THE FIRST COMMUNITY BANK IN LAGOS ISLAND
By, Seye Adetunmbi
This article was first published under the title of 3i Community Bank: A Salute to Alhaja Abibatu Mogaji on 16/6/13 and it was published in The Nation newspaper.
My second major assignment in the early days as a Corporate Finance Manager and a Stockbroker was to float one of the earliest Community Banks in Nigeria.
IBB had just announced the community bank scheme in 1990 and Silver Financial Services, a dealing member of the Nigerian Stock Exchange was on the 7th Floor of LSDPC House in the center of commercial activities in Lagos Island. The vision came to High Chief Luyi Rotimi, Chairman/CEO of Silver Financial Services that we should promote a Community Bank for Lagos Island. Our location and target catchment area informed the 3i Community Bank, a name which was given the company. 3i evolved from the first 3 alphabets of Idumota, Idumagbo and Isale-Eko. With all humility, I pursued the project in my usual style of seeing through anything honorable not knowing I was going to eventually marry from Ashogbon Chieftaincy family of Isale-Eko.
Community Development Association is a major requirement of the Central Bank of Nigeria for every promoter of a Community Bank. Thus, in the course of seeing the project through, it was imperative to carry along some indigenes. Consequently, I met one Alhaji Giwa in the heart of Idumota. Yet, to make a considerable progress we needed more natives of note who can take ownership by way of equity participation and subscribe to the share capital. I mentioned the challenge in the presence of my friend, Abi Adigun who was the Deputy Treasurer of Mobil PLC (now ExxonMobil) when they were still in the Bookshop House on Broad Street, Lagos. Abi then said: "Caucus (my nick name); my senior colleague, Bola Ahmed Tinubu (BAT), his mother was the Iyaloja of Lagos"! "With her on your side, take your project as done". Abi who later succeeded BAT as the Treasurer of Mobil, said.
Meanwhile, most of the time I visited Abi in the office, I saw BAT. Of course, Abi mentioned it to his boss who readily supported the project. Egbon BAT arranged for me to meet Alhaja Abibatu Mogaji and Mama naturally became part of the project. Thereafter, raising the N250,000 minimum capital required then to obtain the community banking license became a walk-over. Alhaja Mogaji became the founding Chairman of the board and a daughter of mama, Abiodun that was nominated by their group served on the board too.
What first struck me about Mama Abibatu was her sense of duty at old age in her 70s then. She came to our LSDPC building a few times that we needed to consolidate as a board on the establishment plans of the 3i Community Bank. I was particularly grateful to her because she made my job easy.
Most of the things that would have constituted a stumbling block for us to see the project through were simply levelled with Alhaja behind the project. It was amazing! Prince Demola Adeniji Adele was the Lagos Island City Hall Chairman then, he finally got us a take-off point in Odo Alagbafo area of Lagos Island.
Seye Adetunmbi at his desk as Deputy Manager Corporate Finance in 1990 on the 7th floor of LSDPC House, Lagos
The formal commissioning was well celebrated to the glory of God as the first Community Bank in Lagos. The success of it eventually led me to meeting Prince Adeyanju Olateru-Olagbegi onetime Chairman of Owena Bank PLC and Sir Rufus Giwa, the CEO of Lever Brothers PLC who both sought my assistance as a consultant in the floating of Owo and Oke-Agbe Community Banks respectively, in 1991. I was glad to help out on the Owo and Oke-Agbe projects in gratis.
I must also mention a special bond between Alhaja Abibatu Mogaji and BAT during my brief encounter with the highly respected old woman. She would tell you that Bola has advised her on the matter you brought before her. This I found very interesting. I'm always fascinated when I see hard working elderly people with little or no formal education, yet they stand out in a typical Nigerian setting. I'm not surprised that Asiwaju Bola Tinubu achieved so much against all odds, when I remember that he is a product of an amazon, a distinguished grass root woman of substance and perhaps one of the greatest women who made their marks in the affairs of Lagos after the unequaled Madam Tinubu of Lagos that the Tinubu Square was named after.
It was first published in The Nation newspaper in 2013 http://thenationonlineng.net/alhaja-abibatu-mogaji-in-a-class-of-her-own/
