Adaora Umeoji Returns As Zenith Bank DMD After CBN’s Tenure Limit Review
Dr. Adaora Umeoji, has been reappointed by the board of Zenith Bank Plc as the lender’s deputy managing director.
The announcement was made in a notice filed with the Nigerian Exchange Limited (NGX) on Friday.
The re-engagement is effective August 2, 2023.
The notice said that the Central Bank of Nigeria (CBN) had given its “no objection” to the re-engagement.
Recall that the bank had earlier announced the retirement of Umeoji as its DMD in February this year in compliance with a new 10-years tenure limits for banks’ executives released by the CBN under the suspended Governor of the apex bank, Godwin Emefiele.
But in a recent update, the CBN reviewed the tenure of executive directors (ED), Deputy managing directors (DMD), and managing directors (MDs) of Banks and Bank Holding companies.
According to the new approved guidelines, the cumulative tenure limit of directors (ED, DMD, MD, and NEDs) on the Board of the same bank is twenty-four (24) years. It was 20 years in the previous regulation.
Dr. Umeoji, a quintessential banker boasts of over 20 years of experience in banking and executive management.
She joined Zenith Bank in 1998 and was appointed to the board of the lender on October 9, 2012. .
Since joining the bank, she has held several positions, first as the head, Marketing Group, Maitama, Abuja branch of the bank, deputy zonal head, Abuja Zone, Executive Director in charge of Abuja and Middle Belt Zones of the bank before her elevation to the position of the DMD in a November 2016.
She 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 recognized for her significant contributions to leadership and people management.
Dr Umeoji is an esteemed speaker at academic conferences and has delivered thought-provoking lectures on financing growth drivers in Nigeria’s economy.
As a testament to her dedication to professionalism and humanitarian efforts, she founded the Catholic Bankers Association of Nigeria (CBAN) to promote ethical banking and service to humanity.
Additionally, she holds titles as a Peace Advocate of the United Nations and a Lady of the Order of Knights of St. John International.
Recently, she was honoured with the national award of Officer of the Order of the Niger (OON) by President Muhammadu Buhari for her contributions to nation-building.
