Alhaji (Dr.) Umaru Abdul Mutallab, CON, is a towering figure in the Nigerian financial landscape. Often described as one of the most respected and influential bankers in Africa, he has spent over 50 years navigating the intersection of corporate leadership, public service, and pioneering ethical finance.
Early life and Background
Mutallab was born to the family of Abdul Mutallab Barade, an officer in the Funtua Works Dept in 15 December 1939. He is from Funtua, in Katsina State in Northern Nigeria.
Education
He attended Barewa College, Zaria, Achimota College, Accra, Ghana, and the South West London College, London.
Career
After completing his school certificate examinations in December 1959, Mutallab began work as a clerk with the firm of Pannell, Fitzpatrick and Company in kaduna in January 1960.
He then travelled for further studies, returning to Nigeria in 1968, when he was appointed Chief Accountant of the Defence Industries Corporation of Nigeria. In 1971, he became the financial controller of the New Nigerian Development Company in Kaduna, before becoming the companies general manager in 1975.
Mutallab served as a government minister under General Murtala Mohammed and General Olusegun Obasanjo between 1975 and 1978. First as Federal Commissioner of Economic Development (1975), he was relieved of the position after the 1976 military coup d’état attempt that led to the death of General Murtala Mohammed. However, he was later named the new Minister of Cooperatives and Supplies (1976).
In 1978, he left the cabinet and was made executive vice-chairman, managing director, and CEO of the United Bank for Africa (UBA). He held the office until 1988, and was a major financier of the 1979 presidential election, which brought the National Party of Nigeria to power in the Second Republic led by President Shehu Shagari.
Mutallab has also served on the boards of directors of several companies, including Arewa Textile Limited, NEPA, NACB, NCC, Nigeria Agip Oil, and Cement Company of Nigeria,
From 1999 to 2009, he was the chairman of First Bank of Nigeria Plc, Nigeria’s oldest and largest bank. In 2009 was he chairman of several companies, including Impresit Bakolori Plc, Incar Nigeria Plc, and Spring Waters Nigeria Limited (SWAN). He is the major shareholder in Barade Holdings and Barumark Investment and Development Company.
Muttalab played a major role in introducing Islamic banking into Nigeria, and he is the chairman of the Nigeria’s first Islamic bank, Jaiz Bank International Plc, which was established in 2003. He spent nearly a decade navigating regulatory hurdles to introduce a banking model based on profit-and-loss sharing rather than interest (Riba).
Awards and Honors
His contributions to the nation have been recognized both locally and internationally:
• Commander of the Order of the Niger (CON): One of Nigeria’s highest national honors.
• Commander of the Order of Merit (Italy): Awarded for his contributions to international business relations.
• Honorary Doctorates: He was awarded an honorary doctoral degree by the Obafemi Awolowo University, Ile-Ife.
Legacy
Umaru Mutallab is often cited as a member of the “Kaduna Mafia,” a term used for the influential northern elite who shaped Nigeria’s post-colonial economic policy. Today, he is seen as a “venerable elder” of the financial world a man whose career bridges the gap between colonial-era accounting and the modern, digitalized banking reforms of the 21st century.
