The board of Zenith Bank Plc has announced the retirement of 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 Nairametrics.
More details: According to the notice, Umeoji resigned following the new CBN
regulatory guidelines that put a timeline on the cumulative number of years senior
bank officers could occupy executive board positions.
According to the statement signed by Company Secretary/General Counsel
Michael Out, the resignation took effect on February 24. 2023.
Profile of Umeoji: With over 20 years of cognate banking and broad executive
management experience, Dr Adaora Umeoji rose through the ranks to her current
position.
She holds a Bachelor’s degree from the University of Jos, an MBA from the
University of Calabar and a Doctorate in Business Administration from Apollos
University, Great Falls, Montana, USA. Her dissertation was on inspirational
leadership and her findings have been recognized as a major contribution to
leadership and people management.
She was trained in strategic thinking and management at Wharton Business
School, Pennsylvania, USA and also holds a Certificate in Management from
Harvard Business School, Boston, USA. Umeoji was appointed to the Board on
October 9, 2012.
What you should know: 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 in accordance with the terms of their engagement
approved by the Board of Directors of the banks, subject to a maximum tenure of
ten (10) years.
Since the new directive was unveiled on February 24, Checks by Nairametrics
revealed that many prominent bank executives and nonexecutive board members
have had no choice but to resign.
The guidelines further stated that where an Executive who is a DMD becomes the
MD/CEO of a bank or any other DMB before the end of his/her maximum tenure,
the cumulative tenure of such Executive shall not exceed twelve (12) years.
Source: Nairametrics
