Lagos —

[b]New Managing Directors (MDs) have been approved for Zenith Bank, Skye Bank, and United Bank for Africa (UBA), as named a few weeks ago by their boards.

The Central Bank of Nigeria (CBN) gave the nod on Tuesday for Godwin Emefiele to become Zenith MD; Kehinde Durosinmi-Etti (Skye), and Phillip Oduoza (UBA).

Emefiele replaces Jim Ovia, Durosinmi-Etti (Akinsola Akinfemiwa), and Oduoza (Tony Elumelu).

Ovia, Akinfemiwa, and Elumelu will retire on July 31, in accordance with the new CBN policy of a maximum 10-year tenure for bank Chief Executive Officers (CEOs).

The new bank chiefs, according to an industry source, were interviewed by officials of the CBN on Monday and were given letters of approval on Tuesday.

With 23-years of banking experience, Emefiele, a pioneer in Zenith's management, was appointed its Deputy Managing Director in 2001.

He currently oversees all its local subsidiaries, Treasury and Correspondent Banking, and Multilateral, Conglomerates, and Private Banking, in addition to direct supervision of the majority of branches in Lagos and the North.

Emefiele was previously Executive Director (Corporate Banking, Treasury, Financial Control and Strategic Planning).

He holds a Bachelor's degree and an MBA in finance both from the University of Nigeria, Nsukka (UNN).

Prior to his entry into banking, he taught finance, bank management, and insurance at the UNN and University of Port Harcourt (UNIPORT).

He is an alumnus of Stanford University, Harvard and Wharton Graduate School of Business where he took courses in negotiation, service excellence, critical thinking, leading change, and strategy.

Oduoza, a graduate of civil engineering, also holds an MBA (finance) from the University of Lagos (UNILAG), aside being an alumnus of the advanced management programme of Harvard Business School, among other world class trainings.

His experience spans banking operations, relationship management, credit/marketing, technology implementation, risk management, lean banking methods and brand management.

Before this appointment, Oduoza was UBA Deputy Managing Director, overseeing Southern operations, the largest strategic business group.

Elumelu noted in a statement issued by the bank that "UBA has grown to be an African financial institution in a short period of time, redefining banking not just in Nigeria, but across Africa, (and) Phillip Oduoza, in conjunction with the extremely strong executive team that surrounds him, will play a determining role in delivering on the promises we have made to our customers, shareholders, and staff.

"His appointment, from an extremely able team, is also a tribute to UBA's longstanding commitment to nurturing talent and ensuring orderly succession planning."

Oduoza himself said he is "honoured to be called upon to fulfill the role of Group Chief Executive at this defining moment in the bank and indeed the Nigerian financial services industry.

"The UBA Group has a very clear strategic path, one that I was a part of; the team that defined it; and I look forward to playing my part in achieving those goals with determination, responsibility, and hard work."

Unlike the other two, Durosinmi-Etti, 47, a chartered accountant and fellow of the Chartered Association of Certified Accountants (FCCA), United Kingdom, is not new to the job of bank MD/CEO.

He was first appointed to the post in July 2002, when he managed EIB International Bank until it fused along with others during the consolidation exercise to form Skye Bank in January 2006.

He graduated in economics from the University of Ibadan (UI) in 1982 and began his work experience as an audit trainee at Pricewaterhouse, from where he moved to Akintola Delloite.

Durosinmi-Etti forayed into banking in 1987, when he joined Nigeria-American Merchant Bank as Head (Accounts/Computer), and later Internal Control.

He left for Midas Merchant Bank in 1990 where he served as Head of Treasury, and later as Assistant General Manager (Money Market Division), before becoming Executive Director and CEO in 1995 at 32.

He joined Lagos Building Investment Company in 2001 as MD, from where he moved to EIB International as General Manager in April 2002, becoming MD/CEO after barely four months.

He currently oversees Skye Bank Group's corporate banking, investment banking, treasury, and development finance.[/b]

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