FCMB, GT Bank Appoint First Female CEOs

A revolution seems to be ongoing in the Nigerian banking industry with recent appointment of women to head leading banks in the financial services sector.

This week alone, two banks, First City Monument Bank and Guaranty Trust Bank named women as their Managing Directors and Chief Executive Officers, bringing to three, the number of female CEOs appointed this year. And there were already several female MDs.

Yemisi Edun

On Tuesday, 13th July, the Board of Directors of FCMB Group Plc announced the appointment of Yemisi Edun as the first female Managing Director of First City Monument Bank (FCMB) Limited. Her appointment followed an end of service of the bank’s former Managing Director, Adam Nuru.

Before her new appointment, the new Managing Director was the Executive Director/ Chief Financial Officer of the bank and had previously served as acting Managing Director.

She is a Fellow of the Institute of Chartered Accountants of Nigeria and a Certified Financial Analyst.

It was the turn of Guaranty Trust Bank yesterday to announce the appointment of Miriam Chidiebele Olusanya as Managing Director and CEO.

Olusanya, the first female Managing Director in the bank’s history, succeeds Segun Agbaje.

Until her appointment, she was Executive Director/Head of Wholesale Banking in the bank and has over 20 years banking experience across various units, including Transaction Services, Asset and Liability Management, Financial Markets, Corporate Finance and Investor Relations.

She joined GT Bank as an Executive Trainee and rose to the position of a General Manager until she was appointed Executive Director.

Miriam Olusanya holds a Bachelor of Pharmaceutical Science degree from the University of Ibadan (1995) and a Masters of Business Administration (Finance and Accounting) from the University of Liverpool, United Kingdom (2011).

She has served on the Board of Guaranty Trust Bank (Gambia) Limited as a non-executive Director.

Miriam Olusanya

Recall that in January this year, Nneka Onyeali-Ikpe became the first female Managing Director & Chief Executive Officer of Fidelity Bank Plc.

She took over from Nnamdi Okonkwo who stepped down from the Board of Directors with effect from 31st of December 2020.

Onyeali-Ikpe had previously served as Fidelity Bank’s Executive Director, Lagos and South-West Directorate.

Yemisi Edun of FCMB, Miriam Olusanya of GT Bank and Onyeali-Ikpe of Fidelity Bank have joined a unique group of Nigerian women who are or have been MD & CEOs of commercial banks, and they include amazons like Bola Adesola of Standard Chartered Bank, Nigeria and West Africa, Oluwatomi Somefun of Unity Bank, Sola David-Borha of Stanbic IBTC, Funke Osibodu of Union Bank (2009 to 2012), Suzanne Iroche of FinBank plc from 2009 to February 2012 and late Maria Sokenu of People’s Bank. There, of course, are and have been female Bank Chairmen, as distinct from CEOs and many of such women are still in the saddle as chairmen of the boards of directors of banks.

Out of Nigeria’s 20 commercial banks, 7 are now headed by women:

MD of CitiBank is Mrs. Ireti Samuel-Ogbu, Standard Chartered Bank is Mrs. Bola Adesola, SunTrust Bank is Halima Buba, Unity Bank is Oluwatomi Somefun, GTB is Mrs. Miriam Olusanya, FCMB is Mrs. Yemisi Edun and Fidelity Bank is Mrs. Nneka Onyeali-Ikpe.

There are of course, several women who are serving as Deputy Managing Directors of Banks.


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