Zenith Bank Plc has appointed Adaora Umeoji as the Group Managing Director effective June 2024. Though no official statement has been released from the bank, sources close to this development confirmed it.
This makes her the first female GMD to lead the bank, where she currently serves as the deputy GMD. Umeoji’s appointment is however, subject to the approval of the Central Bank.
Recall that Umeoji was in 2023 retired as the Deputy Managing Director of the bank but was late in August 2023 re-engaged back into the same position.
Her initial retirement followed the new Central Bank of Nigeria (CBN) regulatory guidelines that put a timeline on the cumulative number of years senior bank officers could occupy executive board positions.
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.
The CBN had later issued a new regulatory guideline specifying the new tenure limits for bank MDs, Deputy MDs and directors.
In an update, the CBN revised the tenure of executive directors (ED). Deputy managing directors (DMD), and managing directors (MDs) of Banks and Bank Holding companies.
Sources within the bank confirmed that her appointment as GMD/CEO is in line with the bank’s succession plan. Zenith Bank prefers to appoint insiders as Group Managing Directors/Chief Executives.
Dame (Dr.) Adaora Umeoji OON 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.
Meanwhile, like other financial institutions, there are indications that Zenith Bank will be implementing its holding company (Holdco) structure with the current Group Managing Director, Ebenezer Onyeagwu expected to be named as Chief Executive Officer after his 2-year cooling period as required by guidelines.
Onyeagwu has however been appointed Chairman of the board of Zenith Bank United Kingdom.
