Olufunke Osibodu is a vital entity in the banking sector. She plays a very important role in Nigeria’s financial sector, spearheading various banking innovations. Funke is a seasoned management adept and currently the Director at Vigeo Power LTD, a leading private sector company that has been changing the landscape of infrastructure and electricity distribution in Nigeria. She has a deep passion for impacting and leaving whoever and whatever comes her way better than they were as a result she still teaches. She is a lecturer and faculty member at the Lagos Business School.
Early life of Olufunke Osibodu.
Olufunke Iyabo Osibodu born Olufunke Iyabo Davis was brought to the earth on 11th of January,1959 in Lagos to a family of multiple Origins. Her mother Muriel Mariton Johnston came from two Country line Sierra Leone and Nigeria and her father also had roots from Nigeria and Brazil. Her father’s Nigerian ancestry, the Agbe-Davis family is traced to both Lagos and Ijebu-Ijesha. Despite she having a good and honourable background, she grew up with only her mother. Her late father Arthur Ademola Davis lived a carefree and fun-filled life, having several children from different women and found it difficult to stay with any of them. There were seven children in total but only two from her own mother, she and her elder sister Omolara Davis. The welfare of the children rested on their respective mothers and slightly on their paternal grandmother (Mrs. Feyisayo Davis). They grew up at Layeni Street with her mother needing to keep multiple Jobs to care for them. Their favorite meal every Sunday while growing up was cassava dough as she calls it (fufu) mixed with okra or bitter leaf soup.
Olufunke Osibodu is married to Mr. Victor Gbolade Osibodu. He is an Ijebu man from Ilisan Remo, a pharmacist by profession but only practiced the profession for three years before venturing into business. They got married on 29th December, 1985 at Christ Church Cathedral in Marina Lagos. She says “Marriage has been interesting because I married someone who is a friend and encourager. Mr. Victor Gbolade Osibodu is a Nigerian entrepreneur, he is involved in businesses that cuts across different fields. He is into oil and gas , marketing, power , finance amongst others. He is the CEO of Vigeo LTD, Citiserve LTD and Global Utilities Management Company LTD. He is a pioneer shareholder and director in Guarantee Trust Bank LTD and was honoured with an MFR( Member of the Federal Republic). The union is blessed with three boys, Tobi who is a Business Development Executive at Vigeo Power LTD , Tosin, current CEO of Chaka Technologies and Tolu, a Product Manager at IROKO partners Limited. The family reside the island.
Funke Osibodu began formal education at St. Mary Nursery School, Ajele but did not spend long before moving to Aunty Ayo Preparatory School in Keffi for both nursery and primary classes. She progressed from Aunty Ayo to Holy Child College, Obalende. An all girls Catholic Mission School. After the completion of her secondary education, the options were to either go for ‘A’ levels at Queens College, yaba or proceed straight to the university. The latter was the resolution as she proceeded to University of Ife now Obafemi Awolowo University, Ife to study Economics in 1980 and then went to Harvard Business School in 2002 to obtain MBA in Advance Management Program. (AMP)
The university provided divers opportunities, during various vacations there were jobs available in financial services, oil and gas and accounting sectors. Her first vacation job as an undergraduate was at National oil and chemical marketing company LTD and other times at pannel Fitzpatrick’s accounting firm. She had always aspired to work in a bank but when her NYSC posting came, she found herself in a classroom as a teacher at Methodist Boys High School. Later was reposted to the corporate finance department of Nigerian Acceptances Limited (now renamed NAL merchant Bank LTD) the oldest merchant Bank in the country as at then. She worked with Chase Merchant Bank (now Continental Merchant Bank Limited) in 1981 at their treasury unit and worked her way to become its undesignated head within a year. Funke left Chase after working for four years to start a new bank known as Nigerian International Bank (NIB) Limited, the bank is majorly owned by the Citibank Group. She rose to the position of a general manager and vice president in charge of treasury division, after she spent over thirteen years working with the bank. In 1996, she left NIB as the most senior Nigerian with the request of her employers to go for an international post whenever she was ready. She subsequently moved to MBC international Bank Limited as their managing director where she served for six years before she moved to Ecobank Nigeria Plc as managing director between October 2002 and March 2006. She left as the combination director of Ecobank Transnational Inc., the parent banking group in August 2006. As the treasurer at NIB she was part of the introduction of several new products and innovations brought by Citibank Group. She was also a pioneer member in the development of the NIBSS( Nigeria Inter-Bank Settlement System). A payment system owned by all banks to handle interbank transaction and clearing settlement in the country. She was one of it’s first directors. She was CEO Union Bank from August 2009 to 2012. She got to the power industry as CEO of Benin Electricity Distribution Company for Benin City in Nigeria with her husband as Managing director.
Achievements and Net worth.
- Funke was a member of the vision 2010, a committee set up by the Federal Government to direct the process of creating a vision for Nigeria.
- She is founding director in the Nigerian Economic Summit Group (NESG) a private-sector initiative to create partnership between government and private sector for Nigerian Economic development.
- Chairman of the Lagos State Economic Summit in 2001.
- Treasurer International Chamber of Commerce and Industry (ICCI) Nigeria between 2000 and 2002.
- Director of two discount houses: Consolidated Discount House LTD 1997-2002 and First Securities Discount House (FSDH) 2003-2005
- Director at Center for Law and Business Studies since 2003
- Chairman of the bankers subcommittee on code of conduct, also member of other CBN committees set up on various banking related matters
- Funke was involved as a director in nongovernmental organization; Enterprises for Development International (EFDI) since 2002
- Honorary member of Money Market Association (MMA) of Nigeria.
- Faculty member of Lagos Business School (LBS)
- Lectures at Lagos Business School, Chartered Institute of Bankers, Wharton Business School (USA) and other financial institutions training centers.
- She is a council member Lagos Chamber of Commerce and Industry.
- Trustee at the Anti-Fraud Foundation.
- Also a member of the board of advisers at AIESEC .
- She is currently member of the board of trustees at Holy Child College.
- Member of the standing committee of the Cathedral Church of Christ, Marina, Lagos.
- Member of the diocesan board of Lagos Anglican Communion and a synod Delegate.
- Placed position 47 on the list of the world’s most powerful business women by Financial Times in 2011. She is the first African women to be selected.
Her Net worth is not yet ascertained or estimated. She has also led a private life as her social media handles are not available online but you can connect with her for business purposes on LinkedIn as Funke Osibodu.