ADEMOLA RASAQ YAKUB
Internal Audit, Internal Control, Compliance - GRC
Ifako Gbagada
Summary
Ademola has three decades of active banking and financial services experience across the borders of Nigeria, Ghana, Togo and East Africa in Internal Audit, Money Market, Treasury, Credit Analysis, Internal Control, Compliance, Pension Marketing and General Administration. He holds a first degree in Accounting from the University of Lagos (Unilag) and MBA from the same Unilag. He also holds an M.Sc. Accounting and Finance from the University of Jos. He is a Fellow of The Institute of Chartered Accountants of Nigeria (FCA), a Member of the Institute of Internal Auditors (IA), an Associate Member, Nigerian Institute of Management (AMNIM), a member of Chartered Institute of Bankers in Nigeria, a Chartered member of Computer Forensic Institute of Nigeria (MCFI) and he is an alumni of the prestigious Lagos Business School (LBS).
Highly skilled auditing professional with proven track record in identifying and mitigating financial risks. Known for delivering insightful audit reports and recommendations that enhance operational efficiency. Strong focus on team collaboration and achieving results, adaptable to changing needs, and reliable in execution. Expertise includes financial analysis, regulatory compliance, and risk management.
Overview
5
5
Certifications
32
32
years of professional experience
Work History
Chief Internal Auditor (Assistant General Manager)
UBA PENSION CUSTODIAN LTD
Nigeria, Lagos
05.2025 - Current
- Supervise and train all staff of the Department to achieve strong control environment and minimise risks
- Enforce zero tolerance for fraud, errors and irregularities.
- Ensure that the entire company’s activities and processes are in conformity with circulars, guidelines, codes and regulations as issued by PENCOM. Also in line with the law of the country.
- Coordinate all Internal Audit and Internal Control activities of UBA Pension Custodian Ltd.
- Instituting preventive and detective controls.
- Attend and present reports at such meetings as Board Audit and Risk Management Committee(BARC), Executive Management Committee. (EMC) and Full Board Meetings.
- Implement the annual Board-approved Internal Control and Audit Plans.
- Enforce the automation of companywide processes to enhance controls and eliminate manual processes.
Chief Compliance Officer (Assistant General Manager)
VERITAS GLANVILLS PENSIONS LTD
Nigeria
09.2023 - 04.2025
- Ensure full adherence to rules and regulations as stipulated in the Pension Reform Act, 2004 and all circulars, guidelines, codes and regulations as issued by PENCOM.
- Ensure that the company’s activities are in conformity with the law of the land.
- Supervise and coordinate all Compliance Department activities of VG Pensions.
- Ensure that the company do not suffer any penalty from regulator or for regulatory non-compliance.
- Attend and present reports at such meetings as Board Audit and Compliance Committee(BACC) and Management Committee. (MANCO).
- Cause all Department to prepare their daily, weekly, monthly, quarterly and annual regulatory returns and forward same to Pencom within the stipulated timelines.
- Liaise with the Commission (PenCom) for approvals and other needed clarifications.
- Any other assignment from the MD/CEO or the Board Audit & Compliance Committee.
Ag. Head, Business Development, Regional Manager at 3 Regions (Assistant General Manager)
VERITAS GLANVILLS PENSIONS LTD
Nigeria, Borno, Plateau And Oyo States
04.2021 - 09.2023
- Develop new businesses by generating PINs for newly onboarded RSA holders.
- Scout for and secure State Government Pension accounts for the staff of the States.
- Get organizations that has pool of funds meant for pension or gratuity for efficientmanagement by VG Pensions in line with agreed MOU. Funds and Portfolio Management.
- Relationship Management between our company and the numerous employers on ourbooks and the Pension Desk Officers (PDO) for all the State accounts we manage.
- Processing of Benefit Payments to beneficiaries of pension funds. (Loss of job, AVC, En-block, Lump sum, Annuity & Death benefits).
- Resolve customers complaints amicably.
- Sell Transfer Window and Micro-pension product.
Head, Internal Control & Audit (Senior Manager)
VERITAS GLANVILLS PENSIONS LTD
Nigeria, Lagos
09.2018 - 04.2021
- PENCOM’s approved Auditor. Also cleared and approved by DSS and Police ForceHeadquarters, Abuja.
- Supervise and coordinate all Internal Control & Audit Department activities of VG Pensions.
- Conduct audit exercise of Branches and Head Office Departments in line with the Board’sapproved annual Audit Plan for the year.
- Attends and presents reports at such meetings as Board Audit and Compliance Committee(BACC) and Management Committee. (MANCO).
- Prepare monthly regulatory returns to PenCom as regard activities of the Internal Control andAudit Department of Veritas Glanvills Pensions Ltd
- Carry out investigation activities as and when required.
- Any other assignment from the MD/CEO or the Board Audit & Compliance Committee.
Head, Technical Support, Research & Admin (TSRA) Internal Audit Group (Deputy Manager)
ECOBANK NIG LTD
12.2011 - 08.2018
- Coordinate the reports of Internal Audit Group for Board and Management. (EXCO, monthly &quarterly BACC report, Board Governance, Board Risk and other committee reports.
- Prepare monthly regulatory returns to CBN, NDIC, FITC, Bankers Committee
- Pre-disbursement Review of Credit files.
- Conduct industry survey and research on acceptable practices in the industry.
- Supervise the archiving of all Audit working papers and Investigation reports of the Department
- Follow up on External and Group Audit exceptions
- Prepare a monthly Dashboard of the bank’s risk outlook.
- Organize Trainings both in-house and external.
- General Admin Serviced (Expense processing, Store maintenance etc.)
- Any other assignment from the Chief Audit Executive.
- Audit and Investigations and Forensic Dept of Internal Audit Group.
- Lead Group Audit Team to Kenya, Tanzania, Rwanda.
- Investigates all complaints received from aggrieved customers, solicitors, EFCC, Police,KPMG Ethics line, CBN, NDIC and other regulators.
- Attend Court procession/sittings as bank’s principal witness.
- Defend the Bank at Bankers Committee’s Sub-Committee on Ethics & Professionalism.
Investigations Department of Control Group. Zonal Coordinator – Internal Control
OCEANIC BANK INTERNATIONAL PLC
07.2008 - 12.2011
Head, Internal Control & Inspection (Senior Manager)
AMALGAMATED BANK LTD
Nigeria, LA
05.2007 - 07.2008
- Responsible for Internal Control and Inspection Department
- Liaise with regulatory authority like the Bank of Ghana (BOG)
- Post disbursement Credit Review of credit files.
- Supervise and train Resident Controllers and Inspectors
- Draw up and deliver the annual mandatory audit as contain in the Inspection programme.
- Attend such meetings as Board Audit Committee, Management Committee, Credit Watchlist Committee, Product Development Committee, Asset and Liability (ALCO), Disciplinary Committee and sometimes EXCO(Executive Committee).
- Member of the Bank’s staff training Committee.
- Any other function assigned by the MD/CEO or the Board, Amalgamated Bank.
- Now Bank of Africa
REGIONAL HEAD, CONTROL GROUP
OCEANIC BANK INTERNATIONAL PLC
11.2005 - 05.2007
- Daily/Weekly review of activities reports from Resident Controllers and follow up onexceptions/issues raised for correction.
- Regular review of policies/ procedures and control for adequacy, improvement andcompliance
- Conduct follow up on reports from the Inspection department, regulatory authoritiesand ensuring compliance with recommendations therein.
- Review of credits for completeness of documentations and income recognition.
- Continuous articulations of procedures/control for the achievement of zero fraud level in the bank’s daily operations
- Regular visit to branches to monitor Management policies and control procedures forimprovement and compliance.
- Preparation of weekly activities report.
- Training of Resident Controllers/ Auditees through regular communications andseminars
- Any other jobs as may be delegated by Group Head, Internal Control
Head, Internal Control & Audit (Assistant Manager)
DEVCOM BANK LTD
04.2004 - 11.2005
- Credit Analysis and Review.
- Coordinate the Internal Control function Bankwide
- Supervise and train the Resident Control Officers in the Branches
- Do regular statutory inspection of Branches and render reports to Management.
- Handle specific investigation and report findings and recommend to management for prompt action.
Zonal Control Manager - East
STANDARD TRUST BANK LTD
11.1999 - 03.2004
- Zonal Control Manager – Eastern Zone comprising of twelve EasternBranches.
- Resident Control Officer – In several Branches across Nigeria.(Lagos branches, Kaduna, Birnin Kebbi, Sokoto, Gusau, Dutse and Kano)
- Ensuring that operations at the branch go smoothly.
- Monitor compliance to bank’s policies & procedures.
- Periodic review of existing policies for adequacy.
- Review & ensure security & safety of bank’s assets
- Conduct preliminary investigation on fraud, falsification & misconduct.
- Respond to third party confirmation request.
- Handle regulatory supervisor’s request at the branch. e.g. CBN, NDIC, NDLEA, TaxAuthority and Govt levies.
- Attend Alco [Asset & Liability Committee] meetings.
- Supervising internal control in lagos zone as acting zonal control manager.
- As the secretary, coordinate the activity of branch loan monitoring committee and credit committee.
- Supervise internal control functions in eastern zone as the substantive zonal controlmanager.
Head Office Control Unit Head
UBA PLC
07.1997 - 11.1999
- Assignments included
- Money Market Review
- Payroll Review
- SWIFT Review
- Foreign Draft Review
- Foreign Accounts reconciliation, Proofing and investigation of all outstanding items for:
- - UBA New York Main FEM & AUTO trading accounts to NOSTRO
- - BANKER NATIONALE DE PARIS (BNP London & Paris) to Nostro
- - BANKERS TRUST CORP. (BTC FRANKFURT & NEWYORK) to Nostro.
- - Draft (Dollar & Sterling) Accounts. d)Cash Collateral Accounts.
NYSC Officer
FIRST BANK OF NIGERIA PLC
04.1995 - 10.1995
- Issuing and Booking Cheque Issue & Drafts
FEDERAL COLLEGE OF FRESHWATER FISHERIES TECHNOLOGY
11.1994 - 04.1995
- Monitoring the vote-books and Preparing quarterly report & final accounts.
Education
Bachelor of Science - Accounting
University of Lagos
Lagos, Nigeria01-1994
Masters in Accounting and Finance - undefined
University of Jos
Plateau State01-2025
Master in Business Administration -
University of Lagos
Lagos, Nigeria01-1997
Skills
ESG Sustainability skills
Investigative, Analytical, Report Writing, Dilligent prosecution and recovery skills
Credit and Investment knowledge
Excellent leadership skill
Leadership and Motivational skill
Approved Pension Auditor
Approved Pension Compliance Officer
Accomplishments
- Set up and pioneered branch expansion in the North-Western Nigeria at Standard Trust Bank Ltd.
- Intercepted, stopped and recover huge Vault Cash theft at Corporate Branch of STB, Lagos.
- Prevented the purchase of fake fire-proof capsule doors for bank branches.
- Pioneered and set up the Internal Control Department for Devcom Bank Ltd.
- Turn around a loss making Region (North-East, Nigeria) to profit making at Veritas Pensions Ltd.
- Prevented/safed huge amount of regulatory penalty due to excellent relationship with the Pension regulators.
Certification
Fellow, Chartered Accountant of Nigeria (FCA)
Interests
Reading & listening to music
Timeline
Chief Internal Auditor (Assistant General Manager)
UBA PENSION CUSTODIAN LTD
05.2025 - Current
Chief Compliance Officer (Assistant General Manager)
VERITAS GLANVILLS PENSIONS LTD
09.2023 - 04.2025
Ag. Head, Business Development, Regional Manager at 3 Regions (Assistant General Manager)
VERITAS GLANVILLS PENSIONS LTD
04.2021 - 09.2023
Head, Internal Control & Audit (Senior Manager)
VERITAS GLANVILLS PENSIONS LTD
09.2018 - 04.2021
Head, Technical Support, Research & Admin (TSRA) Internal Audit Group (Deputy Manager)
ECOBANK NIG LTD
12.2011 - 08.2018
Investigations Department of Control Group. Zonal Coordinator – Internal Control
OCEANIC BANK INTERNATIONAL PLC
07.2008 - 12.2011
Head, Internal Control & Inspection (Senior Manager)
AMALGAMATED BANK LTD
05.2007 - 07.2008
REGIONAL HEAD, CONTROL GROUP
OCEANIC BANK INTERNATIONAL PLC
11.2005 - 05.2007
Head, Internal Control & Audit (Assistant Manager)
DEVCOM BANK LTD
04.2004 - 11.2005
Zonal Control Manager - East
STANDARD TRUST BANK LTD
11.1999 - 03.2004
Head Office Control Unit Head
UBA PLC
07.1997 - 11.1999
NYSC Officer
FIRST BANK OF NIGERIA PLC
04.1995 - 10.1995
FEDERAL COLLEGE OF FRESHWATER FISHERIES TECHNOLOGY
11.1994 - 04.1995
Masters in Accounting and Finance - undefined
University of Jos
Bachelor of Science - Accounting
University of Lagos
Master in Business Administration -
University of Lagos
Key Qualification
F.C.A, M.B.A, M.Sc, B.Sc. A.M.N.I.M, IIA, MCFI. Member-CIBN.
Other Appearance
Banker’s Committee’s sub-committee on Ethics and Professionalisms – Observer on the panel (Nov2012)
PUBLICATIONS
- Management and Financial problems of government parastatals. “A case study of NigerianRailway Corporation”
- Business Failure: Prediction, Panacea and Prevention (To satisfy an MBA certification)
- Effect of IFRS adoption on Audit efficiency (For M.Sc. Accounting & Finance)
Reading and travelling
I love to read Christian literature and to travel the world.