As Managing Director of the Bank of Industry for the last five years, Olukayode Pitan has been focused on expanding and transforming Nigeria’s industrial sector through long-term financing and counter-cyclical loans across industries such as agro-processing, gender businesses and renewable energy.
It was under his leadership that the BOI exceeded N1 trillion in asset base.
The expertise he has brought to the BOI is a result of almost three decades of a vast career across Investment banking, structured finance and project finance, especially in the oil, gas and power sectors.
Education
He got a UAC scholarship and it took him through the University of Ibadan for his undergraduate studies. Pitan graduated in 1982 with a B.sc. (Hons.) degree in Economics. Another scholarship from Rotary International took him to the American Graduate School of International Management, Thunderbird Campus, Glendale, Arizona, where he obtained a Master’s degree in International Management.
Later in his career, he would take up the Senior Management programme at the Lagos Business School, and the Senior Executive Programme at the London Business School. He also took a course at the Haggai Institute in Singapore.
Foray into the banking sector
Olukayode Pitan worked briefly with Arthur Andersen between 1983 and 1984, after his first degree. His romance with the banking sector started as a Trade Officer with the Nigeria International Bank Limited (later Citibank Nigeria) in 1986. He then worked with Industrial Bank Limited, (Merchant Bankers) as the Head of the Trade Finance Division.
Pitan went on to work at the FSB International Bank Plc in 1996 and spent almost a decade there working in several capacities. In an interview, he would later state that the varied capacities he served in FSB stretched him into new skills and abilities. Indeed, each new position was a result of an excellent performance in the prior capacity. He served as AGM/Head of Middle Tier market and public sector, Group Head in charge of Corporate Banking, then led the Public Sector, Information Technology, and Energy Groups. He also served as Executive Director for the Corporate Banking and Markets division of the bank.
When he finally left FSB, he assumed the position of Managing Director/Chief Executive Officer at First Interstate Bank Plc in 2004. This was not long before the Consolidation exercise that would shake up the banking sector. Under the CBN Governor of Professor Chukwuma Charles Soludo, the banking industry would go through a thorough consolidation exercise, during which Pitan led First Interstate Bank into a merger with eight other banks to birth Unity Bank. He then served as the Executive Director of Corporate Banking and Treasury Management from January 2006 to February 2009 before he voluntarily retired.
He veered off the banking sector after his retirement and served as the MD/CEO of Caroline Properties Ltd, and Director of Excel E&P Ltd.
He would later join the Bank of Industry (BOI) as Managing Director/Chief Executive Officer, in a 5-year contract that commenced from May 2017. It was under his leadership that the BOI exceeded N1 trillion in asset base.
“For the first time in the history of the bank, we surpassed N1 trillion in asset base. The group’s profit was over N36 billion. For a bank that is owned basically by the government, it is a very good result,” Pitan had said at the bank’s annual General Meeting.
In recognition of this achievement, the International Bankers Magazine conferred BOI with the Best Development Bank Award.
In March 2022, Pitan was reappointed for another term of five years.
Other services within the financial sector
Olukayode Pitan has served on several boards including Kakawa Discount House Ltd as Alternative Director, Newdevco Investments & Securities co. Ltd as Director, Banque International Du Benin as Director.
Pitan’s versatile banking experience has seen him involved in many key innovations and transactions in the Nigerian Capital Market. He was Chairman of the Technical Committee that led to the merger of Centerpoint Securities Ltd and FIIST Ventures Ltd to form Unity Registrars Ltd, and then served as Chairman of the Unity Registrars Ltd. Again, Pitan was the Chairman of the Technical Committee that merged Kapital Insurance Plc, intercontinental Assurance Company Ltd and Global Commerce and General Assurance Co Ltd into UnityKapital lnsurance Co Plc and he also served as Director of the new entity.
He also served as the Chairman of the Technical Committee of the landmark transaction where nine banks were merged to form Unity Bank PLC and the listing of the new bank on the Nigerian Stock Exchange.
Pitan was the Technical Chairman that brokered the formation of FUG Pensions Ltd, pooling together the interests of Futureview Financial Services Ltd, Unity Bank Plc and Glanvill Enthoven & Co Ltd to form a viable and significant player in the Pensions management industry. He subsequently took up the position of Chairman of FUG Pensions Ltd.
Other commitments
Outside the banking and financial sectors, Pitan serves as Chairman of Habitation of Hope, an NGO set up by Pastor (Mrs) Folu Adeboye to salvage, transform and empower the abandoned, hopeless and homeless street boys and girls living in Nigeria.
