If existing managing directors of Nigerian banks are allowed to stay till the end of their 10-year tenure in office as stipulated by the new Central Bank of Nigeria (CBN) guidelines, BusinessDay has learnt that they have a cumulative of 80 years to remain as CEOs.
A review of the status of the 15 bank chief executives, excluding the nine banks that had their CEOs replaced by the CBN after the stress test, showed that majority of those currently occupying such positions still have more time to stay on unless their boards decide otherwise.
The review by Renaissance Capital specifically revealed that some of the CEOs have their tenure kick-started after the banking industry consolidation exercise in 2005. This indicates that they have just spent 4 years on their seats and have 6 more years to go.
Those in this category are Ladi Balogun of First City Monument Bank plc (FCMB); Emeka Onwuka of Diamond Bank; Reginald Ihejiahi, CEO, Fidelity Bank; Emeka Emuwa, CitiBank, and Falalu Bello of Unity Bank plc. BusinessDay had listed Bello as one of those that had already spent 10 years as MD; it has since discovered that he was chief executive of Habib Bank between 1994 and 1998, before the consolidation exercise. It was also revealed that the managing director of Ecobank Nigeria plc, Offong Ambah, is already 3 years on the saddle. Others who have spent 2 years and have 8 more years to go include Yemi Adeola of Sterling Bank plc, and Chris Newson of Stanbic IBTC.
The list also showed that Bisi Onasanya and Segun Oloketuyi have spent less than a year as CEOs of FirstBank and Wema Bank, respectively. Access Bank’s Aig Imoukhuede has been chief executive for 7 years having been appointed in March 2002. On the back of the CBN guideline, Rencap stated that it expects the MDs of three banks, namely Zenith, United Bank for Africa (UBA), and Skye Bank “to hand over leadership to their respective successors on or before July 31, 2010.”