Sterling Financial Holdings Company Plc has named two new independent non-executive directors, Laoye Jaiyeola and Chinedu Ikwudinma, to the board of Sterling Bank Ltd, which is part of the company.
The announcement came in a regulatory filing signed by Sunny Kanabe, the company secretary, on Wednesday. The filing also mentioned that the Central Bank of Nigeria has given its approval for these appointments.
The company also announced the retirement of some directors from the bank due to the end of their terms.
The retiring directors include Michael Ajukwu, who is stepping down as an Independent Non-Executive Director, Olusola Oworu, who is also retiring as an Independent Non-Executive Director, and Olaitan Kajero, who is leaving as a Non-Executive Director.
Additionally, Tunde Adeola is retiring as an Executive Director after reaching the official retirement age for that position.
“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 stated.
Laoye Jaiyeola’s role as an Independent Non-Executive Director of Sterling Bank Ltd will start on 17 August.
He brings over 35 years of experience in financial services, corporate governance and public policy in Nigeria. He is the Founder and Pro-Chancellor of Hillside University of Science and Technology (HUST).
Jaiyeola has held important positions in the financial sector, helping to strengthen Nigeria’s banking and capital markets.
He was the Managing Director and Chief Executive Officer of Kakawa Discount House Limited, which is now known as Quest Merchant Bank. He played a role in developing and stabilizing Nigeria’s financial markets.
Before working at Kakawa Discount House, Jaiyeola spent almost 20 years at the Central Bank of Nigeria, where he held various roles.
He has also been the President of the Chartered Institute of Bankers of Nigeria (CIBN) and Chief Executive Officer of the Nigerian Economic Summit Group (NESG), where he worked on policies to improve Nigeria’s business environment.
He is currently on the Board of FMDQ Group Plc, the NESG Advisory Board, and the Policy Innovation Centre.
Jaiyeola has a Bachelor's degree in Economics from Obafemi Awolowo University and a Master's degree in Banking and Finance from the University of Lagos. He also holds 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. He is also a Chartered Member of the Chartered Banker Institute in Scotland and a Senior Executive Fellow of Harvard Kennedy School.
Chinedu Ikwudinma was also appointed as an Independent Non-Executive Director of Sterling Bank Ltd, starting on 20 August.
He has more than 30 years of experience in international banking and financial services. His expertise includes risk management, corporate and investment banking, commercial banking, transaction banking, and governance across African and global markets.
Ikwudinma recently worked as the Group Chief Risk Officer at Ecobank Transnational Incorporated, where he was responsible for risk management and internal controls across the Group’s banking and financial services.
Before that, he was the Group Chief Credit Officer, where he helped maintain strong asset quality and risk management standards.
Ikwudinma spent over 20 years at Citibank, holding senior positions in Nigeria, Zambia, and Uganda. He was the Managing Director and CEO of Citibank Uganda and the Executive Director and Country Risk Manager for Citibank Nigeria, where he managed a multi-billion-dollar credit portfolio.
He also held senior roles in corporate and investment banking, commercial banking, and regional business management.
Ikwudinma was the first Managing Director of Nova Merchant Bank Limited and is currently the Chairman of CS&C Associates Limited.
He has a Bachelor of Engineering degree from the University of Nigeria, Nsukka. He also has an M.Sc. in Structural Engineering and an MBA in Finance from the University of Lagos, along with a Diploma in French from Alliance Française, Paris, through its Lagos programme.
Ikwudinma is a Fellow of the Nigerian Institute of Credit Administration and a Member of the Institute of Directors.
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