Mr Olatunji Mayaki has been appointed as the Chairman of the board of Sterling Bank Limited, replacing Mr Asue Ighodalo, who intends to become the next Governor of Edo through the Peoples Democratic Party (PDP).
He resigned from the bank from Sunday, December 31, 2023.
A statement signed by the Company Secretary, Ms Temitayo Adegoke, disclosed that the new chairman would assume the role from Monday, January 1, 2024. He assumes the board’s leadership after serving as a non-executive director.
“The resignation of our erstwhile Chairman is in line with the best corporate governance practices as Mr Ighodalo has offered himself for public service,” the statement said.
“Mr Mayaki takes on the leadership of the board to continue the progressive growth and lead the bank onto even greater success,” it added
His extensive background spans the practice of Law with the firm formerly known as Ajumogobia, Okeke, Aluko & Oyebode. He further served as the pioneer Vice President Legal & Compliance of ARM Limited, Country Head of Legal and Group Company Secretary for all Shell Petroleum companies in Nigeria, and Deputy Managing Director of Addax Petroleum Nigeria.
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Mr Mayaki sits on the governing council of a Nigerian private university, Davidson, and a UK-based NGO and charitable organisation, Chestrad, from where he has championed the establishment of several programs in Nigeria to support health systems, social development, women and the girl child.
An alumnus of the prestigious University of Ibadan, as well as Harvard and INSEAD business schools, Mr Mayaki’s background in Law, Finance and Investment and overall career experience further strengthens the bank’s dedication to strong corporate governance.
In recent times, Sterling Bank has enhanced its focus on innovation and digitization, introducing specialized products such as Specta, The Business Hub, OneBank, Qore, Edubanc, HealthBanc, and Omni X, tailored to the unique needs of the Nigerian market.
Furthermore, the Bank has forged a partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to develop the real sector of the Nigerian economy with single-digit low-interest loans to SMEs, starting with a N5 billion scheme.
Renowned for its now famous HEART of Sterling strategy; which focuses on investments in Health, Education, Agriculture, Renewable Energy and Transportation; the bank featured on the prestigious top 100 fastest growing companies in Africa, as published by Financial Times all in 2023.
With its optimism about Nigeria, irreverent brand voice and enviable talent management practices, Sterling Bank has been the most recognised awardee of the Great Place to Work Institute over the last 5 years and was named earlier this year as the Overall Best Place to Work in Nigeria.