Alaba Adegboyega Okupe is the son of Chief Matthew Adekoya Okupe, the founder of Wema Bank plc, formerly Agbonmagbe Bank Limited. In this interview with Ibrahim Apekhade Yusuf, Alaba, the eldest surviving son of the late patriarch who witnessed the evolution of Nigeria’s oldest and longest surviving indigenous bank dating back to 1945, shares interesting insights on how it all started. Excerpts:
Can you share interesting insights on the life and times of the Late Chief Matthew Adekoya Okupe?
I was born in the year 1943, so I was more of a toddler at the time my father founded Agbonmagbe Bank. I may not be able to speak much about his life before the Bank but I was blessed enough to experience life with him beyond his professional life. He was also very deliberate about record-keeping, so I was able to learn a lot about his experiences from his diaries and records.
My father, the Late Chief Matthew Adekoya Okupe, was born in the year 1898 and he passed on November 1, 1984. He had 10 wives and 39 children, of which I was the fifth. Today, I am the oldest living child of the Late Chief Agbonmagbe Adekoya Okupe. My father was an intuitive, resourceful, benevolent, yet principled man, a proud son of the Okupe family, which is a part of the Agbonmagbe Royal House. For those who may be curious about the origin of the name Agbonmagbe, Agbonmagbe is the ruling house to which the Okupes belong.
Prior to establishing Agbonmagbe Bank Limited, my father had done his fair share of hard work, going from a salary of 20 shillings to becoming a trader. It was around this time that he birthed the vision to establish an indigenous bank that would cater to the needs of the indigenes of Nigeria. It is common knowledge of history that the early 1900s were in the colonial era of Nigeria, and at the time, foreign banks were the order of the day. The problem was, these foreign banks were designed to serve the colonial government, expatriate businesses, but not really the Nigerian people. Getting access to credit as a Nigerian back then was a herculean task, and as a trader himself, my father understood the need for an indigenous bank that would bridge that gap and work in the favour of the people of Nigeria. This is how the vision for Agbonmagbe Bank was born.
He was a problem solver by nature and that is one of his most admirable traits. He was also a very principled man, as I said. He didn’t want me to be a spoilt child, so I spent most of my early childhood in Abeokuta away from his work and lifestyle, he was very intentional about that. While I came home for the holidays, he had sent me to live with the Oyewole twins in Abeokuta in the Gemini Lodge, they were teaching science, Chemistry, in Abeokuta Grammar School. The standards were very high and I would say that the discipline my father was known for is an attribute that was constant throughout our family, both nuclear and extended.
Like I said, he didn’t want me to be a spoilt child, so I grew up in Abeokuta. I would take a train from Iddo Motor Park, close to the Iddo Railway Station, and it would take about two to three hours to get to Abeokuta at the time. My mode of transportation was usually a varied experience, from train to Lorry or on some occasions, with my father’s driver. When the idea of Abeokuta came up, I had initially agreed without question, and my dad seemed surprised that I did not protest. The only condition I had given was that I would have to take my bicycle with the means my father agreed so they had to tie the bicycle to the bus that took me to Abeokuta. This brings fond memories because I recall that I was not allowed to ride the bicycle outside and could only ride it within Agbonmagbe Lodge.
On getting to Abeokuta, I had ridden my bicycle to school, and it turned out that my bicycle was a bit more advanced than what my teachers were riding so the Oyewole Twins had advised that I not take the bicycle to school for obvious reasons, and I accepted that.
5:30 a.m., we were always up for morning prayers, taking our morning walks and jogging, eat—I still remember the tune of the commercial we used to listen to and be out to start the day at 7 a.m. I couldn’t be late to school, our uniforms were checked thoroughly by our Class Teachers for ironing and cleanliness, both knickers and shirts. Some people had to get creative by keeping uniforms in check, from ironing with bottles to putting uniforms under pillows, etc. Even our fingernails were checked. Up until today, I still keep my nails short. The teacher even checked to ensure we were cutting properly and not using our teeth. Teachers never missed classes, and the discipline was very thorough.
I am glad and grateful for that training. This is how it was then, and now the younger generation have the opportunity to write their own stories. So yes, I am proud to be the son of Chief Matthew Adekoya Okupe.
Can you share fond memories of the persona of your late dad, in terms of his values, habits or traits?
As I mentioned earlier, his disciplined nature was very worthy of emulation and luckily, I was a boy who understood the good in my father’s efforts to bring the best out of me, so I was aligned with him and I never looked back.
Another trait, perhaps one of the most outstanding things that I admire the most about my father, is his affinity for recordkeeping, especially at such a time where the internet and emerging technologies were not rampant. He was very meticulous about recordkeeping, from documenting his memories to keeping physical documents, he made sure to pass on the knowledge and experiences he had. In this same vein, he passed on the legacy of Agbonmagbe Bank, and I am proud to see that that legacy has lived on with Wema Bank.
With the benefit of hindsight, can you give us a historical overview of how Agbonmagbe became Wema Bank, and how the Bank has evolved through the years?
Of course. After its establishment, Agbonmagbe Bank had gained the patronage of many, one of whom was the Western Nigerian Marketing Board. The Western Nigerian Marketing Board had a fixed deposit of £200,000 then, which was a lot of money, and this was converted into shares. The government at that time raised the capital of all banks and at the time, which was around 1968, the bank could not make that required capital and tried to raise foreign investment, but the time was too short. So the Western Nigeria Marketing Board converted its fixed deposit into shares, became the majority shareholder and took over.
So that’s how Agbonmagbe became Wema Bank. They retained the name at first but a few months later they changed it to Wema. That’s the history of how Agbonmagbe became Wema Bank. Wema Bank was duly Incorporated as a Limited Liability Company on May 2nd, 1945, and commenced as a duly Licensed Banking Business on June 4th, 1945.
Just to mention, my father wasn’t alone in establishing Agbonmagbe Bank Limited, though he was the majority promoter and visionary. My mother, Mrs. Regina Adekoya Okupe, whom he fondly referred to as R.A.O. was there, then there was also Reverend Alabi. Those were the promoters, directors, and shareholders of the bank. Together, these three laid the foundation for the great institution that Wema Bank is today.
Agbonmagbe started from humble and modest beginnings with Branches at Ebute-Metta, Mushin, Ifo, Abeokuta, Sagamu, Ago-Iwoye, Ijebu-Igbo. Today, what began as a two-room business in Agbonmagbe Lodge has grown into an institution with over 160 branches across 26 states in Nigeria and the global reach of digital banking. I think that is very impressive and indicative of the fact that my father’s legacy has lived on and is thriving today.
What is your assessment of the Wema Bank, can you say that the legacy of your father is still being carried on?
With full conviction, yes. My father established Agbonmagbe Bank Limited with the goal of providing financial services to the indigenous people of Nigeria at a time where there were very limited options for the people. Today, Wema Bank has made a name for itself, not just as Nigeria’s oldest indigenous and most resilient bank, but also as a beacon of hope and empowerment for the people.
From championing innovative solutions that bridge gaps to deliver practical and impactful service to banking the unbanked across the depths of Nigeria, setting the pace for the banking industry to thrive and empowering the next generation, Wema Bank has carried on the legacy of my father, building upon it with intentional care to keep delivering value. I believe that Wema Bank is equipped to carry on for another century, perhaps even more.
As the eldest living son of the founder of Wema Bank, can you summarise your experience with Wema Bank?
I see the work that Wema Bank is doing, and it is highly commendable, to say the least. The Bank had previously reached out about a decade ago during the 70th anniversary celebration in 2015, extending an invitation to us to attend the event, which I did. I also gave a speech at the event and Wema Bank made a courteous gesture by giving us two million ordinary shares of 50 kobo each, which is commendable.
More recently, I got a visit from some of the staff and executives of Wema Bank, we had some very insightful discussions, and they had also extended a verbal invitation to us to the 80th anniversary celebration ahead of the physical invitation. I look forward to celebrating this great milestone with Wema Bank.
Wema Bank is set to celebrate a milestone age of 80 years, what is your message to the Bank?
Honestly, I am happy and grateful to be alive in my 80s, to see the vision that my father foresaw in 1945 also become 80 years strong. What my father’s trailblazing act of service to his indigenous people, has not only grown to become the longest standing indigenous bank in Nigeria but also a trailblazer in innovative banking and financial services. It is a beautiful thing to see such resilience, growth and impactful transformation, and I am pleased that my father’s vision has lived on and blossomed into a force to be reckoned with in the financial industry.
It is a pleasure to see that Wema Bank is flourishing, going from strength to strength. It is God who implanted the idea and vision as far back as 1945 and it was from a humble beginning like I said so it is a great pleasure to see how far Wema Bank has come, how the vision has come to life and how successful the Bank has become. The joy of birthing something is in seeing it thrive, so I am proud that Wema Bank is not just thriving but growing stronger by the day; and I am sure that my father is too.
I commend Wema Bank for remembering the humble beginnings, celebrating the legacy, recognising the efforts that laid the foundation for Wema Bank and building on that foundation.
I wish Wema Bank a happy 80th anniversary. More grease to your elbows, future developments and limitless growth. The sky is your steppingstone.
(The Nation)
