Mr. Oluremi Olaofe (Executive Director, Nigerian Automotive Manufacturers Association (NAMA))

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Mr. Oluremi Olaofe [Executive Director, Nigerian Automotive Manufacturers Association (NAMA)].

Remi Olaofe is the Executive Director of the Nigerian Automotive Manufacturers Association (NAMA). He is a well-respected investment banker and venture capitalist. He sits on the board of NAMA and a number of other companies in the tourism, property, and construction sectors of the Nigerian economy.

A graduate of Business Administration from the University of Ilorin, he also holds a Master of Business Administration (MBA) from Obafemi Awolowo University, Ile-Ife, which he completed in 1990 with distinctions. He was posted to the university (OAU) for the mandatory one-year National Youth Service Corps programme, during which he lectured in the Accounting Department.

He later became one of the pioneer staff members of Guaranty Trust Bank in 1990 and served in various divisions of the bank, such as Operations, Internal Control and Investment Banking, Commercial Banking, and Corporate Banking. He left Guaranty Trust Bank in 1997 as a manager to join the “change team” of United Bank for Africa (UBA) as a Principal Manager in the Domestic Treasury arm of the Investment Banking Division, with the responsibility of managing the Off-Balance Sheet transactions of the bank.

In 1998, based on his visible positive contribution to the banking industry, Olaofe was invited by Standard Trust Bank Limited to assist in the quick repositioning of the bank as Head of the Investment Banking Group, a position he occupied before veering off banking in the year 2000 to go into private practice. While in banking, he was instrumental to the development of various products in both the domestic and foreign treasury.

It is on record that he was part of various teams that commenced the trading of Treasury Bills and other government securities by banks. This used to be an exclusive business of Discount Houses. He championed the Zero COT product in the Nigerian banking industry to attract funds locked outside the banking system. Olaofe also developed an alternative money transfer platform called “Cash-fast” that functioned like Western Union Money Transfer and Moneygram. He worked in conjunction with the Central Bank of Nigeria in the setting up of procedural manuals for the operations of the Nigeria Interbank Settlement System (NIBSS).

Upon his exit from banking, Olaofe ventured into the insurance industry as Executive Vice Chairman of First Chartered Insurance Company Limited, a company he co-owned with other respectable names in the Nigerian business community. He occupied this position up until the merger by way of acquisition of the firm by Investment and Allied Assurance Plc.

In 2007, he started Folsort Investment Limited, a financial and process consulting outfit, as its Chief Executive Officer.