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Adaora Umeoji Retires as Zenith Bank Deputy Managing Director

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Dr. Adaora Umeoji, Deputy Managing Director of Zenith Bank Plc, has retired from the financial institution following the new tenure limits for banks’ executives released recently by the Central Bank of Nigeria (CBN).

Adaora-Umeoji

Her retirement became effective from February 24th, 2023.

Zenith Bank disclosed this in a notification to the Nigerian Exchange Limited that was signed by its Company Secretary/General Counsel, Michael Otu.

The bank explained: “We write to notify the Nigerian Exchange Limited and the investing public of the retirement of Dame (Dr) Adaora Umeoji from the board of Zenith Bank Plc with effect from February 24, 2023.

“This follows the expiration of her tenure of office as Deputy Managing Director in line with the CBN circular No. FPR/DIR/PUB/CIR/001/070 dated February 24, 2023. The board wishes her success in her future endeavours.”

The CBN last week revised the regulatory requirements for the tenure of Executive Management and Non-executive Directors (NEDs) of deposit money banks (DMB) and financial holding companies (HoldCos).

The apex bank, which disclosed this in a circular to all banks dated February 24, 2023, titled: “Re: Review of Tenure of Executive Management and Non-Executive Directors of Deposit Money Banks in Nigeria,” had explained that the regulation was in line with the Code of Corporate for Banks and Discount Houses (Ref: FPR/DIR/CIR/GEN/01/004).

The letter was signed by the Director, Financial Policy and Regulation Department, CBN, Mr. Chibuzo Efobi.

According to the CBN, the tenure of Executive Directors (EDs), Deputy Managing Directors (DMDs) and Managing Directors (MDs), shall be in accordance with the terms of their engagement approved by the board of directors of banks, subject to a maximum tenure of 10 years.

Furthermore, the banking sector regulator stated that where an executive, who is a DMD becomes the MD/CEO of a bank, or any other DMB before the end of his or her maximum tenure, the cumulative tenure of such executive shall not exceed 12 years.

It added: “However, for an Executive Director (ED), who becomes a DMD of a bank, or any other DMB, his or her cumulative tenure as ED and DMD shall not exceed 10 years. NEDs, with the exception of Independent Non-executive Directors (INEDs), shall serve for a maximum period of 12 years in a bank broken into three terms of four years each.

“EDs, DMDs and MDs who exit from the board of a bank either upon or prior to the expiration of his or her maximum tenure, shall serve out a cooling off period of one year before being eligible for appointment as a NED to the board of directors.

“NEDs who exits from the board of a bank either upon or prior to the expiration of his or her maximum tenure of 12 years (three terms of four years each), shall serve out a cooling off period of one-year before being eligible for appointment to the board of directors of any other DMB.

“The cumulative tenure limits of EDs/DMDs/MDs and NEDs across the banking industry is 20 years. Please be guided accordingly.”

It pointed out that the regulations were part of measures aimed at strengthening governance practices in the banking industry.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Financial

Kekere-Ekun, CJN Blames Reliance on Telecom Services for Online Banking Glitches

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Kudirat Kekere-Ekun, chief Justice of Nigeria and chairman of the Board of Governors, National Judicial Institute Justice has blamed telecommunications companies for the glitches experienced in the country’s banking sector.

Kekere-Ekun, CJN Blames Reliance on Telecom Services for Online Banking Glitches

Kudirat Kekere-Ekun, chief Justice of Nigeria

Kekere-Ekun said this in her keynote address at the 2024 National Workshop for Justice and Judges on Legal Issues in Telecommunications with the theme, ‘The Role of the Judiciary in Accelerating Digital Transformation in Nigeria.’

The blame on telcos comes in the wake of multiple glitches in online services. On August 14, 2024, customers reported that the Guaranty Trust Bank (GTBank) website was down, leading to speculation that it had been cloned and customer data intercepted.

The CJN said, “I will like to quickly bring our attention to two issues which I consider to be pivotal and which revolve around cyber security and the attendant challenges of exploring the digital space.

“The first is the increased risk of the personal data of consumers being misused or compromised by unscrupulous persons, thus necessitating the need for improved strategies and innovation for consumer protection in the telecommunications sector.

“Also, worth noting are deficiencies in the Banking Sector and which are attributable to reliance on digital services provided by the Telecommunications Sector. There is for instance the major challenge posed by electronically backed transactions which is commonplace in the Banking Sector.”

The CJN said these glitches have led to several issues including hacking of online banking platforms as well as banks being compromised.

“Concerns in this regard include the spate of customers whose online banking platforms have been hacked, as well as banks being compromised due to technological glitches not factored into their day-to-day operations. Consequently, these and several other challenges have resulted in a number of disputes which frequently require adjudication,” she said.

Kekere-Ekun said the deployment of technology in telecommunications plays a pivotal role in the advancement economic system of any country.

She, however, said there is a need to proffer solutions to legal issues arising from digital services provided by the telecommunications sector.

“It is also my expectation that the forum will equip Judicial Officers with the technical skills required for adjudicating disputes arising from the sector and keep them abreast with global standards and best practices,” she added.


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E-Financial

Ecobank Serves Customers Notice of Planned Service Disruption

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Ecobank Nigeria has alerted its customers to an upcoming brief service disruption due to scheduled system maintenance on its card services.

Ecobank Serves Customers Notice of Planned Service Disruption

The maintenance is set to occur from 11:00 p.m. on Thursday, November 7, 2024, until 1:00 a.m. on Friday, November 8, 2024.

In a notification to customers, the bank explained that during the maintenance window, cardholders might experience intermittent issues when using Ecobank cards on other banks’ channels.

However, the bank said all its specific channels, including ATMs and POS terminals, will remain operational.

Additionally, other digital platforms—such as the Ecobank Mobile App, USSD *326#, Ecobank Online, Omni Lite, and Omni Plus—will be fully accessible throughout the maintenance period.

The bank expressed apologies for any inconvenience, reaffirming its commitment to providing seamless banking experiences across Africa.

 

 

 

 

 

 

 


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E-Financial

Zenith Bank Commends Customers After Successfully Unveiling Upgraded Enhanced Tech infrastructure

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Zenith Bank Plc has announced that it now boasts the best technology infrastructure in the banking industry, positioning itself to provide an exceptional customer experience and superior service delivery moving forward. This upgrade follows a recent comprehensive technology enhancement.

The bank expressed its heartfelt gratitude to customers for their support and patience throughout the upgrade process, while also extending apologies for any inconveniences experienced during this time.

This announcement was made in a social media post on Wednesday, signed by Dame Dr. Adaora Umeoji, OON, the Group Managing Director/CEO.

In her message, the GMD/CEO emphasized the bank’s commitment to delivering an unparalleled service experience, stating, “We undertook this upgrade to ensure we can offer our customers the best possible service.”

Umeoji pledged that Zenith Bank will continue to innovate, ensuring that customer needs are met swiftly, safely, and conveniently.

The post read in part: “On behalf of the Board, Management, and Staff of Zenith Bank PLC, I would like to thank you for your patience and support during our IT infrastructure migration to a new and more robust operating system.

“We are truly grateful for the trust and confidence you have placed in us. The primary reason for undertaking this extensive endeavor was to better position Zenith Bank PLC for improved service delivery to all our valued customers and to create memorable banking experiences at all our touchpoints.

“While I regret the inconveniences and challenges you faced during and immediately after our migration, I am pleased to inform you that Zenith Bank PLC now has the best technology infrastructure in the industry. We are committed to ensuring you experience superior service delivery going forward.

“Rest assured, you remain our top priority, and Zenith Bank will continue to innovate and offer value-added products and services to meet all your banking needs quickly, safely, and conveniently.”


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