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LAGOS Deputy Governor, FEMI PEDRO
The name Otunba Femi Pedro needs no introduction. Many will remember him as that good looking, glittering ebony complexioned gentleman who was deputy governor of Lagos State alongside Asiwaju Bola Ahmed Tinubu who was governor at the time. He was always dressed in his signature impeccably white traditional outfits and at other times, he was dressed in suit which often sat well on him. Lagosians will remember his brilliance and the fact he complemented his then boss, Asiwaju, pretty well, though he did not do two full terms with him. He was deputy governor from 2003 to 2007 and he and the President, Bola Ahmed Tinubu, have maintained a very close relationship eversince. He has gone on to take up appointments such as the chairman of the APC Registration Exercise Committee in February 2014 in Ondo State. In 2018, he was appointed the pioneer chairman of the Lagos Sports Trust Fund and in same 2018, he was appointed by former President Muhammadu Buhari as the chairman of the Small and Medium Enterprise Agency of Nigeria (SMEDAN).
As a banker, Femi Pedro was hugely successful. He had a brilliant career with imppeccable accomplishments. Otunba Femi Pedro started his banking career in 1982 when he joined the Central Bank of Nigeria (CBN). He rose to the post of assistant manager in 1985, and became a research economist. In 1986, he was admitted as an associate of the Chartered Institute of Bankers, London, United Kingdom. He worked at First City Merchant Bank (now First City Monument Bank) afterwards in 1988, where he became the executive assistant to the bank’s chairman and chief executive officer (CEO). He became the deputy manager and head of corporate planning in the same year.
Pedro became one of the first investors in Guaranty Trust Bank with Fola Adeola, Tayo Aderinokun, Gbolahan Osibodu, Femi Akingbe, and Akin Opeodu. He later took up a senior managerial role at its inception in 1990, and was responsible for opening a multitude of its branches across the southern and northern parts of Nigeria. He served in various capacities at the bank until 1997, when he voluntarily retired. On the eve of his retirement, he was admitted to the fellowship of Chartered Institute of Bankers of Nigeria (CIBN).[2]
In January 1998, Pedro ventured into private business as the chairman of Agro-Corp Ventures Limited, a commodity processing company. The same year (Nov 1998), he was appointed managing director and CEO of Comet Merchant Bank (now FinBank, following the acquisition of the bank by a consortium of investors including himself).
But the big news here is that Otunba Femi Fedro will soon turn 70 in a matter of months from now. He disclosed this to City People’s Senior Editor, WALE LAWAL (08037209290) when he revealed that he is already 69 years old and is only a year shy of his 70th birthday. This came as a shock because not many know that Otunba Femi Pedro is that far gone in age. He does not look anything near his age. His good look, tall and slim figure, no pot belly and glittering ebony complexion make it completely impossible for those who do not know him closely to place his age as anything near 70. He still looks more like a man just about clocking 60 than a man approaching 70. Many of the people we have spoken to find it hard to believe that the distinguished and young looking Otunba Femi Pedro will actually clock 70 soon.
And despite his age and accomplishments in life, he has remained young at heart. He has remained humble and grateful to God. He enjoys the company of his close friends and plays golf as regularly as he possibly can to stay young and fit. At the 70th birthday party of top society lady, Joko Oni, Otunba Femi Pedro had a brief chat with WALE LAWAL and shared with us the secret of his young and boyish look. Here are excerpts.
What do you think about the choice of the President’s ministers, would you say the right people have been appointed to run the government with him and square pegs put in square holes?
I trust the president’s judgement. If he chose somebody as minister, he must’ve seen something valuable in that person to contribute to the economy and the social system in Nigeria. So, I have no qualms about that at all, the ministers will deliver and anyone that fails to meet expectations will be dropped.
Sir, we are just a few days away from the new year, what advice do you have for Nigerians who are eagerly waiting to see the economy turn around in 2024?
Just like I said before, they should be patient. I’m not saying that from the January of the new year 2024 things will start turning around, no, it could take a while, like a few months into the year before we begin to see these changes. It will be gradual. If we have the perseverance, doggedness, patience and determination that we are going to stay with this president, it will come. I’m not going to predict that it will come in January or in February, but I tell you that before we get to December 2024, we will start seeing the changes manifesting in our lives.
President Tinubu will open the Nigerian economy up. The market will be opened. Investors will eventually come in. Dollars will flow back into the country and the rate will stabilize. The economy will be market driven and people will be able to do their legitimate businesses and if the business thrives, they will make good money. That is the Nigeria of my own dream. That industries will come and flourish. People will set up companies to manufacture shoes, clothings, sunglasses, food items, and many others. And they are coming now. Yes, you have read about Glaxo leaving the country and Smithkline leaving the country, but you don’t know that there are Indians and Lebanese companies on ground, manufacturing. They are assembling and manufacturing electronics, building materials, tiles and things like that. Go along the Lagos -Ibadan road and you will see many of them there. In other parts of the country, they’re already coming back. It’s just a matter of time. And what they are looking for is stability in our currency, taming inflation. And this is what President Tinubu has targeted. That’s why he removed the subsidy on foreign exchange, subsidy on petroleum products, because he wants a market driven economy. Subsidy will come, but through other sources that will go directly to the pockets of the poor. The former subsidy we had on petroleum products was making a lot of people richer and impoverishing the rest of us. But in this new regime, subsidy goes directly to those who need it, that’s the way President Tinubu has planned it. So, that’s my advice to the young people.
Before I leave you to enjoy the rest of the party, sir, there is this question I had been hoping to ask you once I get the opportunity. How come you are always looking ever so young? Ever since I knew you when you were deputy governor of Lagos state, you’re looking barely different from the way you looked back then, so much so that it’s almost impossible to guess your age correctly. How have you been able to remain young looking after all these years?
Well, we thank God. I don’t think my age is a secret, it is like open book, I am 69 years old…
Oh, wow! That’s hard to believe, sir. So, you’re just a year shy of 70 years?
(Smiles) Yes, I am just a year shy of 70. The only thing I can say, seriously, is that I live a peaceful life, I do not stress myself. I exercise a lot, I play my golf regularly. I eat well and I don’t overdo anything and I have peace of mind. I am not owing anybody anything. Believe me, that is the only thing I can say. Apart from the things I just told you, I don’t know what else is responsible, but I can tell you that as I’m sitting down here, I have no worries. I’m owing nobody. I’m not carrying any financial debt, I’m not chasing anything. I’m not chasing money, I’m not chasing any job. And I have a good family, my wife, my children, my grandchildren, they make me happy. So, when you live a like that, I don’t see why you will not look well. So, my advice to you, is that don’t chase money too much because you’re not going to leave this world with it, when you leave this world, you leave alone and leave all your money behind. We should be content with what we have. Just take things easy and you will be okay.
Last word, sir, you were an accomplished politician who came into politics and served the people at the very top level, how have you been able to remain relevant in the scheme of things despite having left office over two decades ago?
Yeah, I have a hybrid life. I’m a politician, I’m also a technocrat. I’m a mentor of entrepreneurs. I just wrote a book called the Formular For Wealth, which I give to young people to help them develop their life of entrepreneurship. So, I support people who are in business. I advise them, I counsel them and I’m still very much into politics. That’s how I keep myself engaged and active. I’m a director of many companies and I just finished serving the federal government as the chairman of SMEDAN (Small and Medium Enterprise Agency of Nigeria, I am fully engaged. I’m a fellow of the Chartered Institute of Arbitration. I do arbitration. So, I keep myself busy as much as possible, keep my brain active and I keep moving on.
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