Following the new tenure guidelines for CEOs and EDs in Banks and other financial institutions announced by the Central Bank of Nigeria (CBN) last week, Adaora Umeoji, Zenith Bank’s Deputy Managing Director has retired from her position.
Umeoji became the Deputy Managing Director in 2016, but she was first appointed to the board of Zenith Bank as Executive Director (ED) in 2012.
While she has occupied the DMD position for seven years, when combined with the period she became an Executive Director, she spent 11 years as DMD and ED.
In a corporate document disclosing her exit, Zenith Bank said the central bank’s directive led to her retirement from the board and company.
The document dated March 2, 2023, and signed by the company’s secretary, Michael Out, reads, “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 as Deputy Managing Director in line with the Central Bank of Nigeria (CBN) circular No. FPR/DIR/PUB/CIR/001/070 dated February 24, 2023.”
Zenith bank’s Umeoji retires over new CBN’s tenure guidelines
