Sterling Bank Limited has announced a strategic change in its Board of Directors, with Mr. Olatunji Mayaki assuming the role of Chairman of the Board with effect from January 1, 2024. The appointment follows the resignation of Mr. Asue Ighodalo, as Board Chairman effective December 31, 2023.
In a statement, the bank’s Company Secretary, Ms Temitayo Adegoke, said the resignation the resignation of the erstwhile Chairman was in line with the best corporate governance practices, “As Mr. Ighodalo has offered himself for public service.”
She said Mr. Mayaki takes on the leadership of the Board to continue the progressive growth and lead the Bank on to even greater success.
Mayaki assumes the board’s leadership after serving as a non-executive director. His background spans the practice of Law with the firm formerly known as Ajumogobia, Okeke, Aluko & Oyebode. He also served as the pioneer Vice-President, Legal & Compliance of ARM Limited, Country Head of Legal and Group Company Secretary for all Shell Petroleum companies in Nigeria, and Deputy Managing Director of Addax Petroleum Nigeria.
He sits on the Governing Council of Davidson University, a Nigerian private university, and a UK-based NGO and charitable organisation, Chestrad, from where he has championed the establishment of several programmes in Nigeria to support health systems, social development, women and the girl child.
An alumnus of the University of Ibadan, as well as Harvard and INSEAD business schools, Mayaki’s background in Law, Finance and Investment and overall career experience is expected to strengthen Sterling Bank’s dedication to strong corporate governance.
In recent times, Sterling Bank has enhanced its focus on innovation and digitization, introducing specialized products such as Specta, The Business Hub, OneBank, Qore, Edubanc, HealthBanc, and Omni X, tailored to the unique needs of the Nigerian market. Furthermore, the Bank has forged a partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to develop the real sector of the Nigerian economy with single-digit low-interest loans to SMEs, starting with a N5 billion scheme.
Renowned for its now famous HEART of Sterling strategy which focuses on investments in Health, Education, Agriculture, Renewable Energy and Transportation the Bank featured on the top 100 fastest growing companies in Africa, as published by the Financial Times in 2023. Sterling has been a multiple recipient of the award of the Great Place To Work Institute over the last 5 years and was named earlier this year as the Overall Best Place to Work in Nigeria.
