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11 powerful women heading banks in Nigeria

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Historically, the Nigerian banking sector is male-dominated, just like several other professional spheres, with women only left to scramble for lower management positions.

This gender bias constituted a worrying glass ceiling that has, over the years, stifled the growth of the female gender in the banking sector.

However, recent trends have shown that women have broken through the barrier to claim their rightful position among their male counterparts.

On Tuesday, March 19, 2024, Zenith Bank announced Dr Adaora Umeoji as its new and first female Chief Executive Officer (CEO).

Umeoji’s appointment was greeted with pomp and pageantry by many Nigerians, particularly staff and stakeholders of the bank.

Amid this development, Pulse presents to you a list of women who are heading banks in Nigeria.

1. Zenith Bank – Adaora Umeoji

11 powerful women heading banks in Nigeria
11 powerful women heading banks in Nigeria

Subject to the approval by the Central Bank of Nigeria (CBN), Umeoji will step into the role of the Group Managing Director/Chief Executive of Zenith on June 1, 2024. The accomplished banker with sectoral experience spanning three decades will take over from Dr. Ebenezer Onyeagwu, whose five-year term expires on May 31, 2024.

Umeoji reached the zenith of her career, having climbed the corporate ladder with great dedication and zeal.

She has been with Zenith Bank for 26 years and has held the position of Deputy Managing Director of the bank since October 28, 2016, until her latest appointments.

2. GTBank – Olusanya Miriam

11 powerful women heading banks in Nigeria
11 powerful women heading banks in Nigeria

In comes another banking Amazon, whose panache and tenacity shunted her to the top of her career. Miriam is the Managing Director of Guaranty Trust Bank (Nigeria) Limited, a subsidiary of Guaranty Trust Holding Company Plc (GTCO), a position she assumed in July 2021.

She rose from an Executive Trainee at the bank in 1998 to the upper echelon, with experience that cuts across Asset and Liability Management, Financial Markets, Corporate Finance, Investment Banking, Investor Relations and Transaction Services.

3. Fidelity Bank – Nneka Onyeali-Ikpe

11 powerful women heading banks in Nigeria
11 powerful women heading banks in Nigeria

After playing an integral role in the bank’s transformation over six years, Onyeali-Ikpe assumed the office as Managing Director/CEO at Fidelity Bank on January 1, 2021.

Before her appointment, she was the Executive Director of Lagos and South West, overseeing the bank’s business in the six states that make up the South West region.

Onyeali-Ikpe is a consummate professional with over 30 years of experience, cutting her teeth at various banks, including Standard Chartered Bank, Zenith Bank and Citizens International Bank, where she held several management positions.

4. Union Bank – Yetunde Oni

11 powerful women heading banks in Nigeria
11 powerful women heading banks in Nigeria

On January 10, 2024, the CBN announced the appointment of Oni as the new Managing Director/Chief Operating Officer of Union Bank plc, following an earlier dissolution of the bank’s Board and Management.

The University of Ibadan graduate of Economics comes to the job with over three decades of experience across various banks in Nigeria and abroad.

Oni holds the bragging right of being the first female CEO of the Standard Chartered Bank in Sierra Leone, a position she took in January 2021 until the CBN appointment.

5. Access Holdings – Bolaji Agbede

11 powerful women heading banks in Nigeria
11 powerful women heading banks in Nigeria

Agbede stepped in as the Acting Group Chief Executive Officer of Access Holdings Plc following the demise of Herbert Wigwe in a tragic helicopter crash in the United States.

She is a versatile professional with over 27 years of cognate experience in Human Resources management, customer relationship management and banking operations.

Agbede’s banking journey started at GTBank in 1992, where she joined as an Executive Trainee.

However, she rose through the ranks, serving in various capacities, including Relationship Manager and Vault Custodian, before eventually joining Access Bank in 2003 as an Assistant General Manager.

6. FCMB – Yemisi Edun

11 powerful women heading banks in Nigeria
11 powerful women heading banks in Nigeria

Edun was appointed Managing Director/Chief Executive Officer of the First City Monument Bank (FCMB) in July 2021, becoming the first woman ever to hold the position.

She joined FCMB in 2000 as Divisional Head of Internal Audit and Control before assuming the role of Chief Financial Officer of the Bank.

Before her banking sojourn, Edun’s career took off at the Akintola Williams Deloitte (member firm of Deloitte Touche Tohmatsu) in 1987, where she worked on corporate finance activities and audit of banks and other financial institutions.

7. Unity Bank – Tomi Somefun

11 powerful women heading banks in Nigeria
11 powerful women heading banks in Nigeria

Somefun is one of the trailblazers and pacesetters for women in the banking sector, climbing to become the Managing Director/CEO of Unity Bank Plc in 2015.

Before her appointment, she was the Executive Director overseeing the Lagos and South-West Business Directorates, the Financial Institution Division and the bank’s Treasury Department.

Somefun boasts 35 years of professional career, over 26 years of which were in the banking sector.

8. Citibank – Ireti Samuel-Ogbu

11 powerful women heading banks in Nigeria
11 powerful women heading banks in Nigeria

After 26 years of operating in Africa’s largest economy, Citigroup Inc. appointed Samuel-Ogbu as its first female Country Officer for Nigeria in August 2020.

She is currently the CEO & Country Officer for Nigeria and Ghana at Citibank/Citigroup Inc.

Samuel-Ogbu was the Europe, Middle East and Africa (EMEA) Head of Payments and Receivables, Treasury and Trade Solutions (TTS) under Citi’s Institutional Clients Group (ICG) based in London, UK, before she was appointed MD/CEO.

9. Suntrust Bank – Halima Buba

11 powerful women heading banks in Nigeria
11 powerful women heading banks in Nigeria

A seasoned banker with over 22 years of cognate experience obtained from working in various banks, Buba is currently the Managing Director/Chief Executive Officer of SunTrust Bank Nigeria Limited.

Before assuming the position in January 2021, Halima was a co-founder and former Executive Director of Taj Consortium, an organisation of young, dynamic technocrats and financial advisory experts.

10. Lotus Bank – Kafilat Araoye

11 powerful women heading banks in Nigeria
11 powerful women heading banks in Nigeria

Kafilat is reputed as a banker with long and diverse work experience in various leadership positions in the industry, with emphasis on International and Domestic Operations, Payments, General Management, Business Development, Risk Management, Human Resources and Strategy.

Having left as the General Manager of GTBank in 2015, after a spell that started in 1990, Kafilat was appointed the MD Designate for LOTUS Bank in 2018.

Since then, she has been steering the bank’s affairs, deploying her over 25 years of expertise to stimulate growth and maintain stability.

11. FSDH Merchant Bank – Bukola Smith

Smith became the Managing Director/Chief Executive Officer of FSDH Merchant Bank in April 2021, bringing with her over 25 years of progressive experience in the banking industry with a track record of strategic execution and leadership.

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Sierra Leone energy minister, Kanja Sesay resigns over electricity crisis

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Kanja Sesay, Sierra Leone’s minister of energy, has resigned after weeks of electricity crisis in the West African nation.

According to BBC, in his resignation letter on Friday, Sesay said he took full responsibility for the crisis.

In a statement, the government said the energy ministry has been placed under the direct supervision of President Julius Maada Bio, who will be assisted by two other officials.

Sesay’s resignation came hours after the government paid $18.5 million to two power providers, Turkish Karpowership and Transco-CLSG group.

Sierra Leone owed the two producers $40 million.

After two months of outages, power was restored in Freetown after the payments were announced.

Since mid-April, Freetown and the cities of Bo, Kenema and Koidu have experienced multi-day stretches without electricity.

Karpowership confirmed the payment in a statement.

“We are pleased to confirm that the electricity supply has returned to full capacity in Freetown,” the statement reads.

The company has been supplying electricity to Sierra Leone since 2018 from a floating offshore unit, but it had reduced its capacity from 65 megawatts to just five in recent months due to payment issues.

It had previously cut supplies to Sierra Leone in September over unpaid bills.

In October, it briefly cut power to Guinea-Bissau, saying it had been left with no option “following a protracted period of non-payment”.

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Business

Naira depreciates in parallel market, official window

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The naira depreciated to N1,320 per dollar at the parallel section of the foreign exchange (FX) market on Friday.

The current FX rate signifies a decline of 1.54 percent from N1,300/$ traded on April 24.

Currency traders, known as bureau de change (BDC) operators, quoted the buying rate at N1,260 and the selling price at N1,320 — leaving a profit margin of N60.

At the official window, the local currency depreciated by 2.24 percent to N1,339.23 against the dollar on Friday, from N1,309.88 on April 25.

According to FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), also known as the official window, during trading hours, a dollar was sold as high as N1,410 and at a low rate of N1,051.

Meanwhile, on April 24, Emeka Obegolu, president, Abuja Chamber of Commerce and Industry (ACCI), asked the federal government to develop policies that will strengthen the naira and foster economic growth in Nigeria.

“We are here to brainstorm innovative strategies for strengthening the naira, assessing progress, identifying challenges, and formulating practical solutions,” Obegolu said.

He pledged that the recommendations from the roundtable will be diligently conveyed to the relevant authorities for implementation.

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Business

DSTV price hike: Five alternatives Nigerians are opting for

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Broadcasting company, Multichoice, on Wednesday, increased the prices of its offerings in Nigeria four months after its last increment.

The company reviewed prices in its packages across the board. The new prices will take effect from May 1, 2024.

With the latest price hike, the DStv Premium package increased from N29,500 to N37,000. Similarly, the DStv Compact+ went up from N19,800 to N25,000 while the Compact package increased from N12,500 to N15,700.

The Comfam package moved from N7,400 to N9,300. Yanga package moved up from 4,200 to N5,100 while Padi package increased from N2,950 to N3,600. HDPVR was increased from N4,000 to N5,000, the Access Fees package from N4,000 to N5,000, and XtraView moved from N4,000 to N5,000.

Meanwhile, the Gotv Supa+ package moved from N12,500 to N15,700, Supa package from N7,600 to N9,600, and Max package from N5,700 to N7,200.

While the Jolli package was increased from N3,950 to N4,850, the Jinja package moved from N2,700 to N3,300, and Smallie package from N1,300 to N1,575.

The upward review of the broadcasting company’s offerings has stirred mixed reactions online, with social media users arguing that the increment was coming at the wrong time.

Reacting to the hike on X, a social media user, Kelvin Odanz, who tweets as @MrOdanz, asked Nigerians to explore other options rather than complain about the increase.

He wrote, “If you can afford stable Internet, there are so many other services you can use aside from DSTV. For football and other entertainment. Because aside football, nothing dey DSTV. Explore these options and stop whining.

“I am not even a fan of DSTV one bit. Aside from football, there’s basically nothing of note there. But this whole outrage over them hiking their price is quite hypocritical. Everyone has hiked the price of their goods/services. Even small businesses. So why shouldn’t DSTV do same?

Sharing his sentiment, @Letter_to_Jack said, “Electricity tariffs increased: Small rage. Cement prices through the roof: Small rage. Diesel to 1700/L at a point: Small rage. Indomie at 13k = small rage. Dstv increases prices: OUTRAGE! At this point, you’d think DSTV/MultiChoice is the only trigger Nigerians have.”

On his part, David Ofor, said while the price increase was understandable, it was important for the broadcasting company to justify it by offering value for the money.

He wrote, “I understand the fact that Multichoice is operating in a free market economy, and Govt has limited control mechanism in such. What people are complaining about is not primarily the price hike, but, the static content being provided, DSTV and GoTV have not improved on their services despite the plethora of increments over the years.

“They should justify the payments made, more so, why are they increasing now that Diesel prices are coming down and Naira is strengthening?”

While the debate continues, we look at other alternatives Nigerians can consider for their pleasure.

DSTV — Despite the mixed reactions that greeted the increase, many Nigerians will continue with the broadcasting company. With several increments, Multichoice still boasts customers’ loyalty among other alternatives offering the same services.

Many households prefer DStv and GOtv as their source of entertainment. This may not be unconnected to the company’s premium in international sports broadcasting, particularly European leagues and UEFA Champions League.

When contacted on Friday, the spokesperson for Multichoice Nigeria, Caroline Oghuma, said despite the hike, subscribers can still enjoy their current price for the next year with a “Price Lock” incentive.

“With Price Lock, you can continue to pay your current subscription for up to a year, if you pay before your due date, each month,” Oghuma told our correspondent.

Star Times — The company, a major player in the Asian country’s Pay-TV market, has a considerable market share in some African countries, including Nigeria and Kenya.

Startimes has channels that include news, music, movies, and football channels, including exclusive rights to some football content.

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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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