By Dipo Olowookere The promotion of Dr Demola Sogunle to the position of the Chief Executive Officer (CEO) of Stanbic IBTC Holdings Plc has been approved by the Central Bank of Nigeria (CBN). Mr Sogunle was elevated to the position in a recent reshuffling of the management by the board of the financial institution. Until his new appointment, he was the CEO of Stanbic IBTC Bank. Mr Sogunle previously served as Deputy Chief Executive and will also continue to serve as a non-executive director on the board of the bank. His elevation followed the promotion of his predecessor, Mr Yinka Sanni, to the position of the Regional Chief Executive (West Africa) for Standard Bank Group. For Mr Sanni, in this new role, he will have oversight responsibilities for Nigeria, Ghana and Cote d\u2019Ivoire, as well as the delivery of Standard Bank Group\u2019s strategy across the region. Other promotions confirmed by the CBN included those of Mr Wole Adeniyi, who now becomes the Chief Executive, Stanbic IBTC Bank Plc. Until his latest appointment, Mr Adeniyi was the Deputy Chief Executive of the bank and served previously as executive director, Personal and Business Banking. With the appointment of Mr Adeniyi as the CEO of the lender, Mr Remy Osuagwu is now the Executive Director, Personal and Business Banking, Stanbic IBTC Bank Plc. He takes over from Mr Adeniyi in the execution of the retail strategy of the bank, and in his new role, he will oversee the growth of both the Personal and Business Banking segments of the financial institution. Mr Osuagwu previously served as Head, Business Banking. The new appointments officially took effect from Wednesday, July 1, 2020, a statement from the organisation stated.