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Ola Vincent, former CBN gov, dies

According to sources, the 87-year-old died on Monday at St. Nicholas hospital, Lagos, where he has been receiving treatment on a yet-unidentified ailment.

He was CBN governor between 1977 and 1982. Dele, his last child, said he died around 12:30 pm after complaining of a slight back ache. He added that the family would soon announce burial arrangements for the late revered banker and economist.

Chief Remi Olowude, vice chairman and chief executive of Industrial and General Insurance (IGI) and his wife, led early callers to the Vincent’s.

“May the grace of the almighty God be with you as you rest in his bosom, our great father, friend, lover of truth, epitome of integrity and role model,” he wrote in the condolence register opened at the residence.

Also paying tribute to the late Vincent was Dr. Felix Ohiwerei, former chairman and chief executive of Nigeria Breweries Plc, who described him as the best Nigerian he ever dealt with.

“He was a wonderful man, exemplary in character and one of the best Nigerians I have ever dealt with,” Ohiwerei told a correspondent. “He was trustworthy, very meticulous and very ethical. He also fears God. His death is a great loss to the nation.”

Chief Ola Vincent was born on 16th May 1925 in Lagos, where he attended CMS Grammar School between 1936 and 1939.

After serving in the Nigerian Armed Forces between 1942 and 1946, he worked in the Financial Secretary’s Office, Lagos, between 1946 and 1956. He then attended the Administrative Staff College in England in 1951, and the University of Manchester between 1953 and 1956.

At the Central Bank of Nigeria (CBN), he was first an assistant general manager, and later general manager between 1963 and 1966. He was a director at the Nigerian Industrial Development Bank (1964–1966), and was subsequently appointed vice president at the African Development Bank, Abidjan, Côte d’Ivoire from 1966 to 1973. He returned to CBN in 1973 as an adviser, became deputy governor in 1975, and governor from 1977 to 1982.


He will be most remembered for recommending the establishment of the Nigeria Deposit Insurance Corporation (NDIC), which was finally effected in June 1988.

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