Idowu Ogedengbe became the Group Head, Investor Relations at UBA Plc two months ago, taking over from David Ellis, the former IR manager. Last week, he resigned his employment and Proshare NI met with him to discuss on the exit, Investor Relations at UBA Plc and his next steps.
Proshare: Welcome to a new year! After pulling off a disappearing act from the Investor Relations desk at UBA, what happened?
IO: Happy New year to you and our investors at UBA Plc. Since my resignation as the Group Head, Investor Relations, UBA Plc, effective December 31, 2009, I have received several calls from colleagues, friends, well wishers and stakeholders particularly from the investing public, seeking to understand the reason for my decision to leave UBA at this time. I can appreciate the interest being shown particularly when one considers the recent events within the Banking Industry.
Proshare: If you were not affected by the putsch, why move at such a defining moment in the banking industry?
IO: Let me state unequivocally that I left UBA Plc. on good terms and still maintain good relations with the organization, who has done well to prepare me for the choices open to me. Indeed my stint as the head, Investor Relations was for a period closing in on two months. I have however served the institution for up to three years in various capacities. Recall that I joined UBA Global Markets in December 2006, where I was at different times Head of Research and Equity Trader. I was subsequently redeployed to UBA North Bank in 2009 to manage the Bank’s relationships with MDAs under the Energy and Power Sector, where I believe I did credibly well despite my Investment Banking background.
Proshare: What informed your decision?
IO: Frankly, it was a personal decision, the timing of which was clarified by the recent developments in the industry you referred to earlier. As a value based professional, I believe there is no better time to join other stakeholders in the financial service industry in the ongoing effort towards rebuilding its image and providing a more virile platform for the emergence of an Industry we can all be proud of.
Proshare: What happens to the UBA Plc Investor Relations Function?
IO: In capable hands. The organisation has the resources to ensure that investors are given the best attention and focus. I expect that there would be a seamless transition for the bank. The bank would be announcing a requisite replacement to ensure that investors are well taken care of.
Proshare: What is your take on the recent developments in the industry?
IO: A significant shift has occurred, the lessons of which are still being written and it is my hope that we shall all live to see the evolution of the financial markets of our dream in Nigeria. While it is true that economic activities have slowed as banks curtail lending to business units, I think the benefit to be derived from the recent CBN reform should compensate all stakeholders in the industry in the long run.
Proshare: We wish you all the best in your future endeavours.
IO: Thank you.