The Lady at the Zenith

By Keem Abdul

Oh, to be young, gifted and Black!’ goes the old American Negro spiritual. In the case of Dame Dr. Adaora Remy Umeoji, OON, one can modify that sentiment thus: ‘Oh, to be young, gifted, Nigerian and FEMALE!’

The appointment of Dr. Umeoji as the Group Managing Director/Chief Executive Officer of Zenith Bank Plc in June of this year (the first woman to attain to that exalted position in the eventful history of that revered banking conglomerate) has been described as a seminal moment in the continuing evolution of Nigeria’s financial sector in particular, and Corporate Nigeria in general, and as empowering (from the standpoint of diversity, inclusion and gender equity ) as it is historic. With her ascension to the zenith (if you’ll excuse the pun) of one of Nigeria’s foremost banking institutions, Umeoji takes her place among the exceptional women who, in recent years – and by dint of hard work, commitment and self-belief – have risen to the apex of leadership in their respective banks, such as Yemisi Edun of First City Monument Bank (FCMB); Miriam Olusanya of Guaranty Trust Bank (GTB); Bukola Smith of FSDH Merchant Bank; Oluwatomi Ayodele Somefun of Unity Bank; Bolaji Agbede of Access Holdings Plc; Yetunde Bolanle Oni of Union Bank; Halima Buba of SunTrust Bank; Nneka Onyeali-Ikpe of Fidelity Bank; and Kafilat Araoye of Lotus Bank.

Like these other corporate Amazons, Dr. Adaora Umeoji’s ascent owes to her consistent demonstration of a combination of attributes which over the years have endeared her to major Zenith Bank stakeholders and key decision-makers. Prior to her appointment as GMD/CEO, Umeoji served as the Deputy Managing Director of the bank – the culmination of about three decades of cognate banking experience overall, and over 25 years of service to Zenith Bank Plc. In that period, say the Bank’s Board of Directors, Umeoji has come to embody the core values, business model and banking philosophy that have made Zenith Bank Plc the financial and corporate behemoth it is today – with giant footprints spanning the length and breadth of Nigeria, the Anglophone countries of the West African sub-region, and beyond the shores of Africa. From its headquarters on Victoria Island, Lagos, Zenith Bank Plc has, since its founding 34 years ago by ace banker and entrepreneur, Dr. Jim Ovia, grown to become the preferred banking option for millions of customers in Nigeria, Ghana, The Gambia, S/Leone, S/Africa, the United Kingdom, the United Arab Emirates (UAE), and China. In the process, it has racked up huge ROIs; as of April 1 this year, the Bank reportedly holds more than $16.5bn in total assets, with a shareholder equity profile of $854 million. In addition, it is listed on both the Nigerian and the London Stock Exchanges.

A so-called ‘new generation bank‘, Zenith was part of the wave that effectively ended the dominance of the Nigerian banking industry hitherto enjoyed by a quartet of ‘old generation banks’ – namely, Union Bank, First Bank, United Bank for Africa (UBA) and Afribank. From the day it opened for business in July 1990 (during a period in which the Nigerian government, as part of a liberalization drive in the sector, and the issuance of about 20 new banking licenses in one year by the Central Bank of Nigeria (CBN), Zenith Bank has parlayed its initial capital base of a few million dollars into billions.

Apart from being the embodiment of Zenith’s business model and banking philosophy, Dr. Umeoji also represents its eagerness to leverage on cutting-edge technology in driving its operations. It is no longer debatable that the marketplace of the 21st century is being increasingly shaped, not just by rapidly-evolving work paradigms, but also by tech. Zenith Bank has, since 1999, been a pace-setter among corporate entities in Nigeria in the use of the internet to market financial services, and in particuar, to promote online banking by consumers. Over the years, data-driven operations and the gradual reduction of human interface between service provider and consumer has become an integral part of Zenith’s brand identity. This tendency to anticipate the tech curve well in advance – and to stay ahead of it through a combination of innovation and an ability to adapt to changing times, even while staying true to timeless values – has helped Zenith expand its corporate portfolio in no small way, to the point where it has been able to embark on a robust number of equity investments within and beyond the financial services sector.

This enviable record of upward mobility – a record Dr. Umeoji has done so much to bring about – might well be said to be a reflection of her own life-journey and professional trajectory. Born on February 8, 1976, Adaora Remy Umeoji obtained a Bachelor of Science degree in Sociology from the University of Jos and another B.Sc in Accounting from Baze University in Abuja, before going on to complete the Advanced Management Program (AMP) at the prestigious Harvard Business School in the United States. She also earned a Certificate from the Global Banking Programme of the Columbia Business School, also in the US. The Zenith CEO is the holder of a Master of Laws degree from the University of Salford in the United Kingdom; a Master in Business Administration (MBA) from the University of Calabar, Nigeria; and a doctorate in Business Administration from Apollos University in Montana, USA. A lifelong learner, she also bagged a Certificate in Economics for Business from the Massachusetts Institute of Technology’s Sloan School of Management, as well as a Certificate from the Strategic Thinking and Management Programme at the Wharton Business School of the University of Pennsylvania in Philadelphia, USA.

Umeoji is a Fellow of notable professional bodies such as the Chartered Bankers Institute (UK); the Chartered Institute of Bankers of Nigeria; the Nigerian Institute of Management; the Institute of Credit Administration; the Institute of Certified Public Accountants of Nigeria; the Institute of Chartered Mediators and Conciliators, and the Institute of Chartered Secretaries and Administrators of Nigeria.

Since 2012, she has sat on the board of Zenith Bank Plc, a testament to her status as a recognized leader within the organization. As a board member, she has contributed valuable insights and expertise which have helped shape the bank’s strategic direction and driven the growth it has enjoyed over the years. In naming her as its first female GMD/CEO, the Board of Directors of the bank described Umeoji’s appointment as ‘consistent with the bank’s executive transition tradition, succession plan, and strategy of grooming leaders from within.’ This lofty approach to corporate governance brings to mind the recent assertion by the aforementioned Mrs. Kafilat Araoye of Lotus Bank at a recent conference in Lagos, that female professionals like Dr. Umeoji are not so much ‘shattering’ the proverbial glass ceiling (because the act of ‘shattering’ connotes a violent confrontation) but more of subtly ‘setting it aside‘ through a combination of competence, self-confidence and tact.

Outside the portals of the bank, Dr. Umeoji has bucked the usual staid stereotypes attached to bankers, thanks to her active and long-standing concern for the world beyond the ordered universe she inhabits. She has been recognised as a peace advocate by the United Nations Police Assistance and Capacity-Building (UN-POLAC) a programme which focuses on police reform, capacity-building and peace-building efforts in various countries. Back home, she was the proud recipient of the national honour of Officer of the Order of the Niger (OON) which the Nigerian government bestowed on her in 2022, and of the ‘Humanitarian Services Icon of the Year’ award at The Sun Awards in 2023 in recognition of her commitment towards improving the lives of vulnerable persons in our society through her NGOs, the Pink Breathe Cancer Foundation and the Adorable Foundation, which, respectively, cater for cancer patients, and ensure the education of indigent children (with special emphasis on the Girl-Child). Umeoji is also the founder of the Catholic Bankers Association of Nigeria (CBAN) which is an expression of her concern for ethical banking, a concern undergirded by her religious faith. Talking about faith, she is a Lady of the Order of the Knights of St. John International (KSJI) and was recently awarded a Papal Knighthood by the Catholic pontiff, Pope Francis I.

Zenith Bank’s payoff reads, ‘In Your Best Interest’. By all accounts, the rise of Dame (Dr.) Adaora Remy Umeoji, OON, promises to cater to a diversity of interests within and welll beyond the banking, finance and corporate ecosystems.