The management of Sterling Bank Plc., and Wema Bank Plc., are both currently shopping for a replacement for their Group Managing Directors, (GMDs) Yemi Adeola and Segun Oloketuyi whose tenures expired in June and December respectively.
It would be recalled that the Central Bank of Nigeria (CBN) in 2010, issued a circular that the MDs/CEOs of Nigerian banks shall no longer spend more than 10 years in office as part of efforts to sanitise the banking sector.
One year after this circular, a number of banks: Zenith, Skye etc lost their MDs/CEOs to this policy.
Mr. Yemi Adeola currently serves as the Managing Director/Chief Executive Officer of Sterling Bank Plc a role he has held since December 2007. While Mr. Segun Oloketuyi, is currently the Managing Director/Chief Executive Officer of Wema Bank Plc. Until his appointment, he was an Executive Director, Skye Bank Plc with the responsibility for business development across Lagos and South-West directorates of the bank.
A source close to Wema Bank Plc, however, revealed that the Board of Directors of the bank has, therefore, appointed Ademola Adebisi as the Deputy Managing Director of the bank, which could be acting in capacity of the MD prior to his unveiling as the next MD of the bank.
Meanwhile, nothing is yet to be heard of Sterling Bank Plc succession plan as the bank is also said to be searching for the next MD of the bank with also an opening hand to merger and acquisition.
It will be recalled that in the past, the Managing Director/Chief Executive Officer of Sterling Bank Mr. Adeyemi Razack Adeola had hinted that the bank was likely to experience merger and acquisition.
He said: “I think if opportunities arise for banks to pursue further consolidation, we could see two or three. I also know that two or three international banks are interested in pursuing acquisition in Nigeria and they are indeed having discussions already.
“So you could see combination of one or two international banks taking over one or two Nigerian banks or merging with them. Nothing also stops two, three banks from having merger discussions in 2016 from the look of thing,” he added.

themomentng:
The management of Sterling Bank Plc., and Wema Bank Plc., are both currently shopping for a replacement for their Group Managing Directors, (GMDs) Yemi Adeola and Segun Oloketuyi whose tenures expired in June and December respectively.
It would be recalled that the Central Bank of Nigeria (CBN) in 2010, issued a circular that the MDs/CEOs of Nigerian banks shall no longer spend more than 10 years in office as part of efforts to sanitise the banking sector.
One year after this circular, a number of banks: Zenith, Skye etc lost their MDs/CEOs to this policy.
Mr. Yemi Adeola currently serves as the Managing Director/Chief Executive Officer of Sterling Bank Plc a role he has held since December 2007. While Mr. Segun Oloketuyi, is currently the Managing Director/Chief Executive Officer of Wema Bank Plc. Until his appointment, he was an Executive Director, Skye Bank Plc with the responsibility for business development across Lagos and South-West directorates of the bank.
A source close to Wema Bank Plc, however, revealed that the Board of Directors of the bank has, therefore, appointed Ademola Adebisi as the Deputy Managing Director of the bank, which could be acting in capacity of the MD prior to his unveiling as the next MD of the bank.
Meanwhile, nothing is yet to be heard of Sterling Bank Plc succession plan as the bank is also said to be searching for the next MD of the bank with also an opening hand to merger and acquisition.
It will be recalled that in the past, the Managing Director/Chief Executive Officer of Sterling Bank Mr. Adeyemi Razack Adeola had hinted that the bank was likely to experience merger and acquisition.
He said: “I think if opportunities arise for banks to pursue further consolidation, we could see two or three. I also know that two or three international banks are interested in pursuing acquisition in Nigeria and they are indeed having discussions already.
“So you could see combination of one or two international banks taking over one or two Nigerian banks or merging with them. Nothing also stops two, three banks from having merger discussions in 2016 from the look of thing,” he added.

This is a very good development.