Damcida, Olashore: Departure of two great icons

I am referring to HRH Oba Oladele Olashore, CON.  The Aloko of Iloko-Ijesha and former Director of Banking Examination in the CBN and my good friend; Alhaji Ibrahim Damcida, former Federal Permanent Secretary in many ministries culminating as Federal Permanent Secretary in the Ministry of Finance.  Alhaji Ibrahim Damcida retired into several businesses and served […]

I am referring to HRH Oba Oladele Olashore, CON.  The Aloko of Iloko-Ijesha and former Director of Banking Examination in the CBN and my good friend; Alhaji Ibrahim Damcida, former Federal Permanent Secretary in many ministries culminating as Federal Permanent Secretary in the Ministry of Finance.  Alhaji Ibrahim Damcida retired into several businesses and served on the boards of a number of multinational companies among which was the Nigerian-American Merchant Bank Limited (NAMBL) of which he was Chairman.

Let me start with Ibrahim Damcida, a detribalized Nigerian whose path first crossed mine while we were students in the United Kingdom.  He and other distinguished Nigerians including   former Head of State, General Yakubu Gowon while he was a young military officer studying at Sandhurst, lived with us in the British Council Hostel on No. 1 Hans Crescent, Knightsbridge, London.  We all returned to Nigeria and as I said, Ibrahim held many top positions in the Federal Public Service.  He never forgot all of us who were his friends from student days.  He was one of the powerful civil servants and Permanent Secretaries who would go the extra mile to be of assistance to anyone particularly his compatriots, Nigerians from any part of the country.  He did so with such humility and sincerity that had remained indelible in the hearts of many of us.

I would with a sense of modesty acknowledge that I was one of these friends and others who were beneficiaries of the good nature of Ibrahim.  He retired into business and retained his affable and genial nature, his enthusiastic and calm cheerfulness.  He discussed Nigerian problems in a most objective and patriotic manner and was very knowledgeable in the nuances of governance, so much so that his advice was always sought after in difficult times in Nigeria.  He had so many close friends from outside his enclave of Biu and Maiduguri and particularly, in the old South-West and the Eastern parts as well as the remaining parts of the North.  He was indeed a true Nigerian.  All these earned him board appointments in his retirement in many multinational companies which were very proud and appreciative of his helpfulness and commitment.

To his eternal credit, I would never forget that during the consolidation in the banking industry; finding that the FCMB was close to making the required paid-up share capital of N25 billion, he personally approached me to come and take-over his own bank, Nigerian-American Merchant Bank Limited (NAMBL) because as he claimed, he had implicit trust in my integrity and professionalism.  He eventually joined us on the board of the enlarged the FCMB of which he remained until his death, a substantial shareholder.  He only retired as a director about a year ago in accordance with the CBN requirements.

Ibrahim and his dear wife, Alima were very close to me and my wife and would always be with us at Ijebu or in Lagos just as we tried to reciprocate.  I have lost a personal friend whose relationship I cherish so much and whose type of relationship with other compatriots this country needs badly.  My wife and my children join me in condoling his family especially Alima and their children.

I pray that Almighty Allah would grant his soul eternal rest.  Amin.

Oba Olashore on the other hand was a complete gentleman and a true friend who would go the extra mile to assist when he was in any exalted position.  He also had the common touch and was one of the earliest directors of a department in the Central Bank who will go to any length to be helpful within the confines of the regulations of the CBN.

My path ran into his when I had to handle the application for a licence for the establishment of the bank, Icon Limited (Merchant Bankers) while I was Company Secretary of the NIDB and Director in-charge of Icon Securities Limited during my years at the NIDB.  I believe at that time both the Banking Examination and Supervision Departments in CBN were merged.  I also believe that he was more or less the architect of the first regulations for the setting up of merchant banks in Nigeria.  I was the one who made a suggestion to my colleagues in the NIDB that we should convert the then Icon Securities Limited, a stock broking company which I was heading into a merchant bank.

Let me acknowledge that he readily agreed to let me pick his brain on a number of naughty issues and was particularly helpful to me, so much so that when the licence had been signed, he telephoned me to come personally and collect the licence on behalf of my employers.  This, among other experiences I had in dealing with him, encouraged me to apply for a banking licence for the FCMB when I was disenchanted with what was happening within the former Icon Limited (Merchant Bankers).

Needless to say that on this latter occasion, my friend Dele Olashore as I knew him then, with one of his assistants, Wole Oduyemi who later became a Deputy Governor in CBN, went to all possible lengths to encourage and assist me in this my pioneering effort of single-handedly applying for a banking licence, – a step I took which encouraged many other Nigerians to follow.  I will never forget the roles of Mr. Ola Vincent, Alhaji Otiti and the late Governor of the Central Bank, Alhaji Abdulkadir who made sure that in spite of human obstacles, the first wholly-owned Nigerian merchant bank was granted licence.

During the one year of grace to comply with all the conditions, my friend, Dele Olashore as he then was, had become the Chief Executive of what use to be called Afribank and he was extremely helpful in putting together the share capital of only N2 million in those days which was lodged in his bank.  Not long after, he became the Chief Executive Officer of First Bank and his support and encouragement for my young institution solidified our friendship.  Something that struck me very thoughtfully was his candidness, sincerity and humility.  Even though he was a sound technocrat, while in all these exalted positions, he went to all length to be helpful and was always frank and down to earth.  One remarkable instance of his humility that would ever stick in my heart was the way he acknowledged in his book, that when he had to leave First Bank, I came to his house in Ikoyi to offer him a position next to me in the fledgling FCMB.

Oba Olashore continued with this his unique dispositions up to his ascension of the throne of his fore-fathers at Iloko and we continued to be very close friends.  We used to joke with one another as to who was the bigger brother, and one day he just came to me to say that he had conceded that I was his elder brother, because I was one full year older than he was.  Among his peers and many Obas, Oba Olashore endeared himself to all and sundry and as I said earlier, he had a common touch, set up a public school named after him in his community but patronized from all over the country.  He also took landmark steps to develop his community.

I cannot within this short space of time say all that I would have liked to say, except to conclude that he was a devoted Christian, honest to a fault, candid and sincere in his disposition to all and sundry.  He lived a life of service and assistance to his fellow human beings.  He never allowed his exalted positions in life particularly at the CBN to run into his head or detach him from friends as long as he was acting within the confines of the regulations.  He never turned a blind eye to the future.  He was a true friend and indeed at my last birthday in March this year, he wrote me a beautiful letter reminiscing on our friendship and extolling my humble achievements in life in spite of daunting obstacles.

My wife and my children join me in wishing his soul a graceful repose in the bosom of God His maker. Amen.

Otunba Balogun is the Asiwaju of Ijebu Christians & Olori Omo-Oba Akile Ijebu.