A glimpse into the life of prominent Nigerian banker and boardroom guru Abdul Mutallab

Commander of the Order of the Niger (CON), business leader, banker, chartered accountant and many more suit Dr. Umaru Abdul Mutallab, a prominent Nigerian with many years of experience in development, commercial and investment banking.

Dr. Mutallab, who was director/chief executive officer of the United Bank for Africa (UBA), was also chairman of the First Bank of Nigeria, as well as Jaiz Bank International.

He was Minister of Economic Development in 1975 and Minister of Cooperatives and Utilities in 1976. From 1975 to 1978, he was a member of the Federal Executive Council of Nigeria.

He has also served on the Board of Directors of several companies such as Nigeria Agip Oil, Arewa Textile Limited and the Nigerian Communications Commission.

Early life and education

Umaru Mutallab was born on December 15, 1939. He studied at Barewa College, Zaria; Achimota College, Accra, Ghana, and the South West London College, London. He also received an honorary doctorate from Obafemi Awolowo University, Ile-Ife and Benue State University, Makurdi.

Mutallab is a staunch religious man, but very cautious when it comes to extremism; therefore he always welcomes people from other religious groups. Schooling at Barewa College along with students from different parts of the country helped him develop the ability to interact with people of different cultures and beliefs.

The renowned banker is also a member of a group of Nigerian businessmen, civil servants, intellectuals and military officers from Northern Nigeria, the Kaduna mafia. He was a close associate of mafia financier Hamza Zayyad, who supported him in his profession as an accountant.

Journey to entrepreneurship

In December 1959, Mutallab completed his Senior School Certificate Examination (SSCE) and started working as a clerk at Pannell, Fitzpatrick and Company, a well-known firm in Kaduna in January 1960.

He later traveled abroad to further his education and returned in 1968 when he was appointed Chief Accountant of the Nigerian Defense Industries Corporation. Given his position, Mutallab knew he had to put in more effort and hard work.

In 1971, he became Financial Controller of the New Nigerian Development Company in Kaduna, and in 1975 became Managing Director of the company.

Between 1975 and 1978, Umaru Abdul Mutallab served as minister under General Murtala Mohammed and General Olusegun Obasanjo. He was first Minister of Economic Development (1975), but was removed from this position after the 1976 military coup that led to the death of General Mohammed. However, he was later appointed as the new Minister of Cooperatives and Utilities in 1976.

Rise in the banking sector

In 1978, Mutallab was appointed executive vice chairman, managing director and CEO of the United Bank for Africa (UBA), a position he held until 1988.

From 1999 to 2009, he was chairman of the First Bank of Nigeria Plc, Nigeria’s oldest and largest bank. His office status spread across the country and in 2009 he became chairman of several companies including Impresit Bakolori Plc and Spring Waters Nigeria Limited (SWAN).

Dr. Mutallab put his money and influence to good use and later became a major shareholder in Barade Holdings and Barumark Investment and Development Company. He was instrumental in the introduction of Islamic banking and also held the position of Chairman of Nigeria’s first Islamic bank, Jaiz Bank International Plc, founded in 2003.

Mutallab, who also holds one of the highest honors in Nigeria, CON, is also the Chairman of the Business Support Group, one of the leading supporters of the economic policies of the Federal Government of Nigeria.

Doctor Mutallab today

Mutallab has had a steady, gradual impact on the business and political world. He showed patience and dedication, as well as diversity in his business approach, pouring his funds into different sectors of the Nigerian economy, but not without having a network of collaborators and a predetermined strategy. His expertise and experience in accounting gave him an edge in financial management.

He retired over 25 years ago at the height of his banking career as Managing Director and CEO of the United Bank for Africa. He now oversees his private companies and helps emerging companies and young entrepreneurs get started with professional guidance.

Mutallab has also served on the boards of several companies including Arewa Textile Limited, NEPA, NACB, Nigeria Agip Oil and Nigeria Cement.