Chief Asabia was appointed the first indigenous Chief Executive of Standard Bank Nigeria Limited in 1975, later to be known as First Bank of Nigeria Plc until 1984 and was for six years President of the Nigerian Exchange Limited. Chief Asabia was the founder and Chairman of Banque Internationale du Benin (BIBE) from 1990 to 1993 and the founder, Chairman and Chief Executive of First Interstate Merchant Bank Limited, from 1987 until his death in 1993.
Following the demise of Chief S.O Asabia, the current Board and Management of the Company have striven to build on his legacy of integrity and industry. In choosing not to deviate from the Founders chosen course, the Company has been able to not only survive a number of very turbulent periods in the development of Nigeria’s financial system, but to record some modest success as well. In November, 2002, the Company was able to move into its own purpose built offices at 14B, Keffi Street, South-West Ikoyi, Lagos.
The Company has taken steps to position itself for the future through a strategic alliance with Custodian investment Plc culminating in their major shareholding in ISL. With a dominant position in the Insurance sector and a very significant presence in the pensions industry, Custodian are a strong and value-adding partner of the Company.