Samuel Asabia
Samuel Oyewole Asabia | |
|---|---|
| Born | 1931 Idoani, Nigeria |
| Died | 1993 |
| Occupation(s) | Economist, administrator, banker |
| Years active | 1954–1993 |
| Known for | First indigenous chief executive and managing director of First Bank of Nigeria; deputy governor of Central Bank of Nigeria; president of Nigerian Stock Exchange; founding CEO of First Interstate Merchant Bank; first chairman of Banque Internationale du Benin |
Samuel Oyewole Asabia (1931–1993) was a distinguished Nigerian economist, administrator, and banker who held the position of permanent secretary at the Western Region Ministry of Finance from 1966 until 1970. In 1975, he was appointed as the inaugural indigenous chief executive and managing director of First Bank of Nigeria.
From 1970 to 1975, Asabia served as deputy governor of the Central Bank of Nigeria and chaired the Securities Issues Commission, which later developed into the Securities Exchange Commission. He presided over the Nigerian Stock Exchange as president from 1975 to 1981 and was vice president of the Nigerian Economic Society in 1983.
Asabia was also the founding chief executive officer of First Interstate Merchant Bank (currently integrated into Unity Bank of Nigeria) and became the first chairman of Banque Internationale du Benin in 1989.
Life
Originating from Idoani, Asabia received his education at Christ School, Ado Ekiti before obtaining a degree in economics from University of Exeter. Upon returning to Nigeria, he entered the colonial administrative service in 1954 and advanced to assistant district officer by 1958. His career included roles within the Western regional Ministry of Finance and the premier’s cabinet office, followed by his appointment as permanent secretary of the regional Ministry of Lands, Housing and Home Affairs in 1962. In 1966, he moved to serve as permanent secretary at the regional Ministry of Finance.
In 1970, Asabia was named deputy governor of the Central Bank of Nigeria. Subsequently, he assumed leadership at First Bank following the Nigerian government's acquisition of a majority stake from Standard Chartered Bank. During his leadership, he prioritized hiring and developing Nigerian graduates to replace foreign personnel and oversaw construction of a new headquarters located in Marina, Lagos. The government’s acquisition sought to broaden banking accessibility across Nigeria, leading First Bank to expand its rural branch network significantly.