Biography of Olufemi “Femi” Olusegun Pedro

Olufemi “Femi” Olusegun Pedro (born 29 January 1955) is a Nigerian economist and politician who served as the deputy governor of Lagos State from 2003 to 2007. Prior to his election alongside Bola Tinubu, he was a co-owner and the chief executive officer of First Atlantic Bank, now FinBank.

Pedro is the current chairman of the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN), as well as the founding chairman of the Lagos State Sports Trust Fund.

Personal Life and Education

Early Life Femi Pedro was born in Lagos Island to Pa Olajide Pedro, a retired officer of the defunct Western Nigeria Marketing Board, Ikeja, and Modupe Pedro (née Abayomi) on 29 January 1955. Pedro is a descendant of Pa Sanusi Adeyinka Pedro, whose father settled in the Shomolu area of Lagos before relocating to Bamgbose Street in Popo Aguda, Lagos Island.

Education Pedro obtained a Bachelor of Science degree in economics from the University of Wisconsin–Superior (1976–1978) and later earned a master’s degree in economics from Wichita State University (1979–1981).

Family He is married to Jumoke Pedro, a High Court judge in Lagos.

Business Career Pedro began his banking career in 1982 when he joined the Central Bank of Nigeria (CBN). He quickly rose to the position of assistant manager in 1985 and became a research economist. In 1986, he was admitted as an associate of the Chartered Institute of Bankers, London, United Kingdom. He later joined First City Merchant Bank (now First City Monument Bank) in 1988, where he served as the executive assistant to the bank’s chairman and CEO, eventually becoming the deputy manager and head of corporate planning.

Pedro was one of the initial investors in Guaranty Trust Bank, alongside Fola Adeola, Tayo Aderinokun, Gbolahan Osibodu, Femi Akingbe, and Akin Opeodu. He also took on a senior managerial role in the bank from its inception in 1990, overseeing the opening of multiple branches in Nigeria. Pedro served in various roles at the bank until 1997, when he voluntarily retired. He was admitted to the fellowship of the Chartered Institute of Bankers of Nigeria (CIBN) just before his retirement.

In January 1998, Pedro transitioned into private business as the chairman of Agro-Corp Ventures Limited, a commodity processing company. Later in the same year (November 1998), he was appointed managing director and CEO of Comet Merchant Bank (now FinBank, following its acquisition by a consortium of investors, including himself).

Political Career During his tenure as deputy governor, Pedro chaired the Lagos State Revenue Mobilization committee, where he restructured, reorganized, and re-engineered the Board of Inland Revenue. His banking expertise contributed to an increase in Lagos State’s internally generated revenue from 300 million naira per month to 7 billion naira within eighteen months. His economic acumen earned him the moniker “Mr. Pedronomics,” owing to his focus on both micro and macro-economic policies.

Pedro introduced and implemented the PSP and waste management model currently used in Lagos. He also led extensive research in Brazil with other cabinet members to study the innovative metropolitan bus transport system, which resulted in the establishment of the BRT (Bus Rapid Transit) system in Lagos.

Gubernatorial Run On 13 December 2006, Pedro left the Action Congress and declared his candidacy for governor under the Labour Party. He became the first Nigerian to contest a gubernatorial election under the Labour Party platform. On 30 January 2007, Pedro announced Oluranti Adebule as his running mate for the 19 April elections.

2011 Elections On 24 September 2010, Pedro declared his intention to run for the 2011 governorship election in Lagos State on the platform of the Peoples Democratic Party (PDP). However, he lost the PDP primaries to Ade Dosunmu and was subsequently appointed executive vice-chairman of the PDP South West Fund Mobilization Team to lead efforts to raise substantial funds for the party’s campaigns in the southwest.

Reconciliation with Tinubu and Return to APC In 2013, signs of reconciliation between Pedro and Tinubu became apparent, following their estrangement leading up to the 2007 elections. The Oba of Lagos played a role in encouraging the reconciliation after Tinubu attended the wedding of Pedro’s son in 2012, marking their first public appearance together since 2006.

In December 2013, Pedro reportedly met with Tinubu, Rivers State Governor Rotimi Amaechi, and the interim National Chairman of APC, Chief Bisi Akande, to finalize his return to the APC. Pedro soon confirmed the report.

Post-2015 Political Appointments After rejoining APC, Pedro was appointed chairman of the APC Registration Exercise Committee in February 2014 in Ondo State.

On 12 February 2018, he was appointed the pioneer chairman of the Lagos State Sports Trust Fund.

On 1 March 2018, Pedro was appointed by President Muhammadu Buhari as the chairman of the board of directors of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).