Olufemi Bakre: Ready to revolutionize the face of banking

The Managing Director and Chief Executive Officer of Parallex Bank Ltd, the newly-unveiled financial institution, Mr. Olufemi Nojeemdeen Bakre, is a workaholic, a man of integrity and an astute banker of over three decades with penchant for excellence.

And given his pedigree, he firmly believes that attaining distinction in one’s chosen career is never by chance but by dint of hard work, an outcome of ‘high intention, deliberate sincere effort, intelligent direction, skillful execution and the vision to see obstacles as opportunities’, which explains his solid exploits in the financial sector.

So, it was no surprise that the Mayor, as he is fondly called, and his highly-focused management team and staff successfully piloted Parallex Microfinance Bank into a full-fledged Money Deposit Bank, Parallex Bank Limited, the first of such feat in the nation’s banking history.

Introducing the brand before an excited audience at the bank’s headquarters on Victoria Island Lagos recently, the Chairman of the bank, Dr. Adeola Phillips, was emphatic that the institution has come to stay and would make a unique statement about what innovation can do in an industry that is constantly reinventing.

According to her, the bank would operate broadly with a ‘competitive mindset to disrupt the market and delight customers with very attractive offers. The goal is to empower the banking public and to drive convenient and efficient commerce through the bank digital platforms.

With a five-year strategic plan, crafted with the world’s best consultants, she expressed great optimism that the bank would record giant strides in its fundamentals to be made possible with the adoption of new operational processes, ‘implementation of modern business enterprises, heavy investment in banking information technology, expansion of operations, product innovations and being more market-focused’.

Therefore, Phillips had no iota of doubt about the capacity and professional acumen of Mr. Bakre to achieve the bank’s vision and mission as an enabler of ‘limitless banking’.

And certainly mindful of his integrity and decades-long experience in the financial sector, the new Managing Director was prompt to corroborate his Chairman’s assurances that the bank has come to make a difference and explore more opportunities in collaboration with its customers.

Going down the memory lane, Bakre declared: “We have a very robust history which has given credence to our competence and creativity in meeting the aspirations of customers as regards financial services.

“Parallex Bank was first established as a Microfinance Bank in 2008 and by dint of hard work, resourcefulness, and commitment to excellence, we recorded great success.

“By January 2021, the Central Bank of Nigeria, CBN, found us worthy of being a commercial bank and granted us the Commercial Banking Licence. Today, I am proud to announce to you all that Parallex Microfinance Bank is now Parallex Bank Limited.

Continuing, he added: “This is the first of its kind within the Nigerian banking space. It is an important day for us; a day that marks a major milestone in our drive to disrupt the status quo and revolutionize the face of the banking industry.

“The emergence of our brand will surely boost the profile and scope of financial services in Nigeria. Having served creditably in the lower banking genre, we will use the opportunity of our legacy to redefine banking services by making available our rich tradition of ethical conduct, quality service delivery, innovation, and customer care.

Not done yet and speaking on the bank’s vision and mission, the CEO explained: “Our vision is to be the preferred financial solutions provider by redefining customer experience through our innovation and our mission is to leverage the best talents and technology to deliver unparalleled value to all our customers and stakeholders”, while its core values are ‘professionalism, innovation, excellence, collaboration and being customer centric have truly worked for us and have made us the preferred bank by our customers’.

The bank, he further assured, would conduct its business in a manner that is consistent with the ‘highest standards of integrity, pursue new and bold ideas with a resilient, focused, and agile workforce, coupled with the support of Board of Directors who are visionary professionals, dynamic and versatile, we take pride in our ability to exceed expectations and create superior value’.

“The management and the staff of Parallex Bank Limited have adopted and shall operate by S.E.E.E.D.D, an acronym for Speed, Execution, Extra mile, Executive touch, Digital innovations, and Discipline. This we do by making available to all Nigerians, our unique digital platforms that make our services available anytime, anywhere”.

According to him, the bank’s value propositions to its customers are instant account opening, convenience, reliability, prompt resolution to complaints and partnerships.

“This is how we plan to disrupt the market and delight our customers. To deliver on these propositions, we developed the mobile app with features and benefits that are quite rare in this market. On the Parallex mobile app, you can create your unique account number. You can increase you transfer limit”.

Elaborating on the uniqueness of the institution, he noted that “You can transfer money to any bank in Nigeria, five times per day for free. You can request for a free debit card, which can be delivered to you for free. You can also send enquiries on the app, and these will be attended to swiftly.

Besides, customers would enjoy up to five per cent interest rate on current account provided they maintain a minimum average balance of N100,000, adding that personal banking customer that maintains account with the bank would also enjoy zero maintenance fee.

Reacting to the birth of the bank, a finance expert, who pleaded anonymity, argued that Bakre, who is no stranger to banking, is expected to use his extensive network and knowledge of the industry to champion innovative ideas that would entice the Nigerian banking public to embrace the institution in no distant future.

Indeed, the CEO has a deep and broad knowledge of finance, which explains his meritorious rise in the banking sector since his one-year mandatory National Youth Service Corps, NYSC, service at the now-defunct Continental Merchant Bank in 1987.

A man with an intimidating curriculum vitae and wealth of experience, Bakre, before joining the First City Monument Bank (FCMB) Plc, as Executive Director responsible for Institutional Banking Division, had held top management positions in commercial and merchant banking before joining Parallex Bank as the Managing Director and Chief Executive Officer

For instance, at First Bank of Nigeria Plc, where he worked as the Group Head, Public Sector of the Lagos Directorate; he had also previously served as the Group Head, Multilaterals and Financial Institutions.

And prior to the acquisition of MBC International Bank by First Bank, he had worked at MBC for 17 years with progressively increasing sensitive responsibilities where he excelled while his last position was General Manager, Branches, Multilaterals and Public Sector.

Bakre, who holds a Masters degree in Banking and Finance from the University of Lagos as well as a Bachelors degree from the same institution, similarly had a stint as a Credit Analyst at the Continental Merchant Bank at the beginning of his banking career.

Also, a senior member of The Chartered Institute of Bankers, CIB, and a Fellow of Direct Marketing Association of Nigeria, the CEO is a member of Nigeria Institute of Management and the Institute of Corporate Administration.

Therefore, his astonishing credentials and over decades’ experience in the sector have clearly put him in the best pedestal to mobilize management team and staff of the new bank not only for the task ahead but to deliver on its short and long-term objectives to shareholders and stakeholders.

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