Business
Meet Adaora Umeoji, Zenith Bank’s First Female GMD/CEO
Meet Adaora Umeoji, Zenith Bank’s First Female GMD/CEO
Zenith Bank on Tuesday named Adaora Umeoji as its first female Group Managing Director/Chief Executive Officer.
Her appointment, subject to the approval of the Central Bank of Nigeria, will take effect from June 1, 2024, according to the bank.
“She takes over from Dr. Ebenezer Onyeagwu, whose five-year term expires on May 31, 2024, after a very successful tenure,” it stated.
On June 1, 2024, Adaora Umeoji will take full charge at Zenith Bank. Her appointment marks a historic moment as she becomes the first female GMD/CEO since the inception of the bank in May 1990.
According to the bank’s statement, “her appointment is consistent with the bank’s executive transition tradition, succession plan, and strategy of grooming leaders from within.”
Adaora Umeoji has nearly 30 years of experience in banking, having previously served as the deputy managing director of the bank, a role she assumed in October 2016.
She has also been with the bank for close to twenty-six years.
The following are a few things you should know about Adaora Umeoji.
Education
She has quite an impressive educational background. She is an alumnus of Harvard Business School, where she completed the Advanced Management Program (AMP), and Columbia Business School, where she obtained a Certificate in the Global Banking Program. She holds a Bachelor’s Degree in Sociology from the University of Jos, as well as a Bachelor’s Degree in Accounting and a First-Class Honors in Law from Baze University, Abuja.
Additionally, she has a Master of Laws from the University of Salford, United Kingdom, a Master in Business Administration (MBA) from the University of Calabar; and a doctorate in Business Administration from Apollos University, USA.
She also has a Certificate in Economics for Business from MIT Sloan School of Management, USA, and has completed executive programmes in Strategic Management and Leading Global Business at Harvard Business School, USA.
Fellowships and Professional Memberships
Adaora Umeoji is an outstanding professional with a range of prestigious fellowships to her name.
She is a Fellow of the Chartered Banker Institute in the United Kingdom, the Chartered Institute of Bankers of Nigeria, the Nigerian Institute of Management, the Institute of Credit Administration, the Institute of Certified Public Accountants of Nigeria, the Institute of Chartered Mediators and Conciliators, and the Institute of Chartered Secretaries and Administrators of Nigeria.
Honours and Awards
In 2022, she was awarded the Officer of the Order of the Niger by the Federal Government of Nigeria.
She was also recognized as a Peace Advocate of the United Nations (UN-POLAC). In 2023, she received the Humanitarian Service Icon Award from the Sun Newspaper, in honor of her philanthropic efforts.
Philanthropic Activities
She is the founder of two organizations – Pink Breathe Cancer Foundation and Adorable Foundation. The Pink Breath Cancer Care Foundation runs several healthcare programs every year across the six geopolitical zones of Nigeria. These programmes aim to provide crucial medical care to people living with cancer and other illnesses. She also donates relief materials and offers free healthcare to internally displaced persons all over the country through various intervention initiatives.
Railway
Lagos Rail Mass Transit part of FG free train ride – NRC
Lagos Rail Mass Transit part of FG free train ride – NRC
The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.
The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).
This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.
While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.
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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.
“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.
Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.
He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.
Lagos Rail Mass Transit part of FG free train ride – NRC
Business
NNPC denies claim of Port Harcourt refinery shutdown
NNPC denies claim of Port Harcourt refinery shutdown
The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.
The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.
Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.
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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.
“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”
He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”
NNPC denies claim of Port Harcourt refinery shutdown
Business
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.
The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.
The arrangement will be in effect from December 19, 2024, to January 30, 2025.
Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.
Transactions to occur at the prevailing NFEM rate
The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.
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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.
The circular read in part:
“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).
This window will be open between December 19, 2024 to January 30, 2025.
“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”
The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”
These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.
This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
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