TheCable

Rasheed Olaoluwa, former Group CEO of UBA Capital Plc, has been appointed the new Chief Executive Officer of Nigeria’s Bank of Industry (BOI).

Olaoluwa’s appointment followed the retirement of Ms. Evelyn Oputu as CEO of the bank on April 17, 2014, after nearly a decade of service.

Olaoluwa has had an illustrious career within the financial services sector. An experienced professional banker, he started his career at Arthur Andersen, where he qualified as a chartered accountant.

He has played senior roles in banking, leading to his appointment as the MD/CEO of the erstwhile Universal Trust Bank Plc, prior to joining United Bank for Africa (UBA) in 2006.

As an Executive Director at UBA between 2007 and 2011, as well as the CEO of UBA Africa, Olaoluwa played a key role in the expansion of UBA’s operations into 18 countries in sub-Saharan Africa within three years, recording exponential growth in the bank’s deposit base and profitability during his tenure.

Market analysts believe that the choice of Olaoluwa to play this key economic role, as the head of Nigeria’s foremost development finance institution, was influenced by a need to drive industrialisation in the Nigerian economy, particularly among small and medium-sized enterprises (SMEs).

They maintain that increased integration of these smaller businesses into the mainstream economy will provide a creative solution to low employment figures in Nigeria, while increasing their contribution to the industrial sectors, which have historically recorded low participation rates.

Commenting on his appointment, Olaoluwa said: “I am honoured to be joining Bank of Industry at this dynamic time in our nation’s development, as we continue to progress in stature and relevance in the global economy. It is a privilege to have been selected by the presidency to fulfill the mandate of this position.”