CBN Tenure Policy Claims Zenith Bank DMD

Barely a week after the Central Bank of Nigeria, CBN, released new guidelines on the tenure of Managing Directors and Deputy Managing Directors of deposit money banks, DMB, the Deputy Managing Director of Zenith Bank Plc, Adaora Umeoji, has resigned from her post.

Umeoji, the magazine learnt has spent the maximum 10 years as one of the Directors of the commercial bank, and based on the new guidelines released last week by the CBN Governor, Godwin Emefiele, she can no longer stay in her position.

Her departure, therefore, has  put paid to speculations within the bank that she was being positioned to take over when the current Managing Director retires from Nigeria’s biggest bank.

Announcing her departure from the bank on Wednesday, through a filing with the Nigerian Exchange Limited NGX, the DMB said she has served as DMD since 2016.

Her retirement took effect from February 24, the commercial bank, also, disclosed to the NGX.

“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 said.

Umeoji joined the bank in 1998 and was later appointed as the head, the marketing group, Maitama branch and the deputy zonal head, Abuja Zone.

She became a Board Member of Zenith Bank in October 2012, and thereafter took the role of Executive Director overseeing the Abuja and Middle Belt zones of the bank.

She graduated from the University of Jos in 1996 with a Bachelor of Science degree in Sociology, and later obtained a Master’s in Business Administration in 2003 from the University of Calabar.

On February 27, the CBN released a new guideline limiting the tenure of Bank’s Chief Executives and Directors to 12 years, maximum.

The circular signed by by Chibuzo Efobi, Dirctor Financial Policy and Regulation Department, and titled: “Re: Review of Tenure of Executive Management and Non-Executive Directors of Deposit Money Banks in Nigeria,” said the tenure of Executive Directors (EDs), Deputy Managing Directors (DMDs) and Managing Directors (MDs), shall be in accordance with the terms of their engagement approved by the board of directors of banks, subject to a maximum tenure of 10 years.