Leadership Issues in Post Consolidation Banking Era

Banking & Finance :
Leadership Issues in Post Consolidation Banking Era in Nigeria
In the last two years, the banking sub-sector of the Nigerian economy has soaked in huge investment from private, local and foreign institutional investors, as well as from the marginal investing public. The shareholders fund of the 25 banks in the economy has thus grown to over N700 billion, thereby increasing stake holding in that sub-sector. For the banks to deliver good returns to the shareholders and enable economic growth which financial intermediation engenders in liberal economies, there is the need for improved regulation and monitoring to ensure that the board and management of the banks comply with codes of good corporate governance. But codified corporate governance practices are strange to most companies in Nigeria. A 2003 study conducted by the Securities and Exchange Commission (SEC) stated that 60% of quoted companies in Nigeria including the banks had no officially adopted code of good corporate governance.
The above statistic points out a gap in corporate leadership and weak regulation of businesses in Nigeria. With the recent release by the CBN of the revised code of corporate governance for the banks, the boards and 23 men and 2 women CEOs of the 25 banks in Nigeria are required to lead their institutions along the line of probity in order to sustain public confidence in the banks. For history and in recognition of the enormous responsibilities of leading the newly recapitalized banks into the watershed post consolidation era, we provide here the names of CEOs of the banks.
Aigboje Aig-Imoukhede (Access Bank Plc); Patrick Akinkuotu (Afribank Plc); Emeka Onwuka (Diamond Bank); Funke Osibodu (Ecobank Plc); Ike Oraekwuotu (Equitorial Trust Bank); Ladi Balogun (First City Monument Bank Plc); Reginald Ihejiahi (Fidelity Bank Plc); Jacob Ajekigbe (First Bank Nigeria Plc) Okey Nwosu (First Inland Bank Plc) Olutayo Aderinokun (Guaranty Trust Bank Plc); Atedo...