Why presidency approved Pitan as replacement for Olagunju at Bank of Industry
Experts in Nigerian banking industry have welcomed the recent appointment of a banking professional, Mr. Olukayode Pitan to take over as the substantive managing director of Bank of Industry (BoI).
Whereas Olagunju was a former media practitioner, Pitan is a professional banker with astute experience in development banking.
Acting President Yemi Osinbajo gave the approval recently meaning that he will take over from Waheed Olagunju who has been on seat on acting capacity since last administration.
Business Hilights recalls that Pitan had served as the Managing Director and Chief Executive Officer at First Interstate Bank since September 2004.
Formerly he was an executive director in FSB International Bank Plc and has over 18 years working experience in the banking and financial sector. He graduated from University of Ibadan in 1982 with a Second Class Upper degree in Economics as UAC Scholar. He also holds a Masters degree in International Management from the American Graduate School of Management (Thunder Bird) in Arizona as a Rotary International Scholar and has attended several financial, banking and management courses abroad and in Nigeria. These include senior Management programme of Lagos Business School and senior executive programme of the London Business School. Mr. Pitan started his working career in Nigeria with Arthur Andersen between 1983 and 1984, and banking career in 1986 with Nigeria International Bank (Citibank) before moving to Industrial Bank Limited (Merchant Bankers) now City Express Bank Limited. He left City Express Bank to become the pioneer chief executive of Credit Lease Nigeria Limited and joined FSB International Bank Plc in 1996 as assistant general manager in charge of Public Sector and Middle Tier Market. He was promoted deputy general manager in 1998 and Group Head, Commercial and Consumer Banking Group and general manager and Group of Corporate Banking in March, 1999. In April 1999, Mr. Pitan became the Group Head of Energy. He was responsible for the branding and successful launching of ENSEC (Specialized division of FSB). He was promoted to executive director of FSB/managing director of ENSEC in July 2001. In April 2003, Mr. Pitan’s portfolio was changed to that of executive director, FSB Markets and managing director, ENSEC. He resigned from FSB in June 2004. He is a versatile banker who has carved out a niche for himself in Investment banking, structured finance and project finance especially in the oil, gas and powers sectors. He participated in many innovative transactions including the $100m Addax Petroleum Senior Reducing Revolving Credit Facility, $1 billion Senior Secured Credit Facility for Nigeria LNG, Adviser/Financiers to the Jagal Group for the US$44m Core Investor Equity in Niger Dock Plc, Arrangers/Financiers for the $8m Amni International Petroleum acquisition of the “Langley“ a Production Platform, Arranger/Guarantor of the 13MW Ewekoro Power Limited/Rolls Royce Power Ventures Limited and $100m syndicated facilities for Intels.
