Only a few percent of Financial institutions in Nigeria are run by female CEOs, and while there is incremental progress, observers have described the surge in number of female CEOs/MDs within Nigeria’s banking sector as a long awaited paradigm shift. Women have begun to take the place of pride in decision making roles in the industry.
Presently, eight women serve as Chief Executive Officers (CEOs)/Managing Directors (MDs) of the country’s leading banks.Few weeks ago, Yemisi Edun became the latest in the list of women, shattering the proverbial glass ceiling when she emerged as the first female MD/CEO of FCMB, since the institution’s establishment in 1982.Yemisi Edun, who took over the reins of First City Monument Bank (FCMB) in an acting capacity in January after the immediate past Managing Director Adam Nuru proceeded on a leave, has been appointed the tier 2 lender’s new chief. Her appointment earned her the accolade as the first female MD of the financial institution in its 31-year historyAccording to a leading tabloid, the ground-breaking record makes her the first female CEO of Subomi Balogun-backed FCMB, the appointment having received the blessing of the industry regulator, the Central Bank of Nigeria, the financial services group said in a note to the Nigerian Exchange Limited.
In January, the bank’s board appointed Ms. Edun, who was the bank’s Executive director/chief financial officer at the time, to hold the fort for Mr. Nuru, to allow for an investigation into a paternity scandal involving the former CEO, Moyo Thomas, a one-time FCMB employee and Tunde Thomas, her late husband.The high-profile probe, which arose from a petition signed by over 1,400 Nigerians, was sequel to an allegation that Mrs Thomas, who had informed her husband of her decision to leave for the United State with the kids, called Mr Thomas on arrival that none of the two kids, who had known the 45-year-old as their father, was not his.Observers say the development is a radical move in a sector aiming to meet up with the Nigerian Sustainable Banking Principles (NSBP) specifically in gender diversity and inclusiveness at the top management levels.
The policy, which was introduced in 2012, seeks 40 percent women representation at the upper tier of the banking industry.With eight women earning the topmost job in 23 of the country’s leading banks – four of them freshly appointed in 2021, this gives a massive boost to the actualization of the United Nations Sustainable Development Goals (SDGs).Prior to her appointment, the new Managing Director, Ms Edun, was the executive director/chief financial officer of the bank and previously served as the acting managing director.
Yemisi Edun holds a Bachelor’s degree in Chemistry from the University of Ife, Ile-Ife and a Master’s degree in International Accounting and Finance from the University of Liverpool, United Kingdom. Her work experience spans nearly 35 years.She is a Fellow of the Institute of Chartered Accountants of Nigeria and a Certified Financial Analyst, CFA®️ Charter holder. She is also an Associate Member of the Chartered Institute of Stockbrokers; an Associate Member of the Institute of Taxation of Nigeria; a Member of Information Systems Audit and Control, U.S.A; and a Certified Information Systems Auditor.She began her career with Akintola Williams Deloitte (member firm of Deloitte Touché Tohmatsu) in 1987, with main focus in Corporate Finance activities. She was also involved in audits of Banks and Other Financial Institutions. She joined FCMB in 2000 as Divisional Head of Internal Audit and Control before assuming the role of Chief Financial Officer of the Bank.
Olamide Adeniji is a member of the editorial team of TheScript Newspaper
