- Adaora Umeoji recently assumed the GMD/CEO position at Zenith Bank as its first female CEO
- Adaora’s appointment shows the changing dynamics of leadership in Nigerian banks
- On the back of this, we found five other women who broke the jinx as the first female CEOs of Nigerian banks
On Saturday, June 1, the media was awash with photographs of Adaora Umeoji assuming office as Zenith Bank's first female Group Managing Director and Chief Executive Officer (GMD/CEO). The latest addition to the troupe of female bank CEOs in Nigeria shows the changing leadership dynamics in the Nigerian banking sector and other corporates.
TheRadar spotlights the first female CEOs of Nigerian banks who are proving their capabilities and raking in profits for their various banks.
6 pioneer female Bank CEOs proving their mettle
- Adaora Umeoji
Adaora Umeoji, GMD/CEO, Zenith Bank (Credit: X)
Before her appointment on June 1, 2024 as the first female GMD/CEO of Zenith Bank in the bank’s 34-year history, Adaora was the Deputy Managing Director of the bank, a position she held since October 28, 2016.
With a banking career spanning 30 years, 26 of which she spent with Zenith Bank, one can tell Adaora is a Zenith Bank thoroughbred, rising through the ranks to become the bank’s first female GMD/CEO.
A graduate of Sociology from the University of Jos, Adaora has acquired many degrees from prestigious institutions in Nigeria and around the world. She holds a Bachelor’s Degree in Accounting and a First Class honours in Law from Baze University, Abuja.
She has a Master of Laws from the University of Salford, United Kingdom, a Master in Business Administration from the University of Calabar, and a doctorate in Business Administration from Apollos University, USA.
Adaora is equally an alumnus of Harvard Business School, and Columbia Business School, has a Certificate in Economics from MIT Sloan School of Management, USA and has attended numerous other management programmes in universities around the world.
She is a fellow of many notable professional bodies, such as the Chartered Banker Institute, UK, the Chartered Institute of Bankers of Nigeria, the Nigerian Institute of Management, and the Institute of Chartered Mediators and Conciliators.
Adaora was honoured with Officer of the Order of the Niger (OON) by the Federal Government in 2022. She is equally a United Nations Peace Advocate.
- Nneka Onyeali-Ikpe
Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank (Credit: LinkedIn)
Nneka is the second on the list of women to assume the GMD/CEO position of Nigerian banks. She was appointed Fidelity Bank’s first female GMD/CEO in January 2021.
She began her banking career 34 years ago in 1990 as a legal officer for the now-defunct African Continental Bank. She would go on to work as a treasury officer for the First African Trust Bank, then Zenith Bank, and Standard Chartered Bank before joining Fidelity Bank in January 2015 as an executive director.
With a Law Degree from the University of Nigeria, Nsukka (UNN) and a Master of Law from Kings College, London, Nneka has an expansive educational background. She has attended various executive training programmes at prestigious institutions, including Harvard Business School, London Business School, The Wharton School of the University of Pennsylvania, etc, and was honoured with a doctorate in Business Administration from UNN.
Since joining Fidelity Bank, Nneka has championed several innovative and technology-driven initiatives, such as PayGate Plus, an online payment platform and Fidelity International Trade and Creative Connect (FITCC), to support small and medium enterprises (SMEs).
The bank’s financials have also grown under Nneka’s watch. The bank’s profit before tax (PBT) grew to N124.3 billion in full year (FY) 2023 from N38.07 billion in FY 2021.
- Tomi Somefun
Tomi Somefun, MD/CEO, Unity Bank [TheCable]
If stirring a ship through troubled waters were a person, it would be Tomi Somefun, the first female CEO of Unity Bank.
Since assuming office in August 2015, Tomi has worked to keep the retail bank’s financials above board, especially through its low capitalisation and high volume of non-performing loans row in 2017 and 2018.
Tomi holds a Bachelor’s Degree in Education in English Language from the Obafemi Awolowo University, Ife, having graduated in 1981. She also underwent graduate studies at both Harvard Business School and Columbia Business School.
With over 35 years of professional career, Tomi cut her teeth in the auditing sector having worked as a Senior Audit Assistant at KMPG between 1982 and 1986. She joined Arthur Andersen in 1986 as a Senior Auditor before moving to Ventures & Trusts Limited as an Associate between 1989 and 1992.
Tomi has spent over 26 years in various segments of the banking sector like treasury, investment banking, corporate banking, rural and commercial banking. Before joining Unity Bank, Tomi worked at Credit Bank Limited and UBA Plc. She spearheaded two of UBA Group’s major subsidiaries: UBA Capital & Trustee Limited and UBA Pension Custodian Limited, as MD/CEO and Founding Managing Director, respectively.
She also served as a Non-Executive Director on the boards of directors of UBA Foundations, UBA Trustees, UBA Registrars and UBA Nominees. At Unity Bank, she served as an Executive Director in charge of Lagos and South West region of Nigeria.
Tomi is a member of a number of professional bodies including the Institute of Chartered Accountants of Nigeria (ICAN), Bank Directors Association of Nigeria (BDAN), the Institute of Directors (IOD) and the Chartered Institute of Bankers of Nigeria (CIBN), among others.
Under Tomi’s watch, Unity Bank’s gross earnings grew from N33.56 billion in first half (H1) 2015 to N38 billion for the nine months ended September 30, 2023. However, according to its H1 2023 financials, the bank recorded losses to the tune of N38.8 billion as against a profit of N1.6 billion in H1 2022.
- Ireti Samuel-Ogbu
Ireti Samuel-Ogbu, MD/CEO, CitiBank Nigeria [LinkedIn]
In 2020, Ireti was named the first female MD/CEO of Citibank Nigeria Limited and had previously worked as the Head of Payments and Receivables, Treasury and Trust Solutions (TTS), Europe, Middle East and Africa (EMEA), under Citibank’s Institutional Clients Group based in London.
She was also on the board of the bank as a Non-Executive Director for five years.
In her over 32-year stint with Citibank, Ireti has held various roles in the bank’s businesses in the UK, South Africa, and Nigeria and has worked in each of these countries twice. She has worked in roles such as Relationship Management with Global Subsidiaries Group and the Public Sector Banking Team, TTS Sales, and Corporate Finance, among others.
Ireti holds a BA Honours in Accounting and Finance from Middlesex University, UK and an MBA from the University of Bradford, UK.
Ireti has vast knowledge in international banking and her leadership is focused on innovative financial solutions and adopting technology to enhance the bank’s customers’ experience.
- Yemisi Edun
Yemisi Edun, MD/CEO, FCMB [FCMB]
Yemisi broke the jinx in 2021 to become the first female MD/CEO of First City Monument Bank (FCMB) in the bank’s 42 years of existence.
A graduate of Chemistry from the University of Ife (now Obafemi Awolowo University), Yemisi proceeded to bag a Master’s Degree in International Accounting and Finance from the University of Liverpool, UK.
She began her career in 1987, focusing on Corporate Finance with Akintola Williams Deloitte (Deloitte Touche Tohmatsu member firm). She was also involved in audits of banks and other financial institutions.
In 2000, she joined FCMB as Divisional Head of Internal Audit and Control before becoming the bank’s Chief Financial Officer.
The bank recorded N22.7 billion PBT for FY 2021, which grew to N104.4 billion in FY 2023, with Yemisi as MD/CEO.
- Miriam Olusanya
Miriam Olusanya, MD/CEO, GTBank [LinkedIn]
Miriam began her career at Guaranty Trust Bank (GTB) Nigeria Limited as an Executive Trainee in 1998. In her 26 years in the banking sector, she has held various roles in Asset and Liability Management, Corporate Finance, and Financial Markets, among others.
A graduate of Pharmacy from the University of Ibadan, Miriam also has an MBA in Finance and Accounting from the University of Liverpool, UK, among other executive programmes.
Before she was appointed the bank’s first female MD/CEO in July 2021, Miriam was an executive director.
Notable mentions
Other female Nigeria bank CEOs worthy of mention are Kafilat Araoye of Lotus Bank, Bukola Smith of First Securities Discount House (Limited) Merchant Bank, Halima Buba of SunTrust Bank and Yetunde Oni of Union Bank.
Yetunde Oni, MD/CEO, Union Bank [Punch]
Kafilat Araoye, MD/CEO, Lotus Bank [Business Intelligence]
Bukola Smith, MD/CEO, FSDH Merchant Bank [LinkedIn]
