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Zenith Bank re-appoints Adaora Umeoji as Deputy Managing Director

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10 months ago

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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.  

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FAAN begins sale of e-tags at airports

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36 mins ago

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May 17, 2024 11:59 am

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The Federal Airport Authority of Nigeria (FAAN) has begun the sale of electronic tags (e-tags) at airports.

In a statement on Friday, FAAN said this initiative is in line with the presidential directive that mandates the use of e-tags for accessing the nation’s federal airports.

“Following the presidential directive that all citizens are mandated to pay for e-tags at all the 24 federal airports across the country, we wish to inform the general public that the e-tags are available for sale from Friday, 17th May, 2024 at the following locations,” FAAN said.

“Lagos: Murtala Muhammed International Airport Lagos, Terminal 1, 5th Floor) Office of HOD Commercial. Contact: 08033713796 or 08023546030.

“Abuja: Nnamdi Azikiwe International Airport, HOD Commercial Office (General Aviation Terminal) Contact: 08034633527 or 08137561615.”

FAAN said there will be an option to pay in cash at the access gates for motorists without e-tags.

On May 14, Festus Keyamo, minister of aviation, announced everyone, including the president and vice-president, would pay tolls at the nation’s airports.

Keyamo said the government was losing over 82 percent of the revenue it should have earned from the access fee.

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Business

Emirates Airlines return to Nigeria October 1

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24 hours ago

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May 16, 2024 12:45 pm

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Emirates Airlines has confirmed its return to operations in Nigeria starting October 1, 2024.

The airline disclosed this via its official X handle Thursday.

“We’re back, Nigeria! We’ll be resuming services to Lagos from 1 October 2024, and we can’t wait to offer unrivalled connectivity to Dubai and beyond to over 140 cities,” the tweet read.

The airline will be operating a daily service between Lagos State and Dubai, and will offer customers more choice and connectivity from Nigeria’s largest city to, and through, Dubai.

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Business

Naira appreciates at official window, depreciates at parallel market

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1 day ago

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May 16, 2024 8:33 am

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The naira depreciated to N1,550 against the dollar at the parallel section of the foreign exchange (FX) market on Wednesday.

The current FX rate signifies a decline of 1.95 percent from the N1,520/$ reported on May 13.

Currency traders, also known as street traders, in Lagos, quoted the buying rate of the local currency at N1,510/$ and the selling rate at N1,550/$ — leaving a profit margin of N40.

At the official window, the local currency appreciated by 4.21 percent against the dollar from N1,520.4/$ on May 14 to close at N1,459.02 on Wednesday.

According to FMDQ Exchange, a platform that oversees the official window, a dollar was sold as high as N1,593 and at a low rate of N1,401 during trading hours.

The daily foreign exchange market turnover was $289.14 million.

On May 14, the Economic and Financial Crimes Commission (EFCC) said foreign missions based in Nigeria use third parties to transact in foreign currencies.

Speaking during an interview, Wilson Uwujaren, EFCC’s acting director of public affairs, said the commission has a task force whose duty is to fight the abuse of the naira and discourage transactions in dollars within Nigeria — which is against the law.

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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