Three bank managing directors – Jim Ovia (Zenith), Tony Elumelu (United Bank for Africa, UBA), and Akinsola Akinfemiwa (Skye) have taken their bow and left the stage in line with the directive of the Central Bank of Nigeria (CBN) that no bank MD should serve more than 10 years.
Their successors Godwin Emefiele (Zenith), Phillip Oduoza (UBA), and Kehinde Durosinmi-Etti (Skye), have assumed duty.
The three incoming managing directors, already ratified by their boards and the CBN, were before now deputy managing directors of their respective banks.
With banking experience spanning 23 years, Emefiele, a pioneer in Zenith Bank’s management, was appointed deputy managing director in 2001, and lately supervised all the local subsidiaries, treasury and correspondent banking, and multilateral, conglomerates, and private banking.
Oduoza, a graduate of civil engineering, holds an MBA (finance) from the University of Lagos (UNILAG), and is an alumnus of the Advanced Management Programme of the Harvard Business School, among other world class trainings.
Durosinmi Etti, a chartered accountant and fellow of the Chartered Association of Certified Accountants (FCCA), United Kingdom, is not new to the position of bank MD or Chief Executive Officer (CEO).
He was first appointed to the position in July 2002 when he managed EIB International Bank until it fused with others during consolidation to form Skye Bank in January 2006.
Durosinmi-Etti graduated in economics from the University of Ibadan (UI) in 1982, and thereafter started his working career as an audit trainee at Pricewaterhouse, from where he moved to Akintola Delloite. He 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 at various times as Head of Treasury, Assistant General Manager in charge of Money Market Division, before becoming Executive Director and Chief Executive Officer in 1995 at 32.
He joined Lagos Building Investment Company in 2001 as MD, and left for EIB International Bank as General Manager in April 2002, becoming MD/CEO after barely four months.
Durosinmi-Etti was in charge of Skye Bank’s Corporate Banking Group, Investment Banking Group, Treasury Group and Development Finance Group.
Meanwhile, UBA at the weekend gathered the who-is-who in corporate Nigeria – as well as politicians, including former President Olusegun Obasanjo, Ministers, Governors and their Deputies, Commissioners, federal lawmakers and the diplomatic class – for a send-off party at Eko Hotel and Suites, Victoria Island, Lagos.
Others present included former CBN Governor, Joseph Sanusi; former CBN Deputy Governors; Central Bank Governors from neighbouring countries; Securities and Exchange Commission (SEC) Chairman, Udoma Udo Udoma, and SEC Director General, Arunma Oteh.
President Goodluck Jonathan, in a goodwill message read by Remi Babalola, minister of State for Finance said Elumelu, “represents what Nigeria can be, should be, and will be.”
Ferdinand Alabraba, chairman, UBA  noted that the exit of Elumelu marks “the end of a glorious era in the history of UBA,” hence the occasion was tagged “A celebration of excellence.”
He assured that 13 years after piloting the affairs of Standard Trust Bank (STB) that became the fifth largest player in the industry, despite being a vestige of the failed Chrystal Bank of Africa, which later merged with UBA, Elumelu will remain relevant in the financial system.
A landmark for which Elumelu will be remembered, he added, was that STB under his leadership was the first Nigerian bank to open an offshore subsidiary, adding that UBA now has presence in 18 countries across Africa, as well as in Europe and the Unites States.
Alabraba said. while assuring that Oduoza, who has 22 years banking experience, will continue the strategic intent of the group.
Oduoza affirmed his commitment to continue with the vision, adding that most members of the team left behind have been part of the dream for a very long time.
He said he will play his part “in achieving those goals with determination, responsibility and hard work.”