Access To Diamonds

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twenty-nine million customers and the largest
channels in Nigeria. This merger harnesses
the strength of Diamond Bank which is retail
and the strength of Access Bank which is
wholesale, which births a truly diversified
bank providing to a diverse market.
The Nigerian economic
predictions for 2019
The consensus that we see of the GDP is
between 2.3 and 2.5. We think that the
inflation will still be under 12%, it has come
under pressure in the last report. On the
reserve side, we believe it will stay between
$42 to $44 billion depending on where the
oil price swings to. We also think that if there
is going to be any exchange rate adjustment,
it is going to depend on the level of reserve.
It’s an election year so we might not see that
much at the start of the year, but as the year
continues, economic activities will pick up.
On measuring value for money to be spent
We are all looking for a return on investment.
Essentially how does particular money spent
help the bank achieve its objective, increase
revenue for the bank and improve service?
Secondly, we look at if it’s an investment for
the future and finally, we look out for the cost
of ownership regarding determining value.
SMEs and entrepreneurs proposals
We want a reliable, executable and realistic
plan. A plan that explains what value you are
creating, which market you are selling to, who
your competitors are, your understanding
of the business, what risk is involved in this
business and most importantly the passion
of the promoters of the business. Finally, we
ascertain whether the idea of the SME in view
aligns in some way with the business that the
bank does.
On startups growth constraints
The first issue has to be the financial
constraints. With a high collateral
requirement, a limitation to financing
options and a shortage of venture capitalist
companies to provide support in Nigeria,
finance becomes such a challenge for young
companies. The other is around management
capacity, I see this every day: So, you see an
IT startup with three or four staff, all they
know is IT, as the company grows they don’t
have systems, structures or processes, there’s
no differentiation between the head of the
business and the business and therefore
what you find is that for a bank to lend you
money would be nearly impossible, because
management capacity is missing. On the
policy perspective, there are two things -
Infrastructure and Political Environment.
The solution to the challenge of management
capacity, it is pertinent to separate the
person from the business, start building up
a credit history. On the business account let
it be evident that there is money coming in
and out because at the end of the day the
bank will take this into account before being
of assistance. Also, no matter how young
a company is, find somebody who does
the finance and accounting; I see a lot of
“This merger harnesses
the strength of Diamond
Bank which is retail and
the strength of Access Bank
which is wholesale, which
births a truly diversified
bank providing to a diverse
market.”
entrepreneurs and business owners that do
not know the difference between profit and
cash flow.
On management capacity, it is wise to
make that investment in training in building
capacity, leadership and people management.
As a firm starts to get bigger, technical skills
begin to diminish, and these other skills take
center stage.
Advice for a young professional in finance
Young professionals have to be focused and
disciplined; you must be deliberate about your
life. You will not succeed in anything without
being focused and disciplined. Another is
being a solution provider to people that
come around you on a daily basis. Finance is
about being solution- minded. Also, because
finance is about money, you cannot afford
to make mistakes, strict attention to detail is
needed. Finally, you must have the ability to
think strategically, not just about the present
but the future.
Hobbies
I like football, I support Arsenal, but that
is another story. I am now emotionally
disconnected from the club, the last three
years have been traumatic, but I guess I’m
getting over it. I also like to teach, impart
knowledge and I believe that I have a lot to
give. I want to share this with people so they
can learn and get better at what they do. I
also love Corporate Social Responsibility. I
think that there is a need to give back, there
are a lot of people who require help and
helping them brings me fulfillment.
Alternative career path
Management consulting, and the reason
is the skill-set that I have, the way that I
think, my ability to think under pressure,
and everything that I am now, you see in a
consultant.
Favourite book
I read a book last year, Extreme Ownership
by Jonco Willink and Leif Babin. It speaks
on a sense of accountability and taking
responsibility. Don’t give excuses, do it. If it
requires you teaching people how to do their
job, get it done. Leadership is in every part
of life and business. The writers are ex-Navy
seals who brought their combat experience
to being in business especially concerning
decisions made in the battlefield. I have
recommended this book to many people. You
should read it too.
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