Adaora Umeoji Retires as Zenith Bank Deputy Managing Director

Obinna Chima

The Deputy Managing Director of Zenith Bank Plc, Dr. Adaora Umeoji has retired from the fiscal instauration pursuing the caller tenure limits for banks’ executives released precocious by the Central Bank of Nigeria (CBN).
Her status became effectual from February 24th, 2023.
Zenith Bank disclosed this successful a notification to the Nigerian Exchange Limited that was signed by its Company Secretary/General Counsel, Michael Otu.
The slope explained: “We constitute to notify the Nigerian Exchange Limited and the investing nationalist of the status of Dame (Dr) Adaora Umeoji from the committee of Zenith Bank Plc with effect from February 24, 2023.
“This follows the expiration of her tenure of bureau arsenic Deputy Managing Director successful enactment with the CBN circular No. FPR/DIR/PUB/CIR/001/070 dated February 24, 2023. The committee wishes her occurrence successful her aboriginal endeavours.”
The CBN past week revised the regulatory requirements for the tenure of Executive Management and Non-executive Directors (NEDs) of deposit wealth banks (DMB) and fiscal holding companies (HoldCos).
The apex bank, which disclosed this successful a circular to each banks dated February 24, 2023, titled: “Re: Review of Tenure of Executive Management and Non-Executive Directors of Deposit Money Banks successful Nigeria,” had explained that the regularisation was successful enactment with the Code of Corporate for Banks and Discount Houses (Ref: FPR/DIR/CIR/GEN/01/004).
The missive was signed by the Director, Financial Policy and Regulation Department, CBN, Mr. Chibuzo Efobi.
According to the CBN, the tenure of Executive Directors (EDs), Deputy Managing Directors (DMDs) and Managing Directors (MDs), shall beryllium successful accordance with the presumption of their engagement approved by the committee of directors of banks, taxable to a maximum tenure of 10 years.
Furthermore, the banking assemblage regulator stated that wherever an executive, who is simply a DMD becomes the MD/CEO of a bank, oregon immoderate different DMB earlier the extremity of his oregon her maximum tenure, the cumulative tenure of specified enforcement shall not transcend 12 years.
It added: “However, for an Executive Director (ED), who becomes a DMD of a bank, oregon immoderate different DMB, his oregon her cumulative tenure arsenic ED and DMD shall not transcend 10 years. NEDs, with the objection of Independent Non-executive Directors (INEDs), shall service for a maximum play of 12 years successful a slope breached into 3 presumption of 4 years each.
“EDs, DMDs and MDs who exit from the committee of a slope either upon oregon anterior to the expiration of his oregon her maximum tenure, shall service retired a cooling disconnected play of 1 twelvemonth earlier being eligible for assignment arsenic a NED to the committee of directors.
“NEDs who exits from the committee of a slope either upon oregon anterior to the expiration of his oregon her maximum tenure of 12 years (three presumption of 4 years each), shall service retired a cooling disconnected play of one-year earlier being eligible for assignment to the committee of directors of immoderate different DMB.
“The cumulative tenure limits of EDs/DMDs/MDs and NEDs crossed the banking manufacture is 20 years. Please beryllium guided accordingly.”
It pointed retired that the regulations were portion of measures aimed astatine strengthening governance practices successful the banking industry.