Twelve years after HRH Sanusi Lamido Sanusi-led Central Bank of Nigeria (CBN) approved the ten-year tenure-limit rule for bank Managing Directors, a few colourful corporate chess moves have been made by bank CEOs who have transmuted to becoming the chief executive officers (CEOs) of newly created holding companies (Holdcos) or chairpersons of banks from which they were previously retired.
For example, Tony Elumelu of UBA Plc retired in 2010 on his tenth-year anniversary as Managing Director of the bank and came back in August 2014 as the bank’s chairperson. Jim Ovia of Zenith Bank had a similar succession playbook. Ovia left Zenith Bank Plc on his tenth-year tenure limit in July 2010 and returned as the bank’s Chairperson on July 16, 2014.
More recently Segun Agbaje of GTCO Plc retired as Managing Director of the bank on July 15, 2021, after ten years, and immediately became the Holding company’s Chief Executive Officer (CEO) in the same month of his retirement as bank CEO. Herbert Wigwe, erstwhile Managing Director of Access Bank Plc (until May 2022), became the Chief Executive Officer of the bank’s parent Holding company and has remained the Chairperson of Access Bank, United Kingdom (UK) since 2008.