A day before the 2023 presidential and national assembly elections, the Central Bank of Nigeria (CBN) issued a circular to all commercial banks in Nigeria that the tenure of executive managers and non-executive directors of deposit money banks and financial holding companies had been regulated.

According to the February 24 circular that was signed by Chibuzo Efobi, Director, Financial Policy and Regulation Department, CBN, the cumulative tenure limits of executive directors, managing directors, deputy managing directors and non-executive directors across the banking industry would not be more than 20 years.

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The apex bank also stated in the circular that the move was aimed at strengthening corporate governance practices in the banking industry.

Following the newly announced tenure limits, Adaora Umeoji, the Deputy Managing Director of Zenith Bank PLC, retired from her position on Thursday.

Although they are yet to take a formal position on the regulation, here are four prominent bank executives likely to be affected by the new policy.

TONY ELUMELU (UBA)

After leading a small group of investors to take over a struggling Crystal Bank (later renamed Standard Trust Bank) in 1997, Tony Elumelu later led one of the largest mergers in the banking sector in Sub-Saharan Africa by acquiring United Bank for Africa (UBA) in July 2005.

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He stepped down as UBA’s CEO in 2010 and became the bank’s chairman in 2014. He has served in that capacity to date.

JIM OVIA (ZENITH BANK)

After establishing Zenith Bank in 1990, Jim Ovia worked as the bank’s CEO until 2010, when the CBN limited the tenure of executive officers to 10 years.

In 2014, he was appointed the bank’s board chairman and non-executive director, a position he holds to date.

HERBERT WIGWE (ACCESS BANK)

Upon leaving Guaranty Trust Bank (GTB) as an executive director, Herbert Wigwe joined Access Bank as its deputy managing director in 2002.

He served in that capacity until January 2014, when he was made the bank’s group managing director and CEO.

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He would play the role for eight years before becoming the bank’s non-executive director in May 2022. 

SEGUN AGBAJE (GUARANTY TRUST BANK)

In 2000, Segun Agbaje became Guaranty Trust Bank’s executive director. He only served in that capacity for two years, as he was made the bank’s deputy managing director in August 2002.

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In 2011, he was named the financial institution’s managing director and would play the role for 10 years before stepping down in 2021.

He was appointed Group CEO, Guaranty Trust Holding Company PLC, in August 2021.