Zenith Bank Re-Appoints Adaora Umeoji As Deputy Managing Director

Zenith Bank has re-appointed Adaora Umeoji as Deputy Managing Director.

 

Newsonline Nigeria reports that the Board of Zenith Bank Plc has announced the reappointment of Dame (Dr) Adaora Umeoji as the Deputy Managing Director of the bank. 

 

This was announced in a corporate action that was filed with the Nigerian Exchange and obtained by Newsonline Nigeria. 

 Here’s an excerpt from the official statement:  

• “Zenith Bank Plc “The Bank” hereby informs its shareholders, NGX and the investing public that the Central Bank of Nigeria (CBN) has given its ‘No Objection’ to the re-engagement of Dame (Dr) Adaora Umeoji as Deputy Managing Director (DMD) of the bank.

• This is the sequel to the Central Bank of Nigeria (CBN) circular Ref: FPR/DIR/PUB/CIR/001/078 dated July 13, 2023.

• The re-engagement is effective August 2, 2023.”

Profile of Adaora Umeoji

Dame (Dr.) Adaora Umeoji OON is the Deputy Managing Director of Zenith Bank Plc, boasting over 20 years of experience in banking and executive management.

She holds multiple degrees, including a doctorate in Business Administration, and has completed prestigious programs at Harvard Business School, Columbia Business School, and MIT Management Sloan School.

As a fellow of various professional bodies, she is recognized for her significant contributions to leadership and people management. 

Dr Adaora Umeoji is an esteemed speaker at academic conferences and has delivered thought-provoking lectures on financing growth drivers in Nigeria’s economy.

As a testament to her dedication to professionalism and humanitarian efforts, she founded the Catholic Bankers Association of Nigeria (CBAN) to promote ethical banking and service to humanity.

Additionally, she holds titles as a Peace Advocate of the United Nations and a Lady of the Order of Knights of St. John International.  

Recently, she was honoured with the national award of Officer of the Order of the Niger (OON) by President Muhammadu Buhari for her contributions to nation-building. 

What You Should Know

Recall that Zenith Bank Plc earlier announced the retirement of Dr Adaora Umeoji as the Deputy Managing Director of the bank.  

Her initial retirement was following the new CBN regulatory guidelines that put a timeline on the cumulative number of years senior bank officers could occupy executive board positions.

The CBN recently issued a new regulatory guideline specifying the new tenure limits for bank MDs, Deputy MDs and directors. 

Specifically, the guidelines, among other conditions, stipulate that the tenure of Executive Directors (EDs), Deputy Managing Directors (DMDs) and Managing Directors (MDs) shall be by the terms of their engagement approved by the Board of Directors of the banks, subject to a maximum tenure of ten (10) years. 

Tenure Extension

In a recent update, The Central Bank of Nigeria revised the tenure of executive directors (ED). Deputy managing directors (DMD), and managing directors (MDs) of Banks and Bank Holding companies. 

According to the approved guidelines seen by Nairametrics, the cumulative tenure limit of directors (ED, DMD, MD, and NEDs) on the Board of the same bank is twenty-four (24) years. It was 20 years in the previous regulation.