The Lunch Hour

The Lunch Hour, Odiri Oginni, CEO- United Capital Asset Management Limited 

Odiri Oginni is the Chief Executive Officer of United Capital Asset Management.  She started her career as an auditor with the financial services team at Deloitte from where she moved into the financial services industry. She was for five years, CFO of UBA Global Markets, a boutique investment bank. She was appointed CEO of United Capital Asset Management in January 2019. She has grown the asset under management in the mutual funds side of the business from N7bn to over N200bn, thereby positioning the firm as the third largest mutual funds manager in Nigeria. Odiri made a First Class in Accounting at Babcock University. She is a CFA Charter Holder and has an MBA from Strayer University. She is a candidate for the Doctor of Business Administration degree at the Lagos Business School.

“The job of a leader is to create a balance, squeeze the lemon now while also planning for creating long-term value”. 

University, Science or Arts?

In secondary school I really liked subjects that had to do with numbers. I was in the commercial class but I was beating the science students in Maths and Further Maths. But I did not like science subjects at all. I lovedBusiness Studies and Commerce.  So, deciding to study Accounting was the natural course of action so to speak. I finished with a First Class at Babcock University. My dad studied Computer Science in the university but qualified as a Chartered Accountant. This was also an influence. He started his career at the Central Bank of Nigeria. He later joined KPMG where he had to work with a lot of accountants. At some point, he thought to himself, “why don’t I just write ICAN so I can understand what these guys are really doing?”. He moved to an oil company as Head of Information Technology. I think the understanding of finance and management helped him in his career as an IT professional. I have not regretted my choice. I really enjoy analysing figures and reading financial statements.

So what is the biggest lesson you left the University with? 

Adaptability, being able to adapt in any environment I find myself in. Babcock University was an interesting experience. The university belongs to the Seven Day Adventists. It was the first time I really knew that there were Christians that go to church on Saturday. I think the discipline helped us just focus on our studies. There were rules that you had to follow and there was a lot of monitoring. People used to refer to Babcock as a “glorified secondary school” but I grew to really love the environment. But I also sometimes thought to myself at some point, “How do I survive in the real world?”.

Are there any teachers you remember?

Yes. I remember Mr. Tolu Adeleke vividly. He taught us Financial Accounting. He is now a Partner in PwC. He stood out because he was a very driven young lecturer. He used to travel from Lagos to teach us. He was very enthusiastic about the subject and had a way of explaining things in a very simple way.  He inspired me to also want to combine working in the corporate world with teaching. I am studying for a doctorate degree at the Lagos Business School. I will be open to opportunities to lecture when I finish. For now, I teach some courses as part of the tuition programmes and intensive review sessions organised by the CFA Society 

Who was a bigger influence on you, Mom or Dad?

Both of them. My mom was a very hard-working teacher who retired after thirty-five years of service.  She taught in government schools in Lagos state and retired as a Vice Principal. I got my reading habit from her; mum really loves books. My dad encouraged me to excel in academics. I recall he would visit while I was at university and always remind me that the minimum acceptable grade was a second class upper. I always wanted to tell him I had the grades to make a first class. He reminds me every time now about my promise to get a doctorate degree. My dad has always shown interest in my career growth. I really appreciate my parents for making me the woman I am today.

When did you leave home for good and what is the biggest lesson you took with you?

I left home for good when I got married at 24. But I had left to go to boarding house in Delta State at the age of 11. I developed a spirit of independence very early in life. I think I have a very strong will and fixed principles. My home environment tolerated and even nurtured these character traits. They have stayed with me and served me well. My father believes marriage and having children should not make a woman relax and become less focused on pursuing her goals. He actively has reminded me to keep chasing my dreams.

What is the biggest thing you learnt from your first job?

I started my career at Deloitte. I learnt to grab opportunities with both hands and make the best of them.  After three months at the firm, they gave me the opportunity to lead an engagement. This sort of opportunity is usually given to people who have spent two or three years at the firm. I was considered probably because I came in as a Chartered Accountant. I rose to the challenge. The learning for me was that even when you may feel you are not quite qualified or that you lack the required experience, if an opportunity comes your way, brace up and make the best of it. If you put all your heart in it, you will deliver. This attitude has helped me through my career. Most times,  I am not yet qualified for an opportunity before I get that opportunity. It has helped me to grow faster.

Your best boss ever?

Sunny Anene. Besides being my boss, he has also been a mentor. I also call him a sponsor. He would say in meetings that I did not attend, “if I have two Odiri in my team, I am fine.”

This  gave me visibility which positioned me for new opportunities. It made people feel, “Odiri can do it”. This is what I think being a good boss should be about- someone who pushes you to deliver but that also appreciates the good work and effort when you do.

Also Read: The Lunch Hour – Andrew Alli, CEO & Partner at Southbridge Group

What are the two things you have learnt in your career that are not taught on MBA programmes?

Interesting.  Visibility is important. I had this mindset that “your work will speak for you” until someone told me that “your work does not have a mouth”. You do not have to brag, but you have to be able to showcase youraccomplishments, the value you are adding, what you are capable of. It might take a very long time for “your work to speak for you”. But maybe when you enlist your mouth, you shorten the time frame. So the need forvisibility is one of the things I have learnt in the course of my career. I have also learnt the importance of having a sponsor, not a mentor.  Someone who advocates for you behind closed doors, who makes other senior executives, including board members, appreciate your talents and the good work you are doing.  Being capable, being very focused and being good at what you do is very important. But using any opportunity you have to speak for yourself and perhaps more importantly, having the opportunity for somebody to speak for you is also very important

Also Read: The Lunch Hour – Fola Fagbule, Senior Vice President, Africa Finance Corporation

What are the things you prize the most when you are hiring?

Attitude matters a great deal. More than what you know. The best candidates are those who have the attitude to learn and the attitude to invest in themselves. They are teachable. You can tell a lot by looking at CVs. If you send out a CV that shows you graduated 20 years ago and it’s only a BSc that you have, your CV communicates that you are not someone who wants to invest in or develop himself or herself. The second thing for me is integrity. You want to work with somebody whose word is their bond. You want to work with someone who has values. Integrity also speaks to your productivity, for instance, how early you come to work.

Do you think the Nigerian work ethic is compatible with remote working?

I will say yes though there can be challenges like internet connectivity. Last month, my younger brother who is based in Canada came to Nigeria for one month. He immediately noticed that the internet connection in Lagos could be much better. To have meetings online, you require a robust structure to support you. But beyond that, I think the environment is ripe. In the last 20 months, most organizations have asked people to work from home. Despite the infrastructure challenges, it has worked pretty well.

Do you think Nigerian organisations will encourage people to work remotely after the pandemic?

Remote working is something that should be incorporated into our work life. People should have that flexibility to work from home twice a week or twice a month depending on what suits the organization. This perhaps would be the key benefit from the pandemic if we can talk of the pandemic having any benefit. Organisations, big and small have demonstrated that we can work from home and we can deliver and be more productive. No doubt, remote working has its own challenges. It is not easy when kids are on holiday. But organisations should have a policy to support people with the right infrastructure. The pandemic has quickened the adaptation process for us.

What kind of music do you listen to ? 

I like soothing, calm music. Jazz is my favourite.

What kind of books do you like ?

I like to read motivational books and business books. Because of my role now, I read books on strategy and management.

What is the best book you have ever read on strategy? 

That is Winning by Jack Welch. It is a very interesting book. It has a lot of great insights on business strategy and on leadership generally. One thing that really resonated with me is what he had to say about balancingshort term pressures with long term objectives. As a CEO, you have monthly and quarterly objectives that you need to deliver but you also have to think about things that create long term value. What will make the company valuable in 5 years? A leader cannot complain about short term pressures because he is focused on creating durable value. A leader cannot also be so focused on the future and neglect short term goals. The job of a leader is to create a balance, squeeze the lemon now while also planning for creating long-term value.

If the President calls you after this interview and says, Mrs. Oginni, you will be announced as the Central Bank Governor tomorrow, what is the first thing you would do in that position? 

We have to first acknowledge that the Central Bank Governor is really trying. He has a very tough job. But I guess different people would have different approaches. So, the first thing I would do is create more transparency around the exchange rates, taking out the speculation and uncertainty. I would also introduce more flexibility around the exchange rate. If the rate is allowed to float, we would know what the true rate should be and everybody would align.

So what would you say to a 25 year old Accountant who is planning to leave Nigeria for Canada? 

It depends on what you are going to Canada for. I would let them know that there are opportunities everywhere, including Nigeria. The very important thing is to have a realistic long-term plan. Ask yourself what aligns better with your long-term plan- immigrating to Canada or staying in Nigeria? It is a problem to want to migrate to Canada just because everyone is going there. I do not believe it is a straight forward question- staying or leaving-if you are thinking and asking yourself -what would I be doing? where would this decision take me in 10 or 15 years? Developing a plan and thinking through how it aligns with where you want to be in the future really helps.

What is the best use of money ? 

Two things. Invest it in yourself as this improves your capacity to keep and grow the money.  Invest in your education, personal development, financial education etc. You are better prepared to take advantage of opportunities and avoid investments that could make you lose money. You learn to do proper due diligence before investing. So, investing in improving yourself comes before investing money.

If you had the chance to spend a week in Barbados with anyone, who would you pick?

I like to spend holidays with my family. But if I were to pick someone I admire, I would pick Mrs. Ibukun Awosika. She has a super mind.  She has created a lot of value for herself, her business and for women. She is one person I would like to spend a holiday with. However, if you are kind enough to send me to Barbados a second time and choose another person I admire, I would choose Mo Abudu.

Where do you like to holiday in Nigeria and abroad?

I go to beaches a lot.  Just to enjoy the serene environment. Outside Lagos, I have been to Ikogosi waterfall. I like Paris. I always enjoying visiting the City of Light.

Where do you see Nigeria in 10 years?

Nigeria in ten years will be a better place than the Nigeria of today. There is a lot of investment going on. Technology is empowering Nigerians. People are acquiring and using knowledge that will transform Nigeria. They are attracting a lot of investments into the technology space. I am a member of Rising Tide Africa,  a women angel investment group. I am transfixed when I listen to pitches. It is scary how Nigerians are creatively thinking of how to leverage technology to create great value across various niches of the economy. All this will be massively scaled-up in ten years’ time. So I think Nigeria in 10 years will be far better than the place it is now. There are structural challenges- corruption, bad leadership etc.  but I think overtime the good will accrue and overshadow the bad.

Oluwatomi Otuyemi

Oluwatomi Otuyemi, a Geology graduate from Crawford University, has 5 years experience in corporate corporate communications. He has a passion for storytelling, and investigative reporting.

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