Inside the Growth Story of Skystone Finance: Lessons from Mr. Ola Olabinjo’s Vision
When Mr. Ola Olabinjo, Managing Director and Chief Executive Officer of Skystone Finance Company Limited, reflects on the last seven years, one word comes to mind: vision. Speaking with the Skystone Finance Media and Corporate Communications team on the occasion of the company’s 7th anniversary, Olabinjo shared insights into the institution’s growth story, its impact on Nigeria’s financial sector, and the philosophy that has guided its steady rise. Skystone Finance opened its doors on June 1, 2018, with a clear mandate to serve Nigeria’s small and medium-scale enterprises (SMEs) and retail sector. For Olabinjo, the venture was not simply another business. It was the culmination of nearly three decades of experience in commercial, corporate, and investment banking, and a mission to address the financing challenges of Nigeria’s under-served sub-sectors. “I wanted to pursue a vision where I could effectively deploy the experience that I garnered over three decades into providing solutions to the SME and micro-SME space that didn’t really have much attention. That gave birth to Skystone,” Olabinjo explained.
Building a Finance House from Scratch
After retiring as an Executive Director at a commercial bank nine years earlier, Olabinjo faced a choice: settle into full retirement or find a way to give back to the industry. He chose the latter. “The natural thing to do was to transition into full-time retirement or move on to another commercial bank,” he said. “But after taking a short vacation, I knew I still had to give something back. I was still relatively young, I still had energy, and I believed there were areas where I could deploy my skills.” That conviction led him to establish Skystone Finance, beginning with a finance house license. “We thought it would be nice to start with a finance house license and begin to hone and harness all those skills and processes that we could later scale up,” he recalled. From inception, the company was built on strong governance structures and sound ethics. “The watchword in our board is always that we must be ethical and there must be top-down corporate governance in what we do,” he emphasized.
Driving SME Growth
A core aspect of Skystone’s growth story has been its role in transforming family-owned businesses into structured, scalable entities. In the past seven years, the company has worked with about 15 indigenous family businesses, helping them evolve into more formalized enterprises capable of attracting capital. “One of our clients moved from being a purely family business to being rated ‘A’ by GCR Mancuso, now tapping funding from the capital market at a reduced cost. This was a company that previously had no rating at all,” Olabinjo said. The transformation process included changes in governance, management structures, auditing, accounting, and Enterprise Resource Planning (ERP) systems. “We also injected non-family directors and executives into the business, and that strengthened operations significantly,” he added.
Financial Performance and Stability
Skystone’s balance sheet tells its own success story. Over the years, the company has seen significant growth in lending activities, increased capital adequacy, and a loyal customer base. “Customers have been very loyal, and I must thank them for that, both in terms of our lending clients as well as our borrowing clients,” Olabinjo noted with gratitude.
Expanding Horizons
The institution is not resting on its achievements. One of its landmark accomplishments in recent years is securing additional licenses to diversify its service offerings. “We have acquired, within the group, a fund management and asset management license, as well as an issuance license. We are hoping to commence full operations in 2025 with these two new licenses,” Olabinjo announced. This expansion positions Skystone Finance to evolve into a fully integrated financial services group with capabilities in both investment banking and lending.
Lessons in Leadership and Resilience
For Olabinjo, the journey of Skystone Finance reflects the importance of resilience, strategic vision, and ethical leadership in building a sustainable institution. He acknowledges that the process has demanded sacrifice, from himself, his staff, and his family. “When you commence a project like this, you need to make sure you thank your family,” he said, paying tribute to his wife and children for their support during the company’s demanding early years. Looking to the future, his vision remains ambitious yet grounded. “Our vision from day one was to grow the business, transform, and acquire more licenses. In the next seven years, we intend to acquire a commercial banking license that will enable us to expand our scope and delivery of services,” he revealed.
A Growing Legacy
Today, Skystone Finance stands among Nigeria’s top finance houses, a feat achieved in just seven years. For Olabinjo, the institution’s success is not just a corporate achievement but a contribution to Nigeria’s financial sector at large.
I can say confidently that in seven years we have moved the business to be one of the top ten finance houses in Nigeria, if not one of the top five.
Ola Olabinjo
Holds in these matters to this principle of selection: he rejects pleasures to secure.
The story of Skystone Finance is, at its core, the story of vision in action, a reminder that with the right leadership, governance, and commitment to service, institutions can be built to last.
