Zenith Bank Re-Appoints Adaora Umeoji as Deputy Managing Director, After Retiring Her, CBN Agrees

• Zenith Bank has re-appointed Adaora Umeoji as its Deputy Managing Director
• The bank recalled Umeoji, who retired earlier this year from the same position as CBN updated its guideline on bank directors
• The bank said Umeoji’s reappointment takes effect from August 2023 following a new CBN guideline

The Zenith Bank Board has announced the reappointment of Dame Adaora Umeoji as the bank’s Deputy Managing Director.

The bank announced the appointment in a corporate filing with the Nigerian Exchange.

Zenith Bank recalls ex-Deputy Managing Director

The filing 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.

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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.

Umeoji boasts over 20 years in banking and executive management.

She is a multiple-degree holder and was recently honoured by former President Muhammadu Buhari with the Order of the Niger (OON) award for her contributions to nation-building.

Zenith Bank announced Umeoji’s retirement as the bank’s Deputy Managing Director earlier this year.

According to reports, after her retirement, the Central Bank of Nigeria (CBN) issued a new regulatory guideline limiting the tenure of bank directors.

Umeoji reappointed following new CBN rule

The apex bank’s new guidelines specified the tenue limits for bank MDs, Deputy MDs, and directors.

The guideline stipulates that the tenure of Executive Directors (EDs), Deputy Managing Directors (DMDs), and Managing Directors shall be the terms of their engagement approved by the banks' Board of Directors, subject to a maximum tenure of 10 years.

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In an updated guideline, the apex bank revised bank directors’ tenures to 24 years.

Zenith Bank’s top director Adaora Umeoji retires in Assent to CBN’s new tenure rule

Legit.ng reported Dr Adaora Umeoji, Deputy Managing Director at Zenith Bank Plc, has retired from the financial institution in adherence to the new tenure limits for bank executives recently released by the Central Bank of Nigeria (CBN).

Her retirement became effective on February 24th, 2023.

Zenith Bank disclosed this in a notification to the Nigerian Exchange Limited signed by its Company Secretary/General Counsel, Michael Otu.

Source: Legit.ng