Shamsudeen Usman: Maintaining the Dream
Shamsudeen Usman, 48, managing director and chief executive officer of NAL Merchant Bank Plc, sits atop Nigeria's oldest merchant bank that is 38 years old. He is an economist, banker and a technocrat. Usman took over as CEO of NAL in October 1994. He restructured and reorganised the bank in line with modern demands of the industry, rationalising unproductive staff and re-injecting a sense of professionalism in its management, in order to ensure the bank remains in the vanguard of merchant banking business.
Today, NAL Merchant Bank depends on its experience distilled over the years to provide informed advice and innovative services to its customers. It is not surprising that many blue chip firms and high net-worth individuals depend on NAL for financial advisory services including capital market issues, corporate restructuring and international trade business. This is reflected in the increasing position of the banks earning that is generated from non-fee sources.
For the financial year ended March 31, 1997, NAL had total assets of N8.63 billion, deposit base of N4.26 billion, and a gross earning of N1.42 billion. Usman holds a bachelor of science degree in economics from Ahmadu Bello University and both master of science degree and doctorate from the London School of Economics and Political Science.
Usman has top management banking experience in the country's leading banks. He was general manager at NAL before moving to the Technical Committee on Privatisation and Commercialisation (now Bureau for public enterprises) as pioneer director-general. Usman has contributed to the great work needed to prepare many of the parastatals that were privatised and commercialised in the 1980s during the first wave of government's divestment from some of its companies.
Usman was later made executive director, United Bank for Africa Plc and then Union Bank in the same position before assuming his current position. Usman is an informed commentator on topical economic and financial issues. He was a member of the Vision 2010 committee and works assiduously to keep NAL at the summit of Nigeria's merchant banking industry.
Newswatch June 29, 1998
" Newswatch 1998