First Marina at 25

Last week Tuesday, August 5 2014 was a very gratifying day in a season otherwise suffused with the tensions of politics, fears and uncertainties of “Ebola”, pressures of work and society, and a world in turmoil as murderous religious fundamentalists and terrorists-“Boko Haram” in Nigeria;“Al Shabab” in Somalia/Kenya; “Seleka” in Central African Republic; and worst of all, ISIS (or “Islamic State”as they now wish to be known) in Iraq and Syria are unleashing carnage and death across the world. For about four hours that day, the large audience assembled at the Ball Room of Lagos Oriental Hotel shut out the troubles of the outside world and rejoiced with Salamatu Aderinokun and her colleagues at First Marina Trust Ltd as they celebrated twenty five years of the existence of their institution.

Most people know Tayo Aderinokun (RIP) as that gentle-faced, but tough-minded banker who co-founded Guaranty Trust Bank Plc along with his friend and professional colleague, Fola Adeola. Fola of course served as initial Managing Director/CEO while Tayo was deputy until he took over as head twelve years later, unfortunately passing on in 2013. What many may not know outside the circles of Fola and Tayo’s friends and colleagues was that GTBank was neither Fola and Tayo’s only attempt at founding a financial institution, nor was it their first! The first financial outfit set up by the duo was First Marina Trust Ltd (First Marina or FMTL), a Non-Bank Financial Institution (NBFI) licensed by the CBN and in operation since 1989. (I know they also tried their hands on a barbing saloon!!!)In the turbulent and morbid world of non-bank financial institutions, the survival and indeed flourishing of First Marina is another testament to the professionalism and discipline of its founders(Fola, Tayo and a gentleman called BisadeBiobaku) and of course its board, management and staff through the years.

First Marina preceded Guaranty Trust and in fact was the operational platform that was used to pursue the licensing and inauguration of GTbank. Like most foundation staff of GTBank, it was in First Marina’s old office on Samuel Manuwa Street in Victoria-Island that I was interviewed. Indeed a few of the early resumptions in GTBank actually started work in that office before the rest of us resumed at Adeyemo Alakija’s “The Plaza” on November 1, 1990 while it was still under construction. I later had course to work very closely with Salamatu and others at FMTL as Relationship Manager and later Group Head in the bank’s Financial Institutions and Correspondent Banking Group with direct responsibility for managing GTBank’s relationship with FMTL. I observed our bosses managing to retain a professional disposition towards the bank’s relationship with a company which they owned and recall on many occasions, explaining to either Fola and/or Tayo why their bank would not be able to grant some request or the other to their company! I am aware that many other banks were destroyed due to the inability of their owners to recognize such limitations in their relationships with other entities owned by them!!!   

I later became a customer of First Marina along with my wife, and I can attest to the company’s professionalism and focus, financial and strategic discipline, empathy, value and customer service, traits which have ensured that while hundreds of NBFIs failed intermittently through the years, First Marina remained and flourished! There is another trait that has also contributed to FMTL’s strength-in twenty five years, the institution has had only three CEOs-Tayo until the founding of GTBank; Wahab Bello who served for few years before emigrating to Canada with his family; and SalamatuJa’ Usman Aderinokun, the current head. Wole Akala the current Executive Director has been there for twenty five years! Reuben Efoma who heads Human Resources was also there from inception! Several of the staff, Susan Onoriobe, Chigozie Okpalor, Wale Adetola and Sunday Akanbi have been there most of its life, and the average person in the company joins to stay! For some curious reason, First Marina enjoys exceptional employee loyalty, and it is not because the staff cannot get higher pay elsewhere!!!! Even the board has enjoyed stability, except for few additions and subtractions dictated by necessity. 

So as I sat at the dinner event commemorating First Marina’s success, I observed faces and hearts glowing with joy and memories, and a shared celebration of the reminder that Nigeria and Nigerians could create success stories. As Fola Adeola spoke about Tayo and himself turning N500,000.00 seed capital into First Marina’s current shareholder’s funds of over N700 million and balance sheet of over N9billion, apart from the incredible success of GTBank!; as I watched the documentary chronicling FMTL’s humble beginnings and listened to Tayo’s successor and current GTBank CEO, Segun Agbaje recall that he was also interviewed at First Marina; as I listened to profound customer testimonies from varied firms like Nigerian Life and Pensions Consultants or Fidson Pharmaceuticals; as I saw around the hall a large assembly of dignitaries with differing relationships with the company-borrowers, long standing depositors, old GTBank colleagues, Tayo’s friends and family, former and current board members-Akin Akintoye, Kayode Aderinokun, Tunde Dabiri, Dr Deji Adeleke etc. and former GTBank directors like Gbolade Osibodu and Alhaji Jada, I sensed a common gratification at First Marina’s enduring story and some sense of loss at Tayo’s absence on that day. 

In its twenty five years of existence, First Marina has built a niche as an excellent institution for providing flexible financing often of a bridging nature to emerging businesses, importers and traders, professionals and entrepreneurs, and providing real estate solutions to discerning clients. The current team’s challenge is to ensure that the next twenty five years are even better and more heart-warming!

Opeyemi Agbaje