I know this is stale news but i just came across it today .

http://www.businessdayonline.com/index.php?option=com_content&view=article&id=7999:cbn-tenure-system-and-end-of-an-era-in-nigerian-banking-&catid=94:features&Itemid=353

The new Central Bank of Nigeria guideline limiting the tenure of chief executives of banks to 10 years is a development that would revolutionise both the leadership and the focus of the banking industry, writes JOHN OMACHONU and BLESSYN ANARO

Unwittingly, the end may have come for a phase in Nigeria's financial industry marked by the reign of ambitious founders of banks who were directly running their institutions with verve and panache. Tony Elumelu , Jim Ovia and Akinsola Akinfemiwa, chief executives of UBA, Zenith and Skye bank respectively are on their way out following the new Central Bank of Nigeria (CBN) guidelines. The aim, according to the apex bank which has imposed a maximum limit of 10 years of two terms of five each on the tenure of banks' managing directors and chief executives, is to address what it considers some corporate governance issues.

There is no doubt that the industry which is undergoing transformation will be without some of its finest bankers, who in some cases have brought glamour into the once revered profession. Barely five days after the pronouncement by CBN, UBA, announced the appointment of Phillips Oduoza as the chief executive designate to replace in August, Elumelu, who has been the managing director for the past 12 years spanning from 1997 when he became the helmsman of the defunct Standard Trust Bank (STB). It is on record that Elumelu brought some finesse into industry by availing the opportunities to young graduates to make career in banking. His interpersonal relation skills were superb as it impacted positively on the banks he managed through heavy public sector businesses.

The outgoing chief executive will also be remembered for effectively managing the merger of STB and UBA Plc, a union that created, arguably, the largest financial services in Africa. Under his leadership UBA had grown with 750 branches in 14 African countries.

"UBA has grown to be an African financial institution in a short period of time, redefining banking not just in Nigeria, but across Africa", Elumelu said, in reference to his contributions to the industry. Elumelu will be missed on the banking landscape at least in the next couple of years. The industry will remember the figure that was always wearing bow tie, and hobnobbing with the powers that be, for the sake of the institution for which he has laboured.

Ovia can be regarded as synonymous with Zenith, personifying an institution that meant so many things to its customers for the past two decades. Being the pioneer managing director, the bank, under him had continued to offer unique range of financial services to its selected clientele, reflecting its corporate commitment to its customers' enthusiasm and value creation for shareholders.

Ovia is known to be on top of situations in both the bank and the industry to the extent that, the bank had taken lead in innovations and policy implementation as required by the regulatory authorities. It is no doubt that Zenith bank has achieved a lot under the leadership of a man who until recently had remained behind the scene, but in full grips of activities.

Akinfemiwa has the shortest period to function under the new policy as the guidelines may catch up with him by August when he is expected to hand over to his successor, having being in the saddle for the past nine and half years. The outgoing chief executive will be remembered as an astute banker who effectively managed the defunct prudent bank to profitability. He was also instrumental to the successful merger of the bank with others like the Bond bank, giving rise to the emergence of Skye bank. The bank has stood the test of time and has been able to endear itself to the hearts of its customers and the youth through its appealing jingles

Recently, the managing directors of eight other banks, many of who apparently belong to this generation were sacked by the CBN governor over corporate governance issues. The include Erastus Akingbola, Bartholomew Ebong, Sebastian Adigwe, Okey Nwosu and Cecilia Ibru, all former CEOs of Intercontinental Bank Plc, Union Bank, Plc, Oceanic Bank Plc, Afribank Plc and FinBank Plc respectively.

Injection of new blood He trained as an engineer. But he would soon be taking over as the managing director of a leading Nigerian bank. Following CBN's new regulation capping the tenure of banks' chief executive to 10 years, Phillip Oduoza will in six months become the Group Managing Director of United Bank for Africa plc. To ensure a seamless transition, Oduoza would in the interim, work in tandem with Tony Elumelu, current Group Chief Executive of UBA who is leaving in line with the new measure from the apex bank. Although he is an engineer, the group chief xxecutive designate of UBA has over 22 years experience in banking and financial services spanning banking operations, relationship management, technology implementation, risk management, lean banking methods as well as brand management.

Prior to this appointment, Oduoza was the Bank's deputy managing director overseeing its operations in the South, which is the UBA Group's largest strategic business group. Phillip Oduoza graduated from the University of Lagos with a First Class degree in Civil Engineering, and later went back to the same university to get an MBA in Finance.

He further armed himself with courses from the Advanced Management Programme of Harvard Business School. Thereafter, he started his banking career in 1987 with International Merchant Bank (IMB) as a Credit Officer, where he cut his teeth in credit analysis. He had a stint between 1988 and 1991 at Citibank, the world's largest financial services institution, a period during which he was equipped with an indispensable knowledge of banking operations, relationship management, credit/marketing, efficient implementation of technology, risk management and lean banking methods.

In 1991, he worked with a small team of young and talented professionals to pioneer Diamond Bank PLC and built it into one of the strongest brands and most successful financial services entity in the country. As Executive Director, Operations & Technology at Diamond Bank in 1999, he transformed IT within the bank to global standards. In 2002, he became the Executive Director, Commercial/Retail Banking at the same bank until 2004. He joined Reliance Bank Limited in August 2004 as Deputy Managing Director, where he worked briefly before joining the Management and Board of Standard Trust Bank PLC in December 2004.

He has attended numerous banking, management and leadership courses, and has strengths in execution, talent management, technology integration and lean banking. But it is a different ball game for Godwin Emefiele, the GMD designate of Zenith Bank plc who holds both first degree and MBA in finance, obtained from the University of Nigeria, Nsukka with additional training at the Stanford University, Harvard University as well as Wharton Graduate Schools of Business. Emefiele started his banking career some 19 years ago, coming from the academics background. He taught finance at the University of Nigeria Nsukka and the University of Port Harcourt before he joined Zenith Bank as pioneer staff over 19 years ago, and was made Deputy Managing Director in 2001. He is a pioneer staff of the bank and has been instrumental to he transformation of Zenith Bank into a world-class institution.

The bank's strong focus on corporate governance and global best practices is attributable to the joint collaboration of the six executive directors that make up the executive committee. Emefiele's strong leadership skills will no doubt be a significant advantage as he sets in motion the combined vision for the Zenith Bank Group.

The Board, with the new appointment, assures "that shareholder value will continue to be the primary factor driving strategic thinking," the statement said, adding: "The bank continues to rely on the strength of the board, management and all staff to sustain superior performance".