She is a woman of many parts with great passion for excellence. In the beginning, she trained as a Sociologist at the University of Jos. She also trained as an accountant at Baze University, Abuja.
Spurred by the rapid change in the country’s effusive banking industry, she probably saw the future yesterday, and did not only brace for change, but also became a pragmatic agent to drive change in the financial landscape that is ensconced in volatility, uncertainty, complexity, and ambiguity.
Aiming for the stars, and to etch her name, expertise, and career trajectory in the information repository for posterity, she armed herself with top-class training, certification, and exposure which in league with her cherished values and uncommon work ethics, have not only bolstered her managerial prowess, but also raised her profile to enviable heights. And to further equip herself for the future, she added the Advanced Management Programme (AMP) at Harvard Business School, United States, and a Certificate in Global Banking Programme from Columbia Business School, also in the United States.
Read also: Two Nigerian companies face World Bank’s 30-month debarment over corruption
Next was a Master of Laws from the University of Salford, United Kingdom, and a master’s in business administration (MBA) from the University of Calabar.
The Amazon at Zenith Bank plc is also a product of Apollos University where she obtained a Doctorate in in business administration. In addition, she earned a certificate in economics for business from MIT Sloan School of Management and completed the Strategic Thinking and Management programme at Wharton Business School.
Her name is Dame Adaora Umeoji. Since June 1, 2024, her glowing profile has conferred the position of Zenith Bank’s first female Group managing director/chief executive officer on her. She rose through the ranks under the tutelage of Jim Ovia, founder/chairman of the bank regarded by many as the Nostradamus of banking. Zenith Bank managed by her remains a top player among the privileged SWOOT and FUGAZ banks in the market, and Adaora has been busy delivering cheery market-based and customer-focused strategies to score the Bull’s eye and win market and customer share in her steps towards dilating economies of scale and scope.
To be sure, SWOOT stands for stocks with market capitalisation worth over one trillion naira, while FUGAZ derives from the highly successful industry leaders comprising First Bank, UBA, GTCo, Access Bank, and Zenith Bank.
Do not go into the banking industry if you abhor change. The swings and oscillations in the market could be violent at times and can unleash unexpected change and challenges on a continuous and massive scale. The whole experience of banking and finance derives from inevitable change. But success in the industry is also radically influenced by people, process and technology (PPT).
Now, check out for two significant components that have made a clear difference in her career trajectory. These include components that have increased velocity- intentionality, which entails incessantly moving toward the goal, and acceleration that involves increasing the force of actions, where velocity is defined as speed with direction.
The Amazon seems to thrive and see more clearly in what competitors consider to be blinding speed. Experts say that the way not to be overwhelmed by the radical changes in the banking market is to know where you are going, why you are going there, and doing it with every sense of urgency.
Milestones
What are the key milestones in her journey to becoming the group managing director/CEO of Zenith Bank Plc, and how have they shaped her leadership approach?
Her words: “As I reflect on my career trajectory, I am reminded of the power of resilience, determination, and strategic vision, as my journey to becoming the group managing director/CEO of Zenith Bank Plc is a testament to these values. From the onset of my career in the banking industry over three decades ago, I have been driven by an unwavering passion to succeed and make meaningful impact. Starting from entry-level positions, I worked diligently to rise through the ranks, leveraging opportunities for growth and development. This foundation laid the groundwork for my understanding of the banking sector and its intricacies.”
Throughout her career, she had been fortunate to have opportunities for leadership development, including executive education programs at renowned institutions such as Harvard Business School, Columbia Business School, Wharton Business School and MIT Management Sloan School. Without a scintilla of doubt, these experiences broadened her perspective, honed her leadership skills, and instilled in her a commitment to excellence.
Read also: Fidelity CEO stakes N239m in bank’s new share purchase
Her progression to strategic roles within the bank, including deputy managing director, has afforded her a deep understanding of the bank’s operations, risk management, and strategic planning. These roles have not only enhanced her expertise but also deepened her appreciation for the importance of effective and inspirational leadership in driving organizational success. Becoming the group managing director/CEO of Zenith Bank marked a significant milestone in her career, enabling her to leverage her experience, expertise, and passion to drive the bank’s growth, innovation, and sustainability.
The recognition received for her contributions to the banking industry, including the prestigious Leadership Award for “Banker of the Year,” remains a humbling experience, and have not only honoured her achievements but also reinforced her commitment to making a positive impact in the industry.
She adds: “As I look back on my journey, I am reminded that effective leadership is not solely about achieving personal success but also about empowering others to succeed. My leadership approach is centered around strategic vision, collaborative leadership, customer-centricity, risk management, and sustainability. These principles have guided my decision-making and informed my actions as a leader. I am ever committed to driving growth, innovation, and sustainability, while delivering exceptional value to our stakeholders.”
Role of Women
Her perspectives on the role of women evolving in Nigeria’s banking industry, and what more can be done to encourage more women in leadership positions are well known.
She maintains that she had witnessed a significant shift in the industry’s landscape over the years, with more women taking on leadership roles and making meaningful contributions to the Nigerian banking sector. The GMD added that the industry has traditionally been male dominated, but a gradual increase in the number of women in leadership positions is now being witnessed. This shift, she is convinced, is not only a testament to the growing recognition of the importance of diversity and inclusion but also a reflection of the changing societal norms and values.
This derives from the view that as women continue to break down barriers and shatter glass ceilings, a future where they play an even more significant role in shaping the banking industry is envisioned, with women bringing more unique perspective, skill set, and approach to leadership, which can help drive innovation, growth, and sustainability in the sector.
However, despite the progress made, expert opinion remains strong that there is still much work to be done to encourage more women to take on leadership positions in the banking industry. One key area of focus, it is observed, is creating a supportive ecosystem that fosters the growth and development of female talent. This can be achieved through initiatives such as mentorship programmes, leadership training, and networking opportunities.
Furthermore, she suggests, organizations must prioritise diversity and inclusion, recognizing that a diverse workforce is essential for driving innovation, creativity, and growth. Zenith Bank is walking the talk. For instance, there is a balanced workforce of 50 per cent male and 50 per cent female, signifying a deliberate effort to create a culture that values and celebrates diversity, providing equal opportunities for all employees to grow and succeed. We have implemented various initiatives aimed at supporting the growth and development of female talent especially in business, including mentorship programmes, leadership training, and networking opportunities.
She adds: “I believe that women themselves must take an active role in promoting and supporting one another. We must create a network of women who can provide guidance, mentorship, and encouragement, helping to build a pipeline of future female leaders. , I am optimistic about the future of women in Nigeria’s banking industry. As we continue to break down barriers and challenge stereotypes, I have no doubt that women will play an increasingly important role in shaping the sector.”
Read also: Adaora Umeoji becomes first female Group Managing Director of Zenith Bank
Influence of Mentoring
Umeoji’s journey has been enriched by the guidance and inspiration of several remarkable individuals. For instance, she has been fortunate to learn from exceptional leaders whose wisdom, experience, and unwavering support have shaped her professional trajectory throughout her career.
The C-Suite manager at Zenith Bank has been deeply influenced by those who embody strong ethical principles, demonstrate unwavering commitment to excellence, and prioritise the development of their teams, such as the Nostradamus of our time, Ovia. His visionary and inspirational leadership, entrepreneurial spirit, unwavering focus on customer service and his commitment to building a strong and sustainable institution have been truly remarkable. Witnessing his vision translate into reality and the positive impact Zenith Bank has had on the Nigerian economy, has been a constant source of motivation to her over the years.
In turn, the GMD/CEO considers it an honour and a privilege to mentor aspiring professionals. Sharing experiences, offering guidance, and fostering their growth is attested to as a deeply fulfilling aspect of her leadership journey, in the belief in creating an environment where individuals can thrive, reach their full potential, and contribute meaningfully to the organizations they serve.
Key trends
Key trends seen shaping the country’s banking and financial landscape in the next five years, and how Zenith Bank is positioning itself to lead in scenario need to be understood.
Certainly, Nigeria’s banking and financial landscape is set for significant changes over the next five years, driven by innovation, regulatory shifts, and global trends. She acknowledges this, and Zenith Bank, on its part, is prepared to lead this transformation by staying ahead of emerging opportunities and challenges while maintaining its commitment to excellence.
One major trend, according to the bank, is the rapid growth of digital banking and the integration of Fintech solutions. Technology is changing how financial services are delivered, making them more accessible to people who previously had limited options. Zenith Bank has embraced this change by offering innovative digital solutions like the EazybyZenith digital wallet and its fintech subsidiary, Zenpay. These platforms are designed to provide simple, convenient, and inclusive financial services, helping the bank meet the evolving needs of its teeming customers.
Another important development is the Central Bank of Nigeria’s (CBN) new capital requirements for banks, which aims to strengthen the financial sector. Zenith Bank has also proactively enhanced its financial position to meet the stipulated capitalisation requirements by raising over N290 billion through Rights Issue and Public Offer, demonstrating its financial strength and readiness to seize new opportunities in an ever-changing environment.
Nigeria’s expected removal from the Financial Action Task Force (FATF) grey list would be yet another significant milestone that will boost trust in the financial system, lower transaction costs, and attract more foreign investments. Zenith Bank is well-positioned to leverage this development, with strong technology infrastructure to enhance cross-border transactions and ensure compliance with global standards.
Sustainability is also becoming a critical focus in banking. There is a growing need for green financing and responsible economic growth. At Zenith Bank, Environmental, Social, and Governance (ESG) principles have been integrated into its operations, supporting projects that create long-term value for the environment, and the broader economy.
Balancing career with personal life
Achieving a balance between one’s professional and personal life is crucial for sustained success and well-being. To manage work-life balance, is considered essential to establish clear boundaries and prioritise self-care. This, it is believed, can involve setting realistic goals, learning to delegate tasks, and making time for activities that bring joy and relaxation.
Read also: Investors to reap big from bank recapitalisation
Effective time management is also critical in achieving a balance between work and personal life. This involves prioritising tasks, minimising distractions, and avoiding the temptation to overwork. By focusing on high-impact activities and delegating or deferring less critical tasks productivity can be optimised and space created for personal pursuits. Building a strong support network is also very vital for maintaining a healthy work-life balance. This can include family members, friends, colleagues, and mentors who can offer guidance, encouragement, and practical assistance when needed.
It is important to note that balancing between work and personal life is a continuous process that requires effort, commitment, and intentionality. We have to be intentional about setting boundaries and prioritising activities that nourish our minds, body, and soul. It is okay to say “no” sometimes, delegate tasks, and take breaks when necessary. By prioritising well-being and making intentional choices about how time and energy are allocated, both physical and mental health can be maintained, while relationships are nurtured, and personal and professional goals achieved.
Legacy at Zenith Bank and in Nigeria’s banking industry
Umeoji said: “I envision leaving behind a legacy of transformative impact both within Zenith Bank and across the Nigerian banking landscape. It is my desire to consistently maintain the bank’s position as a leading and thriving Pan-African financial institution, recognised for its commitment to innovation, customer-centricity, and all-round excellence. I am proud of the progress we have made in this regard, and I am confident that the bank will continue to thrive and evolve for years to come.
“I believe in the power of financial inclusion to drive economic growth and social development, and I am committed to championing initiatives that empower underserved communities, promote financial literacy, and bridge the gap between the formal and informal sectors of the Nigerian economy. The need for continuous innovation and robust technology to enhance financial inclusion, improve customer service, and drive economic growth remains a hot topic; I hope to be remembered as a pioneer in this space, championing initiatives that modernise our banking system while ensuring its safety and stability.
“Beyond Zenith Bank, I hope to leave behind a legacy that would inspire the next generation of bankers- to encourage them to pursue excellence, to embrace ethical leadership, and to use their positions to make positive impacts on our society.”
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
