Zenith Bank Deputy Managing Director retires


By Olumide David

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.

According to the notice, Umeoji resigned following the CBN regulatory guidelines that put a timeline on the cumulative number of years Senior Bank Officers could occupy Executive Board positions.

According to a statement signed by the Company Secretary/General Council, the resignation took effect on February 24, 2023.

With Over 20 years of cognate banking and broad executive management experience, Dr. Adaora Umeoji rose to the ranks up to her current position before retirement.

She obtained a Bachelor Degree in the University of Jos, an MBA from the University of Calabar, and a Doctorate in Business Administration from Apollo’s University, Great Falls, Montana, USA.

Her dissertation was on Inspirational Leadership and her findings have been recognised as a major contribution to leadership and people management.

She was trained in Strategic thinking and Management at Wharton Business School, Pennsylvania and also holds a certificate in management from Harvard Business School, Boston, USA.

Umeoji was appointed to the Board on October 9 2012.

The CBN recently issued a new regulatory guidelines specifying the new tenure limit for Banks MDs, Deputy MDs and Directors.

The guidelines among other conditions stipulates the tenure of Executive Directors (EDs), Deputy Managing Directors (DMDs), and Managing Directors (MDs) shall be in accordance with the terms of the engagement approved by the Board of Directors of the banks, subject to a maximum tenure of ten (10) years.

Since the new directive guideline was unvelied on Feb 24, checks by NewsDirect revealed that many prominent banks Executive and Non- Executive have had no choice but to resign.

It further stated on the guidelines that where an Executive who is a DMD becomes a MD/CEO of a bank or any other DMB before the end of his/her maximum tenure, the cumulative tenure of such tenure shall not exceed twelve(12) years.