The Chairman of the Board of the Nigeria Deposit Insurance Corporation and a former two-term Commissioner for Agriculture, and Urban and Physical Planning, in Ogun State, Ronke Shokefun, tells GODFREY GEORGE how the journey has been for her as a corporate executive in government
You are an accomplished business leader and corporate executive. How exactly has the journey been so far?
The journey has been mostly defined by resilience and focus. At every point, wherever I had worked and in whichever sector, my desire was always to ascend to leadership position. When I was in (law) practice, my desire was to become a partner. When I switched to business, my desire was to be the leader of my team. When I went into the government, my desire was for my voice to be heard and be part of the decision-making process.
The journey has not always been straightforward though. When I left university and law school, I wanted to work in a corporate environment. I did not want to practise law. But, those jobs were not easy to come by. So, I retraced my steps and told myself, “Why don’t you get some practice experience and enhance your marketability”? And, that was exactly what I did. I went into law practice for some years. Then, I thought, it was time to do a bit more in terms of equipping myself. So, I started taking lectures and exams with the Institute of Chartered Secretaries and Administrators. I met a number of people on that journey, some of whom I am still in contact with. I am currently an associate and should become a Fellow soon. In the course of doing my ICSA exams, I realised that there was a large part of it that was focused on accounting. When I tell a lot of people I worked at Ighodalo and Associates, they assume I worked with Banwo and Ighodalo, the law firm. I actually worked in the audit firm of Ighodalo and Ighodalo back then. The popular pastor, Ituah Ighodalo, owned the accounting firm. It had a company secretarial arm that I ran, so it was easy for me to do my exams because I had hands-on experience. It has not always been a smooth journey but I am grateful for all the experiences.
To consolidate my law practice experience, I joined a law firm that was properly structured and which fit my dream. It was not that I didn’t enjoy litigation; I just did not find the style of practice back then attractive. Thankfully, Aluko and Oyebode, the law firm I worked with, was structured along different lines. It was a strictly corporate commercial law practice, and that was where I worked for about nine years. It is still one of the biggest law firms in the country. I joined them as an associate. I was later promoted to become a senior associate, and eventually made partner in 2001.
Despite becoming a partner, I still had the desire to do something else. That became more pronounced when I was seconded to a client company as an in-house lawyer. Working there opened my eyes to a whole new way of ‘practising’ my profession. I was hands-on and in-house, and it was like being a transactional lawyer. I had in-depth knowledge of transactions, and that convinced me even more that I wanted to go in-house. When the secondment ended, I joined Ocean and Oil Services, which later became a part of the Oando Group.
Did you ever envisage you would come this far?
I don’t think anybody wakes up in the morning and dreams of becoming the chairman of a major corporation such as the Nigeria Deposit Insurance Corporation. I am grateful because my hard work and professionalism were recognised. When the appointment came, I quickly braced myself for it because it was a lot of responsibility. Did it come ‘quickly’ in my career? As of the time I was appointed, I had been a lawyer for 30 years. I have colleagues who are justices in various levels of the judiciary. There are three or four past governors who were in my law school set. I also have colleagues who are Senior Advocates of Nigeria, as well as business and opinion leaders. I, therefore, won’t say it came quickly. I had paid my dues. I left law school 34 years ago, in 1988. However, I am truly grateful for the opportunity.
What makes you fulfilled when you look back at your journey over the years?
Every step I have taken has been an eye-opener. It is like peeling the layers of an onion. I keep discovering myself.
I became a partner in Aluko and Oyebode, and that is no mean feat. That is the peak of one’s career in legal practice. It is not a company I built. I worked there, and my hard work was recognised.
From there, I went to Oando, where I was made Chief Legal Officer, and sat as a member of the highest decision-making body (in the company), next to the board, which is the group leadership council. From Oando, I went into government, where I sat in the Ogun State Executive Council, which is, again, the highest decision-making body in the state.
At NDIC, I chair the board. I feel fulfilled for every milestone I have attained. I also believe I still have a lot more to give.
I have no regrets because, with every step I have taken, my skill gets better. It is like being sharpened for higher responsibilities. When I left Oando to go into government, even though it was daunting, I believed I was ready to take on that responsibility.
You speak passionately about rural development. What drives that passion to always want to give back to society?
Before I left the house this morning, I was watching the Cable News Network, and I saw a headline that President (Joe) Biden of the United States of America was about to forgive some student loans.
(On the other hand), Nigeria has been kind to us (Nigerians). How much loan did you take to study? There are people who, all through their working lives, repay their student loans. We don’t have that here. I had my primary, secondary and university education in Nigeria; and all were sponsored by my parents.
That is why I look at our medical professionals…I know it is convenient now to say the system does not support their aspirations, and there is a lot of brain drain. But, the question is, ‘How much did they pay to study medicine in Nigeria’? They should ask their colleagues in the countries to which they are relocating how much they paid to study Medicine. As far as I am concerned, we are all beneficiaries of the system. We are watching the systemic structural collapse, but what are we doing to stem the tide? I think the least we can all is to try and restore what we benefitted from.
If one goes into a school and sees dilapidated furniture, one can do some repairs or replacements that one can afford. That will go a long way. That, for me, is the driving force. I just always want to do my best. I am also privileged that where I work; one of our focal areas is sustainable environment and social governance, and that anchors our corporate social responsibility.
NDIC fosters a good number of CSR initiatives as a way of propagating its ideals. It is a way of publicising what NDIC does and who we are. Since I am privileged to be a beneficiary, I use that to reach out to different communities. I attended Comprehensive High School, Ayetoro, Ogun State. I left the school 39 years ago. Back then, there was no United Tertiary Matriculation Examination centre in the entire local government area until we established one last year. I had the idea to establish a UTME centre there, and the corporation embarked on that project. The first UTME exam which took place after its commissioning in 2021 was taken by 800 students. Some candidates from bigger towns like Abeokuta also opted to write their exams there. What more joy can I derive? There is also the case of a primary healthcare centre, which was upgraded to a general hospital, with the same structures and facilities. Upon inquiry, I discovered that there were no specialist services for children. Children received the same healthcare services as adults. Again, NDIC intervened and today, there is a fully-equipped paediatric centre in that hospital. What can give one better fulfillment beyond seeing the joy one puts on people’s faces?
Was it your childhood dream to become a lawyer?
My childhood dream was to be a professional. But, I realised early in life that I could not stand the sight of blood or people in pain, so that ruled out medicine. I honestly don’t know how or when I narrowed my future ambition down to Law. Perhaps, because I was very good in art subjects, there was a natural propensity to follow through on that. Law demands a lot of reading, and an analytical, problem-solving mindset. Studying literature in secondary school was preparatory in this regard. There was just a natural leaning towards law, and honestly, I have no regrets.
What was it like growing up as a child in Ayetoro?
Part of my growing up was in Ayetoro. When one is born to parents who are teachers, one has to abide by set rules. My life, back then, was sort of regimented. Weekdays were all about school. Coming back from school was like transiting into home lessons and extramural classes. We were only allowed to watch one or two TV programmes in the evenings. Weekends, especially Saturdays, were for household chores. Sundays were for church and getting ready for the week ahead. I watch these Generation Z kids and I am wowed. One sees children waking up around 12pm or 2pm. In my home, on a weekend, one could stay in bed till around 7am; but one had to rise earlier on weekdays. My childhood was fun but kind of ordered. However, I wouldn’t trade it for anything else. I had very loving parents. I lost my dad in 2012, while my mum passed away in 2021. They were both wonderful and loving people. They always gave their best to their children. I grew up with three sisters. We were a very close-knit family.
How did this impact your life as an adult?
My childhood really impacted my choices as an adult. For instance, I am not really an outgoing person. If you see me at social events, it is always more out of honouring a social obligation. I am privileged to have met a lot of people in the course of my life. So, I try to honour invitations because I feel honoured when I am invited to attend events, except if I am too tired or out of town.
How do you think you would have turned out if you had grown up in today’s world?
There is a lot of disruption in the family system today. As good as technology is, it is also a chief disruptor. For instance, we (family members) sometimes exchange WhatsApp messages right inside the same house. In my days as a child, if one’s mother had to call one twice, one knew what would follow. My generation, as parents, tends to overindulge our children. We must take responsibility. There is always the notion that we want to shield our children from the things we went through. The question is, “What did we go through as children that was so bad”? Those things we went through are the things that have made us who and what we are today. It has made us resilient and persistent in pursuing our goals.
I had to make an intentional decision to create family time, so we hang out every Sunday and eat lunch together. That is the only time we spend hours together. We, as parents, are partly to blame. We can only pray that in our old age, we won’t be lonely.
Your parents, as you noted, played a huge role in your upbringing. What are the most valuable lessons you carried along into adult life?
I learnt integrity from my parents. It meant everything to them. That is one of my watchwords. It is something I imbibe and indoctrinate. My word has to be my bond at all times. It has a ripple effect on everything I do. For example, if I have a meeting for 11am, I will be there on time. If I have a financial commitment or obligation, I honour it. Integrity means a lot to me. People have to know one for what one stands for. I also try to limit my expectations from people. I can control what I do, but I cannot control the other party’s reactions or responses. I also try to cut people some slack. I try to accommodate shortcomings where there are. I think I am fair-minded, and I try to look out for others.
There are a lot of gender imbalances in society. Many women in the corporate world fall off the ladder as quickly as they climb. What do you think is responsible for this, and how do you think structures can be put in place to make more women excel in the corporate world?
There are some natural things in a woman’s life that she has no control over. If one chooses to have a child and whether one wants to work till the last day of pregnancy, one would need some time for post-birth, first, to regain one’s strength and also to put a plan in place to take care of the child. No matter how accommodating an organisation is, these things are there and they sometimes impact a woman’s growth in the workplace.
Some organisations however bridge the gap. NDIC has a crèche where babies can be kept while the mother is working, so there is an opportunity to keep an eye on the baby even while working. There is, however, an emotional part that we need to keep looking out for, but we don’t seem to pay a lot of attention to that side of things. A lot of women go through post-partum depression, but it is hardly monitored. After childbirth, some women never go back to what they were. All those will naturally impact the quality of their jobs. These are some of the factors that impact growth in the workplace.
I had a corporate job when I became a mother. I will like to publicly acknowledge that Oando is one of the most understanding organisations I have worked with. At some point, I had a lot of transactions outside the country but I was lucky I had a solid support system. It is important for every woman to build a strong support system. It may, however, come at a cost; but it is worth it. I was lucky that my mum had retired at the time, so she was always around to help me. I also had a reliable nanny and a driver. With this support system, my home was running without major issues. I will advise women to imbibe those practices. It is very important because it frees up their time to focus at work.
A woman must also create opportunities to take care of her children and bond with them. If she has an understanding workplace, there will be days when she can go home early, so that she can go through school work together with the children and be a part of their lives. I never missed any parent-teacher conferences. I was always there because I wanted to know how my child was faring socially and academically.
I appeal to organisations to be more understanding and accommodating of these issues. There is something advantageous about working with women. There is loyalty and a consistency in the quality of their delivery. I don’t think any organisation would want to lose those key attributes. If a woman is happy in her job, an organisation can keep her for 20 or 30 years. She would be committed to doing her best.
Did you see your appointment as the chairman of the board of NDIC coming when it did?
Absolutely not. The appointment was announced in November 2018, and I was still with the Ogun State government then. I was pleasantly surprised and grateful.
How have you fared in the position so far?
I am not sure I am in the best position to assess myself. But, we do have an oversight ministry, which is the Ministry of Finance, Budget and National Planning, and I interface with the minister from time to time. The reports are always very encouraging. The ministry is represented on the board, and the minister usually tells me, “I hear things both formally and informally and the board is doing well”.
She is a wonderful person and very professional. I have never been on my back foot with her. The job undoubtedly has its challenges. But, what I enjoy the most is the confidence of my colleagues on the board, as well as the trust of the staff.
In layman’s terms, what does the NDIC do?
Deposit guarantee is the first core mandate of the corporation as well as one of its functions, as enshrined in the NDIC Act (2006).
NDIC insures all deposit liabilities of licensed banks and such other deposit-taking financial institutions. In the event of failure of an insured financial institution, the NDIC acts as the deposit insurer by guaranteeing payment of deposits up to the maximum insured sum of N500,000 to a depositor in commercial banks, non-interest banks, payment service banks and primary mortgage banks; while it is N200,000 for depositors in microfinance banks. It is important to stress that depositors in excess of the maximum insured sums are paid their balances in form of liquidation dividends from the proceeds of realisation of assets of the failed banks.
Instructively, NDIC has declared 100 per cent liquidation dividends to depositors of 20 of the banks in liquidation. When depositors’ funds are insured, it is a strong protection against loss. Granting financial and technical assistance to insured institutions is also done by the NDIC to protect depositors. Technical and financial assistance enables banks to resolve their distress and continue to function as a going concern, thereby protecting depositors from losing their funds in such banks.
Also, the corporation protects depositors through banking supervision, which is done in active collaboration with the Central Bank of Nigeria. Supervision ensures that banks are run in a safe, sound and efficient manner, and this reduces incidences of failure, thereby protecting depositors from losing their funds.
You were a commissioner in Ogun State for eight years. Why did you accept to work with the government?
I started working with the Ogun State government in 2011 when Senator Ibikunle Amosun became the governor. I joined the state government as a Special Adviser/Director-General, Bureau of Lands and Survey. I served in that role before I was appointed Commissioner for Agriculture in November 2012, and I served in that capacity until the expiration of the administration’s first term in 2015. When Governor Amosun was reelected in 2015, I was reappointed as the Commissioner for Agriculture. In 2017, I was transferred to the Ministry of Urban and Physical Planning, where I was serving when the President, Major General Muhammadu Buhari (retd.) announced my appointment as the chairman of NDIC in November 2018.
Before accepting to serve in Ogun State, I met with the governor, who asked that I should look at two areas— environment and lands— and tell him how the administration could fare better in both areas. I had a meeting with him thereafter and shared my findings with him, as well as what I felt the administration could improve upon.
I accepted to serve because I believed I could make a difference and add value. My focus was on improving the processes because the core complaint then was that there were no defined timelines for transactions. One could file an application today, and it could take three or four years to be treated. It could also take seven or eight months for another, or even less. I had to put systems in place and remap some processes to address most of those gaps and issues.
What were some of the things being in government taught you?
The one thing I did not know I could do was to deal with a lot of people. One is very ‘shielded’ when one works in the private sector. But, working in a place like the Ministry of Urban and Physical Planning, I had a lot of people making inquiries and bringing complaints. So, I had to regulate that, because I wanted to attend to everyone. I had to pick certain days of the week to attend to them, because there was a lot of paperwork involved as well. I also had to learn to be closer to the grassroots. When one is in government, one is seen to represent the area one comes from. So, people I had never met and didn’t know would come to see me for one thing or the other. It also made me close to my roots. I had to be a lot more nimble too. I became a fast thinker and fast responder.
Being on the boards of various companies, what has been your experience in the boardroom?
I read things from some women, who said they had to work twice or thrice as hard as men before they got recognised. I don’t know where that comes from, and I don’t want to take that away, because that may be their own experience. For me however, I have always been consistent and true to myself. I have always given my best, and that is exactly what I want to continue doing. As we speak, I am about to accept the chairmanship position of yet another board. I try to give my all wherever I go, so it hasn’t been a case of twice or thrice as hard. One comes across things once in a while that tend to undermine one. It could be cultural or as a result of the upbringing of the people one is interacting with, but I don’t let it affect me. I still do what I have to do. Inside the boardroom, sometimes, I have to wield the big stick. I also sometimes tell people off.
One has to be firm and knowledgeable. If one is not prepared for a job or does not feel ready, one should not take it. It is better for one to wait till one is ready than accept an offer and fail. It is the failure that people will remember. That has been my personal experience. I will also ask women who are aspiring to be in the boardroom to look out for mentors who can help and share experiences.
Do you have plans to join politics?
I don’t think I have the sort of finance to run for political office, looking at the way campaigns are run in Nigeria. Is it something I desire? Of course, absolutely. There is a knowingness in my heart that I can make a change and I can deliver (a lot of dividends) if I have the opportunity to do more than I currently do.
Did motherhood change you?
It made me appreciate life more. I won’t say it made me softer but it made me more empathetic. It gave me a different perspective to everything. It made me see people and relate with them differently.
How do you like to dress?
Dressing, for me, is not all about style. Comfort is the number one factor for me. I I love to be comfortable in whatever I wear. I also love to be considerate with my dressing. Secondly, I am conscious of my job and environment. I don’t believe in indecent dressing. I would not like to go anywhere and be embarrassed. I look at the mirror before I leave my home and I have to be well put together. I love the feel of cotton on my skin. You will either see me with ankara or adire. I am not too hung up on English wear anymore because I don’t have a 9am to 5pm job where my dressing is regulated.
How do you relax?
Whenever my son is around, we spend Sunday afternoons together. I also love going to the spa. I do a lot of manicures and pedicures. I love massages, and I am a TV buff too. I watch a lot of sports– tennis and football. I love soccer with a passion.
What club do you support?
(Laughs) Please, I don’t want to talk about it right now because we are not doing so well at the moment.
What is your favourite meal?
I can say it from the top of the mountain, ‘My best food is amala (baked yam flour)’. Amala with ewedu (jute leaves) or okra soup is very delicious and nutritious. But, I think ewedu is the best for it.
