A Yoruba proverb states that ‘Iwa l’oba awure’. This roughly translates to ‘Good character is the harbinger of good fortune’. According to the inimitable Professor Mosobalaje Oyawoye (1927 to 2023), the first Professor of Geology in Africa, ‘if your creator loves you, He would do two things for you. First, he would give you good character. Second, he would surround you with good people’.
Dr. Deji Adeleke, is the proprietor and Pro-Chancellor and Chairman of the Governing Council of Adeleke University Ede, a serial entrepreneur, philanthropist and successful business man. A scion of the Adeleke dynasty of Ede, in Osun State and the proud father of Davido, the musician.
He gave his Pro-Chancellor’s address on Sunday 21st July 2024 as part of the activities for the 10th Undergraduate and 6th Postgraduate Convocation of his highly regarded private University. The event held at University’s newly commissioned ultra modern Aderemi Sanni Library, reputed to be one of the best in Nigeria today.
A major highlight of his speech was how he narrated his life experience in order to inspire the graduating students; it was a moving story of how his humility has worked for him while climbing the corporate ladder.
The incident took place in the 1980s when the then Federal Military Government decided to allow private individuals to own banks. Dr Deji Adeleke was under 30 years of age at the time and he was the Chairman and promoter of a bank. Other applicants for banking licences solicited the endorsement of military top brass but not Adeleke.
He and his elder brother the late notable politician and first civilian Governor of Osun State, Senator Isiaka Adetunji Adeleke (1955 to 2017) of blessed memory had gone to the Central Bank of Nigeria (CBN) for interview as part of the processing of their banking licence. The appointment was slated for 10 am on the fateful day. They were there on time but it turned out their hosts at the CBN had a very hectic schedule that day which resulted in a protracted delay in the commencement of the exercise. The first group was only called in at about 4:30 pm. That group spent barely 10 minutes with the CBN Officials before they came out.
It was then the turn of the Adelekes as promoters of Pacific Merchant Bank. Although they had been waiting for nearly seven hours on that day they did not betray any emotions. Rather as soon as they entered the hallowed chambers of the interview panel, they prostrated before the panel in the true Omoluwabi tradition. The panel must have been disarmed and enamoured with this level of humility. The panel’s main problem was with youthful age of the bank’s promoter. The panel insinuated that the patriarch of the Adeleke family (Deji and Isiaka Adeleke’s father) must have been the authentic Chairman while using his beloved sons as fronts. As their family strict upbringing would not allow them to tell lies that the youthful Deji was the Chairman they simply kept mute to the allegation.
The CBN panel was highly impressed and strongly enamoured with the upwardly mobile young professionals and went ahead to recommend approval of a license for the new bank.
The next hurdle in the approval process was at the level of the Federal Ministry of Finance. There again the Adelekes decided to make friends with both the low level and senior/management staff of the Ministry including but not limited to having lunch with them in cheap restaurants. Those concerned made the banking application by the Adelekes their pet project and the relevant officials promised to support their application without any request for bribe.
There was a lull before the application was eventually passed on to the ruling Supreme Military Council (SMC) for consideration and final approval. The destiny helpers of the Adelekes bidded their time until an auspicious occasion. If such a banking licence application failed once there was no second chance of re-applying.
At an opportuned time the application was sent to the SMC under the Military President General Ibrahim Badamosi Babangida. And so it was that Pacific Merchant Bank was approved. The humility and patience of Dr. Deji Adeleke has finally paid off. The rest, as they say, is history.
-Professor Idowu Olayinka is a former Vice-Chancellor of the University of Ibadan
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