Replacement for Emefiele as Zenith Bank chief, a battle of two

Godwin Emefiele

Godwin Emefiele, Group Managing Director of Zenith Bank Plc for almost five years, last week emerged the dark horse in the seemingly fierce battle for governorship of the Central Bank of Nigeria (CBN).
In a surprise move, President Goodluck Jonathan presented Emefiele’s name to the Senate for consideration and confirmation as replacement for Sanusi Lamido Sanusi, Kano prince and CBN Governor, who was suspended weeks to the end of his tenure also on Thursday morning.
By presenting Emefiele, who would face Senate screening next month, the President jettisoned heavy weights and close friends jostling for the job, may be because many of them were friends and did not one to hurt any.
Ahead of his eventual confirmation, making him the second successive bank CEO to lead the apex bank, even as it may not be impossible that the Presidency and the National Assembly, still smarting from their encounter with the powers of a CBN Governor, both written and inferred, as wielded by Sanusi may move to whittle them down.
The President indeed mooted this during his media chat on Monday evening, even as those who know are willing to swear that Emefiele is not one to rock the boat, being already someone not given to the grandeur of high office, akin to Chief Joseph Oladele Sanusi, CBN Governor between 1999 and 2004.
With the call to higher office of Emefiele, the board of Zenith Bank Plc, may be shopping for a replacement, most likely from within.
Following last year’s exit of Emmanuel Udom, who is now Secretary to the Government of Akwa Ibom State, the choice of who replaces the outgoing GMD, according to information available on the bank’s website will be between two executive directors ordinarily, in the absence of a deputy MD for the bank.

Paul or Barnabas
The bank’s EDs are Peter Amangbo and Ebenezer Onyeagwu, both chartered accountants. Amangbo, is a 1988 bachelors degree holder in electrical/electronics engineering from the University of Benin. He also holds a post-graduate diploma in computer science and a master’s degree in business administration, and trained with PricewaterhouseCoopers and qualified as a chartered accountant before joining Zenith Bank in 1993.
With over 16 years post-graduate experience, 12 of which were in the banking industry, he was the head of Financial Control and Strategic Planning before his reassignment as head the Corporate & Retail Banking Group and the bank’s group zonal head, Lagos. His current line of duty also includes overseeing the Power & Infrastructure Group as well as the group’s foreign subsidiaries.
Onyeagwu is a fellow of the Institute of Chartered Accountants of Nigeria (FCA) 2003, and an alumnus of the University of Pennsylvania, U.S.A. (Wharton Executive Education), Columbia Business School, Columbia University, United States of America and the Harvard Business School. .
He has over 22 years cognate banking industry experience, and worked as a credit analyst in the defunct Financial Merchant Bank Limited, before joining Citizens International Bank Limited where he held several management positions ranging from branch head, Warri branch and Ikoyi branch respectively. .
He joined Zenith Bank Plc in 2002 as a senior manager in the Internal Control and Audit Group of the bank and has served in various capacities as assistant general manager in charge of coordination of strategies for Business Development and Relationship management for Ikeja branch and general manager, zonal head, Ikeja zone, responsible for the supervision of 25 branches of the bank within Ikeja and Otta, Ogun State.
Until his appointment, he was the general manager in charge of Commercial Banking Group as well as Ikeja zone of the bank.

Filling the gaps
The exit of Emefiele and his replacement will also throw up some other promotions within the bank, as some of the general managers are elevated to executive management positions that would become vacant.
Some of the GMs that may be affected positively are: Adaora Umeoji, a sociology graduate of the University of Jos and a masters in Business Administration (MBA) from the University of Calabar. She is a member of the Nigerian Institute of Management and also a member of the Institute of Certified Public Accountants of Nigeria (ICPAN).
She is the regional/group director of the bank heading the Abuja zone, which has the responsibility of managing the large corporates, high net worth individuals and private and public sector relationship, in the Federal Capital Territory.
Nwapa Adaobi Stella holds a bachelors degree in history from the Imo State University, 1985, and is an honorary member of the Chartered Institute of Bankers (HCIB). She is currently a group zonal head with management and supervisory responsibilities.
Nonye Ayeni, holds a bachelors degree in microbiology from the University of Ife and a master’s degree in Business Administration from the University of Lagos. She is presently group head with responsibilities for Treasury, Foreign Exchange and Correspondent Banking. She also has responsibility for supervising some branches in the Lagos area.
Ekpebu Tari Jeffrey is a graduate of management from the Rivers State University of Science and Technology (1985), and holds a master of business administration (MBA) in Marketing (1995) also from the same institution. An honourary senior member of CIBN, he is a fellow of the National Institute of Marketing of Nigeria (NIMN), Institute of Corporate Administration of Nigeria (ICAD) and Nigeria Institute of Management (NIM), and has worked in institutions like Shell Petroleum Development Company of Nigeria and Commercial Bank of Africa before joining Zenith Bank in 1995. He is currently the Group Zonal Head of the Owerri Zone of the Bank.
Ilegar Sunday Ighiezemhe holds a 1989 Higher National Diploma (HND) in Accountancy, and a master’s degree in Business Administration (Finance – 2001) from the Ambrose Ali University, Ekpoma. He is currently the group zonal head, Anambra/Delta Zone.
Temitope Fasoranti, holds a 1988 bachelors degree in Economics from the Obafemi Awolowo University, a master’s degree in Economics (1997) and a Ph.D in economics. He is currently the Group zonal head Ilupeju/Gbagada Zone overseeing 13 branches, having worked at the bank’s Corporate Banking and Apapa Groups.
Francis Chukwunyem, holds a Bachelor’s degree in Computer Science from the University of Benin (1991), and a master’s degree in Computer Science (1998) from the University of Lagos. He is Currently the Chief Information Officer of the bank. He has several certifications in different areas of information technology. He was the pioneer group head of the Payment Cards Dept, in addition to being the pioneer group head of E- Business Department.
Gideon Jarikre, general manager, holds a bachelors degree in Business Administration from the University of Benin (1985), and a master’s degree in Banking and Finance (1997) from the University of Benin. He worked with The Guardian Press Limited on the financial news beat and with Institutional Investors before joining Zenith Bank in 1991. He headed the bank’s Trade Services Group for over 15 years, and currently manages and supervises the bank’s foreign subsidiaries.
Joseph Esenwa holds a bachelors degree in accounting and a master’s degree in Business Administration both from the University of Benin. An associate of the Chartered Institute of Accountants (1981), he is the bank’s Chief Inspector with experience in treasury, funds transfer, financial control and strategic planning, marketing and internal control and audit.

Surprising choice
The list of competitors for the job of CBN Governor included Aigboje Aig-Imoukhuede, a lawyer and immediate past GMD of Access Bank Plc, a member of the Economic Management Tem (EMT), who has chaired Presidential Committees (including subsidy payment); Atedo Peterside, journalist, banker, capital market heavy weight and former GMD of IBTC Chartered Bank, now chairman, Stanbic IBTC Holding Company. He is also another right-hand pal of the President and EMT member, besides being on the board of quoted companies. One other name that was almost as sure as day and night until that Thursday morning was Olusegun Aganga, a trusted ally of the President, former Finance, now Industry, Trade and Investment Minister, who has done wonderfully with positioning his current portfolio as the most diversified portfolio. It is not immediately known whether the report of the Financial Reporting Council of Nigeria (FRCN), based on which Sanusi was suspended is why none of the CBN insiders were picked as successors. The report indicted the governor and his four deputies who the council asked to be relieved of their duties, to allow for full-scale probe into alleged financial recklessness and corporate governance breaches, among others. CBN deputy governors said to be interested in replacing their boss in June when his tenure elapses include: Babatunde Lemo, former bank CEO, first appointed deputy governor in December 2003, who completed his second term of five years last December; Dr. Sarah Alade, former director of the CBN, now acting governor; and Dr. Kingsley Muoghalu. The last DG, Suleiman Barau has shown now interest, apparently knowing that it would impossible for him, a northern to replace another northern.
Some of the favourites had distributed their resumes by proxy, very early in the year, ahead the Presidential announcement that never happened, just as many had enjoyed huge mention in various newspapers.