Leadership change will not affect growth trajectory, says Zenith Bank

By Yusuf Mohammed

The newly announced change of leadership at Zenith Bank will not affect the bank’s upward growth trajectory, Business Hallmark has learnt.

Head of Corporate Communications at the bank, Mr Marcel Eguabor who spoke to Business Hallmark in a telephone chat said that the incoming Chief Executive, Mr Ebenezer Onyeagwu is cut-out for the job due to his years of experience and as such he would complement the work already done by his predecessors.

He said: “There are no worries. Everyone is excited. Ebenezer Onyeagwu is an in-house person, not an outsider. He has been tested and trusted and he will even take the bank to greater heights. His record is there for everyone to see. Besides, this is not a political appointment. It is a professional one. He is the right person to take-over. He was the deputy MD. It is only normal for him to step in as the new MD.”

The notice of Onyeagwu’s elevation is coming on the heels of the announcement from the management of Zenith Bank Plc that Mr Ebenezer Onyeagwu will take over from Mr Peter Amangbo as its new managing director and chief executive officer at the eexpiration of his present term in office.

In a notice sent to the Nigerian Stock Exchange on Monday, the bank said the appointment is however subject to the statutory approval by the Central Bank of Nigeria (CBN).

Accordingly then, the tenure of Peter Amangbo, who is currently the bank’s CEO, will expire on Friday, May 31 while Onyeagwu will take over from June 1, 2019.

Prior to his appointment, Onyeagwu had been the bank’s deputy managing director since October 2016 and spent 17 years working with Zenith Bank.

“The appointment is consistent with the bank’s tradition and succession strategy of grooming leaders from within,” the formal statement from the bank outlined.

Onyeagwu, who is a graduate of accounting from Auchi Polytechnic, began his career at the defunct Financial Merchant Bank in 1991 and later held several management positions in the erstwhile Citizens International Bank Limited until 2002 when he joined Zenith Bank.

Business Hallmark also gathered that he obtained a postgraduate diploma in Financial Strategy a certificate in Macroeconomics from the University of Oxford.

He started out as a senior manager in the Internal Control and Audit Group of the bank and by 2005 had become an assistant general manager in the bank.

Established in May 1990, Zenith Bank is one of the top banking or tier 1 brands in Nigeria. In its FY 2018 statement, it reported total assets of 5.60trillion and customers’ deposits of 3.69trillion.