Adelusi-Adeluyi

CELEBRATING QUINTESSENTIAL PRINCE JULIUS ADEUSI-ADELUYI AT 80

By, Seye Adetunmbi

In the contemporary world, not many people are multi-talented and naturally gifted in various laudable ways. It takes the grace of God and conscious personal development to be brilliant, decent, urbane, impeccable in personal carriage, attain national prominence in one’s calling and yet rich in indigenous culture and tradition. One of the remarkable Nigerians in this category is Prince Julius Adewale Adelusi-Adeluyi OFR, mni. He is an accomplished pharmacist and a legal practitioner. When the prevalent situation was for private company owners to hold tight to the equity shares of their company, he got Juli PLC quoted in the 2nd tier of the Nigerian Stock Exchange (NSE). Yes, he beat everyone to it and his company became the first indigenously promoted company to be quoted on the NSE. He became the President of the Indigenous Quoted Group (indigenous companies quoted on the NSE).

His honourable disposition attracted recognition from various professional constituencies, among his Ekiti kinsmen and appointment to the federal executive cabinet as the political head of Federal Ministry of Health and Social Services. At various times, he was the National President of the Alumni Association of the National Institute for Policy and Strategic Studies, Kuru in 1999-2003; National President of the Nigerian American Chamber of Commerce in 1989 to 1992; National President of the National Council for Population and Environmental Activities in 1994; and the first District Governor of the Rotary International District 9110 (Nigeria) in 1982 to 1983. The distinguished prince is an acknowledged manager, leader, motivator and a role model to many. His vision is global which extends to serving mankind in every way possible. He typifies an excellent symbol of Ekiti values as man of honour and integrity which earns him the respect of his kinsmen. He was elected president of Ekiti Parapo Lagos and was the pioneer Chairman of Igbimo Ure Ekiti. 

Prince Adelusi-Adeluyi was born into a Christian and royal family in Ado-Ekiti on August 22nd, 1940. He started his primary school education at St. George’s Catholic Primary school, Ado Ekiti in 1946 and attended St. Thomas Aquinas College, Akure from 1953 to 1957. Between 1951 and 1961, he attended Nigerian College of Arts, Science and Technology, Ibadan and University of Ife from 1962 to 1965 where he graduated in flying colours among pioneer set members of pharmacy department. In 1967, he attended Language Institute, Noordvijk, Holland and today he has a distinct ability to speak English, French, Dutch, Spanish. among other languages. His desire to acquire more knowledge led him to study law at University of Lagos in 1984 to 1986 and graduated with the best overall student prize at Nigerian Law School in 1987. 

He worked as a teacher at St. Michael's Catholic Modern School, Yemetu, Ibadan in 1958 to 1960. He was a broadcaster at Western Nigeria Broadcasting Service/WNTV, Ibadan in 1960 to 1962. He was an Assistant General Manager of Pfizer Limited, Ikeja in 1968 to 1970 and Managing Director of Handelschiff Pharmacies, the manufacturer of Vitamalt drinks. In 1972, established Juli Pharmacy Limited. 

As a charming prince and tested professional with a promising future in the horizon, he got married to his pretty heartthrob, Olori Juliana Omosalewa. They are a delightful couple to behold when they step out together for functions, a devoted family man to the core. The matrimony is blessed with productive children that have done the family proud - Julita, Julian, Julienne and Julius. 

His involvement with various professional bodies over the years is not surprising because right from his school days he demonstrated leadership qualities. In his university days he served as the Secretary General of the International Students Conference (COSEC) in 1966 to 1968 in Leiden, Holland; it was the coordinating secretariat for the university students organizations all over the world. He has traveled to 142 countries, carrying out university students, and youth leadership and other programmes. He has over 40 published articles and lectures that cover a wide range of subjects that include health and pharmacy, law, voluntary organisations and university environment and education matters. 

In 1990, he attended the National Institute for Policy and Strategic Studies, Kuru, Jos. As far back as 2002, he was honoured with the national award of the Officer of the Federal Republic OFR and Member of the Federal Republic, MFR in 1986. He is a Fellow of the following professional bodies: Pharmaceutical Society of Nigeria; Nigerian Institute of Management; Institute of Directors, London; and West African Pharmaceutical Post Graduate College. As someone who has done well in his professional calling, in integrated services to the community and in his various constituencies, he received a number of remarkable awards: Centenary Award, Lagos Chamber of Commerce; Leadership Award, Nigerian Industrial Group of NACCIMA; Excellence Award, Nigerian – American Chambers of Commerce in 1909; Rotary Service Above Self Award from Rotary International; and Purposeful Leadership Award, Federal Ministry of Health. 

He served as the Chairman of Parish Pastoral Council at St. Leo’s Catholic Parish, Ikeja in 1989 to 1993; the National President, Pharmaceutical Society of Nigeria in 1989 to 1991; Member of the Governing Council, Nigerian Institute of International Affairs in 1984 to 1989; Vice President- Nigerian Institute of Management in 1983 to 1985; Vice Chairman, Pharmacist Board of Nigeria in 1988 to 1991; First Secretary General of West African Pharmaceutical Federation; National Secretary of the Pharmaceutical Society of Nigeria; Member of the Governing Council, Ondo State University, Ado Ekiti (now Ekiti State University); Member National Namibia Solidarity Fund Committee in 1988; Board Member of PPMC/NNPC in 1995 to 1998; Member of the Governing Council of the National Council for Inter-governmental Relations in 1996; Board member of the Nigerian Conservation Foundation; Member of the Board of Governors, College of Medicine, University of Ibadan in 1995 to 1998; Member of the Board of Odua Investment Limited in 2002 to 2003; Member, Board of Trustees of Dideolu Specialist Hospital, Ikenne; Chairman, Public Affairs and Ethics Committee of the Lagos Chambers of Commerce and Industries; Member of MTN Foundation Board; Member of the Board of Advisors of American Biographical Institute and the Patron Ekiti Parapo Lagos. 

Prince Adelusi-Adeluyi is member of many clubs and associations that include: Metropolitan Club since 1969: Rotary Club of Ikeja; Ikeja Golf Club, Ikoyi Club, Lagos; White Elephant Club, London; Commonwealth Club, London; Lagos Country Club, Ikeja; Island Club, Lagos; Vista Club International, New York; and Six Continents Club, U.S.A. For fifteen years, he was the Chairman of the Ikeja Chapter of Boy’s Scout of Nigeria; council member of the Federation of West Africa Chamber of Commerce for 3 years; Chairman, International University Exchange Fund for African youths fleeing their countries as refugees; member of the United Nations Association of Nigeria in 1968 to 1974; member of the Nigeria Association for Public Administration and Management; member of the Nigeria Bar Association; and member of International Bar Association. 

No doubt, Prince Julius Adelusi-Adeluyi is a well-rounded quintessential statesman. I was privileged to meet him in Lagos in the course of my involvement with socio-political activities geared towards the progress of Ekiti-State. He is one of the best Ekiti elites abroad that always lookout for fellow kinsmen that are doing well and encourage them as much as possible. I admire his sincerity and like him a lot because not many distinguished kinsmen call me to ask after me and family. When Ekitipanupo Forum initiative came, he joined us at the online interactive platform. He was the Chairman of the first Ekitipanupo Public Lecture held in Ado-Ekiti in 2007 and a special guest at the first Ekitipanupo Colloquium held in Lagos in 2016. When the idea of Igbimo Ure Ekiti evolved, he called me and gave me an assignment on the initiative. This afforded me the opportunity to be part of the pioneer efforts on the flotation of the group made up of Ekiti indigenes of repute. 

Whenever he hears, knows or reads about good news concerning me, he would call to commend me. On July 21st 2020, my natal day anniversary, I was too happy to speak with him and madam, his beloved wife. I am always delighted speaking to him because he has a unique voice and distinct way of making one happy. Ekiti ti yun ju l’erun aba Juli – He speaks Ekiti dialect very well and to the delight of his kinsmen. Some of his signature words in Ekiti dialect are “so ri iyan i je? Oya re ayiye ni si ko? The icing of the cake when he is in his elements is when he speaks in the language of our aborigine masquerade: A yan gigun – Oriririririri. It gives me great joy to celebrate him as an octogenarian. 

Odundun, a s’ode d’ero
Omo owa, omo ekun
Ado na ti a j’Ewi

Omo agbe d’ojumose
Agbe gun gbogboro
Ado i yun le oni k’obe osunu mo nu

A ye in k’ale abaluka 
Ajinde ora a a je o
In mo s’oro un aba Juli o, eeeeeee!!!

I wish you more years in your service to the nation, Ekiti and various other constituencies sir, in good health with peace of mind.

Osibo

THE GENTLE GIANT AND A REMARKABLE ACHIEVER: ADEBAYO OSIBO 

By

Seye Adetunmbi

By nature, some people are generally calm, gentle and not given to publicity, yet, their accomplishments are worthy of acknowledgment and celebration in the public domain. Relatively, this kind of people would rather let their achievements speak for them because by inclination, they are humble, easy-going and naturally disposed to modesty in going about their affairs. One of the distinguished Nigerians in this category is Chief Adebayo Olanrewaju Osibo. By contemporary standard, he has done so well for himself having excelled in his chosen career. Yes, he made his mark in the manufacturing concern, asserted his acumen in the business environment, made his presence felt in his community, paid his dues as an asset in the Anglican communion through his numerous resources committed to integrated God’s work and to the glory of God, he stands out among his peers. Apparently, his achievements are manifestations of hard work and commitment to excellence by a focused man over the years.

Chief Bayo Osibo started his working career with Lever Brothers of Nigeria PLC, now Unilever PLC in 1979 as Senior Field Manager and later became the Commercial Manager of Nigerian Textile Mills Limited between 1982 and 1984. Thereafter, he joined West African Portland Cement Company as the National Sales Manager of its subsidiary, Portland Paints and Products Nigeria Limited. Through dint of hard work, he became the General Manager/Chief Executive Officer of the Company in 1990. In 2004, he led a team of managers to acquire the company in a Management-Buy-Out (MBO) and the Managing Director/Chief Executive Officer. This was a feat because there were very cases of MBO in the real sector of the Nigerian economy at that period of time. Under his management, the company diversified into many other related activities, and acquired value-adding franchises of notable foreign companies. The company also became quoted on the Nigerian Stock Exchange in 2009, yet another feat.

Chief Bayo Osibo standing 3rd from left with fellow Form 1 students of Christ's School in 1965

 He distinguished himself as a great manager of resources, this among other reasons earned him election as the Chairman of the Paint Manufacturers Association in 1993 and served till 2003. During this period, he established the Institute of Paint Technology at Yaba College of Technology, Lagos for the training of technical manpower for the paint industry. His wealth of experience and diligence in outstanding service to paint manufacturing industry, earned him an appointed as the Chairman of the Working Committee on Manufacturing of the Nigerian Content Consultative Forum in 2005. He also served as the Chairman of the Chemical and Pharmaceutical sub-sector of the Manufacturers Association of Nigeria, (MAN) and a member of the National Council of MAN. 

    No doubt, the pedigree of Chief Osibo influenced his choices and laudable activities in life. He was born on Tuesday 23rd September, 1952 to the devout Christian family of Chief Theophilus Babasanya Osibo and Princess Sarah Banjoko Osibo. His mother was a granddaughter of the first Alake and Paramount Ruler of Egbaland, Okukenu I. No wonder, the royal blood in him reflected in his carriage and elegant personality. 

    He started his primary school education at Government Demonstration School, Surulere in 1958. He is a product of Christ’s School, Ado-Ekiti, which he attended between 1965 and 1969 and his school number is 65/075. He also attended Igbobi College, Yaba for his Higher School Certificate course in 1970-1971 before proceeding to the University of Ibadan for a bachelor’s degree in Biochemistry and graduated in 1976. He later obtained master’s degree from University of Lagos in 1978 and he is a product of the prestigious Lagos Business School.

An accomplished manager who is a member of the British Institute of Management, the Nigerian Institute of Management, the Institute of Directors, and a Fellow of the Nigerian Institute of Marketing. He is on the board of Portland Construction Limited, The Design Centre and Square One Group of Companies as the Chairman. He also served as the vice-chairman of the Governing Council of Graceland Polytechnic, Offa.

Chief A. O. Osibo is a well-rounded gentleman. He is happily married to Mrs Bamidele Osibo, and blessed with four children that are doing his family proud. Coming from a family with a strong Christian background, his commitment to active service in the church is a natural part of him. He served as a chorister in the choir of Bishop Adelakun Howells Memorial Church in Surulere, where his mother was an active parishioner. The contributions of Osibo family to the development of Christianity in general and the Anglican Communion in particular are legendary. He continued the family heritage of giving by establishing a 120-capacity chapel in honour of his mother, the “Sarah Chapel of Praise” where a permanent pastor conducts praise worship services three times in a week. His contribution to the development of St. David’s Anglican Church, Ofada in Ogun-State had been very significant and this earned him the eminent chieftaincy title of the Baba Ijo of the parish.

Chief Bayo Osibo is a highly prized alumnus of Christ’s School because of his huge commitment to the restoration project of his alma mater. He was elected the Chairman of the Lagos Chapter of Christ’s School Alumni Association. He is a member of the Metropolitan Club, Yoruba Tennis Club, and Ikeja Golf Club. He worships at the Archbishop Vining Memorial Church Cathedral, where he is President of Charity Band and Treasurer of the Christian Friends Society.

Shenbanjo

Book Review

FINANCIAL INTERMEDIATION OPERATIONS AND PRACTICE 

A Guidebook for Financial Market Operators and Practitioners

Author: Seye Adetunmbi

Book Reviewer: Tayo Shenbanjo

Financial Intermediation Operations and Practice is a useful compendium for financial operators, capital market professionals, and university students. The book will also serve investors, portfolio managers, college professors, and government functionaries in the pursuit of financial knowledge and understanding.

The author, Chief Seye Adetunmbi, who has been a practitioner in the finance and the capital market arena in the last thirty years, has brought a comprehensive experience to bear on shedding additional light and giving historical perspectives of the development of the Nigerian financial system, from inception in the fifties and sixties to where we are in the twenty-first century. Seye went back into the antecedents of the institutions that have transmuted into the big banks, discount houses, brokerage houses and other players that we have today. He delved into research work on the institutions and players that birthed the modern-day Nigerian financial system.

The book is divided into six comprehensive sections, which include the financial market evolution and structure, market operations and practice, strategies and best practices, financial market derivatives and players, seminar papers, published articles and research on the financial markets and the Capital Market Roundtable (CMR). There are altogether twenty chapters in the book which cover diverse topics such as the history of the Nigerian financial system, evolution and growth of development and financial institutions, the establishment and growth of regulatory agencies, the key players in the financial and capital market industry, the indigenization and privatization exercises, guidelines on best practices for the industry and the changing environment in the twenty-first century.

Seye took the pains and diligence to go deeper into the growth of the Nigerian financial and capital markets in the early chapters of the book, identifying the constraints faced by the young Nigerian-nation soon after independence. He also identified the efforts made to establish the solid fabric of what we have today. Readers will once again recollect how key institutions like the Central Bank of Nigeria, The Nigerian Stock Exchange, The Securities and Exchange Commission, The Nigerian Industrial Development Bank and many other institutions came into existence. The author further did a beautiful research on how far the industry has come from infancy into what we are all proud of today. There are charts and other graphic depictions of historical matters and development which students in higher institutions will find very useful as they continue with advanced academic pursuits.

Seye devoted chapters twelve to nineteen to some of his past seminal speeches and presentations dealing with matters that affected our industry then, and maybe still do today. The presentations which cover diverse subject matters like securities merging trading, pension reform, mergers and acquisition and many more clearly depict his dynamic thought-leadership acumen. It is good that from those intellectual submissions, we can glean a piece of the author’s depth and his passion for excellence even at a younger age.

Another interesting portion in the book is chapter twenty, where the author wrote copiously about the Capital Market Roundtable (CMR), an intellectual think-tank arena, convened in August 2008 made up of diverse players in the Financial and Capital Market industry. This on-line roundtable was created by the author, Seye Adetunmbi, with the aim of allowing members to share ideas and conduct intellectual discussions on diverse subject-matters. Since 2008, when it was founded, the CMR has grown from strength to strength in membership and innovative ideas with many of the original participants now occupying executive corner-suites in their chosen endeavors and contributing their quotas to developing talents in the country. For full disclosure, I was one of the original signatories to the CMR charter thereby becoming a pioneer-member of the think-tank.

In summary, I will like to recommend this book to anyone who wishes to learn more about the Nigerian financial system and the evolution of institutions like banks, insurance companies, brokerage firms, asset and portfolio managers and so on. For investors who wish to know how to calculate the value of money and other concepts or learn other topics, like the growth of assets, discounting models and methodologies, the important theory of the time value of other instruments and the determination of yields, this book will help enhance your understanding of this and many other concepts. The book is also good for scholars who wish to do more research and pursue specializations in the academic arena. Seye Adetunmbi, the author, can still carve out many other financial topics for future research and writing, as he delved into so many subject-areas, some of which were not pursued vigorously, due to time and space.

All in all, this is a beautiful exercise in trying to mesh a lot of topics together in one book. As a prolific author of other subject matters, one can only hope that he will do a follow-up with another good book in not too distant future.

‘Tayo Shenbanjo MBA CLU CLTC, the reviewer, is a licensed financial advisor and a compliance practitioner based in the United States.