The board of Zenith Bank Plc recently announced the reappointment of Adaora Umeoji as its deputy managing director.
The bank filed its decision with the Nigerian Exchange (NGX) following approval by the Central Bank of Nigeria.
A statement by the bank said, “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.”
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In March, the bank announced Umeoji’s retirement in line with the CBN regulatory guidelines that put a timeline on the cumulative number of years senior bank officers could occupy executive board positions.
Specifically, the guidelines, among other conditions, stipulate that the tenure of executive directors (EDs), deputy managing directors (DMDs) and managing directors (MDs) shall be by the terms of their engagement approved by the board of directors of the banks, subject to a maximum tenure of 10 years.
In a recent update, the CBN revised the tenure of EDs, DMDs, and MDs of banks and bank holding companies to 24 years.
Umeoji holds multiple degrees, including a doctorate in business administration, and has completed programmes at Harvard Business School, Columbia Business School, and MIT Management Sloan School.
