By Peter Egwuatu

The banking industry and Nigerian capital market, have lost a guru, Chief Dennis Onyemaechi Odife, who died on Friday October 2, 2015, in Abuja.

The Media Adviser to late Odife, Dr. Obinna Nwachukwu, confirmed this, yesterday, to Vanguard, saying, “already, sympathizers have started trooping into his Asokoro residence to register their condolences.”

Chief Dennis Odife

Nwachukwu said his death had been confirmed by his younger brother, Chief James Odife and son, Emeka Odife.

Late Odife served Federal Government in various capacities. He was Chairman of the Presidential Panel on Capital Market Reform, Chairman, Steering Committee on the establishment of Abuja Stock Exchange (now Abuja Commodities Market) as well as Chairman, Presidential Study Group on public-private sector infrastructure financing in Nigeria.

An alumnus of both Kings College, Lagos, and University of Lagos, as well as recipient of the national honour of Member of the Federal Republic, MFR, Odife died at the age of 68 years. He was born in Nkwelle-Ezunaka, Oyi Local Government of Anambra State on August 29, 1947.

The late banker was a Fellow of the Nigerian Economic Society, British Institute of Management, Institute of Management Consultants of Nigeria, Nigerian Institute of Management, Chartered Institute of Stockbrokers of Nigeria and member Nigerian Stock Exchange, NSE. He was author of many publications and books.

Chief Odife had B.Sc. (Hons) in Economics from the University of Lagos, an MBA in Finance and Management Science from the Graduate School of Business Colombia University, New York.

Odife played key roles in the nation’s banking and capital markets. He pioneered the development of the second-tier securities market of the Nigerian Stock Exchange, NSE and arranged the admission of majority of the indigenous companies therein. He arranged several mergers and acquisition and in the process established some of the current standards for merger documentation in the Nigerian capital market. He made the first issue in the Federal Privatization Programme in 1988 and in the process set jointly with the Technical Committee on Privatisation and Commercialisation, TCPC, the standards for all subsequent privatisation exercises.

Odife championed advocacy for capital market education and reform, for the quotation of indigenous companies on the stock market and for unit trust development in Nigeria. He travelled extensively and rendered financial advice on investing in Nigeria to U.S. and European multinationals, as well as lectured on financial matters in Nigeria. He intervened decisively in the re-entry of the World Bank Group into Nigeria.

Chief Odife was also a consultant to the World Bank and International Finance Corporation for the study on the review of the Nigerian Financial System.
Odife is survived by his wife, Stella, two sons and a daughter.