Adaora Umeoji, Zenith Bank’s Deputy Managing Director (DMD), has been affected by the new leadership tenure stipulated by the Central Bank of Nigeria (CBN).
Umeoji became the Deputy Managing Director in 2016, but she was first appointed to the board of Zenith Bank as Executive Director (ED) in 2012.
While she has occupied the DMD position for seven years, when combined with the period she became an Executive Director, as spent 11 years as DMD and ED.
This clashes with the directive given by the Godwin Emefiele-led central bank, which states that an Executive Director that becomes a Deputy Managing Director has a cumulative tenure of not exceeding 10 years.
Ripples Nigeria previously reported six days ago that the central bank made the shocking announcement that is expected to trigger a massive change in leadership within the financial institution.
In a corporate document obtained by Ripples Nigeria on Friday, disclosing her exit, Zenith Bank said the central bank’s directive led to her retirement from the board and company.
The document dated March 2, 2023, and signed by the company’s secretary, Michael Out, reads, “We write to notify the Nigerian Exchange 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/001/070 dated February 24, 2023.”