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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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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.

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.

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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.

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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.

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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


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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.

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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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AfCFTA: Nigeria securing approval to ratify agreement – Trade Minister

The Minister revealed that Nigeria has set up a National Action Committee on AfCFTA.



AfCFTA: Nigeria securing approval to ratify agreement- Trade Minister, FG meets group to access AfCFTA's $650 billion market, UNIDO’s $60m investment programme to boost Nigeria’s industrialisation - FG, FG to strengthen economic ties with Turkey, FG moves to facilitate tax incentives for SMEs, Made-in-Nigeria vehicles gulp N364 billion from FG

Minister of Trade, Niyi Adebayo said Nigeria is currently in the process of securing approval to ratify the African Continental Free Trade Area (AfCFTA) agreement soon.

The Minister disclosed this during a meeting with the Secretary-General of the African Continental Free Trade Area(AfCFTA), Mene Wamkele on Monday.

Recall that Nairametrics reported last week Mr. Adebayo said that Nigeria is actively working to attract more foreign direct investments into key industries to meet the demands of the African Continental Free Trade Area (AfCFTA).

“As we gear up to meet the demands of the enlarged continental market which will be fostered by AfCFTA, we are actively working to attract more foreign direct investments into key industries,” the Minister said.

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In today’s meeting, The Minister told the delegation that Nigeria has set up a National Action Committee on AfCFTA, which would implement Nigeria’s roll-out strategy in a bid to take advantage of the agreement. He added, “Nigeria is currently in the process of securing approval to ratify the agreement within the shortest possible time”.

The African Union announced in August that the first commercial deal of AfCFTA will be taking off on January 1, 2021.

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FG inaugurates Committee on the Commercialization of the Nigeria Film Corporation

The Minister said that the FG is repositioning the NFC for effective service delivery.



FG increases hate speech fine from N500,000 to N5 million, moves against monopoly and antitrust, Coronavirus, covid-19, Minister of information briefing

The Federal Government inaugurated a Steering Committee on the Commercialization of the Nigeria Film Corporation (NFC), with the aim of making Nigeria’s film industry a continental entertainment power.

This inauguration was performed by the Minister of Information and Culture, Alhaji Lai Mohammed in Abuja on Monday. The Minister added that the FG is repositioning the NFC for effective service delivery.

“What we are doing today is to simply reposition the NFC in a manner that will enable it to play the role statutorily assigned to it,” he said.

The Minister added that Nigeria’s film industry is a major boost for Nigerian soft power and entertainment, citing the need for repositioning by the FG as a means to enable effective service delivery for the film industry to grow.

The Minister added that Nigeria lags behind her film making counterparts in the film production value chain, citing Nigeria’s 142 movie theaters compared to 782 in South Africa and 11,209 in India and many others. He urged state governments to invest a part of their infrastructure budgets for the entertainment industry as a means to generate jobs and grow the GDP.

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“It is important to appeal, especially to our state governments, to invest in infrastructure in the industry. I don’t think it will be too much for the state governments to ensure they build at least one cinema house in each local government area of their state. That will give us additional 774 cinema houses, ” he said.

The Minister added that the role of the NFC is to regulate Nigeria’s film industry and organise professional practice in the sector and also addressed challenges facing the NFC like the inability to produce its own films for commercial purposes due to the law establishing the Corporation limits on its operational functions.

Lai Mohammed said the NFC will be repositioned as the FG has engaged the services of a Business Development Consultant to conduct due diligence on the corporation and the sector and recommend a strategy that is suitable for its reform and commercialization.

“Dear members of the SC, your appointment into this committee comes with huge trust and belief in your ability and capacity to make this reform happen. I therefore urge you to consider this a critical national assignment that requires unflinching commitment and zeal,” he stated.

The members of the Steering Committee are: Honourable Minister, Federal Ministry of Information and Culture, Alhaji Mohammed as Chairman; Permanent Secretary, Federal Ministry of Information and Culture, Deaconess Grace Isu-Gekpe; Director-General, BPE, Mr. Alex Okoh; Managing Director, NFC, Dr. Chidia Maduekwe, and Director, Industries and Communications, BPE, Abdullahi Dikko, as Secretary.

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Company Results

Briscoe Motors: Pioneer dealer of Toyota automobile in Nigeria suffers N1.27billion loss

The Auto dealer has a working capital deficit of N14.76bn, driven by a bank overdraft of N15.76bn 



Pioneer dealer of Toyota automobile in Nigeria suffers a N1.27bn loss

Briscoe Motors has sent its audited financial results to the Nigerian Stock Exchange. The results revealed that the auto dealer suffered a loss of N1.27 bn in 2019. 

According to the report released by the exchange today, the company’s performance is an improvement, when compared with thN2.18bn loss, the company reported in 2018. 


  • Revenue increased by 33.9% 
  • Cost of sales increased 41.8% 
  • Operating profit increased by 94.5% 
  • Finance costs decreased by 37.3% 
  • Loss for the year decreased by 41.7% 

cursory view of R.T. Briscoe’s performance, revealed that revenue increased from N5.18bn in 2018 to N6.94bn in 2019. This increase was driven by the improvement in the dealer’s core business segment, as the proceeds from the sale of Motor vehicle and accessories in 2019, rose by 59.7%. 

This improvement in revenue is a consequence of the board’s decision in 2017, to return the company back to profitability, with avid steps taken to restructure the business for greater efficiency and economic rewards, via a strategic positioning of the company’s business segment to customers. This has helped the core business segment of Briscoe in recent years. 

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Despite this improvement, it is noteworthy that the 61% increase in the cost, coming from the company’s activities in the Motor vehicle and accessories segment, continue to pressure the growth prospect of the dealer. 

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In like manners, the rising cost of sales from this segment was compounded by a N1.45 billion finance cost, which the company incurred during the year, as the company is aggressively geared with bank overdraft of N15.76bn, representing 86% of the total liabilities of the company. 

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With recoverability of the trade and other receivables of the company long overdue, the Toyota Automobile dealer is exposed to credit risk, as trade and other receivables accounted for 31% of the total assets value of N8.914bn. 

Key issues facing the company  

It is noteworthy that the auto dealer has a massive working capital deficit of N14.76bn, driven by a current debt of N15.76bn.  

With bank overdraft and other debt unpaid, the company faces penalty charges by banks and court litigations. All these issues have led to winding-up cases of the company, from the banks and other creditors. 

As a result of both current and previous losses incurred over the years, the shareholders’ fund has been completely eroded, to the tune of N9.5bn and N9.9bn deficit for the group and company respectively, as at December 2019. The widespread vulnerability in the company’s book has cast doubts on the goingconcern of the company. 

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