Zenith Reengages Adaora Umeoji as Deputy Managing Director

Zenith Bank Plc, has notified the Nigerian Exchange Limited (NGX) and shareholders of its re-engagement of Dr. Adaora Umeoji as the lender’s deputy managing director.

Company Secretary/General Counsel, Zenith Bank, Mr. Michael Out, in a statement, expressed that the Central Bank of Nigeria (CBN) has given its “No objection” to the re-engagement.

According to him, the re-engagement becomes effective from August 2, 2023.

She was the Deputy Managing Director of Zenith Bank with over 20 years of experience in banking and executive management.

Recall that Zenith Bank had earlier announced her retirement as the Deputy Managing Director of the most profitable bank in Nigeria.

Her initial retirement followed the new Central Bank of Nigeria (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 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.

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

Umeoji holds multiple degrees, including a doctorate in Business Administration, and has completed prestigious programs at Harvard Business School, Columbia Business School, and MIT Management Sloan School.

As a fellow of various professional bodies, she is recognised for her significant contributions to leadership and people management.

She was recently honoured with the national award of Officer of the Order of the Niger (OON) by former President Muhammadu Buhari for her contributions to nation-building.