Turning Around Wema Bank
Several moments shaped Lemo’s perspective on leadership, but one stands out: his appointment as Managing Director of Wema Bank Plc at just 41. “I accepted the role with humility and gratitude,” he recalls. At the time, Wema Bank was generating just over N300 million in profit. Appointed four months before the financial year ended, Lemo led the bank to N800 million in profit by year one, and over N2 billion by years two and three—a turnaround that quickly caught the industry’s attention.
Shaping Nigeria’s Financial System
After three years at Wema Bank, Lemo moved to the CBN as Deputy Governor. Among his defining experiences there was the historic banking sector consolidation. “Nigeria had nearly 100 banks when I joined. Five months later, Professor Charles Soludo became CBN governor and championed consolidation. I believed strongly in robust capitalization, and we worked intensively over 18 months to reduce the sector to 25 strong, healthy banks—many of which are still thriving across Africa today.”
He also played a critical role in modernizing Nigeria’s payment system. “There was a time when a cheque from Kano or Kaduna would take up to two weeks to clear. By the time I left as Deputy Governor of Operations, the system had been completely transformed. These initiatives laid the foundation for the financial system we have today.”
Banking Sector Reforms: Staff and Digital Challenges
Despite the progress, Lemo believes there is more work to be done. He highlights the use of temporary staff in core banking roles as a key concern. “Outsourcing peripheral roles is acceptable, but anyone handling core functions—from sales to service delivery—should be a full employee. Temporary staff in critical areas introduce operational risks and create room for fraud.”
Cybersecurity and money laundering remain major challenges in the digital era. “The question is not if you will be hacked, but whether it has already happened. Institutions must build robust internal controls and due diligence. Politically exposed persons must be monitored carefully, and systems must be resilient enough to isolate abuse early.”
The Naira, Inflation, and Long-Term Growth
On the Naira, Lemo emphasizes the importance of anchored expectations. “Nigeria operates in a high-inflation environment. If exchange rates adjust in line with inflation differentials, the currency remains stable. Otherwise, it becomes overvalued.”
He credits the CBN for stabilizing the Naira amid inflation, but notes that currency stability is a collective effort. “High demand for foreign exchange stems from imports, medical tourism, and overseas education. Promoting local services, reducing unnecessary imports, and building infrastructure—good roads, stable power, efficient logistics—will strengthen the Naira over the long term.”
Corruption, Transparency, and Business Environment
Lemo sees financial regulators as crucial in promoting integrity. “Corruption is societal, but banks often bear the brunt. Nigerian financial laws are globally comparable, and banks enforce cash limits, transaction thresholds, and reporting. But banks cannot solve societal corruption alone—they must maintain integrity to retain credibility.”
He also stresses the importance of structural reforms to boost the business environment. “Banks are rational economic agents. Remove policy bottlenecks, fix infrastructure, and they will naturally lend. Support for SMEs is improving, but broader structural reforms remain key.”
Leadership, Politics, and National Development
Although he has long avoided politics, Lemo acknowledges the role good leaders play in national progress. “Leadership quality in Nigeria is too low. Countries like India and China have outpaced us over the past three decades, not for lack of resources but due to leadership failures. If the opportunity arises to raise the leadership bar, I would consider it.”
On guiding current leaders through economic challenges, he offers measured advice: “Inflation reflects past policies. The current administration inherited nearly N30 trillion injected into the economy, creating inevitable inflationary pressure. Stay the course, and within 18 months to three years, inflation should fall, allowing growth to accelerate.”
Borrowing and Infrastructure
Regarding borrowing, Lemo sees it as justified when funds are used productively. “Debt is not the problem. Infrastructure investment—power, transportation, logistics—yields long-term benefits that outweigh costs. Borrowing should focus on productive capital accumulation with discipline and oversight.”
Youth, Employment, and Innovation
Lemo underscores the need for skills development to address unemployment. “Nigeria has a demographic advantage—70% under 30—but potential remains underutilized. Strengthening technical and vocational education, expanding tech hubs, and preparing youth for both local and international opportunities will reduce unemployment. Fintech, entertainment, and remote work provide immediate pathways.”
Faith, Family, and Daily Life
An ordained minister in the Foursquare Gospel Church, Lemo credits his spirituality for grounding his life. “Faith in God and a commitment to service guide all I do. The Scripture has been my anchor.”
Balancing family, professional, and spiritual responsibilities has required intentionality. “During my busiest years, my family suffered, but with my wife’s support and careful organisation, we now enjoy a proper work–life balance. I remain active in business and the church while staying connected to my children.”
Guiding Principles and Personal Philosophy
Lemo’s guiding principles are simple: fear of God and the Golden Rule. “I avoid conflict over money, surrender decisions to God, and strive for peace with others. Many challenges are beyond our control and not worth expending energy on.”
Reflecting on his childhood ambition to be a school principal, he says, “My early dreams were shaped by limited exposure, but God has exceeded my expectations. I have no regrets.”
Advice for Young Professionals
For those entering banking or finance, patience and resilience are paramount. “There is a time to learn and a time to earn. Many young people lack patience and pursue instant gratification. Integrity, delayed gratification, and diligence matter. Lay strong foundations today for lasting success tomorrow.”
Lifestyle and Gratitude
A typical day for Lemo begins with exercise and family time, followed by church and business responsibilities. Leisure includes Christian and classical music, meditation, and fellowship. His favourite food: amala with vegetable soup. Above all, he is grateful for his wife, children, and parents, who instilled humility.
Legacy and Nation-Building
Lemo’s vision for his legacy is clear: “I want to be remembered as someone who succeeded through hard work and integrity, and who encouraged younger generations to value God, honesty, and diligence.”
On national priorities, he notes security as central to economic growth. “Addressing insecurity, especially in the Middle Belt, alongside tackling corruption and improving infrastructure, can place Nigeria on a strong growth trajectory. Foreign assistance can help if it is coordinated, intelligence-led, and respects Nigerian leadership.”
Strengthening Families and Society
Finally, Lemo emphasizes the family as the foundation of society. “Strong marriages and godly parenting build strong families, which build strong churches and nations. Values, integrity, and faith must guide us at every level.”
In Tunde Lemo, Nigeria sees a rare combination of financial acumen, moral integrity, and spiritual grounding—a leader whose lessons extend beyond banking into life, society, and national development.