistant Secretary at the Nigerian Ministry of Finance. Subsequently, from 1961 to 1966, he advanced from Assistant General Manager to General Manager at the Central Bank of Nigeria (CBN). During the period from 1964 to 1966, he was also a Director at the Nigerian Industrial Development Bank. From 1966 to 1973, Vincent held the role of Vice-President at the African Development Bank headquartered in Abidjan. Upon returning to the CBN in 1973 as an Adviser, he was promoted to Deputy Governor in 1975 and then appointed Governor in 1977, a post he held until 1982. In recognition of his service, Vincent was honored with the Commander of the Federal Republic (CFR) award in 1982.
Later career
Following his retirement from the Central Bank, Vincent proposed the creation of the Nigeria Deposit Insurance Corporation (NDIC) in 1983; this institution was eventually established in June 1988 to safeguard depositors within Nigeria’s progressively liberalized banking environment.
In August 1992, he led a seminar focusing on Ethics and Professionalism in the Nigerian Banking Industry, underscoring banks' vital economic role and identifying greed as a key factor behind fraudulent activities and misconduct within the sector. In April 2003, Vincent publicly criticized the "severely flawed unitarist constitution" implemented in 1999, advocating for reforms aimed at addressing corruption.
Vincent also served on the board of Industrial and General Insurance (IGI) in 2008, during which year he received a lifetime achievement accolade. He maintained lifelong memberships with both the Nigerian Economic Society and the Society for International Development. By May 2009, he was retired and residing in Lagos alongside his wife of five decades.
In a September 2009 interview, Vincent expressed disapproval of CBN Governor Sanusi Lamido Sanusi’s decision to remove CEOs of five bailed-out banks without due process, cautioning that such measures involving the Economic and Financial Crimes Commission might erode confidence in Nigeria’s banking system.
Death
Ola Vincent passed away on Monday, 3 September 2012 at the age of 87.
Bibliography
- Education, Unity and Development in Nigeria, S. Ade Ojo, Ola Vincent, Central Educational Service, 2000
- Fiscal Federalism: The Nigerian Experience, Ola Vincent, Nigerian Economic Society, 2002
- Ola Vincent's Speeches, Writings and Presentations: 1985–2004, Ola Vincent, Macmillan Nigeria, 2005