Nigeria: Sterling Bank Appoints Olatunji Mayaki as New Board Chairman

Sterling Bank Limited has undergone a strategic change in its Board of Directors, with Mr. Olatunji Mayaki assuming the role of Chairman of the Board, effective January 1, 2024. This transition follows the resignation of Mr. Asue Ighodalo, effective December 31, 2023, as stated in a release by the bank’s Company Secretary, Temitayo Adegoke. According to the bank, Mr. Ighodalo’s resignation aligns with best corporate governance practices, as he has chosen to offer himself for public service.

Adegoke emphasized, “Mr. Mayaki takes on the leadership of the Board to continue the progressive growth and lead the bank onto even greater success.” Mayaki, having previously served as a non-executive director, brings a wealth of experience, including a background in law with the firm formerly known as Ajumogobia, Okeke, Aluko & Oyebode. He has held key positions such as the pioneer Vice President of Legal and Compliance at ARM Limited, Country Head of Legal, and Group Company Secretary for all Shell Petroleum companies in Nigeria, as well as Deputy Managing Director of Addax Petroleum Nigeria.

Mayaki, an alumnus of the University of Ibadan and graduate of Harvard and INSEAD business schools, boasts a diverse skill set in law, finance, and investment, reinforcing the bank’s commitment to robust corporate governance. His leadership extends beyond the banking sector, as he sits on the Governing Council of a Nigerian private university, Davidson, and a UK-based NGO and charitable organization, Chestrad, where he has championed various programs in Nigeria supporting health systems, social development, women, and the girl child.

In recent times, Sterling Bank has intensified its focus on innovation and digitization, introducing specialized products tailored to the unique needs of the Nigerian market, including Specta, The Business Hub, OneBank, Qore, Edubanc, HealthBanc, and Omni X. The bank has also partnered with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to support the real sector of the Nigerian economy with single-digit low-interest loans to SMEs, starting with a N5 billion scheme.

Renowned for its HEART of Sterling strategy, focusing on investments in health, education, agriculture, renewable energy, and transportation, the bank achieved recognition as one of the top 100 fastest-growing companies in Africa by the Financial Times in 2023. Sterling Bank, with its optimistic outlook on Nigeria, distinctive brand voice, and exceptional talent management practices, has consistently received accolades from the Great Place to Work Institute, including being named the Overall Best Place to Work in Nigeria earlier this year.