After decades of taking the backseat, Nigeria’s banking sector is witnessing a powerful shift, with women shattering multiple glass ceilings to lead the boardrooms of multi-billion dollar assets.
This journey began in 1984 with the late Bola Kuforiji-Olubi, who was the first female chairman of the United Bank for Africa (UBA).
She became the first female ICAN president in 1989 and was the first Nigerian woman to lead an international company in Nigeria (VYB [Nigeria] Ltd.) in 1977.
Kuforiji-Olubi’s legacy inspired a new wave of female leadership in Nigerian banking.
In 2015, Ibukun Awosika became the first female chairman of the First Bank of Nigeria.
Today, this trend continues, with several women holding CEO positions in Nigeria’s top banks. Here is a list of women redefining leadership in top Nigerian banks from the boardrooms.
Nneka Onyeali-Ikpe – Fidelity Bank
With her 30 years of experience, Onyeali-Ikpe assumed office as Managing Director/CEO of Fidelity Bank in 2021. This made her the first woman to hold the CEO position since the bank’s inception in 1988.
She has been an integral part of the transformation team at Fidelity Bank for the last six years.
She was formerly Executive Director, Lagos and South West, overseeing the bank’s business in the six states that make up the South West region of the bank.
She led the transformation of the Directorate to profitability and sustained its impressive year-on-year growth, across key performance metrics, including contributing over 28% of the bank’s PBT, Deposits and loans.
Miriam Olusanya – Guaranty Trust Bank
The first woman to ever hold the CEO position at Guaranty Trust Bank, Olusanya brings a wealth of knowledge from various banking sectors. Miriam joined the bank as an executive trainee in 1998, rose through the ranks and has garnered over 25 years of banking experience that cuts across asset and liability management, financial markets, corporate finance, investment banking, investor Relations and transaction services.
Before she was appointed the bank’s MD, she was appointed Executive Director in 2018 and served as the Group Treasurer and Head, Wholesale Banking Division, responsible for the bank’s asset &; liability management as well as financial market dealings across all African subsidiaries.
Miriam currently serves as a non-executive director on the board of Guaranty Trust Bank (Gambia) Limited. She is also a non-executive director of the Nigerian Inter-bank Settlement System (NIBSS) and the Shared Agent Network Expansion Facilities (SANEF); an agent banking initiative of the CBN, supported by Nigerian banks.
She is a member of the Financial Markets Sub-Committee of the Bankers’ Committee, the primary interactive policy platform made up of the Central Bank of Nigeria and banks.
Yemisi Edun – FCMB
Mrs. Yemisi Edun became the managing director of First City Monument Bank Limited (FCMB) on July 13, 2021. She is also the first female MD of FCMB, following the approval of her appointment by the Central Bank of Nigeria (CBN).
She began her career with Akintola Williams Deloitte (a member firm of Deloitte Touche Tohmatsu) in 1987, with a focus on corporate finance activities as well as audits of banks and other financial institutions.
She joined FCMB in the year 2000 as Divisional Head of Internal Audit and Control before assuming the role of Chief Financial Officer of the Bank.
She was appointed Managing Director of the Bank following CBN approval, effective May 1, 2021.
Tomi Somefun – Unity Bank
Tomi Somefun is the managing director and CEO of Unity Bank Plc. Prior to her appointment in August 2015, she served as the Executive Director, overseeing the Lagos and South-West Business Directorates, the Financial Institution Division and the Treasury Department of the Bank.
She is a career professional with 35 years of post qualification experience, over 26 of which were in the banking sector, spanning key segments including Treasury and Investment Banking, Corporate Banking, Retail, and Commercial Banking Operations.
Tomi had a distinguished career with the UBA group, where she led 2 major subsidiaries of UBA as MD/CEO, including a start-up company, UBA Pensions Custodian, where she was the pioneering managing director. Prior to UBA, Tomi worked with two leading consulting firms: KPMG and Arthur Andersen (now KPMG).
Halima Buba – SunTrust Bank
Halima is currently the Managing Director/Chief Executive Officer of SunTrust Bank Nigeria Limited. As a seasoned banker with over 22 years of cognate experience obtained from working at Allstates Trust Bank, Zenith Bank, Inland Bank Plc, Oceanic Bank Plc and Ecobank Nigeria Limited, she is one of the few women to have attained that height as an MD in the industry.
Prior to her appointment, Halima was a co-founder and former executive director of Taj Consortium, an organisation of young, dynamic technocrats and financial advisory experts.
She sits on the boards of several reputable institutions, including Anchoria Asset Management Company Limited, as a non-executive director and also as the chairman of the NSIA Umuahia Diagnosis Centre (NUDC).
She was also a member of the Board of the Nigerian Sovereign Investment Authority (NSIA) as a Non-Executive Director and a Director on the Board of Adamawa Homes and Savings Ltd.
Bukola Smith – FSDH Merchant Bank
Bukola became the Managing Director/Chief Executive Officer of FSDH Merchant Bank in April 2021. She brings 29 years of progressive experience in the banking industry with a track record of strategic execution and leadership.
Before she was appointed Managing Director, she was the Executive Director, of Business Development at First City Monument Bank and held several other leadership positions since joining in 2006. She was responsible for the banks over 200 branches across the country, including the Public Sector, Business Banking, Agriculture and Transaction Banking Divisions.
Under her, the bank’s SME-focused team in 3 years moved from 5th position in the industry to 1st position in 2019 (KPMG Customer Service Report 2020). In addition, she established the FCMB Women in Business Desk (branded SheVentures), which supports female entrepreneurs; and set up FCMB Trustees and FCMB Custody.
Prior to joining FCMB in 2006, she worked with FSB International Bank from 1992 to 2000 and Fidelity Bank plc from 2000 to 2006, gaining experience in several areas of banking including treasury operations, international trade services, foreign and local currency trading, bond trading, correspondent Banking and relationship management with non-bank financial institutions and private banking clients.
Ireti Samuel-Ogbu – Citibank Nigeria
Ireti was appointed to lead the Nigerian arm of global giant Citibank as the MD/CEO in September 2020, the first time a woman was appointed to the bank’s top position after 36 years of operation in Nigeria.
Also, she was the head of payments and receivables, treasury, and trade solutions (TTS) for Europe, the Middle East and Africa (EMEA) at Citi’s Institutional Clients Group (ICG), based in London, UK.
Yetunde Oni – Union Bank
Yetunde is a highly accomplished financial services leader with a successful career spanning over 30 years. In January 2024, Yetunde was appointed by CBN as the Managing Director/CEO of Union Bank of Nigeria.
Before this, Yetunde worked at Standard Chartered Bank Nigeria Limited as the pioneer head of commercial clients in September 2014. She became the Managing Director and Country Head of Commercial Banking in West Africa in 2017. During her tenure, she developed and executed comprehensive business growth strategies, managed key relationships, and ensured compliance with group credit policy and local underwriting standards.
Before joining Standard Chartered Bank Nigeria Ltd., Yetunde started her career at Prime Merchant Bank in the Treasury; Money Markets Group. This was followed by an 11-year stint at Ecobank Transnational Incorporated as a relationship manager, where she demonstrated exceptional proficiency in client solutions. Relationship management, team leadership, and talent development.
Yetunde made history in January 2021 as the first female Managing Director and Chief Executive Officer of Standard Chartered Bank in Sierra Leone. During her tenure, she provided excellent leadership, strategic direction, and performance management, resulting in a remarkable 50% year-on-year growth in income and a substantial 116% year-on-year growth in profit before tax in 2022.
Kafilat Araoye – Lotus Bank
Kafilat started her career in 1988 at National Oil and Chemicals Marketing Company Plc (now Conoil Nigeria Plc), and moved in 1990 to Guaranty Trust Bank Plc, as the pioneer head of human resources.
She was part of the GTBank team that went to Jordan for the implementation of its core banking application, among other critical assignments executed for the bank. She left with accolades in 2015 as General Manager but continued to consult for banks and other sectors through her consulting outfit until 2018, when she was appointed as the MD Designate for LOTUS Bank, then in formation.
Having put over 25 years into banking, Kafilat has expertise in virtually all areas of core banking, with an emphasis on international and domestic operations, payments, general management, business development, risk management, human resources and strategy.
She was part of several Central Bank of Nigeria (CBN) implementation committees on some settlement and payment solutions between 2002 and 2007 and represented Nigeria at the Banking Techniques and Practice Committee of the International Chamber of Commerce, between 2006 and 2011.
She was a member of the Chartered Institute of Bankers’ Committee on Capacity Building and Certification from 2014 to 2020 and is currently a member of, the Advocacy; Strategy Committee of the Chartered Institute of Bankers of Nigeria.
Bolaji Agbede – Access Holdings
Agbede was appointed as the acting group chief executive officer of Access Holding following the unfortunate demise of its former CEO, Dr. Herbert Wigwe. The appointment is subject to the approval of the Central Bank of Nigeria.
Until her recent appointment, Ms. Agbede was the company’s most senior founding executive director in charge of business support.
She has nearly three decades of professional experience cutting across banking and business consulting services.
Ms. Agbede commenced her professional career in 1992 at Guaranty Trust Bank and served in various capacities within the Commercial Banking and Operations functions, rising to the position of Manager in 2001. She subsequently served as the Chief Executive Officer of JKG Limited, a business consulting outfit, in 2003.
Ms. Agbede joined Access Bank Pic (‘the Bank’) in 2003 as an assistant general manager and was responsible for managing the bank’s portfolio of chemical trading companies. She served as the bank’s head of group human resources between 2010 and 2022 and was appointed the company’s founding executive director, business support, in 2022. She has a track record of successful people integration in business combinations and culture transformation.
Adaora Umeoji – Zenith
Zenith Bank recently named Adaora Umeoji as its first female group managing director and chief executive. Her appointment, subject to the approval of the Central Bank of Nigeria, takes effect on June 1, 2024, according to the bank.
“Her appointment is consistent with the bank’s executive transition tradition, succession plan, and strategy of grooming leaders from within,” Zenith Bank said in a statement.
Before her latest appointment, Umeoji had been serving as the bank’s Deputy Managing Director since October 28, 2016. She has about 30 years of cognate banking experience, with 26 of them spent working with Zenith Bank.
In 2022, the Federal Government of Nigeria honoured Umeoji with an Officer of the Order of the Niger, as a recognition of her contributions to nation-building. She is a Peace Advocate of the United Nations (UN-POLAC).
