How The Amazons Are Taking Charge Of Nigerian Banks

Segun Agbaje, the managing director of GTBank, one of the leading Nigerian banks had disclosed last September that was looking for his successor. On Wednesday, the bank announced the appointment of Miriam Olusanya as Managing Director as she became the first female to occupy that position.

Days earlier, First City Monument Bank (FCMB) had announced Yemisi Edun as its MD/CEO. On the 1st of January 2021, Nneka Onyeali-Ikpe assumed office as the MD/CEO of Fidelity Bank Plc.

The rising of Nigerian women to higher echelon in Nigerian banks will not come as surprise to even those with the faintest of interest in the sector. It’s been a long time coming, in fact, the delightful trend, even though began to take deep root in recent times, has been on for years.

The recapitalization of the banking sector in Nigeria in 2006 during the Olusegun Obasanjo administration, heralded far-reaching structural changes and profound social adjustment in the sector at that time. Most of the banks were struggling, so a drastic and effective change in scope and operations of the banks became inevitable. It was only a matter of time before the regulator, the Central Bank of Nigeria (CBN), wielded the big stick to bludgeon stray financial institutions into line.

One of the effects of the recapitalization of Nigerian banks was that it engendered a sector that prioritised gender equality, with emphasis on competence irrespective of gender. The result of this was the floodgate of opportunities that was opened for women.

They were able to compete favourably with their male counterparts in the sector. This is not not to say women were not in the grand scheme of things and didn’t play a vital role in the banking sector before the recapitalization of 2006. Of course, they were, but their numbers were dwarfed by that of their male counterparts and not in anywhere close to what we have today.

With Olusanya and Edun, the number of female managing directors of Nigerian banks has now risen to six. Other women saddled with leadership responsibilities at commercial banks in Nigeria include: Ireti Samuel-Ogbu (Citibank Nigeria), Halima Buba (SunTrust Bank), and Tomi Somefun (Unity Bank).

Aside from the aforementioned sextuplet, there are other women who are not only blazing trail in the sector but the mention of their names in any gathering gets tongues wagging in praise and heads shaking in amazement of their brilliance and sterling performance.

There’s Ibukun Awosika iwho was the first female Chairman of First Bank of Nigeria Limited.

Osaretin Afusat Demuren is another top Nigerian female banker that features on this list of most powerful women in Nigeria’s banking sector. She was the Chairman of Guaranty Trust Bank Nigeria, and the first female to ever hold the office.

GTBank Names First Female Managing Director

There is also Bola Adesola. She is the Senior Vice Chairman, Africa at Standard Chartered Bank Group. Before attaining this position, she was the Managing Director and Chief Executive Officer of Standard Chartered Bank Nigeria and West Africa.

Then there’s Folake Sanu. Folake Sanu is an Executive Director of Wema Bank Plc. She is an astute finance professional and banker of repute with over 32 years working experience in banking, professional accounting and auditing practice.

Caroline Chidiebere Anyanwu is also another influential female banker in Nigeria. She sits on the board of FCMB Pensions as an independent director.

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