Nigeria Banking Industry Chooses Lipsticks Over Neck Ties as New Generation Amazons Become CEOs, Breaking Barriers.

The Nigerian banking sector is witnessing changes in the smell of perfume and colour choices in the redecoration of the CEO’s floors and offices as a new generation of Amazons are taking over leadership positions, breaking barriers in the advancement of the womenfolk in professional work places.

Some experts, public affairs commentators and analysts are agreed that this pinky wave is apt and with more Nigerian banks adopting a new approach of allowing female CEOs take the helm, it is a positive development that can lead to more inclusive decision-making and potentially open up new opportunities for collaboration and growth, both domestically and internationally.

The appointment of more women to leadership positions not only promotes gender equality and inclusivity but also brings diverse perspectives and talents to the forefront, which can benefit the sector and the economy as a whole.

Nnenna Achunike, a former banker at Access Bank, Abuja, thought these are exciting developments, she enthused, noting that “women breaking barriers and taking on leadership roles, especially in traditionally male-dominated industries like banking, is always a positive sign of progress.”

According to Patrick Akhamiokhor, a highly versatile banker who has covered almost the whole gamut of banking covering his career days in Equatorial Bank and later Micro-finance bank management, he expressed that, “In the new era banking and generally speaking, women have always had upper hand. For if you come to trading, FX, marketing and all that; admittedly, they have been there making waves. People attend to them faster. Politicians like them more.

Business men prefer them and so on and so forth, Over the years, they have built their careers. In fact, under these particular ones, there are others laying right there that will succeed them. Because they’ve been making in-roads. That’s the truth. For instance, the lady heading Zenith bank now was at a point in time in Abuja heading it and the whole North. She made some good contacts and she has the capability to bring in more business. As you may be aware, these new banks rate you based on how much money you can bring in. That is the truth. Furthermore, women have the capability to bring in more big-time deposits than men. So, they’re coming up and they’re going to be there for quite some time. That’s the truth.”

On his expectation for the new female CEOs to tackle the economy that’s in urgent need of recovery, the seasoned banker said, “my fear is; or rather, I have a little bit of apprehension. Because, you know, women by their nature, they spend a lot on beauty and fashion which most men don’t do. Men control their zeal for spending. So, these women, if care is not taken, may create problems for the system. That’s the truth. One thing is to be very good in the middle management cadre, bringing businesses but you’re being supervised. But when you’re at the top where the whole world sees you, you might not get it right if you’re not careful.

However, it is important to note that they don’t take big risks like the men take. This might be good for banking stability because they are there. Most men tend to take bigger risks than women. That’s why you see more men in the army, police, navy than women. Because men take more risks. The women cannot take a big risk that can collapse a bank overnight. So, with women in-charge, there’s going to be some element of stability for some time”, expressed Akhamiokor.

In his contribution, Sam Etinosa Onaiwu, an international design, build and furnish expert who doubles as a public affairs analyst, he opined thus; “Well, we need to review the matter holistically. Because women tend to be more frugal with resources than men. So, we need to find out a little more if they avail themselves to luxuries as the men do. For example, will a female MD be using the bank’s guest houses the way a male MD will be using it? Will a female MD be making a case for somebody of the opposite sex to get access to forex, under-handed deals and all that? Certainly, women are believed to be more frugal. So, the banks that they’re running may end up being a little more conservative in the way they take risk. “

“Also, there’s the erroneous impression that women tend to spend more on fashion and beauty things, which really is not true. But how much really compared to the men? The men are a little more extravagant. Look at it, men, at every little opportunity they just jump into private jet to go to Abuja, and everywhere their imagination conjures. Any opportunity to spend that PR money, a man will jump at. You know?! Men generally, are more extravagant. Even when we talk about fashion and all that, yes, they’re high priced things for a woman but after a woman buys one or two, three bags of $5000.00 each, that’s essentially all. But a man can wake up every damn week and want to buy a $5000 shoe and a Watch that’s worth ‘X’ amount. “

“At least, in the history of every leading bank in this country, every story that we have had of profligacy or excesses have been by men who ran these banks. Apart from Cecelia Ibru (of then Oceanic Bank), how many other women had those challenges with the law?”

The international design, build and furnish expert further highlighted that, “maybe the industry itself could have also come to the conclusion that the banks are safer in the hands of women. So, I don’t think it’s an accident that all this banks chairmen and shareholders are handing the banks over to the women. They have seen what the men do. Perhaps, it’s not an accident that they’re all deciding to give these positions to the women. The women are obviously better managers. “

Generally, it will be interesting to see how these new CEOs will impact their respective banks and contribute to the broader economic recovery efforts in Nigeria and shape the future of banking in Nigeria.

The new banking amazons are an inspiration to women and especially, the burgeoning ones, in their quest to aspire to greater heights without traditional primordial fixations that limited career advancement in the past.

Our Pink bank CEOs are:

ACCESS HOLDINGS, BOLAJI AGBEDE

Before her appointment as acting group CEO, Agbede was the company’s most senior founding executive director in charge of business support.
Beginning in 1992 at Guaranty Trust Bank, she rose through managerial positions, where she held various roles such as relationship manager and vault custodian.
She advanced from an executive trainee in 1992 to a manager by 2001.
In 2003, she assumed the position of chief executive officer at JKG Limited, a business consulting firm.
Transitioning to Access Bank in the same year as an assistant general manager, she took charge of managing the bank’s portfolio of chemical trading companies.
Since 2010, she has been the head of Human Resources for the Access Bank Group, overseeing the group’s human capital development efforts.
She holds a Bachelor’s Degree in Mathematics and Statistics from the University of Lagos (1990) and a Master of Business Administration Degree from Cranfield University UK in 2002 and is a member of the Chartered Institute of Management UK and the Chartered Institute of Personnel Management of Nigeria.

CITI BANK, IRETI SAMUEL-OGBU

Samuel-Ogbu, CEO and country officer for Nigeria and Ghana for Citi Bank, obtained a BA Hons Accounting and Finance from Middlesex University, UK and has an MBA from the University of Bradford, UK.
Before she was appointed CEO, she was the managing director of Europe, Middle East and Africa payments and receivables head, treasury and trade solutions under Citi’s Institutional Clients Group based in London, UK.
Samuel-Ogbu co-founded two impactful mentorship initiatives within Citi – the Sapphire Leadership Program for Middle East and Africa, and the Momentum Program in the UK.

FIDELITY BANK, NNEKA ONYEALI-IKPE

Onyeali-Ikpe holds Bachelor of Laws and Master of Laws degrees from the University of Nigeria, Nsukka and Kings College, London.
She attended executive training programs at Harvard Business School, The Wharton School University of Pennsylvania, INSEAD School of Business, Chicago Booth School of Business, London Business School and IMD amongst others.
Onyeali-Ikpe assumed office as managing director/CEO of Fidelity Bank on January 1, 2021. She was formerly the executive director, Lagos and South West, overseeing the bank’s business in the six states that make up the South West region of the bank.
She is also an honorary senior member of the Chartered Institute of Bankers of Nigeria.

FIRST CITY MONUMENT BANK, YEMISI EDUN

Edun holds a bachelor’s degree in chemistry from the University of 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 and a chartered financial analyst.
She is also an associate member of the Chartered Institute of Stockbrokers and an Associate Member of the Institute of Taxation of Nigeria, a member of Information Systems Audit and Control, U.S.A. and a Certified Information Systems Auditor.
She began her career with Akintola Williams Deloitte (member firm of Deloitte Touche Tohmatsu) in 1987 with a focus on corporate finance activities as well as audits of banks and other financial institutions.
She joined FCMB in 2000 as divisional head of Internal Audit and Control before assuming the role of chief financial officer of the bank.
She was appointed managing director of the bank following CBN approval on May 1, 2021.

FSDH MERCHANT BANK, BUKOLA SMITH

Smith holds a bachelor’s degree in Economics from University of Lagos, and also holds an MBA from Manchester Business School, University of Manchester, United Kingdom.
She started her banking career with FSB International Bank (now part of Fidelity Bank) and her experience cuts across customer service, funds transfer, international trade, institutional banking, private banking, treasury, investment & financial markets, project and structured finance, audit and sales.
She rose to the position of divisional head, treasury and institutional banking in Fidelity Bank Ltd before joining First City Monument Bank Limited (FCMB) in the year 2006 where she has occupied several positions as the group head, Treasury and Financial Institutions, divisional head, Investment Banking and Financial Markets, director project and Structured Finance, and divisional head, group Internal Audit.

GUARANTY TRUST BANK, MIRIAM OLUSANYA

Olusanya holds a Bachelor of Pharmacy degree from the University of Ibadan, Nigeria and a Master of Business Administration (Finance and Accounting) from the University of Liverpool, United Kingdom.
Before she became the bank’s MD, she was appointed executive director in 2018 and served as the group treasurer and head of the wholesale banking division, responsible for the bank’s asset and liability management as well as financial markets dealings across all African subsidiaries.
She is also a non-executive director of the Nigerian Inter-bank Settlement System and the Shared Agent Network Expansion Facilities, an agent banking initiative of the CBN, supported by Nigerian banks.
She is a member of the Financial Markets Sub-Committee of the Bankers’ Committee, the primary interactive policy platform made up of the Central Bank of Nigeria and banks.

LOTUS BANK, KAFILAT ARAOYE

Araoye holds a first degree in History from the University of Ife, now Obafemi Awolowo University (1985), and an M.Sc. in Industrial Relations & Personnel Management from the University of Lagos (1987), graduating as the best student in her class.
She holds Islamic Finance certifications issued by Ethical Institute of Islamic Finance, the Chartered Institute for Securities & Investment/Bahrain Institute of Banking & Finance, as well as the Islamic Research & Training Institute.
She started her career in 1988 at National Oil and Chemicals Marketing Company Plc (now Conoil Nigeria Plc), and moved in 1990 to Guaranty Trust Bank Plc, as the pioneer head of Human Resources.

SUNTRUST BANK, HALIMA BUBA

Buba holds a Bachelor of Science (B.Sc.) degree in Business Management from the University of Maiduguri and an MBA from the same University.
She is an alumnus of the Lagos Business school Senior Management Programme. She is an Honorary Fellow of the Chartered Institute of Bankers and a Fellow of the Institute of Management Consultants and Honorary Senior Member of Institute of Directors of Nigeria (IoD).
She is a seasoned banker with over 22 years cognate experience obtained from working in Allstates Trust Bank, Zenith Bank, Inland Bank Plc, Oceanic Bank Plc and Ecobank Nigeria Limited
Prior to her appointment to Sun Trust Bank Ltd as MD/CEO, Buba is a co-founder and former executive director in Taj Consortium, an organization of young dynamic technocrats and financial advisory experts.
She sits on the board of several reputable Institutions, including those of Anchoria Asset Management Company Limited as non-executive director, and also as the chairman, board of directors – NSIA Umuahia Diagnosis Centre (NUDC).

UNITY BANK, TOMI SOMEFUN

Somefun graduated with a Second-Class Upper degree from the Obafemi Awolowo University (formerly University of Ife) in 1981 with a Bachelor of Education in English Language. She was conferred an honorary degree of Doctor of Business Administration by the Redeemer’s University.
Before she was appointed the managing director/CEO of Unity Bank in August 2015, she served as the executive director overseeing the Lagos and South-West Business directorates, the financial institution division and the treasury department of the bank.
She is a fellow of the Institute of Chartered Accountants of Nigeria and the Chartered Institute of Bankers of Nigeria, she is also a member of the Institute of Directors, Bank Directors Association of Nigeria and Chartered Institute of Bankers of Nigeria.

UNION BANK OF NIGERIA, YETUNDE ONI

Oni, a seasoned professional with over 25 years in the banking sector, is known for her dynamic leadership and expertise in client solutions and team management.
Her academic credentials include an Economics degree from the University of Ibadan and an MBA from Bangor University, complemented by executive training at Oxford University.
Oni’s career began at Prime Merchant Bank Treasury & Money Markets Group, followed by an 11-year stint at Ecobank Nigeria as a Relationship Manager. She joined Standard Chartered Bank Nigeria in 2005, where she held various key positions, culminating in her role as the Managing Director & Country Head of Commercial Banking in West Africa.
Before joining Union Bank, Oni was the first female Managing Director and CEO at Standard Chartered Bank in Sierra Leone.

ZENITH BANK, ADAORA UMEOJI

Umeoji holds a Bachelor’s Degree in Sociology from the University of Jos, a Bachelor’s Degree in Accounting and a First-Class honor in Law from Baze University, Abuja.
She also has a Master of Laws from the University of Salford, United Kingdom, a Master in Business Administration (MBA) from the University of Calabar and 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.

NOTE: This is a for-the-record reference work from online sources and may be updated.