The Deputy Managing Director of Zenith Bank Plc, Dr Adaora Umeoji has retired from the bank following the new tenure limits for banks’ executives issued recently by the Central Bank of Nigeria (CBN).
Zenith Bank made this known via a notification to the Nigerian Exchange Limited on Thursday.
The bank, in a notification signed by its Company Secretary/General Counsel, Michael Otu, stated that Umeoji’s retirement took effect from February 24, 2023.
It noted: “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 CBN circular No. FPR/DIR/PUB/CIR/001/070 dated February 24, 2023. The board wishes her success in her future endeavours.”
It would be recalled that the CBN, on February 24, 2023, put the cumulative tenure of Managing Directors, Executive Directors, and Deputy Managing Directors of commercial banks in the country at a maximum of 20 years.
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With the reviewed tenure, no bank executive is expected to surpass 20 years from the time of appointment as executive or non-executive director to deputy managing director and managing director.
The apex bank, in a circular to all banks titled ‘Review of Tenure of Executive Management and Non-Executive Directors of Deposit Money Banks in Nigeria’, stated that the regulation was in line with the Code of Corporate for Banks and Discount Houses (Ref: FPR/DIR/CIR/GEN/01/004).
It noted that that the tenure of MDs, EDs, and DMDs “shall be in accordance with the terms of their engagement approved by the Board of Directors of banks, subject to a maximum tenure of 10 years.”
“Where an Executive who is a DMD becomes the MD/CEO of a bank or any other DMB before the end of his/her maximum tenure, the cumulative tenure of such Executive shall not exceed 12 years.
“However, for an Executive (ED) who becomes a DMD of a bank or any other DMB, his/her cumulative tenure as ED and DMD shall not exceed 10 years.
“Non-Executive Directors (NEDs), with the exception of Independent Non-Executive Director (INED), shall serve for a maximum period of 12 years in a bank, broken into three terms of four years each.
“EDs, DMDs, and MDs who exit from the Board of a bank either upon or prior to the expiration of his/her maximum tenure, shall serve out a cooling-off period of one year before being eligible for appointment as a NED to the Board of Directors.
“NEDs who exit from the Board of a bank either upon or prior to the expiration of his/her maximum tenure of 12 years (three terms of four years each), shall serve out a cooling-off period of one year before being eligible for appointment to the Board of Directors of any other DMB.
“The cumulative tenure limit of EDs/DMDs, MDs, and NEDs across the banking industry is 20 years,” the CBN had stated.
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