Adaora Umeoji: Trailblazer set to deliver high dividends to Zenith Bank’s shareholders

THOMAS IMONIKHE

There are several genuine reasons for the euphoria that trailed recent appointment of Dame Dr. Adaora Umeoji, OON, as the first female Group Managing Director/CEO of Zenith Bank Plc, Nigeria’s leading financial institution by tier-1 capital in its almost 34 years of existence. The most cogent being her possessing all needed attributes required to sustain the brand’s tradition of superior performance and high dividends to shareholders.
Her impeccable credentials and service record of nearly 30 years of distinguished banking experience, 26 years of which at Zenith Bank, no doubt, also put Dr. Umeoji, who has been Deputy Managing Director since October 28, 2016, ahead of others regarding wealth of expertise and leadership qualities to step into the shoes of the outgoing GMD, Dr. Ebenezer Onyeagwu, the Champion Newspapers’ 2023 Banker of the Year, from June 1st when her appointment takes effect.
Recall that the Board of Zenith Bank Plc chaired by the founder and pioneer Managing Director, had while announcing the appointment of Dame (Dr.) Adaora Umeoji, as Group Managing Director/Chief Executive Officer effective June 1, 2024, subject to approval by the Central Bank of Nigeria (CBN), said she would take over from Dr. Onyeagwu, whose five-year term expires on May 31, 2024, after a very successful five-year tenure.
Besides being the first female GMD/CEO since the inception of the bank, in May 1990, her appointment is “consistent with the bank’s executive transition tradition, succession plan, and strategy of grooming leaders from within”.
Adaora is an alumnus of the prestigious Harvard Business School where she attended the Advanced Management Program (AMP) and an alumnus of Columbia Business School with a Certificate in the Global Banking Program and holds a Bachelor’s Degree in Sociology from the University of Jos, a Bachelor’s Degree in Accounting and a First-Class honors in Law from Baze University, Abuja.
She also obtained a Master of Laws from the University of Salford, United Kingdom, a Master in Business Administration (MBA) from the University of Calabar, in addition to a doctorate in Business Administration from Apollos University, USA.
Furthermore, she holds a Certificate in Economics for Business from the prestigious MIT Sloan School of Management, USA, and has attended various management programmes in renowned Universities around the world including the Strategic Thinking and Management Program at Wharton Business School, USA as well as the Executive Program in Strategic Management, and has a Certificate in Leading Global Business all from Harvard Business School, USA.
Umeoji’s intimidating credentials also include 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.
More importantly, having been part of the growth trajectory of Zenith Bank Plc, which has distinguished itself in the Nigerian financial services sector through ‘superior service quality, unique customer experience and sound financial indices’ and a top member of the current management team, further placed Adaora in vantage position to hit the ground running, sustain handsome returns on equity and even take the Bank to greater heights in Nigeria’s economy.
In other words, there is certainly no cause for concern among stakeholders about the bank’s health in the future under the new GMD considering the solid foundation laid for it by the founder, Mr. Jim Ovia the incumbent Board chairman while her predecessors in office are: Godwin Emefiele, immediate past Governor, Central Bank of Nigeria, CBN; Peter Amangbo, chairman Globus Bank Ltd, the predecessor of Dr. Onyeagwu.
So, leading the Management Team charge from the front coupled with active support of thousands of committed employees, Umeoji will strive hard to fully commit to the bank’s vision which is “to become the leading Nigerian, technology-driven, global financial institution that provides distinctive range of financial services as well as the mission of building “the Zenith brand into a reputable international financial institution recognized for innovation, superior performance and creation of premium value for stakeholders”.
She will also be upholding the Bank’s core values of integrity, professionalism, corporate governance, loyalty and excellent service given her three-decades’ sojourn in the banking sector. According to the records, she joined the financial institution in 1998, while prior to her appointment to the Board on October 9, 2012, she had been the Head, Marketing Group, Maitama, branch of the Bank, Deputy Zonal Head, Abuja Zone before her elevation to Executive Director in charge of Abuja and Middle Belt Zones of the Bank.
Certainly, Adaora’s experience and long-proven strong leadership skills will, no doubt, be a significant advantage as she sets in motion the necessary machinery to actualize the combined vision for the Zenith Bank Group even as the stakeholders are rest assured that shareholder value will continue to be the primary factor driving strategic thinking and continues to rely on the strength of the Board, management and all staff to sustain superior performance.
Significantly too, Umeoji has been very impactful in the lives of less privileged people in the society. Her non-governmental organization, Pink Breathe Cancer Foundation and the Adorable Foundation that educates, caters for Cancer patients and indigent children education especially the Girl-Child will have a positive influence in the institution’s acclaimed robust Corporate Social Responsibility, CSR before now.
Described as a consummate banker and workaholic, by a financial expert, her passion for promoting professionalism in the banking industry inspired the establishment of the Catholic Bankers Association of Nigeria (CBAN), a platform she uses till date to promote ethical banking and service to humanity. A devout Catholic, Adaora is a Lady of the Order of Knights of St. John International (KSJI), awarded a Papal Knight of the Order of St. Sylvester by His Holiness Pope Francis and appointed as a Peace Advocate of the United Nations (UN-POLAC).
Therefore, it wasn’t surprising that in 2022, the Federal Government of Nigeria honoured Dr. Umeoji with Officer of the Order of the Niger, OON, in recognition of her immense contributions to nation building, a feat which buttresses the fact that there is no short cut to success in life.
Her extraordinary strides in the banking sector despite gender inequalities across sectors of the economy, should also serve as motivation to young females that with determination and hard work, there is no barrier to attaining professional excellence in their chosen endeavours.
Perhaps the greatest lesson that should be learnt from Adaora’s recent appointment is for all tiers of government and parents to redouble their efforts and invest more in the educational advancement of women and girls to accelerate national development even as it has become clear that the United Nations’ Sustainable Goal of achieving gender equality and the empowerment of all women and girls by 2030 will not be met.