Nigeria’s most profitable bank Zenith Bank Plc has announced the appointment of Adaora Umeoji as its first female group managing director and CEO. This appointment comes as part of the bank’s executive transition tradition, succession plan, and strategy of grooming leaders from within.
Following a decision by the board of directors of Zenith Bank, chaired by Nigeria’s richest banker Jim Ovia, Umeoji will ascend to the helm of the institution, taking over the reins of control and leadership from Ebenezer Onyeagwu, whose successful five-year term as group managing director and CEO expires on May 31, 2024.
Umeoji, who has served as the bank’s deputy managing director since Oct. 28, 2016, brings nearly thirty years of banking experience to her new role, twenty-six of which have been with Zenith Bank. The leading lender, reported a substantial profit surge in the first nine months of its 2023 fiscal year, with profits soaring from N174.33 billion ($107.9 million) in the corresponding period of 2022 to N434.17 billion ($268.71 million) in 2023.
The exceptional journey of Adaora Umeoji: Academic achievements and global impact
Umeoji’s rise to the top is marked by a distinguished record of academic achievement and professional excellence. A graduate of the University of Jos with a bachelor’s degree in sociology, Umeoji also holds bachelor’s degrees in Accounting and Law from Baze University, Abuja, where she graduated with First-Class honors.
Additionally, she earned a master of laws from the University of Salford, United Kingdom, and a master in business administration from the University of Calabar. Her pursuit of knowledge has taken her to prestigious institutions such as Harvard Business School, Columbia Business School, MIT Sloan School of Management, and Wharton Business School, where she completed various management programs.
Beyond her professional accomplishments, Umeoji is recognized for her dedication to service and philanthropy. In 2022, she was honored by the Federal Government of Nigeria with the Officer of the Order of the Niger award for her contributions to nation-building.
She is also a peace advocate of the United Nations (UN-POLAC) and has impacted numerous lives through her philanthropic endeavors, including her foundations, the Pink Breathe Cancer Foundation, and the Adorable Foundation, which focuses on educating and supporting cancer patients and indigent children, particularly girls.
Promoting ethical banking and empowering communities
As a leading banking executive, her commitment to promoting professionalism in the banking industry led her to establish the Catholic Bankers Association of Nigeria (CBAN), a platform dedicated to advocating for ethical banking practices and service to humanity. Furthermore, her minority stake in Zenith Bank underscores her position as a high-value investor on the Nigerian Exchange.
Umeoji’s appointment as the first female group managing director and CEO of Zenith Bank Plc marks a historic moment not only for the institution but for the Nigerian banking sector as a whole. With her wealth of experience, academic credentials, and commitment to service, Umeoji is poised to lead Zenith Bank into a new era of growth, innovation, and social responsibility.
