Ibukun Awosika’s journey from a Chemistry graduate to becoming the first woman to chair the board of First Bank of Nigeria Limited is one of the notable stories in Nigerian entrepreneurship and corporate leadership.
In January 1989, she established a furniture manufacturing business that would eventually grow into The Chair Centre Group. More than two decades later, she entered the boardroom of one of Nigeria’s oldest financial institutions, first as a non-executive director in 2010 and subsequently as its first female chairperson in January 2016.
Her professional journey crossed several industries, from auditing and furniture manufacturing to corporate governance and banking. Behind these achievements were years of business development, financial challenges, commercial partnerships and decisions that shaped her reputation as an entrepreneur.
Education and Early Career: From Chemistry to Furniture Sales
Ibukunoluwa Awosika studied Chemistry at the University of Ife, now known as Obafemi Awolowo University, in Ile-Ife, Osun State.
Although she obtained a degree in science, her professional career eventually developed outside laboratory work.
Following her university education, Awosika participated in Nigeria’s National Youth Service Corps (NYSC) programme. During her service year, she worked as an audit trainee at Akintola Williams & Co., an accounting firm subsequently associated with Deloitte’s operations in Nigeria.
The experience exposed her to professional accounting practices, financial documentation and auditing procedures.
After completing her national service, she joined Alibert Nigeria Limited, a furniture company, where she worked as a showroom manager.
This position introduced her to furniture sales, customer relations and the commercial operations of the furnishing industry.
EXPLORE NOW: Biographies & Cultural Icons of Nigeria
Her employment at Alibert was relatively brief, but it became an important turning point in her professional development.
Rather than pursue a long-term career in chemistry or accounting, Awosika decided to establish a business in an industry where she had gained practical experience.
That decision led to the establishment of Quebees Limited in 1989.
1989: The Establishment of Quebees Limited
In January 1989, Awosika established Quebees Limited, a Nigerian furniture manufacturing business.
She was in her twenties and entering an industry that required production equipment, technical knowledge, skilled labour and sufficient capital to sustain operations.
Unlike businesses that depend primarily on providing services, furniture manufacturing requires investment in physical production facilities and materials.
In a November 2019 interview with BusinessDay, Awosika discussed the challenges of building the company during its first 30 years.
She explained that the business began as a local manufacturing operation before gradually developing the resources necessary to produce furniture in larger volumes while maintaining consistent quality.
One of the challenges was obtaining machinery and other production resources.
A furniture manufacturer might develop an attractive design but still struggle to fulfil orders without appropriate equipment, materials and trained workers.
Awosika recognised that growing the business would require investments that increased its production capacity.
Her experience reflected some of the wider difficulties facing indigenous manufacturers in Nigeria, particularly limited access to affordable financing and the expenses associated with industrial production.
Despite these challenges, Quebees continued operating and gradually developed the commercial relationships and manufacturing capabilities that supported its expansion.
The Texaco Chair Incident: A Defining Business Decision
One of the most frequently recounted episodes from Awosika’s early business career involved furniture supplied to Texaco Nigeria.
According to her account, the company secured an order to provide office furniture to the organisation.
The contract represented a valuable opportunity for a young manufacturing business attempting to establish its reputation.
However, approximately two weeks after delivery, problems emerged with some of the chairs.
Awosika recalled that 28 chairs developed faults because their bases were defective.
The components had been obtained from an external supplier, and the warranty arrangement did not provide the remedy the company had expected.
For a relatively small manufacturer, replacing the affected chairs represented a considerable financial burden.
Awosika nevertheless decided that the company should replace the defective products rather than leave the customer responsible for the problem.
She later explained that protecting her reputation and maintaining the customer’s confidence were more important than avoiding the immediate financial loss.
The decision became one of the examples she used when discussing integrity and responsibility in business.
It also revealed a significant commercial principle: a manufacturer remains answerable to its customers for the quality of finished products, even when problems originate from components supplied by another company.
Awosika subsequently attributed additional business opportunities to the credibility established through her handling of the incident.
The account is based principally on her published recollections. Although the incident has been widely reported, the precise financial loss has not been independently established in the available records.
Its significance lies in the decision she described and the importance she placed on preserving customer relationships.
Building The Chair Centre Group
As Quebees developed, Awosika expanded her commercial interests beyond the original manufacturing operation.
The business eventually became associated with The Chair Centre Group, an enterprise involved in office furniture manufacturing, retail furnishing solutions and banking security systems.
Its development involved investments in production capacity, the establishment of related businesses and partnerships with other organisations.
One of the most significant developments occurred following the Nigerian government’s 2004 restriction on furniture imports.
The policy created new commercial circumstances for manufacturers seeking to produce furniture locally.
Awosika participated in the development of Sokoa Chair Centre Limited, a joint-venture company involving French furniture manufacturer SOKOA S.A., The Chair Centre Limited, Guaranty Trust Bank and other Nigerian investors.
In 2005, she became the managing director and chief executive officer of Sokoa Chair Centre Limited.
The partnership brought together local commercial interests and international manufacturing expertise.
It also represented an important stage in the development of industrial facilities capable of supplying office furniture to Nigerian customers.
In the latter part of 2006, Awosika established Furniture Manufacturers’ Mart in Ikeja, Lagos.
This additional investment expanded her interests within the furniture industry.
Over time, businesses associated with The Chair Centre Group included The Chair Centre Limited, Sokoa Chair Centre Limited, Furniture Manufacturers’ Mart and companies providing related security systems and services.
The expansion did not occur through one uninterrupted transformation of the original company. It involved separate business operations, investments and partnerships developed over several years.
Building a Business Beyond Its Founder
Another important feature of Awosika’s business philosophy was her emphasis on developing an organisation that could continue functioning without depending entirely on its founder.
In a 2019 interview, she discussed the need to delegate responsibilities and empower employees.
She expressed concern that many Nigerian businesses struggle to survive after their founders are no longer directly involved in operations.
For Awosika, building a lasting enterprise required more than securing customers and increasing sales.
It also required trained employees, management structures, operational systems and the ability to transfer responsibilities.
READ MORE: Ancient & Pre-Colonial Nigeria
She acknowledged that the company’s development depended on the contributions of employees and other people who participated in building the enterprise.
This approach became particularly relevant as her professional responsibilities expanded into corporate boards and financial institutions.
2010: Ibukun Awosika Joins the Board of First Bank
Awosika’s relationship with First Bank of Nigeria began several years before her appointment as chairperson.
On 28 October 2010, she was appointed a non-executive director of First Bank of Nigeria.
The position introduced her to governance responsibilities within a major Nigerian financial institution.
Unlike executive directors, who participate directly in the management of a business, non-executive directors provide oversight, contribute to strategic decisions and help evaluate management performance.
Awosika’s appointment therefore represented a transition from managing her own manufacturing enterprise to participating in the governance of a large banking institution.
Her responsibilities within the wider FirstBank group subsequently expanded.
She became the pioneer chairperson of FBN Life Insurance Limited, a joint venture involving the FirstBank group and South Africa’s Sanlam.
In early 2013, she moved to the chairmanship of FBN Capital Limited.
She also chaired Kakawa Discount House Limited, which became part of the restructuring that led to the establishment of the FBNQuest merchant banking business.
These positions provided Awosika with practical experience in financial-sector board leadership before she assumed the chairmanship of First Bank itself.
Her banking career was therefore not an abrupt movement from furniture manufacturing into the highest governance position at the institution.
It followed several years of board membership and responsibilities across related financial businesses.
2016: First Bank Appoints Its First Female Chairperson
In September 2015, First Bank announced leadership changes that included the appointment of Ibukun Awosika as the incoming chairperson of First Bank of Nigeria Limited.
She was selected to succeed Prince Ajibola Afonja, who retired from the bank’s board at the end of December 2015.
Her appointment became effective on 1 January 2016.
The development was significant because Awosika became the first woman to chair the board of First Bank of Nigeria Limited.
Established in 1894, the institution had operated for approximately 121 years when her appointment was announced in 2015.
The appointment represented a milestone in the bank’s leadership history and brought greater visibility to women’s participation in senior corporate governance positions in Nigeria.
It is important to distinguish her position from that of managing director or chief executive officer.
As chairperson, Awosika led the board responsible for oversight, corporate governance and the strategic supervision of the institution.
The bank’s managing director remained responsible for executive management and daily operations.
Her appointment also followed more than 25 years of entrepreneurial experience and approximately five years of involvement in FirstBank group governance.
Consequently, the achievement reflected a combination of manufacturing experience, organisational leadership and financial-sector board responsibilities.
April 2021: The End of Her First Bank Chairmanship
Awosika’s tenure as chairperson of First Bank of Nigeria Limited ended on 29 April 2021.
On that date, the Central Bank of Nigeria announced the dissolution of the boards of First Bank of Nigeria Limited and FBN Holdings Plc.
The intervention followed disagreements surrounding management changes at the bank and broader regulatory concerns about corporate governance and the institution’s financial stability.
The Central Bank exercised its regulatory powers to remove the existing boards and announce new leadership arrangements.
Tunde Hassan-Odukale was appointed chairman of the reconstituted board of First Bank of Nigeria Limited.
The intervention brought Awosika’s chairmanship, which began on 1 January 2016, to an end after approximately five years and four months.
Following the development, Awosika publicly reflected on her service within the FirstBank group.
She described the responsibilities she had held since joining the bank in October 2010 and defended the decisions made during her tenure, maintaining that she had acted in the institution’s interests.
The Central Bank’s dissolution of the board was a regulatory intervention affecting the institution’s directors. It should not be represented, without additional evidence, as a finding that Awosika personally committed wrongdoing.
The development nevertheless remains an essential part of a complete account of her banking career.
What Ibukun Awosika’s Career Reveals About Entrepreneurship and Leadership
Awosika’s professional development illustrates several important features of Nigerian business and corporate life.
Her education in Chemistry did not determine the industry in which she eventually established her career.
After gaining experience in auditing and furniture sales, she developed a manufacturing enterprise in a sector where production facilities, financing, technical knowledge and customer relationships were essential.
The growth of Quebees into a wider group of companies also involved more than individual determination.
Its development depended on investments in machinery, partnerships, employees, production systems and the ability to respond to changing market conditions.
Her account of the Texaco furniture incident highlights the financial sacrifices that businesses may make to preserve customer confidence.
However, it would be misleading to conclude that a single ethical decision guaranteed her company’s subsequent success.
Similarly, her appointment as First Bank’s first female chairperson demonstrated progress in the representation of women in senior corporate leadership, but it did not mean that wider barriers to women’s participation had disappeared.
Her professional journey also demonstrates the difference between building an enterprise and governing a large financial institution.
Running a manufacturing company requires direct responsibility for production, employees, customers and commercial operations.
Serving as a bank’s chairperson requires oversight of management, corporate governance, strategic direction and institutional accountability.
Awosika’s career involved both forms of leadership at different stages.
From Manufacturing Entrepreneur to Banking Leader
Ibukun Awosika’s journey from a Chemistry graduate to becoming the first female chairperson of First Bank of Nigeria Limited represents a significant development in Nigerian business leadership.
Beginning with the establishment of Quebees Limited in January 1989, she developed a career in furniture manufacturing and expanded her business interests through investments, partnerships and organisational development.
EXPLORE: Nigerian Civil War
Her appointment to First Bank’s board in October 2010 marked the beginning of a new phase of her professional life.
After holding several responsibilities within the wider FirstBank group, she became the bank’s first female chairperson on 1 January 2016.
Her tenure ended in April 2021 following the Central Bank of Nigeria’s dissolution and reconstitution of the institution’s board.
Taken together, these developments present a career shaped by entrepreneurship, changing responsibilities, commercial challenges and corporate leadership.
Her achievements are best understood through the actual sequence of decisions, partnerships and institutional appointments that defined her professional life, rather than through an oversimplified story of sudden success.
References and Further Reading
First Bank of Nigeria Limited. Annual Report and Accounts 2015. Official documentation of Awosika’s October 2010 board appointment and her appointment as chairperson effective January 2016.
FBN Holdings Plc. Annual Report 2021. Corporate disclosure documenting the dissolution and reconstitution of the FirstBank board in April 2021.
BusinessDay. CEO Interview: Ibukun Awosika, 30 Years of Doing Business in Nigeria. November 2019.
Convention on Business Integrity. Mrs. Ibukunoluwa Awosika – Chairman. March 2019. Biographical information concerning her education, business enterprises and SOKOA partnership.
Nairametrics. Ibukun Awosika: The Journey from Chemistry Lab to Board Meetings of First Bank Nigeria. December 2020.
TheCable. Full Text: CBN’s Statement on the Change of Management at First Bank of Nigeria. April 29, 2021.
TheCable. Ibukun Awosika Insists First Bank Was Right to Remove Adeduntan. May 2021. Reporting on her response and account of her FirstBank group responsibilities.
