Samuel Oyewole Asabia (1931–1993) was a Nigerian economist, administrator and banker who was permanent secretary Western Region Ministry of Finance from 1966 to 1970. He later became the first indigenous chief executive and managing director of

First Bank of Nigeria First Bank of Nigeria Limited is a Nigerian multinational bank and financial services company in Lagos, Nigeria. It is the premier bank in West Africa. The First Bank of Nigeria Limited operates as a parent company, with the subsidiaries 'FBN Ba ...

in 1975. Asabia was head of a few organizations and committees that brought him into prominence. Between 1970 and 1975, he was deputy governor of the

Central Bank of Nigeria The Central Bank of Nigeria (CBN) is the central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on 1 July 1959. The major regulatory objectives of the bank as stated in the CBN Act are ...

and also chairman of the Securities Issues Commission which later became

Securities Exchange Commission The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market ...

. Between 1975 and 1981, he was president of the

Nigerian Stock Exchange The Nigerian Stock Exchange (NSE) now Nigerian Exchange Group is a Nigerian stock exchange founded in 1961 in Lagos. As of November 2019, it has a total of 161 listed companies, with 8 domestic companies on the premium board, 144 companies on the ...

and in 1983, he was vice president of the Nigerian Economic Society. Asabia was the founding chief executive officer of First Interstate Merchant bank (now part of Unity Bank of Nigeria) and he was founding chairman of Banque Internationale du Benin in 1989.

Life

Asabia was born in

Idoani Idoani is a quiet small town in Ondo State of Nigeria where the Federal Government College, Idoani, is located. It is the seat of the Idoani Confederacy, a Nigerian traditional state. Idoani is under the Ose local government in Ondo state. T ...

, his father was a deacon in his church and held the chieftaincy title of Olisa of Idoani. Asabia was educated at Christ School, Ado Ekiti and obtained undergraduate education at

University of Exeter The University of Exeter is a public university , public research university in Exeter, Devon, England, United Kingdom. Its predecessor institutions, St Luke's College, Exeter School of Science, Exeter School of Art, and the Camborne School of Min ...

finishing with a degree in economics. Upon his return to Nigeria, he worked in the colonial administrative service starting in 1954 and rising to become an assistant district officer in 1958. Between 1958 and 1961, he worked in the Western regional Ministry of Finance and later the premier's cabinet office. He was appointed the permanent secretary of the regional ministry of Lands, Housing and Home Affairs in 1962. Thereafter, Asabia continued to rise through the ranks within the administrative service. He transferred his service to the regional Ministry of Finance in 1966 as permanent secretary. In 1970, he was appointed deputy governor of the Central Bank of Nigeria. Asabia later assumed the executive leadership position at First Bank following the government's acquisition of majority interest from

Standard Chartered Bank Standard Chartered plc is a multinational bank with operations in consumer, corporate and institutional banking, and treasury services. Despite being headquartered in the United Kingdom, it does not conduct retail banking in the UK, and around ...

. Administrative activities during his tenure included recruitment and training of college graduates to replace the expatriate staff and construction of new head office in Marina, Lagos. Part of the reason for the government's takeover of Standard Bank's interest was to expand banking and credit facilities to more Nigerians and First Bank was asked to expand branches in the rural areas.

References

{{DEFAULTSORT:Asabia, Samuel Nigerian economists Nigerian bankers Yoruba bankers 1931 births 1993 deaths People from Ondo State Christ's School, Ado Ekiti alumni Alumni of the University of Exeter Nigerian Permanent Secretaries 20th-century Nigerian businesspeople Nigerian corporate directors Central bankers