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Former CBN governor dies in Lagos

Former CBN governor dies in Lagos

Former Governor of the Central Bank of Nigeria (CBN), Ola Vincent is dead.

He died on Monday at St. Nicholas Hospital, Lagos where he was receiving treatment for an unknown illness.

Born on May 16, 1925 in Lagos, he attended CMS Grammar School, Lagos (1936–1939). He served in the Nigerian Armed Forces between 1942 and 1946, and then worked in the Financial Secretary’s Office, Lagos between 1946 and 1956.

In 1951 he attended the Administrative Staff College in England, and from 1953 to 1956 he studied at the University of Manchester. From 1957 to 1960 he was a part-time lecturer of Economics at the University of Ibadan.

The late Vincent was Senior Assistant Secretary in the Nigerian Ministry of Finance (1959–1961) and then moved to the Central Bank of Nigeria (CBN) as an Assistant General Manager, becoming a General Manager at the CBN from 1963 to 1966. He was a Director at the Nigerian Industrial Development Bank (1964–1966).

He was appointed a Vice President at the African Development Bank, Abidjan, Côte d’Ivoire (1966–1973). He returned to the CBN in 1973 as an Adviser, becoming Deputy Governor in 1975 and Governor from 1977 to 1982. Vincent was named a Commander of the Federal Republic (CFR) in 1982.

Following his retirement from the CBN, in 1983 he recommended the establishment of the Nigeria Deposit Insurance Corporation (NDIC), which occurred in June 1988. The NDIC provides a safety net for depositors in the newly liberalized banking sector.

He was a director of the Industrial and General Insurance (IGI) in 2008, when he received a prestigious lifetime achievement award.

He is a life member of the Nigerian Economic Society and the Society for International Development. He has been living in retirement since his retirement in May of 2009. He is survived by his wife and children.

The late economist and banker was CBN Governor between 1977 and 1982 and was aged 87. 

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