Change of Guards

Godwin Emefiele

In a spontaneous move, banks whose chief executive officers were affected by the new Central Bank of Nigeria 10-year-tenure limit appoint worthy successors
By Bayo Amodu
By a seven-paragraph directive dated January 19, 2010, the management of the Central Bank of Nigeria (CBN), announced new measures aimed at restricting certain officers of commercial banks and the CBN from holding office in such financial institutions beyond for fixed periods. The pivot of the Guidelines was conveyed in the terse words of paragraph I, which reads: “Chief Executives Officers, CEOs shall serve a maximum of two terms of five year each, and cannot hold the CEO position within three years thereafter. By 31 July, 2010, CEOs who will have served for 10 years (including any period in office prior to the wave of bank mergers in 2005) shall cease to hold office.
As soon as this directive was made public, various boards of the affected institutions, namely Zenith Bank Plc, United Bank for Africa and Skye Bank Plc started strategising on what next to do. Jim Ovia of Zenith Bank, Tony Elumelu, UBA and Akinsola Akinfemiwa of Skye Bank had been occupying the exalted position of CEO in their respective banks for the past 19, 11 and 16 years, respectively.
At Zenith Bank, the board of the bank last week announced the appointment of Godwin Emefiele as its Managing Director/Chief Executive Officer-designate. The appointment, which is subject to CBN confirmation, takes effect from August 1,2010.
Emefiele is a pioneer staff of the bank and according to a statement from the bank, has been instrumental in developing Zenith Bank into a world-class institution. He holds a BSC and an MBA in Finance from the University of Nigeria, Nsukka and is an alumnus of Stanford University, Harvard and Wharton Graduate Schools of Business. The Source learnt that before Emefiele commenced his banking career over 23 years ago, he lectured Finance, Bank Management, and Insurance at the University of Nigeria and University of Port Harcourt.
He joined the bank over 19 years ago and was appointed Deputy Managing Director in 2001. “Given his pivotal tole, the bank has benefited from his indepth knowledge of finance and banking. Emefiele’s strong leadership skills will no doubt be a significant advantage as he sets in motion the combined vision for the Zenith Bank Group. The Board, with the new appointment, rests assured that shareholders value will continue to be the primary factor driving strategic thinking. The bank continues to rely on the strength of the Board, management and all staff to sustain superior performance,” the statement said.
The succession race at UBA, too has taken off promptly with the naming of Philip Oduoza as Elumelu’s successor on Friday, January 22,2010.
Oduoza, who will officially assume duties on Sunday, August 1,2010 is armed with over 22 years experience in the banking industry. He is UBA’s deputy managing director overseeing the bank’s operations in the South before his elevation. He has a first class degree in Civil Engineering from the University of Lagos. His MBA in Finance was also obtained from the same school. Earlier, he had worked with International Merchant Bank (he actually started with them in 1987); Diamond Bank; Reliance Bank as DMD; Standard Trust Bank and then, UBA.
Speaking on the new appointment, Elumely said “Oduoza’s pedigree speaks for him: a first class Civil Engineering graduate with over 22 years experience in all aspects of banking; a great leader of men and an awesome manager of resources. Our aspiration has always been to build an institution that will outlast all of us.”