The Exit Checklist

WHEN SHOULD A LEADER LEAVE THE STAGE?

One of the greatest dangers of success in any leadership position and the power that comes with it is the ability of power firstly to seduce its host and ultimately intoxicate them to the point where they are incapable of rationality and objectivity in assessing their continued stay in that office. They believe themselves to be irreplaceable and indispensable, and also become completely blinded to disruptive trends all around them and impervious to future opportunities both for themselves and for the organisation they lead.

 LEAVING WHEN THE OVATION IS LOUDEST

In 2002, Mr. Fola Adeola, Co-Founder and CEO of the highly successful and widely acclaimed Nigerian Bank, Guaranty Trust Bank announced his retirement from office at what was clearly the peak of a glorious run of twelve successful years in office during which the bank had distinguished itself for uncommonly sound ethics, quality service, rapid growth and profitability. In a culture characterised by sit-tight rulers and leaders who eventually have to be shooed out of office, his conduct was clearly exceptional.

Fola’s successor, the late Tayo Aderinokun went on to run the bank quite successfully until his death in June 2011, after which the reins fell into the hands of a younger leader, Segun Agbaje who had been well groomed over the years by both Fola and Tayo. Little wonder the organisation has continued to enjoy healthy growth in size, profitability and reputation over the years.

For 27 years, Nelson Mandela, the great Mandiba and other members of South Africa’s anti- apartheid movement sacrificed freedom, safety, comfort, their livelihoods and for many like Steve Biko and Solomon Mahlangu, even their lives for the abolishment of Apartheid and for Self Determination for the majority. The eighty year struggle finally culminated in the abolishment of Apartheid in 1992 and in 1994 in the election of Nelson Mandela as South Africa’s first Black President. Quite uncharacteristically for an African leader, Mandiba whom no one would doubt had paid a great price for that high office and deserved to stay in it for an extended time, quit voluntarily after a term of five years in office. By this act, he demonstrated that personal reward and position was not the objective of his leadership of the struggle.

All these leaders and others like Austin Okere who retired voluntarily and honourably from CWG which he founded to pursue another worthy dream - The Ausso Leadership Academy- have demonstrated clearly that a key quality of right-thinking leaders is knowing when precisely to leave the stage and doing it the right way - with honour, dignity and credibility.

OTHER CASES 

One of the strongest leadership examples laid for Nigeria remains the administrations of President Obasanjo. On the 1st of October, 1979, Nigeria’s then Head of State, General Obasanjo endeared himself to the democratic world by being the first Nigerian Military Leader, and indeed one of the first in Africa to handover power voluntarily and to a democratically elected President. He continues to enjoy a great deal of regional and international regard for this act of leadership, particularly respected within the Commonwealth and indeed the rest of the world for this strong and selfless act in a Continent where, especially at that time, self-succession in perpetuity was the order of the day.

This amongst other factors qualified him as the consensus candidate for Presidency when peace and progress was negotiated in 1999 following the protracted standoff after the unjust cancellation of the June 12, 1983 election won by the late Moshood Kashimawo Abiola.

President Obasanjo then led the nation for two 4-year terms largely adjudged successful in terms of political stability, significant economic reforms achieved through several accomplished technocrats who served in his administration.

However, all the above significant accomplishments by President Obasanjo were almost marred by rumours of an elaborate “Third Term” Plot which would have required the amendment of the Constitution simply to achieve this objective. The quality of succession put in place has also been challenged.

As recorded in Wikipaedia “Obasanjo was embroiled in controversy regarding his "Third Term Agenda," a plan to modify the constitution so he could serve a third, four-year term as President. This led to a political media uproar in Nigeria and the bill was not ratified by the National Assembly.[24][25] Consequently, Obasanjo stepped down after the April 2007 general election.[26] In an exclusive interview granted to Channels Television, Obasanjo denied involvement in what has been defined as "Third Term Agenda." He said that it was the National Assembly (Nigeria) that included tenure elongation amongst the other clauses of the Constitution of Nigeria that were to be amended. "I never toyed with the idea of a third term," Obasanjo said.[27]

LEAVING OFFICE 

As a keen student of leadership and observer of leaders over the years including their exits and post exit impact, I resolved several years ago that after accomplishing my career objectives, I would vacate my corporate position voluntarily and precisely when the Ovation was loudest. 

In February 2006, I was invited by the iconic turnaround expert and serial developer of leaders, Mr. Tony O. Elumelu CON to run UBA Trustees which was to be carved out of the Trust Department of the then UBA Capital and Trusts Limited, then an integrated Asset Management and Trust business. I remain indebted to him for this and subsequent opportunities provided to me. In point of fact, a new company was incorporated in March 2006 whilst the legacy company retained the existing assets and was renamed UBA Asset Management.

With the support of two foundation Staff who joined after three months, Tokunbo and Christopher and later of others who joined gradually over time, we began the journey of turning “a start-up company but with an old name” from a single desk on the 14th floor into a clear industry leader by the 5th year, and the rest, as they say, has become history. As we experienced exponential growth in the early years of UBA Trustees after incorporation in March 2006, we subsequently birthed UBA Global Investor Services, today a successful Investor Services business and I was eventually invited in January 2014 to run UBA Capital Plc (later renamed United Capital Plc) which had become the parent company of the Trust Company as well as of the Asset Management, Investment Banking and Securities subsidiaries, all run by excellent Managing Directors over time starting from Wale Shonibare, Bunmi Akinremi, Jude Chiemeka, Tokunbo Ajayi, Modupe Mujota, Kayode Fadahunsi, Sunny Anene and Babatunde Obaniyi.

We enjoyed remarkable growth at United Capital Plc to the point where we were acknowledged in a Harvard Executive Education write-up in 2016 as “one of the fastest growing companies on the Nigerian Stock Exchange”, and won the various awards, I knew the time to step away from it all was drawing closer. The various Awards won by the group and me included but are not limited to:-

BusinessDay Top 25 CEOs on the NSE Award for 2014

BusinessDay Top 25 CEOs on the NSE Award for 2015

British Award for African Development 2015

Women4Africa International Recognition Award 2015

BusinessDay Most Innovative Investment Bank 2016

BusinessDay Top 25 CEOs on the NSE Award for 2016

Pearl Award for Best Overall Company 2017

Pearl Most Outstanding CEO Award 2017

Pearl Best Corporate Governance Award 2017

Pearl Sectoral Award for Other Financial Institutions 2017

Nigerian Legal Awards Business Icon of the Year 2017

AABLA Business Woman of the Year West Africa 2017

All African Business Woman of the Year 2017

When then should a successful leader leave the stage voluntarily?

THE EXIT CHECKLIST

By studying highly acclaimed leaders and from my experience, I have come up with what I call an EXIT READINESS CHECKLIST by identifying the following indicators of what could be the right time to quit a leadership position no matter how well remunerated or attractive such a position is:-

• When it seems like you can do what you do with one hand tied behind your back - you consistently get it right without too much struggle – you may be in need of a new role that will stretch you more. For me at this point, that stretch target comprises of taking on the challenge of achieving impact and scale through an entrepreneurial initiative with a clean slate and a fresh brand - Emerging Africa Capital Group.

• When the skill requirements for your current job are mainly skills already possessed by you. Again, I believe we must always aim to acquire either new skills or a higher proficiency in existing skills thus ensuring we keep growing. I am convinced that any living organism (or indeed organisation) that stops growing will invariably start dying.

• When you’ve made all the changes you can make with your level of empowerment and what’s left to be done will require a level of control you simply don’t have.

• When you’ve groomed senior leaders who are competent and well equipped enough to take over from you.

• When a new area of need is calling out to you and won’t stay quiet. When it’s clearly time to build a new brand, make a new name, occupy a new space and generally make a New mark.

• When the Ovation is seemingly at its Loudest.

CONCLUSION

In conclusion, I believe leaders must set clear goals for themselves in any role they occupy, monitor the accomplishment of such goals, groom successors to continue after these goals are met, watch out for signs that their own job is done, seek new challenges, areas of societal need and be brave enough to let go of the present and move on to the future even whilst everyone is still clapping.

Thank you.

Toyin F Sanni

July, 2018.