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Movers and Shakers of the Nigerian Banking Sector
Written by Jonathan Elendu
Sunday, 02 April 2006
Soon after we published our story on how Hallmark Bank was destroyed, we were inundated with letters asking us to publish a list of Chairmen and Managing Directors of banks in Nigeria and their tribes. While we would not normally give in to such calls, we obtained the list anyway.


The list we obtained contained some startling information which we had not thought about. It became obvious that the bank consolidation exercise carried out by Central Bank of Nigeria headed by Charles Soludo firmly consolidated the banking sector in the hands of one ethnic group.

However, it would be wrong to accuse any tribe in Nigeria of deliberately pushing out other tribes to take control of our financial sector. Under normal circumstances it should not matter where your bank manager comes from. The paramount questions should be: Are my investments in the bank safe? Has the bank met its obligations to me as a customer? Does this bank deserve my business?

The Central Bank Governor, Charles Soludo, under whose watchful eyes the bank consolidation exercise was carried out is an Igbo man. The Minister of Finance for the Federal Republic of Nigeria, Ngozi Okonjo-Iweala, is an Igbo woman. No objective person can ascribe ethnic sentiments to the exercise that has given us the statistics we publish below. Rather, it would be safe to posit that some sections of the Nigerian federation have not done well in certain areas because they were focused in other directions.

A public policy analyst who, spoke to Elendureports.com from Abuja, had this to say about the geographical spread of the management of banks in Nigeria: “While there may not have been ethnic motivations in the bank consolidation exercise embarked on by Soludo’s Central Bank, the fact remains that the result is very disastrous. If you take into account Nigeria’s political situation today, you will discover that an ethnic group in Nigeria can choose to shut the other groups out and they will do so effectively. Even the third term thing, from the statistics you have given me, do you see how easy it will be for Pres. Obasanjo to freeze cash if he were to work in cohorts with his tribesmen? Nigeria is a cash based society and given the relevant laws, who can you mobilize serious cash without the say-so of the President’s tribesmen? Nigeria is a cash-based society and you will be naïve to think that it would not influence our politics. And the question that must be asked is: How many of these Chairmen and Managing Directors of these banks are the President’s friends?”

A breakdown of the list of chairmen and managing directors of banks in Nigeria shows that of the twenty-five banks, the South West zone has nine (9) chairmen and eleven (11) managing directors. The North Central zone has four (4) chairmen and zero (0) managing director. There are three (3) bank chairmen and eight (8) managing directors from the South-South zone. Four (4) bank chairmen and two (2) managing directors are foreigners. The South East zone has two (2) chairmen and four (4) managing directors. The North East and North West zones have one chairman each and no managing directors. Fidelity bank is yet to appoint a new chairman.





BANK Chairman zone Managing Director Zone
1. Access Bank Gbenga Oyebode SW Aigboje Aig-Imoukhuede SS
2. Afribank Alh. Kola Belgore NC Pat. Olayele Akintuotu SW

3. Bank PHB Kola Abiola SW Frank Atuche SS

4. Diamond Bank Pascal Dozie SE Emeka Onwuka SE

5. Ecobank Philip C. Asiodu SS Olufunke Osibodu SW

6. Equitorial Bank Yetunde Adegbola SW Ike Oraekwuotu as figure-

head but Dr. Mike Adenuga SW

7. FCMB Dr. J.A.D. Long Brit. Ladi Balogun SW

8. Fidelity Bank Vacant - Reginald Ihejiahi SE

9. First Bank Dr. U.A. Mutallab NW Jacob Ajekigbe SW

10. First Inland Adm. Hussani

Bank Abdullahi NE Okey Nwosu SE

11. GT Bank Prof. M.O. Oyawoye SW Tayo Aderinokun SW

12. IBTC Chartered Gen. M.I. Wushishi NC Atedo Peterside SS

13. Intercontinental Raymond Obieri SE Erastus Akingbola SW

14. NIB Chief C.S. Sankey Ghan. Emeka Emuwa SS

15. Oceanic Bank Olorogun M.C.O Ibru SS Cecilia Ibru SS

16. Skye Bank Alh. Musiliu Smith SW Shola Akinfemiwa SW

17. Spring Bank Chief Tunji Agbetuyi SW Mike Chukwu SE

18. Stanbic Bank Foreigner Mr. M. A. Weeks South Afr.

19. Standard Chartered Foreigner Simon J. Millett Brit.

20. Sterling Bank Alh. Suleimon Baffa NC Tunde Dabiri SW

21. UBA Mr. Kehinde Sofola SW Tony Elumelu SS

22. Union Bank Prof. M.G. Yakubu NC B.B. Ebong SS

23. Unity Bank Prof. Akin Mabogunje SW Alh. Falalu Bello SW

24. Wema Bank Alh. Olapade Mohammed SW Adebisi Omoyeni SW

25. Zenith Bank Macaulay Pepple SS Jim Ovia SS

ANALYSIS

Geo-Political Zone Number of Chairmen Number of MDs
South West (SW) 9 11
North Central(NC) 4 Nil
South South(SS) 3 8
Foreigners 4 2
South East(SE) 2 4
North East(NE) 1 Nil
North West(NW) 1 Nil
Vacant 1 Nil
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25 25

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