Previously dominated by males, the Nigerian banking business is progressively being overtaken by feminine banking gurus because the variety of girls main the key banks within the nation has elevated in recent times.
Nigeria at present has 25 main banks with the variety of feminine financial institution chief executives hovering from only one in 2019 to 10 in 2024, representing 36 per cent of Nigerian main banks’ chief government officers.
Earlier than 2019, the banking business had been largely dominated by males with a sprinkle of the feminine gender who had additionally made their mark within the business. The likes of Cecilia Ibru, former managing director/chief government officer of defunct Oceanic Financial institution, stated to be the primary feminine financial institution CEO, was one in one million amongst male financial institution CEOs. Ibru turned the MD/CEO of Oceanic Financial institution in 1997, however on August 13, 2009 she was one of many 5 financial institution CEOs who have been dismissed. Then, extra feminine financial institution CEOs got here into the business as turnaround managers after the 2009 shake-up within the sector. Funke Osibodu led Union Financial institution whereas Suzanne Iroche was additionally appointed by the CBN in 2009 as turnaround MD/CEO of FinBank Plc. They each served their banks till 2012 after they efficiently accomplished their assignments.
Different girls who presided as CEOs of banks embody Bola Adesola, MD/ CEO of Customary Chartered Financial institution Restricted, Nigeria, who in 2011 was appointed by the financial institution as the primary Nigerian, and first feminine CEO of the financial institution. In 2012, Sola David-Borha was anointed as chief government of Stanbic IBTC and served till 2017.
The most recent addition of Dame Adaora Umeoji because the group chief government of Zenith Financial institution additional extends the checklist, which has been on the rise since 2021. In addition to the managing director of Unity Financial institution, Mrs. Tomi Somefun, who has stood tall within the midst of males since 2015, the banking business not often had feminine illustration on the CEO degree. A minimum of 10 of the 26 industrial banks within the nation are at present being led by girls.
Nonetheless, the checklist has persistently grown with the additions of Miriam Olusanya, Yemisi Edun, and Halima Buba, amongst others.
Talking on the event, MD/CEO of Arthur Steven Asset Administration Restricted, Olatunde Amolegbe, stated the transition into an equal gender business is a welcome improvement.
In keeping with him, the feminine gender has confirmed themselves as assist forged within the finance business for a very long time and it’s time they take the reins finally.
“My private perception is that the pure trait of equity, probity, and sense of duty will stand them in good stead to make a optimistic influence within the business, as did their predecessors equivalent to Mrs. Kuforiji-Olubi who led UBA typically within the 80s. I assist this transition one hundred pc,” he stated.
On how girls have been capable of take their place within the male-dominated banking business, Amolegbe stated, “I wish to put it right down to a coincidence of succession planning and, in some circumstances, presumably deliberate institutional coverage to uplift and empower the truthful gender. It might very nicely be that these two eventualities simply occur to be taking part in out at about the identical time.”
The vice chairman of Highcap Securities Restricted, David Adnori, stated, “Companies usually are not sure by whether or not the top is male or feminine; they’re sure by efficiency. All the feminine CEOs appointed are extremely certified and with expertise of their area.”
He added that “we’re having extra girls who’re educated and occupying excessive locations.”
In keeping with Adnori, whereas progress has been made in recent times, girls nonetheless face quite a few challenges and limitations to development in lots of industries. Employers have an important function to play in creating an atmosphere that empowers and helps girls to thrive professionally.
1 Miriam Olusanya, MD, Warranty Belief Financial institution (GTBank)
Miriam Olusanya made historical past because the MD of Warranty Belief Financial institution, changing into the primary lady to ascend to this prestigious place within the financial institution on June 2021. Graduating with a level in Pharmacy from the College of Ibadan and later buying a Grasp of Enterprise Administration (MBA) from the College of Liverpool, Olusanya’s educational prowess laid the muse for her outstanding profession. Becoming a member of GTB as an government trainee in 1998, she steadily climbed the ranks, culminating in her current appointment as managing director. Previous to assuming this pivotal function, she served as an government director on the financial institution, showcasing her management acumen and strategic imaginative and prescient. Olusanya’s appointment marks a major milestone for GTB, heralding a brand new period of variety and excellence on the helm of one in every of Nigeria’s foremost monetary establishments.
- Yemisi Edun, MD, First Metropolis Monument Financial institution (FCMB)
Yemisi Edun was appointed MD in July 2021. She has a background in finance and in depth expertise within the banking sector.
Edun has demonstrated distinctive management expertise and strategic imaginative and prescient in steering FCMB in the direction of progress and innovation. Recognized for her dedication to excellence and integrity, she has performed a pivotal function in positioning FCMB as a number one participant within the Nigerian banking business. Edun’s management has been marked by a give attention to buyer satisfaction, worker improvement, and neighborhood engagement, making her a revered determine within the Nigerian enterprise neighborhood.
- Halima Buba, MD/CEO, SunTrust Financial institution
Halima Buba was appointed the MD/CEO of SunTrust Financial institution in January 2012. Halima Buba, a seasoned banker with over 22 years of cognate expertise obtained from working in All Sstates Belief Financial institution, Zenith Financial institution, Inland Financial institution Plc, Oceanic Financial institution Plc, and Ecobank Nigeria Restricted, is without doubt one of the few girls to have attained that peak as an MD within the business.
Previous to her appointment to suntrust financial institution ltd as md/ceo, halima was a co-founder and former government director in Taj Consortium, a corporation of younger dynamic technocrats and monetary advisory consultants.
She was additionally a member of the Board of the Nigerian Sovereign Funding Authority (NSIA) as a non-executive director and a director on the Board of Adamawa Properties and Financial savings Ltd.
She holds a Bachelor of Science (B.Sc.) diploma in Enterprise Administration from the College of Maiduguri and an MBA from the identical College.
4 Ireti Samuel-Ogbu, MD, Citibank Nigeria
Ireti Samuel-Ogbu was appointed in September 2020. It’s the first time a lady has been appointed to the lender’s prime submit after 36 years of working in Africa’s largest financial system.
She had served as managing director of funds and receivables, treasury and commerce options for Europe, the Center East, and Africa on the lender’s workplace in London.
5 Mrs. Nneka Onyeali-Ikpe, MD/CEO, Constancy Financial institution
Mrs Onyeali-Ikpe assumed the workplace on January 1, 2021
She has been an integral a part of the transformation group at Constancy Financial institution within the final six years. She was previously government director, Lagos and South West, overseeing the financial institution’s enterprise within the six states that make up the South West area of the financial institution. She led the transformation of the directorate to profitability and sustained its spectacular year-on-year progress, throughout key efficiency metrics, together with contributing over 28% of the Financial institution’s PBT, deposits, and loans.
She is a consummate skilled with over 30 years’ expertise throughout varied banks, together with Customary Chartered Financial institution Plc, Zenith Financial institution Plc, and Residents Worldwide Financial institution Restricted.
- Tomi Somefun, MD, Unity Financial institution
Tomi Somefun was appointed as MD in August 2015.
She obtained a B.Ed. in English Language in 1981 from the Obafemi Awolowo College, Ile-Ife in Osun State, and is an alumna of Harvard Enterprise Faculty and the College of Columbia Enterprise Faculty, New York.
Somefun started her skilled profession with Peat Marwick and Co. and later moved to Arthur Andersen (now KPMG) earlier than changing into an government director at Unity Financial institution Plc.
- Kafilat Araoye, Pioneer MD, Lotus Financial institution
Kafilat Araoye was appointed MD since Could 2021.
She holds a primary diploma in Historical past from the College of Ife, now Obafemi Awolowo College (1985), and an M.Sc. in Industrial Relations & Personnel Administration from the College of Lagos (1987), graduating as the very best pupil in her class. She additionally holds Islamic Finance certifications issued by Ethica Institute of Islamic Finance, the Chartered Institute for Securities & Funding/Bahrain Institute of Banking & Finance, in addition to the Islamic Analysis & Coaching Institute.
She has attended varied government administration programs on the Cranfield Faculty of Administration (UK), Lagos Enterprise Faculty, Institute of Administration Improvement (Switzerland), INSEAD (France), and Ross Enterprise Faculty, College of Michigan (USA).
- Bukola Smith, MD, FSDH Service provider Financial institution
Bukola Smith heads FSDH Service provider Financial institution, leveraging her B.Sc. in Economics and an MBA from Alliance Manchester Enterprise Faculty.
Her experience in funding banking fosters FSDH’s progress, whereas her mentorship helps aspiring feminine leaders within the finance sector. She turned the MD of FSDH Service provider Financial institution in April 2021 and nonetheless serves on this capability.
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- Yetunde Bolanle Oni, MD, Union Financial institution
Yetunde Bolanle Oni lately assumed the function of MD/CEO of Union Financial institution in January 2024, marking a major milestone within the financial institution’s management. With levels in Economics and Enterprise Administration, together with government coaching at Oxford College, her appointment is poised to form Union Financial institution’s strategic route.
- Dr. Adaora Umeoji, GCEO, Zenith Financial institution
Dr. Adaora Umeoji’s appointment as group managing director/chief government of Zenith Financial institution turns into efficient June 1, 2024. Umeoji’s appointment makes her the primary feminine to take up the place.
Earlier than her appointment, Umeoji has been the deputy managing director of the financial institution since October 28, 2016, and has near 30 years of cognate banking expertise, of which 26 years have been with Zenith Financial institution.
Umeoji is an alumna of the celebrated Harvard Enterprise Faculty the place she attended the Superior Administration Programme (AMP) and an alumna of Columbia Enterprise Faculty with a Certificates within the World Banking Programme.
She holds a Bachelor’s Diploma in Sociology from the College of Jos, a Bachelor’s Diploma in Accounting, and a First-Class honours in Legislation from Baze College, Abuja. She holds a Grasp of Legal guidelines from the College of Salford, United Kingdom, a Grasp in Enterprise Administration (MBA) from the College of Calabar, and a doctorate in enterprise administration from Apollos College, USA.
She additionally attended the manager programme in Strategic Administration, and has a Certificates in Main World Enterprise, all from Harvard Enterprise Faculty, USA.
Analysts stated the rising presence of feminine MDs inside Nigerian banks highlights the acknowledgment of girls’s capabilities and their vital function in driving the nation’s financial progress. This development, in accordance with them, signifies a progressive motion in the direction of gender equality and inclusivity in company governance, marking a departure from standard patriarchal norms in the direction of a extra balanced and numerous management panorama.
