He is a familiar name within the Lagos establishment particularly during the period Asiwaju Bola Ahmed Tinubu was governor of the state. Not too many will forget the name Wale Edun. He was the brilliant former banker who held sway as the Finance Commissioner of the under Bola Tinubu. Wale Edun was exceptionally sound as a finance expert. He, it was, along with the crack team working with the governor at the time, that turned the state’s IGR around from a paltry N600m to about N5b per month. As the Commissioner for Finance, Wale Edun was pivotal to the phenomenal growth of Lagos state under the watch of the President-elect, Bola Ahmed Tinubu, as governor of Lagos state from 1999 to 2007. No doubts about it, this gentleman did a fantastic job running the finance ministry of the most populous state in Nigeria. For eight years, he held the finance ministry together and helped the governor prosecute many of its cost intensive projects. This is one of the reasons why his boss, Bola Tinubu, holds him high esteem when it comes to his job as a finance expert. They have remained close even after several years Tinubu left office as Lagos State Governor.
There is no doubt that the President-elect has tremendous respect for this gentleman. They have a relationship that has transcended boss/emplyee relationship. They have become allies. They have become brothers. It was said that twice during the early years of the Buhari administeration, Tinubu recommended Wale Edun for a slot in the federal ministerial cabinet with the possibility of taking charge of the finance ministry but for some unclear reasons, the move fell through twice. Now that Asiwaju Bola Ahmed Tinubu has become the President-elect, the coast is clear for the return of one of Nigeria’s brightest brains in banking and finance.
To say that Wale Edun has the ears of the President-elect is like stating the very obvious. He is one of those closest to Asiwaju at the moment. He may not have been very visible during the campaigns leading to the election, but he was always there in the background, behind the scene, giving the incoming president all the necessary support. Little wonder why, these days, once there is a discuss about who succeeds Godwin Emefiele as CBN Governor, the name, Wale Edun, keeps popping up. He appears most favoured by Tinubu to take charge of the Finance Ministry, his experience and incredible expertise will definitely be needed to help the country navigate through it’s murky financial waters. With Wale Edun in charge, Tinubu knows he can go to sleep without worrying about how things are run in the ministry. He knows Wale Edun like he knows the back of his hand, he knows he will deliver one hundred percent and more. Little wonder Tinubu was quick to nominate him as a member of the Presidential Transition Council (PTC).
Edun’s background in economics, public finance, international finance, banking and corporate finance at both national and international levels make a compelling case for his choice as the finance minister.
In an interview not long ago with the Africa Report, Wale Edun provides an insight into some of the policies he may pursue as finance minister.
He showed his strong resistance to the continuation of the petrol subsidy, multiple exchange rates, revenue leakages in the oil and gas sector and inefficient tax waivers. Edun said this would save the country N24 trillion, about the size of Nigeria’s Federal Budget for 2023.
Edun has served as an economist at the World Bank in the 1980s before taking on a series of senior posts with investment banks in Wall Street, such as Chase Manhattan and the ill-fated Lehman Brothers.
He would later be appointed commissioner of finance in 1999 on his return to Nigeria after Tinubu won the governorship of Lagos State as the ruling generals returned to the barracks.
Permit us to tell you a bit more about this astute banker. Chief Adebayo Olawale Edun is a distinguished Nigerian economist who has made a significant mark in the financial sector both nationally and internationally.
His impressive record of achievements in both the private and public sectors attests to his phenomenal competence and expertise. Inclusive of other academic qualifications and professional affiliations, Edun holds a Bachelor’s Degree in Economics from the University of London and a Master’s Degree in Economics from the University of Sussex, England.
Mr. Edun’s extensive financial industry expertise includes serving as Head of Treasury and Deputy Head of Corporate Finance at Chase Merchant Bank from 1980 to 1986. His duties included Capital Market and Financial Advisory operations for multinational conglomerates and their subsidiaries, as he was in charge of the bank’s Treasury and Money Market activities. He gained foreign experience at Lehman Brothers and Chase Manhattan Capital Markets Corporation on Wall Street in New York, USA, while at Chase.
He co-founded and served as Executive Director of Investment Banking & Trust Company Limited, now Stanbic IBTC Plc, in 1989. Denham Management Limited was established by him in 1994. In addition to serving on the boards of several other businesses, Wale is the Chairman of Chapel Hill Denham Group, a prominent investment bank in Lagos that has received significant recognitions and awards, including Africa’s Best Bank for Advisory in the Euromoney Awards 2016 – 2019. He is also the chairman of The Nation Newspapers.
Edun’s political involvement has basically been that of a staunch democrat who believes in the power of the people. This explains his unwavering dedication to the grassroots and his participation in philanthropy. Mr. Edun is an International Trustee of the Duke of Edinburgh’s International Award Foundation and the Chairman of the Lagos Boxing Hall of Fame, a registered non-profit youth development group that runs amateur boxing in Lagos. He is also the Chairman of the Livewell Initiative, a health sector Non-Governmental Organization (NGO), and a Trustee of Sisters Unite for Children, an NGO that helps children in need.
-WALE LAWAL
(08037209290)
