Yemi Adeola retires from Sterling Bank as Suleiman takes over

Yemi Adeola retires from Sterling Bank as Suleiman takes over

Yemi Adeola retires from Sterling Bank as Suleiman takes over

Sterling Bank Plc. (Sterling Bank) today announces that it’s founding Director and long-serving Chief Executive Officer (CEO), Yemi Adeola has notified the Board of Directors of his desire to retire with effect from 1 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.

Yemi’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.

Mr. Asue Ighodalo, Chairman of the Board of Directors, Sterling Bank Plc commented: “In 2008, Yemi was appointed to the role of substantive CEO. Since that appointment, he 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. “Additionally, 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 evidenced by the emergence of the bank as a consolidator in the 2009-2011 cycle despite its modest capital base and distribution footprint at the time, and its continuing success in growing organically thereafter.
“More than anything else, Yemi’s legacy is reflected in the excellent professional reputation of the Bank; the stability of its Board and Management – something rarely seen in merged institutions; and the overall strength of its institutional governance, all of which are achievements that I have no doubt that the new leadership team will build upon and extend even further. “I am equally pleased to welcome Abu into the CEO role.

Over the years, Abu has developed an outstanding strategic and operational track record across all our business areas and great relationships with customers and other stakeholders in key areas of our businesses.” 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 Management towards building on the excellent foundation already in place to deliver superior value for the benefit of all our stakeholders’.

Mr. Yemi Adeola, CEO said: ‘Our Bank has grown materially in all respects over the past decade moving from being a marginal player on the fringes, to an established operator trusted by millions of people today. The achievements highlighted by the Chairman in his remarks have required huge personal sacrifice on the part of many people.

I am extremely grateful to all of them for their support and know that Abu and his team can continue to count on this support in the months and years to come. Ganiyu Obaaro