After 20 years of experience as the Deputy Managing Director of Zenith Bank PLC Dame (Dr.) Adaora Umeoji OON has been reappointed as DMD.
Recall that Zenith Bank Plc earlier announced the retirement of Dr Adaora Umeoji as the Deputy Managing Director of the bank as a result of the new CBN regulatory guidelines that put a timeline on the cumulative number of years senior bank officers could occupy executive board positions.
She holds multiple degrees, including a doctorate in Business Administration, and has completed prestigious programs at Harvard Business School, Columbia Business School and MIT Management Sloan School. she is recognized for her significant contributions to leadership and people management.
Dame (Dr.) Adaora Umeoji OON has been the Deputy of Zenith Bank Plc, boasting over 20 years of experience in banking and executive management.
This was announced in a corporate action that was filed with the Nigerian Exchange and obtained by Nairametrics.
However, Central Bank of Nigeria (CBN) has given its ‘No Objection’ to the re-engagement of Dame (Dr) Adaora Umeoji as Deputy Managing Director (DMD) of the bank.
Here’s an excerpt from the official statement:
“Zenith Bank Plc “The Bank” hereby informs its shareholders, NGX and the investing public that the Central Bank of Nigeria (CBN) has given its ‘No Objection’ to the re-engagement of Dame (Dr) Adaora Umeoji as Deputy Managing Director (DMD) of the bank.
This is the sequel to the Central Bank of Nigeria (CBN) circular Ref: FPR/DIR/PUB/CIR/001/078 dated July 13, 2023.
The re-engagement is effective August 2, 2023.”
The previous decision was as a result of the new directives made by Central Bank of Nigeria as they revised the tenure of executive directors (ED), Deputy managing directors (DMD), and managing directors (MDs) of Banks and Bank Holding companies on approved guidelines seen by Nairametrics, the cumulative tenure limit of directors (ED, DMD, MD, and NEDs) on the Board of the same bank is twenty-four (24) years. It was 20 years in the previous regulation.