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Updated: Gender Balance, looking at the board composition of top banks on the NSE

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.



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.

Gender Composition of Quoted Banks in percentages.


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(READ MORE: NSE hosts first-ever digital closing gong ceremony)

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.

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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.

Access Bank gets a new Chairman as Mosun Belo-Olusoga steps down, Ajoritsedere, Men vs Women: Looking at the board composition of the top banks on the NSE

Dr Ajoritsedere Awosika

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.

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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.

(READ MORE: NSE promotes gold as a viable option in the current investment landscape)


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.


(READ MORE: NSE launches Growth Board to attract SMEs with growth potentials)

Men vs Women: Looking at the board composition of the top banks on the NSE

Dr. Adaora Umeoji

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.

(READ MORE: Focus on private sector response to COVID-19 pandemic in Africa)

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

(READ MORE: Pick and mix in Nigeria’s response to coronavirus – FBNQuest)

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.

(READ MORE: These three directors were recently “removed” from Trans-Nationwide’s board)

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.

Osaretin Demuren, Chairman of GTBank

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.

(READ MORE: COVID19 Response: Leadway Assurance commits N135 million in PPE equipment, test kits, foodstuff)

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. 


Ruth Okwumbu has a MSc. and BSc. in Mass Communication from the University of Nigeria, Nsukka, and Delta state university respectively. Prior to her role as analyst at Nairametrics, she had a progressive six year writing career. As a Business Analyst with Narametrics, she focuses on profiles of top business executives, founders, startups and the drama surrounding their successes and challenges. You may contact her via [email protected]

1 Comment

1 Comment

  1. Chukwudi Joseph

    April 24, 2020 at 2:29 pm

    Dear Team, Access bank has Hadiza Ambursa as a Director even as at 2019 FY.
    Kindly check and correct except youre referring to NED’s

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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

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.

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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%.

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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.



How to get creative sector loan from the CBN, Bankers Committee

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.

READ MORE: CBN to boost creative industry with N22 billion 

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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:

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  • 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:

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  • 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

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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).

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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.


READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

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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.

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READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

DateConfirmed caseNew casesTotal deathsNew deathsTotal recoveryActive casesCritical cases
July 12, 2020325585717401613447183717
July 11, 2020319876647241513103181607
July 10, 2020313235757092012795178197
July 9, 202030748499689512546175137
July 8, 2020302494606841512373171927
July 7, 2020297895036691512108170127
July 6, 202029286575654911828168047
July 5, 2020287115446451111665164017
July 4, 202028167603634611462160717
July 3, 2020275644546281211069158677
July 2, 2020271106266161310801156937
July 1, 2020264847906031310152157297
June 30, 202025694561590179746153587
June 29, 20202513356657389402151587
June 28, 20202486749056579007149957
June 27, 20202407777955848625148947
June 26, 20202329868455458253144917
June 25, 20202261459454977822142437
June 24, 20202202064954297613138657
June 23, 20202137145253387338135007
June 22, 20202091967552577109132857
June 21, 202020242436518126879128477
June 20, 202019808661506196718125847
June 19, 202019147667487126581120797
June 18, 20201848074547566307116987
June 17, 202017735587469145967112997
June 16, 202017148490455315623110707
June 15, 20201665857342445349108857
June 14, 202016085403420135220104457
June 13, 20201568250140785101101747
June 12, 20201518162739912489198917
June 11, 2020145546813875449496737
June 10, 20201387340938217435191407
June 9, 2020134646633654420688937
June 8, 2020128013153617404084007
June 7, 20201248626035412395981737
June 6, 2020122333893429382680657
June 5, 20201184432833310369678157
June 4, 2020115163503238353576467
June 3, 2020111663483151332975227
June 2, 20201081924131415323972667
June 1, 20201057841629912312271579
May 31, 20201016230728714300768687
May 30, 2020985555327312285667267
May 29, 202093023872612269763447
May 28, 202089151822595259260647
May 27, 202087333892545250159787
May 26, 2020834427624916238557107
May 25, 202080682292337231155247
May 24, 202078393132265226353607
May 23, 202075262652210217451317
May 22, 2020726124522110200750337
May 21, 2020701633921111190748987
May 20, 202066772842008184046377
May 19, 202064012261921173444757
May 18, 202061752161919164443407
May 17, 202059593881826159441837
May 16, 202056211761765147239737
May 15, 202054452881713132039544
May 14, 202051621931683118038154
May 13, 202049711841646107037374
May 12, 20204787146158695936704
May 11, 202046412421521090235894
May 10, 202043992481421777834794
May 9, 202041512391271174532784
May 8, 202039123861181067931154
May 7, 20203526381108460128184
May 6, 20203145195104553425071
May 5, 2020295014899548123704
May 4, 2020280224594641722912
May 3, 2020255817088240020702
May 2, 20202388220861735119522
May 1, 20202170238691035117512
April 30, 2020193220459731715562
April 29, 2020172819652730713692
April 28, 2020153219545425512322
April 27, 20201337644102559942
April 26, 20201273914152399942
April 25, 20201182873632229252
April 24, 202010951143312088552
April 23, 20209811083231977532
April 22, 2020873912931976482
April 21, 20207821172631975602
April 20, 2020665382311884662
April 19, 2020627862221704362
April 18, 2020541482021663562
April 17, 2020493511841593172
April 16, 2020442351311522772
April 15, 2020407341211282672
April 14, 202037330111992632
April 13, 202034320100912422
April 12, 20203235100852282
April 11, 202031813103702382
April 10, 20203051770582402
April 9, 20202881471512302
April 8, 20202742260442262
April 7, 20202541661442042
April 6, 2020238650351982
April 5, 20202321851331942
April 4, 2020214540251850
April 3, 20202092542251800
April 2, 20201841020201620
April 1, 2020174352091630
March 31, 202013982091280
March 30, 2020131202181210
March 29, 2020111221031070
March 28, 20208919103850
March 27, 2020705103660
March 26, 20206514102620
March 25, 2020517102480
March 24, 2020444102410
March 23, 20204010112370
March 22, 2020308002280
March 21, 20202210001210
March 20, 2020124001110
March 19, 20208000170
March 18, 20208500170
March 17, 20203100030
March 16, 20202000020
March 15, 20202000020
March 14, 20202000020
March 13, 20202000020
March 12, 20202000020
March 11, 20202000020
March 10, 20202000020
March 9, 20202100020
March 8, 20201000010
March 7, 20201000010
March 6, 20201000010
March 5, 20201000010
March 4, 20201000010
March 3, 20201000010
March 2, 20201000010
March 1, 20201000010
February 29, 20201000010
February 28, 20201100010

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