Mrs. Oluwatoyin Sanni, also known as Toyin, has been Group Chief Executive Officer at United Capital Plc (alternate name UBA Capital Plc) since January 2014.
Mrs. Sanni served as Managing Director and Chief Executive Officer of Capital Trustees Limited (UBA Trustees Limited), a subsidiary of United Capital Plc.
A Lawyer, Chartered Secretary and Stockbroker with over 25 years’ experience in Investor Services, Law and Finance, Toyin holds a Masters Degree, LLM (Hons), from the University of Lagos as well as the Professional qualifications of the I.C.S.A. UK, and the Chartered Institute of Stockbrokers (C.I.S.) Nigeria.
She was a Council Member of the Institute of Chartered Secretaries and Administrators Nigeria, a Fellow and Vice President of the Association of Pension Funds of Nigeria (APFN), an Associate of the Institute of Directors Nigeria and President of the Association of Corporate Trustees Nigeria.
In this interview, she bares it all on her background, challenges and corporate outlook.
You’ve headed several business organisations and now you are the Group CEO of United Capital Plc. Where did you get your business acumen from?
I would like to attribute my “business acumen,” as you put it, to a combination of sources. First, my heavenly Father who is the source of all wisdom. Second, my late mother who was a serial entrepreneur and irrepressible survivor. Third, my late father who was a role model when it comes to financial discipline, ethics and governance. Fourth, the wealth of experience gained from my rich and extensive working career. Last but no less important, the privilege of working with and studying at close quarters some amazing business leaders, chief of whom is Mr. Tony Elumelu, the Chairman of Heirs Holdings.
Apart from being a CEO, you are also a mother, pastor, and author. How do you combine all these roles without getting worn out?
My ability to combine multiple roles successfully is steeped in my strong sense of an innate purpose for my life. I am very much purpose-driven. As far back as I can remember, I have never involved myself in anything I don’t believe is part of my mission in life. This gives me the drive, commitment and willingness to sacrifice and enables me to keep doing what I do without regrets. I love and enjoy every part of my life. My work is not a chore or job to me, it is a big part of my mission, my life’s work. It all fits together nicely. Also, being a pastor enables me to fulfil my goal of helping others maximise their lives and being a wife and mother is not only a joy, it also helps to demonstrate to younger women that they too can combine all these roles and maximise their lives. Writing books, articles and posts closes the gap by providing a platform for remote mentoring. Beyond the above, I enjoy tremendous support, encouragement and understanding from my husband and children who are all equally purpose-minded. Finally, I have amazing assistants at home, work and in church to whom I delegate everything not requiring my personal attention and who are also growing and learning from me so they too can lead people in the future. It’s an entire ecosystem.
What was the first ever CEO job you held?
My first CEO job was as a Managing Director of Cornerstone Trustees Limited, a subsidiary of Cornerstone Insurance Plc. I was headhunted to fill that position from the post of an Assistant General Manager and Head, Trust Services, at a subsidiary of First Bank.
On your first day on the job, how did you feel and what were the things you said to yourself?
My first day on the job as a CEO was interesting. I was particularly thankful because I had drawn up a 10-year plan at age 27 which stipulated that I would be a CEO at 37 and I was precisely 37 at that point. I told myself I would make a difference in that business by transforming it from an obscure player to a recognised operator. I also determined that I would develop the personnel into world-class professionals. I knew that our key assets were our people and my main task would be leading the people in a change programme that would involve not only how things were done but how people perceived and developed. I presented every staff member with a copy of a book titled, “Who Moved My Cheese,” which we all discussed together. The change project was on!
While climbing the corporate ladder, were there times you were intimidated by men and how did you handle it?
I don’t recall ever being intimidated by male colleagues on the job. The only case I can remember was when I was the target of an attempted blackmail by a male colleague who felt threatened by my rising profile. However, his allegations were largely ignored as my principled nature and work ethic were transparent to all. Today, the person is a friend who has come to acknowledge that my achievements are merited.
Some CEOs often describe their job as a lonely one. They say it is lonely up there. Do you feel same way?
I can attest to the loneliness at the top, not because you don’t have friends, but because you have limited time to socialise, and secondly because people often withhold candid feedback from you. Many do not have confidence to disagree openly with you or share their concerns about your decisions, bad news from areas of the business or negative feedback with you. It can get lonely, but I try my best to put colleagues at ease, operate an open-door policy and encourage free speech at work. I address the issue of limited time for social activities by socialising remotely (via social media) and by socialising with my immediate family, work colleagues and church members. My husband and children are my best friends and gist partners.
Knowing that the success of the company and that of your employees depends on you, do you feel anxious sometimes?
The burden of leadership is the knowledge that the buck stops on my table. I cope with anxiety by consulting widely and robustly without compromising confidentiality and by thinking through options before making decisions. I have learnt from Mr. Elumelu to “syndicate views” and then make my decision.
What are you most afraid of in business?
One of the greatest fears I have in business and life generally is loss of reputation. I guard my reputation fiercely.
Tell us some of the bad times you’ve experienced in business and how you got through
For me, as well as for most Nigerian business people, two of the most remarkable bad times were the last global financial crisis and then the period between late 2014 and now, commencing with pre-elections uncertainty, global economic headwinds from tapering of quantitative easing in the United States, global commodities price crash, equity market crash and now economic recession. My coping mechanisms then and now include keeping a calm and clear head, rational decision-making rather than knee-jerk responses, prudent investment decisions, efficiency measures, demand-driven allocation of resources and recognising that growing revenue remains your best defence in a depressed market.
What’s the best decision you’ve ever made in business?
There have been a series of excellent decisions. I won’t single out one right now. But the good ones have included public offers we supported and made huge profits from, as well as assets disposed at significant profit just before the market crashed. Some of my best decisions have also been hiring some amazingly brilliant people who still work with us today.
What’s the worst business decision you’ve made?
The worst decisions I recall related to succession planning at a previous place of assignment where an incompetent successor was selected who eroded a lot of the values that we had created. Since then, I am extremely careful to look beyond the surface in filling senior positions. I have also learnt that succession planning is a long-term project initiated well ahead of the need for a replacement.
What is your business philosophy?
My business philosophy is driven by the conviction that the world will reward you well for doing a job which needs to be done at a cost which enables you to offer your product or service on competitive terms. By creating sufficient value on competitive terms, you will lead in any endeavour.
When stuck, who are the people you look up to for advice?
In the business world, they are Tony Elumelu, Oba Otudeko and Arunma Oteh.
What are the things you’ve learned about people in your role as CEO?
As a CEO, I’ve learned that people are your most important assets in business, that people at all levels want to be respected and listened to and that managers exert significant influence on personnel, their performance on the job, total output and their career decisions. I’ve also learnt that good personnel with the right mix of skills and attitudes are hard to come by and worth their weight in gold.
What are the things that put you off in the boardroom?
Poor governance standards, selfishness and lack of diligent preparation are detrimental to the success of any board.
What pieces of advice would you give women in the workplace who also want to be successful.
I recommend diligence, professionalism, continuous development and a willingness to work much harder than their male colleagues. I have found this is important as female candidates are often overlooked for senior positions until they distinguish themselves in an indisputable way.
What qualities are essential for business success?
A successful business must be relevant to the changing needs of society at all times, must have a sustainable cost structure, committed staff, a disciplined management and good governance.
If you’re to recommend five business books for beginner or would-be entrepreneurs, what would they be?
I would recommend: ‘Winning’ by Jack Welch, ‘Like a Virgin’ by Richard Branson, ‘Swim with the Sharks Without Being Eaten Alive’ by Harvey Mackay, ‘Built to Last’ by Jim Collins and ‘Our Iceberg is Melting’ by Holger Rathgeber & John Kotter.
What book(s) are you reading now?
I’m currently reading ‘How will you measure your life?’ by Clayton Christensen and ‘The Leader’s Checklist’ by Michael Useem.
What’s your favourite business book ever?
My favourite business book is ‘The Essential Drucker’ by Peter F. Drucker.
What’s your favourite business quote?
My favourite business quote is: “Businesses acting as businesses, not as charitable donors, are the most powerful force for addressing pressing issues the society faces” by Tony Elumelu.
What’s your favourite business movie?
Wall Street.
Looking back, what were some of the mistakes you made on your way up?
Trusting people too soon, taking people at face value and not demanding for what I clearly deserved.
What does leadership mean to you?
Leadership, to me, is a right blend of vision and influence. It is the ability to inspire, motivate, guide and effectively move people from a current position to a desired and worthwhile destination.
In the next five years, what are the trends you’ve seen that are going to shape the business landscape in Nigeria?
The key trends which I expect to shape the business landscape in Nigeria within the next five years include the impact of digital technology on the lifestyle of the next generation of Nigerians (note that 70 per cent of Nigerians are below the age of 30). Others are the current recession and the opportunity to develop home-grown substitutes for imported raw materials and consumables. Another trend which continues to impact the business landscape is the globalisation of information and product knowledge and sophistication via the Internet which will increase the demand of consumers of domestic products. Finally, the energy, curiosity and exposure to technology of the next generation are expected to drive innovation across sectors, which is a very positive trend. – Culled from Punch.
