Executive Management

Mr. Waheed A. Olagunju ED SME


Managing Director/CEO



Mr. Pitan has corporate and banking experience spanning over 25 years. He graduated with a BSc (Hons) degree in Economics as a UAC scholar from the University of Ibadan in 1982.  He obtained a Master’s degree in International Management as a Rotary International Scholar from the American Graduate School of International Management, Thunderbird Campus, Glendale, Arizona. He is an alumnus of Lagos Business School (SMP 5) and London Business School (SEP 43 ). He is also an alumnus of the Haggai Institute in Singapore.  He is an ordained senior pastor of the Redeemed Christian Church of God.

Pitan started his banking career in 1986 at Citibank Nigeria. He subsequently joined Industrial Bank Limited (Merchant Bankers) as part of the pioneer team in the role of Head, Trade Finance. He left the Bank in 1991 to run Credit Lease Nigeria Limited, a company founded by him to pursue his dream in export business.

Mr. Pitan came back to the banking industry in 1996 by joining FSB International Bank Plc as AGM / Head of Middle Tier market and public sector. He later served as Group Head, Commercial and Consumer Banking Group.  He also headed the Corporate Banking and Energy groups. He was promoted to Executive Director of the Bank and Managing Director of ENSEC (Energy division) in March 2001.

Mr. Pitan joined First Interstate Bank Plc in August 2004 as Managing Director/Chief Executive Officer. He led the Bank successfully through a merger with eight other Banks to form Unity Bank Plc. From January 2006 to February 2009 when he voluntarily retired, he served as Executive Director of Unity Bank Plc in charge of Corporate Banking and Treasury Management.

Olukayode had participated in many innovative transactions in the Nigerian Capital Market. He was the Chairman of the Technical Committee that led to the merger of Centerpoint Securities Ltd and FIIST Ventures Ltd to form Unity Registrars Ltd and served as Chairman of the Unity Registrars Ltd. He was also the Chairman of the Technical Committee that merged Kapital insurance Plc, lntercontinental Assurance Company Ltd and Global Commerce and General Assurance Co Ltd into UnityKapital lnsurance Co Plc and also served as Director of the new entity. He was the Chairman of the Technical Committee of the landmark transaction where nine banks were merged to form Unity Bank PLC and the listing of the bank on the Nigerian Stock Exchange. He also midwifed the formation of FUG Pensions Limited by serving as the Technical Chairman for the pooling together of the interests of  Futureview Financial Services Ltd, Unity Bank Plc and Glanvill Enthoven & Co Ltd to form a viable and significant player in the Pensions management industry. He subsequently served as Chairman of FUG Pensions Ltd. Mr Pitan has also served as the alternative Director of Kakawa Discount House Limited,  Director Newdevco Investments & Securities co. Limited, Director Banque International Du Benin (BIBE) and currently Chairman, Habitation of Hope- An NGO set up by Pastor(Mrs) Folu Adeboye to salvage, transform and empower the abandoned, hopeless and homeless street boys and girls in our society. He was recently the MD/CEO of Caroline Properties Ltd and director of Excel E& P Ltd. E& P Ltd.

Mr. Waheed A. Olagunju ED SME

Mr. Waheed A. Olagunju, Ag. MD

Executive Director, Small and Medium Enterprises

Name: Mr. Waheed A. Olagunju

Current position:   Executive Director, Small and Medium Enterprises

Educational profile: Mr Olagunju bagged his Bachelors and Masters degrees from the University of Lagos in 1981 and 1984 respectively as well a professional certificate in Investment Appraisal and Risk Analysis from the Queens University, Canada in 2013.

Work experience:Mr Waheed Olagunju joined the Bank of Industry’s precursor institution the Nigerian Industrial Development Bank (NIDB) in August 1990 as a Senior Manager and rose to the position of Executive Director  (Business Development) in November 2012. He acted as Managing Director & Chief Executive Officer of the Bank of Industry (BOI) between 11th April and 16th May, 2014. Mr Olagunju was subsequently reassigned as Executive Director (Small and Medium Enterprises) .Mr Olagunju again assumed headship of the bank as acting Managing Director & CEO on 15th February 2016. In the last twenty six (26) years Mr Olagunju headed five different departments/directorates in the bank. The most recent being Executive Director, Small and Medium Enterprises. Mr Olagunju was appointed Assistant Company Secretary and Secretary of the Executive Management Committee in 1994 and was subsequently appointed Company Secretary and Secretary to the Board in 1997 a position he held for fifteen (15) years until he was elevated to the Board in 2012 as Executive Director. It is instructive to note that he handled other responsibilities as General Manager Strategic Planning, Business Development and Corporate Communications concurrently with his duties as Company Secretary. Due to his versatility, Mr Olagunju consistently demonstrated extra-ordinary efficiency, competence, capacity and capability in successfully taking on higher responsibilities assigned to him in the course of his twenty six (26) year banking career by the institution’s successive Managements and Boards of Directors. He accordingly stands out as one of the architects and strong drivers of BOI’s outstanding turnaround and transformation into one of Africa’s best Development Finance Institutions (DFI) that has earned the confidence of its domestic and foreign development partners, financiers, customers, international and Nigerian rating agencies (Fitch, Moodys and Agusto) and stakeholders in general. Under his leadership of the SME Directorate, the bank increased its annual lending to SMEs to N5.6 billion in 2015 which represented 205% increase over the average annual lending of N1.8 billion to SMEs in previous years.

 Achievements: Mr Olagunju who was actively involved with the reconstruction of NIDB into BOI (2000-2001) and the consolidation of the mandates of NIDB, the Nigerian Bank for Commerce and Industry (NBCI) and the National Economic Reconstruction Fund (NERFUND) into that of the Bank of Industry, worked very closely with then leadership of the Federal Ministry of Industry and Messrs KPMG, the consultancy firm that was engaged to handle the exercise. In the early years of BOI, Mr Olagunju also coordinated the diagnostic study of the bank that was undertaken between 2004 and 2005 by the Swedish Consultants (Messrs Swedish Development Advisers) who were appointed by the African Development Bank. He similarly played a leading role in the implementation of their recommendations that formed a vital input into BOI’s paradigm shift that triggered the bank’s rapid transformation in 2006. He has all along been a strong member of BOI’s Senior Management team, and later it’s Board of Directors, that has been driving the bank’s highly impressive performance.

Mrs. Toyin Adeniji



Mrs. Adeniji is an Associate of the Institute of Chartered Accountants of Nigeria. She holds the Bachelor of Science (B. Sc.) Degree in Civil Engineering with Second Class Honours (Upper Division) from the University of Lagos and a Master of Business Administration (MBA) Degree from the Harvard Graduate School of Business Administration.

Mrs. Adeniji’s experience in the financial industry spans various areas. She has acquired considerable experience at the International Finance Corporation (IFC) as Investment Officer in the Syndications & International Securities and Global Mining Departments, Head, Women in Business and Principal Operations Officer, SME Development.

She also functioned as the Managing Director of Susu Microfinance Bank Limited, an institution licensed by the Central Bank of Nigeria to provide a broad range of financial services to micro entrepreneurs and unbanked market. Prior to her engagement by the International Finance Corporation (IFC), Mrs. Adeniji had a stint with Arthur Anderson (Chartered Accountants).

Mrs. Toyin Adeniji holds a Bachelor of Science degree in civil engineering, an Associate Membership of the Institute of Chartered Accountants of Nigeria (ICAN) and an MBA from the Harvard Graduate School of Business.

Mr. Tobin Jonathan



Mr. Tobin Jonathan has over 27 years’ experience in Agriculture value chain and Micro, Small and Medium Enterprises financing. He started his working career in 1989 when he joined the Development Finance Department of the Central Bank of Nigeria. By dent of hard work and commitment, he rose through the ranks to the position of Assistant Director. Prior to joining the Bank of Industry, he managed the CBN, N220 billion Micro Small and Medium Enterprises Development Office, and was the Project Manager of the N20 billion of the CBN, Anchor Borrower’s Rice project involving about 70,000 smallholder farmers in Kebbi State.

Mr. Tobin Jonathan holds a Bachelor of Science degree in Agricultural Economics and Extension. He also trained in Project Management fast track from the Boston University, USA.

MR. Simon Aranonu. ED LE

MR. Simon Aranonu. ED LE

Executive Director Large Enterprise

Name: Mr. Simon Aranonu

Simon Aranonu holds a Bachelor of Science degree from the University of Nigeria. He won the University Foundation prize as the best graduating student in Finance in 1984. He is also a chartered Accountant. Mr. Aranonu is a graduate of the Advance Management programme of Stanford University California, United States.

Simon has attended various business leadership programmes in Harvard Business School Massachusetts, Chicago Business School, Chicago as well as Cranfield University, Milton Keynes, United Kingdom.

Simon has also attended training programs in Citibank School of Banking, Long Island City, New York, Chase Manhattan Bank, New York and Mellon Bank, Philadelphia. Simon, whose forte is Credit and Corporate Governance, is licensed by IFC (an arm of World Bank) to train Company Directors on Corporate Governance. Simon is a beneficiary of the USAID- sponsored Best and Brightest African Bankers training program in United States (Spring 2000).

Simon, who is a senior Pastor in The Redeemed Christian Church of God, has over 27 years banking and financial consulting experience and served as Executive Director in Global and Intercontinental banks (now Access Bank). Simon started his banking career in the then Continental Merchant Bank (formerly Chase Merchant Bank) in 1987. He worked at various times in Liberty Merchant Bank and the then Manufacturers Merchant Bank.

Simon Aranonu is Executive Director in charge of Large Enterprises for Bank of Industry.

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