Sterling Holdings appoints Jaiyeola, Ikwudinma as Sterling Bank’s directors

Sterling Financial Holdings Company Plc has appointed two independent non-executive directors, Laoye Jaiyeola and Chinedu Ikwudinma, to the board of Sterling Bank Ltd, a subsidiary of the company.

The appointments were announced in a regulatory filing signed by Sunny Kanabe, the company secretary, on Wednesday, which noted that the Central Bank of Nigeria has approved them.

The company also disclosed the retirement of the bank’s directors following the expiration of their respective tenures.

The directors are Michael Ajukwu, who is retiring as an Independent Non-Executive Director; Olusola Oworu, who is retiring as an Independent Non-Executive Director; and Olaitan Kajero, who is retiring as a Non-Executive Director.

Also, Tunde Adeola is retiring as an Executive Director of the bank upon reaching the prescribed retirement age for Executive Directors.

“The Board expresses its sincere appreciation to the retiring Directors for their dedication, leadership and valuable contributions to the growth of the Bank and wishes them continued success in all their future endeavours,” the company said.

Profiles, Laoye Jaiyeola

Mr Jaiyeola’s appointment as an Independent Non-Executive Director of Sterling Bank Ltd will be effective from 17 August.

He is a seasoned board leader, financial strategist and policy advocate with over 35 years of experience spanning financial services, corporate governance and public policy in Nigeria. He is the Founder and Pro-Chancellor of Hillside University of Science and Technology (HUST).

Mr Jaiyeola has held key leadership positions in the financial sector that have strengthened Nigeria’s banking and capital markets.

He served as Managing Director and Chief Executive Officer of Kakawa Discount House Limited (now Quest Merchant Bank), where he contributed to the development and stability of Nigeria’s financial markets.

Before joining Kakawa Discount House, Mr Jaiyeola spent nearly two decades with the Central Bank of Nigeria, where he held various positions.

He has also held several prominent leadership and board positions, including President of the Chartered Institute of Bankers of Nigeria (CIBN) and Chief Executive Officer of the Nigerian Economic Summit Group (NESG), where he contributed to policy dialogue and initiatives to improve Nigeria’s business environment.

He currently sits on the Board of FMDQ Group Plc, the NESG Advisory Board and the Policy Innovation Centre.

Mr Jaiyeola holds a Bachelor’s degree in Economics from Obafemi Awolowo University, a Master’s degree in Banking and Finance from the University of Lagos, and an MBA from Bangor University.

He is a Fellow of the Institute of Chartered Accountants of Nigeria, the Chartered Institute of Bankers of Nigeria and the Chartered Institute of Directors, as well as a Chartered Member of the Chartered Banker Institute, Scotland.

He is also a Senior Executive Fellow of Harvard Kennedy School.

Chinedu Ikwudinma

Chinedu Ikwudinma was also appointed as an Independent Non-Executive Director of Sterling Bank Ltd, effective 20 August.

Mr Ikwudinma possesses over three decades of international banking and financial services experience, with expertise spanning risk management, corporate and investment banking, commercial banking, transaction banking, strategic leadership and governance across African and global markets.

He recently served as Group Chief Risk Officer of Ecobank Transnational Incorporated, with enterprise-wide responsibility for risk management and internal controls across the Group’s banking affiliates and other non-bank financial entities.

He previously served as Group Chief Credit Officer, where he played a key role in maintaining strong asset quality and risk management standards.

Before his time at Ecobank, Mr Ikwudinma spent over two decades with Citibank, holding senior leadership positions across Nigeria, Zambia and Uganda.

He served as Managing Director and CEO of Citibank Uganda and as an Executive Director and Country Risk Manager for Citibank Nigeria, overseeing a multibillion-dollar credit portfolio.

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He also held senior roles in corporate and investment banking, commercial banking and regional business management.

Mr Ikwudinma was the pioneer Managing Director of Nova Merchant Bank Limited. He currently serves as the Chairman of CS&C Associates Limited.

He holds a Bachelor of Engineering (Civil Engineering) degree from the University of Nigeria, Nsukka; an M.Sc. in Structural Engineering and an MBA in Finance from the University of Lagos; and a Diploma in French from Alliance Française, Paris, through its Lagos programme.

Mr Ikwudinma is a Fellow of the Nigerian Institute of Credit Administration (FICA) and a Member of the Institute of Directors (MIoD).

Sterling Financial Holdings Company Plc is a leading Nigerian financial services group committed to enriching lives through innovation and impact.

Its portfolio includes Sterling Bank Limited, The Alternative Bank Limited, and SterlingFI Wealth Management, among other businesses.