Economic Confidential, November  2008

PROFILE

REMI BABALOLA: Another Young Go-getter

By Labaran Saleh

When Remi Babalola, an accomplished banker was announced as Minister of State in the Federal Ministry of Finance and being among the young men in the cabinet, he saw the appointment as an opportunity to learn the political dynamism of public finance at higher level and to further contribute towards economic development of the country. In an effort to succeed in the onerous task, he made sure he had mutual and cordial relationship with the more experienced senior colleague in the person of Minister of Finance, Dr. Shamsudeen Usman who was also a former chief executive of a bank and Deputy Governor of Central Bank of Nigeria.

He counts so much on the guidance and support of Dr. Shamsudeen that their healthy working relationship kept the ministry away from embarrassing infighting as witnessed in other ministries between senior and junior ministers.  Apart from performing their duties to the admiration of economic stakeholders, they are held in high esteem for their conduct in office.

After they were sworn into office, Babalola and Shamsudeen were amongst the few ministers that publicly declared their assets. It did not come as a surprise to observers that they were not affected in the recent cabinet reshuffle. Presently apart from being the Finance Minister of State, Babalola is also saddled with the responsibility of overseeing the Ministry of Federal Capital Territory, Abuja.

On assumption of office in 2007, one of his responsibility is to oversee the monthly Federation Account Allocation Committee (FAAC), as Minister of State, Babalola sought the understanding of the stakeholders and urged them to always give constructive criticisms that could assist him in discharging his statutory responsibilities. The membership of the FAAC includes all states commissioners of Finance, Accountants General of the Federation and states, representatives of Revenue Mobilisation Allocation and Fiscal Commission, Nigeria National Petroleum Corporation, Central Bank of Nigeria, Federal Inland Revenue Service, Nigeria Customs Service and Nigeria Military Pension amongst other stakeholders in revenue generation and sharing in the federation.

Before coming to public office, Babalola was Executive Director First Bank of Nigeria Plc. He had been a Deputy General Manager (DGM) and Divisional Head of Corporate Planning & Group Coordination of the bank. He is an expert in organisational renewal, value creation and leadership effectiveness. He had also worked as a General Manager with Zenith Bank Plc before joining FirstBank in 2001.  He was once the Financial Controller and Chief Strategist of Zenith Bank. His previous job experiences include a four-year stay with Arthur Andersen where he was responsible for Auditing, Consulting, Training and Development assignments in the Banking and Finance Group. He had a stint with PriceWaterhouse for 1½ years.

His in-depth knowledge and proven achievement in Corporate Strategy, Local and International Banking Operations, Trade Finance, Relationship Management and Credit Analysis are not in doubt with a personality trait that exudes broad mindedness that combine with a proactive, resilient approach and diplomacy in handling sensitive issues. He is of impeccable character, a man of excellent carriage, wide social and business network, assertive leadership and maturity. He is known to possess the penchant for entrepreneurship, exemplary customer focus with genuine commitment to diversity and social responsibility.

Babalola was born on 8th September, 1964 in Oyo State. After his elementary schools, he attended Prospect High School, Ibadan (1975 - 1980), Oyo State College of Arts & Science (1980 - 1982), University Of Ibadan (1982 - 1986), University Of Lagos (1991 - 1993), and had his professional qualification from Institute of Chartered Accountants of Nigeria (1987 - 1990).

Some of the certificates he obtained in the process include: W.A.S.C. 1980 (Grade One), CAMBRIDGE "A/L Exams." 1982, H.S.C. 1982 and B.Sc. Agric Economics with a Second Class Upper Division in 1986.

In his zeal to acquire the best of trainings towards becoming a finance and political leader, he attended some capacity building programmes at home and abroad. Some of the courses he attended are: West African Basic Accounting Course, Lagos (1988); Firmwide Audit Staff Training School, Segovia, Spain (1989); Audit Senior Training School, Professional Education Centre, Arthur Andersen & Co., Eindhoven, Netherlands (1990); Senior Management Course, Citibank, Nairobi, Kenya (1993); Total Quality Management, Lagos Business School (1995); Advanced Credit Analysis Course, Agusto & Co. (1996); Competitive Strategy Programme, Insead, Fontainebleau, France (2003); Leading Change & Organisational Renewal, Stanford Graduate School of Business, USA (2003); Implementing Strategy, Wharton Business School, USA ( 2004); Developing Strategy for Value Creation, London Business School, UK ( 2004); Making Corporate Boards more Effective, Harvard Business School (2007);

A professional by all standard, Remi Babalola is a Member, Institute of Directors of Nigeria; Honorary Member, Chartered Institute of Bankers of Nigeria; Associate Member, The Chartered Institute of Taxation Of Nigeria; Associate Member, Nigerian Institute of Management; Fellow, Institute of Chartered Accountants of Nigeria; member of Commonwealth Business Council  and that of World Economic Forum and IMF/WorldBank Programme of Seminars. 

In the course of academic pursuits and working career, Babalola received several awards. He was recipient of Best Second-Year Student Award in Agric Economics – 1984, ZARD scholarship- 1985, NYSC merit award – 1987, ICAN Exam - first overall best student in order of merit, November 1988, Chief Executive Award in Zenith International Bank limited, Lagos State University Excellent award by SOSSA and Senior Member, Chartered Institute of Bankers of Nigeria.

Remi who hails from Ibadan, Oyo State is married with children.