OLA VINCENT, Former CBN Governor Dies

Former Governor of the Central Bank of Nigeria, Mr. Ola Vincent, dies @ 87

...Former Governor of the Central Bank of Nigeria, Mr. Ola Vincent, is dead. He died today Monday the 3rd of September 2012 at St. Nicholas Hospital, Lagos after a period of hospitalisation. One of his children confirmed his death. He was, until his death, a director at Industrial and General Insurance Plc. He served as the Governor of the Central Bank of Nigeria between 1977 and 1982.

 Late Ola Vincent survived by wife Mrs Edith Adenike Vincent, children and was also survived by 11 grand children.
According to the burial arrangements, his body will be lying-in-state at his residence at 8, Balarabe Musa Cresent, Victoria Island Lagos on Thursday. Service of songs will be held at African Church Cathedral, Bethel, Broad Street, Lagos. Final interment will be at Ikoyi Cemetery on Thursday.

Speaking on his death, pioneer Director-General of the Nigeria Stock Exchange, NSE, Apostle Hayford Alile described the deceased former CBN governor, Chief Ola Vincent as a man of proven integrity who even at old age was very wonderful in all his presentations.
While Ola Vincent was in the CBN, Alile was the Director-General of the Nigeria Stock Exchange and they both worked closely at different commissions and boards even after they both retired from active service. Alile said they worked closely together right from 1976 when Chief Ola Vincent was the deputy governor of CBN and chairman of Capital Issues Commission where they both often shared thoughts on the way forward for the nation’s economy.
Reacting to the death of Mr. Ola Vincent, Mr. Oluseye Adetunmbi, Chief Responsibility Officer, Value Fronteira Limited, said “He was one of the finest technocrats, one of the few who dignified simplicity by sticking to ‘Mr’ despite his huge status that could have attracted many chieftaincy titles, epitome of ‘central banker’ when things were still orderly in Nigeria.
I grew up to know him through his signature in Nigerian currency note when Nigerian 60 kobo was worth more than a dollar.
“His name with his signature on the currency was synonymous to CBN for a very long time because of his unique style which underscored the virtue of modesty in his character and honourable disposition.
“It was like when their set left the key sectors of our economy; things were no longer at ease in Nigeria.  Nigeria has been depleted by one of her finest men of dignity and honour. We can only hope that those of us left can learn from the unique and towering disposition of Pa Ola Vincent. May his gentle soul rest in peace while thanking God for the gift of long life.”
In his reaction, Mr. Remi Olowude, Vice Chairman, IGI Insurance Plc, who was one of the individuals who visited the family to commiserate with them over their loss, said “Baba was an epitome of the old national anthem that we abandoned which says, ‘though tongue and tribe may differ, in brotherhood we stand.’ That was baba.
He had no time for tribal issues, all he had time for in his life were real issues. He was a man of the highest integrity. He was a highly cerebral person, probably one of the best economist of our time.
”I used to call him a poetical economist. When he commented on national and economic issues, you would marvel. When Nigerian was on a precipice, baba gave solutions that helped the country out of the problems.
“He was practical, humble, a good listener and does not personalise issues. During the dark days of Abacha, Baba gave solutions that helped moved the country forward. He was a moving encyclopedia, especially on corporate governance.
He was a founding shareholder and director of IGI Insurance. He helped the Board of the company run what became the best company with the highest ethical standard in Nigeria. At over 80, he was still a member of the Board of IGI till his death. May his soul rest in peace.”
            Birth and education
Vincent was born on May 16, 1925 in Lagos. He attended CMS Grammar School, Lagos (1936–1939). He served in the Nigerian Armed Forces between 1942 and 1946, and then worked in the Financial Secretary’s Office, Lagos between 1946 and 1956. In 1951 he attended the Administrative Staff College in England, and from 1953 to 1956 he studied at the University of Manchester. From 1957 to 1960 he was a part-time lecturer in Economics at the University of Ibadan.
            Banking career
Vincent was Senior Assistant Secretary in the Nigerian Ministry of Finance (1959–1961) and then moved to the Central Bank of Nigeria, CBN, as an Assistant General Manager, becoming a General Manager at the CBN from 1963 to 1966.
He was a Director at the Nigerian Industrial Development Bank (1964–1966). Vincent was appointed a Vice President at the African Development Bank, Abidjan, Côte d’Ivoire (1966–1973). He returned to the CBN in 1973 as an Adviser, becoming Deputy Governor in 1975 and Governor from 1977 to 1982. Vincent was named a Commander of the Federal Republic, CFR, in 1982.
            Later career
Following Vincent’s retirement from the CBN, in 1983 he recommended establishment of the Nigeria Deposit Insurance Corporation, NDIC, which occurred in June 1988. The NDIC provides a safety net for depositors in the newly liberalized banking sector.
Vincent chaired a seminar on Ethics and Professionalism in the Nigerian Banking Industry in August 1992. In his opening remarks, he observed that banks had a pivotal role in the cash and credit economy of Nigeria, making them vulnerable to suspicion.
He acknowledged that greed was a factor in causing the high incidence of fraud and other abuses in the industry. Speaking in April 2003, Vincent criticized the “severely flawed unitarist constitution” that the former military regime had introduced in 1999, and called for changes to “arrest the cancerous growth of corruption and corrupt practices.”
He was a director of the Industrial and General Insurance (IGI) in 2008, when he received a prestigious lifetime achievement award. He is a life member of the Nigerian Economic Society and the Society for International Development.
In May 2009, he was living in retirement in his home on Victoria Island, Lagos with Adenike, his wife for 50 years. In an interview in September 2009, Vincent was critical of the action of the current governor of the CBN, Sanusi Lamido Sanusi, who had dismissed the chief executives of five bailed-out banks.
He said the executives should have been given a fair hearing, and felt that the hasty action which involved the Economic and Financial Crimes Commission may have undermined trust in the banking system.
.... May His Gentle Soul Rest In Perfect Peace...
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