EXCLUSIVE: The Man With The Midas Touch, Dr. Olufemi Bakre, MD/CEO Parallex Bank, Tells His Story Of Grass To Grace

 

The name Dr. Olufemi Bakre needs no introduction. In the banking sector right now, he is the man everyone is talking about. His exploits as a banker have been nothing short of phenomenal. Presently, as the MD/CEO of Parallex Bank, Olufemi Bakre has recorded astonishing results, turning the fortunes of Parallex Bank around in just five years at the helm of affairs. Little wonder why the board passed a vote of confidence on him and handed him a tenure extension after his initial tenure elapsed. His new tenure has commenced this May.

 But beyond being an accomplished and fantastic banker, another side of Dr. Olufemi Bakre that has endeared him to a lot of people is his humility. You just possibly cannot miss that about him. Despite his status and humongous achievements, the man has remained unbelievably humble, relating to people with absolutely no chips on his shoulder. 

 The other part of him that has impressed many is his intense passion for impacting lives and supporting young people. Apart from those who have closely followed the trajectory of this remarkable gentleman, not too many know his story. Not too many know that he had a pretty difficult start in life. At a point, he hawked on the streets to support his family and keep body and soul together. Like many other young Nigerians at the time, he had a future that appeared uncertain, a future that looked extremely gloomy. But the difference between Olufemi Bakre and some of the other youth at the time was that, he never gave up on himself. He held tenaciously on to his dreams and kept trudging on. His unshakable belief in himself and his capabilities kept his hope alive. Today, he is not just a banker, but an accomplished one who has reached the very pinnacle of his career. He has emerged as one of Nigeria's brightest exports in the banking industry. Call him the whizz kid of the banking industry today and you can't be wrong. This explains why he has been scooping up awards from notable organisations including the Sun Awards as Banker of the Year and City People Banker of the Year award. 

 Let’s tell you a bit more about this brilliant gentleman. Dr. Olufemi Nojeemdeen Bakre is a highly accomplished professional with a distinguished career spanning over 35 years in the banking industry. He is a visionary leader with extensive experience across various aspects of banking, including multilateral business, financial institutions (both local and international), the public sector, as well as corporate, commercial, SME, and retail banking.Dr. Bakre’s tenure as the pioneer MD/CEO of Parallex Bank began in May 2020 and has been renewed for another five (5) years, effective May 2025. He is instrumental in transforming Parallex Bank into a forward-thinking institution that prioritizes innovation and exceptional customer experience. His commitment to excellence, combined with his strategic vision and wealth of experience, has positioned the bank for sustainable growth. Under his leadership, Parallex Bank became profitable in less than three years of operation as a commercial bank, surpassing expert projections. The bank has received numerous recognitions and continues to demonstrate a strong and sustainable growth trajectory. Dr Bakre began his banking career at MBC International Bank, where he rose to the position of General Manager.

Following MBC’s acquisition by First Bank of Nigeria in 2006, he became the Group Head of Multilateral, Financial Institutions, and Global Custody. During this time, he spearheaded several initiatives, including the establishment of First Bank of Nigeria’s China Representative Office, among other award-winning achievements.In 2011, he joined First City Monument Bank (FCMB) as the Executive Director in charge of Institutional Banking (Public Sector, Financial Institutions & Multilateral Business), where he was responsible for business development and strengthening the institutional banking sector across Nigeria. In 2013, he was appointed Executive Director for the Lagos and Southwest regions, providing strategic leadership for a network of over 100 branches.In 2015, he was appointed Executive Director of Corporate & Institutional Banking for both the United Kingdom and Nigeria, a position he held until March 2020. During this time, he successfully executed several cross-border, revenue-enhancing initiatives for the bank.

Dr. Bakre’s leadership at Parallex Bank has earned him significant recognition. In 2023, he was named one of Nigeria’s Fifty Most Inspiring and Definitive Top CEOs by The Guardian newspaper. He also received the prestigious Banker of the Year award from both the Daily Sun Awards in 2023 and the Global Excellence Awards in 2024. His influence extends beyond Nigeria, as evidenced by his recognition as one of Africa’s Most Respected CEOs by The Business Executive in Kenya in August 2024.Further cementing his international reputation, in March 2025, Dr. Olufemi Bakre was awarded the Honorary Citizenship of the State of Georgia, USA—one of the highest symbolic recognitions conferred by the U.S. state. This prestigious honor acknowledges his outstanding contributions to financial leadership, philanthropy, and cross-cultural relations. It places him among a distinguished list of global changemakers recognized for their service, dedication, and efforts to foster international goodwill.Dr. Bakre holds a Bachelor’s and a Master’s degree in Banking and Finance from the University of Lagos, Nigeria, and is an alumnus of the London Business School. He has further honed his leadership skills through programs such as the Senior Management Development Program at Euromoney Training in Surrey, England, and the Leadership Program at the London Business School.

Dr. Bakre has also participated in numerous executive management programs at leading financial institutions, focusing on leadership, strategy, management, and digital innovation. He has been conferred multiple honorary degrees, including a Professional Doctorate from the City University of Paris and a Doctor of Philosophy in Business Administration from Prowess University, Delaware, USA.Dr. Olufemi Bakre is a philanthropist and community leader whose contributions to societal development remain indelible. He is happily married and enjoys reading, playing table tennis, listening to music, travelling, and dancing in his spare time.

 Last Sunday, at the annual City People Award for Excellence held at the Etall Hotels and Halls located on Kudirat Abiola Way, Ikeja, Lagos, Dr. Olufemi Bakre once again was honoured with the Banker of the Year award. Moments after he gave a touching and profound acceptance speech, City People's Senior Editor, Wale Lawal (08037209290) approached the very unassuming Olufemi Bakre for an interview which he graciously obliged to. He opened up about his humble beginnings and his passion for impacting lives, especially that of young people. Here are excerpts.

 It's an honor to be speaking with you, sir. Let me begin first by congratulating you once again on the City People Banker of the Year award you just received and I do know you have also been receiving lots of recognitions and awards in the last couple of months. How do you feel about this? Share with us your thoughts at this time.

Well, to God be the glory. I thank God for everything. They humbled me and I can say that today, particularly, I'm overwhelmed. And I'm more encouraged. It's one thing to be doing your thing in your own way, in your little corner. It's another thing for you to be recognized. And when recognition comes, it inspires you to do more. That is the stage that I am in. If anything at all, the kind of legacy that I plan to leave behind should be the legacy of building many of me, both in the industry and beyond. And also, in addition to that, to motivate the upcoming generation, to inspire them, and also to support them in actualizing their dreams. For somebody like me, I strongly believe that I'm well-placed in that position because I've seen it all. This is a case of grace today. For somebody who used to be a street hawker, rising to this position, its a special grace. It's uncommon blessing and if anything at all, the primary assignment is to encourage our upcoming generation to believe in themselves. There is gain in pain. There is benefit in cost. If you are not poised to sacrifice, certainly you can't get to that particular level.

There is no way you can get to the zenith, either of your vocation, your career, or anything that you have chosen to lay your hands on, without paying the price and that price is what we call autobiography. If the journey has been sweet from beginning to the end, then what story do you have to tell? But by virtue of all those challenges that you are able to cross, and surpass expectations, those are the things that we put together in order to learn from you. I'm still learning from people. Like our great brother here, the Publisher of City People, Mr. Seye Kehinde, he has been a role model for a very long period of time. And I can say that I'm an addict when it comes to City Ppeople. It is one magazine that I don't joke with and guess what? That magazine is a marketing tool in a way that you cross paths with names, identify them, and run after them and this one has really paid off in the history of my career, the more reason why I just have to break all the odds to be here today in order to receive these awards personally.

And if anything at all, I also have a constituency, which is Parallex Bank. What gospel am I preaching? To build many successors and so far so good, God has been faithful in this particular regard. As a bank, we have come to stay. We've been able to break many records, not by virtue of our power, but by the grace of God who has given us the wisdom, the knowledge, the wherewithal to cross and crush all obstacles to be where we are today. I will say that we are a challenger bank, a bank to beat in any form, shape, or manner and our today has forever been greater than yesterday. And we strongly believe that the tomorrow of the bank shall be far greater than today. So we are ready. This is one bank that is customer-centric. I mean, banking has gone beyond taking undue advantage of customers. We've taken banking to partnership level and that's the more reason why we don't have branch managers in the bank. What we have principally are partnership managers and the entire idea is for any staff of the bank to wear that cap of partnership. When they have an encounter with a customer, it's not about what is in need for the bank, its more about how can we key into your vision? How can we be a part of your success story? How can you be in a position to refer us to other customers by virtue of what you are able to bring on the table? Banking is about value propositions and that is more like our strong selling point.

I am aware that you just had your tenure extension as CEO of Parallex Bank. And of course, that came wholly on the back of your impressive performance in charge of that bank. How were you able to quickly make such an impact within such a short time? How were you able to quickly achieve that?

Let me put it this way, I came to Parallex Bank prepared and that is one other key lesson that is imperative for people to learn from. The moment that I got the mandate, I went back to the drawing board to get myself ready for the job in terms of strategy, in terms of style, and in terms of approach. And aside from that, there is power in execution. It is one thing for you to have a robust plan, it is another thing to have the courage to execute to the letter. And if anything at all, there is one acronym that is more like in the DNA of every Parallex banker. We call it SEED. Speed is key. Execution is non-negotiable. You go extra mile to satisfy your customers. And executive touch is about me. This is one bank where you have 24-7 and unflinching access to the managing director. And in addition to that, we decided to go the digital way because we strongly believe that that is the future of banking. In a way that you can, from the comfort of your house or office, transact your businesses without even knowing where we are located.

A lot has gone into this in terms of investments and we can say comfortably that the end is justifying the means. And one other thing that is very key, in life, both in personal and official level, the word discipline. If you are not a disciplined person, you can hardly get to that execution level that can transform your past, your ugly past, your slow past, to a greater today. The word discipline is very key in everything that we do. So far so good, I strongly believe that this is just the starting point. We are highly encouraged. Not only by our customers alone, I must also take the opportunity to appreciate the stakeholders of the bank for believing in me because if anything at all, the tenure renewal came as a surprise. I thought that I had done enough by moving the bank from ground zero to a certain level for somebody else to continue. But within the bracket of their wisdom, they said that I've not finished yet, that its not time for me to go, that I should continue. And if there's anything at all, it is my determination to ensure that I surpass expectations.

If I have my way, sir, there’s still a whole lot more I would love to discuss with you. You have this depth of knowledge, of wisdom in you that there’s so much to tap from. I hope that you find time to bring young people together under one roof and mentor them because there’s a lot more beyond banking in you. You could impact lives, you could change lives, particularly that of the young people. So I'm just hoping, this is just off the cuff, I'm just hoping that you have the time once in a while to put together programmes where young people gather and you speak to them.

You can even make it, you said off cuff, you can make it on cuff for obvious reasons. That is what I enjoy doing most. And to God be the glory, despite my modest achievement in the industry, I've been able to build a generation that has surpassed my feat as I speak because I've been able to bring up somebody that owns a bank today. And I've been able to tutor from ground level, some executive directors in the banking industry today, and they are doing great. So if I take that one into consideration, I can't do less. Even by the time that I retire, I will retire into that world of counseling, mentoring, and supporting my generation.

What shaped you while growing up? What molded you into becoming who you are today, that's my final question? With all of your humongous achievements you still come across as simple, humble, and as one always willing to impact people's lives? What has kept you grounded, kept you focused, kept you simple?

Thank you so much. I will say that my background played a big part. It will shock you that in my entire generation, both father and mother side, I was the first person to kiss the four walls of the university from time immemorial. I was resolute and I was determined that the poverty circle that surrounded my family must be broken. In addition to that, I was determined to break the chain.Today, by virtue of that audacious move, the last born of my family today is a medical doctor because, you can liken it to Mungo Park that discovered River Niger. Certainly, he paid the price. So I decided to pay the price so that the upcoming generation can have something to look up to and so far so good, there's no regrets. And in addition to that too, guess what? Many people are born with great potentials.They are born with talent. They are born with whatever it takes to get to the zenith. The only barrier is that majority of them don't have that encouragement. They don't have many that they can look up to. They don't have that right path to secure inspiration, either physically or spiritually. People like us, taking our background into consideration, we cannot do less than to fill that gap. And that's the more reason why it's not only about when people are gathered for me to talk to them, I do that very often and a lot. And also being called on to do that.It is natural to my humble self because the more of you that you can build, the better for the society and the larger opportunity for this country.

This country has enormous human resources, the only thing is to ensure that we give them the right path to take. There's no body that is born without it. Ability to harness it is the barrier and if you can fill the gap, please fill it.