By Dipo Olowookere
The new directive of the Central Bank of Nigeria (CBN) regarding the tenure of directors of commercial banks has forced the deputy managing director of Zenith Bank Plc, Mrs Adaora Umeoji, to retire from the board.
The apex bank issued a circular recently directing directors on the board of banks to retire if they have spent 20 years as directors.
On Thursday, March 2, 2023, Zenith Bank issued a statement to disclose that its DMD has retired from the board from February 24, 2023, in line with the new development.
“We write to notify the Nigerian Exchange (NGX) 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/011/070 dated February 24, 2023.
“The board wishes her success in her future endeavours,” the statement signed by the bank’s secretary, Mr Michael Otu, said.
Mrs Umeoji is an experienced banker and founder of the Catholic Bankers Association of Nigeria, who obtained her first degree from the University of Jos, an MBA from the University of Calabar, and a doctorate from Apollos University.
She is also on the board of Palais Vendome Limited and a member of the Chartered Institute of Bankers of Nigeria, a member of the Nigerian Institute of Management, a member of the Institute of Credit Administration, a member of the Institute of Certified Public Accountants of Nigeria, and a member of the Institute of Chartered Mediators & Conciliators.
