Business
JUST IN: Zenith Bank Appoints First Female GMD
Published
1 month agoon
By
EditorZenith Bank Plc has appointed Dr. Adaora Umeoji as its new Group Managing Director, effective June 1, 2024.
This was disclosed in a statement signed by the Company Secretary, Michael Otu, which was filed with the Nigerian Exchange Limited on Tuesday.
Umeoji will take over from the current GMD, Dr. Ebenezer Onyeagwu, whose time in office expires May 31.
“Dame (Dr.) Adaora Umeoji is the first female GMDCEO since the inception of the bank, and her appointment is consistent with the bank’s executive transition tradition, succession plan, and strategy of grooming leaders from within,” part of the statement read.
READ ALSO: Reps Summon Edun, RMAFC Over Judges Poor Pay
Before this appointment, Umeoji has been the Deputy Managing Director of the bank since October 28, 2016 and has close to 30 years of banking experience of which 26 years has been with Zenith Bank.
According to her profile, Umeoji is an alumnus of Harvard Business School, where she attended the Advanced Management Programme, and an alumnus of Columbia Business School with a Certificate in the Global Banking Program. She holds a bachelor’s degree in sociology from the University of Jos, a bachelor’s degree in accounting, and a first-class honours degree in law from Baze University, Abuja.
She holds a Master of Laws from the University of Salford, United Kingdom, a Master in Business Administration from the University of Calabar, and also has a doctorate in business administration from Apollos University, USA. She holds a Certificate in Economics for Business from the prestigious MIT Sloan School of Management, USA, and has attended various management programmes in renowned Universities around the world including the strategic thinking and Management programme at Wharton Business School, USA.
READ ALSO: Abia Secures $125m Loan To Implement 2024 Budget
With this appointment, Umeoji will join the ranks of female bank MDs in Nigeria and make her the first female MD of the bank.
Zenith Bank is one of the banks in Nigeria that has large asset banks and belongs to the elite club of banks with a market value of over N1tn.
At the close of trading on Tuesday, Zenith Bank was worth N 1.19tn, and its shares were priced at N38.1 per unit.
You may like
JUST IN: FirstBank Gets New MD/CEO
Nigeria Set To Receive Fresh $2.2bn World Bank Loan – Edun
Moniepoint MFB Unveils USSD Code To Combat Fraud, Enhance Convenience
How 15,000 Ethiopian Bank’s Customers Returned Cash Illegally Withdrawn During Glitch
Leading Ladies: Meet 10 Female CEOs Shaping Nigeria’s Banking Sector [PHOTOS]
JUST IN: Access Bank To Acquire National Bank Of Kenya
The Central Bank of Nigeria (CBN) started fresh and direct sales of US dollars at N1,021 per dollar to Bureau De Change operators.
Nigeria’s apex bank disclosed this in a circular signed by its Director of Trade and Exchange Department Hassan Mahmud.
“We write to inform you of the sale of $10,000 by the Central Bank of Nigeria (CBN) to BDCs at the rate of N1,021/$1. The BDCs are in turn to sell to eligible end users at a spread of NOT MORE THAN 1.5 percent above the purchase price,” the circular posted on its website read.
READ ALSO: Tinubu Unveils African Counter-Terrorism Summit
“ALL eligible BDCs are therefore directed to commence payment of the Naira deposit to the underlisted CBN Naira Deposit Account Numbers from today, Monday, April 22, 2024, and submit confirmation of payment, with other necessary documentations, for disbursement of FX at the respective CBN Branches.”
CBN’s move is coming as the naira is recording a slight depreciation against the dollar after weeks of gains.
In late March, the bank also sold $10,000 to each of the eligible Bureau De Change (BDC) operators in the country at the rate of N1,251/$1.
READ ALSO: Mixed Reactions Trail Video Of Couple’s Customised N200 Notes
Like in the most recent sales, it warned BDCs against breaching terms of the dollar sales, vowing to sanction defaulters “including outright suspension from further participation in the sale”.
The fortunes of the naira have fallen sharply since President Bola Tinubu took over in May. Inflation figures have reached new highs and the cost of living hitting the rooftops.
Nigeria’s currency slid to about N1,900/$ some months ago at the parallel market. But in recent weeks, it has gained against the dollar.
The Nigerian authorities have also doubled down on their crackdown against cryptocurrency platform Binance and illegal BDCs.
On March 1, the CBN revoked the licences of 4,173 BDCs over compliance failures.
Olusegun Alebiosu has been appointed as the Acting Managing Director/Chief Executive Officer of First Bank of Nigeria Limited (FirstBank Group), effective April 2024.
Alebiosu steps into this pivotal role from his previous position as the Executive Director, Chief Risk Officer, and Executive Compliance Officer, a position he held since January 2022.
Alebiosu brings to the helm of FirstBank over 28 years of extensive experience in the banking and financial services industry. His expertise spans various domains including credit risk management, financial planning and control, corporate and commercial banking, agriculture financing, oil and gas, transportation, and project financing.
READ ALSO: JUST IN: Access Holdings Names New Acting CEO
Having embarked on his professional journey in 1991 with Oceanic Bank Plc. (now EcoBank Plc.), Alebiosu has held several notable positions in esteemed financial institutions.
Prior to joining FirstBank in 2016, he served as Chief Risk Officer at Coronation Merchant Bank Limited, Chief Credit Risk Officer at the African Development Bank Group, and Group Head of Credit Policy & Deputy Chief Credit Risk Officer at United Bank for Africa Plc.
Alebiosu’s academic credentials further enrich his professional profile. He is an alumnus of the Harvard School of Government and holds a Bachelor’s degree in Industrial Relations and Personnel Management. Additionally, he obtained a Master’s degree in International Law and Diplomacy from the University of Lagos, as well as a Master’s degree in Development Studies from the London School of Economics and Political Science.
READ ALSO: Meet Newly Appointed Union Bank CEO
A distinguished member of various professional bodies, including the Institute of Chartered Accountants (FCA), Nigeria Institute of Management (ANIM), and Chartered Institute of Bankers of Nigeria (CIBN), Alebiosu is renowned for his commitment to excellence and ethical practices in the banking sector.
Beyond his professional endeavors, Alebiosu is known for his passion for golf and adventure. He is happily married and a proud parent.
With Alebiosu’s appointment, FirstBank of Nigeria Limited anticipates continued growth and innovation under his leadership, reinforcing its position as a leading financial institution in Nigeria and beyond.
Business
CBN Gives New Directive On Lending In Real Estate
Published
2 weeks agoon
April 17, 2024By
EditorThe Central Bank of Nigeria, CBN, has released a new regulatory directive to enhance lending to the real sector of the Nigerian economy.
The directive, issued on April 17, 2024, with reference number BSD/DIR/PUB/LAB/017/005 and signed by the Acting Director of Banking Supervision, Adetona Adedeji, signifies a notable shift in the bank’s policy towards a more contractionary approach.
In line with the new measures, the CBN has reduced the loan-to-deposit ratio by 15 percentage points, down to 50 per cent.
This move aligns with the CBN’s current monetary tightening policies and reflects the increase in the Cash Reserve ratio rate for banks.
READ ALSO: JUST IN: CBN Gov Sacks Eight Directors, 32 Others
The LDR is a metric used to evaluate a bank’s liquidity by comparing its total loans to its total deposits over the same period, expressed as a percentage.
An excessively high ratio may indicate insufficient liquidity to meet unexpected fund requirements.
All Deposit Money Banks are now mandated to adhere to this revised LDR.
The CBN has stated that average daily figures will be utilised to gauge compliance with this directive.
Furthermore, while DMBs are encouraged to maintain robust risk management practices in their lending activities, the CBN has committed to continuous monitoring of adherence and will adjust the LDR as necessary based on market developments.
READ ALSO: JUST IN: CBN Increases Interest Rate To 24.75%
Adedeji has called on all banks to acknowledge these modifications and adjust their operations accordingly. He emphasised that this regulatory adjustment is anticipated to significantly influence the banking sector and the wider Nigerian economy.
The circular read in part, “Following a shift in the Bank’s policy stance towards a more contractionary approach, it is crucial to revise the loan-to-deposit ratio policy to conform with the CBN’s ongoing monetary tightening.
“Consequently, the CBN has decided to decrease the LDR by 15 percentage points to 50 per cent, proportionate to the rise in the CRR rate for banks.
“All DMBs must maintain this level, and it is advised that average daily figures will still be applied for compliance assessment.
“While DMBs are urged to sustain strong risk management practices concerning their lending operations, the CBN will persist in monitoring compliance, reviewing market developments, and making necessary adjustments to the LDR. Please be guided accordingly.”
JUST-IN: 19 Passengers Die In Okene Bypass Fatal Accident
Outrage, Protests In Edo Community Over Alleged Plan To Impose Traditional Ruler On Indigenes
Ondo 2024: lT Expert Emerges As SDP Candidate
Trending
- News4 days ago
Drama! Supporters Of Yahaya Bello Perform Rituals to Prevent His Arrest By EFCC [Video]
- Headline5 days ago
Drama As Women Fight Dirty, Breasts Fall Out During Spring Break Outing In US [PHOTOS/VIDEO]
- Entertainment4 days ago
Nollywood Actor, Zulu Adigwe Is Dead
- Headline5 days ago
Meet 17-year-old Nigerian Who Won $3.5m Worth Of Scholarships From Harvard, 13 Other Foreign Universities
- News4 days ago
VIDEO: Force PRO Orders Arrest Officers Caught On Video Bashing Driver’s Car
- Metro4 days ago
Edo Cultists Kill Rival In Daughter’s Presence, Abandon Getaway Car
- Headline3 days ago
VIDEO: Meet Nigerian Pastor Who Predicted World Will End April 25
- Headline5 days ago
Video Of Girl Being Bullied, Slapped At Lead British School Sparks Outrage Online [PHOTOS/VIDEO]
- News3 days ago
Edo: FRSC Threatens Sanction On Truck Drivers Loading Goods, Passengers Together
- Headline3 days ago
Saudi Arabia Opens First Alcohol Store, Nigerian Muslims React