How I Transformed Parallex Bank In Just 3 Years - MD/CEO, Dr. Olufemi Bakre

 Presently, in Nigeria’s highly competitive commercial banking sector, one bank stands out with its unique, sterling qualities -Parallex Bank. It’s the wave making bank everybody is talking about. Within just a short while after it started operations and making phenomenal strides, Parallex Bank has shown in very clear terms that it’s not a flash in the pan, it is here for the long haul. And Nigerians can see that. From the very start, the bank has proven that it’s different from others on account of its strong focus on digital innovation, aiming to provide a customer-centric experience through a seamless and tech-driven platform. It also distinguishes itself by offering unique solutions like the Parallex Diaspora Account for Nigerians abroad, personalized private banking services, and initiatives to support local authorities and underserved communities through tailored financial products and literacy programs. The bank has also been recognized for its innovation, earning the "Digital Financial Groundbreaker of the Year" award at the BusinessDay BAFIAwards 2025.

Not many know that Parallex Bank, under the leadership of its hugely experienced and brilliant MD/CEO, Dr. Olufemi Bakre, became profitable in less than three years of operation as a commercial bank and it has not looked back ever since. Another strong feature of the bank is that it offers "limitless banking" through innovative digital solutions, aiming to be a preferred financial solutions provider redefined by technology and this has resonated well with many Nigerians, which explains why the bank’s customer base keeps swelling every minute.

The phenomenal growth of Parallex Bank in five years has been one of the most talked about subjects in the banking sector today. Little wonder why the Board promptly offered Dr. Olufemi Bakre tenure renewal months ago the moment his previous tenure drew to a close. Everyone wonders how Dr. Olufemi Bakre, an accomplished professional with a distinguished career spanning over 35 years in the banking industry, transformed the bank in just a couple of years.

“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,” he explains. “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.”

The impressively eloquent MD explains further: “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 it’s 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.”

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.