The current Executive Director, Finance & Strategy, of Sterling Bank Plc, Mr.Abubakar Suleiman, has been named the CEO-designate to replace Mr. Yemi Adeola, the incumbent Managing Director , who retires from the bank next April.
A statement from the bank said, Adeola, who is one of the founding Directors and long-serving CEO of the bank, has notified the Board of his desire to retire with effect from April 2018 after over 14 years of service on the Board. He will be succeeded by Abubakar Suleiman (Abu), currently Executive Director, Finance & Strategy, a role Abu has served in since May 2012
Adeola’s banking career started in the then Nigeria International Bank Ltd now Citibank Nigeria Ltd in 1988 where he served in various capacities and rose to the position of Executive Director in 1998, one of the youngest officers and indeed one of the first Nigerian nationals to be appointed in that capacity with the Citigroup Inc’s Nigeria unit between February 1998 and May 2003. In July 2003, Yemi became the Deputy Managing Director ‘DMD’ of our legacy component, Trust Bank of Africa Limited. He was instrumental to the formation of Sterling Bank in 2006, served as Integration Director in the immediate post-merger phase and up until 2007 as Executive Director covering Commercial & Institutional Banking and later Corporate Banking prior to becoming CEO.
Reacting to his appointment, Suleiman said: “I am deeply humbled but delighted to be stepping into the CEO role at this time. Over the past decade under Yemi, our share of the banking market has grown significantly, and our brand has become established in the marketplace. I look forward to working with the Board and my colleagues in the management towards building on the excellent foundation already in place to deliver superior value for the benefit of all our stakeholders”.
Mr. Asue Ighodalo, Chairman of the bank praised Adeola for growing the bank from the 23rd ranked bank to top half of the domestic market.