Some Of The Top Nigerian Banks Are Now To Be Led By The Feminine Gender, Who Rose Through The Ranks
The Oasis Reporters
June 3, 2024
When the doors of Zenith Bank PLC swing open this morning, June 3, 2024, the Chief Executive smilingly welcoming customers would be a lady, but a very fine familiar career one who has risen through the ranks, from one step to the other up to becoming the Deputy Managing Director, and now the Managing Director/ Chief Executive.
Dr. Adaora Umeoji, you are welcome in your home zone.
Dame Adaora Umeoji would be leading Nigeria’s ebullient and most profitable bank in the next phase of its leap forward.
The Managing Director everyone knew until Friday, 31st of May who led the bank in a phenomenal growth phase for 5 years, Dr. Ebenezer Onyeagwu has to mandatorily go into a cooling off period as decreed by the Central Bank, Nigeria’s apex bank.
Dr. Onyeagwu took the bank to becoming the first Nigerian Bank ever to cross the 200 billion naira mark in profits within his first year in office as managing director.
He too rose through the ranks and was also deputy Managing director before rising to the top as MD/CEO.
Kudos must go to the Bank’s founder, Jim Ovia, who laid the groundwork for extra internal training and in-house succession planning, putting the bank in the front seat in Nigerian banking.
Dame Dr. Adaora Umeoji is now in charge at a time when due to the regulations of the Central Bank which has hiked prime interest rates, banks make more money on loans.
Professor Ndubuisi Ekekwe says “It is leaders who float the Naira and investments in New York which would have been N50/$ is now recorded as N400/$ because Naira has moved since the deal was done. In both cases, you cannot blame the banks because they are bound by those policies”.
The numbers are out.
“Nigerian banks recorded a combined pre-tax profit of N1.58 trillion in Q1 2024, marking a 263% year-on-year increase compared to N436 billion in Q1 2023, with GTCO posting the highest profit in Nigeria banking history for the quarter…Top performers in Q1 2024 included Zenith Bank (N320.2 billion pre-tax profit), FBN Holdings (N238.5 billion), Access Holdings (N202.7 billion), and UBA (N156.3 billion)…”, notes Nairametrics.
So the top bankers, this time, some of the prominent banks have the feminine gender in the top seat and nearly all of them rose through the ranks as part of the Nigerian bankers who are some of the hardest working professionals in the country. They didn’t vote with their feet to leave our shores. They stayed through thick and thin.
Ekekwe says “If everyone has the same level of productivity they have, Nigeria would have been a bigger Singapore”.
Period. Period!
“Yes, it is an industry where excuses are not tolerated, and the workers understand that loud and clear. So, when you look at these numbers, put everything in context: they’re coming from an industry which works and has figured out how to capture value.
There’s a question here – why are banks breaking record profits when the economy is struggling?
Ekekwe responds: It is not the banking sector’s fault that the Central Bank of Nigeria (CBN) is increasing the prime rate which forces banks to hike interest rates on their customers.
It is also not the banking sector’s fault that Nigeria floated its currency which delivers higher value for their foreign currency denominated financial instruments.
Those policies are made by the politicians.
When you take time out, look at and master how banks design their playbooks to capture value in Nigeria”.
Once again, welcome home, Adaora. We also welcome all the other Amazons who are taking Nigerian Banking to the next frontier growth stage, working with the teams they know.
Succeed, girls. We’ve got your back.
Greg Abolo.
gregabolo@gmail.com
