By July, 1997, I knew I would not be returning to my job as a Senior Bank Examiner in the Field Examination Department of the Nigeria Deposit Insurance Corporation (NDIC). I had been on secondment from NDIC since September, 1995, as an appointee of the Central Bank of Nigeria on the Management Board of Merchant Bank of Africa (MBA) as the Executive Director in charge of Operations and Corporate Services. Even while in that position, the Executive Management of NDIC had assigned me to lead the Routine Examination of Citizens Bank and the Special Investigation of Gateway Bank in addition to my role in MBA.
It was while I was on the Gateway Bank engagement that the idea of starting a Bank Consulting Company came to me. I figured that if I was being called upon to carry out bank examinations even while away on secondment, I could as well pioneer a business that would serve the CBN and NDIC as an independent Bank Examination Company as envisaged by the CBN Act and the NDIC Act. I articulated a concept paper and thought of selling the idea to Andersen Consulting. I spoke with the American guy who was then leading the firm's audit practice. I think his name was Steve Riddick. Steve knew me because the Management of NDIC had requested for Arthur Andersen (AA) to provide two of their staff to join the investigation team which I led to Gateway Bank because of the political sensitivity of the assignment. Steve spoke with Pastor Bode Ososami who was heading their Human Resource practice and a written test was arranged for me.
At that time, I had 10 years post-graduate experience and I had just been promoted in NDIC to the level of a Senior Manager for exceptional performance as a "High Flyer" as they called it. I did not think giving me an entry level aptitude test was the best way to appraise me. Till this day, I do not know what I scored in the test. I was later told that AA did not bother with telling those who failed their test what they scored! LOL! You can imagine how insulted I felt! Little did I know that God was the One at work: He did not want me to remain an employee.
Interestingly, before I left my office in MBA for AA the morning of the test, I was reading the Book of Genesis and the story of how Tamar gave birth to Pharez and Zarah in Chapter 38 made a strong impression on me. Judah unknowingly had a one-night-stand with Tamar, the daughter-in-law whose two previous husbands had been killed by God for their wickedness, and she got pregnant. When she was to deliver, the midwife discovered there were twins and she presumed the one who had brought out a hand was the first and hurriedly tied a red thread on his hand. Miraculously, the one whom she thought was the second came out first and she exclaimed "How have you broken forth for yourself!". So the child was called Pharez which means to "make a breach and BREAK-FORTH!". Jesus Christ is a Descendant of Pharez!!
As I was being driven back to my office, it dawned on me that I should not sell the idea of the independent Bank Examination Company to any one. It hit me that I should start a company for that purpose and call it Pharez!!
So I resigned from NDIC in September, 1997. Mr. John Ebhodaghe and Mr. Ballama Manu, the Managing Director and Executive Director, Operations, of NDIC, respectively, were surprised as were my colleagues. Was I OK? How can you be enjoying such acclaim and dump a very promising career. God had spoken to me!
It's been 17 years since I left a very well-paid job to become an employer. Being a values-driven entrepreneur in Nigeria is very challenging. Making money and making it big is easy here...... if you have no qualms paying bribes and fronting for those giving out the jobs!
But God has been Faithful. Despite the enormous challenges, God has made Pharez a brand which is respected in the banking sector in Nigeria. We have since grown to have three subsidiaries: Pharez Ratings Ltd., Pharez HCD Ltd., and Pharez Consulting. Our alumni (our ex-staff) are over 100. I am grateful to God for all the people connected to our employees and former employees whom God has used Pharez to feed, house, clothe, educate etc.
I have not yet seen all that God told me He would do through Pharez back in 1997, but we are on course. The Vision always speaks in the end.
Today, I am grateful for Pharez. I thank God for the Vision. I thank God for my 38 shareholders. I thank God for my Directors; past and present. I thank God for our staff; past and present. I thank God for our clients.
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