Ola Vincent
Encyclopedia
Ola Vincent is a Nigeria
n economist and banker who was Governor of the Central Bank of Nigeria
between 1977 and 1982.
. He attended CMS Grammer 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
.
(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.
(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 recently appointed 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.
Nigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
n economist and banker who was Governor of the Central Bank of Nigeria
Central Bank of Nigeria
The Central Bank of Nigeria was established by the CBN Act of 1958 and commenced operations on July 1, 1959.The major regulatory objectives of the bank as stated in the CBN act of 1958 is to: issue legal tender, maintain the external reserves of the country, promote monetary stability and a sound...
between 1977 and 1982.
Birth and education
Vincent was born on 16 May 1925 in LagosLagos
Lagos is a port and the most populous conurbation in Nigeria. With a population of 7,937,932, it is currently the third most populous city in Africa after Cairo and Kinshasa, and currently estimated to be the second fastest growing city in Africa...
. He attended CMS Grammer 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
University of Manchester
The University of Manchester is a public research university located in Manchester, United Kingdom. It is a "red brick" university and a member of the Russell Group of research-intensive British universities and the N8 Group...
. From 1957 to 1960 he was a part-time lecturer in Economics at the University of Ibadan
University of Ibadan
The University of Ibadan is the oldest Nigerian university, and is located five miles from the centre of the major city of Ibadan in Western Nigeria...
.
Banking career
Vincent was Senior Assistant Secretary in the Nigerian Ministry of FinanceNigerian Ministry of Finance
The Nigerian Ministry of Finance is the government body that manages the finances of the Federal Government of Nigeria, including managing, controlling and monitoring federal revenues and expenditures.-Services:...
(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
African Development Bank
The African Development Bank Group is a development bank established in 1964 with the intention of promoting economic and social development in Africa...
, Abidjan
Abidjan
Abidjan is the economic and former official capital of Côte d'Ivoire, while the current capital is Yamoussoukro. it was the largest city in the nation and the third-largest French-speaking city in the world, after Paris, and Kinshasa but before Montreal...
, Côte d'Ivoire
Côte d'Ivoire
The Republic of Côte d'Ivoire or Ivory Coast is a country in West Africa. It has an area of , and borders the countries Liberia, Guinea, Mali, Burkina Faso and Ghana; its southern boundary is along the Gulf of Guinea. The country's population was 15,366,672 in 1998 and was estimated to be...
(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 CorporationNigeria Deposit Insurance Corporation
The Nigeria Deposit Insurance Corporation was established on 15 June 1988 to strengthen the safety net for the newly liberalized banking sector, following the recommendation of former Central Bank of Nigeria governor Ola Vincent...
(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
Lagos
Lagos is a port and the most populous conurbation in Nigeria. With a population of 7,937,932, it is currently the third most populous city in Africa after Cairo and Kinshasa, and currently estimated to be the second fastest growing city in Africa...
with Adenike, his wife for 50 years.
In an interview in September 2009, Vincent was critical of the action of the recently appointed governor of the CBN, Sanusi Lamido Sanusi
Sanusi Lamido Sanusi
Mallam Sanusi Lamido Sanusi was appointed Governor of the Central Bank of Nigeria on 3 June 2009.He is a career banker and ranking Fulani nobleman, and also serves as a respected Islamic scholar....
, 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
Economic and Financial Crimes Commission
The Economic and Financial Crimes Commission is a Nigerian law enforcement agency that investigates financial crimes such as advance fee fraud and money laundering...
may have undermined trust in the banking system.