Sterling Bank appoints Mayaki as new board chairman

Sterling Bank appoints Mayaki as new board chairman

Sterling Bank Limited has announced Mr. Olatunji Mayaki as the Chairman of its Board of Directors effective January 1, 2024, following the resignation of Mr. Asue Ighodalo, effective December 31, 2023.

In a statement, the company’s secretary, Temitayo Adegoke, said: “The resignation of our erstwhile chairman is in line with the best corporate governance practices as Ighodalo has offered himself for public service.”

Adegoke continued by saying, “Mayaki takes on the leadership of the board to continue the progressive growth and lead the bank to even greater success.”

Mayaki assumes the board’s leadership after serving as a non-executive director. His extensive background spans the practice of law with the firm formerly known as Ajumogobia, Okeke, Aluko, and Oyebode. He further served as the pioneering 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.

He sits on the governing council of a Nigerian private university, Davidson, and a UK-based NGO and charitable organisation, Chestrad, from which he has championed the establishment of several programmes 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

Instead of business schools, Mayaki’s background in law, finance, and investment and overall career experience further strengthen the bank’s dedication to strong corporate governance.

In recent times, Sterling Bank has enhanced its focus on innovation and digitization, introducing specialised 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 N5b scheme.

Renowned for its now-famous Heart of Sterling strategy, which focuses on investments in health, education, agriculture, renewable energy, and transportation, the bank was featured on the prestigious list of the top 100 fastest-growing companies in Africa, as published by the globally recognised Financial Times in 2023.

With its optimism about Nigeria, irreverent brand voice, and enviable talent management practices, Sterling has been the most recognised awardee of the Great Place to Work Institute over the last five years and was named earlier this year as the Overall Best Place to Work in Nigeria.