Just in: Adaora Umeoji becomes first female GMD of Zenith Bank

Zenith Bank Plc has appointed Adaora Umeoji as the Group Managing Director effective June 2024. Though no official statement has been released from the bank, sources close to this development confirmed it.

This makes her the first female GMD to lead the bank, where she currently serves as the deputy GMD. Umeoji’s appointment is, however, subject to the approval of the Central Bank.

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Like other financial institutions, there are indications that Zenith Bank will be implementing its holding company (Holdco) structure with the current Group Managing Director, Ebenezer Onyeagwu expected to be named as Chief Executive Officer after his 2-year cooling period as required by guidelines. Onyeagwu has however been appointed Chairman of the board of Zenith Bank United Kingdom.

Sources within the bank confirmed that her appointment as GMD/CEO is in line with the bank’s succession plan. Zenith Bank prefers to appoint insiders as Group Managing Directors/Chief Executives.

The Board of Zenith Bank Plc recently announced the reappointment of Dame (Dr) Adaora Umeoji as the Deputy Managing Director of the bank after she was initially affected by the ban director tenure limitation under Godwin Emefiele.