Following the new tenure limits for banks’ executives released recently by the Central Bank of Nigeria (CBN), Zenith Bank has announced the retirement of Adaora Umeoji as its deputy managing director.
In a statement signed by Michael Otun, the company secretary, the bank disclosed that her retirement became effective on February 24th, 2023.
The bank said “We write to notify the Nigerian Exchange Limited and the investing public of the retirement of Dame Adaora Umeoji from the board of Zenith Bank Plc with effect from February 24, 2023.
“This follows the expiration of her tenure of office as deputy managing director in line with the CBN circular No. FPR/DIR/PUB/CIR/001/070 dated February 24, 2023. The board wishes her success in her future endeavors.”
CBN last week revised the regulatory requirements for the tenure of Executive Management and Non-executive Directors (NEDs) of deposit money banks (DMB) and financial holding companies (HoldCos).
The apex bank, which disclosed this in a circular to all banks dated February 24, 2023, titled: “Re: Review of Tenure of Executive Management and Non-Executive Directors of Deposit Money Banks in Nigeria,” had explained that the regulation was in line with the Code of Corporate for Banks and Discount Houses (Ref: FPR/DIR/CIR/GEN/01/004).
The letter was signed by Chibuzo Efobi, the director of, the financial policy and regulation department, at CBN.
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According to the CBN, 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 banks, subject to a maximum tenure of 10 years.
Furthermore, the banking sector regulator 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 or her maximum tenure, the cumulative tenure of the such executive shall not exceed 12 years.
To retire in the next two years in accordance with the new rule is Roosevelt Ogbonna, current managing director/CEO, of Access Bank, whose tenure will expire in 2025, having spent a cumulative 10 years as an executive director in 2013 and group deputy managing director in 2017.
Following is Ebenezer Onyeagwu, managing director/CEO, of Zenith Bank, whose tenure will expire in 2025. He was appointed as executive director in 2013.
The next CEO to retire in the next two years is Moruf Oseni, managing director of Wema Bank who had served for six years as executive director and four years as deputy managing director. Oseni will complete his cumulative 12 years tenure in 2025.
Appointed on June 2, 2022, Mudassir Amray, managing director of Union Bank has spent nine months cumulatively and will retire in 2032, according to data obtained from Proshares.
Adeola Kazeem Adetutan, managing director of First Bank of Nigeria is expected to complete his tenure in 2026, after being appointed as executive director in 2014. He has cumulatively spent eight years and two months.
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