lenders in the country with subsidiaries across Africa, Europe and Asia. It was on March 22, 2002, that the two, both aged 37, walked into Plot 1669 Oyin Jolayemi Street, Victoria Island, Lagos, which was then the corporate headquarters of the bank to assume duty and full control as the managing director and deputy managing director. The acquisition process had taken about two years and entailed rigorous negotiations, sleepless hours of paper work and long meetings.
Soon after the takeover, the bank embarked on a five-year transformation agenda, and two years into the plan, the CBN announced the N25 billion capitalisation deadline set for end of December 2005. The bank’s management went to work, and as Aig-Imoukhuede writes in his book ‘Leaving the Tarmac’: “Not only were we in a position to raise the money we needed, we had also been given permission to look at possible mergers and acquisitions”.
That same 2012 and spanning 2013, the bank raised $350 million Eurobond in the international market and divested from non-banking subsidiaries. It was also designated as a significant important financial institution by the CBN, one of the very few in the industry. This means a recognition of its huge footprint in the economy, the integrity and respect of its leaders and the fact that the bank could not be allowed to fail under any circumstance.
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