Zenith Bank re-appoints Adaora Umeoji as Deputy Managing Director

The Board of Zenith Bank Plc has announced the retirement of Dame (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 newsmen. 

Here’s an excerpt from the official statement:  

• “Zenith Bank Plc “The Bank” hereby informs its shareholders, NGX and the investing public that the Central Bank of Nigeria (CBN) has given its ‘No Objection’ to the re-engagement of Dame (Dr) Adaora Umeoji as Deputy Managing Director (DMD) of the bank. 
• This is the sequel to the Central Bank of Nigeria (CBN) circular Ref: FPR/DIR/PUB/CIR/001/078 dated July 13, 2023. 
• The re-engagement is effective August 2, 2023.” 

Profile of Adaora 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. 

Recall that Zenith Bank Plc earlier announced the retirement of Dr Adaora Umeoji as the Deputy Managing Director of the bank.  

Her initial retirement was following the new CBN regulatory guidelines that put a timeline on the cumulative number of years senior bank officers could occupy executive board positions. 

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 by the terms of their engagement approved by the Board of Directors of the banks, subject to a maximum tenure of ten (10) years. 

Tenure Extension 

In a recent update, The Central Bank of Nigeria revised the tenure of executive directors (ED). Deputy managing directors (DMD), and managing directors (MDs) of Banks and Bank Holding companies. 

According to the approved guidelines seen by Nairametrics, the cumulative tenure limit of directors (ED, DMD, MD, and NEDs) on the Board of the same bank is twenty-four (24) years. It was 20 years in the previous regulation. 

To this effect, CBN approved the re-engagement of Dame (Dr) Adaora Umeoji as Deputy Managing Director (DMD) of the bank.