The trending story in the Nigerian now that has taken our attention momentarily away from the tales of insecurity and economic hardship is that of Dr. Adaora Umeoji, OON, a consummate banker and a corporate icon who has just been appointed the group managing director and chief executive officer of Zenith International Bank PLC. Since 19th March, 2024 when the bank issued a press statement announcing her appointment, the Nigerian media space has been abuzz with the news reported in different forms. And aside from the pockets of cynical comments especially in the social media about her person from those who are obviously unaware of her qualifications and pedigree and perhaps from those who have this crude notion that those made it to the top do so using unorthodox means, tributes have kept pouring in torrents for the lady of the moment who has shattered many glass ceiling to reach the zenith of her career. By 1st June, 2024, Adaora as she is fondly called by friends and associates will take over from Dr. Ebenezer Onyeagwu, the current GMD/CEO of the bank, whose tenure is expiring by 31st May, 2024.
Adaora’s appointment as the first female group managing director and chief executive officer of Zenith Bank marks a historic moment not only for the bank but for the Nigerian banking sector in general. And, expectedly, the appointment has elicited much interest and excitement from the stakeholders—shareholders, staff, customers, analyst and the general public—who have expressed optimism in her ability to lead the bank and reposition it for greater heights.
Adaora is trailblazer and a trend setter who from the outset left no one in doubt that she was headed for the top. Her rise in the bank was phenomenal. From an ordinary national youth corps member in 1998 when she joined the bank, Adaora climbed the corporate ladder swiftly rising to become the Manager of the Maitama branch and the head Abuja Zone of the Bank within a very short period of time by dint of hard work. And as the head of the Abuja Zone of the bank, her current Account Balances (CABAL) and balance sheet size were bigger than those of some banks in the country then. At the annual MD award ceremony Adaora was usually the cynosure of all eyes because of the many awards she receives. She was appointed to the board of the bank in 2012, after her initial appointment as an executive director in 2007 was overturned by the central bank. In 2016, she was appointed the Deputy Managing Director (DMD), the first woman to be so elevated in the bank, retiring briefly from that position in February 2023 due to regulatory conditions but returned in August, 2023.
It is not out of place to say that Adaora prepared herself adequately for the future for while she received accolades in the bank all these years as a performer, she was never complacent as most people in her position would. But, she continued to work hard. She continued to sharpen the saw too, by equipping herself professionally, mentally, and intellectually, taking courses and training to hone her leadership and managerial skills. She is an alumnus of many prestigious institutions of higher learning across the globe where she acquired training across different academic discipline from the Social Sciences, business sciences, Economics to Law.
In addition, she is a fellow of notable professional bodies including the Chartered Banker Institute, UK, Chartered Institute of Bankers of Nigeria, Nigerian Institute of Management, Institute of Credit Administration, Institute of Certified Public Accountants of Nigeria, Institute of Chartered Mediators and Conciliators, and the Institute of Chartered Secretaries and Administrators of Nigeria among others.
Apart from being a professional banker and a corporate icon, Adaora is a philanthropist. Through the NGOs that she established and through other channels she has touched and continued to touch many lives especially the poor and the vulnerable in the society. And has numerous awards to show for her service to humanity. In 2022, she received the national award of the Officer of the Order of the Niger (OON) from the Federal Government in recognition of her contribution to nation building. And recently the Sun Newspaper bestowed on her the Humanitarian Service Icon Award for 2023.
Furthermore, the adorable Adaora is a role model who has mentored many young professionals directly and indirectly; within and outside the banking sector. In this era of dearth of ethical role models, when our young maidens think of their assets in terms of the sizes and shapes of their bust and bum, it is advantageous to have the likes of Adaora as role model and mentor to our young professionals. Yes, Adaora is an achiever with sound work ethics. She is deeply religious and charitable. She believes strongly in ethical values of honesty, hard work, humility and service. She is a devoted Catholic, a Lady of the Knights of St. John International (KSJI), and a Papal Knight of the Order of St. Sylvester.
Interestingly, beyond all the glitz and glamour and the accolades that attended her professional accomplishments, Adaora remains a delectable lady, a pleasant personality to be with. She remains beautiful inside and outside. She remains simple, humble, and down to earth: no frills no hang-ups. She is the right combination of beauty and brains, a quintessential corporate icon and a thorough-bred professional. Everybody who has come in contact with her sees her as a very pleasant person to be with. She is gentle, soft and kind-hearted. The excitement among the staff of the bank after the announcement of her appointment as the new GMD/CEO of the bank bears eloquent testimony of her personality as a likeable person.
Adaora’s personality and attitude clearly contradicts the notion of some bankers in Nigeria who think that a banker doesn’t need to be a nice person. These people erroneously think that being nice is a kind of weakness not expected of professional banker. They believe those who are nice should rather sell ice cream than do banking.
But, she has proved by her conduct and achievements that being nice is not lack of courage neither does it connote lack of firmness or decisiveness. You need to be nice to create the right interface to effectively manage your clients, to win the confidence of your depositors and other entities that you interact with in the course of financial intermediation. Indeed, she has proved that you don’t need the stony mien of a jackboot soldier to make firm decisions. She has demonstrated that you don’t need the Machiavellian or the mafia style to be a good banker. You don’t need it to take investment or lending decisions neither is it necessary to manage risks. Those who adopt such unorthodox approach are obviously those that are not qualified or prepared for their assigned roles.
By this appointment, Adaora joins the rank of ten other women CEOs of banks among whom two: Adaeze Udensi and Nneka Onyeali-Ikpe are both Zenith Bank products. Without doubt, Zenith Bank has been a veritable breeding ground for professional bankers. There have been a good number of women that have excelled in the bank right from the time of the almighty Tina Vukor Quashie, reputed for her service excellence crusade to the ebullient Joy Nweke, the philosophical Adaobi Nwapa, the resilient Nonye Ayeni, the meticulous Oby Ibekwe and others. But, while all these amazons have their distinct unique attributes, I must state without prejudice that Adaora is in a class of her own. Her records and accomplishments in the bank are nonpareil. Adaora is the lady with the Midas touch; with intimidating academic credentials, enviable track record of achievement and pleasant personality trait.
In all, I give kudos to Jim Ovia whose business model I have always admired for giving Zenith Bank a firm footing by establishing a culture of merit and excellence in the bank and for always rewarding hard work and professionalism, a factor that has placed the bank at the avant-garde of the Nigerian financial sector.
Gozie Irogboli,
An economist, a banker, novelist and public policy analyst
(goziei@yahoo.com)