Corporate governance is more than just putting together a team of men and women to run the affairs of an organization. It is also about bringing together sound minds with varied experiences and skills, and placing in their care the success or otherwise of a firm.
For Nigerian financial institutions, particularly the banks, there is much curiosity about the composition of their board of directors. Note that this curiosity is not just about the competence of the individuals that comprise these boards of directors, but also about the gender representation therein. Recent happenings in the corporate space have shown that no gender has a monopoly on competence.
In this article, we have examined the board composition of top banks listed and trading on the Nigerian Stock Exchange, to understand and illustrate the gender representation in their corporate governance structures.
Access Bank Plc
Access Bank’s board of directors is led by a woman, Dr. Ajoritsedere Awosika, who replaced Mrs. Mosun Belo-Olusoga in January 2020.
According to information obtained from Access Bank’s Q1 unaudited report, the 14-member board of directors has 2 female Executive Directors namely – Ms. Hadiza Ambursa and Mrs. Chizoma Okoli. There are also 3 female Non-Executive Directors — Mrs. Anthonia Olufeyikemi Ogunmefun, Mrs. Ifeyinwa Osime, and Dr. Ajoritsedere Awosika the current board Chairman.
Based on the foregoing, we can see that there is 35.71% female representation on the Access Bank board, as against 64.29% male representation. Although this is not balanced, by all means, the 35.71% female representation is well over the 12% average that seems to be the norm in Nigeria. It is important to also note that Access Bank lost 3 directors with two retiring and one resigning respectively. 2 out of the three were men and resigned March 30th and 31st respectively. This adjusted the gender balance significantly in favour of women. The bank is yet to announce if it will be replacing the board members with women or men.
United Bank for Africa Plc
The United Bank for Africa Plc has 19 members on its board of directors, with Tony Elumelu as Board Chairman. Out of this number, there 4 female Non-Executive Directors namely— Foluke Abdul-Rasaq, Owanari Duke, Erelu Angela Adebayo, and Angela Aneke. This indicates a 21.05% representation.
In addition to this, one has to give this bank credit because a lot of competent females are also seen holding key management positions across the group as you can see below:
The Regional CEOs for West Africa 1 and 2 are women – Abiola Bawuah and Amie Ndiaye Sow. Also, UBA’s operations in New York, Burkina Faso, Gabon, Liberia, and Cote d’Ivoire are headed by female bosses – Adesola Yomi-Ajayi, Noellie Tiendrebeogo, Chioma Mang, Nkechi Arizor and Sarata Kone.
Zenith Bank Plc
Zenith Bank Plc’s board of directors is comprised of 13 members, with only one woman in the mix. This 7.69% female representation appears to be unfair, although one can take solace in the fact that there are females occupying other top management positions in the company.
Note that Dr. Adaora Umeoji is the Deputy Managing Director of Zenith Bank and the only female on the company’s board of directors. Zenith Bank has a total of 51.8% male and 48.2% female out of a total of 5,982.
Stanbic IBTC Holdings Plc
This company’s board of directors is made up of 10 members and led by Basil Omiyi who serves as the Non-Executive Chairman. There are 4 female Non-Executive Directors who are – Ifeoma Esiri, Ngozi Edozien, Nkemdilim Cay Uwaje, and Salamatu Suleiman. This shows 40% female representation and 60% male.
In a similar assessment done in 2016, Stanbic-IBTC Holdings Plc had the highest percentage of women on its board at 42.85% (3 out of 7 members), compared to other banks. Stanbic IBTC has about 2,936 employees with 57.4% male compared to 42.6% female.
FCMB Group Plc
FCMB Group is governed by a board led by the Non-Executive Chairman Oladipupo Jadesimi. Out of the 10 members on this board, there is only one female and her name is Mrs. Olapeju Sofowora. She is a Non-Executive Director.
Note that there is no female Executive Director on the board, and the Chief Executive Officer is male. The current structure on the board shows 10% female representation and 90% male. In terms of employees, out of the total 3,893 strong workforce there are 60% male and 40% female out
FBN Holdings Plc (First Bank)
The 10-member board is led by Dr. Oba Otudeko as Chairman. The female members of the board include Otunba (Mrs ) Debola Osibogun, Cecilia Akintomide OON, and Oluwande Muoyo as Non-Executive Directors and Independent Non-Executive Directors. Note that this is no coincidence as it appears to be in line with FBN’s culture of giving 30% representation to the fairer gender.
It should also be noted that across FBN Holdings’s subsidiaries, women are known to hold key positions. The Chairman of the company’s main subsidiary (i.e., First Bank of Nigeria Ltd) is a vibrant and well-known female boss by the name Ibukun Awosika.
Note, this is the board representation for FBNH, the holding company that includes First Bank Plc.
Union Bank of Nigeria Plc
There are three females and ten males on Union Bank’s board of directors. The women are Mrs. Beatrice Hamza Bassey (the Acting Board Chairman), Mrs. Furera Isma Jumare, and Mrs. Obafunke Alade Adeyefa. This represents just 23.08% female representation on the Union Bank board of directors.
In terms of employees, the bank has 38.8% female workforce as against 61.2% male.
Guaranty Trust Bank Plc
Guaranty Trust Bank Plc is another Nigerian bank that has a woman chairing the board of directors. The 14-member board is headed by Mrs. Osaretin Demuren, with Ms. Imoni Akpofure and Mrs. Victoria Adefala as Non-Executive Directors. Meanwhile, Mrs. Miriam Olusanya serves as an Executive Director on the board. This makes it a total of 4 females compared to 10 males, with the females representing 28.57%.
The bank has a total of 3,509 employees out of which 54.3% are male and 45.7% are female.
Gender distribution across major Nigerian banks
There appears to be an improvement in female appointments in boards of top banks in the country, as they join their male counterparts in the corporate governance world. While the agitation for better representation continues, it is important to bear in mind that the issue is not merely about increasing the numbers but getting the perfect fit for the positions.
NOTE: This article has been updated to maintain consistency in our assumptions. A previous version of this article was published on the 24th of April 2020. Also, note that the information used in the report were obtained from the most recently published financial statements of the banks.
Deap Capital Management & Trust Plc reacts to ‘rumoured’ AMCON takeover
AMCON had dragged the company before a Court in a bid to recover the debt.
Deap Capital Management & Trust Plc has reacted to media reports about the supposed takeover of its assets by the Asset Management Company of Nigeria, AMCON.
In a statement that was signed by the Company Secretary, Yetunde Fashesin-Sousa, Deap Capital admitted that it is indebted to AMCON to the tune of N1.6 billion. It was also confirmed that AMCON owns a 20% equity stake in the fund management firm.
Note that the indebtedness arose after AMCON took over ownership of certain banks. Apparently, these are banks that Deap Capital originally owed. However, following the transfer of the unnamed banks’ assets to AMCON, the debts were also transferred alongside.
Meanwhile, AMCON had dragged the company before the Federal High Court in Lagos in a bid to recover the debt. A ruling on the case, which was delivered on January 28 by the Hon Justice John Terhemba Tsoho, was in AMCON’s favour.
Following the ruling, AMCON began the process of recovering the debt from Deap Capital Management & Trust Plc. The company said it has been cooperating in this regard by working towards repaying the debt.
The company also clarified that the assets that were taken over by AMCON belonged to its former directors whose names were not mentioned. Nairametrics could not verify if these directors are among those who were recently reinstated by the Securities and Exchange Commission, SEC. But we do know that AMCON had obtained a court order to attach the ‘former directors’ assets’ in its attempt to recover the N1.6 billion debt.
In the meantime, Deap Capital Management & Trust Plc said it is committed to resolving its operational challenges, including the recovery of its operational license and profitability issues. The company’s latest earnings report (for its Q1 period ended December 31st, 2019) showed a total income of N1 billion. There was also a N6.3 million loss for the period under review.
Deap Capital’s stock opened today’s trading session on the Nigerian Stock Exchange with a share price of N0.30. Year to date, the stock has declined by some -18%.
How to get creative sector loan from the CBN, Bankers Committee
The bank will then discuss, analyze your request and if successful will disburse the funds.
The Central Bank of Nigeria (CBN), in collaboration with the Bankers’ Committee, has outlined how to get the creative sector loans.
Both parties developed a Creative Industry Financing Initiative (CIFI) as part of efforts to boost job creation in Nigeria, particularly among youths in the country. The initiative has four pillars which include Fashion, Information Technology, Movie and Music.
It would be recalled that last year, the CBN in conjunction with the Bankers’ Committee unveiled the Creative Industry Financing Initiative (CIFI), which was to enable businesses to obtain loans up to the tune of N500 million.
Interested applicants in the creative industry are advised to submit their applications to their banks for approval and subsequent disbursement.
How to benefit from the Creative Industry Financing Initiative (CIFI): The categories of businesses to benefit from this include Fashion, Information Technology, Movie Production, Movie Distribution, Music and Software Engineering Student Loan.
Part of the steps in applying for the loan is to prepare your business plan or statement on how much you want for your business.
You can get a loan of up to:
- N3 million for a Software Engineering Student
- N30 million for a Movie Production business
- N500 million for a Movie Distribution business
- Cover your rental/service fees for Fashion and Information Technology businesses
- Cover your training fees, equipment fees and rental/service fees for Music business
After preparation of the business plan stating how much is needed for the business, applicants are advised to go to any bank of their choice to apply for the loan.
The bank will then discuss, analyze your request and if successful will disburse the funds. It must be noted that the maximum interest rate of 9% per annum (all charges inclusive) is applicable to all loans.
The period for the repayment of the loan in the different categories are:
- For Software Engineering Student Loan, it is a maximum of 3 years
- For Movie Production and Distribution, it is a maximum of 10 years
- For Fashion, Information Technology (IT) and Music, it is a maximum of 10 years.
For more information, you can visit www.cbn.gov.ng
COVID-19 Update in Nigeria
On the 12th of July 2020, 571 new confirmed cases and 16 deaths were recorded in Nigeria.
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increase as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 32,558 confirmed cases.
On the 12th of July 2020, 571 new confirmed cases and 16 deaths were recorded in Nigeria, having carried out a total daily test of 2,973 samples across the country.
To date, 32,558 cases have been confirmed, 13,447 cases have been discharged and 740 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 181,248 tests have been carried out as of July 12th, 2020 compared to 178,265 tests a day earlier.
COVID-19 Case Updates- 12th July 2020,
- Total Number of Cases – 32,558
- Total Number Discharged – 13,447
- Total Deaths – 740
- Total Tests Carried out – 1781,248
According to the NCDC, the 571 new cases were reported from 20 states- Lagos (152), Ebonyi (108), Edo (53), Ondo (46), FCT (38), Oyo (20), Kwara (19), Plateau (17), Osun (14), Bayelsa (14), Ekiti (14), Katsina (14), Akwa Ibom (11), Kaduna (11), Rivers (11), Niger (10), Ogun (7), Kano (6), Cross River (4), Bauchi (2).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 12,427, followed by Abuja (2,576), Edo (1,731). Oyo (1,726), RIvers (1,368), Delta (1,359), Kano (1,309), Ogun (1,087), Kaduna (989), Ondo (716), Katsina (669), Ebonyi (616), Borno (586), Plateau (533), Gombe (530), Bauchi (521), Enugu (476), Abia (405), Imo (386), Kwara (330).
Jigawa state has recorded 321 cases, Bayelsa (313), Osun (245), Nasarawa (244), Sokoto (153), Akwa Ibom and Niger (135), Benue (121), Adamawa (110), Anambra (93), Kebbi (86), Zamfara (76), Ekiti (63), Yobe (62), Taraba (27), Cross River (9) while Kogi state has recorded 5 cases only.
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020.
|Date||Confirmed case||New cases||Total deaths||New deaths||Total recovery||Active cases||Critical cases|
|July 12, 2020||32558||571||740||16||13447||18371||7|
|July 11, 2020||31987||664||724||15||13103||18160||7|
|July 10, 2020||31323||575||709||20||12795||17819||7|
|July 9, 2020||30748||499||689||5||12546||17513||7|
|July 8, 2020||30249||460||684||15||12373||17192||7|
|July 7, 2020||29789||503||669||15||12108||17012||7|
|July 6, 2020||29286||575||654||9||11828||16804||7|
|July 5, 2020||28711||544||645||11||11665||16401||7|
|July 4, 2020||28167||603||634||6||11462||16071||7|
|July 3, 2020||27564||454||628||12||11069||15867||7|
|July 2, 2020||27110||626||616||13||10801||15693||7|
|July 1, 2020||26484||790||603||13||10152||15729||7|
|June 30, 2020||25694||561||590||17||9746||15358||7|
|June 29, 2020||25133||566||573||8||9402||15158||7|
|June 28, 2020||24867||490||565||7||9007||14995||7|
|June 27, 2020||24077||779||558||4||8625||14894||7|
|June 26, 2020||23298||684||554||5||8253||14491||7|
|June 25, 2020||22614||594||549||7||7822||14243||7|
|June 24, 2020||22020||649||542||9||7613||13865||7|
|June 23, 2020||21371||452||533||8||7338||13500||7|
|June 22, 2020||20919||675||525||7||7109||13285||7|
|June 21, 2020||20242||436||518||12||6879||12847||7|
|June 20, 2020||19808||661||506||19||6718||12584||7|
|June 19, 2020||19147||667||487||12||6581||12079||7|
|June 18, 2020||18480||745||475||6||6307||11698||7|
|June 17, 2020||17735||587||469||14||5967||11299||7|
|June 16, 2020||17148||490||455||31||5623||11070||7|
|June 15, 2020||16658||573||424||4||5349||10885||7|
|June 14, 2020||16085||403||420||13||5220||10445||7|
|June 13, 2020||15682||501||407||8||5101||10174||7|
|June 12, 2020||15181||627||399||12||4891||9891||7|
|June 11, 2020||14554||681||387||5||4494||9673||7|
|June 10, 2020||13873||409||382||17||4351||9140||7|
|June 9, 2020||13464||663||365||4||4206||8893||7|
|June 8, 2020||12801||315||361||7||4040||8400||7|
|June 7, 2020||12486||260||354||12||3959||8173||7|
|June 6, 2020||12233||389||342||9||3826||8065||7|
|June 5, 2020||11844||328||333||10||3696||7815||7|
|June 4, 2020||11516||350||323||8||3535||7646||7|
|June 3, 2020||11166||348||315||1||3329||7522||7|
|June 2, 2020||10819||241||314||15||3239||7266||7|
|June 1, 2020||10578||416||299||12||3122||7157||9|
|May 31, 2020||10162||307||287||14||3007||6868||7|
|May 30, 2020||9855||553||273||12||2856||6726||7|
|May 29, 2020||9302||387||261||2||2697||6344||7|
|May 28, 2020||8915||182||259||5||2592||6064||7|
|May 27, 2020||8733||389||254||5||2501||5978||7|
|May 26, 2020||8344||276||249||16||2385||5710||7|
|May 25, 2020||8068||229||233||7||2311||5524||7|
|May 24, 2020||7839||313||226||5||2263||5360||7|
|May 23, 2020||7526||265||221||0||2174||5131||7|
|May 22, 2020||7261||245||221||10||2007||5033||7|
|May 21, 2020||7016||339||211||11||1907||4898||7|
|May 20, 2020||6677||284||200||8||1840||4637||7|
|May 19, 2020||6401||226||192||1||1734||4475||7|
|May 18, 2020||6175||216||191||9||1644||4340||7|
|May 17, 2020||5959||388||182||6||1594||4183||7|
|May 16, 2020||5621||176||176||5||1472||3973||7|
|May 15, 2020||5445||288||171||3||1320||3954||4|
|May 14, 2020||5162||193||168||3||1180||3815||4|
|May 13, 2020||4971||184||164||6||1070||3737||4|
|May 12, 2020||4787||146||158||6||959||3670||4|
|May 11, 2020||4641||242||152||10||902||3589||4|
|May 10, 2020||4399||248||142||17||778||3479||4|
|May 9, 2020||4151||239||127||11||745||3278||4|
|May 8, 2020||3912||386||118||10||679||3115||4|
|May 7, 2020||3526||381||108||4||601||2818||4|
|May 6, 2020||3145||195||104||5||534||2507||1|
|May 5, 2020||2950||148||99||5||481||2370||4|
|May 4, 2020||2802||245||94||6||417||2291||2|
|May 3, 2020||2558||170||88||2||400||2070||2|
|May 2, 2020||2388||220||86||17||351||1952||2|
|May 1, 2020||2170||238||69||10||351||1751||2|
|April 30, 2020||1932||204||59||7||317||1556||2|
|April 29, 2020||1728||196||52||7||307||1369||2|
|April 28, 2020||1532||195||45||4||255||1232||2|
|April 27, 2020||1337||64||41||0||255||994||2|
|April 26, 2020||1273||91||41||5||239||994||2|
|April 25, 2020||1182||87||36||3||222||925||2|
|April 24, 2020||1095||114||33||1||208||855||2|
|April 23, 2020||981||108||32||3||197||753||2|
|April 22, 2020||873||91||29||3||197||648||2|
|April 21, 2020||782||117||26||3||197||560||2|
|April 20, 2020||665||38||23||1||188||466||2|
|April 19, 2020||627||86||22||2||170||436||2|
|April 18, 2020||541||48||20||2||166||356||2|
|April 17, 2020||493||51||18||4||159||317||2|
|April 16, 2020||442||35||13||1||152||277||2|
|April 15, 2020||407||34||12||1||128||267||2|
|April 14, 2020||373||30||11||1||99||263||2|
|April 13, 2020||343||20||10||0||91||242||2|
|April 12, 2020||323||5||10||0||85||228||2|
|April 11, 2020||318||13||10||3||70||238||2|
|April 10, 2020||305||17||7||0||58||240||2|
|April 9, 2020||288||14||7||1||51||230||2|
|April 8, 2020||274||22||6||0||44||226||2|
|April 7, 2020||254||16||6||1||44||204||2|
|April 6, 2020||238||6||5||0||35||198||2|
|April 5, 2020||232||18||5||1||33||194||2|
|April 4, 2020||214||5||4||0||25||185||0|
|April 3, 2020||209||25||4||2||25||180||0|
|April 2, 2020||184||10||2||0||20||162||0|
|April 1, 2020||174||35||2||0||9||163||0|
|March 31, 2020||139||8||2||0||9||128||0|
|March 30, 2020||131||20||2||1||8||121||0|
|March 29, 2020||111||22||1||0||3||107||0|
|March 28, 2020||89||19||1||0||3||85||0|
|March 27, 2020||70||5||1||0||3||66||0|
|March 26, 2020||65||14||1||0||2||62||0|
|March 25, 2020||51||7||1||0||2||48||0|
|March 24, 2020||44||4||1||0||2||41||0|
|March 23, 2020||40||10||1||1||2||37||0|
|March 22, 2020||30||8||0||0||2||28||0|
|March 21, 2020||22||10||0||0||1||21||0|
|March 20, 2020||12||4||0||0||1||11||0|
|March 19, 2020||8||0||0||0||1||7||0|
|March 18, 2020||8||5||0||0||1||7||0|
|March 17, 2020||3||1||0||0||0||3||0|
|March 16, 2020||2||0||0||0||0||2||0|
|March 15, 2020||2||0||0||0||0||2||0|
|March 14, 2020||2||0||0||0||0||2||0|
|March 13, 2020||2||0||0||0||0||2||0|
|March 12, 2020||2||0||0||0||0||2||0|
|March 11, 2020||2||0||0||0||0||2||0|
|March 10, 2020||2||0||0||0||0||2||0|
|March 9, 2020||2||1||0||0||0||2||0|
|March 8, 2020||1||0||0||0||0||1||0|
|March 7, 2020||1||0||0||0||0||1||0|
|March 6, 2020||1||0||0||0||0||1||0|
|March 5, 2020||1||0||0||0||0||1||0|
|March 4, 2020||1||0||0||0||0||1||0|
|March 3, 2020||1||0||0||0||0||1||0|
|March 2, 2020||1||0||0||0||0||1||0|
|March 1, 2020||1||0||0||0||0||1||0|
|February 29, 2020||1||0||0||0||0||1||0|
|February 28, 2020||1||1||0||0||0||1||0|