Sterling Bank MD retires, as Suleiman takes over
The founding Managing Director and Chief Executive Officer (CEO) of Sterling Bank Plc, Yemi Adeola, has announced his retirement.Adeola notified the Board of Directors that he would retire by April 1, 2018, after over 14 years of service at that level.
Meanwhile, Abubakar Suleiman, who is currently the Executive Director, Finance and Strategy, would succeed him.Suleiman had served in that capacity since May 2012,
Adeola’s banking career started in the then Nigeria International Bank Limited, now Citibank Nigeria in 1988.He served in various capacities and rose to the position of Executive Director in 1998.He was one of the first Nigerians to be appointed in that capacity with the Citigroup’s Nigeria unit between February 1998 and May 2003.
In July 2003, he became the Deputy Managing Director of Sterling Bank’s legacy component- Trust Bank of Africa Limited and was instrumental to the formation of Sterling Bank in 2006.
He served as Integration Director in the immediate post-merger phase and up until 2007 as Executive Director, covering commercial and institutional banking.
According to the chairman of the bank, Asue Ighodalo: “Yemi has overseen a period of strong growth in market share and profitability with the institution moving from the 23rd ranked bank, measured by assets, to the top half of the domestic banking market.
“Yemi and his team have navigated multiple economic and banking credit cycles with great skill, sound judgment and outstanding professionalism.“Often thriving in the most difficult conditions as evidenced by the emergence of the bank as a consolidator in the 2009-2011 cycle.
This was despite its modest capital base and distribution footprint at the time, and its continuing success in growing organically thereafter.”
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