Opinion: Oyebamiji: Banker to Governor?

By Adebayo Adedeji

Asiwaju Munirudeen Bola Oyebamiji, popularly called AMBO, is a household name in Osun State, where he previously served in two key roles: first, as Managing Director of the state-owned investment company, OSICOL, and second, as Commissioner of Finance under two state governors.

When he left his high-paying job at Enterprise Bank in 2012 to take up a somewhat unattractive appointment in Osun State, few people believed he was not committing a career suicide. How could a professional banker with 23 years of experience (whose status as head of retail banking in a popular commercial institution afforded him a luxury lifestyle, including all-expense-paid yearly overseas training and free subscriptions to A-list social clubs like Ikoyi Club 1938 and Lagos Country Club) abandon these perks in Lagos to embrace a rustic lifestyle in Osogbo, in a government venture struggling to survive? That was the discussion the sudden career path of Oyebamiji generated at the time. Little did they know that was an intentional path the founder of White Green Farms, Ikire, took for himself: a path to serve humanity and give quality leadership to his people.

As Managing Director of Osun Investment Company (OSICOL) in 2012, nothing but his determination to render community service spurred him on, because the company’s operations were half-dead. However, upon assuming office, Oyebamiji’s leadership embarked on restructuring the entity, diversifying into different business ventures such as oil and gas, and real estate, to boost the state’s revenue, create wealth, and sustain its economic self-reliance. Within five years, OSICOL built over 40 flats of different sizes in choice areas of Lagos and Abuja, in addition to a mega fuel retailing station with 26 pumps/nozzles that was built, now operated by NNPC, to shore up the state’s revenue base.

Having proven his expertise in public finance, AMBO was highly recommended for the appointment of Commissioner of Finance in May 2017. Just like when he was appointed head of OSICOL, the economy of Osun State was in a precarious position due to debt burden. The state’s revenue had plummeted to about N1.3 billion monthly, against N6.3 billion monthly recurrent expenditure, forcing the government to resort to modulated salary payments for some civil servants in June 2015. The situation was so dire that the state ranked 36th in the Fiscal Performance Ranking by BudgIT, a transparency advocacy group.

Upon assuming office, Oyebamiji knew that with the state’s low IGR per capita at N1,378 in 2017, it was imperative to tweak the state’s budgeting and revenue generation system to escape the troubling financial architecture. He took a realistic view of the gulf between the state’s revenue and expenditure to find ways to bridge the gap. He coordinated efforts to improve the state’s cash management and reduce revenue leakages through the implementation of the State’s Treasury Single Account (TSA). He also ensured the state operated a single account for its IGR and federal transfers (FAAC and VAT). Few months into his stewardship as Commissioner, the half-salary regime, which had commenced in June 2015, came to a halt, and the state began paying salaries in full.

His exemplary feat as Commissioner paved the way for his re-appointment in the administration of Alhaji Adegboyega Oyetola. Despite earning lean federal allocation and facing two critical challenges of COVID-19 and END-SARS unrest, Osun State, under Oyetola, paid salaries and pensions promptly and offset N97 billion of inherited debts. In 2021, the state’s spending on personnel costs grew by 27.91%, and it became one of the first five states to fully implement the N30,000 national minimum wage. The state also improved its capital spending on education by 102% compared to the previous year, spending 37.9% of its capital budget on education.

By the time Oyetola’s government ended in 2022, the IGR per capita had increased from N1,378 in 2017 to N5,185, and the state’s ranking had improved from 36th to 11th position. AMBO, as Finance Commissioner, proved that his contribution to reviving OSICOL, which recorded a nearly 1000% turnover increase under his leadership, was not a fluke.

Oyebamiji took his financial creativity and positive attitude to the National Inland Waterways Authority (NIWA), where he now serves as Managing Director and CEO. Since his appointment in October 2023, NIWA has become more effective, improving operations and reducing accidents and deaths on Nigeria’s waterways by 30% in 2024. Equally in 2024, NIWA remitted N2.6 billion into the Consolidated Revenue Fund and realized N13.2 billion from Port Development Levy, targeting N34.4 billion in revenue for 2025. NIWA’s record-breaking 91% budget performance in 2024, as affirmed by Senator Wasiu Eshilokun ( Chairman Senate Committee on Marine Transport), reflects Oyebamiji’s exemplary leadership.

Sadly, Osun is not fortunate to have at the moment a focused, passionate and an upwardly-mobile leader it deserves. A leader that will position it towards a brighter, more prosperous and more rewarding future. Despite receiving a significant boost in federal allocation, the state could not provide for the basic needs of the people. Citizens are still struggling with hunger and economic hardship and lack of essential amenities because the current leadership is not utilising resources effectively. Osun needs a governor who is experienced, competent, passionate, and most importantly, committed to making the accrued resources work for the people. AMBO fits this profile perfectly, and the people of Osun would not regret choosing him as their leader in 2026 because he embodies the ideals of a true leader with human face.