Albert Okumagba Biography, Wikipedia, Age, Wife, Children, Cause of Death

Albert Okumagba was a legendary investment banker who identified his calling in the financial sector right from the beginning of his career. He was born on April 4th, 1964, in Warri, Delta State, Nigeria, to the illustrious family of Chief Daniel Okumagba of Okere-Urhobo Kingdom Warri and Chief Mrs Philomena Okumagba of Effurun in Uvwie local Government area both in Delta State. In this blog post, we will explore his biography, career, and legacy.

Early Life and Education

Albert attended one of the best nursery schools at the time, The Uvwie Nursery School Effurun. He attended Federal Government College Warri (FGC Warri) from 1975 to 1981, where he was Food Captain. He completed his A-levels at the prestigious Kings College Lagos from 1982 to 1983. Albert then proceeded to Nigeria’s premier university – the University of Ibadan, where he obtained a BSc in Economics in 1986. He did his National Youth service Corps program in Bomo Zaria, Kaduna State, where he served faithfully as a Class 4 Economics teacher at the Government Day Secondary School. He then proceeded to the University of Lagos for an MSc. in Monetary Economics, graduating in 1988.

Career

The heightened political risks of the early 1990s led to a surge in systemic distress in the Nigerian Banking Industry resulting in the collapse of weak banks. While this led to increased apprehension amongst several career bankers, Albert in his typical contrarian style spotted opportunities in the market place. Thus, Albert departed Centre Point, and joined hands with a trio of ambitious young men in their 30s to set up a niche investment bank, primarily established to become a vehicle for the acquisition and restructuring of ailing banks.

The new investment bank — Banc Guaranti Limited was incorporated in May 1993 and commenced operations in May 1995. The founders included Tony Elumelu (an alumnus of Linkage Assurance), Albert Okumagba, Wale jafojo (from Allstates Trust Bank), and Ike Nwaboku (an alumnus of Pinnacle Commercial Bank). Subsequently, based on moral suasion from regulatory authorities, Banc Guaranti Limited changed its name to BGL Limited.

The first banking acquisition transaction BGL was involved in was of Merchant Bank of Commerce, (MBCOM) in 1995, which was acquired and subsequently renamed Continental Trust Bank. In 1996, BGL also worked on the acquisition of Crystal Bank, which was subsequently renamed Standard Trust Bank (STB) with Tony Elumelu at the helm. Albert thus became the CEO of BGL Limited in 1995, a position he held until his death.

One of the most audacious and unparalleled deals in the Nigerian financial sector was the merger of STB and United Bank for Africa.

The Legacy of Albert Okumagba

Albert Okumagba was not only a brilliant investment banker, but he was also a philanthropist and a passionate advocate for the betterment of Nigeria. He was a member of several social clubs, including the Lagos Lawn Tennis Club, the Ikoyi Club 1938, the Lagos Motor Boat Club, and the Metropolitan Club. He was also a member of the Nigerian Economic Summit Group, a body that promotes economic growth and development in Nigeria.

Albert Okumagba believed in giving back to society, and he did this in various ways. He was a generous donor to several charitable causes, including the Catholic Church, orphanages, and other organizations that catered to the less privileged. He also supported education by providing scholarships to deserving students and sponsoring educational programs.

Albert Okumagba’s contributions to the Nigerian banking industry and the economy at large cannot be overstated. His leadership and innovative ideas paved the way for the successful merger and consolidation of banks, which led to the creation of stronger and more stable financial institutions in Nigeria. He was a trailblazer who inspired a generation of investment bankers and entrepreneurs, and his legacy continues to live on.