Prince Shuaibu Abubakar Audu, an expert in Corporate Finance and Investment Management, who has been named as the Minister for Steel Development.
Prince Audu obtained his Bachelor of Arts (Hons) in Business Economics with a second-class upper from the University of Leicester in the United Kingdom in 2001.
He went further to acquire his master’s degree in International Securities, Investment & Banking (ISIB) from the Henley Business School, University of Reading.
Remarkably well-rounded, Prince Audu bagged another master’s degree in Business Administration (MBA) from the University of Oxford, United Kingdom.
Following the completion of the mandatory National Youth Service (NYSC), he began what is now a glittering 20-year-career in corporate and investment banking, as well as assets and pension funds management, with Stanbic IBTC Bank Plc in 2003 in the Global Market treasury division.
By 2005, he became the Head, of Investment Management Stanbic IBTC Pensions when the Pension Reform Act was signed into law by former president Olusegun Obasanjo. Audu led the establishment’s efforts to set up Stanbic IBTC Pension Managers Limited which is currently the largest pension funds administrator in Nigeria.
He eventually got promoted and appointed as the Divisional Head, Investment Management of the group between 2008 — 2013.
Afterwards, Prince Audu moved on to the asset’s management coy of Stanbic IBTC where he rose to become an Executive director of the subsidiary from 2013- 2023.
Concurrently, he was also named by the board as the Chief executive officer of the venture capital, Stanbic IBTC Investments Ltd, and held the position from 2013-2023.
During his 20-year-old career, he spent time working in several banks around the globe including Bank of New York Mellon in Boston and Credit Suisse’s global headquarters in Zurich, Switzerland.
Born to the family of the Late Prince Abubakar Audu, an astute banker and first Civilian governor of Kogi State, the young Audu carries strong leadership and public service genes.
The Audus are one of the most renowned and respected families for philanthropy and community development in Kogi State.
Burning to contribute to the growth and development of his state with the skills and experience he gathered in the private sector, Audu ran for the All Progressives Congress (APC) governorship ticket in the recently- concluded primary elections in Kogi State.
Aftermath of the contest where he came fourth, he ignored the option of taking legal action and threw his weight behind the candidate for the success of the party in the forthcoming polls.
The Ministry and the task ahead
After the inauguration on Monday, Audu would take on the task of revolutionising the Ministry of Steel Development, one of those newly introduced by President Bola Tinubu.
In the last administration, the ministry was merged and known as the Ministry of Mines and Steel Development.
It is gathered that it is at the core of President Tinubu’s plan to diversify the economy, raise the Gross Domestic Product (GDP), and also create jobs for the citizenry.
The nation’s iron and steel industry is projected to be capable of reducing demand for foreign currency used towards the importation of steel products.
Although Audu won’t be starting on a clean slate, the ministry could use the critical investment to ramp up production capacity, technology, shrewd business and revenue team, and data in its operations and management to attract foreign direct investment (FDI).
Notwithstanding, with the Oxford-trained assets manager at the helm of affairs, there is no denying the ministry may well have found the perfect man to carry its agenda to become the nerve centre for industrialization in Nigeria.