Suleiman takes over as Sterling Bank CEO, Adeola retired

Sterling Bank Plc has announced that its founding director and longserving 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, currently the executive director, Finance and Strategy, a post he has held since May 2012.

According to a statement, Yemi’s banking career started in then Nigeria International Bank Ltd now Citibank Nigeria Limited in 1988 where he served in various capacities and rose to the position of executive director in 1998. He was one of the youngest officers and indeed one of the first Nigerians 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 of the bank’s legacy component, Trust Bank of Africa Limited.

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.”

Adeola said Abubakar’s appointment is a result of a rigorous and wide-reaching process conducted as part of our succession planning and we look forward to him leading our bank through the next stage of its development. The appointment has already received all mandatory regulatory approvals.