A peep into the life of prominent Nigerian banker, boardroom guru, Abdul Mutallab

Commander of the Order of the Niger (CON), business leader, banker, chartered and certified accountant and many more befit Dr Umaru Abdul Mutallab, a prominent Nigerian with many years of experience in development, commercial and merchant banking. Dr Mutallab, who served as a managing director/chief executive officer of the United Bank for Africa (UBA), was […]

Commander of the Order of the Niger (CON), business leader, banker, chartered and certified accountant and many more befit Dr Umaru Abdul Mutallab, a prominent Nigerian with many years of experience in development, commercial and merchant banking.

Dr Mutallab, who served as a managing director/chief executive officer of the United Bank for Africa (UBA), was also a chairman of the First Bank of Nigeria, as well as Jaiz Bank International.

He was the Minister of Economic Development in 1975 and that of Cooperatives and Supplies in 1976. He served as a member of Nigeria’s Federal Executive Council from 1975 to 1978.

He also served  on the Board of Directors of several companies, such as Nigeria Agip Oil, Arewa Textile Limited and the Nigerian Communications Commission.

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Early life and education

Umaru Mutallab was born on December 15, 1939. He attended Barewa College, Zaria; Achimota College, Accra, Ghana, and the South West London College, London. He also bagged an honorary doctorate degree from the Obafemi Awolowo University, Ile-Ife and Benue State University, Makurdi.

Mutallab is a faithful religious man but very cautious about extremism; hence he always welcomes people from other religious groups. Schooling in Barewa College alongside students from different parts of the country helped him develop the ability to relate with people of diverse cultures and beliefs.

The renowned banker is also a member of a group of Nigerian businessmen, civil servants, intellectuals and military officers from northern Nigeria called the Kaduna Mafia. He was a close associate of the mafia’s financier, Hamza Zayyad, who supported him in his profession as an accountant.

 

Journey to entrepreneurship

In December 1959,  Mutallab completed his Senior School Certificate Examination (SSCE) and began to work  as a clerk at Pannell, Fitzpatrick and Company, a well-known firm in Kaduna in January 1960.

He later travelled abroad to further his education and returned in 1968 when he was appointed the chief accountant of Nigeria’s Defence Industries Corporation. Given his position, Mutallab knew he had to put in greater efforts and hard work.

In 1971, he became the financial controller of the New Nigerian Development Company in Kaduna, and in 1975, he became the company’s general manager.

Between 1975 and 1978, Umaru Abdul Mutallab served as a minister under General Murtala Mohammed and General Olusegun Obasanjo. First, he served as Minister of Economic Development (1975), but he was relieved of the position after the 1976 military coup d’etat which led to the death of General Mohammed. However, he was later appointed the new Minister of Cooperatives and Supplies in 1976.

 

Rise in the banking industry

In 1978, Mutallab was made the executive vice chairman, managing director and chief executive officer of the United Bank for Africa (UBA), an office which he held until 1988.

From 1999 to 2009, he was the chairman of the First Bank of Nigeria Plc, Nigeria’s oldest and largest bank. His status of office spread all over, and in 2009, he became chairman of several companies, including Impresit Bakolori Plc and Spring Waters Nigeria Limited (SWAN).

Dr Mutallab put his money and influence to good use and later became a major shareholder in Barade Holdings and Barumark Investment and Development Company. He played a significant role in the introduction of Islamic banking and also occupied the position of chairman of Nigeria’s first Islamic bank, Jaiz Bank International Plc established in 2003.

Mutallab, who also holds one of the highest honours in Nigeria, CON, is also the chairman of the Business Support Group, one of the greatest supporters of the economic policies of the Federal Government of Nigeria.

 

Dr Mutallab today

Mutallab has made a steady, gradual impact on the corporate and political world. He showed patience and diligence, as well as diversity in his business approach, putting his funds in different spheres of the Nigerian economy, but not without having a network of associates and a pre-set strategy. His expertise and experience in accounting gave him an edge in finance management.

He retired over 25 years ago at the pinnacle of his banking career as the managing director and chief executive officer of the United Bank for Africa. He now oversees his private businesses and helps upcoming companies and young entrepreneurs find their feet with professional counselling.

Mutallab also served on the boards of several companies, including Arewa Textile Limited, NEPA, NACB, Nigeria Agip Oil and Nigeria Cement.