Fakoyejo OlalekanThe Deputy Managing Director (DMD) of Zenith Bank, Adaora Umeoji, has quit her role in the financial institution due to the new tenure announced by the Central Bank of Nigeria (CBN) for bank leadership.
Recall that the central bank created a new timeframe for Deputy Managing Directors (DMD), Executive Directors (ED) and Managing Directors (MD) on February 24, 2023.
The financial regulator, in a circular signed by the Director of the Financial Policy and Regulation Department at the CBN, Chibuzo Efobi, said the DMD, ED and MD have a maximum tenure of 10 years based on the terms of their engagement approved by the Board of Directors of banks.
But the Godwin Emefiele-led central bank stipulated a cumulative tenure of 12 years for a Deputy Managing Director or Executive Director that becomes the Managing Director or Chief Executive Officer of a bank or any other DMB before the end of their maximum tenure.
This forced Umeoji to retire from the board which she joined in 2012 as Executive Director before she attained the position of Deputy Managing Director in 2016.
Zenith Bank linked her exit from its board to the central bank’s new tenure directive in a document dated 3rd March 2023 and signed by the company’s secretary, Michael Otu.
“We write to notify the Nigerian Exchange Limited and the investing public of the retirement of Dame (Dr) Adaora Umeoji from the Board of Zenith Bank Plc with effect from February 24, 2023.
“This follows the expiration of her tenure of office as Deputy Managing Director in line with the Central Bank of Nigeria (CBN) circular No.FPR/DIR/PUB/CIR/001/070 dated February 24, 2023,” Zenith Bank wrote in the document.
Prior to her exit, Umeoji occupied several positions, some of which are; Head, Marketing Group, Maitama branch of the Bank, Deputy Zonal Head, Abuja Zone and Executive Director in charge of Abuja and Middle Belt Zones of the Bank.
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