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Economy

Meet the 11 female CEOs of Nigerian banks

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Give a girl education, she would achieve enviable heights – Hon. Justice Olabode Rhodes-Vivour

If you educate a boy-child, you educate a man. If you educate a girl-child, you educate a nation. -African Proverb

The announcement Dr. Adaora Umeoji as the first female Group Managing Director/ Chief Executive (GMD/CEO) of Zenith Bank Plc has been trending on the social media but with that also came the revelation that 11 women now head Nigeria’s top banks. Law & Society Magazine presents you with these 11 amazing amazons.

1. Miriam Olusanya, Guaranty Trust Bank
Olusanya is the first woman Managing Director of Guaranty Trust Bank. According to Wikipedia, the University of Ibadan graduate of Pharmacy, assumed the position in July 2021. She also holds a Master of Business Administration from the University of Liverpool. Miriam Olusanya joined GTB as an executive trainee in 1998. Until her appointment as Managing Director, she was an executive director at the bank.

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2. Yetunde Bolanle Oni, Union Bank PlC
On 10 January 2024, Yetunde Oni became the first female Chief Executive Officer of Union Bank. Her appointment comes hours after the Central Bank dissolved the boards and managements of Union Bank of Nigeria, Keystone Bank, and Polaris Bank over alleged corporate governance infractions and non-compliance with regulatory requirements among others.

A graduate of economics from the University of Lagos Yetunde Oni began her career with Prime Merchant Bank Treasury & Money Markets Group and in 1994 joined Ecobank Nigeria as a relationship manager. In January 2005, she joined Standard Chartered Bank Nigeria, assuming the Senior Account Relationship Manager role in the Local Corporations segment.

In 2014, she was appointed Managing Director and Country Head of Commercial Banking in West Africa for Standard Chartered Bank. Oni underwent an executive training at Oxford University in 2016; obtained an MBA in Business Administration from Bangor University in 2020 and in 2021 became the first female Managing Director and Chief Executive Officer at Standard Chartered Bank in Sierra Leone.

3. Bolaji Agbede, Access Holdings Plc
By a letter dated February 11, 2024, the Board of Directors of Access Holdings Plc, announced the appointment of Ms Bolaji Agbede as the Acting Group Chief Executive Officer of Access Bank. Until her appointment, Agbede who over 27 years’ experience in Human Resources management, customer relationship management and banking operations was the company’s most senior founding Executive Director in charge of business support..

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She commenced her professional career in 1992 at Guaranty Trust Bank and served in various capacities within the commercial banking and operations functions rising to the position of manager in 2001.

Agbede joined Access Bank in 2003 as an assistant general manager and was responsible for managing the Bank’s portfolio of chemical trading companies. She became the head of human resources for the Access Bank Group in 2010, overseeing the human capital development of the Group.

She held the position until June 2022 when she was appointed the executive director of Access Holdings after the bank transitioned to a holding company. The University of Lagos alumnus began her professional career at Guaranty Trust Bank (GTB), where she rose from executive trainee in 1992 to a managerial position in 2001.

She was once GTB’s relationship manager and vault custodian. Ms. Agbede also served as the Chief Executive Officer of JKG Limited, a business consulting outfit, in 2003.

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4. Nneka Onyeali-Ikpe, Fidelity Bank
Mrs. Nneka Onyeali-Ikpe assumed office as Managing Director/CEO, Fidelity Bank on January 1, 2021. She was Executive Director, Lagos and South West, overseeing the bank’s business in the six states that make up the South West region.

She led the transformation of the Directorate to profitability and sustained its impressive year-on-year growth, across key performance metrics, including contributing over 28% of the Bank’s PBT, Deposits and Loans. A consummate professional of over 30 years’ experience across various banks including Standard Chartered Bank Plc, Zenith Bank Plc and Citizens International Bank Limited, she held several management positions in Legal, Treasury, Investment Banking, Retail/Commercial Banking, Corporate Banking. Onyeali-Ikpe has been involved in the structuring of transactions in various sectors including oil & gas, manufacturing, aviation, real estate and exports.

As an Executive Director at Enterprise Bank Plc, she received formal commendation from the Asset Management Corporation of Nigeria (AMCON) as a member of the management team that successfully turned around Enterprise Bank Plc. She holds Bachelor of Laws (LLB) and Master of Laws (LLM) degrees from the University of Nigeria, Nsukka and Kings College, London, respectively.

She has attended executive training programs at Harvard Business School, The Wharton School University of Pennsylvania, INSEAD School of Business, Chicago Booth School of Business, London Business School and IMD amongst others. She is also an Honorary Senior Member (HCIB) of The Chartered Institute of Bankers of Nigeria (CIBN).

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5. Adaora Umeoji, Zenith Bank
She has nearly 30 years of cognate banking experience of which 26 years has been with Zenith Bank.  An alumnus of the prestigious Harvard Business School where she attended the Advanced Management Program (AMP), she is also an alumnus of Columbia Business School with a Certificate in the Global Banking Programme. Ms. Umeoji holds a Bachelor’s Degree in Sociology from the University of Jos, a Bachelor’s Degree in Accounting, and a First-Class honors  in Law from Baze University, Abuja.

She holds a Master of Laws from the University of Salford, United Kingdom, a Master in Business Administration (MBA) from the University of Calabar, and also has a doctorate in business administration from Apollos University, USA.  Umeoji holds a Certificate in Economics for Business from the prestigious MIT Sloan School of Management, USA, and has attended various management programmes in renowned Universities around the world including the strategic thinking and Management programme at Wharton Business School, USA.

She also attended the executive program in Strategic Management and has a Certificate in Leading Global Business all from Harvard Business School, USA. The top banker is a fellow of notable professional bodies including the Chartered Banker Institute, UK, Chartered Institute of Bankers of Nigeria, Nigerian Institute of Management, Institute of Credit Administration, Institute of Certified Public Accountants of Nigeria, Institute of Chartered Mediators and Conciliators, and the Institute of Chartered Secretaries and Administrators of Nigeria among others. In 2022, the Federal Government of Nigeria honored Dr. Umeoji with Officer of the Order of the Niger, as a recognition of her contributions to nation-building. She is a Peace Advocate of the United Nations (UN-POLAC).

6. Ireti Samuel-Ogbu, Citi Bank
Ireti Samuel-Ogbu became the first female MD/CEO of Citibank Nigeria Limited from September 2020. She was the Europe, Middle East and Africa (EMEA) Head, Payments and Receivables, Treasury and Trade Solutions (TTS) under Citi’s Institutional Clients Group (ICG) based in London, UK. She was on the Board of Citibank Nigeria Limited for 5 years before her elevation as a non-Executive Director.

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For the past 32 years, Ms. Samuel-Ogbu held various roles across Citi’s businesses in the UK, Nigeria and South Africa, having worked in each of these countries twice. As a champion of diversity and inclusion, she co-founded two impactful mentorship initiatives within Citi – the Sapphire Leadership Program for Middle East and Africa, and the Momentum Program in the UK. She is currently the EMEA co-Chair for Citi Women’s Affinity group and represents EMEA on the Global Affinity Steering Committee at Citi.

The Citi Bank CEO who holds a BA Hons in Accounting and Finance from Middlesex University, UK and an MBA from the University of Bradford, UK is a Lead Contributor and Thought-Leader in various Banking and Fintech forums across EMEA and has won awards in the UK and South Africa including Financial Service Leader of the year 2019 at Black British Business Awards, Innovate Finance Women in FinTech Power List, 2017 and Best Professional Executive, 2009, at the Nigeria Achievement Awards (presented in South Africa by the former President Goodluck Jonathan).

7. Halima Buba, SunTrust Bank
Adamawa state born Halima Buba graduated with a bachelor’s degree in Business management from the University of Maiduguri. She also holds an MBA from the same institution. She is an alumnus of the Lagos Business School, an honorary member of the Chartered Institute of Bankers and a Fellow of the Institute of Management Consultants. She was appointed as the MD/CEO of Sun Trust Bank in January 2021 after serving as a Deputy General Manager in Ecobank Nigeria.

8. Yemisi Edun, FCMB
In July 2021, the Board of Directors of First City Monument Bank (FCMB) Limited confirmed the appointment of Yemisi Edun as the substantive CEO/managing director of the bank. Edun was the Executive Director and Chief Financial Officer of the bank.

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She began her career with Akintola Williams Deloitte (member firm of Deloitte Touché Tohmatsu) in 1987, with main focus on Corporate Finance activities. She was also involved in the audit of Banks and Other Financial Institutions. Edun joined FCMB in 2000 as Divisional Head of Internal Audit and Control before assuming the role of Chief Financial Officer of the Bank.

She holds a Bachelor’s degree in Chemistry from the University of Ife, Ile-Ife and a Master’s degree in International Accounting and Finance from the University of Liverpool, United Kingdom. She is a Fellow of the Institute of Chartered Accountants of Nigeria and a Certified Financial Analyst, CFA Charter holder.

Edun is also an Associate Member of the Chartered Institute of Stockbrokers; an Associate Member of the Institute of Taxation of Nigeria; a Member of Information Systems Audit and Control, U.S.A; and a Certified Information Systems Auditor.

9. Bukola Smith, FSDH Merchant Bank
Bukola Smith holds an MBA from Alliance Manchester Business School, University of Manchester, U.K, and a B.Sc. Economics from the University of Lagos. She is a Fellow of the Institute of Chartered Accounts of Nigeria (ICAN), Honorary Member of the Chartered Institute of Bankers and an Associate Member, Certified Institute of Pensions (Nigeria). She became the Managing Director/Chief Executive Officer of FSDH Merchant Bank in April 2021 and brings 29 years of progressive experience in the banking industry with a track record of strategic execution and leadership.

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Before her appointment as Managing Director, she was the Executive Director, Business Development at FCMB and held several other leadership positions since joining in 2006. She was responsible for the banks over 200 branches across the country, Public Sector, Business Banking, Agriculture and Transaction Banking Divisions. Under her, the bank’s SME focused team in 3 years moved from 5th position in the industry to 1st position in 2019 (KPMG Customer Service Report 2020).

In addition, she established the FCMB Women in Business Desk (branded SheVentures) which supports female entrepreneurs; and set up FCMB Trustees and FCMB Custody. Prior to joining FCMB in 2006, she worked with FSB International Bank from 1992 to 2000 and Fidelity Bank plc from 2000 to 2006 gaining experiences in several areas of banking including treasury operations, international trade services, foreign and local currency trading, bond trading, Correspondent Banking and relationship management of Non-Bank Financial Institutions and Private Banking Clients.

Bukola currently sits on the boards of Women in Successful Careers (WISCAR), and the Toyin Oni Foundation (NGO for cancer awareness). She serves as a mentor to several young women within and outside these networks.

10. Kafilat Araoye, Lotus Bank
Kafilat Araoye obtained a first degree in History from the University of Ife, now Obafemi Awolowo University in 1985 and an M.Sc. in Industrial Relations & Personnel Management from the University of Lagos (1987),graduating as the best student in her class. She also holds Islamic Finance certifications issued by Ethica Institute of Islamic Finance, the Chartered Institute for Securities & Investment/Bahrain Institute of Banking & Finance, as well as the Islamic Research & Training Institute.

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She has attended various executive management courses at the Cranfield School of Management (UK), Lagos Business School, Institute of Management Development (Switzerland) and INSEAD (France). Ross business School, University of Michigan(USA). She is certified in specialized Banking courses ,conferences and Seminars, among them are the Structured Trade Finance Course by Euromoney U.K, Payments ,Clearing and Settlement Conference by National Association of Clearing Houses, USA2006, 2007, 2008, International Banker’s Seminar, USA, South Africa, Swift regional conference.

She started her career in 1988 at National Oil and Chemicals Marketing Company Plc (now Conoil Nigeria Plc), and moved in 1990 to Guaranty Trust Bank Plc, as the pioneer head of Human Resources .She was part of the GTBank team that went to Jordan for the implementation of its core banking application amongst other critical assignments executed for the Bank.

She left with accolades in 2015 as General Manager but continued to consult for banks and other sectors through her consulting outfit until 2018 when she was appointed as the MD Designate for LOTUS Bank then in formation.

Having put over 25 years into banking, Kafilat has expertise in virtually all areas of core banking, with emphasis on International and Domestic Operations, Payments, General Management, Business Development, Risk Management, Human Resources and Strategy.

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She was part of several Central Bank of Nigeria (CBN) Implementation Committees on some Settlement and Payment solutions between 2002 and 2007 and represented Nigeria at the Banking Techniques and Practice committee of International Chamber of Commerce, between 2006 and 2011.

She was member Chartered Institute of Banker’s Committee on Capacity building and Certification from 2014 to 2020 and is currently member, Advocacy & Strategy Committee of the Chartered Institute of Bankers of Nigeria.

11. Oluwatomi Ayodele Somefun, Unity Bank
Oluwatomi Somefun graduated from Obafemi Awolowo University, Ife in 1981 with a Bachelor of Education in English language. A Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), she is an alumna of both Harvard and University of Columbia Business Schools. A member of various professional bodies, including the Bank Directors Association of Nigeria (BDAN), the Chartered Institute of Bankers of Nigeria (CIBN), the Institute of Directors (IOD), among others, her professional career spans about thirty-three years.

Between 1982 and 1986, she worked at KPMG as a Senior Audit Assistant; Arthur Andersen in 1986 as a Senior Auditor as well as Ventures & Trusts Limited, between 1989 and 1992, as an Associate. Prior to her current appointment, Mrs. Somefun worked at Credit Bank Limited and UBA Plc. She was also the MD/CEO of UBA Capital & Trustee Limited and the Founding Managing Director of UBA Pension Custodian Limited: two of UBA Group’s major subsidiaries.

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Mrs. Somefun also served as a Non-Executive Director on the boards of directors of UBA Foundations, UBA Trustees, UBA Nominees and UBA Registrars. On August 12th, 2015 she assumed the role of Chief Executive Officer of Unity Bank Plc; the first woman ever appointed to that position.

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Economy

SEC orders public companies to publish financial statements online by Jan 2025

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The Securities and Exchange Commission (SEC) has issued a new directive requiring all publicly listed companies in Nigeria to publish their financial statements on their official websites, effective January 2025.

This was disclosed in a circular issued by the Commission on Thursday, stressing the importance of the move for investor confidence and regulatory compliance.

The SEC warned that non-compliance with this directive would attract strict sanctions, demonstrating its commitment to improving transparency and accessibility in the Nigerian equities market.

According to the SEC, “The Securities and Exchange Commission (‘the Commission’) has observed that public companies file their periodic returns with the Commission and relevant securities exchanges without simultaneously publishing the same on their websites. This omission contravenes Rules 39 and 41 of the Commission’s Rules and Regulations.”

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The Commission noted that while publicly listed companies routinely file periodic returns with it and relevant securities exchanges, many fail to make these financial statements accessible to the investing public on their websites. This practice, it noted, violates the requirement to ensure that financial disclosures are readily available to guide investors in making informed decisions.

SEC explained the rationale for the directive, stating that publishing financial statements online provides seamless access for the investing public. This ease of access, the Commission said, is essential for encouraging sound investment decisions and ensuring investor confidence in the market.

“Timely disclosures remain a key component of shareholder engagement,” the Commission stated. “The publication of periodic returns on their websites is aimed at providing seamless access by the public to such information, which would serve as a guide to making sound investment decisions.”

The Commission further noted that effective from January 2025, any public company that fails to simultaneously file its periodic returns with the SEC and relevant securities exchanges and publish them on its website will face penalties.

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Economy

Dangote Refinery, NNPCL resume fight over $1bn loan

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Dangote Group, owners of Dangote Refinery, and the Nigerian National Petroleum Company Limited, NNPCL, have clashed over a $1 billion crude oil-backed loan.

Recall that barely 24 hours ago, in a statement credited to NNPCL spokesperson Olufemi Soneye, the state-owned oil firm said it secured a $1 billion loan backed by crude to support the Dangote Refinery during liquidity challenges.

However, Dangote Group spokesperson, Anthony Chijiena, has described NNPCL’s claim as ‘misinformation’.

The company clarified that the $1 billion crude backed loan is about five percent of the total investment that went into building the 650,000 barrels per day refinery.

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According to him, it is inaccurate to say NNPCL facilitated $1 billion for Dangote Refinery amid liquidity challenges.

Chijiena explained that NNPCL had proposed a 20 percent stake investment valued at $2.76 billion in the Dangote Refinery, but that didn’t materialise.

He noted that NNPCL was able to invest $1 billion, which amounts to 7.24 percent equity value.

“Our decision to enter into a partnership with NNPCL was based on recognition of their strategic position in the industry as the largest offtaker of Nigerian crude and, at the time, the sole supplier of gasoline into Nigeria.

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“We agreed on the sale of a 20 percent stake at a value of $2.76 billion. Of this, we agreed that they will only pay $1 billion while the balance will be recovered over a period of 5 years through deductions on crude oil that they supply to us and from dividends due to them.

“If we were struggling with liquidity challenges, we wouldn’t have given them such generous payment terms.

“As of 2021, when the agreement was signed, the refinery was at the pre-commission stage. In addition, if we were struggling with liquidity issues, this agreement would have been cash-based rather than credit-driven.

“Unfortunately, NNPCL was later unable to supply the agreed 300 thousand barrels a day of crude, given that they had committed a greater part of their crude cargoes to financiers with the expectation of higher production, which they were unable to achieve.

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“We subsequently gave them a 12-month period for them to pay cash for the balance of their equity given their
inability to supply the agreed crude oil volume.

“NNPCL failed to meet this deadline, which expired on June 30th, 2024. As a result, their equity share was revised down to 7.24 percent. These events have been widely reported by both parties.

“It is, therefore, inaccurate to claim that NNPCL facilitated a $1 billion investment amid liquidity challenges.

“Like all business partners, NNPCL invested $1 billion in the refinery to acquire an ownership stake of 7.24 percent. That is beneficial to its interests,” the Dangote Group statement said.

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Economy

Nigeria’s National Bureau of Statistics Website Hacked

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The National Bureau of Statistics (NBS) on Wednesday announced that its official website has been hacked.

The bureau disclosed this on its X handle.

The NBS announced that it is currently working to recover the website and urged the public to disregard any messages or reports posted on the site until it is fully restored.

“This is to inform the public that the NBS Website has been hacked and we are working to recover it. Please disregard any message or report posted until the website is fully restored. Thank you,” the NBS said.

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The NBS is the principal agency responsible for the collection, analysis, and dissemination of statistical data in Nigeria.

The statistics office has recently published several key reports such as the Nigerian Gross Domestic Product (GDP) Report Q3 2024, which provides an update on Nigeria’s economic growth and performance, the Nigeria Labour Force Survey (NLFS) report for Q2 2024, which offers insights into Nigeria’s labor market, including employment and unemployment rates and the Consumer Price Index November 2024, which provides the latest information on Nigeria’s inflation rate, among others.

In November, the NBS said Nigeria’s GDP grew by 3.46 per cent year-on-year in real terms in the third quarter of 2024.

The NBS said this growth rate is higher than the 2.54 per cent recorded in the third quarter of 2023 and higher than the second quarter of 2024 growth of 3.19 per cent.

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On Monday, the NBS said Nigeria’s annual inflation rate rose to 34.60 per cent in November from 33.88 per cent in October.

This marks a continuation of the upward trend observed in September, when the nation recorded a reversal of a two-month decline.

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