Banking: Amazons’ Take-over

By Bayo Bernard Business Editor

Within eight months, the Nigerian banking sector has witnessed the emergence of three seasoned women bankers as managing directors of top commercial banks in the country, a development top industry players insist, prove that women no longer want to play the second fiddle in the nation’s financial sector. The latest in the pack is the Guarantee Trust Bank Limited which has appointed Miriam Olusanya to steer the affairs of the new generation bank.

She joined Yemisi Edun who was, on Tuesday, appointed as managing director of the First City Monument Bank, FCMB by the board of the bank after acting in that role for six months. Edun replaced Adam Nuhu who has now retired from the tier two bank.

Earlier in December 2020, Fidelity Bank Plc appointed its first female CEO, Nneka Onyeali-Ikpe as replacement for Nnamdi Okonkwo who retired from the bank on December 31.

The new GT Bank managing director takes over from Segun Agbaje, who has now taken up the role of Chief Executive officer Guarantee Trust Holding Company, GTHC under the new structure approved by the industry regulators such as the Central Bank of Nigeria, CBN Nigerian Exchange, NGX and the Security and Exchange Commission.

Her appointment has therefore put an end to initial rumours that the board of the bank were divided on who should replace Agbaje as the chief executive of the bank, as other top executive directors were also said to have position themselves for the top job.

The parent company also appointed Ibrahim Hassan as chairman of the Board, Jide Okuntola as Deputy Managing Director, Haruna Musa as Executive Director, Olabode Agusto as Independent Non-Executive Director, Imoni Akpofure and Victoria Adefala as Independent Non-Executive Directors.

A seasoned bank, Olusanya is coming to the top post with over 16 years of experience. She joined GTBank in October 2004 as a Treasurer and has risen through the ranks, holding strategic leadership positions. Prior to her recent appointment, she was the Group Treasurer and Head of Wholesale Banking. Olusanya also serves on the Board of Guaranty Trust Bank (Gambia) Limited as a non-executive director.

She is also an alumna of the prestigious University of Ibadan and University of Liverpool, where she obtained a Bachelor’s degree in Pharmacy and an MBA in Finance and Accounting respectively.

The three amazons, according to industry watchers have what it takes to lead the new generation banks, based on their solid experience in the banking and financial sector as a whole.

“The women are gradually taking over the sector” said Akin Davids, a financial expert. “This is not surprising considering that women have been known to excel in the financial sector of the economy and beyond. For instance, two Nigerian women expartriates, Dr Ngozi Okonjo-Iweala and Dr Oby Ezekwesili have served with the World Bank and they gave their best.

‘Therefore, it would not be surprising to see the emergence of more women CEO in the banking sector as men chief executives are winding down their career after more than three decades of holding sway in the nation’s new generation banks,” he said.

Meanwhile, the managing director of Unity Bank Plc Tomi Somefun who was appointed in March 2015, according to checks is expected to retire soon from the tier two bank after 35 years of excellent career in the sector.