Nigeria currently has 25 major
banks with the number of female bank chief executives soaring from just one in
2019 to 10 in 2024, representing 36 per cent of Nigerian major banks’ chief
executive officers.
Before 2019, the banking
industry had been largely dominated by men with a sprinkle of the female gender
who had also made their mark in the industry. The likes of Cecilia Ibru, former
managing director/chief executive officer of defunct Oceanic Bank, said to be
the first female bank CEO, was one in a million among male bank CEOs. Ibru
became the MD/CEO of Oceanic Bank in 1997, but on August 13, 2009 she was one
of the five bank CEOs who were dismissed. Then, more female bank CEOs came into
the industry as turnaround managers after the 2009 shake-up in the sector.
Funke Osibodu led Union Bank while Suzanne Iroche was also appointed by the CBN
in 2009 as turnaround MD/CEO of FinBank Plc. They both served their banks until
2012 when they successfully completed their assignments.
Other women who presided as
CEOs of banks include Bola Adesola, MD/ CEO of Standard Chartered Bank Limited,
Nigeria, who in 2011 was appointed by the bank as the first Nigerian, and first
female CEO of the bank. In 2012, Sola David-Borha was anointed as chief
executive of Stanbic IBTC and served until 2017.
The latest addition of Dame
Adaora Umeoji as the group chief executive of Zenith Bank further extends the
list, which has been on the rise since 2021. Besides the managing director of
Unity Bank, Mrs. Tomi Somefun, who has stood tall in the midst of men since
2015, the banking industry rarely had female representation at the CEO level.
At least 10 of the 26 commercial banks in the country are currently being led
by women.
However, the list has consistently
grown with the additions of Miriam Olusanya, Yemisi Edun, and Halima Buba, among others.
Speaking on the development,
MD/CEO of Arthur Steven Asset Management Limited, Olatunde Amolegbe, said the
transition into an equal gender industry is a welcome development.
According to him, the female
gender has proven themselves as support cast in the finance industry for a long
time and it is time they take the reins eventually.
“My personal belief is that the
natural trait of fairness, probity, and sense of responsibility will stand them
in good stead to make a positive impact in the industry, as did their
predecessors such as Mrs. Kuforiji-Olubi who led UBA sometimes in the 80s. I
support this transition 100 percent,” he said.
On how women have been able to
take their place in the male-dominated banking industry, Amolegbe said, “I
would like to put it down to a coincidence of succession planning and, in some
cases, possibly deliberate institutional policy to uplift and empower the fair
gender. It could very well be that these two scenarios just happen to be playing
out at about the same time.”
The vice president of Highcap
Securities Limited, David Adnori, said, “Businesses are not bound by whether
the head is male or female; they are bound by performance. All the female CEOs
appointed are highly qualified and with experience in their field.”
He added that “we are having
more women who are educated and occupying high places.”
According to Adnori, while progress has been made in recent years, women still face numerous challenges and barriers to advancement in many industries. Employers have a crucial role to play in creating an environment that empowers and supports women to thrive professionally.
1.
Miriam Olusanya, MD, Guaranty Trust Bank (GTBank)
Miriam Olusanya made history as
the MD of Guaranty Trust Bank, becoming the first woman to ascend to this
prestigious position in the bank on June 2021. Graduating with a degree in
Pharmacy from the University of Ibadan and later acquiring a Master of Business
Administration (MBA) from the University
of Liverpool, Olusanya’s academic prowess laid the foundation for her
remarkable career. Joining GTB as an executive trainee in 1998, she steadily
climbed the ranks, culminating in her recent appointment as managing director.
Prior to assuming this pivotal role, she served as an executive director at the
bank, showcasing her leadership acumen and strategic vision. Olusanya’s
appointment marks a significant milestone for GTB, heralding a new era of
diversity and excellence at the helm of one of Nigeria’s foremost financial
institutions.
2.
Yemisi Edun, MD, First City Monument Bank (FCMB)
Yemisi Edun was appointed MD in
July 2021. She has a background in finance and extensive experience in the
banking sector.
Edun has demonstrated
exceptional leadership skills and strategic vision in steering FCMB towards
growth and innovation. Known for her commitment to excellence and integrity,
she has played a pivotal role in positioning FCMB as a leading player in the Nigerian
banking industry. Edun’s leadership has been marked by a focus on customer
satisfaction, employee development, and community engagement, making her a
respected figure in the Nigerian business community.
3.
Halima Buba, MD/CEO, SunTrust Bank
Halima Buba was appointed the
MD/CEO of SunTrust Bank in January 2012. Halima Buba, a seasoned banker with
over 22 years of cognate experience obtained from working in All Sstates Trust
Bank, Zenith Bank, Inland Bank Plc, Oceanic Bank Plc, and Ecobank Nigeria Limited,
is one of the few women to have attained that height as an MD in the industry.
Prior to her appointment to
suntrust bank ltd as md/ceo, halima was a co-founder and former executive
director in Taj Consortium, an organization of young dynamic technocrats and
financial advisory experts.
She was also a member of the
Board of the Nigerian Sovereign Investment Authority (NSIA) as a non-executive
director and a director on the Board of Adamawa Homes and Savings Ltd.
She holds a Bachelor of Science
(B.Sc.) degree in Business Management from the University of Maiduguri and an
MBA from the same University.
4. Ireti Samuel-Ogbu, MD, Citibank Nigeria
Ireti Samuel-Ogbu was appointed
in September 2020. It is the first time a woman has been appointed to the
lender’s top post after 36 years of operating in Africa’s largest economy.
She had served as managing
director of payments and receivables, treasury and trade solutions for Europe,
the Middle East, and Africa at the lender’s office in London.
5. Mrs. Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank
Mrs Onyeali-Ikpe assumed the office on January
1, 2021
She has been an integral part
of the transformation team at Fidelity Bank in the last six years. She was
formerly executive director, Lagos and South West, overseeing the bank’s
business in the six states that make up the South West region of the bank. She
led the transformation of the directorate to profitability and sustained its
impressive year-on-year growth, across key performance metrics, including
contributing over 28% of the Bank’s PBT, deposits, and loans.
She is a consummate professional with over 30 years’ experience across various banks, including Standard Chartered Bank Plc, Zenith Bank Plc, and Citizens International Bank Limited.
6.
Tomi Somefun, MD, Unity Bank
Tomi Somefun was appointed as
MD in August 2015.
She obtained a B.Ed. in English Language in
1981 from the Obafemi Awolowo University, Ile-Ife in Osun State, and is an
alumna of Harvard Business School and the University of Columbia Business
School, New York.
Somefun began her professional
career with Peat Marwick and Co. and later moved to Arthur Andersen (now KPMG)
before becoming an executive director at Unity Bank Plc.
7.
Kafilat Araoye, Pioneer MD, Lotus Bank
Kafilat Araoye was appointed MD
since May 2021.
She holds a first degree in
History from the University of Ife, now Obafemi Awolowo University (1985), and
an M.Sc. in Industrial Relations & Personnel Management from the University
of Lagos (1987), graduating as the best student in her class. She also holds
Islamic Finance certifications issued by Ethica Institute of Islamic Finance,
the Chartered Institute for Securities & Investment/Bahrain Institute of
Banking & Finance, as well as the Islamic Research & Training
Institute.
She has attended various executive
management courses at the Cranfield School of Management (UK), Lagos Business
School, Institute of Management Development (Switzerland), INSEAD (France), and
Ross Business School, University of Michigan (USA).
8. Bukola Smith, MD, FSDH Merchant Bank
Bukola Smith heads FSDH
Merchant Bank, leveraging her B.Sc. in Economics and an MBA from Alliance
Manchester Business School.
Her expertise in investment
banking fosters FSDH’s growth, while her mentorship supports aspiring female
leaders in the finance sector. She became the MD of FSDH Merchant Bank in April
2021 and still serves in this capacity.
9.
Yetunde Bolanle Oni, MD, Union Bank
Yetunde Bolanle Oni recently
assumed the role of MD/CEO of Union Bank in January 2024, marking a significant
milestone in the bank’s leadership. With degrees in Economics and Business
Administration, including executive training at Oxford University, her
appointment is poised to shape Union Bank’s strategic direction.
10.
Dr. Adaora Umeoji, GCEO, Zenith Bank
Dr. Adaora Umeoji’s appointment
as group managing director/chief executive of Zenith Bank becomes effective
June 1, 2024. Umeoji’s appointment makes her the first female to take up the
position.
Before her appointment, Umeoji
has been the deputy managing director of the bank since October 28, 2016, and
has close to 30 years of cognate banking experience, of which 26 years have
been with Zenith Bank.
Umeoji is an alumna of the
prestigious Harvard Business School where she attended the Advanced Management
Programme (AMP) and an alumna of Columbia Business School with a Certificate in
the Global Banking Programme.
She holds a Bachelor’s Degree in Sociology
from the University of Jos, a Bachelor’s Degree in Accounting, and a
First-Class honours in Law from Baze University, Abuja. She holds a Master of
Laws from the University of Salford, United Kingdom, a Master in Business
Administration (MBA) from the University of Calabar, and a doctorate in
business administration from Apollos University, USA.
She also attended the executive
programme in Strategic Management, and has a Certificate in Leading Global
Business, all from Harvard Business School, USA.
Analysts said the increasing
presence of female MDs within Nigerian banks highlights the acknowledgment of
women’s capabilities and their significant role in driving the country’s
economic progress. This trend, according to them, signifies a progressive movement
towards gender equality and inclusivity in corporate governance, marking a
departure from conventional patriarchal norms towards a more balanced and
diverse leadership landscape.
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