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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.

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..

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.

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).

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.

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.

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.

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.

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.

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.

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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Econony

SEE Black Market Dollar To Naira Exchange Rate Today 17 April 2024

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Black Market Dollar To Naira Exchange Rate Today 17 April 2024 Can Be Accessed 👇

The official naira black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC), and CBN rates. Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.

As of now, you can purchase 1 dollar at a certain rate now, however, it’s important to keep in mind that the rate can shift (either upwards or downwards) within hours.

 

What is the dollar-to-naira black market exchange rate?

The local currency (abokiFx) opened at ₦1,115.00 per $1 at the parallel market otherwise known as the black market, today, Wednesday, 17 April 2024, in Lagos Nigeria, after it closed at ₦1,110.00 per $1 on Tuesday, 16 April 2024.

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate ₦1,050
Selling Rate ₦1,100
How does the black market dollar-to-naira exchange rate compare to the official rate?

The official exchange rate of the US dollar to the Nigerian naira, as of today, 17 April 2024, is ₦ 1,161 per US dollar.
This is the rate that the CBN uses for its transactions and interventions in the foreign exchange market. The official rate is also the basis for the exchange rates of other foreign currencies, such as the euro, the pound sterling, and the Chinese yuan.

The difference between the black market rate and the official rate is called the parallel market premium. The parallel market premium indicates the degree of divergence between the official and unofficial markets, and reflects the level of confidence in the naira and the CBN’s policies.

Disclaimer:We do not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.

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Econony

Nigeria’s Dollar Reserves Crash Dramatically as Naira Rebounds

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Nigeria is facing a significant depletion of its foreign-exchange reserves, marking a concerning trend not observed in four years. This development has sparked apprehension amid suspicions that the central bank may be exhausting its dollar holdings to bolster the naira, following its commitment to allowing the currency to float more freely.

According to calculations by Bloomberg, liquid reserves have plummeted by 5.6% since March 18, coinciding with the commencement of the naira’s rebound from its record-low levels against the dollar.

As of April 12, Nigeria’s foreign reserves stand at $31.7 billion, reflecting the most substantial decline within a similar timeframe since April 2020, based on data compiled by Bloomberg.

The decline in reserves comes as the Central Bank of Nigeria grapples with stabilizing the naira amidst economic turbulence and fluctuating global currency markets.

The commitment to a more flexible exchange rate regime was initially lauded as a step towards market-driven currency valuation. However, the rapid depletion of reserves has raised concerns about the sustainability of this approach.

Observers point to the delicate balance between supporting the naira’s value to maintain stability in the economy and ensuring an adequate level of reserves to safeguard against external shocks.

The current trajectory raises questions about the central bank’s strategy and its long-term implications for Nigeria’s economic resilience.

Stakeholders are closely monitoring developments in the foreign-exchange market and urging prudent management of reserves to mitigate risks and maintain confidence in the economy.

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Econony

SEE Naira Rates Against The USD, GBP, EURO Today April 16, 2024

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We are primarily focusing on the Black Market Dollar To Naira Exchange Rate Today, the USD to Naira currency pair are the most traded currency in the FX market.

 

Black Market Exchange Rates

Buying Rate

Selling Rate

Dollar to Naira 1114 1080
Pounds to Naira 1400 1320
Euro to Naira 1214 1140
Canadian Dollar to Naira 1360 1320
Rand to Naira 52 43
Dirham to Naira ‎0 0
Yuan to Naira 62 62
G.Cedi to Nair 119.19 119.19
CFA F. (XOF) To Naira 0.83 0.81
CFA F. (XAF) To Naira 0.74 0.74

Having full knowledge how much USD to NGN black market exchange rate today will give you a better opportunity to plan and make informed decisions.

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