By Abiola Olawale
Over the past decade, Nigeria has witnessed an influx of women into industries that were previously dominated by men. This trend has been particularly pronounced in Nigeria’s banking sector as several women have begun to occupy positions in the upper echelons of the sector. This development is significant, as it represents a break from the longstanding tradition of reserving high-level and top positions in the banking industry for men.
At present, there are eleven women occupying positions that were exclusively held by their male counterparts in the Nigerian banking industry. This represents an encouraging shift towards gender equality in the workplace and a marked departure from the status quo.
The year 2021 witnessed momentous advancements for women in the corporate sector. The New Diplomat reports that the year 2021 saw the appointment of five women to positions as Managing Directors/Chief Executive Officers of different banks in Nigeria. Furthermore, 2021 marked a historic moment when Dr Ngozi Okonjo-Iweala became the first woman and the first African to assume the esteemed position of Director-General of the World Trade Organisation. These achievements are indicative of the growing recognition of women’s potential and their contribution to the global economy.
After the unprecedented year of 2021, some industry analysts had expressed concerns that the representation of women in leadership positions within financial institutions might remain stagnant or even decline, due to apprehensions of inadequate performance. Some experts further predicted that banks led by women might disassociate themselves from their female leaders in the face of any significant challenges. However, the opposite has occurred. The number of women occupying top positions within financial institutions neither remained stagnant nor declined but increased from eight in 2021 to eleven at present.
Although 2024 has only just begun, three women have already been appointed as CEOs of different banks. The appointment of Mrs Yetunde Oni as the first Chief Executive Officer of Union Bank opened the account for the year 2024.
The most recent appointment is Dr Dame Adaora Umeoji, who made history by becoming the first female Chief Executive Officer of Zenith Bank. She succeeds Dr Ebenezer Onyeagwu, who served as CEO of Zenith Bank for five years.
With the appointment, she will be the 11th female chief executive officer heading Nigeria’s 24 deposit money banks if the Central Bank of Nigeria (CBN) ratifies her appointment.
Also, following the untimely death of the late Group Chief Executive Officer of Access Bank, Dr Herbert Wigwe, Mrs Bolaji Agbede was announced as the Acting Group Chief Executive Officer of the bank.
The New Diplomat acknowledges the remarkable achievements of the women in the Nigerian financial sector, who have contributed immensely to the industry’s growth and challenged traditional gender roles. The increasing presence of women in leadership positions is a testament to their competence and dedication to their careers.
The New Diplomat celebrates these women and their positive impact on the Nigerian financial industry.
Dr Dame Adaora Umeoji
She recently made history as Zenith Bank’s first female Chief Executive Officer (CEO). Umeoji is renowned for her advocacy of ethical banking and humanitarian service, notably founding the Catholic Bankers Association of Nigeria. Her efforts in promoting peace have earned her national recognition, receiving the Officer of the Order of Nigeria (OON) honour. With over 30 years of banking experience, including 26 years at Zenith Bank, Umeoji succeeds Ebenezer Onyeagwu as CEO of Zenith Bank, following his five-year tenure. She also previously served as Deputy Managing Director at the same bank. Her appointment as the new Group Managing Director is effective from June 1, 2024.
Mrs Bolaji Agbede
On Monday, February 12, 2024, Access Holdings announced the appointment of Bolaji Agbede as the Acting Group Chief Executive Officer, succeeding the late Herbert Wigwe. With an impressive career spanning over 27 years in the banking sector, Agbede brings a wealth of expertise in human resources management, customer relationship management, and banking operations to her new role. Agbede holds a bachelor’s degree in mathematics and Statistics from the University of Lagos (1990) and furthered her education by obtaining an MBA from Cranfield University in 2002. She is also affiliated with esteemed professional bodies such as the Chartered Institute of Management UK and the Chartered Institute of Personnel Management of Nigeria.
Mrs Yemisi Edun
Yemisi is the first female Managing Director/CEO, of First City Monument Bank (FCMB) Group. Yemisi holds a bachelor’s degree in chemistry from the University of Ife, Ile-Ife, and a master’s degree in international accounting and finance from the University of Liverpool, United Kingdom. She is a fellow of the Institute of Chartered Accountants of Nigeria, a Chartered Financial Analyst (CFA), and holds memberships with several professional bodies including the Chartered Institute of Stockbrokers and the Institute of Taxation of Nigeria. After joining FCMB in 2000 as Divisional Head of Internal Audit and Control, she progressed to become the Chief Financial Officer of the Bank. Following approval from the Central Bank of Nigeria, Mrs Yemisi Edun assumed the role of Managing Director of the Bank, effective May 1, 2021.
Mrs Halima Buba
Halima Buba brings more than twenty years of extensive banking experience to her role as Managing Director and Chief Executive Officer at SunTrust Bank. Throughout her illustrious career, she has held key positions in several distinguished financial institutions, including Allstates Trust Bank, Zenith Bank, Inland Bank Plc, Oceanic Bank Plc, and Ecobank Nigeria Limited. Halima obtained her Bachelor of Science degree in Business Management and an MBA from the University of Maiduguri. As an alumnus of the Lagos Business School’s Senior Management Programme, she holds a Senior Honorary Membership with the Chartered Institute of Bankers and is a Fellow of the Institute of Management Consultants. Beyond her professional endeavours, she is deeply dedicated to youth and women empowerment, actively contributing to the advancement of education for the girl child. She was appointed as the MD/CEO of Sun Trust Bank in January 2021 after serving as the deputy general manager in Ecobank Nigeria.
Mrs Miriam Olusanya
Miriam Olusanya made history in July 2021 as the first woman to assume the role of Managing Director at Guaranty Trust Bank. Graduating with a degree in Pharmacy from the University of Ibadan, she later pursued a Master of Business Administration from the University of Liverpool. Miriam began her journey with GTB as an executive trainee back in 1998. Over the years, she ascended through the ranks, eventually becoming an executive director at the bank.
Mrs Ireti Samuel-Ogbu
Ireti Samuel-Ogbu made history in September 2020 when she was appointed as the Managing Director and Chief Executive Officer of Citibank Nigeria Limited, becoming the first female CEO of the bank. Before assuming this prestigious role, Ireti served as the Europe, Middle East, and Africa (EMEA) Head of Payments and Receivables, Treasury and Trade Solutions (TTS) within Citi’s Institutional Clients Group (ICG), stationed in London, UK. Additionally, she held a position on the Board of Citibank Nigeria Limited for the preceding five years as a non-executive Director.
Dr Nneka Onyeali-Ikpe
Nneka Onyeali-Ikpe assumed the role of Managing Director and Chief Executive Officer of Fidelity Bank on January 1, 2021, thereby becoming the first female to hold this position since the bank’s establishment in 1988. Educated at the University of Nigeria, Nsukka, where she earned her Bachelor of Laws (LLB) degree, and King’s College, London, where she obtained her Master of Laws (LLM) degree, Nneka brings a strong legal background to her leadership role.
Mrs Tomi Somefun
Tomi Somefun assumed the role of CEO of Unity Bank in August 2015. Graduating with a degree in English Language from Obafemi Awolowo University, she further honed her skills by becoming a fellow of the Institute of Chartered Accountants of Nigeria (ICAN). Continuing her quest for knowledge and professional growth, Tomi attended prestigious business schools such as Harvard Business School and the University of Columbia. She kickstarted her career at Peat Marwick and Co. before transitioning to Arthur Andersen (now KPMG). Eventually, her journey led her to Unity Bank plc, where she ascended to the position of executive director before assuming the role of CEO.
Mrs Yetunde Oni
Yetunde B. Oni is a highly accomplished financial services leader with an impressive career spanning over three decades. In January 2024, she was appointed by the Central Bank of Nigeria (CBN) as the Managing Director/CEO of Union Bank of Nigeria. Before this, Yetunde held senior positions in both international and local banks, with a particular focus on emerging markets. Notably, she served as the pioneer head of commercial clients at Standard Chartered Bank Nigeria Limited in September 2014, later ascending to the role of Managing Director & Country Head of Commercial Banking in West Africa in 2017.
Mrs Kafilat Araoye
Kafilat holds a first degree in History from the University of Ife, now Obafemi Awolowo University (1985), and furthered her education with an M.Sc. in Industrial Relations & Personnel Management from the University of Lagos (1987), graduating as the top student in her class. Her academic pursuits also include Islamic Finance certifications from prestigious institutions such as the Ethica Institute of Islamic Finance, the Chartered Institute for Securities & Investment/Bahrain Institute of Banking & Finance, and the Islamic Research & Training Institute. In 2018, Kafilat was appointed as the MD Designate for LOTUS Bank.
Mrs Bukola Smith
Bukola Smith holds a bachelor’s degree in economics from the University of Lagos and also holds an MBA from Manchester Business School, University of Manchester, United Kingdom.
Smith was appointed Executive Director, Business Development at First City Monument Bank (FCMB) in 2017, and before this, she was the Regional Head, of the Lagos Region of the Bank.
She has occupied several key positions in FCMB as the Group Head of Treasury and Financial Institutions; Divisional Head of Investment Banking and Financial Markets; Director of Project and Structured Finance; and Divisional Head of Group Internal Audit, since she joined the bank in 2006.
As the Executive Director in charge of Business Development in FCMB, the bank’s Small and Micro business-focused team moved up to the first position in 2019, to emerge as the best SME supporter in the country – according to a KPMG Customer Service Report 2020. She became the CEO of FSDH Merchant Bank in April 2021, taking over from Hamda Ambah who retired from the bank on April 27th, 2021.
