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By Josfyn Uba
If Nigeria could achieve full gender equality, it would help to grow the country’s gross domestic product by $229 billion, or 23 per cent, by 2025, going by a 2019 report from McKinsey Global Institute and the Council on Foreign Relations; but the truth remains that women in this part of the world do not get financial access, compared to the menfolk. As a matter of fact, this further dwindled towards the end of 2020.
In another fiscal analysis from EFInA, a United Kingdom-backed development organisation that seeks to bolster inclusive finance in Nigeria, 40 per cent of women were excluded, compared to 32 per cent for men.
However, in 2021, a boost came in the Nigerian banking sector, where women seemed to have broken the glass ceiling. There is a paradigm shift in the sector. Banks are increasingly giving more attention to women, harnessing their strengths, as they now call the shots in the upper tiers of the banking industry. Almost one-third of Nigerian banks are now run by female heads.
Today, eight women sit at the helm as chief executive officers/managing directors (MDs) in 23 of the country’s leading banks. Out of that number, four were appointed in 2021. The appointments did not just go against the grain or create a new dimension in the mix, it representated a massive boost to the actualization of the United Nations Sustainable Development Goals (SDGs). This sector tenaciously has positioned itself to meet the Nigerian Sustainable Banking Principles (NSBP) in gender diversity and inclusiveness, especially at the top management level. As Nigeria prepares to join the rest of the world to celebrate International Women’s Day on March 8, we salute the courage and tenacity of these boardroom heroines.
Miriam Chidiebele Olusanya (GTBank)
Miriam Olusanya, who has over 23 years’ banking experience across transaction services, asset and liability management, financial markets, investment banking and investor relations, is the first female MD of the financial institution in its 31-year history. She succeeded Segun Agbaje.
She holds a bachelor of pharmacy degree from the University of Ibadan, Nigeria, and a master of business administration (Finance and Accounting) from the University of Liverpool, United Kingdom. She also underwent several executive management and banking developmental programmes in leading educational institutions around the world.
Olusanya served as a non-executive director on the board of Guaranty Trust Bank (Gambia) Limited. She is also 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. She joined CTBank as an executive trainee in 1998 and rose through the ranks until her appointment as executive director in 2018.
Until her appointment as MD/CEO, she was the group treasurer and head, wholesale banking division, responsible for balance sheet and financial markets activities of the bank and its African subsidiaries, corporate finance as well as investor relations
Nneka Onyeali-Ikpe
(Fidelity Bank)
Nneka Onyeali-Ikpe, a seasoned professional of over 30 years’ experience across various banks, including Standard Chartered Bank Plc, Zenith Bank Plc and Citizens International Bank Limited, where she held several management positions in legal, treasury, investment banking, retail/commercial banking and corporate banking, is the first woman to steer the ship of Fidelity Bank as MD/CEO since the organization started operations in 1988.
Onyeali-Ikpe, a key player at Fidelity Bank in the last six years, 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 per cent of the bank’s profit before tax (PBT), deposits and loans. She has been involved in the structuring of transactions in various sectors including oil and gas, manufacturing, aviation, real estate and exports.
Onyeali-Ikpe holds bachelor of laws (LLB) and master of laws (LLM) degrees from the University of Nigeria, Nsukka, and Kings College, London. She was an executive director at Enterprise Bank Plc, who, among others, was instrumental to the laudable success recorded at Enterprise Bank.
She has attended executive training at Harvard Business School, The Wharton School, University of Pennsylvania, INSEAD School of Business, Chicago Booth School of Business, London Business School and IMD, among others. She is also a honorary senior member of the Chartered Institute of Bankers of Nigeria (CIBN).
Tomi Somefun (Unity Bank)
Tomi Somefun, who began her journey as the MD/CEO of Unity Bank in August 2015 after a career stretching 26 years in the banking industry, is the CEO of the Nigerian lender, the second woman to occupy the top position. Prior to her appointment as MD/CEO in August 2015, she was the executive director overseeing the Lagos and South-West business directorates, the financial institution division and treasury department of the bank. She is a member of the board finance and general purpose committee, board risk management committee and board credit committee, among others.
Somefun has traversed several areas, including treasury and investment banking, corporate banking, retail, and commercial banking operations. She had a distinguished career with UBA Group, where she led two major subsidiaries as MD/CEO, including a start-up, UBA Pensions Custodian, where she was the pioneer managing director. Before her appointment at UBA, Somefun worked with two leading consulting firms: KPMG and Arthur Andersen (now KPMG). A fellow of the Institute of Chartered Accountants of Nigeria and CIBN, she graduated with a second class upper degree from the Obafemi Awolowo University (formerly University of Ife) in 1981 with a bachelor of education in English Language.
Somefun has extensive executive education in leading change and organization renewal, strategy formulation and execution, business analytics and development, and financial management from various esteemed business schools. She is an alumnus of the Columbia Business School, United States of America, and INSEAD, Fontainebleau, France, and holds a Certificate of management excellence from Harvard Business School. She is a member of various professional bodies, including the Institute of Directors (IOD) and Bank Directors Association of Nigeria (BDAN). In addition, she has served on the board of several quoted and unquoted companies, and non-governmental organisations.
She is an alumnus of the Columbia Business School and several top-level schools outside Nigeria. She is also a member of many professional associations. Her experience spans corporate banking, retail, and commercial banking operations, and so on.
Yemi Edun (FCMB)
Yemisi Edun holds a bachelor’s degree in chemistry from the University of Ife, Ile-Ife, and a master’s degree in international accounting and finance from the University of Liverpool, United Kingdom.
She is a fellow of the Institute of Chartered Accountants of Nigeria and a CFA® Charter holder. She is also an associate member of the Chartered Institute of Stockbrokers, the Institute of Taxation of Nigeria, a member of the Information Systems Audit and Control, U.S.; and a certified information systems auditor.
Edun began her career with Akintola Williams Deloitte (member of Deloitte Touché Tohmatsu) in 1987, with main focus in corporate finance activities. She made history by becoming the first female MD of First City Monument Bank (FCMB) after serving as acting managing director of the bank. She is a member/fellow of many institutes. She was also involved in audit of banks and other financial institutions.
She joined FCMB in 2000 as divisional head of internal audit and control before assuming the role of chief financial officer of the bank. Until her appointment as the CEO/MD of FSDH Merchant Bank, she ha held other key positions in other companies.
Bukola Smith (FSDH
Merchant Bank)
Bukola Smith has a bachelor’s degree in economics from the University of Lagos and later bagged an MBA from the Alliance Manchester Business School, University of Manchester.
Smith has 28 years of experience in the industry and boasts an impressive profile and fellowship/membership of high-ranking institutes in the financial sector and was appointed the MD of the bank in April 2021.
Ireti Samuel-Ogbu (Citibank)
With work experiences in South Africa and the UK, among others, Ireti Samuel-Ogbu has joined other women who have broken the glass ceiling by becoming the first female MD/CEO of Citibank Nigeria in September 2020. Before her present position, she served as managing director of payments and receivables, treasury and trade solutions for Europe, Middle East and Africa at the group’s office in London. She had been on the board of Citibank Nigeria Limited since 2015 as a non-executive director.
In the last 32 years, Samuel-Ogbu has held various roles across Citi’s businesses in the UK, Nigeria and South Africa, having worked in each of these countries twice.
Previous roles have included Relationship Management with Global Subsidiaries Group and the Public Sector Banking Team, as well as TTS Sales, Corporate Finance and leading Citi’s TTS business in two of the largest markets in Africa.
As a champion of diversity and inclusion, Samuel-Ogbu co-founded two impactful mentorship initiatives within Citi – the Sapphire Leadership Program for Middle East and Africa, and the Momentum Program in the UK. She is currently the EMEA co-Chair for Citi Women’s Affinity group and represents EMEA on the Global Affinity Steering Committee at Citi. She obtained a BA Hons Accounting and Finance from Middlesex University, UK and has an MBA from the University of Bradford, UK.
Halima Buba (SunTrust)
Halima’s wealth of experience in the banking industry has seen her climbing to the top echelon of not only the banking industry but clinching the SunTrust’s top job in January 2020. Halima is a seasoned Banker with over 20 years cognate experience obtained from working in Allstates Trust Bank, Zenith Bank, Inland Bank Plc, Oceanic Bank Plc and Ecobank Nigeria Limited.
She holds a Bachelor of Science (B.Sc.) degree in Business Management from the University of Maiduguri and an MBA from the same University. Halima is an Alumnus of the Lagos Business School Senior management programme. She is a senior Honorary Member of the Chartered Institute of Bankers and a Fellow of the Institute of Management Consultants. She sits on the Board of several reputable Institutions, including those of the Nigerian Sovereign Investment Authority (NSIA) as a Non-Executive Director and Anchoria Asset Management Company Limited. She is a Champion of youth and women empowerment, as well as the girl child Education.
Kafilat Araoye (Lotus Bank)
Having had a 25-year experience as a commercial banker, Kafilat leads Lotus Bank, a non-interest bank as the MD/CEO. She has expertise in human resources, business development, payments, international and domestic operations among others.
